German utility EnBW reported a decline in earnings from its renewable energy operations after unfavourable weather conditions, including weak offshore wind and low river levels, reduced output in the first nine months of 2025.
EnBW’s Sustainable Generation Infrastructure segment delivered adjusted EBITDA of €1.6 billion, down roughly 20% from the same period last year. Within the segment, Renewable Energies recorded a 10% year-on-year fall in adjusted EBITDA to €793 million. The company said the lower generation was only partially offset by higher revenues from solar projects.
“Unfavourable weather conditions,” including weak offshore wind across Germany and reduced run-of-river output, affected results, the company said.
Thermal Generation and Trading also saw a decline, with adjusted EBITDA down 28% to €796 million following reduced revenue from trading activities. Despite the shortfalls in renewable and thermal segments, EnBW confirmed its full-year 2025 Group earnings guidance of €4.8 billion to €5.3 billion.
EnBW reported record investments of €4.7 billion between January and September, focused on grid development and offshore wind expansion, including the 900MW He Dreiht wind farm, which is expected to enter commercial operation in summer 2026.
“From January to September, we invested some €4.7 billion. That is an all-time record,” said Deputy CEO and CFO Thomas Kusterer.
The company has around 1.7GW of renewable energy assets under construction and has recently secured tenders covering an additional 330MW of onshore wind and solar projects. EnBW also announced an updated decarbonisation pathway targeting net zero for Scope 1 and 2 emissions by 2040 and Scope 3 emissions by 2050.
Other segments showed growth: System Critical Infrastructure’s adjusted EBITDA rose about 12% year on year to €2 billion, driven by higher grid usage revenues, while Smart Infrastructure for Customers improved 24% to €288 million, supported by electric mobility and strong B2C earnings.
EnBW said trends in Sustainable Generation Infrastructure and System Critical Infrastructure are expected to balance each other, supporting its unchanged Group forecast. Group-level adjusted EBITDA was €3.6 billion, broadly stable compared with €3.7 billion a year earlier, while adjusted Group net profit fell to €994 million from €1.27 billion.
Retained cash flow increased to €2.03 billion from €1.51 billion, and net debt declined to €12.2 billion from €14.2 billion at the end of 2024.
