RWE (RWE) Q2 2026 (Media) earnings summary

Executive summary

• Adjusted EBITDA rose over 40% year-over-year to €3.0 billion in H1 2026, with adjusted net income up to €1.3 billion from €0.8 billion.

• Adjusted earnings per share increased by more than 60% to €1.77, driven by robust operational performance and new asset commissioning.

• 752 MW of new generation capacity commissioned since the start of the year; 10.3 GW under construction.

• Long-term earnings outlook remains strong, with EPS expected to grow 10% annually through 2031.

Financial highlights

• Adjusted EBITDA for H1 2026: €3.0 billion (H1 2025: €2.1 billion).

• Adjusted net income: €1.3 billion (H1 2025: €0.8 billion).

• Adjusted EPS: €1.77 (H1 2025: €1.08).

• Net investments in H1 2026: €6.3 billion; full-year guidance raised to €9–11 billion.

• Net debt as of June 30, 2026: €15.0 billion, reflecting high investment activity.

Outlook and guidance

• Adjusted EPS expected to grow by 10% annually, reaching €4.55 by 2031.

• Dividend target for 2026 set at €1.32 per share, with 10% annual growth planned through 2031.

• Adjusted EBITDA guidance for 2026: €5.75–6.35 billion.

• Adjusted net income guidance for 2026: €1.95–2.45 billion.