EnBW reported adjusted EBITDA of just over €1bn from its sustainable generation infrastructure in the first half of 2025, down 26% on last year.
Revenue from renewable energies fell 12% to about €525m, mainly due to weak offshore wind conditions across Germany and low river levels that reduced run-of-river output. Lower generation volumes were only partly offset by higher revenue from pumped storage and solar farms, the company said.
Across the group, adjusted EBITDA totalled €2.4bn, almost matching last year’s €2.6bn, with the system critical infrastructure segment rising 12% to €1.29bn and smart infrastructure for customers up 35% to €233m.
EnBW has 1.7GW of renewable energy assets under construction and aims for renewables to reach 75–80% of installed capacity by 2030, up from around 60% today.
CFO Thomas Kusterer said the company is in a phase of “unprecedently high investment” and called for “a clear and reliable policy framework” to support the energy transition.