RWE (RWE) Q2 2025 earnings summary

Executive summary

• Delivered strong H1 2025 financial performance with adjusted EBITDA of €2.1 billion and adjusted net income of €0.8 billion, despite weak wind conditions in Europe and low trading results.

• Construction program advancing with 11–11.2 GW under construction and over 3 GW to be commissioned in H2, mainly onshore wind, solar, and batteries.

• Offshore projects in the UK, Denmark, Germany, and the Netherlands are on schedule, with key milestones achieved.

• Investment frameworks in core markets (UK, Germany, US) have improved, supporting future growth.

• Attractive shareholder returns driven by EPS growth, dividend increases, and a €1.5 billion share buyback program.

Financial highlights

• Adjusted EBITDA for H1 2025: €2.1 billion; adjusted net income: €0.8 billion; adjusted EPS: €1.1, reaching 50% of full-year guidance midpoint.

• Offshore wind adjusted EBITDA: €643 million, down year-over-year due to lower wind speeds and hedge prices.

• Onshore wind and solar EBITDA: €830 million, driven by US capacity additions and new asset commissioning.

• Flexible generation EBITDA: €595 million; supply and trading EBITDA: €16–60 million, both down year-over-year.

• Net debt at €15.5 billion, up from €11.2 billion at year-end 2024, mainly due to growth investments.

Outlook and guidance

• Full-year 2025 guidance confirmed: adjusted EBITDA €4.55–5.15 billion, adjusted net income €1.3–1.8 billion, adjusted EPS €1.8–2.5.

• Dividend target for 2025: €1.20 per share; annual dividend growth of 5–10% targeted.

• EPS CAGR targeted at 18% to 2027 and 13% to 2030.

• Share buyback program of €1.5 billion ongoing, to be completed by May/Q2 2026.

• Leverage factor expected to remain below 3x despite higher net debt.