EQS-Adhoc: BayWa AG: Adjustment of the restructuring concept necessary due to new planning by BayWa r.e., negotiations with financing partners ongoing

BayWa AG: Adjustment of the restructuring concept necessary due to new planning by BayWa r.e., negotiations with financing partners ongoing

Munich, 11 March 2026: The new mid-term plan for 2026-2028 now presented by BayWa r.e. AG, a 51% stake of BayWa AG, continues to show positive operating results from 2027 onwards, but assumes a significantly lower level of earnings compared to BayWa r.e. AG’s restructuring opinion of 27 June 2025 (cf. ad hoc announcement of 2 February 2026). BayWa r.e. AG’s Board of Management cites the negative changes in the economic and regulatory framework for renewable energy project developers in Europe and the USA as well as other operational plan adjustments as the main reasons for this.

There are no negative effects on BayWa AG's liquidity and operating business as a result of the lower results in the new mid-term planning. No significant liquidity flows are planned between the two companies until the sale of the BayWa r.e. stake. The operating result of BayWa AG's core business is on track and the inflows from the sale of portfolio companies have also been realized as planned so far.

BayWa AG's restructuring concept to date assumes that BayWa AG will receive total proceeds of around EUR 1.7 billion from the sale of its stake in BayWa r.e. AG by the end of the restructuring period in 2028. Based on BayWa r.e. AG's previous planning, the EBITDA of around EUR 230 million that was planned for 2028 was assumed as sustainably achievable result. On the basis of the new mid-term planning submitted by BayWa r.e. AG, this is no longer feasible in the originally planned period and amount. The new mid-term planning now assumes a significantly lower EBITDA for 2028, which also falls short of the planned EBITDA for 2027. The outlook forecasts an EBITDA of EUR 150 million for 2030 – before further structural countermeasures.

The mid-term planning presented is based on the previous restructuring concept of BayWa r.e. AG and does not yet take into account any countermeasures at BayWa r.e. AG level. BayWa r.e. AG’s Board of Management has announced that it is planning further restructuring measures and an adjustment of the restructuring concept (including a possible extension of the restructuring phase) in order to achieve an improvement compared to the earnings expectations now presented. The planned figures from the new mid-term planning are therefore not directly comparable with the figures previously used as the basis for BayWa AG's restructuring concept.

As of today, BayWa AG’s Board of Management expects significantly lower total proceeds from the sale of its BayWa r.e. stake. This requires an adjustment of BayWa AG's restructuring concept.

Both BayWa AG and BayWa r.e. AG will have to adapt their existing restructuring agreements in order to enable both companies to refinance at the end of the restructuring period.

BayWa AG is currently in negotiations with its core banks and major shareholders. In the short term, the conclusion of a standstill agreement is planned in order to be able to develop and implement a corresponding adjustment of the restructuring concept, including the financing agreements. The standstill agreement is to cover a period until autumn 2026.

At the same time, discussions are being held with the core banks and major shareholders about further restructuring contributions by all parties involved (BayWa AG, major shareholders and financing partners). BayWa AG’s Board of Management expects that an agreement can be reached.

Due to the necessary adjustment of the restructuring concept and the valuation of the BayWa r.e. stake, the preparation and publication of BayWa AG's annual and consolidated financial statements for the 2025 financial year will probably be significantly delayed, possibly even until the fourth quarter of 2026. 

BayWa AG’s Board of Management remains confident that BayWa AG will be successfully restructured.

2289598  11-March-2026 CET/CEST