The Oldenburg-based energy and telecommunications provider EWE has increased its investments in the development of an increasingly climate-neutral and digitalised energy system up to the target level for the 2025 financial year: Over €1.6 billion (2024: €1.3 billion) was channelled into the strategic growth areas of the predominantly municipally-owned company – in particular wind energy, green hydrogen production facilities and the expansion of regional electricity grids. Compared to the long-term average, annual investment expenditure has thus tripled. “Our investments in the transformation of the energy system ultimately have multiple benefits: they open up economic opportunities for the north-west, strengthen Germany’s resilience and safeguard the freedom and scope for action of future generations,” explained Stefan Dohler, CEO of EWE AG, at the presentation of the financial results.
“The geopolitical upheavals of recent months and their impact on the energy market demonstrate once again that the transition to renewable energy is the best response we can offer,” said Dohler, reaffirming the company’s clear path to growth and transformation. “We have sufficient technologies at our disposal to make us less dependent on fossil fuel imports and to limit the effects of climate change. EWE is therefore consistently implementing them in collaboration with partners and our customers in the region.” It is important, he said, to integrate the growing generation capacity from renewables into a smart interplay with electricity grids, storage facilities and flexibility options.
What it needs: A broader view of the energy system
EWE made progress in developing the hydrogen economy in northern Germany during the past
financial year: “Work has begun on our hydrogen electrolyser in Emden,” explained Dohler, who
recently visited the construction site. At the same time, he highlighted the regulatory challenges
that remain: “For the hydrogen economy in Germany to take off, we need modern and pragmatic
framework conditions from Brussels – particularly regarding the procurement of electricity for
plants that will produce green hydrogen.” In his outlook for the current financial year, Dohler also
emphasised that the success of the energy transition requires a more holistic perspective: “We
urgently need a genuine systemic view. The energy policy framework must be much better
coordinated between the Ministry of Economics and the Ministry of the Environment, as well as
the Federal Network Agency.” Whilst it is right to keep an eye on the costs for industry and
consumers, “rigid adherence to previous regulations and conventional business models is neither
economically viable in the long term nor would it do justice to the future viability of a modern
industrial nation such as Germany,” Dohler warned.
Stability as the key to financing the transition
Chief Financial Officer Dr Frank Reiners announced a capital increase of €500 million, which is
set to take effect during the 2026 financial year. “We are in constructive discussions with our
shareholders regarding this, who support our growth strategy.” In his remarks, he also
emphasised the importance of a reliable energy policy framework for financing the transition
and ensuring the profitability of new business areas: “Our task is to guarantee energy supply in
the region at reasonable prices and to develop our future-oriented business areas sensibly and
with sound commercial judgement. The current global situation and the policy decisions being
made in Berlin, Bonn and Brussels therefore have the potential to influence the pace at which
we can continue our growth path in the coming years. It is important to be realistic and to
continually review our course towards our goal – and we are doing so very carefully.”
Solid business performance with deviations from forecasts in certain segments
Overall, the Executive Board of EWE AG can look back on a solid business performance in the 2025
financial year. In certain segments, this deviates from the forecast issued last year.
In the 2025 financial year, the Group generated revenue (excluding electricity and energy tax) of €8,104.5 million (previous year: €8,681.3 million). This represents a decrease of €576.8 million ( 6.6 per cent) compared with the same period last year. “This is primarily attributable to a year with low wind speeds in 2025, the continued normalisation of energy prices, and lower sales, particularly among business customers in the electricity sector,” says Reiners, explaining the reasons.
Operating EBIT (oEBIT), adjusted for one-off items, fell by 10 per cent year-on-year to €568.8 million (€631.8 million). “The declines in operating EBIT are also primarily attributable to a weak wind year in 2025, as well as to changed conditions in the marketing of our natural gas storage facilities,” said Reiners. Operating earnings before depreciation and amortisation (oEBITDA) – the key figure that provides a more meaningful assessment of the sustainable earnings power of the operating business during a phase of sustained high investment – stood at €1,214.4 million (€1,261.4 million), just 3.7 per cent below the previous year’s result. “We can therefore speak of stable earnings power in the operating business overall,” said Reiners.
Consolidated profit for the period declined in the 2025 financial year and, at €96.2 million, was significantly lower than the previous year’s figure (€918.9 million). This decline is attributable to a net negative impact from valuation effects relating to derivatives, as well as higher impairment losses, which do not affect cash flow.
EWE named a ‘Great Place to Work’ for the first time
With an average of 11,159 employees in the past financial year (10,899), EWE is one of the
largest employers in the north-west. In the 2025 financial year, EWE also received the
internationally recognised “Great Place to Work” employer certification for the first time.
Nationwide, the Group is thus among the top five per cent in the industry. EWE AG’s separate
financial statements in accordance with the German Commercial Code (HGB) for the 2025
financial year total €411.3 million (€650.8 million), a decrease of 36.8 per cent. On this basis, the
Executive Board and Supervisory Board are proposing a dividend of €169 million to the Annual
General Meeting.
Outlook 2026
Against the backdrop of its ambitious growth targets, EWE will, from the 2026 financial year
onwards, place greater emphasis on a key performance indicator before depreciation and
amortisation: ‘adjusted EBITDA’ will replace ‘operating EBIT’. For the current financial year, EWE
expects this figure to settle within a range of minus four to plus two per cent. In terms of
investment volume, performance is set to rise further before stabilising at a steady level.
