Report of the Supervisory Board

The Supervisory Board dutifully and comprehensively performed all of the tasks incumbent on it in the 2024 financial year as required by law and the Articles of Association. It regularly advised the Board of Management on its management of the company and continuously accompanied and monitored all important management measures for the Group. The supervisory and advisory activities of the Supervisory Board also dealt with issues related to sustainability, in particular. The Supervisory Board was involved in all decisions of fundamental importance to the company and the Group.

The Board of Management regularly, comprehensively and promptly informed the Supervisory Board about all relevant aspects of intended business policies and other fundamental issues relating to business planning, and also provided reasons for any discrepancies between the actual development of business and the plans and targets reported at an earlier date. In the reporting period, this included, in particular, numerous legislative changes that have already been enacted or announced and their impact on the business of EnBW and its subsidiaries. In addition, the Board of Management informed the Supervisory Board about the economic position of the company and the Group including, among other things, the profitability of the company (especially the equity), the development of business (especially the revenue and earnings, the net assets, financial position and results of operations, as well as HR development at the company) and those business transactions that could be of significant importance for the profitability or liquidity of the company. Furthermore, the Board of Management informed the Supervisory Board about the risk situation of the Group and of individual areas of the Group, corporate strategy and planning, risk management, the internal control system and compliance.

In the 2024 financial year, the Supervisory Board dealt extensively with verbal and written reports and proposals for resolutions issued by the Board of Management at seven ordinary meetings on 6 February, 25 March, 13 May, 3 July, 26 September, 11 November and 18 December 2024, and two extraordinary meetings on 8 March and 19 April 2024. Furthermore, the Supervisory Board requested reports and information from the Board of Management on individual topics, which were comprehensively provided in a timely manner in each case. The discussions and resolutions at the plenary meetings of the Supervisory Board focused on the following key issues:

Aside from the meetings, the Board of Management informed the Supervisory Board in writing about all business transactions of particular importance for the company or the Group. In addition, there was ongoing communication between the Chairman of the Supervisory Board and the Board of Management, particularly with the Chairman of the Board of Management, in order to discuss issues relating to strategy, planning, business development, the risk situation, risk management, compliance, the impact of the war between Russia and Ukraine, important individual transactions and currently pending decisions.

There was a consistently very high attendance rate at the individual meetings of the Supervisory Board. The majority of the members of the Supervisory Board attended all meetings of the Supervisory Board. With one exception, no member of the Supervisory Board participated in less than half of the meetings of the Supervisory Board and its committees.

The committees set up by the Supervisory Board once again met regularly in the 2024 financial year, so that the Supervisory Board could perform its functions efficiently. The respective members of the committees are listed on p. 392 of the Annual Report 2024. The Chairpersons of the committees regularly reported in detail on the work of the committees at each subsequent plenary meeting of the Supervisory Board.

The Supervisory Board also paid close attention to the various issues relating to corporate governance in the 2024 financial year and discussed the declaration of compliance in accordance with section 161 AktG. These topics are explained in detail in the declaration of corporate management (p. 245 ff.). The company also published the declaration of corporate management in accordance with section 289f (1) sentence 2 and section 315d sentence 2 HGB on its website.

Following a thorough examination by the audit committee, the Supervisory Board undertook a detailed review of the annual financial statements and consolidated financial statements as of 31 December 2024 that were audited and issued with an unqualified audit opinion by BDO AG Wirtschaftsprüfungsgesellschaft, and of the combined management report for the 2024 financial year. The non-financial declaration included in the combined management report has been audited with limited assurance. The final results of its own reviews did not lead to any reservations on behalf of the Supervisory Board. It approved the audit results of the independent auditor and endorsed the annual financial statements prepared by the Board of Management as of 31 December 2024 – which have thus been ratified – and the consolidated financial statements as of 31 December 2024, as well as the combined management report, including the non-financial declaration it comprises, for the 2024 financial year.

Further details on the topics “Work of the committees,” “Corporate governance,” “Audit of the annual and consolidated financial statements” and “Personnel changes at the level of the Supervisory Board and Board of Management” can be found in the full version of the Report of the Supervisory Board made available to the public on the company’s website at www.enbw.com/corporate-governance.

Karlsruhe, 24 March 2025

The Supervisory Board

Chairman