RWE's earnings were lower than in the same period of 2024, mainly due to normalised income in the Flexible Generation segment and weaker trading performance. Low wind conditions in Europe reduced both offshore and onshore generation compared with last year. New onshore wind farms, solar plants, and battery storage systems contributed positively.
In the first half of 2025, RWE achieved adjusted EBITDA of €2.1 billion and adjusted net income of €0.8 billion. Adjusted net earnings per share were €1.06, representing half of the company’s 2025 target of €2.10 per share.
Since June 2024, RWE has commissioned 2.1 GW of new capacity, with around 700 MW completed in the first six months of 2025. The company now operates a combined 38.4 GW of renewables, battery storage, and flexible generation capacity.
Offshore Wind: Adjusted EBITDA was €643 million, down from €828 million in the first half of 2024. The decrease was mainly due to weaker wind conditions and lower proceeds from forward electricity sales without guaranteed prices.
Onshore Wind/Solar: Adjusted EBITDA rose to €830 million from €730 million last year. Additional generation capacity offset the impact of weaker wind conditions at European sites.
Flexible Generation: Adjusted EBITDA normalised to €595 million, down from €1,014 million in the previous year. Margins on electricity forward sales fell, although short-term optimisation of plant dispatch provided some support.
Supply & Trading: Adjusted EBITDA fell to €16 million from €318 million last year, primarily due to weaker proprietary trading. Full-year earnings for this segment are expected to be between €100 million and €500 million.
Net debt at 30 June 2025 was €15.5 billion, up from the end of 2024, reflecting higher investment. In the first half, RWE invested €2.5 billion net in its portfolio, including proceeds from selling stakes in the Thor and Nordseecluster wind projects to Norges Bank Investment Management. The company plans net investments of €7 billion for 2025.
The full-year outlook is unchanged, with adjusted EBITDA expected at €4.55–5.15 billion and adjusted net income at €1.3–1.8 billion, equating to €2.10 per share at the midpoint. Targets for 2027 and 2030 remain €3 and €4 per share respectively. The dividend for 2025 is planned to increase to €1.20 per share.
