Energy generation and trading: approx. 45%
Grid operation: approx. 30%
Renewable energies: approx. 15%
Other services: approx. 10%

TOP 3 markets:
Germany: approx. 70%
Switzerland: approx. 15%
Austria: approx. 10%

EnBW Energie Baden-Württemberg AG generates the majority of its revenue from energy generation and trading. Grid operation also represents a significant share, followed by renewable energies, which are increasingly gaining importance.

EnBW's main market is Germany, where the largest part of its revenue is generated. Switzerland and Austria are also important markets, together accounting for a substantial portion of international revenue. This distribution reflects EnBW's strategic focus on a strong presence in the domestic market and targeted expansion into neighboring countries.

Production Sites:

• Germany
• Sweden
• Turkey

EnBW Energie Baden-Württemberg AG, one of the largest energy companies in Germany, mainly produces in Germany, where it operates a variety of power plants, including conventional power plants as well as renewable energy facilities such as wind and solar parks.

In addition, in recent years, EnBW has expanded its international activities. In Sweden, the company operates wind turbines, while in Turkey, it holds stakes in energy projects. This diversification helps EnBW to expand its production capacities while reducing its dependence on fossil fuels.

Revenue growth: 4.8% (2024)
Investments in renewable energies: 12 billion euros by 2025

EnBW Energie Baden-Württemberg AG pursues a clear strategy to promote sustainable growth through the expansion of renewable energies. The company plans to invest a total of 12 billion euros in renewable energies by 2025 to significantly expand its capacities in this area. This includes in particular the expansion of wind and solar parks both in Germany and internationally.

Another focus of the growth strategy is on digitization and modernization of the network infrastructure. EnBW relies on smart grid solutions and digital services to increase efficiency and tap into new business areas.

Furthermore, EnBW aims to expand its customer base through innovative products and services. This includes offerings in the field of electromobility and smart home solutions, which are intended to support the transition to a more sustainable energy future.

Main Imported Raw Materials: Natural gas, coal, uranium

Countries of Origin:

• Natural gas: Norway, Russia, Netherlands
• Coal: USA, Colombia, South Africa
• Uranium: Kazakhstan, Canada, Australia

EnBW Energie Baden-Württemberg AG is a significant energy company in Germany that imports a variety of raw materials to secure its energy production. Natural gas is mainly imported from Norway, Russia, and the Netherlands, with Norway gaining importance in recent years, particularly due to geopolitical tensions.

Coal imports primarily come from the USA, Colombia, and South Africa. These countries offer a stable supply and competitive prices, which are crucial for energy production.

Uranium, needed for nuclear energy generation, is mainly sourced from Kazakhstan, Canada, and Australia. These countries are leading in uranium production and provide reliable supply chains.

Market share in Germany: approx. 10% (2024)
Investments in renewable energies: 4.5 billion euros (2023)
Number of customers: over 5.5 million (2023)

EnBW Energie Baden-Württemberg AG has a significant competitive advantage due to its strong market position in Germany and its extensive investments in renewable energies. With a market share of around 10%, EnBW is one of the leading energy providers in the country.

In recent years, the company has significantly invested in expanding renewable energies, which not only contributes to diversifying the energy portfolio but also supports the transition to sustainable energy. These investments enhance EnBW's competitiveness as they respond to the increasing demand for environmentally friendly energy.

Additionally, EnBW benefits from a broad customer base of over 5.5 million, which represents a stable source of income. The combination of market share, investments in future technologies, and a large customer base gives EnBW a robust competitive advantage in the energy market.

Institutional investor share: approx. 70% (estimated, based on previous data)

Insider purchases/sales: No significant transactions known in the last year

The institutional investor share at EnBW is traditionally high, as the company is a stable player in the energy sector and is held by large investors such as pension funds and insurance companies.

Insider transactions are less common at EnBW, indicating stable corporate governance and a long-term strategy. The low number of insider purchases or sales may also suggest that management has confidence in the current corporate strategy.

Market share of EnBW: Estimate: approx. 10% (2025)

Top competitors and their market shares:

1. E.ON SE: approx. 15%
2. RWE AG: approx. 14%
3. Vattenfall AB: approx. 12%
4. EnBW Energie Baden-Württemberg AG: approx. 10%
5. Uniper SE: approx. 8%
6. Iberdrola SA: approx. 7%
7. Engie SA: approx. 6%
8. EDF (Électricité de France): approx. 5%
9. Statkraft AS: approx. 4%
10. Fortum Oyj: approx. 3%

Moat of EnBW:

EnBW has a moderate moat, mainly characterized by its strong regional presence in Baden-Württemberg and its diversified sources of energy. The company benefits from a stable customer base and a well-developed infrastructure in southern Germany.

However, compared to its competitors, EnBW does not have a significant technological or cost advantage. Companies like E.ON and RWE have larger market shares and benefit from a broader international presence and more extensive investments in renewable energies.

EnBW's moat could be strengthened by a stronger focus on sustainable energy solutions and innovative technologies to differentiate itself from the competition. Currently, the competition is intense, and many of the major energy companies are heavily investing in renewable energies and digital solutions, increasing the pressure on EnBW to maintain and expand its market position.

Revenue growth: 7.5% (2024)
EBITDA growth: 6.2% (2024)
Investments in renewable energies: 2.3 billion euros (2024)

EnBW Energie Baden-Württemberg AG recorded a revenue growth of 7.5% in 2024, attributed to the continued expansion into the field of renewable energies and a strong demand for sustainable energy sources. The EBITDA growth of 6.2% indicates that the company was able to increase its operational efficiency, which is positive for long-term profitability.

The investments in renewable energies, amounting to 2.3 billion euros in 2024, underscore EnBW's commitment to expanding its position in the sustainable energy generation sector. These strategic investments are crucial to seize future growth opportunities and support the transition to a low-carbon economy.

Given these factors, EnBW's stock could represent an attractive investment opportunity for investors interested in long-term growth prospects in the renewable energy sector. The continuous investments and stable revenue growth bode well for the company's positive development in the years to come.

Dividend yield: 4.2% (2025, estimated)
Dividend continuity: Stable in the last 5 years

EnBW Energie Baden-Württemberg AG has pursued a stable dividend policy in recent years. The company has regularly paid dividends, achieving a dividend yield of approximately 4.2%. This stability in payout is an indicator of the reliability of EnBW's dividend policy.

The continuity of dividend payments over the past five years shows that the company is able to serve its shareholders even in economically challenging times. This indicates a solid financial foundation and a sustainable business model. Analysts expect EnBW to maintain a reliable dividend policy in the coming years as well.