Slide 1: Q1 2025 Results
15 May 2025 Q1 2025 Results Investor & Analyst Conference Call Michael Müller, CFO Thomas Denny, Head of Investor Relations 15 May 2025 Q1 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: Financial highlights in Q1 2025
Financial highlights in Q1 2025 Solid financial performance in first quarter in line with expectation despite weak wind conditions in Europe, adj. EBITDA of EUR 1.3 bn and adj. net income of EUR 0.5 bn Guidance for full year 2025 confirmed Share buyback programme of EUR 1.5 bn ongoing, first EUR 500
Slide 4: Construction programme on time and on budget
Construction programme on time and on budget Offshore Wind Onshore Wind/Solar Flexible Generation projects projects projects • Sofia (1.4 GW, UK, COD 2026) • Commissioned 500 MW in Q1 • Fully commissioned a 220 MW • 79 of 100 foundations and • Secured offtake >95 % battery system in Germany in Q1 12
Slide 5: Solid earnings in Q1 2025, despite weak wind conditions in Europe
Solid earnings in Q1 2025, despite weak wind conditions in Europe Adj. EBITDA in EUR m • Offshore Wind earnings lower due to weak wind -402 conditions and lower hedged prices 1,709 • Onshore Wind/Solar result increased thanks to organic growth and higher hedged prices in the 548 US, partly offset by
Slide 6: Good adjusted net income on the back of solid EBITDA
Good adjusted net income on the back of solid EBITDA and improved adjusted financial result Adj. net income in EUR m • Adj. financial result improved due Q1 2024 Q1 2025 to increase of interest during construction 1,709 Adj. EBITDA 1,307 • Adj. tax applying general tax rate of 20 % -489 Adj. depreci
Slide 7: Adjusted operating cash flow marked by seasonal effects
Adjusted operating cash flow marked by seasonal effects Reconciliation to adj. operating cash flow for Q1 2025 in EUR m 1,307 -902 -1,665 161 -52 -1,151 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash items1 working capita
Slide 8: Net debt driven by growth investments
Net debt driven by growth investments Development of net debt in Q1 2025 in EUR bn 15.9 0.1 1.0 -0.2 11.2 2.7 1.2 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 24 cash flow investments net financial debt provisions1 31 Mar 25 Net cash investments Other change
Slide 9: 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 10: Appendix
Appendix 15 May 2025 Q1 2025 Results
Slide 11: 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 2.6 49.4 3.1 1.6 0.4 1.1 1.9 1.5 1.6 (US) (Europe/ 1.2 0.7 (US) (Europe/ Australia) 37.6 38.2 3.1 (US) (Europe/ Australia) 0.6 Australia) 31 Dec 2024 Capacity 31 Mar 2025 Offshor
Slide 12: Offshore Wind: Earnings driven by lower wind conditions and lower hedged prices
Offshore Wind Earnings driven by lower wind conditions and lower hedged prices Key financials Q1 2025 – Offshore Wind Adj. EBITDA Q1 2025 vs. Q1 2024 in EUR m Q1 2025 Q1 2024 Change Lower wind conditions after strong Q1 2024 Adj. EBITDA 380 548 -168 Lower hedged prices t/o non-recurring items - - -
Slide 13: Onshore Wind/Solar: Earnings up on organic growth and higher hedged prices in the US
Onshore Wind/Solar Earnings up on the back of organic growth and higher hedged prices in the US Key financials Q1 2025 – Onshore Wind/Solar Adj. EBITDA Q1 2025 vs. Q1 2024 in EUR m Q1 2025 Q1 2024 Change Earnings from organic growth in the US and Europe Adj. EBITDA 496 341 155 Higher hedged prices i
Slide 14: Flexible Generation: Lower earnings due to normalised margins
Flexible Generation Lower earnings due to normalised margins Key financials Q1 2025 – Flexible Generation Adj. EBITDA Q1 2025 vs. Q1 2024 in EUR m Q1 2025 Q1 2024 Change Normalised margins from running the asset fleet Adj. EBITDA 376 552 -176 Higher income from system services t/o non-recurring item
Slide 15: Supply & Trading: Lower performance of trading business
Supply & Trading Lower performance of trading business in Q1 2025 Key financials Q1 2025 – Supply & Trading Adj. EBITDA Q1 2025 vs. Q1 2024 in EUR m Q1 2025 Q1 2024 Change Lower trading performance Adj. EBITDA 15 251 -236 Adj. EBITDA Outlook 2025 vs. FY 2024 t/o non-recurring items – - - Normalised
Slide 16: Phaseout Technologies: Adjusted cash flow lower
Phaseout Technologies Adjusted cash flow lower due to significantly lower hedged prices Key financials Q1 2025 – Phaseout Technologies Adj. cash flow Q1 2025 vs. Q1 2024 in EUR m Q1 2025 Q1 2024 Change Significantly lower hedged prices Adj. cash flow -207 232 -439 Decommissioning of 2.4 GW of capaci
Slide 17: Economic net debt
Economic net debt Net assets/net debt in EUR m 31 Mar 2025 31 Dec 2024 +/- Net debt definition Cash and cash equivalents 2,762 5,090 -2,328 • Net debt does not contain Marketable securities 6,170 7,241 -1,071 mining provisions, which Other financial assets 1,711 1,903 -192 essentially cover our obli
Slide 18: 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 • 14 Aug 2025: Interim statement on the first half of 2025 • Investor and analyst conferences RWE shares/ADR • 12 Nov 2025: Int