RWE (RWE) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q1 2026 rose 25% year-over-year to €1.6 billion, with adjusted net income of €608 million and adjusted EPS up 25% to €0.85, driven by improved wind conditions, new capacity, and a €332 million Dutch compensation, despite weak trading performance.

• Offshore wind projects Thor and Sofia achieved first power in Q1, with all major projects on budget and on schedule, and 10.4 GW under construction.

• Secured 6.4 GW in the UK T-4 capacity auction for 2029/2030 delivery, supporting long-term earnings.

• Dividend of €1.20 per share paid out; €1.5 billion share buyback program to conclude by May/Q2 2026.

Financial highlights

• Adjusted EBITDA up 25% year-over-year to €1,631 million; adjusted net income at €608 million; adjusted EPS reached €0.85, achieving 33% of full-year guidance.

• Offshore wind EBITDA at €570 million, onshore wind and solar at €507 million, flexible generation at €657 million (including €332 million one-off compensation for Eemshaven plant), and supply and trading at -€84 million.

• Adjusted operating cash flow was minus €2.3 billion, mainly due to seasonal working capital effects and CO2 certificate purchases.

• Net debt increased to €15.6 billion at March 31, 2026, reflecting high capital expenditure and seasonal cash flow effects.

Outlook and guidance

• Full-year 2026 guidance confirmed: adjusted EBITDA €5.2–5.8 billion, adjusted net income €1.55–2.05 billion, adjusted EPS €2.2–2.9, and dividend per share €1.32.

• Guidance confirmation is on an underlying basis, excluding the €332 million one-off compensation.

• Net investments for 2026 projected at €6–8 billion, focused on renewables and battery projects.

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

• Confident in trading segment recovery for the remainder of the year after a weak Q1.