In the first half of 2025, RWE posted adjusted EBITDA of €2.1 billion and adjusted net income of €0.8 billion. Adjusted net earnings per share amounted to €1.06, meaning that RWE has already achieved half of its fiscal 2025 target of €2.10 per share.
As expected, earnings for the first half of the year were lower than in the same period last year. This is primarily due to a normalisation of income in the Flexible Generation segment as well as a weak trading performance to date. Weak wind conditions in Europe led to lower offshore and onshore wind production than last year, resulting in a decline in earnings. The commissioning of new onshore wind farms, solar plants and battery storage systems had a positive impact.
Since the end of June 2024, RWE has commissioned a total of 2.1 gigawatts (GW) of new capacity, of which around 700 megawatts (MW) were commissioned in the first six months of 2025. RWE currently operates an integrated portfolio of 38.4 GW of renewables, batteries and flexible generation.
Markus Krebber, CEO of RWE AG: “We can look back on a good first half of 2025. Having achieved half of our full-year target for adjusted earnings per share, we are confirming our guidance and our dividend target for 2025. Our long-term goal is to increase adjusted earnings per share to €4 by 2030. The value-accretive expansion of our portfolio is progressing rapidly. Of the 11.2 gigawatts currently under construction, we will commission over 3 gigawatts in the second half of the year.”
Business development in the first half of 2025 by segment
Offshore Wind: Adjusted EBITDA in the Offshore Wind segment reached €643 million, compared with €828 million in the first half of 2024. The main reason for the decrease was lower earnings due to the significant deterioration in wind conditions compared to 2024. In addition, proceeds on forward sales of electricity for which RWE does not receive a guaranteed price were lower than in 2024.
Onshore Wind/Solar: The Onshore Wind/Solar segment achieved adjusted EBITDA of €830 million compared to €730 million in the first half of 2024. The commissioning of new generation assets led to earnings growth despite the weak wind conditions at European sites.
Flexible Generation: As expected, adjusted EBITDA of the Flexible Generation segment normalised in the first half of 2025, reaching €595 million compared to €1,014 million in the previous year. Margins on electricity forward sales were lower than in the same period of the previous year. Additional income from the short-term optimisation of power plant dispatch had a positive effect.
Supply & Trading: At €16 million, the segment's adjusted EBITDA was significantly lower than the previous year's figure of €318 million. This was primarily due to the performance in proprietary trading. For the full year 2025, RWE continues to expect earnings in the range of €100 million to €500 million.
Robust financial position despite high investments: As of 30 June 2025, RWE reported a net debt of €15.5 billion. This increase in debt, compared to the level at the end of 2024, is due, among other things, to the high level of investment. In the first half of the year, RWE invested €2.5 billion net in expanding its portfolio. This includes the proceeds from the sale of shares in the Thor and Nordseecluster wind projects to Norges Bank Investment Management. RWE plans net investments of €7 billion for 2025 as a whole. The company continues to expect to meet its self-imposed upper limit of 3.0 for the leverage factor (i.e. the ratio of net debt to adjusted EBITDA).
Outlook for 2025: RWE has confirmed its outlook for the current year, and continues to expect adjusted EBITDA of €4.55 billion to €5.15 billion and adjusted net income of €1.3 billion to €1.8 billion. This equates to €2.10 per share, based on the midpoint of the range. RWE expects to achieve adjusted net earnings per share of around €3 for 2027. For 2030, the target remains unchanged at around €4 per share. The dividend for 2025 is to be raised to €1.20 per share.
Further information on the business development in the first half of 2025 and details on the outlook for the individual segments can be found in the Interim Report on the first half of 2025.
