Slide 1: H1 2025 Results Investor & Analyst Conference Call
14 August 2025 H1 2025 Results Investor & Analyst Conference Call Markus Krebber, CEO Michael Müller, CFO Thomas Denny, Head of Investor Relations 14 August 2025 H1 2025 results
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: Highlights H1 2025
Highlights H1 2025 Markus Krebber, CEO 14 August 2025 H1 2025 results
Slide 4: We delivered a good financial performance in H1 2025
We delivered a good financial performance in H1 2025; investment frameworks in our core markets are taking shape Good financial performance in H1 despite weak wind conditions in Europe and low trading result; well on track to deliver full year 2025 adj. EPS guidance; full year guidance confirmed Con
Slide 5: We are well on track to deliver our FY 2025 EPS target
We are well on track to deliver our FY 2025 EPS target and confirm our full year guidance Financial Full Year 2025 performance in H1 2025 guidance Adj. EBITDA, Adj. net income, Adj. EPS, Adj. EBITDA, in EUR bn in EUR bn in EUR adj. net income 2.1 0.8 1.1 and adj. EPS guidance Confirmed 50 % of adj.
Slide 6: Our construction programme is progressing well
Our construction programme is progressing well, more than 3 GW scheduled to come online in H2 2025 Projects Offshore projects under construction well on track: Sofia, UK All 100 foundations and 36 turbines 0.4 1.4 GW installed, first power expected in 2025 (RWE share 100%) 2.7 3.1 11.21 Offshore Win
Slide 7: UK market design is in place
UK market design is in place: We can select from a versatile project pipeline in AR7 Investment framework Broad offshore wind project pipeline improved and clear with high maturity • Retention of one UK price zone and • 9 eligible projects 1 Norfolk Vanguard West 2 Norfolk Vanguard East market desig
Slide 8: Focused energy policy in Germany
Focused energy policy in Germany: We have the right project pipeline to support the market needs Focused energy policy Gas power plant and battery project pipeline and improved fundamentals well advanced • Focused energy policy on cost • Attractive gas power plant efficiency, security of supply and
Slide 9: We have more political visibility in the US
We have more political visibility in the US and maintain our strict investment criteria Investment Regulation criteria impact OBBB provides continued tax credit support under safe harbour Safe harboured tax credits regulations; final clarification outstanding Proactive procurement strategy and bilat
Slide 10: We focus on shareholder return
We focus on shareholder return based on EPS growth, dividends and our share buyback programme Adj. EPS Dividend Share buyback in EUR; guidance midpoint policy programme CAGR CAGR +18 % +13 % 5-10 4 2.1 3 growth per annum % 1.5 until 2030 EUR 1.20 DPS proposal EUR bn for FY 2025 until Q2 2026 2025 20
Slide 11: Financial performance and outlook
Financial performance and outlook Michael Müller, CFO 14 August 2025 H1 2025 results
Slide 12: Financial highlights
Financial highlights Good financial performance in H1 despite weak wind conditions in Europe and low trading result; well on track to deliver full year 2025 adj. EPS guidance; full year guidance confirmed Share buyback programme on track: first tranche completed, second tranche ongoing BBB+ Fitch ra
Slide 13: Good earnings in H1 2025, despite weak wind conditions
Good earnings in H1 2025, despite weak wind conditions in Europe and low trading result Adj. EBITDA in EUR m • Offshore Wind earnings lower due to weak wind -760 conditions and lower hedged prices 2,899 • Onshore Wind/Solar result up on the back of organic growth, partly offset by weak wind 828 cond
Slide 14: Good adjusted net income
Good adjusted net income on the back of good EBITDA and improved adjusted financial result Adj. net income in EUR m • Adj. financial result improved due H1 2024 H1 2025 to increase of interest during construction 2,899 Adj. EBITDA 2,139 • Adj. tax applying general tax rate of 20 % -971 Adj. deprecia
Slide 15: Adjusted operating cash flow marked by seasonal effects
Adjusted operating cash flow marked by seasonal effects Reconciliation to adj. operating cash flow for H1 2025 in EUR m 2,139 -1,220 -1,423 353 -168 -319 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash items1 working capit
Slide 16: Net debt driven by growth investments
Net debt driven by growth investments Development of net debt in H1 2025 in EUR bn 15.5 0.9 0.7 -0.1 11.2 2.5 0.3 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 Jun 25 Net Cash Investments Other change
Slide 17: 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 18: Appendix
Appendix 14 August 2025 H1 2025 results
Slide 19: 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 2.7 49.6 3.1 0.4 1.9 1.4 1.1 1.6 1.6 1.2 0.7 (US) (Europe/ 37.6 38.4 3.1 Australia) 0.7 (US) (Europe/ (US) (Europe/ Australia) Australia) 31 Dec 2024 Capacity 30 Jun 2025 Offshor
Slide 20: Offshore Wind: Earnings driven by lower wind conditions
Offshore Wind Earnings driven by lower wind conditions and lower hedged prices Key financials H1 2025 – Offshore Wind Adj. EBITDA H1 2025 vs. H1 2024 in EUR m H1 2025 H1 2024 Change Weak wind conditions after strong H1 2024 Adj. EBITDA 643 828 -185 Lower hedged prices t/o non-recurring items - - - I
Slide 21: Onshore Wind/Solar: Earnings up on organic growth
Onshore Wind/Solar Earnings up on the back of organic growth, partly offset by weak wind conditions in Europe Key financials H1 2025 – Onshore Wind/Solar Adj. EBITDA H1 2025 vs. H1 2024 in EUR m H1 2025 H1 2024 Change Earnings from organic growth in the US and Europe Adj. EBITDA 830 730 100 Weaker w
Slide 22: Flexible Generation: Lower earnings due to normalised margins
Flexible Generation Lower earnings due to normalised margins Key financials H1 2025 – Flexible Generation Adj. EBITDA H1 2025 vs. H1 2024 in EUR m H1 2025 H1 2024 Change Normalised margins from running the asset fleet Adj. EBITDA 595 1,014 -419 Higher income from system services t/o non-recurring it
Slide 23: Supply & Trading: Low performance of trading business
Supply & Trading Low performance of trading business in H1 2025 Key financials H1 2025 – Supply & Trading Adj. EBITDA H1 2025 vs. H1 2024 in EUR m H1 2025 H1 2024 Change Low trading performance Adj. EBITDA 16 318 -302 t/o non-recurring items – - - Adj. EBITDA Outlook 2025 vs. FY 2024 Normalised perf
Slide 24: Phaseout Technologies: Adjusted cash flow lower
Phaseout Technologies Adjusted cash flow lower due to significantly lower hedged prices Key financials H1 2025 – Phaseout Technologies Adj. cash flow H1 2025 vs. H1 2024 in EUR m H1 2025 H1 2024 Change Significantly lower hedged prices Adj. cash flow -309 396 -705 Decommissioning of 2.4 GW of capaci
Slide 25: Economic net debt
Economic net debt Net assets/net debt in EUR m 30 Jun 2025 31 Dec 2024 +/- Net debt definition Cash and cash equivalents 3,346 5,090 -1,744 • Net debt does not contain Marketable securities 6,315 7,241 -926 mining provisions, which Other financial assets 1,287 1,903 -616 essentially cover our obliga
Slide 26: 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 • 12 Nov 2025: Interim statement on the first three quarters of 2025 • Investor and analyst conferences RWE shares/ADR • 12 Mar