RWE (RWE) Q2 2026 earnings summary

Executive summary

• H1 2026 delivered excellent financial and operational results, with adjusted EBITDA up over 40% to €3.0 billion and adjusted EPS rising 64% year-over-year to €1.77, prompting upgraded earnings guidance for 2026 and 2027.

• Increased stake in Amprion to 55% for €3.6 billion, expanding regulated grid infrastructure as a strategic pillar.

• Major investments in renewables, flexible generation, and grid infrastructure, with 752 MW of new capacity commissioned and 10.3 GW under construction.

• Long-term EPS CAGR of 10% through 2031, with 75% of 2031 adjusted EPS already secured.

• Portfolio moves included divestments in US distributed generation, Polish and Swedish wind businesses, and settlement for US offshore wind leases.

Financial highlights

• Adjusted EBITDA for H1 2026: €3.011 billion, up over €900 million year-over-year, driven by compensation payments and improved wind conditions.

• Adjusted EPS for H1 2026: €1.77, up from €1.08 in H1 2025 (+64%).

• Adjusted net income for H1 2026: €1.257 billion, up from €792 million year-over-year.

• Net debt at end of June 2026: €15 billion, reflecting high investment activity and Amprion acquisition.

• Gross capital expenditure reached €7.18 billion, with 96% taxonomy-aligned.

Outlook and guidance

• FY 2026 adjusted EBITDA guidance raised to €5.75–6.35 billion; adjusted net income forecast to €1.95–2.45 billion.

• Adjusted EPS guidance for 2026: €2.95–3.15; for 2027: €3.15; EPS expected to reach €4.55 by 2031 with 10% annual growth.

• Dividend per share targeted at €1.32 for 2026, with 10% annual increases planned through 2031.

• Net capital expenditure for 2026 expected between €9–11 billion, including Amprion.

• 75% of 2031 adjusted EPS already secured.