EnBW has reported a lower operating result in the first half of 2021, compared to the same period in 2020.
EnBW generated revenue of €12.65bn in the first half of this year, compared with €9.80bn in the same period of last year and an operating result (adjusted EBITDA) of €1.48bn, compared with €1.59bn in the first half of 2020, a decrease of 6.8%.
In the first quarter, the earnings shortfall was 13.8%, due to various temporary measurement effects and also to poorer onshore and offshore wind conditions compared with the first half of 2020.
The full-year earnings guidance for 2021 remains unaltered.
Adjusted EBITDA for the 2021 financial year is expected to be in a range between €2.825bn and €2.975bn, which is 2% to 7% above the previous year, EnBW said.
EnBW chief financial officer Thomas Kusterer said: “After a fairly weak first quarter, we have caught up encouragingly in the second quarter. We are confident of attaining our earnings target for this year.
“But whether we finish more towards the upper end of our earnings corridor or possibly more towards the lower end will depend on how business develops in the months ahead.”
Adjusted EBITDA in EnBW’s sustainable generation infrastructure segment (renewable energy and thermal generation and trading) saw an 11.3% decrease in the first half of 2021 compared to the same period a year earlier.
In the renewable energy unit, adjusted EBITDA fell by 10.3% to €382.1m in the first half of 2021.
The shortfall was mainly due to poor wind conditions at offshore and onshore wind farms, relative both to the previous year and to the long-term average.
The EnBW Group’s investment, at €1078.6m in the first six months of 2021, was “significantly higher” than the €801.7m in the first half of 2020, mainly in relation to bidding success in the UK Crown Estate’s seabed lease auction for offshore wind.
Kusterer added: “It is clear that, over the years up to 2025, we want to continue investing in growth areas, in expanding grids and renewables, in electric mobility and new products for our customers and in broadband and telecommunications.
“In the current growth phase especially, we will ensure that we are efficient and competitively positioned in every single area of our operating business.”