Publication date: 01-09-2025
EnBW is one of Germany’s largest energy companies. It is based in the state of Baden-Württemberg and owned almost entirely by the state itself and a group of municipalities, who together hold about 93,5%. This strong public backing gives the company reliable access to funding and makes it unlikely that it would be left alone in difficult times.
EnBW’s business is spread across several areas. The most important is its electricity and gas networks, which operate as local monopolies under a regulated framework. Here, prices and returns are set by the regulator, so earnings are predictable. In 2024, about 46% of EnBW’s EBITDA, or around €2,3 bln, came from these networks — enough to cover the company’s annual interest costs of €450–500 mln several times over.
The second major contributor is renewables, such as wind, solar, and hydro power. Most of these projects sell their electricity under long-term contracts, so the prices are locked in and less affected by swings in the wholesale power market. This segment provided about 25% of EBITDA in 2024.
Conventional generation (coal and gas plants) still plays a role, accounting for 25–30% of EBITDA in 2024, though this share is declining as coal plants are being closed or replaced with modern gas plants, some of which will also be used as reserve plants for grid stability. The remainder, roughly 5% of EBITDA, comes from retail supply and customer services.
The company faces a heavy investment cycle, with €50 bln planned from 2024 to 2030, focused on expanding grids and renewable capacity. Spending is concentrated in 2025–2027, which will keep leverage high until new projects begin to deliver cash flows. To support this plan, EnBW raised €3,1 bln of new equity in July 2025 which is equal to about 16% of the company’s financial debt at the end of 2024.
as of 30.06.2025 EUR bn
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|---|---|---|---|---|
| Assets | 64,3 | EBITDA Margin | 13 % | CFO/Debt | 0,2 |
| Revenue | 33 | Net debt | 11,9 | FCF | (2,7) |
| EBITDA | 4,3 | Net Debt/EBITDA | 2,7x | Equity | 17,8 |
| Net Profit | 1,2 | EBITDA/Interest | 12x | Debt/Equity | 1,2x |
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