EnBW Energie Baden Württemberg : expects to have completed 2022 financial year with an operating result of around €3.3 billion

EnBW expects adjusted EBITDA of around €3.3 billion for the 2022 financial year. In the downgraded guidance of November 2022, EnBW was still expecting adjusted EBITDA of up to €2.9 billion.

Thomas Kusterer, EnBW CFO: "As things now stand, we expect to have completed the 2022 financial year with an operating result above our updated guidance from November. This outcome was made possible by the fact that some of the risks we factored into our guidance due to market and political uncertainties did not materialise. The preliminary figures demonstrate how our integrated lineup along the entire energy value chain ensures stable performance even in challenging times. We plan to use the resulting earnings to make the energy transition even faster and more successful. In concrete terms, this means accelerating the expansion of renewables and of our grid infrastructure, where we will invest even more heavily than we have been doing so far."

Adjusted EBITDA in the segment Sustainable Generation Infrastructure is now expected to be well above guidance. The main reasons for the variance are lower than expected negative valuation effects and higher overall earnings from trading activities.

In the segment System Critical Infrastructure, as expected, the original guidance of March 2022 could not be achieved due to the high cost of reserve power plants to ensure system stability. However, the impact in the fourth quarter of 2022 was lower than had been assumed in the updated guidance of November 2022, notably due to the warmer than average weather at the end of the year.

In the segment Smart Infrastructure for Customers, higher earnings in particular from business customers and in sales at international subsidiaries led to a positive deviation from the guidance.

Based on the improved operating result and a clearly positive non-operating result, EnBW expects net profit attributable to the shareholders of EnBW AG to be around €1.7 billion.

All figures are preliminary and unaudited. The final figures for the 2022 financial year will be published as planned on 27 March 2023.