EnBW Energie Baden-Württemberg AG posted stable results for the first half of 2026, with adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of €2.3 billion, down from €2.4 billion a year earlier. Around 80% of earnings came from low-risk activities, primarily the grids segment. The German energy group confirmed its full-year guidance, with adjusted EBITDA expected between €4.6 billion and €5.1 billion for fiscal year 2026.
Net profit in line with expectations
The group’s adjusted net profit attributable to EnBW AG shareholders came in at €595 million for the first half, compared with €632 million a year earlier, in line with the operating result. Mr. Thomas Kusterer, Deputy CEO and Chief Financial Officer of EnBW, said the group is in the midst of the largest investment program in its corporate history. According to him, the integrated portfolio generates significant capital requirements across the entire energy value chain, from grids to flexible generation and renewables.
The group’s gross investments totaled around €2.4 billion over the first six months of 2026, primarily directed toward the expansion of electricity and gas grids, offshore wind projects and the construction of low-carbon, hydrogen-ready gas-fired power plants. This wave of energy infrastructure investment mirrors a broader international trend, illustrated by Wales’ recent approval of its first offshore wind farm in the Celtic Sea. In the United States, Congress has advanced four bipartisan reforms to hydropower licensing, a sign of the attention being paid to hydro and renewable infrastructure on both sides of the Atlantic.
Transmission grid: milestones reached on ULTRANET and SuedLink
One priority area of investment concerns the expansion of the electricity transmission grid. The section of the ULTRANET project running to Philippsburg, under the responsibility of subsidiary TransnetBW, is nearing completion, with a converter station already in operation that contributes to grid stability and system security in Baden-Württemberg. Important milestones have also been reached on the SuedLink project: construction has begun at the Leingarten converter site and remains on schedule for commissioning later this year.
With the completion of the planning approval process for the final section, all eight sections of SuedLink managed by TransnetBW are now in the construction phase. EnBW is also building one of Germany’s largest offshore wind projects, He Dreiht, in the North Sea. Consisting of 64 wind turbines with a total capacity of 960 megawatts (MW), the wind farm is expected to generate green electricity for the equivalent of around 1.1 million households.
He Dreiht and rising renewable capacity
By the end of the second quarter, 59 turbines had been installed, of which 43 were connected to the grid, representing installed capacity of 645 MW. Installation of all 64 turbines is expected to be completed shortly, with the wind farm to be gradually brought fully online over the coming months. Including around 540 MW added in the first half of 2026, the group’s installed renewable energy capacity has more than doubled since 2018, rising from 3.7 gigawatts (GW) to around 8 GW today.
Renewable energies now account for more than 70% of EnBW’s total installed generation capacity. The group also continued rolling out its fast-charging infrastructure for electric vehicles, with significant progress made over the past six months. This momentum drove higher charging volumes, largely due to improved utilization of charging stations. More than 9,000 EnBW fast-charging points are now in operation across Germany.
Mixed performance across segments
In the System Critical Infrastructure segment, which comprises electricity and gas transmission and distribution grids, EnBW generated stable adjusted EBITDA of around €1.3 billion in the first half of 2026, compared with €1.29 billion a year earlier. Ongoing investment in the grid expansion required for the energy transition drove higher grid revenue, partly offset by higher personnel expenses linked to workforce growth.
The Sustainable Generation Infrastructure segment generated adjusted EBITDA of €806 million, compared with €1.08 billion in the same period last year. The decline reflects lower revenue from the marketing of generated electricity and reduced coal-fired power capacity, including the sale of the Lippendorf lignite-fired power plant and the transfer of the Heilbronn hard coal-fired power plant to the grid reserve. Electricity generation from run-of-river power plants also fell compared with the previous year due to lower river water levels.