RWE achieved adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortisation) of €1.6 billion in the first quarter of 2026 (previous year: €1.3 billion) and adjusted net income of €0.6 billion (previous year: €0.5 billion). Adjusted earnings per share also rose significantly to €0.85, compared to €0.68 in the prior-year period. A key driver was better wind conditions in Europe compared to the previous year. New wind farms, solar farms and battery storage facilities with a total capacity of 2.3 gigawatts that have been commissioned since the end of March 2025 also contributed to the increase in earnings. In addition, a positive one-off effect resulted from a compensation payment received from the Dutch state. This was partly offset by a weak performance in the Supply & Trading business.
RWE continued to expand its generation portfolio in the first quarter of 2026 and has already invested €2.3 billion net. For the full year, RWE plans to make net investments of between €6 billion and €8 billion. New plants with a total capacity of 10.4 gigawatts are currently under construction.
Michael Müller, CFO of RWE AG: “After a strong start to the year, we confirm our earnings guidance. Thanks to our strong financial performance and a positive one-off effect, we have already achieved one third of our forecast earnings per share. We are making good progress in expanding our portfolio, particularly with our large offshore wind projects: the first turbines at Sofia in the UK and Thor in Denmark are already generating electricity. In total, we aim to add more than 4 gigawatts of new capacity this year.”
Business performance in the first quarter of 2026 by segment
Offshore Wind: Adjusted EBITDA in the Offshore Wind segment reached €570 million, compared to €380 million in the first quarter of 2025. This increase was primarily driven by higher production volumes due to normal wind speeds following the very low speeds in the first quarter of 2025.
Onshore Wind/Solar: The Onshore Wind/Solar segment achieved adjusted EBITDA of €507 million in the first quarter of 2026, compared to €496 million in the prior-year period. The improvement in earnings was driven by the continued expansion of generation capacities and overall more favourable wind conditions in Europe. This was offset by negative effects from converting US dollars into euros. In addition, RWE hedged electricity at lower prices than in 2025.
Flexible Generation: Adjusted EBITDA in the Flexible Generation segment improved to €657 million in the first quarter of 2026, up from €379 million in the prior-year period. The main driver was a positive earnings effect of €332 million from a compensation payment. Due to a statutory restriction on electricity generation from coal in the first half of 2022, RWE’s Eemshaven power plant was only able to generate electricity to a limited extent, for which the Dutch state has now compensated RWE. This was partly offset by lower output from RWE’s UK gas-fired power stations, which generated less electricity as a result of high feed-ins from wind power.
Supply & Trading: Adjusted EBITDA for the Supply & Trading segment amounted to -€84 million, down from €15 million in the previous year, mainly due to a weak trading performance. For full year 2026, RWE continues to expect earnings in a range of €100 million to €500 million.
Robust financial position despite high investment: As at 31 March 2026, RWE reported net debt of €15.6 billion. The increase compared to the end of 2025 was mainly driven by high capital expenditure and seasonal effects on the adjusted operating cash flow. Due to the continued high level of investment, RWE expects the leverage factor, which reflects the ratio of net debt to adjusted EBITDA, to rise significantly compared to 2025. However, it is expected to remain at the lower end of the self imposed upper limit of 3.0 to 3.5.
Outlook for 2026: RWE expects to achieve adjusted EBITDA in a range of €5.2 billion to €5.8 billion and adjusted net income of between €1.55 billion and €2.05 billion in the current financial year. Adjusted earnings per share are expected to be between €2.20 and €2.90. The dividend target for 2026 is €1.32 per share.
Details of the earnings forecast for the individual segments can be found in the 2025 Annual Report.
