Oldenburg-based energy and telecommunications service provider EWE continued to invest heavily in the climate-friendly restructuring of energy supply in the first half of 2025: total investments by the majority-municipal-owned company amounted to €531.4 million (2024: €438.5 million), an increase of 21.2 per cent. The funds were mainly invested in the expansion of electricity grids, fibre optic infrastructure, the ramp-up of the hydrogen economy and renewable energy generation facilities. ‘Even in a challenging market environment, we are consistently sticking to our investment course. With over half a billion euros in the first half of 2025, we are vigorously driving forward the restructuring of the energy supply towards climate neutrality, thus creating the conditions for the energy transition to succeed in north-west Germany and beyond,’ emphasised CEO Stefan Dohler. "We are consistently investing in grids, renewable energies, charging infrastructure and the development of an efficient hydrogen economy – and thus in the future viability of the economy, local authorities and society in our region and in Germany as a whole. Our goal remains to balance growth, climate protection and financial stability. Our continued strong investment course – supported by a solid balance sheet and responsible risk management – proves that we are succeeding in this endeavour. In this way, we are laying the foundation for a reliable and successful long-term transformation of the energy system."
Dr Frank Reiners: ‘Our half-year figures are solid.’
Chief Financial Officer Dr Frank Reiners emphasised the focus on growth and stability: "Our half-year figures are solid, as the lower-than-expected wind yields were partially offset by the good performance of other business areas. However, the key factor for us is that we were able to continue our growth path at the same time. At over €530 million, more investments than in previous periods were made in modernising our networks, expanding the fibre-optic infrastructure, renewable generation capacities and developing the hydrogen economy. This means that even in financially challenging times, we are focusing on the future and security of supply – and creating sustainable value." At €4,121.5 million, Group revenue was 8.3 per cent below the previous year's figure (€4,495.1 million). ‘The main reasons for this were the weaker wind yields already mentioned, a further normalisation of energy prices and the sale of the business activities in Poland in December 2024,’ explained Reiners. The key figure relevant to the company's current growth phase – earnings before interest, taxes and depreciation (oEBITDA) – fell to €633.3 million (€678.0 million). Operating earnings before interest and taxes (oEBIT), which are more heavily impacted by depreciation and amortisation in times of increased investment, fell to €329.5 million (€380.6 million) in the first half of the year. This was also influenced by changed market conditions and special effects. Consolidated net income for the period decreased from €549.6 million to €37.5 million compared with the previous year due to the valuation of financial forward contracts (derivatives) as of the reporting date, which are purely accounting items and have no cash effect.
Climate protection and growth require reliability
EWE sees the energy transition as a societal obligation that requires long-term stability. ‘Climate protection cannot be delayed – the costs of inaction are disproportionately higher than today's investments,’ explained Dohler. ‘It is crucial that federal policy provides a reliable framework to ensure that demand for the right products and services to achieve climate protection goals – such as heat pumps, photovoltaics and charging infrastructure – does not collapse again.’ Even if fossil fuels are still needed for a few more years, a return to the fossil fuel era or a delay in the necessary transformation steps is not an option. ‘This is not only dictated by our responsibility to future generations, but also by economic and business common sense,’ warned Dohler. It is right to keep an eye on energy costs for the economy and private households. ‘But postponing climate protection because of this is the wrong solution. It is smarter to use Germany's innovative strength to implement the goals in a cost-minimising way, to develop smart regulation for system cost optimisation instead of sector-specific regulation, and to establish instruments that can spread the costs of the transformation over a longer period and do not overburden the current generation.’
Hydrogen as the cornerstone of the energy transition
EWE is particularly focused on establishing an efficient hydrogen economy in northern Germany. The company has grouped the various projects under the title ‘Clean Hydrogen Coastline’ – including the construction of an industrial-scale electrolyser in Emden. Once completed in 2027, it will produce up to 30,000 tonnes of green hydrogen per year, making it one of the largest production facilities in Europe. ‘Green hydrogen is the cornerstone of the energy transition,’ explained Dohler. ‘It enables long-term storage, replaces fossil molecules in industry and creates emission-free mobility, for example in heavy goods transport. In this way, it provides all other components of the future energy system with the necessary stability and connection. Lower Saxony offers ideal location conditions for producing this hydrogen at low cost.’ At the same time, the EWE boss called for improvements at European level: ‘The EU's current electricity procurement criteria to produce green hydrogen are no longer up to date. Modernisation is urgently needed to reduce production costs by up to 50 per cent and thus ensure the competitiveness of the hydrogen economy in Europe.’
Outlook
Due to weather conditions, wind yields in the first half of 2025 are below the previous year's level, which means that the result is currently outside the originally forecast range. If there is a significant improvement in meteorological conditions, the annual forecast for 2025 can still be achieved.
Key figures
in EUR million, including year-on-year comparison (H1 2024) and percentage change
Investments 531.4 (438.5) +21.2 per cent
Revenue 4,121.5 (4,495.1) -8.3 per cent
oEBITDA 633.3 (678.0) -6.6 per cent
oEBIT 329.5 (380.6) -13.4 per cent
Net profit 37.5 (549.6) -93.2 per cent
A look at the segments
in EUR million, including year-on-year comparison (H1 2024) and percentage change
Renewable energies
Revenue 145.8 (H1 2024: 173.4) -15.9 per cent; operating EBIT 11.3 (29.6) -61.8 per cent
Infrastructure
Revenue 661.4 (523.4) +26.4 per cent; operating EBIT 208.6 (210.4) -0.9 per cent
Market
Revenue 2,413.2 (2,789.8) -13.5 per cent; operating EBIT 81.7 (62.3) +31.1 per cent
swb
Revenue 798.3 (838.6) -4.8 per cent; operating EBIT 62.8 (107.9) -41.8 per cent
Other
Revenue 102.0 (169.1) -39.7 per cent; operating EBIT 0.9 (10.5) -85.5 per cent
