RWE (RWE) Q4 2025 (Media) earnings summary

Executive summary

• Achieved strong financial results in 2025, with adjusted EBITDA of EUR 5.1 billion and adjusted net income of EUR 1.8 billion, both at the upper end of guidance.

• Advanced growth strategy with EUR 11 billion gross investments, focusing on renewables, battery storage, and flexible generation.

• Expanded portfolio with over 60 new projects (2.8 GW), mainly in the U.S., and successful offshore wind auction wins in the U.K.

• Entered strategic partnerships with major international investors, including Masdar, Norges Bank, KKR, and Apollo, to support offshore wind and grid expansion.

• Committed to net zero by 2040 and continued decarbonization aligned with the 1.5°C target, including coal phase-out by 2030.

Financial highlights

• Adjusted EBITDA: EUR 5.1 billion for 2025.

• Adjusted net income: EUR 1.8 billion for 2025.

• Adjusted EPS: EUR 2.48 for 2025.

• Investments: EUR 11 billion gross, EUR 4 billion net in 2025.

• Dividend for 2025: EUR 1.20 per share, up EUR 0.10 year-over-year; target for 2026: EUR 1.32 per share (+10%).

Outlook and guidance

• 2026 adjusted EBITDA guidance: EUR 5.2–5.8 billion; adjusted net income: EUR 1.55–2.05 billion; EPS: EUR 2.20–2.90.

• 2027 adjusted EBITDA expected to rise to EUR 6.2–6.8 billion; EPS to EUR 3.05.

• By 2031, adjusted EPS targeted at EUR 4.40, implying 12% annual growth; dividend growth targeted at 10% per year.

• EUR 35 billion net investment planned through 2031, focusing on renewables, storage, and flexible generation.

• Generation portfolio targeted to reach 65 GW by 2031.