Rwe Ag · XETR:RWE
Rwe — Investor Presentation (May 2026)
38 slides from Rwe's investor presentation, May 13, 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026 Update after Q1 reporting 13 May 2026 Investor Presentation
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 is an attractive investment with strong earnings growth
RWE is an attractive investment with strong earnings growth Strong project Disciplined Robust cash flow Mid-term EPS Attractive execution and capital allocation generation from growth with 12 % shareholder continuous and committed to operating CAGR to 2031 remuneration delivery on strong balance por
Slide 4: Q1 2026 results
Q1 2026 results 13 May 2026 Investor Presentation
Slide 5: Strong financial performance in Q1 2026; 33% of full year adjusted EPS guidance achieved
Strong financial performance in Q1 2026; 33% of full year adjusted EPS guidance achieved Strong financial performance in first quarter, adj. EBITDA of EUR 1.6 bn and adj. net income of EUR 0.6 bn 33% of full year adj. EPS guidance reached, guidance for FY 2026 confirmed All offshore wind constructio
Slide 6: Strong earnings due to normalised wind conditions in Offshore Wind and compensation payment in FlexGen
Strong earnings due to normalised wind conditions in Offshore Wind and compensation payment in FlexGen Adj. EBITDA in EUR m • Offshore Wind earnings significantly higher due +321 to normalised wind conditions 1,631 • Onshore Wind/Solar result increased due to organic growth and better wind condition
Slide 7: Adjusted EPS increased 25% on the back of strong adjusted EBITDA
Adjusted EPS increased 25% on the back of strong adjusted EBITDA Adj. net income in EUR m • Adj. depreciation higher due to Q1 2025 Q1 2026 organic growth • Adj. financial result improved due 1,310 Adj. EBITDA 1,631 to higher capitalised interest -496 Adj. depreciation -622 • Adj. tax applying gener
Slide 8: Adjusted operating cash flow marked by seasonal effects
Adjusted operating cash flow marked by seasonal effects Reconciliation to adj. operating cash flow for Q1 2026 in EUR m 1,631 -753 -3,129 107 -127 -2,271 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash items1 working capit
Slide 9: Net debt driven by seasonal effects in adjusted operating cash flow and growth investments
Net debt driven by seasonal effects in adjusted operating cash flow and growth investments Development of net debt in Q1 2026 in EUR bn 15.6 0.1 0.1 -0.1 2.3 10.9 2.3 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 25 cash flow investments net financial debt pr
Slide 10: Outlook confirmed for full year 2026
Outlook confirmed for full year 2026 Group outlook FY 2026 Divisional outlook FY 2026 in EUR m in EUR m Outlook Adj. EBITDA Outlook Adj. EBITDA 5,200 – 5,800 Offshore Wind 1,550 – 2,050 Adj. depreciation approx. -2,400 Onshore Wind/Solar 1,750 – 2,250 Adj. EBIT 2,800 – 3,400 Flexible Generation 1,20
Slide 11: Highlights 2025 and strategy update
Highlights 2025 and strategy update 13 May 2026 Investor Presentation Page 11
Slide 12: Strong 2025 performance and exceptional earnings growth ahead
Strong 2025 performance and exceptional earnings growth ahead Strong financial performance and strategy execution in 2025 Excellent position for long-term growth in a favourable market environment with clear investment frameworks Disciplined capital allocation with focus on highly attractive growth
Slide 13: High growth market environment with clear investment frameworks
High growth market environment with clear investment frameworks Power demand growth until 2030 in Europe and the US1 Power systems require >10% substantial investments across renewables, storage and flexible generation Electrification across transport, Our core markets US, heating and industry as we
Slide 14: Powerful value proposition and proven expertise
Powerful value proposition and proven expertise Strong Excellent Proven portfolio capabilities track record Integrated portfolio Best in class engineering skills Strong execution track record across renewables, storage to develop, construct and run to deliver construction projects and flexible gener
Slide 15: Attractive investments will drive exceptional earnings growth
Attractive investments will drive exceptional earnings growth Net cash investments, Average target IRR, Adj. EPS, in EUR bn1 in % in EUR CAGR +12% ~4.40 35 >8.5 >4 >3 ~2.55 2026 – 2031 for new projects 2026 2027 2030 2031 1 Excl. EUR 2 bn Amprion capital increases 13 May 2026 Investor Presentation P
Slide 16: Capital allocation targets key growth opportunities and maintains flexibility
Capital allocation targets key growth opportunities and maintains flexibility Net cash investments, Disciplined and flexible in EUR bn 2026 - 2031 European Wind & Solar capital allocation 7 17 • Offshore net cash investments US Power Generation 35bn € 2 Offshore Wind reduced through farm downs and p
Slide 17: Well positioned to capture US market opportunities
Well positioned to capture US market opportunities US market Our strict fundamentals investment criteria • High power demand growth driven by data centres and All federal permits obtained electrification Tariff risks mitigated • Advantage for technologies with Offtake secured short time to market: w
Slide 18: Accelerating US expansion with flexible gas generation
Accelerating US expansion with flexible gas generation Existing asset base and focus markets for flexible gas generation • Leveraging secured grid connections to add flexible gas peaking capacity on an accelerated timeline • Focus on ERCOT, MISO, PJM and WECC markets with strong demand growth MISO P
Slide 19: Attractive gas power plant projects ready to build in Germany
Attractive gas power plant projects ready to build in Germany Investment need Our proposition and clear framework to invest • 22-36 GW additional firm, flexible capacity required until 20351 3 GW ready-to-build gas projects with 2.7 GW of turbines secured and further projects under development • Ger
Slide 20: Leading offshore wind execution and driving value accretive growth
Leading offshore wind execution and driving value accretive growth Project execution Our strategic and pipeline measures • Offshore wind activities 2 3.1 6.9 EUR bn net cash focused on core markets UK, investments DE, NL, DK, BE, IE, JP and KR 2026 - 2031 Attractive partnerships and < under GW proje
Slide 21: European onshore wind and solar investments target growth markets and secured offtakes
European onshore wind and solar investments target growth markets and secured offtakes Our strategic Net cash investments focus in EUR bn • Focus on core markets with strong growth potential and By technology 1.5 Solar 7 EUR bn net cash attractive offtake regimes investments • Exited markets with lo
Slide 22: Unlock value of existing sites from data centre growth in Europe
Unlock value of existing sites from data centre growth in Europe Market fundamentals Data centre development portfolio for existing sites and value proposition • Data centre growth Data centre development portfolio increases demand for land, • ~10 potential data centre sites under development power
Slide 23: Diversified portfolio with strong cashflow and earnings
Diversified portfolio with strong cashflow and earnings Target portfolio, Adj. operating cash flow, Adj. EPS, in 2031 in EUR bn1 in EUR Offshore wind Split by 10% Flexible generation technology & hydrogen 35% 20% ~65 Onshore wind GW ~7.5 ~4.4 15% 20% Batteries Solar Split by region 30% in 2031 in 20
Slide 24: Financial performance and outlook
Financial performance and outlook 13 May 2026 Investor Presentation Page 24
Slide 25: Investments to deliver extraordinary earnings growth
Investments to deliver extraordinary earnings growth Adj. EBITDA in EUR m Split by segment in 2031 CAGR Supply Other/ +12% 9,200 – 10,000 & Trading Consolidation 3% 3% Flexible 25% Offshore Generation Wind 6,200 – 6,800 22% 9,600 5,200 – 5,800 5,087 midpoint 47% Onshore Wind/Solar 2025 2026 2027 203
Slide 26: Offshore Wind earnings growth with high visibility from assets under construction
Offshore Wind earnings growth with high visibility from assets under construction Adj. EBITDA Development in EUR m 2026 - 2031 • Commissioning of new assets CAGR +6% • Lower margins from existing assets 2,150 – 2,650 1,900 – 2,400 1,550 - 2,050 Sofia (UK) COD 2026 Nordseecluster A (GER) COD 2027 1,4
Slide 27: Onshore Wind/Solar earnings growth driven by capacity additions in the US and Europe
Onshore Wind/Solar earnings growth driven by capacity additions in the US and Europe Adj. EBITDA Development in EUR m 2026 - 2031 CAGR • Commissioning of wind, solar and battery projects +18% in the US and Europe 4,200 – 4,800 • Lower margins from existing assets Europe & Australia • Earnings contri
Slide 28: Flexible Generation earnings to rise on the back of new battery and gas assets
Flexible Generation earnings to rise on the back of new battery and gas assets Adj. EBITDA Development in EUR m 2026 - 2031 • Commissioning of battery projects and new gas CAGR power plants in Germany +9% 1,900 – 2,400 • Lower margins from existing assets • Contracted capacity payments in the UK 1,4
Slide 29: Strong adjusted operating cash flow from contracted assets
Strong adjusted operating cash flow from contracted assets Adj. operating cash flow in EUR bn • Strong adj. operating cash flow from our existing assets and growth ~7.5 investments • Adj. operating cash flow 2031 excluding utilisation of mining ~5 provisions as these are fully covered by financial a
Slide 30: Strong balance sheet and investment grade rating
Strong balance sheet and investment grade rating Strict balance sheet Solid investment grade management rating Ratings: 2025 2026 - 2031 Baa2 2.1x ~3x Moody’s BBB+ Leverage factor of net Leverage factor at Fitch debt/adj. EBITDA 2025 lower end of the range of 3.0-3.5x 13 May 2026 Investor Presentati
Slide 31: Dividend growth increased to 10% per annum
Dividend growth increased to 10 % per annum Dividend policy EUR/share • We confirm our dividend of 1.20 EUR per share for 2025 Annual • Dividend target of DPS growth +10% 1.32 EUR per share for 2026 • Management committed to grow 1.321 dividend by 10% per annum 1.20 2025 2026 2031 1 Management targe
Slide 32: Investment programme drives exceptional earnings growth and shareholder value
Investment programme drives exceptional earnings growth and shareholder value Investment Earnings Strict Dividend programme growth balance sheet commitment 2026 – 2031 2026 – 2031 management €35 bn 12% Strong investment Dividend growth Net cash investments1 Adj. EBITDA grade rating of 10% per annum
Slide 33: Appendix
Appendix 13 May 2026 Investor Presentation
Slide 34: 10.4 GW of capacity under construction
10.4 GW of capacity under construction Development of our renewables and flexible generation portfolio GW pro rata1 +10.4 2.5 50.9 2.9 0.4 1.9 1.2 0.5 1.5 1.8 (US) (Europe) 0.9 0.6 (US) (Europe) 40.4 40.5 3.1 (US) (Europe) 0.1 31 Dec 2025 Capacity 31 Mar 2026 Offshore Onshore Solar Batteries Flexibl
Slide 35: Guidance 2026, 2027 and 2031
Guidance 2026, 2027 and 2031 € million 2026 2027 2031 Offshore Wind 1,550 – 2,050 1,900 – 2,400 2,150 – 2,650 Onshore Wind/Solar 1,750 – 2,250 2,200 – 2,700 4,200 – 4,800 Flexible Generation 1,200 – 1,600 1,400 – 1,800 1,900 – 2,400 Supply & Trading 100 – 500 100 – 500 100 – 500 Other/Consolidation
Slide 36: Mining provisions and adjusted cashflow Phaseout Technologies
Mining provisions and adjusted cashflow Phaseout Technologies Mining provisions Adj. cash flow Phaseout Technologies in EUR bn 2024 - 2030 • Adjusted cash flow includes -1.5 6.9 • positive cash flows from sale of electricity generation of lignite power plants 5.4 • compensation payments from German
Slide 37: Prices and sensitivities
Prices and sensitivities Commodity Adj. EBITDA prices1 sensitivities 2026 2027 in EUR m 2026 2027 Power Base DE €/MWh el 78 77 Offshore +/- 1 EUR/MWh 10 9 Carbon EUA €/t CO2 69 71 Onshore/Solar +/- 1 EUR/MWh 1 3 Europe Gas TTF €/MWh th 29 26 Onshore/Solar +/- 1 EUR/MWh 2 2 US Power Base UK £/MWh el
Slide 38: Your contacts in Investor Relations
Your contacts in Investor Relations Where to meet us Important Links • 19 May 26: Goldman Sachs Utilities Conference • 23-24 Jun 26: Jefferies Corporate Conference • Annual and interim reports & statements • 19 May 26: JP Morgan Investor Tour • 01 Sep 26: DB European Utilities Conference • Financial