EnBW shares increased by more than three percent in early Friday trading even though the German utility reported a decline in its first‑half financial results. The company disclosed that adjusted core profit for the first half of 2026 fell 6.3 percent to €2.27 billion, and adjusted group net profit decreased 5.9 percent to €595 million. The profit contraction was linked to the ongoing phase‑out of coal‑fired power plants and lower river levels that curtailed output at its hydroelectric stations. Deputy CEO and CFO Thomas Kusterer stated that EnBW is executing the largest investment programme in its corporate history, emphasizing that the integrated portfolio creates significant capital requirements across the entire energy value chain and that current investment spending is setting the course for the next growth phase and future positioning. Despite the earnings dip, EnBW reaffirmed its full‑year outlook, continuing to expect adjusted core profit in the range of €4.6 billion to €5.1 billion.