EnBW has reported a fall in earnings from its renewable energies division after unfavourable wind conditions and low river levels reduced generation in the first nine months of 2025.
The segment Sustainable Generation Infrastructure delivered adjusted EBITDA of €1.6 billion, which is down by around 20% on the same period last year, according to the company.
Renewable Energies recorded a 10% year-on-year decline in adjusted EBITDA to €793 million due to what EnBW described as “unfavourable weather conditions”, including weak offshore wind across Germany and lower run-of-river output.
EnBW said the lower renewable generation volumes were only partially offset by higher revenue from solar farms.
Thermal Generation and Trading also saw a year-on-year fall, with adjusted EBITDA down 28% to €796 million following reduced revenue from trading activities.
Despite the shortfall in renewable and thermal segments, EnBW confirmed its full-year 2025 Group earnings guidance of €4.8 billion to €5.3 billion.
The company said it invested around €4.7 billion between January and September, which Deputy CEO and CFO Thomas Kusterer described as “an all-time record”.
Kusterer added: “From January to September, we invested some €4.7 billion. That is an all-time record.”
EnBW said the investment focused on grid development, including the SuedLink transmission link, and offshore wind expansion, such as its 900MW He Dreiht wind farm that will begin generating electricity shortly and enter commercial operation in summer 2026.
Renewable energy assets totalling around 1.7GW are currently under construction, while recent tender wins cover a further 330MW of future onshore wind projects and solar parks.
EnBW also announced an expanded decarbonisation pathway with a new target to reach net zero for Scope 1 and 2 emissions by 2040 and for Scope 3 emissions by 2050.
Adjusted EBITDA in the System Critical Infrastructure segment rose by around 12% year on year to €2 billion, helped by higher grid usage revenues from growing investment activity.
The company has raised full-year guidance for this segment to between €2.6 billion and €2.9 billion.
Adjusted EBITDA in Smart Infrastructure for Customers improved by 24% to €288 million driven by electric mobility and strong B2C earnings.
EnBW said the expected earnings trends in Sustainable Generation Infrastructure and System Critical Infrastructure are likely to balance each other out, supporting its unchanged Group forecast.
Group-level adjusted EBITDA for the period was €3.6 billion, broadly stable with last year’s €3.7 billion.
Group net profit attributable to shareholders fell sharply to €589.2 million from €1.58 billion due to what EnBW said was a weaker financial result linked to lower market valuation of securities.
Adjusted Group net profit declined to €994 million from €1.27 billion in the same period of 2024.
Retained cashflow increased to €2.03 billion from €1.51 billion, while net debt stood at €12.2 billion compared with €14.2 billion at the end of 2024.