Slide 1: Full Year 2024 Results
20 March 2025 Full Year 2024 Results Investor & Analyst Conference Call Markus Krebber, CEO Michael Müller, CFO Thomas Denny, Head of Investor Relations 13 Nov 2024 9M 2024 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 FY 2024 and update on capital allocation
Highlights FY 2024 and update on capital allocation Markus Krebber, CEO 20 Mar 2025 FY 2024 Results
Slide 4: 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 5: Strong financial performance in 2024 on robust generation portfolio
We have delivered a strong financial performance in 2024 on the back of our robust generation portfolio Strong Attractive Significant progress financial performance bottom line earnings in decarbonisation +3 % +8 % 5.5 5.7 3.1 2.9 Adj. EBITDA Adj. EPS CO2 emissions in EUR bn in EUR compared to 2023
Slide 6: 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 7: Optimising offshore wind portfolio and reducing 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 8: High flexibility in 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 9: Projects under construction deliver attractive returns and are de-risked
Our projects under construction will deliver attractive returns and are largely de-risked Projects under construction Offshore Wind 3% • Construction projects on time and on 19 % budget 35 % • Offtake for first 400 MW of Nordseecluster 12.51 project contracted GW Onshore Wind/Solar 26 % Avg. IRR • C
Slide 10: Disciplined approach: higher return requirements, stricter investment criteria
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 11: EPS guidance for 2027 and 2030 confirmed
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 12: Shareholder return: dividends, EPS growth, share buyback
We offer attractive shareholder return based on dividends, EPS growth and share buyback programme Dividend Bottom line Share buyback yield earnings growth programme EUR 1.20 DPS proposal for FY 2025; Adj. EPS growth EUR bn 5 – 10 % growth per annum 2025 – 2027 until Q2 2026 until 2030 20 Mar 2025 FY
Slide 13: RWE is an attractive investment with significant valuation upside
RWE is an attractive investment with significant valuation upside 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
Slide 14: Financial performance and outlook
Financial performance and outlook Michael Müller, CFO 20 Mar 2025 FY 2024 Results
Slide 15: Strong 2024 performance above midpoint of guidance ranges
We have delivered a strong financial performance in 2024 above the midpoint of our guidance ranges Adj. net income in EUR m • Adj. EBITDA higher due to strong FY 2024 Actuals Guidance (midpoint) performance of Flexible Generation and Supply & Trading Adj. EBITDA 5,680 5,500 + • Adj. depreciation hig
Slide 16: Offshore Wind earnings growth from 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 17: Onshore Wind/Solar earnings growth from 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 18: Flexible Generation provides 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 19: 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 5,888 Average EUR 5 bn Includes: • Cash flow contribution from growing core business • Cash flow from phaseout business • Positive working capital effects • Cash
Slide 20: 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 21: Financial highlights
Financial highlights Strong operational and financial performance in 2024; adj. EBITDA/EPS above midpoint of guidance range High visibility on earnings growth, with low sensitivity to power prices High cash flow generation of robust portfolio Strong balance sheet and lower leverage in current market
Slide 22: Appendix
Appendix 20 Mar 2025 FY 2024 Results
Slide 23: Earnings guidance 2025 by segment
Earnings guidance 2025 by segment Divisional outlook FY 2025 in EUR m FY 2024 Guidance 2025 Adj. EBITDA Offshore Wind 1,559 1,300 – 1,700 Lower prices, incl. German compression model. Positive effects from phasing in Sofia and lower operations and maintenance costs Onshore Wind/Solar 1,502 1,650 – 2
Slide 24: Earnings guidance 2025
Earnings guidance 2025 Group guidance FY 2025 in EUR m • Adj. depreciation and adj. financial result FY 2024 Guidance 2025 driven by growth investments Adj. EBITDA 5,680 4,550 – 5,150 • Applying general tax rate of 20 % Adj. depreciation -2,119 approx. -2,200 • €1.20 dividend per share target for 20
Slide 25: 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 26: Adjusted operating cash flow marked by working capital effects
Adjusted operating cash flow marked by effects in working capital Reconciliation to adj. operating cash flow for FY 2024 in EUR m 5,680 -96 -735 5,888 1,783 -744 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash items1 worki
Slide 27: Net debt driven by growth investments
Net debt driven by growth investments Development of net debt in FY 2024 in EUR bn (+ net debt/- net assets) 11.2 1.0 -0.6 0.1 6.6 10.1 -5.9 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 23 cash flow investments net financial debt provisions1 31 Dec 24 Net ca
Slide 28: 12.5 GW of capacity under construction
12.5 GW of capacity of under construction Development of our renewables and flexible generation portfolio GW pro rata1 EUR 8 bn capex already spent for projects under construction +12.5 2.3 50.1 3.2 0.4 2.1 1.5 1.0 1.3 1.7 (US) 1.4 0.7 (US) 37.6 4.4 (US) 35.5 2.1 31 Dec 2023 Capacity 31 Dec 2024 Off
Slide 29: Offshore project Sofia: construction progressing well
Offshore project Sofia: Construction progressing well, on time and on budget COD in 2026 for 1.4 GW, located on Dogger Bank, 195 km off the east coast of UK in the North Sea Inflation linked CfD for 15 years; no lease payment >50 % monopiles, export cable and the onshore and offshore converter stati
Slide 30: Offshore project Thor: construction progressing as planned
Offshore project Thor: Construction progressing as planned COD in 2027 for 1.1 GW, located 22 km off the Danish coast PPAs to be signed before COD; “lease-like” payment of DKK 2.8 bn in 2018 prices via two-sided CfD Onshore construction works very well advanced 50 % of foundations delivered to Eemsh
Slide 31: Offshore project OranjeWind: construction starts 2026
Offshore project OranjeWind: Construction starts 2026; all supplier contracts signed COD in 2028 for 795 MW (RWE stake 50 %), located 53 km off the Dutch coast PPAs to be signed before COD; lease payment of EUR 50 m upfront Installed capacity: 795 MW Offshore construction scheduled to start in 2026;
Slide 32: Offshore project Nordseecluster A & B: construction to begin
Offshore project Nordseecluster A & B: Construction to begin this year COD of NSC A in 2027 for 660 MW and NSC B in 2029 for 900 MW, located in the German North Sea First 400 MW contracted, further PPAs to be signed before COD; no lease payment All supplier contracts signed; fabrication of foundatio
Slide 33: Offshore Wind: lower earnings due to lower realised prices
Offshore Wind Lower earnings due to lower realised prices Key financials FY 2024 – Offshore Wind Adj. EBITDA FY 2024 vs. FY 2023 in EUR m FY 2024 FY 2023 Change Lower prices, incl. German compression model Adj. EBITDA 1,559 1,664 -105 Higher operations and maintenance costs t/o non-recurring items -
Slide 34: Onshore Wind/Solar: earnings up on organic growth
Onshore Wind/Solar Earnings up on the back of organic growth and higher hedged prices Key financials FY 2024 – Onshore Wind/Solar Adj. EBITDA FY 2024 vs. FY 2023 in EUR m FY 2024 FY 2023 Change Earnings contribution from organic growth and CEB Adj. EBITDA 1,502 1,248 254 acquisition t/o non-recurrin
Slide 35: Flexible Generation: lower earnings after exceptional prior year
Flexible Generation Lower earnings after exceptional market conditions in prior year Key financials FY 2024 – Flexible Generation Adj. EBITDA FY 2024 vs. FY 2023 in EUR m FY 2024 FY 2023 Change Lower margins from running the asset fleet Adj. EBITDA 1,949 3,217 -1,268 Higher income from system servic
Slide 36: Supply & Trading: strong performance of trading business
Supply & Trading Strong performance of trading business in 2024 Key financials FY 2024 – Supply & Trading Adj. EBITDA FY 2024 vs. FY 2023 in EUR m FY 2024 FY 2023 Change Performance lower after exceptional prior year Adj. EBITDA 679 1,578 -899 t/o non-recurring items – - - Adj. depreciation -26 -58
Slide 37: Phaseout Technologies: adj. cash flow increased
Phaseout Technologies Adj. cash flow increased due to higher hedged margins Key financials FY 2024 – Phaseout Technologies Adj. cash flow FY 2024 vs. FY 2023 in EUR m FY 2024 FY 2023 Change Higher hedged margins and extraordinarily high Adj. cash flow 584 117 467 commercial asset optimisation Sale o
Slide 38: Economic net debt
Economic net debt Net assets/net debt in EUR m 31 Dec 2024 31 Dec 2023 +/- Net debt definition Cash and cash equivalents 5,090 6,917 -1,827 • Net debt does not contain Marketable securities 7,241 8,114 -873 mining provisions, which Other financial assets 1,903 2,529 -626 essentially cover our obliga
Slide 39: 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 40: 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 • 30 April 2025: Annual General Meeting • Investor and analyst conferences RWE shares/ADR • 06 May 2025: Dividend payment Conta