RWE (RWE) Investor presentation summary

Strategic positioning and growth

• Leading global portfolio in renewables, flexible generation, and trading, with 65 GW targeted by 2031 and €35bn net cash investments planned until then.

• Diversified operations in low-risk, highly rated countries, with 96% of capacity in A- or better rated markets.

• Strong pipeline across technologies and regions, targeting >8.5% IRR for new generation projects.

• Rapid decarbonization with a 40% reduction in coal capacity by 2026 vs. 2019 and coal exit by 2030.

• Ambitious climate targets validated by SBTI, aiming for net zero by 2040 and significant emissions reductions by 2030.

Financial performance and outlook

• Adjusted EBITDA expected to grow from €5.1bn in 2025 to €10.2bn by 2031, with 10% EPS CAGR and >75% of 2031 EPS secured by regulated/contracted revenues.

• Dividend growth of 10% per annum, with €1.32 per share targeted for 2026.

• Strong balance sheet with leverage targeted at the lower end of 3.0–3.5x net debt/adj. EBITDA.

• Upgraded 2026 outlook: adj. EBITDA €5.75–6.35bn, adj. net income €1.95–2.45bn, adj. EPS €2.60–3.30.

• H1 2026 results show strong growth across all segments, driven by normalized wind conditions, organic growth, and compensation payments.

Investment and funding strategy

• €42bn net cash investments planned for 2026–2031, focused on renewables, flexible generation, and US power markets.

• Regular Green Bond issuance (€3.0–3.5bn p.a.), with all proceeds allocated to EU Taxonomy-aligned renewable projects.

• Hybrid bonds are a permanent funding tool, with recent return to the hybrid market and plans for further issuances.

• Multiple funding sources ensure liquidity, including €13.7bn cash, €15.3bn in bank facilities, and €10.4bn bonds outstanding as of end 2025.

• 94% of 2025 capex and 29% of revenues are EU Taxonomy aligned, with sustainability-linked financing integrated into credit facilities.