EnBW Renewables branch sees 62.2% EBITDA boost in 2019

EnBW reported an adjusted EBITDA of EUR 482.8 million in the Renewable Energies division in 2019, a 62.2% rise compared to the previous year.

According to EnBW, the growth is due to the overall improvement in wind conditions at offshore and onshore wind farms in Germany, as well as due to earnings contributions from onshore wind farms in Sweden.

The Hohe See offshore wind farm, commissioned in October 2019, contributed to earnings from the fourth quarter of the year.

EnBW stated that it had met its transformation target ahead of time with a total earnings growth of 12.7% to EUR 2.43 billion adjusted EBITDA.

Adjusted group net profit increased by EUR 348.5 million, or 79.5%, in 2019 relative to the previous year.

“We have once again delivered what we set out to achieve,” said EnBW CEO Frank Mastiaux. “This also means we have met our 2020 earnings target of €2.4 billion, which we set back in 2013, one year ahead of plan. We are pleased to report that all segments contributed to this success.”

The company said it expects significant earnings growth for the current financial year, most of all in Renewables Energies thanks to its new projects Hohe See and Albatros.

This year, adjusted EBITDA is expected to be in a range between EUR 2.75 billion and EUR 2.9 billion, an increase of 13% to 19%.

In the renewables segment, earnings between EUR 825 million and EUR 925 million are anticipated.

EnBW concluded that until today the corona crisis had not yet had any significant impact on its operating business.