German utility EnBW said on Thursday that earnings from its sustainable generation infrastructure declined in the first half of 2025, largely due to weak offshore wind conditions and low river levels affecting hydroelectric output.
The company reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of just over €1 billion from its sustainable generation segment, a 26% drop compared with the same period in 2024.
Revenue from renewable energy sources fell 12% year-on-year to approximately €525 million. EnBW cited unfavourable offshore wind conditions in Germany and reduced flow in rivers, which impacted its run-of-river hydropower output. Higher revenue from pumped storage and solar farms only partially offset the decline, the company said.
Across the group, EnBW reported adjusted EBITDA of €2.4 billion, close to last year’s €2.6 billion. Earnings from its system-critical infrastructure segment rose 12% to €1.29 billion, while smart infrastructure for customers increased 35% to €233 million.
EnBW currently has 1.7 gigawatts (GW) of renewable energy projects under construction. The company aims to raise the share of renewables to 75–80% of its installed capacity by 2030, up from about 60% today.
“We are in a phase of unprecedently high investment,” said CFO Thomas Kusterer. “A clear and reliable policy framework is essential to support the energy transition,” he added.
