RWE (RWE) Q4 2024 (Media) earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with adjusted EBITDA of EUR 5.7 billion and adjusted net income of EUR 2.3 billion, both exceeding initial expectations.

• Expanded renewables portfolio by 2 GW, reaching a record 50 million MWh in renewable electricity production, up 8% year-over-year.

• CO2 emissions from electricity generation fell by 13% year-over-year, more than halving since 2018.

• Net investments of EUR 10 billion in 2024, focused on offshore wind, onshore wind, solar, and battery storage.

Financial highlights

• Adjusted EBITDA for 2024: EUR 5.7 billion; adjusted net income: EUR 2.3 billion.

• Operating cash flow in 2024: EUR 5.9 billion; net debt at year-end: EUR 11.2 billion.

• Leverage factor (net debt/adjusted EBITDA): 2.0, well below the 3.0 upper limit.

• Dividend for 2024 set at EUR 1.10 per share, with a plan to increase to EUR 1.20 for 2025.

Outlook and guidance

• Net investments planned at EUR 35 billion for 2025–2030, EUR 10 billion less than previously planned.

• 2025 adjusted EBITDA guidance: EUR 4.55–5.15 billion; adjusted net income: EUR 1.3–1.8 billion.

• Earnings per share target: EUR 3 by 2027, EUR 4 by 2030.

• Group earnings expected to normalize in 2025 due to lower trading and power plant optimization income and lower electricity prices.