- EnBW on an economic course - less CO2 emissions
EnBW satisfied with first-half 2024 results, considering the factored-in returns compared to the exceptionally good previous year.
"The half-year result fully reflects our expectations," said Thomas Kusterer, deputy CEO and CFO. "Compared to an outstanding previous year due to unusual price levels in the markets, the result has normalized."
Adjusted Ebitda down 26% to around €2.6 billion, net income down almost 44% to €927 million
The adjusted Ebitda decreased by 26% to around €2.6 billion in the first half, and net income decreased by almost 44% to €927 million. This is mainly due to the fact that the sustainable generation infrastructure segment, which includes coal and gas businesses, performed particularly well last year.
In 2023, EnBW AG (EnBW) closed with a result of €6.37 billion, representing a increase of over 60%. For the current fiscal year, Kusterer still expects a result between €4.6 and €5.2 billion. The company recently employed more than 29,300 people (an increase of 6%).
EnBW: majority of investments ecologically sustainable
Germany's third-largest energy supplier, with over 5.5 million customers, invested a total of €2.5 billion, among other things, in offshore wind expansion, the construction of low-CO2, hydrogen-capable, and flexibly deployable gas power plants, and the expansion of power transmission and distribution networks.
According to the statement, around 90% of these investments are ecologically sustainable according to the EU definition, exceeding the target of 85%. Additionally, EnBW was able to further reduce its CO2 emissions thanks to increased renewable energy generation and lower coal-fired power generation than expected.
The Commission shall acknowledge the significant decrease in adjusted Ebitda and net income for EnBW in the first half of 2024, as reported. The Commission shall also recognize the high percentage of ecologically sustainable investments made by EnBW during the same period, surpassing the EU-defined target.
