Rwe Ag · XETR:RWE
Rwe — Investor Presentation (May 2025)
33 slides from Rwe's investor presentation, May 2025
Slide 1: Investor Presentation
Investor Presentation May 2025 Update after Q1 reporting
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: Q1 2025 results
Q1 2025 results May 2025 Investor presentation
Slide 4: Financial highlights in Q1 2025
Financial highlights in Q1 2025 Solid financial performance in first quarter in line with expectation despite weak wind conditions in Europe, adj. EBITDA of EUR 1.3 bn and adj. net income of EUR 0.5 bn Guidance for full year 2025 confirmed Share buyback programme of EUR 1.5 bn ongoing, first EUR 500
Slide 5: Construction programme on time and on budget
Construction programme on time and on budget Offshore Wind Onshore Wind/Solar Flexible Generation projects projects projects • Sofia (1.4 GW, UK, COD 2026) • Commissioned 500 MW in Q1 • Fully commissioned a 220 MW • 79 of 100 foundations and • Secured offtake >95 % battery system in Germany in Q1 12
Slide 6: Solid earnings in Q1 2025, despite weak wind conditions in Europe
Solid earnings in Q1 2025, despite weak wind conditions in Europe Adj. EBITDA in EUR m • Offshore Wind earnings lower due to weak wind -402 conditions and lower hedged prices 1,709 • Onshore Wind/Solar result increased thanks to organic growth and higher hedged prices in the 548 US, partly offset by
Slide 7: Good adjusted net income on the back of solid EBITDA
Good adjusted net income on the back of solid EBITDA and improved adjusted financial result Adj. net income in EUR m • Adj. financial result improved due Q1 2024 Q1 2025 to increase of interest during construction 1,709 Adj. EBITDA 1,307 • Adj. tax applying general tax rate of 20 % -489 Adj. depreci
Slide 8: Adjusted operating cash flow marked by seasonal effects
Adjusted operating cash flow marked by seasonal effects Reconciliation to adj. operating cash flow for Q1 2025 in EUR m 1,307 -902 -1,665 161 -52 -1,151 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash items1 working capita
Slide 9: Net debt driven by growth investments
Net debt driven by growth investments Development of net debt in Q1 2025 in EUR bn 15.9 0.1 1.0 -0.2 11.2 2.7 1.2 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 24 cash flow investments net financial debt provisions1 31 Mar 25 Net cash investments Other change
Slide 10: 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 11: Highlights FY 2024 and update on capital allocation
Highlights FY 2024 and update on capital allocation May 2025 Investor presentation
Slide 12: Strong 2024 earnings, reduced investment programme, increased return targets
We have delivered strong 2024 earnings, reduced our investment programme and increased our return targets Strong operational and financial performance in 2024 Net cash investment programme 2025-2030 reduced by 25 %; Offshore Wind portfolio optimisation through sell downs; stricter investment criteri
Slide 13: Strong financial performance in 2024
We have delivered a strong financial performance in 2024 on the back of our robust generation portfolio Strong Attractive Significant progress financial performance bottom line earnings in decarbonisation +3 % +8 % 5.5 5.7 3.1 2.9 Adj. EBITDA Adj. EPS CO2 emissions in EUR bn in EUR compared to 2023
Slide 14: 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 will 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 and
Slide 15: We optimise our offshore wind portfolio and reduce capital employed
We optimise our offshore wind portfolio and reduce capital employed Development Construction Commercial stage stage operation Executed Executed Planned Windbostel (GER) OranjeWind (NL) Sofia (UK) Sell down of 50 % of N-9.1 Sell down of 50 % to Sell down of 49 % in 2026 and N-9.2 to TotalEnergies Tot
Slide 16: 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 7 committed1 with attractive returns • High flexibility in future capital 6 6 allocation from 2026 onwards • Potential to further increase 40 % flexibil
Slide 17: Disciplined approach for further investments
We have a disciplined approach for further investments: higher return requirements and stricter investment criteria 1 Return requirements Stricter investment increased criteria in the US Onshore Wind/Solar/Batteries at FID: > 8.5 % 8.0 % • All federal permits obtained • Tariff risks mitigated • Offt
Slide 18: We confirm our EPS guidance for 2027 and 2030
We confirm our EPS guidance for 2027 and 2030 and will deliver strong earnings growth Adj. EPS in EUR; guidance midpoint • 2027 and 2030 adj. EPS CAGR targets confirmed +13 % 4 • Strong adj. EPS growth through • stable earnings from CAGR 3 existing portfolio of +18 % renewable and flexible assets 2.
Slide 19: Attractive shareholder return: dividends, EPS growth, buyback
We offer attractive shareholder return based on dividends, EPS growth and share buyback programme Dividend Bottom line Share buyback yield earnings growth programme EUR 1.20 DPS proposal for FY 2025; Adj. EPS growth EUR bn 5 – 10 % growth per annum 2025 – 2027 until Q2 2026 until 2030 May 2025 Inves
Slide 20: RWE is an attractive investment with significant valuation upside
RWE is an attractive investment with significant valuation upside Strong track Committed Clear focus on Mid-term EPS Attractive record of investments will capital allocation growth with high shareholder operational and deliver attractive discipline with visibility and remuneration financial returns
Slide 21: Financial performance and outlook
Financial performance and outlook May 2025 Investor presentation
Slide 22: Offshore Wind earnings will grow
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), +24 % Nordseecluster A (beginning 2027) and Thor (2027) 1,559 1,300 – 1,700 • Leasing effect from long
Slide 23: Onshore Wind/Solar earnings will grow
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 CAGR • Commissioning of wind, solar and battery +20 % projects in the US and Europe • Lower power prices 1,650 – 2,150 • No book gains/one-offs included 1,5
Slide 24: Flexible Generation will provide stable earnings
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 A
Slide 25: 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 EUR 6bn Average EUR 5 bn Includes: • Cash flow contribution from growing core business • Cash flow from phaseout business • Positive working capital effects • Ca
Slide 26: Strong balance sheet and lower leverage target
We maintain our strong balance sheet and target a lower leverage in the current market environment Strict balance sheet Solid investment grade management rating Ratings: 2024 2025 - 2027 Baa2 2x ~3x Moody’s BBB+ Leverage factor in line with Leverage factor at Fitch CMD ’23 guidance lower end of the
Slide 27: Appendix
Appendix May 2025 Investor presentation
Slide 28: Guidance 2025 and 2027
Guidance 2025 and 2027 € million 2025 2027 2030 Offshore Wind 1,300 – 1,700 2,050 – 2,550 Onshore Wind/Solar 1,650 – 2,150 2,500 – 3,000 Flexible Generation 1,000 – 1,400 1,100 – 1,600 Supply & Trading 100 – 500 100 – 500 Other/Consolidation approx. -50 approx. -150 Adj. EBITDA 4,550 – 5,150 6,250 –
Slide 29: Prices and sensitivities
Prices and sensitivities Commodity prices Adj. EBITDA as of 18 February 2025 sensitivities 2025 2027 in EUR m 2025 2027 Power Base DE €/MWh el 95 80 Offshore +/- 1 EUR/MWh 2 10 Carbon EUA €/t CO2 75 80 Onshore/Solar +/- 1 EUR/MWh 2 6 Europe Gas TTF €/MWh th 49 32 Onshore/Solar +/- 1 EUR/MWh 3 3 US P
Slide 30: 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 2.6 49.4 3.1 1.6 0.4 1.1 1.9 1.5 1.6 (US) (Europe/ 1.2 0.7 (US) (Europe/ Australia) 37.6 38.2 3.1 (US) (Europe/ Australia) 0.6 Australia) 31 Dec 2024 Capacity 31 Mar 2025 Offshor
Slide 31: GB capacity market
GB capacity market Our plants in GB Capacity Market Derated Revenue from capacity market4 2019/ 2020/ 2021/ 2022/ 2023/ 2024/ 2025/ 2026/ 2027/ 2028/ capacity 20 21 22 23 24 253 26 27 28 29 in £ million, pre inflation (MW) 426 415 Aberthaw1 1490 1475 - - - - - - - - Didcot B Revenues 1,380 1,395 1,3
Slide 32: RWE in the CTB and PAB benchmarks
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 33: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar ADR programme available • Annual and interim reports & statements Further information on our homepage • 14 Aug 2025: Interim statement on the first half of 2025 • Investor and analyst conferences RWE shares/ADR • 12 Nov 2025: Int