EnBW reported adjusted EBITDA Renewable Energies division for 2025 down around 7% year on year due to unfavourable weather conditions.
The company said offshore wind conditions were very weak across Germany, particularly in the first half of 2025, while run-of-river power plants generated less electricity due to low river levels.
It put adjusted earnings at €1.1 billion for the year, according to an annual report out today.
EnBW added that lower generation volumes were partly offset by higher revenue from solar farms.
At group level, EnBW reported adjusted EBITDA of €5.1 billion, within its guidance range of €4.8 billion to €5.3 billion.
Chief executive Georg Stamatelopoulos said: “2025 was a successful year for us in which we achieved key strategic and operational milestones.
“We achieved our business target with adjusted EBITDA of €5.1 billion.”
The company invested €7.6 billion in 2025, a 22% increase on the previous year, with 87% allocated to growth projects.
EnBW said it added 800MW of renewable energy capacity during the year, marking a record expansion.
The share of renewables in EnBW’s own generation capacity reached 66% in 2025.
The System Critical Infrastructure segment generated adjusted EBITDA of around €2.7 billion, up 20% due to returns from grid investment.
The Sustainable Generation Infrastructure segment recorded adjusted EBITDA of €2.3 billion, down around 13% year on year.
EnBW reported adjusted Group net profit attributable to shareholders of €1.4 billion, slightly below the previous year due to a weaker financial result.