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EnBW Energie Baden-Württemberg AG/€EBK

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About EnBW Energie Baden-Württemberg AG

EnBW Energie Baden-Württemberg AG is a German-based company operating in the utility industry, with a focus on energy supply, generation, and transmission. The company primarily engages in electricity and gas supply, providing services to industrial, commercial, and residential customers. EnBW's operations include electricity generation from a diverse mix of conventional and renewable sources, with a notable emphasis on expanding its renewable energy portfolio. Headquartered in Karlsruhe, Germany, EnBW serves both domestic and international markets, playing a significant role in the European energy sector. The company is strategically positioned with strengths in infrastructure, innovation in green energy solutions, and a commitment to sustainability.
Ticker
€EBK
Sector
Utilities
Primary listing
XETRA
Employees
29,326
Headquarters
Karlsruhe, Germany
Website
www.enbw.com

EBK Metrics

BasicAdvanced
€21B
-
-€1.39
0.21
€1.70
2.58%

Bulls say / Bears say

EnBW’s earnings have a substantial defensive base: about 80% of first-half 2026 adjusted EBITDA came from low-risk activities, mainly grids. It held its 2026 EBITDA guidance at €4.6bn–€5.1bn despite slightly lower first-half EBITDA. (EnBW)
The completed 960MW He Dreiht offshore wind farm adds a major source of renewable generation, with most output already covered by long-term power purchase agreements. That gives the project clearer revenue visibility as it ramps up. (EnBW)
Renewables now make up more than 70% of EnBW’s installed generation capacity, which has more than doubled since 2018. The company plans to lift renewables to about 80% of its generation portfolio by 2030, creating scope for further growth as new capacity comes on stream. (EnBW)
S&P cut its outlook on EnBW’s A- rating to negative, citing weaker cash-flow protection amid heavy investment and lower earnings. It expects net debt to rise to €20bn–€21bn by 2028 and its funds-from-operations-to-debt ratio to average 17.6%, below the 18% level it associates with the current rating. (S&P Global Ratings)
First-half 2026 adjusted core profit fell 6.3% and adjusted net profit fell 5.9%, as coal capacity was phased out and low river levels hurt hydro output. This shows how the changing generation mix and weather can weigh on near-term earnings. (Reuters)
EnBW’s future offshore pipeline faces execution and economics risk: S&P says challenging market conditions could affect the large Dreekant and Morven projects, which have not reached final investment decisions. The company has also exited two UK offshore projects, underscoring the difficulty of developing new capacity on acceptable terms. (S&P Global Ratings)
Data summarised monthly by Lightyear AI. Last updated on 10 Nov 2026.

EBK Financial Performance

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Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.