EnBW Energie Baden-Württemberg AG, DE0005220008

EnBW confirms 2026 guidance and EnBW stock sits 6.69 percent below its yearly high

Published on 10/05/2026 at 09:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted EBITDA was EUR 2.3 billion in the first half of 2026 versus EUR 2.4 billion. EnBW stock costs EUR 68.30 on October 5, 2026 after EUR 68.40.

EnBW Energie Baden-Württemberg AG, DE0005220008, Illustration mit AI erstellt.

EnBW Energie Baden-Württemberg AG (ISIN DE0005220008) was trading at EUR 68.30 at Lang & Schwarz on October 5, 2026 at 9:20 a.m. CEST, with a minus 0.15 percent change versus the EUR 68.40 prior close. In its first-half report dated September 17, 2026, EnBW confirmed adjusted EBITDA guidance of EUR 4.6 billion to EUR 5.1 billion for fiscal 2026. The price was 6.69 percent below the EUR 73.20 52-week high.

Guidance holds as earnings soften

Adjusted EBITDA reached EUR 2.3 billion in the first half of 2026, compared with EUR 2.4 billion in the first half of 2025. The company reported adjusted Group net profit of EUR 594.7 million, down 5.90 percent from EUR 631.9 million in the comparable period.

Capital intensity remains central to the investment case. EnBW recorded gross investment of EUR 2.4 billion in the first half of 2026, while net debt stood at EUR 13.9 billion on June 30, 2026, up 5.80 percent from EUR 13.2 billion at the end of 2025.

Infrastructure offsets generation pressure

The earnings mix shows why the guidance was maintained. System Critical Infrastructure generated adjusted EBITDA of EUR 1.3 billion in the first half of 2026 versus EUR 1.3 billion a year earlier, while Sustainable Generation Infrastructure fell to EUR 805.8 million from EUR 1.1 billion.

Smart Infrastructure for Customers moved in the opposite direction, with adjusted EBITDA rising to EUR 309.3 million from EUR 223.0 million in the first half of 2025. That 38.70 percent increase provides a counterweight to weaker generation earnings, although the company remains exposed to lower power generation volumes and coal phase-out effects.

Next results date is November 12

Third-quarter results are scheduled for November 12, 2026, according to MarketScreener. That date gives the market a defined checkpoint for testing whether grid stability and customer infrastructure can continue to offset pressure in generation.

Stock remains below yearly high

At EUR 68.30, EnBW stock was EUR 4.90 below the EUR 73.20 52-week high on October 5, 2026. The Lang & Schwarz quote stood at EUR 68.30 at 9:20 a.m. CEST, versus a prior close of EUR 68.40 and a daily change of minus 0.15 percent. The further course of trading is shown by the continuously updated real-time quote of EnBW stock.