RWE Reports 43% Rise in H1 2026 Adjusted EBITDA to €3 Billion

RWE AG reported a significant increase in earnings for the first half of 2026, with adjusted EBITDA rising 43% year on year to €3.0 billion, compared with €2.1 billion in H1 2025. Adjusted net income increased to €1.3 billion from €0.8 billion, while adjusted earnings per share rose to €1.77 from €1.08.

The strong performance was supported by improved wind conditions in Europe, the commissioning of new wind farms, solar plants and battery storage facilities, and the expansion of RWE’s generation capacity. Since the end of June 2025, the company has added 2.6 GW of generation capacity.

RWE commissioned 752 MW of new generation capacity during the first six months of 2026, increasing its portfolio of renewable energy, flexible generation and battery storage assets to almost 41 GW. A further 10.3 GW of capacity is currently under construction.

The company invested €6.3 billion net during H1 2026. Following the planned increase in its stake in Amprion, RWE now expects full-year 2026 net investments of €9 billion to €11 billion, up from its previous guidance of €6 billion to €8 billion. RWE has also set a total net investment target of €42 billion through 2031.

RWE’s Offshore Wind segment recorded adjusted EBITDA of €810 million, up from €643 million in H1 2025, driven mainly by higher generation volumes following improved wind conditions.

Adjusted EBITDA from Onshore Wind/Solar increased to €1.02 billion from €830 million a year earlier, supported by continued capacity expansion and stronger wind conditions across Europe.

The Flexible Generation segment reported adjusted EBITDA of €1.03 billion, compared with €606 million in the prior-year period. The increase included a €332 million compensation payment from the Dutch state related to restrictions on coal-fired power generation at RWE’s Eemshaven power plant.

Supply & Trading also improved, with adjusted EBITDA rising to €134 million from €16 million in H1 2025, supported by an improved trading performance during the second quarter.

RWE reported net debt of €15 billion as of June 30, 2026, reflecting high investment spending and seasonal effects on operating cash flow. Despite expectations for higher leverage due to increased investment, the company expects its leverage ratio to remain below its target range of 3.0x to 3.5x.

RWE said the strong first-half performance supports its long-term growth outlook, with the company positioned to benefit from rising global electricity demand through its portfolio spanning renewables, flexible generation, battery storage, energy trading and grid infrastructure.