RWE (RWE) Q2 2026 earnings summary

Executive summary

• H1 adjusted EBITDA rose 44% to €3,011m and adjusted EPS increased 64% to €1.77, supported by improved wind conditions, new assets and Dutch compensation.

• The increased Amprion stake adds regulated grids as a strategic pillar; 75% of 2031 adjusted EPS is secured, with 10% annual EPS growth targeted through 2031.

• Structural electricity demand growth, energy sovereignty and grid expansion support opportunities across generation, storage and regulated infrastructure.

Financial highlights

• H1 adjusted EBITDA was €3,011m (H1 2025: €2,092m); adjusted net income rose 59% to €1,257m and adjusted EPS increased from €1.08 to €1.77.

• Net debt was €14,984m at June 30, up €4,063m from year-end 2025, reflecting investment activity and the Amprion acquisition.

• Adjusted operating cash flow was -€759m, largely due to seasonal working-capital movements; net cash investments in H1 were €6.3bn.

• Gross capital expenditure reached €7,180m, with 96% taxonomy-aligned; external revenue fell 24% to €7,665m, mainly due to a change in revenue recognition methodology.

• Adjusted depreciation rose to €1.2bn on growth and new assets, with a slight increase also reflecting Turkish hyperinflation; the adjusted financial result improved to €56m.

Outlook and guidance

• 2026 adjusted EBITDA guidance is €5.75bn–€6.35bn and adjusted net income guidance is €1.95bn–€2.45bn; adjusted EPS guidance is €2.95–€3.15.

• 2027 adjusted EPS guidance is €3.15, up from €3.05, reflecting the Amprion stake and higher power generation margins.

• Adjusted EPS is targeted to reach €4.55 by 2031, growing 10% annually; the 2026 dividend target is €1.32/share, with 10% annual growth planned.

• Net investment guidance for 2026 is €9bn–€11bn, including the Amprion transaction; year-end net debt is expected at €15bn, similar to H1.

• Capacity-market earnings in Germany and the Netherlands, U.S. LNG investment and further Amprion stake purchases are potential upside to 2031 guidance and are not included in the plan.