EnBW reported progress in offshore wind and decarbonisation as it delivered over €1 billion adjusted EBITDA in the first quarter of 2026.
More than 80% of earnings came from low-risk segments including grids and renewable energies, with full-year adjusted EBITDA guidance of €4.6 billion to €5.1 billion unchanged, the company said.
The offshore wind project He Dreiht is advancing with 45 of 64 turbines installed and most capacity secured under power purchase agreements, EnBW added.
Renewables earnings reached €275 million, supported by higher output from onshore and offshore wind farms and the partial commissioning of He Dreiht.
Deputy chief executive and chief financial officer Thomas Kusterer said: “The majority of our earnings come from the low-risk Grids and Renewable Energies businesses. In renewables – our offshore wind farms, for example – revenue is largely secured under long-term power purchase agreements (PPAs).
“Our current large-scale project, He Dreiht, is progressing well. To date, 45 out of 64 wind turbines have been installed. We have already signed PPAs for most of the capacity.”
Installed renewable energy capacity has more than doubled from 3.7GW in 2018 to 7.4GW in 2025, accounting for about 66% of total capacity.
Coal’s share of revenue fell to around 3% after the company ended generation at Stuttgart-Münster and moved the 778MW Heilbronn 7 plant to grid reserve.