RWE (RWE) Investor Presentation summary

Strategic positioning and market fundamentals

• Global leader in renewable and flexible power generation with diversified portfolio across low-risk countries, focusing on offshore wind, onshore wind/solar, and flexible generation.

• Strong pipeline of projects and target IRR above 8.5% for new investments, supported by experienced teams and robust commercial platforms.

• Adapted investment program with 25% reduction in spend, stricter investment criteria, and increased return requirements to maintain financial strength.

• High flexibility in capital allocation from 2026, with EUR 13bn committed and potential for further flexibility through asset sell-downs.

• Construction program progressing well, with over 3 GW to be commissioned in H2 2025 and major offshore projects on track.

Energy transition and sustainability

• Rapid decarbonization underway, with a 50% reduction in coal capacity since 2019 and full coal exit by 2030.

• Committed to 1.5°C SBTi emission reduction pathway, targeting 71% reduction in Scope 1 & 2 emissions by 2030 and net zero by 2040.

• High alignment with EU Taxonomy: 94% of capex, 28% of opex, and 21% of revenues in 2024 are taxonomy-aligned.

• Strong ESG ratings from MSCI, Sustainalytics, Ecovadis, and CDP, reflecting sustainability progress.

• Excluded from controversial activities per CTB and PAB benchmarks, with low exposure to fossil fuels.

Financial performance and outlook

• Predictable, long-term contracted assets drive resilient cash flow; 80% of renewables revenues are contracted.

• Strong adjusted operating cash flow averaging EUR 5bn annually for 2025-2027, supported by growth in core business.

• Solid investment grade ratings (Baa2/BBB+), with leverage factor targeted at ~3.0x and robust liquidity management.

• Net debt increase driven by growth investments in renewables, with prudent balance sheet management.

• Confirmed 2025 outlook: adj. EBITDA EUR 4.55-5.15bn, adj. net income EUR 1.3-1.8bn, DPS EUR 1.20.