- RWE AG
- 13 May 2026 11:05:40
Source: Sharecast
Germany’s largest power producer said adjusted EBITDA rose to €1.63bn in the first three months of 2026 from €1.3bn a year earlier, in line with company-compiled consensus cited by Reuters.
Adjusted net income increased to €608m from €505m, while adjusted earnings per share rose 25% to €0.85.
The increase was driven partly by a €332m compensation payment from the Dutch government relating to RWE’s Eemshaven coal-fired power plant.
The payment covered losses caused by a statutory restriction on electricity generation from coal in the first half of 2022.
Reuters said that, excluding the payment, core profit would have been broadly flat.
RWE also benefited from better wind conditions in Europe after very low wind speeds in the prior-year period.
Offshore Wind adjusted EBITDA rose to €570m from €380m, driven by higher production volumes.
In Onshore Wind and Solar, adjusted EBITDA edged up to €507m from €496m, helped by expanded capacity and more favourable European wind conditions, though currency effects and lower hedged power prices weighed.
“After a strong start to the year, we confirm our earnings guidance,” said chief financial officer Michael Müller.
“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 four gigawatts of new capacity this year.”
Flexible Generation adjusted EBITDA rose to €657m from €379m, mainly because of the Dutch compensation payment.
The gain was partly offset by lower output from RWE’s UK gas-fired power stations, which generated less electricity because of high wind feed-in.
Supply and Trading swung to an adjusted EBITDA loss of €84m from a €15m profit a year earlier, reflecting weaker trading performance.
RWE still maintained its full-year expectation for the division to generate earnings of €100m to €500m.
The company said it had added 2.3 gigawatts of wind, solar and battery storage capacity since the end of March 2025, while projects totalling 10.4 gigawatts are under construction.
It invested €2.3bn net in the first quarter and still expects full-year net investments of €6bn to €8bn.
Net debt stood at €15.6bn at the end of March, up from the end of 2025 because of high capital expenditure and seasonal effects on operating cash flow.
RWE said leverage was expected to rise significantly compared with 2025 but remain at the lower end of its self-imposed ceiling of 3.0 to 3.5 times adjusted EBITDA.
The company reaffirmed its 2026 guidance for adjusted EBITDA of €5.2bn to €5.8bn, adjusted net income of €1.55bn to €2.05bn, and adjusted earnings per share of €2.20 to €2.90.
It also confirmed its dividend target of €1.32 per share, up from €1.20 declared for 2025.
At 1140 CEST (1040 BST), shares in RWE were down 0.41% in Frankfurt at €57.98.
Reporting by Josh White for Sharecast.com.