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7 August 2026 6M 2026 results ## EnBW Thomas Kusterer Deputy CEO and CFO Marcel Münch SVP Finance , M & A and Investor Relations This image was optimized using AI .
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6M 2026 results 6M 2026 – Highlights 2 Good and resilient earnings amid ongoing geopolitical tensions and volatile markets Relentless operational execution on strategic growth priorities Major energy policy reforms taking shape in Germany
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6M 2026 results Good and resilient earnings, 2026 guidance confirmed 3 €2.3 bn Adj. EBITDA 6M 2025: €2.4 bn FY26 guidance confirmed €4.6 – 5.1 bn Group adj. EBITDA FY2026 €2.4 bn Gross investments 6M 2025: €3.1 bn 84% in low - risk activities 88% taxonomy - aligned €13.9 bn Net debt FY 2025: €13.2 bn Robust balance sheet with solid financing headroom 79% Low - risk earnings Regulated grids and secured revenues from renewables
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6M 2026 results Relentless operational execution 4 System Critical Infrastructure Smart Infrastructure for Customers 2 GW > 9 ,000 SuedLink converter close to completion Renewables ' share of total installed capacity EnBW’s fast - charging points in Germany Building domestic energy autonomy through renewables and flexibility Accelerating electrification and reducing fossil fuel dependency 900 MWh Ultranet in the final stretch 2 GW Strong uptick in EVs and heat pumps Tangible infrastructure delivery strengthening energy security, affordability and European sovereignty Strengthening the backbone of secure and electrified energy system Sustainable Generation Infrastructure Two large - scale batteries under construction 72 % record
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6M 2026 results He Dreiht – setting a new benchmark for German offshore wind 5 He Dreiht Installed capacity: 960 MW COD: 2026 Rotor diameter: 236 m Turbine: 64 x 15 MW Installed capacity: 48 MW COD: 2011 Rotor diameter: 93 m Turbine: 21 x 2.3 MW Baltic 1 (EnBW’s 1 st offshore wind farm) Germany’s largest offshore wind farm nearing completion 960 MW installed capacity European supply chain x 2 offshore capacity • He Dreiht nearly doubles EnBW’s offshore wind capacity to 1.9 GW • Dreekant to add a further 1 GW • First subsidy - free offshore wind farm worldwide • First commercial deployment of 15 MW turbines • 25 - year design life, extendable to 35 years • European supply chain across key components • €2.4 bn investment • Long - term PPAs secured with major industrial customers
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6M 2026 results Major energy policy reforms taking shape in Germany 6 StromVKG adopted EEG Reform underway Direction of travel increasingly supportive for investment and energy transition execution Grid Package progressing Capacity market framework taking shape • 9 GW of new dispatchable capacity to be auctioned in Sep/ Dec 2026 • Investment visibility for H ₂ - ready gas - fired generation Faster grid & RES integration • Better coordination of grid connections and renewable build - out • EnBW: Incentive - based solutions preferred over restrictive redispatch measures Investor - friendly renewables framework • Post - 2026 renewables support scheme under development • Two - sided CfDs to support long - term revenue visibility
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6M 2026 results Resilient earnings with a strong contribution from low - risk activities 7 Adjusted EBITDA (in € m) 233 309 525 495 - 184 1,290 556 6M 2025 1,298 311 - 145 6M 2026 2,420 2,268 - 6% 79% low - risk earnings Renewable Energies Thermal Generation and Trading Sustainable Generation Infrastructure System Critical Infrastructure Smart Infrastructure for Customers Other/consolidation 75% low - risk earnings €4.6 – 5.1 bn Guidance 2026 System Critical Infrastructure • Higher grid earnings from prior - year investments Renewable Energies • Poor hydro levels outweighed positive wind, solar and capacity effects Thermal Generation and Trading • Lower price levels, reduced generation capacity and softer trading Smart Infrastructure for Customers • Sustained strong momentum in e - mobility
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6M 2026 results 8 System Critical Infrastructure Robust performance backed by asset - based earnings growth Adjusted EBITDA (in € m) 6M 2025 6M 2026 1,298 1,290 + 1% Gross cash investments for the segment • €1,477 m (6M 2025: €1,559 m) for the expansion of transmission and distribution grids Transmission and distribution grids + Growing regulated asset base translates into higher earnings in electricity and gas grids - Increase in personnel and maintenance costs in line with expanded operational activity €2.5 – 2.8 bn Guidance 2026
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6M 2026 results R enewables holding up well despite adverse hydro conditions, weaker thermal generation and trading 9 Sustainable Generation Infrastructure Adjusted EBITDA (in € m) 525 495 556 6M 2025 311 6M 2026 1,081 806 - 26% €2.0 – 2.3 bn Guidance 2026 Renewable Energies - Dry weather conditions affecting hydropower, and margins + Positive w ind and solar output, supported by capacity additions, including He Dreiht Thermal Generation and Trading - Decreased hedged generation margins and reduced coal - fired generation capacity - Weaker trading business amid elevated market uncertainty Gross cash investments for the segment • €728 m (6M 2025: €1,284 m), 76% in renewable projects
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6M 2026 results Strong earnings growth in retail driven by e - mobility 10 Smart Infrastructure for Customers Adjusted EBITDA (in € m) Customer and e - mobility business + Higher charging volumes driven by continued s trong e - mobility momentum, supported by accelerated BEV adoption in Germany + Stronger commodity sales performance 233 309 6M 2025 6M 2026 +33% Gross cash investments for the segment • €192 m (6M 2025: €231 m) – mainly in fast - charging infrastructure for e - mobility €0.4 – 0.5 bn Guidance 2026
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6M 2026 results 11 595 103 Adj. EBITDA 6M 2026 - 876 Adj. amortization & depreciation Adj. EBIT 6M 2026 Adj. investment result - 116 Adj. financial result Adj. EBT 6M 2026 - 316 Adj. income tax - 468 Adj. share attributable to non - controlling interests Adj. net profit 6M 2026 1 2,268 1,392 1,379 1 Attributable to the shareholders of EnBW AG. Adjusted net profit in line with adjusted EBITDA development (in € m) vs. 6M 2025 - 6%
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6M 2026 results I nvestments aligned with grid expansion, project progression and disciplined portfolio management 12 Total investments (in € m) 2,933 175 6M 2025 398 6M 2026 3,107 2,432 2,034 - 22% Net cash investments Co - financing/divestments Investments by segments (in %) 83% of total investments in growth projects 88% taxonomy - aligned capex Renewable Energies Thermal Generation and Trading Sustainable Generation Infrastructure System Critical Infrastructure Smart Infrastructure for Customers Other/consolidation 61% 23% 8% 7% 1% €2.4 bn 6M 2026
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6M 2026 results Retained cash flow lower year - on - year due to increased non - cash items and dividends 13 786 14 Adjusted EBITDA 6M 2026 - 303 Non - cash items in adj. EBITDA Taxes - 199 Payments in relation to ALM model 1 - 78 Dividends received & interests paid/received Others FFO - 892 Declared dividends RCF 6M 2026 2,268 1,678 - 24 - 27% (in € m) RCF 6M 2025 1,081 1 Asset Liability Management Model: management of financing needs for pension and nuclear obligations by corresponding financia l a ssets within an economically reasonable period.
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6M 2026 results Net debt slightly up since year - end driven by net cash investments 14 Retained cash flow Adjusted working capital Net cash investments Equity credit of green hybrids Change in pension provisions Others Net debt 30.06.2026 13.2 - 0.8 - 0.1 2.0 - 0.25 - 0.1 0.01 13.9 Net debt 31.12.2025 +6% (in € bn) • Debt repayment potential target of ≥15% 1 • Commitment to maintain solid investment grade ratings 1 Retained cash flow/net debt.
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6M 2026 results FY26 earnings guidance confirmed, backed by EnBW’s robust and resilient setup 15 4.6 – 5.1 2025: 5.1 1 Smart Infrastructure for Customers Sustainable Generation Infrastructure System Critical Infrastructure 0.4 - 0.5 2.0 - 2.3 2.5 - 2.8 • Strong ongoing growth in e - mobility • Recovery of our solar home storage unit • Positive organic growth from substantial grid investments • Normalization of peak - load and grid - loss effects • Contribution of wind and solar assets commissioned in 2025 and 2026 • Lower prices on energy markets ; absence of lignite contribution post - sale Group (in € bn) Guidance 2026 0.4 2.3 2.7 FY 2025 1 Incl. Other/consolidation with - €0.3 bn.
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Questions & Answers
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Additional information
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6M 2026 results Electricity generation hedge levels 18 (in %) 2027 2028 2029 80 - 100 40 - 70 < 30 EnBW follows a risk mitigating hedging strategy • Risk mitigating hedging strategy focuses on reducing price fluctuations risks • Forward hedging up to 3 years in advance of our electricity, whilst also hedging the prices for necessary fuels and emission allowances • Sales contracts closed on back - to - back basis As of 30 June 2026.
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6M 2026 results Well - diversified debt instruments 19 Capital market debt As of 30 June 2026. | 1 In EUR countervalue. (in € bn) 10.6 0.7 0.6 0.7 3.5 14.1 0.9 0.6 0.2 0.1 0.2 15.7 0.4 Fix Floating EUR AUD CHF USD GBP JPY Public senior Private placement Promissory Notes USPP Public hybrid Fixed/ floating mix ~ € 16.1 bn 1 Currency Mix 1
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6M 2026 results Maturities of EnBW’s bonds 1 Senior bonds First call dates of hybrid bonds (in € bn) As of 30 June 2026 1 Further information on our website: Bonds | EnBW . Green bonds ratio: 59 % 20 0.5 1.0 2028 0.5 1.5 2029 2030 0.5 0.8 2031 2032 2033 0.5 1.5 2034 2035 2026 0.5 0.7 2036 2037 2038 2039 ≥2040 0.5 0.5 2027 2.0 1.3 1.3 0.5 1.0 1.5 1.8 1.2 0.2 0.7 0.3 2.0
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6M 2026 results Green Financing Framework 2024 Download now EnBW Climate Transition Plan 2026 Download now Green Bond Impact Report 2025 Download now EnBW Investor Website Open in browser now Annual Report 2025 Download now Six - Monthly Financial Report 6M 2026 Download now Factbook 2026 Download now ESG Factbook 2026 Download now Financial calendar, important links and IR contacts 21 Upcoming events Important links Marcel Münch SVP Finance, M&A and Investor Relations +49 721 63 16 102 ma.muench@enbw.com Lenka Zikmundova Head of Investor Relations +49 721 63 12 210 l.zikmundova@enbw.com Key IR contacts investor.relations@enbw.com Publication reporting 9M 2026 : 12 November 2026 Publication reporting 12M 2026 24 March 2027 Annual General Meeting 2027 13 May 2027 Publication reporting 3M 2027 14 May 2027 Publication reporting 6M 2027 6 August 2027 Publication reporting 9M 2027 12 November 2027
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6M 2026 results Important note (1/2) 22 No offer or investment recommendation This document and the presentation to which it relates contains information relating to EnBW Energie Baden - Württemberg AG (“EnBW”) that must not be relied upon for any purpose . It may not be reproduced, redistributed or published either in full or in part, nor may it be passed onto another party or used in whole or in part for any other purposes . By accessing this document, you agree to abide by the limitations set out in this document . This document is being presented solely for information purposes and should not be treated as giving investment advice . It is not, and is not intended to be, a prospectus and constitutes neither an offer nor an invitation or recommendation to subscribe or to purchase or sell securities and other financial instruments issued by EnBW, a company of the EnBW Group or any other company, nor is this presentation or the information contained herein meant to serve as a basis for any kind of obligation, contractual or otherwise . This presentation does not constitute a request, solicitation or recommendation to vote or give consent . All descriptions, examples and calculations in this publication are for illustrative purposes only . This document should not be used as the sole basis of any analysis or other evaluation and investors should not subscribe for or purchase any shares or other securities in the Company on the basis of or in reliance on the information contained in this document . In all legal systems this document may only be used in compliance with the respective applicable laws, and persons obtaining possession of this document should familiarize themselves with, and adhere to, the relevant applicable legal provisions . Information contained in this presentation The information contained in this presentation has been provided by EnBW and has not been verified independently . Unless otherwise stated, EnBW is the source of information . Unless indicated otherwise, all data contained herein refers to the EnBW Group and is calculated according to IFRS . Statements contained in this presentation regarding past events or performance should not be taken as a guarantee of future events or performance . Accordingly, EnBW makes no representations as to the accuracy or completeness of that information and such information should not be relied upon as being comprehensive or accurate . Some of the information presented herein is based on statements by third parties, and EnBW declares that no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever . Certain information in this presentation is based on target and planned values . Such values have been made in good faith and represent the current beliefs of applicable members of management of EnBW . However, by their nature, estimates may not be correct or complete . Accordingly, no representation or warranty (express or implied) is given that such target and planned values are correct or complete . Non - IFRS figures This presentation contains certain financial measures (including forward - looking measures) that are not calculated in accordance with IFRS and are therefore considered as "Non - IFRS financial measures" . The management of EnBW believes that the Non - IFRS financial measures used by EnBW, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance an understanding of EnBW’s results of operations, financial position or cashflows . These Non - IFRS financial measures should not be considered in isolation as a measure of EnBW’s profitability or liquidity, and should be considered in addition to, rather than as a substitute for, net income and the other income or cashflow data prepared in accordance with IFRS . In particular, there are material limitations associated with the use of Non - IFRS financial measures, including the limitations inherent in the determination of each of the relevant adjustments . The Non - IFRS financial measures used by EnBW may differ from, and not be comparable to, similarly titled measures used by other companies . Forward - looking statements This presentation, which has been prepared by EnBW, includes statements that are, or may be deemed to be, “forward - looking statements”, which can be identified by the use of forward - looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will”, “should” or, in each case, their negative or other variations or comparable terminology . These forward - looking statements include matters that are not historical facts and include statements regarding EnBW’s intentions, beliefs or current expectations . In so far as forecasts or expectations are expressed herein or where statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties . Actual results or developments may vary, depending on changes in the operating environment . Any forward - looking statements in this presentation reflect EnBW’s view with respect to future events as at the date of this presentation and are subject to risk relating to future events and other risks, uncertainties and assumptions relating to the Company’s operations, results or operations, growth strategy and liquidity . Neither EnBW nor its group companies nor any of their respective officers, employees or affiliates nor any other person shall assume any obligation to update the forecasts, expectations or statements contained in this presentation or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof . Neither EnBW nor its group companies nor any of their respective officers, employees or affiliates nor any other person shall assume or accept any responsibility, obligation or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to any statements of future expectations and other forward - looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein .
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6M 2026 results Important note (2/2) 23 Rounding Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards . As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements . Furthermore, in tables and charts, these rounded individual figures and percentages may not add up precisely to totals or subtotals contained in tables or mentioned elsewhere in this presentation . Intellectual Property Rights The contents of this presentation, including but not limited to all designs, text, images, and charts, are the property of EnBW or its licensors and may be protected by copyright and other intellectual property laws . The unauthorized use, reproduction, or distribution of any material from this presentation without the prior written consent of EnBW is strictly prohibited . No obligation to update information In giving this presentation, none of EnBW, its group companies or any of their officers, employees assumes any obligation to update or revise any of the information contained herein, including any forward - looking statements or conclusions, to reflect new events or circumstances, or to correct any inaccuracies that may become apparent after the date of this presentation .
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EnBW Energie Baden - Württemberg AG Investor Relations investor.relations@enbw.com +49 721 63 - 12060 Durlacher Allee 93 76131 Karlsruhe, Germany Companies registered office: Karlsruhe, Germany Local court Mannheim ⋅ HRB no. 107956 Chairman of the Supervisory Board: Lutz Feldmann Board of management: Dr. Georg Stamatelopoulos (Chairman), Thomas Kusterer (Deputy Chairman), Dr. Charlotte Beissel, Dirk Güsewell , Peter Heydecker, Colette Rückert - Hennen