By Helena Smolak
EnBW Energie Baden-Wuerttemberg raised its full-year guidance after it reported a narrowed net loss in the third quarter thanks to an increase in profitability in its renewable energies’ infrastructure business.
The German energy group said Monday that it now expects to make between 5.9 billion to 6.5 billion euros ($6.30 billion-$6.95 billion) in adjusted earnings before interest, taxes, depreciation, and amortization this year, compared with between EUR4.7 billion and EUR5.2 billion previously.
The increase comes as the company’s Sustainable Generation Infrastructure segment’s adjusted Ebitda in the first nine months rose 82% on year to EUR3.5 billion, on thermal power generation and energy trading as a result of high market volatility.
The company said it made a net loss of EUR8.8 million in the third quarter, compared with a net loss of EUR400.7 million in the prior-year period, on revenue that declined to EUR8.1 billion from EUR12.4 billion.
Ebitda rose to EUR530.6 million in the period from a EUR30.3 million loss last year.
EnBW said it plans to invest an average of EUR4.5 billion a year over the next few years in growth projects, including in projects to expand renewables, grid infrastructure and charging infrastructure for electric vehicles.
Write to Helena Smolak at [email protected]
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