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RWE (RWE) investor relations material
RWE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved over 80% of the full-year 2025 adjusted EPS target in the first nine months, with strong financial performance and significant progress in the renewables build-out, including 11.4 GW under construction and over 2 GW set to start operation by year-end.
Closed a major data center development project sale in the U.K., generating a non-recurring book gain of €225 million in Q3 2025 adjusted EBITDA for the flexible generation segment.
Entered a long-term partnership with Apollo Global Management, securing €3.2 billion in equity funding for a 25.1% stake in Amprion, strengthening the balance sheet and providing future flexibility.
Shareholder returns remain a focus, with a €1.5 billion share buyback program underway and a €1.20 dividend per share target confirmed for 2025.
Power generation increased 6% year-over-year, with 41% from renewables and higher gas-fired output offsetting weak wind.
Financial highlights
Adjusted EBITDA for the first nine months was €3.5 billion, down from €3.98 billion in 2024, reflecting normalized prices, weak wind conditions in Europe, and a low trading result in H1 2025.
Offshore wind adjusted EBITDA was €915 million, down year-over-year due to weak wind and lower hedge prices; onshore wind and solar EBITDA reached €1.24 billion, driven by U.S. capacity additions and higher hedge prices.
Flexible generation business adjusted EBITDA was €1.06 billion, including the non-recurring U.K. data center gain.
Supply and trading business delivered €150 million in nine-month results, with a strong Q3 after a weak first half.
Adjusted net income was €1.29 billion, with adjusted EPS at €1.76; adjusted operating cash flow reached €3.87 billion at Q3 end.
Outlook and guidance
Full-year 2025 guidance confirmed: adjusted EBITDA expected between €4.55–5.15 billion, adjusted net income €1.3–1.8 billion, and adjusted EPS €1.8–2.5.
Divisional outlooks: Offshore Wind €1.3–1.7 billion, Onshore Wind/Solar €1.65–2.15 billion, Flexible Generation €1–1.4 billion, Supply & Trading €100–500 million.
Dividend per share target for 2025 remains at €1.20.
Net debt projected to decrease to around €12.5 billion by year-end, supported by the Apollo transaction.
Leverage factor expected to remain below 3.0 despite higher net debt.
Amprion JV funds: How will RWE reinvest
What drove the operating cash flow decline
Coal phaseout impact on Phaseout Tech cash flow
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Frequently asked questions
German Energy Giant
RWE AG is a major electricity and gas company headquartered in Essen, Germany. Established in the late 19th century, it has grown from a regional utility to a multinational energy corporation. RWE operates across various segments of the energy sector, including the production, distribution, and trading of electricity and gas. With a diverse energy portfolio, the company possesses both conventional and renewable energy assets. As one of Europe's leading energy companies, RWE has an expansive reach, serving millions of customers both in Germany and outside the borders of their home country.
An Important Part of German Infrastructure
RWE AG traces its roots back to the late 19th century in Germany. Founded in 1898 as "Rheinisch-Westfälisches Elektrizitätswerk AG", RWE began as a regional utility company. Over the decades, it expanded its operations, consolidating its position in the German and European energy sectors. Throughout the 20th century, RWE played a crucial role in the energy supply and infrastructure development of post-war Germany. The company diversified its energy portfolio by engaging in both electricity production and gas distribution and was part of setting up Germany’s first nuclear power plant. Key acquisitions and mergers have been a key part of its growth trajectory, aiding in transforming RWE into a multinational energy giant.
Operations in the Present Day
RWE AG, as of today, stands as one of Europe's leading energy companies, with operations spanning electricity generation, trading, and distribution. The company has a diversified portfolio that includes conventional power generation from coal, gas, and nuclear sources, as well as a growing emphasis on renewable energies such as wind, solar, and hydro. Moreover, RWE plays a significant role in the energy trading markets, optimizing the supply and demand balance across various regions. Additionally, through its vast network, RWE ensures the supply of electricity and gas to millions of customers, both residential and industrial. As the energy sector evolves towards more sustainable sources, RWE is also involved in research and development initiatives to enhance grid solutions and storage technologies.
Adapting With the Times
Like other companies operating in the same industry, such as Uniper, Engie, and TotalEnergies RWE proactively navigates the energy transition by expanding its focus on renewable energy sources. Recognizing the global shift towards sustainability, the company is investing substantially in wind, solar, and hydroelectric power. Additionally, RWE is exploring storage solutions to address the intermittency issues associated with renewables.
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