Rwe Ag · XETR:RWE
Rwe — Debt Investor Presentation (August 2026)
61 slides from Rwe's debt investor presentation, August 2026
Slide 1: Credit Investor Presentation 2026
-NOT ENCRYPTED- Credit Investor Presentation 2026 August 2026
Slide 2: Disclaimer
-NOT ENCRYPTED- 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 cons
Slide 3: Agenda: RWE Group Overview
-NOT ENCRYPTED- Agenda 1 RWE Group Overview
Slide 4: RWE is a global leader in renewable and flexible power generation
-NOT ENCRYPTED- RWE is a global leader in renewable and flexible power generation Offshore Onshore Flexible Supply and Wind Wind/Solar Generation Trading Capacity: 3.2 GW1 Capacity: 18.8 GW1 Capacity: 20.4 GW1 Capacity: n.a. €1,488m €1,740m €1,406m €339m Adjusted EBITDA Adjusted EBITDA Adjusted EBIT
Slide 5: RWE operates a well-diversified portfolio in low-risk countries
-NOT ENCRYPTED- 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% 3% 96% ≥A-2 BBB3 BB-4 1 Split based on installed capacity. Includes full portfolio including phase-out technologies as of December 2025 |
Slide 6: We are growing profitably on the back of favourable market fundamentals
-NOT ENCRYPTED- 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 portfo
Slide 7: Capital allocation targets key growth opportunities and maintains flexibility
-NOT ENCRYPTED- Capital allocation targets key growth opportunities and maintains flexibility Net cash investments, Regulated Grid Offshore Wind Disciplined and flexible in EUR bn 2026 - 2031 Infrastructure capital allocation 2 7 • Offshore net cash investments US Power European Flexible Generation
Slide 8: RWE will grow its well-diversified generation portfolio to 65 GW by 2031
-NOT ENCRYPTED- RWE will grow its well-diversified generation portfolio to 65 GW by 2031 Split by 8% Split by Current 22% technology region generation 24% 32% portfolio 46% 40 40 Offshore wind Batteries Germany USA 12/2025 Onshore wind Flexible generation GW UK Rest of Europe GW & H2 & others 25% So
Slide 9: Powerful value proposition and proven expertise
-NOT ENCRYPTED- Powerful value proposition and proven expertise Strong Excellent Proven portfolio capabilities track record Integrated portfolio Best in class engineering skills Strong execution track record across renewables, storage to develop, construct and run to deliver construction projects an
Slide 10: 10.3 GW of capacity under construction
-NOT ENCRYPTED- 10.3 GW of capacity under construction Development of our renewables and flexible generation portfolio GW pro rata1 +10.3 3.0 51.3 0.4 2.3 2.5 1.4 0.8 0.5 1.5 (US) (Europe) 0.9 0.5 41.0 3.1 (US) (Europe) 40.4 (US) (Europe) 0.6 31 Dec 2025 Net capacity 31 Mar 2026 Offshore Onshore Sol
Slide 11: Agenda: Energy Transition
-NOT ENCRYPTED- Agenda 2 Energy Transition
Slide 12: RWE will rapidly decarbonise its portfolio
-NOT ENCRYPTED- RWE will rapidly decarbonise its portfolio Installed capacity GW, pro rata • Undertaking one of the largest 12.8 Lignite green transitions in Europe Hard coal 10.8 • ~40% reduction in coal capacity 2026 vs. 2019 8.0 • Power generation from coal 8.8 declines rapidly, driven by closure
Slide 13: Comprehensive, ambitious climate targets guide our actions
-NOT ENCRYPTED- Comprehensive, ambitious climate targets guide our actions Progress in 2025 Scope 1+2 Scope 3 Scope 1+2+3 1.5°C validation by SBTi received in (tCO2e per MWh) (MtCO2e) (MtCO2e) December 2024 – our targets are aligned with the ambitious goal of 0.43 19.5 71.6 the Paris Climate Agreeme
Slide 14: RWE in the Climate Transition Benchmark (CTB) and Paris-aligned Benchmark (PAB)
-NOT ENCRYPTED- RWE in the Climate Transition Benchmark (CTB) and Paris-aligned Benchmark (PAB) Context Type Criterion RWE in 2025 CTB, PAB (a) companies involved in any activities related to controversial weapons RWE not involved Funds using „Transition“, „Social“ and CTB, PAB (b) companies involve
Slide 15: Our transition is reflected in strong ESG rating scores
-NOT ENCRYPTED- Sustainability Our transition is reflected in strong ESG rating scores Sustainability ratings AAA 24.7 87 B 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
Slide 16: Agenda: Credit and financial Highlights
-NOT ENCRYPTED- Agenda 3 Credit and financial Highlights
Slide 17: Key credit highlights
-NOT ENCRYPTED- Key credit highlights RWE’s earnings are driven by predictable long-term contracted assets RWE has a highly resilient cash flow profile from a diversified, growing asset base RWE is committed to a solid Investment Grade Rating RWE has access to multiple funding sources to secure it’s
Slide 18: Our RES earnings are driven by predictable long-term contracted assets
-NOT ENCRYPTED- 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% 12 year Weighted average remaining support tenor for w
Slide 19: Strong adjusted operating cash flow from contracted assets
-NOT ENCRYPTED- Strong adjusted operating cash flow from contracted assets Adj. operating cash flow in EUR bn • Strong adj. operating cash flow from our existing assets and growth >7.5 investments • Adj. operating cash flow 2031 excluding utilisation of mining ~5 provisions as these are fully covere
Slide 20: Diversified investment programme captures structural trends
-NOT ENCRYPTED- Diversified investment programme captures structural trends and delivers long-term earnings growth Net cash investments Return Adj. EPS in EUR bn1 targets in EUR >8.5% 2026 – 2031 Offshore CAGR Regulated Grid Wind +10% ~4.55 Infrastructure average IRR 2 for new power 7 generation pro
Slide 21: We are committed to a solid Investment Grade Rating
-NOT ENCRYPTED- We are committed to a solid Investment Grade Rating Strict balance sheet Solid investment grade management rating Current ratings: 31 Dec 2025 2026 - 2031 2.1x ~3.0x Long - term debt Senior debt Baa2 BBB+ Hybrid bonds Baa3 1 BBB - Leverage factor of net Leverage factor at Short - ter
Slide 22: Net debt driven by growth investments
-NOT ENCRYPTED- Net debt driven by growth investments Development of net debt in FY 2025 in EUR bn (+ net debt/- net assets) 11.2 10.9 6.6 4.4 -0.4 -1.6 2020 2021 2022 2023 2024 2025 Main Drivers of Net Debt Development in FY 2025 Gross cash investments in growth and equity Adj. Operating Cash flow
Slide 23: Investment programme drives exceptional earnings growth and shareholder value
-NOT ENCRYPTED- Investment programme drives exceptional earnings growth and shareholder value Investment Earnings Strict Dividend programme growth balance sheet commitment 2026 – 2031 2026 – 2031 management €42 bn 12% Solid investment Dividend growth Net cash investments1 Adj. EBITDA grade rating of
Slide 24: Agenda: Funding strategy
-NOT ENCRYPTED- Agenda 4 Funding strategy
Slide 25: RWE is committed to being a regular Green Bond issuer
-NOT ENCRYPTED- RWE is committed to being a regular Green Bond issuer EU Taxonomy Type • Funding strategy serves RWE’s power generation transition aligned Green Format • Conventional bonds only on an exceptional basis Volumes • Driven by financing requirements and market conditions Avg. €3.0 – 3.5 b
Slide 26: All use of proceeds will be allocated to renewable technologies
-NOT ENCRYPTED- All use of proceeds will be allocated to renewable technologies in alignment with EU/SDG targets What is covered?1 Aligned under EU/SDG objectives Second-party opinion Green EU Environmental Green Financing Criteria Eligible technologies: Bond/ Loan Objective Principles “Sustainalyti
Slide 27: EU Taxonomy eligible capex continuously exceeds Green Use of Proceeds volumes
-NOT ENCRYPTED- EU Taxonomy eligible capex continuously exceeds Green Use of Proceeds volumes Green Use of Proceeds volume vs eligible CapEx spend 2021 – 20251 Eligible technologies (Green Financing Framework 2023) Offshore wind Onshore wind €37 bn Solar (PV) Eligible capex under EU Taxonomy 10 bn2
Slide 28: Our investments until 2030 are vastly taxonomy aligned
-NOT ENCRYPTED- Our investments until 2030 are vastly taxonomy aligned EU Taxonomy: share of RWE’s aligned business activities (2025)1 94% 29% EU Taxonomy Capex Revenues aligned Sustainability-Linked Financing Instruments, Frameworks and Policies: • Taxonomy-aligned KPIs • RWE Green Bond • ESG crite
Slide 29: We have access to multiple funding sources to secure our liquidity requirements
-NOT ENCRYPTED- We have access to multiple funding sources to secure our liquidity requirements 31 Dec 2025 Cash and Cash Equivalents and Marketable securities €13.7bn Bilateral bank facilities including guarantee facilities €15.3bn1 Sustainability Linked Syndicated Credit Lines €10bn committed by i
Slide 30: Hybrid bonds remain a permanent component of RWE's capital structure
-NOT ENCRYPTED- Hybrid bonds remain a permanent component of RWE's 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 pr
Slide 31: Our capital structure is mostly based on bonds, notes, and bank debt
-NOT ENCRYPTED- 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-2025) EUR m minor part of our capital structure Cash and cash equivalents 7,734 Marketable securities 5,994 • Our leverage f
Slide 32: RWE returned to the Hybrid capital market in 2025 after 10 years
-NOT ENCRYPTED- 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
Slide 33: Continuous track record of dividend payments since Innogy asset swap
-NOT ENCRYPTED- Continuous track record of dividend payments since completion of Innogy asset swap Dividend Payment (DPS) History for the Financial Years 2018 – 2025 in EURm (EUR per share) 10% Per annum 849 809 (1.20) 744 (1.10) 669 (1.00) 575 (0.90) (0.85) 430 (0.70) 2018 2020 2022 2023 2024 20251
Slide 34: Issuances and maturities of RWE's bonds
-NOT ENCRYPTED- Issuances and maturities of RWE’s bonds RWE’s Historic Issuances1 Bond Issuances Size and Maturity (Nominal amount €/$) 1,600 2021 2022 2023 2024 2025 2026 1,400 Green bonds €1.85bn €2.0bn €1.0bn €2.3bn2 €2.7bn3 €1.5bn 1,200 (# of tranches) (3 tranches) (2 tranches) (2 tranches) (3 t
Slide 35: Agenda: Segment view and Latest Results
-NOT ENCRYPTED- Agenda Segment view and Latest Results
Slide 36: Leading offshore wind execution and driving value accretive growth
-NOT ENCRYPTED- Leading offshore wind execution and driving value accretive growth Project execution Our strategic and pipeline measures • Offshore wind activities 2 3.1 6.9 EUR bn net cash focused on core markets UK, investments DE, NL, DK, BE, IE, JP and KR 2026 - 2031 Attractive partnerships and
Slide 37: European onshore wind and solar investments target growth markets
-NOT ENCRYPTED- European onshore wind and solar investments target growth markets and secured offtakes Our strategic Net cash investments focus in EUR bn • Focus on core markets with strong growth potential and By technology 1.5 0.5 Solar 7 EUR bn net cash attractive offtake regimes investments • Ex
Slide 38: Well positioned to capture US market opportunities
-NOT ENCRYPTED- Well positioned to capture US market opportunities US market Our strict fundamentals investment criteria • High power demand growth driven by data centres and All federal permits obtained electrification Tariff risks mitigated • Advantage for technologies with Offtake secured GW shor
Slide 39: Accelerating US expansion with flexible gas generation
-NOT ENCRYPTED- Accelerating US expansion with flexible gas generation Existing asset base and focus markets for flexible gas generation • Leveraging secured grid connections to add flexible gas peaking capacity on an accelerated timeline • Focus on ERCOT, MISO, PJM and WECC markets with strong dema
Slide 40: Attractive gas power plant projects ready to build in Germany
-NOT ENCRYPTED- Attractive gas power plant projects ready to build in Germany Investment need Our proposition and clear framework to invest • 22-36 GW additional firm, flexible capacity required until 20351 3 GW ready-to-build gas projects with 2.7 GW of turbines secured and further projects under d
Slide 41: Unlock value of existing sites from data centre growth in Europe
-NOT ENCRYPTED- Unlock value of existing sites from data centre growth in Europe Market fundamentals Data centre development portfolio for existing sites and value proposition • Data centre growth Data centre development portfolio increases demand for land, • ~10 potential data centre sites under de
Slide 42: Amprion offers extraordinary RAB growth in the next ten years
-NOT ENCRYPTED- Amprion offers extraordinary RAB growth in the next ten years Regulated Asset Base Key in EUR bn1 highlights ~90 • System-relevant infrastructure with 11,000 km transmission grid in Germany CAGR >18% • Located along Germany’s economic heartland with more than 29 m people living in Am
Slide 43: RWE increases stake in Amprion at highly attractive transaction multiples
-NOT ENCRYPTED- RWE increases stake in Amprion at highly attractive transaction multiples Attractive Key transaction transaction multiples highlights 1.07x • RWE acquires additional 35% stake in Amprion via M31 for EUR 3.6bn bringing its pro rata share to 55% • Amprion will remain an Independent Tra
Slide 44: Amprion delivers long-term growth through system-critical infrastructure
-NOT ENCRYPTED- Amprion delivers long-term growth through system-critical infrastructure Facts1 Amprion at a glance One of four TSOs in Germany spanning from the North Sea to the Alps, covering an economically strong and highly populated region >29 million people living in Amprion’s control area Mis
Slide 45: Amprion shareholder structure post transaction
-NOT ENCRYPTED- Amprion shareholder structure post transaction Remaining Apollo shareholders M31 53% 47% 80% 20% M31 Alkaios HoldCos 74.9% 25.1% thereof: thereof: Overall RWE 35% RWE 20% RWE shareholding post transaction: M31 55% August 2026 Credit Presentation Page 45
Slide 46: Attractive long-term earnings growth and visibility driving shareholder value creation
-NOT ENCRYPTED- Attractive long-term earnings growth and visibility driving shareholder value creation Disciplined Strong balance High earnings Mid-term adj. EPS Attractive capital allocation sheet with visibility through growth with 10% shareholder balancing growth leverage at the a growing share o
Slide 47: Outlook upgraded for full year 2026
-NOT ENCRYPTED- Outlook upgraded for full year 2026 Group outlook FY 2026 Divisional outlook FY 2026 in EUR m in EUR m Outlook Adj. EBITDA Outlook Adj. EBITDA 5,750 – 6,350 Offshore Wind 1,650 – 2,150 Adj. depreciation approx. -2,450 Onshore Wind/Solar 1,750 – 2,250 Adj. EBIT 3,300 – 3,900 Flexible
Slide 48: Investments to deliver extraordinary earnings growth
-NOT ENCRYPTED- Investments to deliver extraordinary earnings growth Adj. EBITDA in EUR m Split by segment in 2031 9,750 – 10,550 Flexible Generation 21% 6,700 – 7,300 Onshore Wind/ Solar 44% Supply & Trading 5,750 – 6,350 3% 5,087 10,150 -1% Other/Consolidation midpoint 9% Regulated Grid Infrastruc
Slide 49: Offshore Wind earnings growth with high visibility from assets under construction
-NOT ENCRYPTED- Offshore Wind earnings growth with high visibility from assets under construction Adj. EBITDA Development in EUR m 2026 - 2031 • Commissioning of new assets • Lower margins from existing assets 2,150 – 2,650 2,000 – 2,500 1,650 - 2,150 Sofia (UK) COD 2026 Nordseecluster A (GER) COD 2
Slide 50: Onshore Wind/Solar earnings growth driven by capacity additions
-NOT ENCRYPTED- Onshore Wind/Solar earnings growth driven by capacity additions in the US and Europe Adj. EBITDA Development in EUR m 2026 - 2031 • Commissioning of wind, solar and battery projects 4,200 – 4,800 in the US and Europe • Lower margins from existing assets Europe & Australia • Earnings
Slide 51: Flexible Generation earnings to rise on the back of new battery and gas assets
-NOT ENCRYPTED- Flexible Generation earnings to rise on the back of new battery and gas assets Adj. EBITDA Development in EUR m 2026 - 2031 • Commissioning of battery projects and new gas 1,900 – 2,400 power plants in Germany • Lower margins from existing assets 1,500 – 1,900 1,450 – 1,850 • Contrac
Slide 52: Annex
-NOT ENCRYPTED- Annex August 2026 Credit Presentation
Slide 53: Stronger platform and increased long-term earnings growth
-NOT ENCRYPTED- Stronger platform and increased long-term earnings growth Excellent H1 2026 results demonstrate continued strong financial performance; guidance for 2026, 2027 and 2031 raised Structural demand growth, energy sovereignty and grid build-out provide significant investment opportunities
Slide 54: Earnings increased mainly driven by normalised wind conditions
-NOT ENCRYPTED- Earnings increased mainly driven by normalised wind conditions Key financials H1 2026 – Offshore Wind Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Normalised wind conditions Adj. EBITDA 810 643 167 Leasing effect from long-term charter of installation vessels (EBIT
Slide 55: Earnings up on the back of organic growth and better wind conditions in Europe
-NOT ENCRYPTED- Earnings up on the back of organic growth and better wind conditions in Europe Key financials H1 2026 – Onshore Wind/Solar Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Higher earnings due to organic growth Adj. EBITDA 1,016 830 186 Better wind conditions in Europe
Slide 56: Earnings up on the back of a EUR 332m compensation payment
-NOT ENCRYPTED- Earnings up on the back of a EUR 332 m compensation payment and higher capacity payments in the UK Key financials H1 2026 – Flexible Generation Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change EUR 332 m compensation for production restrictions of Adj. EBITDA 1,025 606
Slide 57: Strong trading performance in Q2 after a weak start in Q1
-NOT ENCRYPTED- Strong trading performance in Q2 after a weak start into the year in Q1 Key financials H1 2026 – Supply & Trading Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Strong trading performance in Q2 2026 Adj. EBITDA 134 16 118 t/o non-recurring items - - - Adj. EBITDA Out
Slide 58: Adjusted cash flow lower due to lower hedged margins
-NOT ENCRYPTED- Adjusted cash flow lower due to lower hedged margins Key financials H1 2026 – Phaseout Technologies Adj. cash flow H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Lower hedged margins Adj. cash flow -427 -315 -112 Cost reductions Better availability (outage of Neurath F in Q1 202
Slide 59: Economic net debt
-NOT ENCRYPTED- Economic net debt Net assets/net debt in EUR m 30 Jun 2026 31 Dec 2025 +/- Net debt definition Cash and cash equivalents 6,106 7,734 -873 • Net debt does not contain Marketable securities 7,107 5,994 1,113 mining provisions, which Other financial assets 1,783 1,004 779 essentially co
Slide 60: Prices and sensitivities
-NOT ENCRYPTED- Prices and sensitivities Commodity Adj. EBITDA prices1 sensitivities 2026 2027 in EUR m 2026 2027 Power Base DE €/MWh el 78 77 Offshore +/- 1 EUR/MWh 10 9 Carbon EUA €/t CO2 69 71 Onshore/Solar +/- 1 EUR/MWh 1 3 Europe Gas TTF €/MWh th 29 26 Onshore/Solar +/- 1 EUR/MWh 2 2 US Power B
Slide 61: Your contacts at RWE
-NOT ENCRYPTED- Your contacts at RWE Financial Calendar Useful links and Presentations • 13 Aug 2026 Interim statement on the first half of 2026 • RWE H1 2026 • RWE Amprion Announcement • 11 Nov 2026 Interim statement on the first three quarters of 2026 • RWE FY 2025 • RWE Corporate Governance Prese