RWE (RWE) Q1 2025 (Media) earnings summary

Executive summary

• Adjusted EBITDA for Q1 2025 was €1.3 billion, down from €1.7 billion year-over-year, reflecting weaker wind conditions and lower electricity prices despite new asset commissioning.

• RWE confirmed its 2025 earnings forecast and maintained its strategic focus on renewables, with a major partnership formed with Norges Bank Investment Management for key offshore wind projects.

• Investment program was reduced by €10 billion to €35 billion through 2030, with a higher required rate of return for new projects due to increased risk, especially in the US.

• Dividend for 2024 was raised to €1.10 per share, with a further increase to €1.20 per share planned for 2025.

Financial highlights

• External revenue fell 4% year-over-year to €6,386 million, mainly due to lower electricity sales volumes and prices.

• Adjusted EBITDA dropped 24% to €1,307 million; adjusted EBIT declined 33% to €813 million.

• Net income attributable to shareholders was €791 million, down from €1,970 million in Q1 2024.

• Adjusted net income was €498 million, a 38% decrease year-over-year.

• Capital expenditure rose slightly to €2,934 million, with 97% taxonomy-aligned investments.

• Net debt increased to €15.9 billion, up €4.7 billion since year-end 2024, driven by high investment and seasonal cash flow effects.

Outlook and guidance

• 2025 adjusted EBITDA expected between €4,550 million and €5,150 million, below 2024's €5,680 million.

• Adjusted net income forecasted at €1,300–1,800 million, or about €2.10 per share at midpoint.

• Net investments for 2025 projected to be below 2024's €10 billion, with focus on wind, solar, and battery projects in Europe and the US.

• Leverage factor (net debt/adjusted EBITDA) expected to rise but remain below the 3.0 cap.

• Dividend for 2025 planned at €1.20 per share.