RWE achieved strong financial results in the 2024 fiscal year, with group earnings exceeding expectations. Renewable electricity generation reached a record 50 terawatt hours, while CO₂ emissions from electricity generation fell by 13%.
The company reported an adjusted EBITDA of €5.7 billion and an adjusted net income of €2.3 billion. RWE invested €10 billion net in offshore and onshore wind farms, solar farms, battery storage systems, and electrolysers, commissioning 2GW of new capacity.
The company is progressing with construction projects totalling over 12GW. However, due to increasing investment uncertainties, RWE has raised return expectations for new projects from an average of 8% to over 8.5%. As a result, planned investments from 2025 to 2030 have been reduced by €10 billion net to €35 billion net.
In November, RWE announced a delay in investments due to risks in US offshore wind projects and the slower expansion of the European hydrogen sector. The company is redirecting savings into a €1.5 billion share buyback programme, set to be completed by the second quarter of 2026.
RWE’s offshore wind segment recorded an adjusted EBITDA of €1.6 billion in 2024, down from €1.7 billion in 2023, due to lower electricity sales prices and higher maintenance costs. Meanwhile, the onshore wind and solar segment saw an increase in adjusted EBITDA to €1.5 billion from €1.2 billion, driven by new capacity and contributions from Con Edison Clean Energy Businesses, acquired in March 2023.
For 2025, RWE forecasts an adjusted EBITDA of €4.55 billion to €5.15 billion and an adjusted net income between €1.3 billion and €1.8 billion. Despite reduced capital expenditure, the company reaffirms its long-term targets, aiming for adjusted earnings per share of €3 in 2027 and €4 by 2030, with annual dividend growth of 5% to 10% through to 2030.
