RWE (RWE) Investor presentation summary

Strategic expansion into regulated grid infrastructure

• Expanded into regulated grid infrastructure via an EPS-accretive acquisition, enhancing long-term earnings growth while maintaining a €35bn investment plan in renewables and flexible generation.

• Acquired an additional 35% stake in Amprion, raising total pro rata ownership to 55%, with continued at-equity consolidation and significant governance rights.

• Transaction executed at a 1.07x RAB (2027) multiple, with full financing through equity capital raise and available financial headroom, keeping leverage at the lower end of the target range.

• Immediate adjusted EPS accretion, with a projected increase of +15 EURc per share by 2031 and over 75% of 2031 adjusted EPS contracted or regulated.

Amprion acquisition and growth prospects

• Amprion's regulated asset base (RAB) is expected to grow from €17bn in 2025 to ~€60bn by 2031, driven by high investment needs for Germany's energy transition.

• Amprion operates 11,000 km of transmission grid in Germany, serving over 29 million people in economically vital regions.

• The acquisition represents a €10bn investment opportunity (2026–2031), with Amprion's pro rata RAB projected at €35bn and adjusted EBITDA at €930m by 2031.

• Amprion is a key enabler of Germany's energy transition, with a €42bn investment program by 2030 and a 27% RAB CAGR from 2025 to 2030.

Financial impact and guidance update

• Updated 2031 guidance includes adjusted EBITDA of €10.15bn and adjusted net income of €3.55bn, with adjusted EPS rising from €4.40 to €4.55.

• Transaction is immediately EPS accretive, with +2 EURc in 2027 and +15 EURc in 2031, and maintains a strong balance sheet with leverage at the lower end of 3.0–3.5x net debt/adj. EBITDA.

• Dividend target of €1.32 per share for 2026 is maintained, with a commitment to 10% annual growth.

• Full financing of the acquisition and future investments is secured through a planned equity capital raise and Amprion dividends.