RWE Achieves Higher Adjusted Net Income Of €0.6 Billion And Significant Growth In Earnings Per Share

RWE reported a solid start to 2026, with adjusted EBITDA rising to €1.6 billion in the first quarter, compared to €1.3 billion in the same period last year. Adjusted net income also increased to €0.6 billion from €0.5 billion. Adjusted earnings per share grew significantly to €0.85, up from €0.68. The main contributors to this improvement were stronger wind conditions in Europe and additional output from new renewable energy assets.

Since March 2025, the company has brought 2.3 gigawatts of wind farms, solar plants, and battery storage systems into operation. RWE also received a one-off compensation payment from the Dutch state, which supported earnings, although weaker results in the Supply & Trading business partially offset these gains.

The company continued expanding its energy generation portfolio, with net investments reaching €2.3 billion during the first quarter. For the entire year, RWE plans to invest between €6 billion and €8 billion. Construction work is currently underway on new facilities with a combined capacity of 10.4 gigawatts. According to CFO Michael Müller, the strong quarterly results support the company’s full-year guidance.

He highlighted notable progress in major offshore wind projects, with the first turbines at Sofia in the UK and Thor in Denmark already producing electricity. In total, RWE aims to add more than 4 gigawatts of new capacity by the end of 2026.In the Offshore Wind segment, adjusted EBITDA rose to €570 million from €380 million a year earlier.

This growth was mainly driven by a return to normal wind speeds, following unusually low conditions in early 2025.The Onshore Wind/Solar segment posted adjusted EBITDA of €507 million, slightly above €496 million in the previous year. Increased generation capacity and better wind conditions across Europe helped lift results, though currency effects from the US dollar and lower-priced electricity hedges reduced some of the gains.

Flexible Generation delivered a strong increase in adjusted EBITDA, reaching €657 million compared to €379 million last year. This improvement came largely from a €332 million compensation payment related to restrictions placed on the company’s Eemshaven coal plant in 2022. Lower output from gas-fired power stations in the UK, due to high wind generation, partially offset the positive impact.

The Supply & Trading segment recorded an adjusted EBITDA of –€84 million, down from €15 million in the prior-year period, reflecting a weak trading performance. RWE continues to expect this segment to contribute between €100 million and €500 million in earnings for the full year.As of 31 March 2026, RWE reported net debt of €15.6 billion.

The increase from the end of 2025 resulted from high investment spending and seasonal effects on operating cash flow. Given the continued investment activity, the company expects its leverage factor—net debt relative to adjusted EBITDA—to rise noticeably, although it should remain toward the lower end of the internal limit of 3.0 to 3.5.

For 2026, RWE forecasts adjusted EBITDA in the range of €5.2 billion to €5.8 billion and adjusted net income between €1.55 billion and €2.05 billion. Adjusted earnings per share are expected to be between €2.20 and €2.90. The company is also targeting a dividend of €1.32 per share for the year.