Rwe Ag · XETR:RWE
Rwe — Investor Presentation (November 2025)
31 slides from Rwe's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
Investor Presentation November 2025 Update after 9M 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: RWE – an attractive investment
RWE – an attractive investment 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 high flexibility from certainty thr
Slide 4: 9M 2025 results
9M 2025 results November 2025 Investor presentation
Slide 5: Financial highlights in 9M 2025
Financial highlights in 9M 2025 Strong financial performance: more than 80% of FY 2025 adj. EPS target achieved and well on track to deliver FY 2025 adj. EPS guidance Strong value creation through sale of a UK data centre project to a hyperscaler: Book gain of EUR 225m recorded in Flexible Generatio
Slide 6: Lower adj. EBITDA in 9M 2025 mainly due to normalised prices, weak wind
Lower adj. EBITDA in 9M 2025 mainly due to normalised prices, weak wind conditions in Europe and low trading result Adj. EBITDA in EUR m • Offshore Wind earnings lower due to weak wind -500 conditions and lower hedged prices 3,976 • Onshore Wind/Solar result up on the back of 3,476 organic growth an
Slide 7: Strong adj. net income on the back of solid adj. EBITDA
Strong adj. net income on the back of solid adj. EBITDA and improved adj. financial result Adj. net income in EUR m • Adj. depreciation increased due to 9M 2024 9M 2025 construction programme • Adj. financial result improved due 3,976 Adj. EBITDA 3,476 to an increase of capitalised interest -1,466 A
Slide 8: Adj. operating cash flow mainly marked by positive working capital effects
Adj. operating cash flow mainly marked by positive working capital effects Reconciliation to adj. operating cash flow for 9M 2025 in EUR m 3,476 3,873 302 -209 -1,749 2,053 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash i
Slide 9: Net debt mainly driven by growth investments
Net debt mainly driven by growth investments Development of net debt in 9M 2025 in EUR bn 15.7 0.1 11.2 2.7 1.0 -3.9 4.6 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 24 cash flow investments net financial debt provisions1 30 Sep 25 Net Cash Investments Other
Slide 10: Further progress on construction programme, more than 2 GW online in Q4 2025
We have made further progress on our construction programme, more than 2 GW to come online in Q4 2025 Projects Offshore projects under construction well on track: Sofia, UK All 100 foundations and 62 turbines 0.4 1.4 GW installed, first power expected in 2025 (RWE share 100%) 2.7 3.1 11.41 Offshore
Slide 11: 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 12: Highlights FY 2024 and update on capital allocation
Highlights FY 2024 and update on capital allocation November 2025 Investor presentation
Slide 13: 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 14: Investment programme adapted 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: higher return requirements
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: Financial performance and outlook
Financial performance and outlook November 2025 Investor presentation
Slide 20: Offshore Wind earnings will grow with commissioning of Sofia, Nordseecluster A and Thor
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 21: Onshore Wind/Solar earnings will grow driven by assets under construction
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 22: Flexible Generation will provide stable earnings with upside
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 23: 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 24: 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 25: Appendix
Appendix November 2025 Investor presentation
Slide 26: 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 27: 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 28: 11.4 GW of capacity under construction
11.4 GW of capacity under construction Development of our renewables and flexible generation portfolio GW pro rata1 +11.4 2.7 50.1 3.4 0.4 1.8 1.4 1.1 1.7 2.0 1.2 0.6 (US) (Europe/ 37.6 38.7 3.1 Australia) 1.1 (US) (Europe/ (US) (Europe/ Australia) Australia) 31 Dec 2024 Capacity 30 Sep 2025 Offshor
Slide 29: UK capacity market (2/2)
UK capacity market (2/2) Our plants in UK Capacity Market Revenue from capacity market3 Derated capacity (MW) 2023/ 2024 2024/ 20252 2025/ 2026 2026/ 2027 2027/ 2028 2028/ 2029 in £ million Didcot B 1,395 1,395 1,409 1,416 1,351 1,342 511 Revenues (excl. OCGT) 473 until 441 Little Barford 699 699 70
Slide 30: RWE in the Climate Transition Benchmark and Paris-aligned Benchmark
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 31: Your contacts in Investor Relations
Your contacts in Investor Relations Where to meet us Important Links • 19/20 Nov 25: London Roadshow • 7 Jan 26: Citi Conference London • Annual and interim reports & statements • 20 Nov 25: Sell Side breakfast London • 8 Jan 26: ODDO BHF Forum Lyon • Financial Calendar • 26 Nov 25: Stuttgart Struct