Rwe Ag · XETR:RWE
Rwe — Debt Investor Presentation (September 2025)
50 slides from Rwe's debt investor presentation, September 2025
Slide 1: Credit Investor Presentation
Credit Investor Presentation September 2025
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promi
Slide 3: Agenda: RWE Group Overview
Agenda @ RWE Group Overview RWE
Slide 4: RWE is a global leader in renewable and flexible power generation
RWE is a global leader in renewable and flexible power generation Offshore Onshore Flexible Supply and Wind Wind/Solar Generation Trading Capacity: 3.3 GW1 Capacity: 16.1 GW1 Capacity: 20.4 GW1 Capacity: n.a. €1,559m €1,502m €1,949m €679m Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA Adjusted EBIT
Slide 5: RWE operates a well-diversified portfolio in low-risk countries
RWE operates a well-diversified portfolio in low-risk countries Overview of RWE’s S&P Rating of RWE’s Operating countries Operating countries1 1% 4% 95% ≥AA-2 BBB3 BB4 1 Split based on installed capacity. Includes full portfolio including phase-out technologies as of June 2025 | 2 Includes Germany (
Slide 6: We are growing profitably on the back of favourable market fundaments and excellent capabilities
We are growing profitably on the back of favourable market fundaments and excellent capabilities Favourable market fundamentals Financial headroom Strong positioning in our core markets Strong balance sheet and high-cash with significant investment needs in generating business portfolio the energy s
Slide 7: We have adapted our investment programme to a changed market environment
We have adapted our investment programme to a changed market environment Net Cash Investments in EUR bn • We plan to apply stricter investment c. -25 % criteria and have increased our return requirements 46 • We optimise our offshore wind portfolio and reduce capital 35 employed through sell downs a
Slide 8: We have high flexibility in our capital allocation from 2026 onwards
We have high flexibility in our capital allocation from 2026 onwards Net Cash Investments 2025 – 2027 in EUR bn • Net cash investments of EUR 13 bn 1 7 committed • High flexibility in future capital 6 6 allocation from 2026 onwards • Potential to further increase 40% flexibility from future sell dow
Slide 9: Our construction programme is progressing well, more than 3 GW scheduled to come online
Our construction programme is progressing well, more than 3 GW scheduled to come online in H2 2025 Projects Offshore projects under construction well on track: Sofia, UK All 100 foundations and 36 turbines 0.4 1.4 GW installed, first power expected in 2025 (RWE share 100%) 2.7 3.1 11.21 Offshore Win
Slide 10: We have a disciplined approach for further investments: higher return requirements and stricter investment criteria
We have a disciplined approach for further investments: higher return requirements and stricter investment criteria Return Requirements1 Stricter Investment Increased Criteria in the US > 8.5% 8.0% Onshore Wind/Solar/Batteries at FID: • All federal permits obtained • Tariff risks mitigated by domest
Slide 11: UK market design is in place: We can select from a versatile project pipeline in AR7
UK market design is in place: We can select from a versatile project pipeline in AR7 Investment framework Broad offshore wind project pipeline improved and clear with high maturity • Retention of one UK price zone and • 9 eligible projects 1 Norfolk Vanguard West 2 Norfolk Vanguard East market desig
Slide 12: Focused energy policy in Germany: We have the right project pipeline
Focused energy policy in Germany: We have the right project pipeline to support the market needs Focused energy policy Gas power plant and battery project pipeline and improved fundamentals well advanced • Focused energy policy on cost • Attractive gas power plant efficiency, security of supply and
Slide 13: RWE has a leading position in US renewable power generation
RWE has a leading position in US renewable power generation Comprehensive US Regional Plans to further expand in renewable generation Footprint GW, pro rata Chicago 15.1 Valhalla 31% 3.9 ~3x 3.9 GW San Francisco Austin 28% 41% 3.4 11.2 States with operating assets Regional & development activities h
Slide 14: We have more political visibility in the US and maintain our strict investment criteria
We have more political visibility in the US and maintain our strict investment criteria Investment Regulation criteria impact OBBB provides continued tax credit support under safe harbour Safe harboured tax credits regulations; final clarification outstanding Proactive procurement strategy and bilat
Slide 15: 11.2 GW of capacity under construction
11.2 GW of capacity under construction Development of our renewables and flexible generation portfolio GW pro rata1 +11.2 2.7 49.6 0.4 3.1 1.6 1.1 1.9 1.4 1.6 (US) (Europe/ 1.2 0.7 (US) (Europe/ Australia) 37.6 38.4 3.1 (US) (Europe/ Australia) 0.7 Australia) 31 Dec 2024 Capacity 30 Jun 2025 Offshor
Slide 16: Agenda: Energy Transition
Agenda (2) Energy Transition RWE
Slide 17: We will rapidly decarbonise our portfolio
We will rapidly decarbonise our portfolio RWE installed capacity GW, pro rata view • Undertaking one of the largest green transitions in Europe 46 • Significant investments made in Renewable and Flexible Generation 41 40 assets • 50% reduction in coal capacity 2024 vs. 2019 65% 84% 74% 100% • Power
Slide 18: We are committed to 1.5°C SBTi emission reduction pathway
We are committed to 1.5°C SBTi emission reduction pathway Scope 1 & 2 emission targets kg CO2 per kWh • We are committed to reducing our relative Scope 1 & 2 emissions by 71% by 2030 • We are committed to reducing our Scope 3 0.55 emissions by 42% by 2030 • We aim to be Net Zero in 2040 across Scope
Slide 19: RWE in the Climate Transition Benchmark (CTB) and Paris-aligned Benchmark (PAB)
RWE in the Climate Transition Benchmark (CTB) and Paris-aligned Benchmark (PAB) Context Type Criterion RWE in 2024 CTB, PAB (a) companies involved in any activities related to controversial weapons RWE not involved Funds using „Transition“, CTB, PAB (b) companies involved in the cultivation and prod
Slide 20: Our transition is reflected in strong ESG ratings
Sustainability Our transition is reflected in strong ESG ratings Sustainability ratings A 24.1 79 A- for Climate CCC to AAA 100 to 0 0 to 100 D- to A (0 = top mark) (100 = top mark) Scores shown are based on the most recent full rating assessments. All scores were published in 2025. September 2025 C
Slide 21: Agenda: Credit and financial Highlights
Agenda 3 Credit and financial Highlights
Slide 22: Key credit highlights
Key credit highlights Our earnings are driven by predictable long term contracted assets Highly resilient cash flow profile from growing asset base We are committed to a Solid Investment Grade Rating We have access to multiple funding sources to secure our liquidity requirements We are a long-standi
Slide 23: Our RES earnings are driven by predictable long-term contracted assets
Our RES earnings are driven by predictable long-term contracted assets Long term contracted revenues from asset base Underpinned by regulatory schemes wind, solar and batteries1 Revenue Category Contract for Difference (CfD) ~20% Feed-in-Tariff (FIT) 19.2 GW Power Purchase Agreement (PPA) Tax Credit
Slide 24: We will generate a strong cash flow from a growing asset base
We will generate a strong cash flow from a growing asset base Adj. operating cash flow Strong adj. operating cash flow in EUR m 2025 – 2027 6 bn Average EUR 5 bn Includes: • Cash flow contribution from growing core business • Cash flow from phaseout business • Positive working capital effects • Cash
Slide 25: We are committed to a solid Investment Grade Rating
We are committed to a solid Investment Grade Rating Strict balance sheet Solid investment grade management rating Current ratings: 31 Dec 2024 2025 – 2027 2.0x ~3.0x Long-term debt Baa2 Senior debt BBB+ Hybrid bonds Baa31 BBB- Leverage factor in line with Leverage factor at Short-term debt P-2 F1 CM
Slide 26: Net debt driven by growth investments
Net debt driven by growth investments Development of net debt in FY 2024 in EUR bn (+ net debt/- net assets) 11.2 6.6 4.4 -0.4 -1.6 2020 2021 2022 2023 2024 Main drivers of Net Debt development in FY 2024 Adj. Operating Cashflow Net Cash Investments Cashflow driven by strong operational Further net
Slide 27: Key Messages – Delivering growth and value
Key Messages – Delivering growth and value Green Stable & Strict Robust liquidity investments sustainable balance sheet management 2025 – 2030 earnings management €35bn c.80% secured / Baa2/BBB+ >€25bn net cash investments contracted cash-flow1 Commitment to a solid bank facilities investment grade
Slide 28: Outlook confirmed for Full Year 2025
Outlook confirmed for Full Year 2025 Group outlook FY 2025 Divisional outlook FY 2025 in EUR m in EUR m Outlook Adj. EBITDA Outlook Adj. EBITDA 4,550 – 5,150 Offshore Wind 1,300 – 1,700 Adj. depreciation approx. -2,200 Onshore Wind/Solar 1,650 – 2,150 Adj. EBIT 2,350 – 2,950 Flexible Generation 1,00
Slide 29: Agenda: Funding strategy
Agenda RWE (4) Funding strategy
Slide 30: RWE is committed to being a regular Green Bond issuer
RWE is committed to being a regular Green Bond issuer EU Taxonomy Type • Funding strategy serves RWE’s transition to a green player aligned Green Format • Conventional bonds only on an exceptional basis Volumes • Driven by financing requirements and market conditions Avg. €3.0 – 3.5 bn p.a. Tenors •
Slide 31: All use of proceeds will be allocated to renewable technologies in alignment with EU/SDG targets
All use of proceeds will be allocated to renewable technologies in alignment with EU/SDG targets What’s covered?1 Aligned under EU/SDG objectives Second-party opinion Green EU Environmental Green Financing Criteria Eligible technologies: Bond/ Loan Objective Principles “Sustainalytics is of the Cate
Slide 32: Since its inaugural green bond, RWE's EU Taxonomy-eligible capex has exceeded Green Use of Proceeds volumes
Since its inaugural green bond, RWE’s EU Taxonomy- eligible capex has exceeded Green Use of Proceeds volumes Green Use of Proceeds volume vs eligible CapEx spend 2021 – 20241 Eligible technologies (Green Bond Framework 2023) Offshore Wind Onshore wind €25.7bn Solar (PV) Eligible capex under EU Taxon
Slide 33: Our investments until 2030 are vastly taxonomy aligned
Our investments until 2030 are vastly taxonomy aligned EU Taxonomy: share of RWE’s aligned business activities (2024)1 94% 28% 21% EU Taxonomy Capex Opex Revenues aligned Sustainability-Linked Financing Instruments, Frameworks and Policies: • Taxonomy-aligned KPIs • RWE Green Bond • ESG criteria int
Slide 34: Issuances and maturities of RWE's bonds
Issuances and maturities of RWE’s bonds RWE’s Historic Issuances Bond Issuances Size and Maturity (EUR m eq.) 1,600 2021 2022 2023 2024 2025 1,400 Green bonds €1.85bn €2.0bn €1.0bn €2.3bn1 €1.0bn2 (across # of deals) (3 deals) (2 deals) (2 deals) (2 deals) (1 deal) 1,200 1,000 Conv. bond €1.25bn 800
Slide 35: We have access to multiple funding sources to secure our liquidity requirements
We have access to multiple funding sources to secure our liquidity requirements 30 Jun 2025 Cash and Cash Equivalents and Marketable securities €9.6bn Bilateral bank facilities including guarantee facilities €15.2bn1 Sustainability Linked Syndicated Credit Lines €10bn committed by international bank
Slide 36: Agenda: RWE Hybrid story
Agenda RWE RWE Hybrid story
Slide 37: Hybrid bonds will play a role in RWE's future capital structure
Hybrid bonds will play a role in RWE’s future capital structure Hybrid capital is an efficient funding tool to proactively strengthen our balance sheet in light of ongoing investment plan We expect to utilise green hybrids as a core part of our balance sheet moving forward to provide additional fina
Slide 38: Our capital structure is mostly based on bonds, notes, and bank debt
Our capital structure is mostly based on bonds, notes, and bank debt Net Debt and Leverage Factor1 Net debt2 • Hybrid capital is currently only a (as of 31-Dec-2024) €m minor part of our capital structure Cash and cash equivalents 5,090 • Our leverage factor accounts for Marketable securities 7,241
Slide 39: RWE returned to the Hybrid capital market in 2025 after 10 years
RWE returned to the Hybrid capital market in 2025 after 10 years Volume Instrument Rating Format Currency Coupon Issuance date First Call date (Million) (Moody/Fitch) Green use of EUR 500 Baa31/BBB- 4.625% 11 June 2025 18 March 2033 proceeds Green use of EUR 500 Baa31/BBB- 4.125% 11 June 2025 18 Jun
Slide 40: Continuous track record of dividend payments since completion of Innogy asset swap
Continuous track record of dividend payments since completion of Innogy asset swap Dividend Payment (DPS) History for the Financial Years 2018 – 2024 in EURm (EUR per share) 5-10% Per annum 809 744 (1.10) 669 (1.00) 575 (0.90) (0.85) 430 (0.70) 2018 2020 2022 2023 20241 2030 1 Based on 735,088,860 s
Slide 41: Annex
Annex RWE " ”) 1) " NOt canes attest att coca Weercat SSS SS
Slide 42: We delivered a good financial performance in H1 2025
We delivered a good financial performance in H1 2025; investment frameworks in our core markets are taking shape Good financial performance in H1 despite weak wind conditions in Europe and low trading result; well on track to deliver full year 2025 adj. EPS guidance; full year guidance confirmed Con
Slide 43: Our Offshore Wind earnings will grow driven by the commissioning of Sofia, Nordseecluster A and Thor
Our Offshore Wind earnings will grow driven by the commissioning of Sofia, Nordseecluster A and Thor Adj. EBITDA Development in EUR m 2025-2027 2,050 – 2,550 CAGR • Commissioning of Sofia (2026), Nordseecluster +24 % A (beginning 2027) and Thor (2027) • Leasing effect from long term charter of 1,559
Slide 44: Our Onshore Wind/Solar earnings will grow driven by assets already under construction
Our Onshore Wind/Solar earnings will grow driven by assets already under construction Adj. EBITDA Development in EUR m 2025-2027 2,500 – 3,000 • Commissioning of wind, solar and battery CAGR +20 % projects in the US and Europe • Lower power prices 1,650 – 2,150 • No book gains/one-offs included 1,50
Slide 45: Our Flexible Generation segment will provide stable earnings with upside from market volatility
Our Flexible Generation segment will provide stable earnings with upside from market volatility Adj. EBITDA Development in EUR m 2025-2027 1,949 • Increasing capacity payments in the UK CAGR • Commissioning of battery projects +6 % 1,100 – 1,600 1,000 – 1,400 900 1,000 2024 2025 2027 EBITDA Floor Ad
Slide 46: Good adjusted net income on the back of good EBITDA and improved adjusted financial result
Good adjusted net income on the back of good EBITDA and improved adjusted financial result Adj. net income in EUR m • Adj. financial result improved due H1 2024 H1 2025 to increase of interest during construction 2,899 Adj. EBITDA 2,139 • Adj. tax applying general tax rate of 20% -971 Adj. depreciat
Slide 47: Adjusted operating cash flow marked by seasonal effects
Adjusted operating cash flow marked by seasonal effects Reconciliation to adj. operating cash flow for H1 2025 in EUR m 2,139 -1,220 -1,423 353 -168 -319 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash items1 working capit
Slide 48: Net debt driven by growth investments
Net debt driven by growth investments Development of net debt in H1 2025 in EUR bn 15.5 0.7 -0.1 0.9 11.2 2.5 0.3 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 24 cash flow investments net financial debt provisions1 30 Jun 25 Net Cash Investments Other change
Slide 49: GB capacity market
GB capacity market Our plants in GB Capacity Market Revenue from capacity market4 Derated capacity 2019/ 20 2020/ 21 2021/ 22 2022/ 23 2023/ 24 2024/ 253 2025/ 26 2026/ 27 2027/ 28 2028/ 29 in £ million, pre inflation (MW) 426 415 Aberthaw1 1490 1475 - - - - - - - - Revenues Didcot B until 1,380 1,3
Slide 50: Your contacts at RWE
Your contacts at RWE Financial Calendar • 12 Nov 2025 Interim statement on the first three quarters of 2025 • 12 Mar 2026 Annual Report for fiscal 2025 • 13 May 2026 Interim statement on the first quarter of 2026 Contacts for Credit Investors & Analysts Contacts for Finance & Treasury Thomas Denny (