RWE (RWE) Investor Presentation summary

Financial performance and outlook

• Achieved strong H1 2025 financial results despite weak wind conditions and low trading, confirming full-year guidance and EPS targets for 2025, 2027, and 2030.

• Adjusted EBITDA for H1 2025 was €2.1bn, with 50% of full-year EPS guidance already achieved.

• Net debt increased due to growth investments, mainly in offshore and onshore wind and solar, while maintaining a solid investment grade rating.

• Strong cash flow generation expected from a growing asset base, with average adjusted operating cash flow of €6bn for 2025-2027.

• Leverage targeted at the lower end of the 3.0–3.5x range, maintaining financial discipline.

Investment strategy and capital allocation

• Net cash investment programme for 2025-2030 reduced by 25%, with stricter investment criteria and higher return requirements (>8.5% IRR).

• Offshore wind portfolio optimized through sell-downs and partnerships, reducing capital employed and increasing flexibility.

• Committed net cash investments of €13bn for 2025-2027, with high flexibility in capital allocation from 2026 onwards.

• Management will reassess capital allocation based on risk-reward environment, balancing investments and share buybacks.

• Disciplined approach for further investments, especially in the US, with all federal permits, tariff risk mitigation, and secured offtake required.

Project pipeline and market environment

• 11.2 GW under construction as of June 2025, with over 3 GW to be commissioned in H2 2025, mainly onshore wind, solar, and batteries.

• Offshore projects such as Sofia (UK), Thor (DK), and Nordseecluster (GER) progressing on schedule.

• UK market design and AR7 framework provide stable investment environment, with a broad pipeline of up to 7.5 GW eligible offshore projects.

• Focused energy policy in Germany supports new gas plants and battery projects, with a €500bn infrastructure package and €100bn for climate funds.

• US market benefits from OBBB tax credits and a large, diverse pipeline focused on private land, with strict investment criteria.