EWE continues to invest heavily

EWE, the Oldenburg-based energy and telecommunications provider, has once again increased its investment in the development of a resilient energy system that is increasingly based on renewable energy sources: The company, which is majority-owned by local authorities, invested a total of €611.2 million in the first half of 2026 (2025: €531.4 million), an increase of 15 per cent compared with the previous year.

“As announced, we are continuing to invest, strengthening the networks, expanding renewable energy and charging infrastructure, and driving the roll-out of the hydrogen economy. In this way, we are making our energy supply more resilient, increasing our energy sovereignty and safeguarding value creation and economic strength in the north,” emphasises EWE CEO Stefan Dohler. “Local authorities, businesses and households have long since embarked on this journey. They want to adopt new, efficient technologies, modernise their energy supply and play an active part in the transformation themselves. This requires a high-performance infrastructure – and that is precisely what we are laying the foundations for with our investments. The challenges involved in expanding the grid in a timely and system-appropriate manner have been recognised, and the necessary legislative changes are being implemented. When the transformation works at a local level, opens new opportunities and creates value in the regions, it strengthens trust, social cohesion and the courage to actively shape change. These, too, are aspects of resilience. Our aim remains to combine growth, climate protection, affordability and financial stability.”

Reiners: Securing financial strength for growth and investment

“Our half-year figures paint a generally solid picture in a challenging market environment,” says EWE’s Chief Financial Officer, Dr Frank Reiners. “Revenue fell by 4.9 per cent to 3.9 billion euros (2025: 4,121.5 million euros). This is primarily due to volume and price effects in electricity and gas supply – for instance, we reduced prices for our retail customers at the start of the year. Our adjusted EBITDA, which is particularly important during this growth phase, stands at €582.5 million – eight per cent below the previous year’s figure (€633.3 million). Factors contributing to this include lower revenues from the marketing of gas storage facilities, weaker results in energy trading and the sale of the heat contracting business. At the same time the renewable energy business, electromobility and parts of the network business, for example, are performing well.” The Group’s profit for the period, on the other hand, rose significantly to €348.3 million (€37.5 million). “This increase is, however, largely driven by valuation effects on financial instruments,” explains Reiners.

Taking extra precautions for the winter is the right thing to do

As natural gas is currently expensive due to geopolitical conflicts, there are insufficient incentives in the energy market to store natural gas at the usual levels. Energy suppliers are therefore partly securing their supply commitments for the winter through forward contracts, meaning they are buying gas today for delivery later. This is often more cost-effective than procuring gas early and bearing the costs of storage. “When it comes to supplying customers in winter, the key factor – alongside storage levels – is therefore the volumes that suppliers have already contractually secured for the winter,” says EWE CEO Stefan Dohler. EWE has taken these precautionary measures for its customers. However, the war in Iran demonstrates how quickly additional risks to supply routes and energy markets can arise. “In such a geopolitical situation, we need more precautionary measures than the market alone can provide. If additional gas volumes are to be set aside for exceptional crisis situations, the right framework conditions must be created for this. It is right that the Federal Government is now acting on this – though we would have liked to have seen this decision taken much earlier,” says Dohler. EWE therefore supports the planned strategic gas reserve. It is intended to be specifically available for exceptional crisis situations.

Outlook

For the 2026 financial year, EWE expects adjusted EBITDA to be in the lower end of the range of up to minus four per cent set out in the 2025 Group Management Report. The implementation of the growth strategy will continue to be pursued consistently. 

Key figures

in millions of EUR, including year-on-year comparison (H1 2025) and percentage change  

A look at the segments

in millions of EUR, including year-on-year comparison (H1 2025) and percentage change

 Renewable Energies 

 Infrastructure 

 Market 

 swb 

 Sonstiges