Q3 2024 EnBW Energie Baden Wuerttemberg AG Earnings Call Transcript
Key Points
- EnBW Energie Baden-Wuerttemberg AG (XTER:EBK) reported a solid financial performance with an adjusted EBITDA of EUR3.7 billion and adjusted net profit of EUR1.3 billion for the first nine months of 2024.
- The company maintained its full-year EBITDA guidance for 2024 across all segments and at the group level.
- EnBW received an upgrade in its sustainability rating from MSCI, entering the ESG leader category, particularly for its environmental achievements.
- The company successfully issued two green senior bonds totaling $1 billion on the Australian capital market, marking the first Kangaroo bond issuance by a German utility.
- EnBW is on track with its green growth projects, with around 1.5 gigawatts of renewable energy projects under construction, including significant offshore wind and solar projects.
- The company experienced a decrease in adjusted EBITDA from renewables due to persistently lower realized electricity prices, particularly from pump storage.
- There was a reduction in volumes of energy sold in the B2B gas business, attributed to margins not fitting the overall risk profile.
- Net debt increased by 14% to EUR13.3 billion, driven by significant net cash investments totaling EUR3.4 billion.
- The decline in retained cash flow year-on-year was driven by higher dividends paid and non-cash items reflected in prior years' adjusted EBITDA.
- Increased personnel expenses were noted in both transmission and distribution grid businesses, attributed to tariff increases and hiring of additional personnel.
Good afternoon. Ladies and gentlemen, welcome to our conference call on the first 9 months of this year.
And as usual, I'm joined here by our Deputy CO and CFO Thomas Kusterer who will lead you through the presentation, we will then open up lines for your questions and with this over to you, Thomas for the update of the first 9 months of 2024.
Thank you Lenka and a warm welcome to everyone. As always, we appreciate your interest in our company today. We are pleased to report a solid financial performance in the first 9 months of 2024.
As expected with the market normalization, declining power prices continue to feed through.
But thanks to our robust integrated set up, we were able to deliver a solid result across the group with adjusted EBITDA at EUR3.7 billion and adjusted net profit at EUR1.3 billion.
We reiterate our full
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