EnBW has reported a 35% drop in adjusted EBITDA for the for six months of 2024 in its renewable energy business segment.
The figure totalled €595.8m for the six-month period, down from €912m a year earlier.
The German company said the decline was due in particular to lower earnings from pumped storage as a result of falling prices.
This was partly offset by the positive impact of increased earnings from run-of-river power plants and better wind conditions, EnBW said.
Group-wide, the company posted adjusted EBITDA of €2.6bn, down 26% on the first half of 2023, while revenue was down 28.7% to €19bn.
Group adjusted profits fell 43.9% year-on-year to €926.9m.
EnBW deputy chief executive and chief financial officer Thomas Kusterer said: “The earnings trend from the first quarter continued in the second quarter. Our half-year earnings are fully in line with our expectations.
“After the previous year’s exceptional performance due to the unusual market price levels, earnings have returned to normal.
“We continue to expect earnings in the current financial year to be in a range between €4.6bn and €5.2bn.
“This once again underscores the robustness of our integrated business model.”
The company said its gross investment into the energy transition hit €2.5bn in the first half of 2024, around 60% higher than in the previous year.