EnBW Energie Baden-Württemberg AG: Preliminary earnings for the first nine months exceed expectations

Revised guidance for current financial year

Karlsruhe (pta013/31.10.2023/12:05 UTC+1)

Based on preliminary figures, EnBW expects Group adjusted EBITDA of €4.9 billion for the first nine months of 2023. The increase is mainly attributable to the segment Sustainable Generation Infrastructure, 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 subsidiary in gas sales activities in the segment Smart Infrastructure for Customers.

EnBW AG has consequently revised its previous guidance for adjusted EBITDA at both Group and segment level for the financial year 2023. For the Group, EnBW AG expects adjusted EBITDA of €5.9 billion to 6.5 billion in 2023 (previously €4.7 billion to €5.2 billion). The forecast for adjusted EBITDA in the segment Smart Infrastructure for Customers has been reduced to €0.35 million to €0.45 billion (previously €0.4 billion to €0.5 billion). In the segment System Critical Infrastructure, the previous forecast of adjusted EBITDA of €1.6 billion to €1.9 billion remains unchanged. The forecast for adjusted EBITDA in the segment Sustainable Generation Infrastructure has been raised to €4.3 billion to €4.6 billion (previously €2.9 billion to €3.2 billion).

In addition, based on preliminary figures, EnBW expects non-operating EBITDA to be in the triple-digit million range for the first nine months of 2023. Negative effects in the segment Smart Infrastructure for Customers in connection with battery storage units at a subsidiary were offset by positive valuation effects on hedging transactions in the segment Sustainable Generation Infrastructure. As of today, the latter are expected to decrease during the remainder of the financial year.

Based on preliminary figures, EnBW AG expects Group net profit of €2.5 billion for the first nine months of 2023.

The quarterly statement for the period January to September 2023 will be published as planned on 13 November 2023.

The financial performance indicators adjusted EBITDA, non-operating EBITDA and Group net profit are presented and explained on pages 76 to 78 of the Integrated Annual Report 2022, which is available on the company's website in the download center section: News & publications | EnBW.

(end)

Emitter:	EnBW Energie Baden-Württemberg AG Durlacher Allee 93 76131 Karlsruhe Germany
Contact Person:	Christoph Ringwald
Phone:	+49 (0721) 63-255550
E-Mail:	presse@enbw.com
Website:	www.enbw.com
ISIN(s):	DE0005220008 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt, Stuttgart; Free Market in Berlin, Dusseldorf, Munich, Tradegate