Q2 2024 EnBW Energie Baden Wuerttemberg AG Earnings Call Transcript
Key Points
- EnBW Energie Baden-Wuerttemberg AG (XTER:EBK) reported solid performance in Q2 2024, with earnings developing well across all segments.
- Adjusted EBITDA for H1 2024 stood at EUR2.6 billion, and adjusted net profit was around EUR900 million, meeting expectations.
- The company successfully issued green bonds totaling EUR1.2 billion, with 100% of the proceeds used for climate-friendly projects.
- EnBW secured an attractive offshore wind site in the North Sea and received grants for large-scale hydrogen projects, strengthening its renewable energy portfolio.
- The company reduced its coal-fired generation capacity by almost 1 gigawatt in H1 2024, significantly lowering its CO2 intensity target.
- Adjusted EBITDA in the renewables segment decreased year-over-year due to lower realized electricity prices and lower trading results.
- The company expects a lower adjusted EBITDA in the second half of the year compared to the first half, primarily due to seasonal factors in the grid business.
- Net debt increased by EUR0.9 billion in H1 2024, mainly due to significant net cash investments.
- Personnel expenses in both transmission and distribution grid businesses increased, slightly offsetting positive developments.
- The company anticipates net debt to rise to EUR15 billion to EUR16 billion by year-end, driven by high investments in various projects.
Good afternoon, ladies and gentlemen. Thank you for joining us today to discuss EnBW's results for the first six months of fiscal year 2024, which were published earlier this morning.
As it's standard practice, Thomas Kusterer, our Deputy CEO and CFO, will first guide you through all the details in our presentation. And afterwards, we will, of course, be happy to answer the questions you may have.
And now without any further delay, over to you, Thomas.
Thanks a lot and a warm welcome to everyone. During Q2 2024, we continued our solid performance. Earnings in the first six months developed well across all segments and in line with the gradual normalization in commodity and energy markets.
For H1 adjusted EBITDA stood at EUR2.6 billion and adjusted net profit at around EUR900 million,
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