Q2 2026 EnBW Energie Baden Wuerttemberg AG Earnings Call Transcript
Key Points
- Adjusted EBITDA of EUR2.3 billion was stable year-on-year, with a record contribution from low-risk activities, particularly the Grid segment.
- The company confirmed its full-year 2026 guidance, supported by a solid financial performance despite geopolitical tensions and market volatility.
- Renewables capacity reached a record 72% of installed capacity, with strong wind and solar performance offsetting dry hydro conditions.
- E-mobility business showed strong momentum, surpassing 9,000 charging points and on track to achieve EBIT breakeven this year.
- The He Dreiht offshore wind farm is nearing completion, with 64 turbines installed, and is expected to nearly double EnBW's offshore wind capacity.
- Sustainable Generation Infrastructure EBITDA declined year-on-year, impacted by weaker thermal generation and trading performance.
- Thermal generation and trading earnings were affected by lower hedge generation margins and the scheduled phaseout of coal capacity.
- Retained cash flow declined due to lower operating earnings, higher noncash effects in gas storage, and increased shareholder distributions.
- S&P affirmed the A- rating but with a negative outlook, citing limited headroom due to elevated investments and delayed earnings contributions.
- Net debt increased to EUR13.9 billion, driven by net cash investments, with expectations to rise to around EUR17 billion by year-end.
Ladies and gentlemen, welcome to the EnBW's investor and analyst conference call for the half 2026 results. I'm Maurice, your Chorus Call operator. I would like to remind you that all participants will be in a listen-only mode and 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 Marcel Munch, Senior Vice President, Finance, M&A and Investor Relations. Please go ahead, sir.
Welcome, ladies and gentlemen. Thank you for joining today's call on EnBW's results for the first half of 2026. I'm pleased to be joined by Deputy CEO and CFO, Thomas Kusterer, who will lead you through the presentation in just a moment. Afterwards, and as always, we'll open the floor for questions. Those of you joining via webcast, please feel free to submit your questions at any time using the chat function.
And with that, let me hand over to you,
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