Slide 1: Full Year 2025 results and strategy update
-NOT ENCRYPTED- 12 March 2026 Full Year 2025 results and strategy update Investor & Analyst Conference Call Markus Krebber, CEO Michael Müller, CFO Thomas Denny, Head of Investor Relations
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: Highlights 2025 and strategy update
-NOT ENCRYPTED- Highlights 2025 and strategy update Markus Krebber, CEO 12 Mar 2026 FY 2025 Results Page 3
Slide 4: Strong 2025 performance and exceptional earnings growth ahead
-NOT ENCRYPTED- Strong 2025 performance and exceptional earnings growth ahead Strong financial performance and strategy execution in 2025 Excellent position for long-term growth in a favourable market environment with clear investment frameworks Disciplined capital allocation with focus on highly at
Slide 5: Financial targets 2025 outperformed
-NOT ENCRYPTED- Financial targets 2025 outperformed Financial Leverage Performance 2025 ratio Adj. EBITDA, Adj. net income, Adj. EPS, Net debt/ in EUR bn in EUR bn in EUR adj. EBITDA 5.1 1.8 2.5 2.1x Guidance range: Guidance range: Guidance range: Guidance range: 4,550 – 5,150 1,300 – 1,800 1.8 – 2.
Slide 6: Successful strategy execution
-NOT ENCRYPTED- Successful strategy execution Growth Disciplined Portfolio optimisation delivery capital allocation and partnerships Sell down of 49% stake in Thor 2.8 GW net capacity commissioned 9.8% avg. IRR for FIDs in 2025 and Nordseecluster offshore wind projects to Norges Bank Investment Mana
Slide 7: High growth market environment with clear investment frameworks
-NOT ENCRYPTED- High growth market environment with clear investment frameworks Power demand growth until 2030 in Europe and the US1 Power systems require >10% substantial investments across renewables, storage and flexible generation Electrification across transport, Our core markets US, heating an
Slide 8: 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 9: Attractive investments will drive exceptional earnings growth
-NOT ENCRYPTED- Attractive investments will drive exceptional earnings growth Net cash investments, Average target IRR, Adj. EPS, in EUR bn1 in % in EUR CAGR +12% ~4.40 35 >8.5 >4 >3 ~2.55 2026 – 2031 for new projects 2026 2027 2030 2031 1 Excl. EUR 2 bn Amprion capital increases 12 Mar 2026 FY 2025
Slide 10: Capital allocation targets key growth opportunities and maintains flexibility
-NOT ENCRYPTED- Capital allocation targets key growth opportunities and maintains flexibility Net cash investments, Disciplined and flexible in EUR bn 2026 - 2031 European Wind & Solar capital allocation 7 17 • Offshore net cash investments US Power Generation 35bn € 2 Offshore Wind reduced through
Slide 11: 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 short t
Slide 12: 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 13: 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 14: 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 15: European onshore wind and solar investments target growth markets and secured offtakes
-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 Solar 7 EUR bn net cash attractive offtake regimes investments • Exited
Slide 16: 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 17: Diversified portfolio with strong cashflow and earnings
-NOT ENCRYPTED- Diversified portfolio with strong cashflow and earnings Target portfolio, Adj. operating cash flow, Adj. EPS, in 2031 in EUR bn1 in EUR Offshore wind Split by 10% Flexible generation technology & hydrogen 35% 20% ~65 Onshore wind GW ~7.5 ~4.4 15% 20% Batteries Solar Split by region 3
Slide 18: RWE is an attractive investment with strong earnings growth
-NOT ENCRYPTED- RWE is an attractive investment with strong earnings growth Strong project Disciplined Robust cash flow Mid-term EPS Attractive execution and capital allocation generation from growth with 12 % shareholder continuous and committed to operating CAGR to 2031 remuneration delivery on st
Slide 19: Financial performance and outlook
-NOT ENCRYPTED- Financial performance and outlook Michael Müller, CFO 12 Mar 2026 FY 2025 Results Page 19
Slide 20: Strong financial performance with adjusted EPS at the upper end of guidance
-NOT ENCRYPTED- Strong financial performance with adjusted EPS at the upper end of guidance Adj. EBITDA to adj. net income (in EUR m) • Adj. EBITDA stronger due to book FY 2025 Actuals Guidance ’25 (midpoint) gain from the sale of a data centre project in Flexible Generation and Adj. EBITDA 5,087 4,
Slide 21: Investments to deliver extraordinary earnings growth
-NOT ENCRYPTED- Investments to deliver extraordinary earnings growth Adj. EBITDA in EUR m Split by segment in 2031 CAGR Supply Other/ +12% 9,200 – 10,000 & Trading Consolidation 3% 3% Flexible 25% Offshore Generation Wind 6,200 – 6,800 22% 9,600 5,200 – 5,800 5,087 midpoint 47% Onshore Wind/Solar 20
Slide 22: 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 CAGR +6% • Lower margins from existing assets 2,150 – 2,650 1,900 – 2,400 1,550 - 2,050 Sofia (UK) COD 2026 Nordseecluster A (G
Slide 23: Onshore Wind/Solar earnings growth driven by capacity additions in the US and Europe
-NOT ENCRYPTED- Onshore Wind/Solar earnings growth driven by capacity additions in the US and Europe Adj. EBITDA Development in EUR m 2026 - 2031 CAGR • Commissioning of wind, solar and battery projects +18% in the US and Europe 4,200 – 4,800 • Lower margins from existing assets Europe & Australia •
Slide 24: 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 CAGR power plants in Germany +9% 1,900 – 2,400 • Lower margins from existing assets • Contracted capacity paymen
Slide 25: 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 26: Strong balance sheet and investment grade rating
-NOT ENCRYPTED- Strong balance sheet and investment grade rating Strict balance sheet Solid investment grade management rating Ratings: 2025 2026 - 2031 Baa2 2.1x ~3x Moody’s BBB+ Leverage factor of net Leverage factor at Fitch debt/adj. EBITDA 2025 lower end of the range of 3.0-3.5x 12 Mar 2026 FY
Slide 27: Dividend growth increased to 10% per annum
-NOT ENCRYPTED- Dividend growth increased to 10 % per annum Dividend policy EUR/share • We confirm our dividend of 1.20 EUR per share for 2025 Annual • Dividend target of DPS growth +10% 1.32 EUR per share for 2026 • Management committed to grow 1.321 dividend by 10% per annum 1.20 2025 2026 2031 1
Slide 28: 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 €35 bn 12% Strong investment Dividend growth Net cash investments1 Adj. EBITDA grade rating o
Slide 29: Appendix
-NOT ENCRYPTED- Appendix 12 Mar 2026 FY 2025 Results Page 29
Slide 30: Segment guidance 2026
-NOT ENCRYPTED- Segment guidance 2026 Segment outlook FY 2026 in EUR m FY 20251 Guidance 2026 Adj. EBITDA Offshore Wind 1,488 1,550 – 2,050 Higher earnings from phasing in and commissioning of Sofia, phasing in of Nordseecluster A and Thor as well as normalised wind conditions and negative FX effect
Slide 31: Group guidance 2026
-NOT ENCRYPTED- Group guidance 2026 Group guidance FY 2026 in EUR m • Adj. depreciation increases due to FY 20251 Guidance 2026 construction programme Adj. EBITDA 5,113 5,200 – 5,800 • Applying general tax rate of 20 % Adj. depreciation -2,223 approx. -2,400 • €1.32 dividend per share target for 202
Slide 32: Guidance 2026, 2027 and 2031
-NOT ENCRYPTED- Guidance 2026, 2027 and 2031 € million 2026 2027 2031 Offshore Wind 1,550 – 2,050 1,900 – 2,400 2,150 – 2,650 Onshore Wind/Solar 1,750 – 2,250 2,200 – 2,700 4,200 – 4,800 Flexible Generation 1,200 – 1,600 1,400 – 1,800 1,900 – 2,400 Supply & Trading 100 – 500 100 – 500 100 – 500 Othe
Slide 33: Adjusted operating cash flow marked by strong adjusted EBITDA and effects in working capital
-NOT ENCRYPTED- Adjusted operating cash flow marked by strong adjusted EBITDA and effects in working capital Reconciliation to adj. operating cash flow for FY 2025 in EUR m 6,449 221 -251 5,087 3,115 -1,723 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial re
Slide 34: Net debt lower due to strong adj. operating cash flow and gross cash divestments
-NOT ENCRYPTED- Net debt lower due to strong adj. operating cash flow and gross cash divestments Development of net debt in FY 2025 in EUR bn (+ net debt/- net assets) Net cash investments EUR 4 bn 11.2 -6.8 10.9 10.8 1.2 0.0 1.0 -6.4 Net debt Adj. operating Gross cash Gross cash Dividends Other cha
Slide 35: 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 2.4 50.7 0.4 2.8 1.9 0.6 1.2 1.5 1.6 (US) 0.7 0.9 (US) 40.4 3.1 (US) 37.6 2.8 31 Dec 2024 Capacity 31 Dec 2025 Offshore Onshore Solar Batteries Flexible Total add
Slide 36: Offshore Wind: Lower earnings due to lower hedged prices and weaker wind conditions
-NOT ENCRYPTED- Offshore Wind Lower earnings due to lower hedged prices and weaker wind conditions Key financials FY 2025 – Offshore Wind Adj. EBITDA FY 2025 vs. FY 2024 in EUR m FY 2025 FY 2024 Change Lower hedged prices Adj. EBITDA 1,488 1,559 -71 Weaker wind conditions t/o non-recurring items - -
Slide 37: Onshore Wind/Solar: Earnings up thanks to organic growth and higher hedged prices
-NOT ENCRYPTED- Onshore Wind/Solar Earnings up thanks to organic growth and higher hedged prices Key financials FY 2025 – Onshore Wind/Solar Adj. EBITDA FY 2025 vs. FY 2024 in EUR m FY 2025 FY 2024 Change Earnings from organic growth in the US and Europe Adj. EBITDA 1,740 1,502 238 Higher hedged pri
Slide 38: Flexible Generation: Lower earnings due to normalised margins
-NOT ENCRYPTED- Flexible Generation Lower earnings due to normalised margins, partly compensated by sale of a data centre project in the UK Key financials FY 2025 – Flexible Generation Adj. EBITDA FY 2025 vs. FY 2024 in EUR m FY 2025 FY 2024 Change Normalised margins from running the asset fleet Adj
Slide 39: Supply & Trading: Lower performance of trading business in 2025
-NOT ENCRYPTED- Supply & Trading Lower performance of trading business in 2025 Key financials FY 2025 – Supply & Trading Adj. EBITDA FY 2025 vs. FY 2024 in EUR m FY 2025 FY 2024 Change Lower trading performance in first half of 2025 Adj. EBITDA 339 679 -340 t/o non-recurring items – - - Adj. depreci
Slide 40: Phaseout Technologies: Adjusted cash flow lower due to significantly lower hedged prices
-NOT ENCRYPTED- Phaseout Technologies Adjusted cash flow lower due to significantly lower hedged prices Key financials FY 2025 – Phaseout Technologies Adj. cash flow FY 2025 vs. FY 2024 in EUR m FY 2025 FY 2024 Change Significantly lower hedged prices Adj. cash flow -492 584 -1,076 Decommissioning o
Slide 41: Economic net debt
-NOT ENCRYPTED- Economic net debt Net assets/net debt in EUR m 31 Dec 2025 31 Dec 2024 +/- Net debt definition Cash and cash equivalents 7,734 5,090 2,644 • Net debt does not contain Marketable securities 5,994 7,241 -1,247 mining provisions, which Other financial assets 1,004 1,903 -899 essentially
Slide 42: Mining provisions and adjusted cashflow Phaseout Technologies
-NOT ENCRYPTED- Mining provisions and adjusted cashflow Phaseout Technologies Mining provisions Adj. cash flow Phaseout Technologies in EUR bn 2024 - 2030 • Adjusted cash flow includes -1.5 6.9 • positive cash flows from sale of electricity generation of lignite power plants 5.4 • compensation payme
Slide 43: 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 44: Your contacts in Investor Relations
-NOT ENCRYPTED- Your contacts in Investor Relations Where to meet us Important Links • 16-20 Mar 26: M-RS Boston & NY • 26 Mar 26: JP Morgan European Forum • Annual and interim reports & statements • 17 Mar 26: IR-RS Geneva • 26 Mar 26: M-RS UK • Financial Calendar • 17 Mar 26: UBS Energy and Utilit