RWE (RWE) Q1 2026 (Media) earnings summary

Executive summary

• Adjusted EBITDA rose 25% year-over-year to €1.6 billion in Q1 2026, driven by improved wind conditions, new generation capacity, and Dutch government compensation, despite weak trading performance.

• Adjusted earnings per share increased 25% to €0.85, with adjusted net income at €0.6 billion.

• Net income attributable to shareholders dropped sharply to €20 million from €791 million in Q1 2025, mainly due to temporary losses on derivatives.

• Capacity expanded by 2.3 GW since March 2025; 10.4 GW of new projects under construction.

• Major strategic moves included securing CfDs for five UK offshore wind projects, partnerships with KKR and Masdar, and exits from Polish and Swedish wind assets.

Financial highlights

• External revenue fell 33% year-over-year to €4,291 million, mainly due to a change in accounting for trading activities.

• Adjusted EBIT increased to €1,009 million from €814 million, while adjusted net income rose to €608 million from €505 million.

• Cash flows from operating activities improved to -€1,558 million (from -€2,065 million), but free cash flow remained negative at -€4,107 million.

• Net debt as of March 31, 2026: €15.6 billion, up due to high investment and seasonal cash flow effects.

• Dividend of €1.20 per share paid for 2025, with a target of €1.32 for 2026.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: adjusted EBITDA expected between €5.2–5.8 billion, adjusted EBIT €2.8–3.4 billion, and adjusted net income €1.55–2.05 billion.

• Adjusted EPS expected between €2.20 and €2.90.

• Net capital expenditure for 2026 forecast at €6–8 billion, focused on wind, solar, and battery projects in Europe and the USA.

• Leverage factor expected to rise to the lower end of the 3.0–3.5 range.