RWE recorded a decline in earnings in the first quarter of 2025 compared with the same period last year. The year-on-year decrease was mainly due to normalised income in the Flexible Generation segment and a weaker performance in the trading business.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €1.3 billion, while adjusted net income was €0.5 billion.
The commissioning of new onshore wind farms, solar installations and battery storage facilities contributed positively. However, low wind conditions across Europe reduced output from offshore and onshore wind, resulting in lower earnings. RWE continued to expand its generation portfolio during the quarter, with net investments totalling €2.7 billion. The company currently has new plants under construction with a combined capacity of 11.2 GW.
Earnings in the Offshore Wind segment were affected by reduced wind levels and lower prices. Adjusted EBITDA for the quarter stood at €380 million, down from €548 million in the same period of 2024. In addition to weaker wind conditions, declining prices and margins on forward electricity sales contributed to the decrease.
The Onshore Wind/Solar segment saw earnings growth despite generally poor wind conditions at European sites. Adjusted EBITDA reached €496 million, up from €341 million in the first quarter of 2024. This increase was mainly driven by the commissioning of new plants and stronger hedged electricity prices in the USA. In Europe, by contrast, hedged prices were lower overall.
For the full year 2025, RWE expects adjusted EBITDA to range between €4.55 billion and €5.15 billion, with adjusted net income forecast between €1.3 billion and €1.8 billion.
