Rwe Ag · XETR:RWE
Rwe — Q1 2026 Earnings Presentation
17 slides from Rwe's earnings presentation, May 13, 2026
Slide 1: Q1 2026 Results
13 May 2026 Q1 2026 Results Investor & Analyst Conference Call Michael Müller, CFO Thomas Denny, Head of Investor Relations 13 May 2026
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: Strong financial performance in Q1 2026; 33% of full year adjusted EPS guidance achieved
Strong financial performance in Q1 2026; 33% of full year adjusted EPS guidance achieved Strong financial performance in first quarter, adj. EBITDA of EUR 1.6 bn and adj. net income of EUR 0.6 bn 33% of full year adj. EPS guidance reached, guidance for FY 2026 confirmed All offshore wind constructio
Slide 4: Strong earnings due to normalised wind conditions in Offshore Wind and compensation payment in FlexGen
Strong earnings due to normalised wind conditions in Offshore Wind and compensation payment in FlexGen Adj. EBITDA in EUR m • Offshore Wind earnings significantly higher due +321 to normalised wind conditions 1,631 • Onshore Wind/Solar result increased due to organic growth and better wind condition
Slide 5: Adjusted EPS increased 25% on the back of strong adjusted EBITDA
Adjusted EPS increased 25% on the back of strong adjusted EBITDA Adj. net income in EUR m • Adj. depreciation higher due to Q1 2025 Q1 2026 organic growth • Adj. financial result improved due 1,310 Adj. EBITDA 1,631 to higher capitalised interest -496 Adj. depreciation -622 • Adj. tax applying gener
Slide 6: Adjusted operating cash flow marked by seasonal effects
Adjusted operating cash flow marked by seasonal effects Reconciliation to adj. operating cash flow for Q1 2026 in EUR m 1,631 -753 -3,129 107 -127 -2,271 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash items1 working capit
Slide 7: Net debt driven by seasonal effects in adjusted operating cash flow and growth investments
Net debt driven by seasonal effects in adjusted operating cash flow and growth investments Development of net debt in Q1 2026 in EUR bn 15.6 0.1 0.1 -0.1 2.3 10.9 2.3 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 25 cash flow investments net financial debt pr
Slide 8: Outlook confirmed for full year 2026
Outlook confirmed for full year 2026 Group outlook FY 2026 Divisional outlook FY 2026 in EUR m in EUR m Outlook Adj. EBITDA Outlook Adj. EBITDA 5,200 – 5,800 Offshore Wind 1,550 – 2,050 Adj. depreciation approx. -2,400 Onshore Wind/Solar 1,750 – 2,250 Adj. EBIT 2,800 – 3,400 Flexible Generation 1,20
Slide 9: Appendix
Appendix 13 May 2026 Q1 2026 Results
Slide 10: 10.4 GW of capacity under construction
10.4 GW of capacity under construction Development of our renewables and flexible generation portfolio GW pro rata1 +10.4 2.5 50.9 2.9 0.4 1.9 1.2 0.5 1.5 1.8 (US) (Europe) 0.9 0.6 (US) (Europe) 40.4 40.5 3.1 (US) (Europe) 0.1 31 Dec 2025 Capacity 31 Mar 2026 Offshore Onshore Solar Batteries Flexibl
Slide 11: Offshore Wind: Earnings increased driven by normalised wind conditions
Offshore Wind Earnings increased driven by normalised wind conditions Key financials Q1 2026 – Offshore Wind Adj. EBITDA Q1 2026 vs. Q1 2025 in EUR m Q1 2026 Q1 2025 Change Normalised wind conditions Adj. EBITDA 570 380 190 Leasing effect from long-term charter of installation vessels (EBIT neutral)
Slide 12: Onshore Wind/Solar: Earnings up on the back of organic growth and better wind conditions
Onshore Wind/Solar Earnings up on the back of organic growth and better wind conditions Key financials Q1 2026 – Onshore Wind/Solar Adj. EBITDA Q1 2026 vs. Q1 2025 in EUR m Q1 2026 Q1 2025 Change Higher earnings due to organic growth Adj. EBITDA 507 496 11 Better wind conditions in Europe t/o non-re
Slide 13: Flexible Generation: Earnings significantly up on the back of EUR 332 m compensation
Flexible Generation Earnings significantly up on the back of EUR 332 m compensation for restrictions of coal fired power generation Key financials Q1 2026 – Flexible Generation Adj. EBITDA Q1 2026 vs. Q1 2025 in EUR m Q1 2026 Q1 2025 Change EUR 332 m compensation for production restrictions of Adj.
Slide 14: Supply & Trading: Lower performance of trading business
Supply & Trading Lower performance of trading business Key financials Q1 2026 – Supply & Trading Adj. EBITDA Q1 2026 vs. Q1 2025 in EUR m Q1 2026 Q1 2025 Change Lower trading performance Adj. EBITDA -84 15 -99 Adj. EBITDA Outlook 2026 vs. FY 2025 t/o non-recurring items – - - Normal performance Adj.
Slide 15: Phaseout Technologies: Adjusted cash flow higher on better availability and cost reductions
Phaseout Technologies Adjusted cash flow higher on the back of better availability and cost reductions Key financials Q1 2026 – Phaseout Technologies Adj. cash flow Q1 2026 vs. Q1 2025 in EUR m Q1 2026 Q1 2025 Change Better availability (outage of Neurath F in Q1 2025) Adj. cash flow -192 -207 +15 C
Slide 16: Economic net debt
Economic net debt Net assets/net debt in EUR m 31 Mar 2026 31 Dec 2025 +/- Net debt definition Cash and cash equivalents 6,861 7,734 -873 • Net debt does not contain Marketable securities 6,474 5,994 480 mining provisions, which Other financial assets 1,669 1,004 665 essentially cover our Financial
Slide 17: Your contacts in Investor Relations
Your contacts in Investor Relations Where to meet us Important Links • 19 May 26: Goldman Sachs Utilities Conference • 23-24 Jun 26: Jefferies Corporate Conference • Annual and interim reports & statements • 19 May 26: JP Morgan Investor Tour • 01 Sep 26: DB European Utilities Conference • Financial