EnBW reports good first-quarter operating result primarily due to valuation effects
Based on preliminary figures, EnBW expects Group adjusted EBITDA of €2.8 billion in the first quarter of 2023. This places the operating result significantly higher than the adjusted EBITDA of €1.2 billion generated in the first quarter of the previous year, which was marked by the outbreak of the war in Ukraine.
The main driver of the year-on-year increase was the Sustainable Generation Infrastructure segment. The thermal generation and trading business recorded significant earnings growth to €2,069 million (an increase of €1,385 million). Large valuation effects on trading transactions and positive earnings performance in the area of electricity generation were the primary reasons for this increase in earnings.
Earnings were also higher than a year earlier in the System Critical Infrastructure segment, at €585 million (an increase of €224 million). This is mainly due to higher grid revenue compared to the previous year, largely at transmission system operator TransnetBW.
EnBW expects Group net profit of €2.3 billion for the first quarter of 2023 (Q1 2022: €0.6 billion). All figures are preliminary and unaudited.
The above results in the first quarter of the current financial year are not expected to continue, however. On the current basis, the previous adjusted EBITDA guidance for the full year 2023 is confirmed unchanged.
A significant part of the earnings will be invested in the accelerated implementation of the energy transition.
The final figures for the first quarter of 2023 will be released as planned on 12 May 2023.
Adjusted EBITDA by segment
|
in € million0The figures for the previous year have been restated.
|
01/01–31/03/2023
|
01/01–31/03/2022
|
Change in %
|
01/01–31/12/2022
|
|---|---|---|---|---|
|
in € million0The figures for the previous year have been restated.
Smart Infrastructure for Customers
|
01/01–31/03/2023
-0.3
|
01/01–31/03/2022
-60.3
|
Change in %
99.,5
|
01/01–31/12/2022
498.4
|
|
in € million0The figures for the previous year have been restated.
System Critical Infrastructure
|
01/01–31/03/2023
584.6
|
01/01–31/03/2022
360.8
|
Change in %
62.0
|
01/01–31/12/2022
1,057.8
|
|
in € million0The figures for the previous year have been restated.
Sustainable Generation Infrastructure
|
01/01–31/03/2023
2,351.0
|
01/01–31/03/2022
976.6
|
Change in %
140.7
|
01/01–31/12/2022
1,934.8
|
|
in € million0The figures for the previous year have been restated.
Other/Consolidation
|
01/01–31/03/2023
-95.5
|
01/01–31/03/2022
-92.1
|
Change in %
-3.7
|
01/01–31/12/2022
-205.3
|
|
in € million0The figures for the previous year have been restated.
Total
|
01/01–31/03/2023
2,839.8
|
01/01–31/03/2022
1,185.0
|
Change in %
139.6
|
01/01–31/12/2022
3,285.7
|