EnBW Energie Baden-Württemberg AG: Group operating earnings in first half year above expectations

Full-year earnings expected to be at upper end of guidance range

Karlsruhe (pta008/04.08.2023/09:24 UTC+2)

Based on preliminary figures, EnBW expects Group adjusted EBITDA of €3.5 billion for the first half of 2023. The increase is mainly attributable to the Sustainable Generation Infrastructure segment, with earnings growth in thermal power generation and in energy trading as a result of high market volatility. Negative effects resulted from the deconsolidation of an indirect gas supply company within the Smart Infrastructure for Customers segment and a presentation change under which valuation effects on derivatives are now presented in the non-operating result in the Sustainable Generation Infrastructure segment.

Based on the prior and expected performance, EnBW confirms its guidance for adjusted EBITDA at Group level of €4.7 billion to €5.2 billion in the 2023 financial year. However, from today's perspective, EnBW expects Group adjusted EBITDA to be at the upper end of the guidance range. This is due to an expected positive deviation from the forecast for the Sustainable Generation Infrastructure segment based on the half-year figures and an expected negative deviation from the forecast for the Smart Infrastructure segment as a result of the effects of the above-mentioned deconsolidation.

Based on preliminary figures, EnBW expects Group net profit of €2.8 billion for the first half of 2023.

Adjusted EBITDA is earnings before investment and financial results, income taxes, depreciation and amortization and adjusted for non-operating effects.

The Six-Monthly Financial Report for the first half of financial year 2023 will be released as planned on 11 August 2023.

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Emitter:	EnBW Energie Baden-Württemberg AG Durlacher Allee 93 76131 Karlsruhe Germany
Contact Person:	Christoph Ringwald
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