Although the corona pandemic began to have a moderate impact on the operating business, EnBW was able to continue its strong earnings performance in the first nine months of 2020. Notable positive contributors to operating earnings compared with last year are strong growth in renewables due to the Hohe See and Albatros offshore wind farms and the acquisitions of Valeco and Plusnet.
With a workforce of 24,111 (+5%), EnBW generated revenues of some €13.68 billion and adjusted EBITDA of some €2.06 billion, an increase of 22.2% compared to the same period last year (€1.68 billion). The earnings guidance for the full year 2020 therefore is confirmed. Adjusted EBITDA is expected to be in a range between €2.75 billion and €2.9 billion, which is between 13% and 19% above the previous year.
The Renewable Energies segment has continued its strong positive performance. Adjusted EBITDA rose substantially to €586 million in the first nine months of 2020. This represents 88.4% growth on the previous year. The marked increase in earnings is largely due to the two offshore wind farms EnBW Hohe See and EnBW Albatros coming into operation. France-based wind and solar power company Valeco and better wind conditions for offshore and onshore wind farms also contributed to the positive earnings performance. The full-year earnings guidance therefore remains unaltered, meaning that earnings between €825 million and €925 million are expected for the Renewable Energies segment.