Slide 1: 9M 2023 Results
14 Nov 2023 9M 2023 Results Michael Müller, CFO Thomas Denny, Head of Investor Relations 14 Nov 2023 9M results 2023
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: Financial highlights in 9M 2023
Financial highlights in 9M 2023 Strong earnings development across all core segments, notably driven by capacity additions, strong flexible generation and Supply & Trading performance; full year guidance confirmed Marked green capacity growth of 5.7 GW and further 7.8 GW under construction Continued
Slide 4: Strong earnings driven by capacity additions, flexible generation and Supply & Trading performance
Strong earnings driven by capacity additions, flexible generation and Supply & Trading performance Core adj. EBITDA in EUR m • Offshore Wind earnings up on the back of capacity Offshore Wind additions, better wind conditions and higher Onshore Wind/Solar hedged prices +2,907 Hydro/Biomass/Gas • Onsh
Slide 5: Adjusted net income reflects strong operational performance
Adjusted net income reflects strong operational performance Adj. net income in EUR m • Adj. EBITDA driven by strong operational 9M 2022 FY 2021 9M 2023 FY 2022 performance in 2023 and negative one-off in 2022 Adj. EBITDA 3,386 6,150 • Adj. depreciation increased in line with 9M 2023 growth investmen
Slide 6: Adjusted operating cash flow marked by strong operating result and positive working capital effects
Adjusted operating cash flow marked by strong operating result and positive working capital effects Reconciliation to adj. operating cash flow for 9M 2023 in EUR m 6,150 -151 6,228 -614 1,787 -944 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes
Slide 7: Net debt increases due to CEB acquisition, green growth and timing effects from hedging
Net debt increases due to CEB acquisition, green growth and timing effects from hedging activities Development of net debt in 9M 2023 in EUR bn (+ net debt/- net assets) 6.2 0.1 2.8 0.9 4.0 -1.6 -6.2 6.3 Net debt Adj. operating Acquisition CEB Net cash Dividends Other changes in Changes in Net debt
Slide 8: Marked green growth of 5.7 GW and additional 7.8 GW capacity under construction
Marked green growth of 5.7 GW and additional 7.8 GW capacity under construction Development of our green generation portfolio GW pro rata +7.8 42.6 1.3 0.2 2.7 1.1 34.8 2.5 5.7 29.2 31 Dec 2022 Capacity 30 Sep 2023 Offshore Onshore Solar Batteries Flexible Total additions Wind Wind Generation & H2 C
Slide 9: Confirmed outlook for full year 2023
Confirmed outlook for full year 2023 Group outlook FY 2023 Divisional outlook FY 2023 (adj. EBITDA) in EUR m in EUR m Outlook Outlook Core adj. EBITDA 6,300 – 6,900 Offshore Wind 1,400 – 1,800 Adj. EBITDA RWE Group 7,100 – 7,700 Onshore Wind/Solar 1,100 – 1,500 Adj. depreciation -2,100 Core Adj. EBI
Slide 10: Appendix
Appendix 14 Nov 2023 9M results 2023 Page 10
Slide 11: Core Offshore Wind: Earnings up due to capacity additions and better wind conditions
Core Offshore Wind Earnings up due to capacity additions and better wind conditions Key financials 9M 2023 – Offshore Wind Adj. EBITDA 9M 2023 vs. 9M 2022 € million 9M 2023 9M 2022 Change Better wind conditions Adj. EBITDA 998 859 139 Higher earnings due to capacity additions t/o non-recurring items
Slide 12: Core Onshore Wind/Solar: Earnings up thanks to CEB acquisition and organic growth
Core Onshore Wind/Solar Earnings up thanks to CEB acquisition and organic growth Key financials 9M 2023 – Onshore Wind/Solar Adj. EBITDA 9M 2023 vs. 9M 2022 € million 9M 2023 9M 2022 Change Earnings contribution from CEB (1 March) and organic capacity additions Adj. EBITDA 870 663 207 Lower realised
Slide 13: Core Hydro/Biomass/Gas: Exceptional earnings development
Core Hydro/Biomass/Gas Exceptional earnings development on the back of strong asset optimisation and higher hedged margins Key financials 9M 2023 – Hydro/Biomass/Gas Adj. EBITDA 9M 2023 vs. 9M 2022 € million 9M 2023 9M 2022 Change Higher earnings from strong short-term asset optimisation Adj. EBITDA
Slide 14: Core Supply & Trading: Strong performance of the trading business
Core Supply & Trading Strong performance of the trading business and absence of negative one-off Key financials 9M 2023 – Supply & Trading Adj. EBITDA 9M 2023 vs. 9M 2022 € million 9M 2023 9M 2022 Change Strong performance across almost all commodities and regions Adj. EBITDA 1,334 194 1,140 Earning
Slide 15: Non-Core Coal/Nuclear: Earnings down due to lower realised power prices
Non-Core Coal/Nuclear Earnings down due to lower realised power prices for unhedged volumes Key financials 9M 2023 – Coal/Nuclear Adj. EBITDA 9M 2023 vs. 9M 2022 € million 9M 2023 9M 2022 Change Lower realised margins on unhedged positions Adj. EBITDA 483 626 -143 Higher maintenance costs and more o
Slide 16: Economic net debt
Economic net debt Net assets/net debt Net debt definition in EUR m 30 Sep 2023 31 Dec 2022 +/- Cash and cash equivalents 7,727 6,988 739 • Net debt does not contain Marketable securities 7,777 13,730 -5,953 mining provisions, which Other financial assets 3,577 8,543 -4,966 essentially cover our Fina
Slide 17: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar • Annual and interim reports & statements • 14 March 2024 Annual report for fiscal 2023 ADR programme available • Investor and analyst conferences • 03 May 2024 Further information on our homepage Annual General Meeting RWE share