Q3 2025 EnBW Energie Baden Wuerttemberg AG Earnings Call Transcript
Key Points
- EnBW Energie Baden-Wuerttemberg AG (XTER:EBK) reported a robust set of results with adjusted EBITDA at group level reaching EUR3.6 billion, nearly matching last year's level.
- The Grids segment showed strong performance, compensating for lower earnings in Generation and Trading, and is expected to deliver higher earnings for the full year.
- Construction of the 960-megawatt offshore wind farm, He Dreiht, is advancing well, with 26 turbines already installed and expected full-scale operation by summer 2026.
- The company has secured a record of more than 330 megawatts in German and French public tenders for onshore wind and solar projects.
- EnBW has expanded its climate targets to include a comprehensive net zero goal, aiming for net zero greenhouse gas emissions for Scope 1 and 2 by 2040 and Scope 3 by 2050.
- Earnings from the Generation segment are expected to be lower due to normalized margins and poor weather conditions affecting renewables generation.
- The recent initial budget proposal for the UK's allocation round seven offshore auction is considered too low, posing a risk to the UK's 2030 clean energy target.
- Project slippage, particularly with the He Dreiht offshore wind farm, is expected to delay earnings into 2026, impacting financial performance.
- Higher personnel expenses and increased operating and maintenance costs in the Grids segment partially offset the gains from strong organic growth.
- The company's solar home storage subsidiary, Senec, faced challenges from ongoing battery module replacements and costs related to new product launches.
Ladies and gentlemen, welcome to the EnBW investors and analyst conference call for the third-quarter 2025 results. I'm Vicki, the Chorus Call operator. (Operator Instructions) The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Lenka Zikmundova, Head of Investor Relations. Please go ahead.
Thank you, and good afternoon, ladies and gentlemen, and welcome to our conference call on EnBW's performance over the first nine months of 2025. As always, I'm joined here by our Deputy CEO and CFO, Thomas Kusterer, who will walk you through the key financials and the developments. After the presentation, we will be happy to take your questions. So without further ado, Thomas, over to you.
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