RWE has raised its earnings guidance for fiscal years 2026 and 2027 after reporting stronger-than-expected preliminary financial results for the first half of 2026, supported by robust operational performance across its renewable energy and conventional power businesses, as well as several one-off earnings gains.
Based on preliminary figures, the company expects to report adjusted EBITDA of €3.0 billion, adjusted net income of €1.3 billion, and adjusted earnings per share (EPS) of €1.77 for the first six months of 2026.
RWE attributed the improved performance to stronger operational results across all business segments, along with positive one-off contributions, including the increase in its stake in transmission system operator Amprion, compensation received in its Flexible Generation business, and higher earnings from international power generation.
As a result, the company has increased its full-year 2026 guidance. Adjusted EBITDA is now expected to range between €5.75 billion and €6.35 billion, while adjusted net income is forecast at €1.95 billion to €2.45 billion. Adjusted EPS is expected to be between €2.60 and €3.30.
For fiscal 2027, RWE now expects adjusted EBITDA of €6.7 billion to €7.3 billion, adjusted net income of €2.2 billion to €2.7 billion, and adjusted EPS in the range of €2.80 to €3.50. The company also reaffirmed its previously announced 2031 adjusted EPS target of €4.55, reflecting the increased contribution from Amprion.
RWE confirmed its 2026 dividend target of €1.32 per share and reiterated its plan to increase the dividend by approximately 10% annually through 2031.
Commenting on the results, Michael Müller, Chief Financial Officer of RWE AG, said the company’s first-half performance exceeded market expectations and positioned it well to achieve its long-term strategic and financial objectives.
Within its business segments, Offshore Wind is expected to deliver €810 million in adjusted EBITDA during the first half of 2026, up from €643 million a year earlier, driven by stronger wind conditions. The company has increased its full-year guidance for the segment to €1.65 billion-€2.15 billion.
The Onshore Wind/Solar segment is projected to report adjusted EBITDA of €1.016 billion, compared with €830 million in the first half of 2025. Growth was supported by continued renewable energy capacity additions and improved wind conditions across Europe, partially offset by foreign exchange impacts.
RWE’s Flexible Generation business is expected to post adjusted EBITDA of €1.025 billion, compared with €606 million in the prior-year period. The improvement includes a €332 million compensation payment from the Dutch government relating to restrictions on coal-fired power generation at the Eemshaven power plant in 2022. Reflecting this one-off gain, RWE has raised its full-year guidance for the segment to €1.5 billion-€1.9 billion.
Meanwhile, Supply & Trading is expected to generate €134 million in adjusted EBITDA during the first half of 2026, significantly higher than €16 million recorded a year earlier, following improved proprietary trading performance in the second quarter. The company maintained its full-year guidance of €100 million-€500 million for the segment.
RWE also increased its 2026 outlook for its Other, Consolidation segment following the expansion of its shareholding in Amprion, which will be reported under a newly created Regulated Grid Infrastructure segment from fiscal year 2027 onward.
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