Slide 1: 9M 2025 Results
12 November 2025 9M 2025 Results Investor & Analyst Conference Call Michael Müller, CFO Thomas Denny, Head of Investor Relations 12 Nov 2025 9M 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 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 4: Lower adj. EBITDA in 9M 2025 mainly due to normalised prices, weak wind conditions
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 5: Strong adj. net income on the back of solid adj. EBITDA and improved adj. financial result
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 6: 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 7: 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 8: Further progress on construction programme, more than 2 GW to come 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 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 12 Nov 2025 9M 2025 results
Slide 11: 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 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 9M 2025 – Offshore Wind Adj. EBITDA 9M 2025 vs. 9M 2024 in EUR m 9M 2025 9M 2024 Change Weak wind conditions after strong 9M 2024 Adj. EBITDA 915 1,079 -164 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, partly offset by lower wind in Europe Key financials 9M 2025 – Onshore Wind/Solar Adj. EBITDA 9M 2025 vs. 9M 2024 in EUR m 9M 2025 9M 2024 Change Earnings from organic growth in the US and Europe Adj. EB
Slide 14: Flexible Generation: Lower earnings due to normalised margins
Flexible Generation Lower earnings due to normalised margins partly compensated by a sale of a data centre project in the UK Key financials 9M 2025 – Flexible Generation Adj. EBITDA 9M 2025 vs. 9M 2024 in EUR m 9M 2025 9M 2024 Change Normalised margins from running the asset fleet Adj. EBITDA 1,058
Slide 15: Supply & Trading: Low performance of trading business in first half of 2025
Supply & Trading Low performance of trading business in first half of 2025 Key financials 9M 2025 – Supply & Trading Adj. EBITDA 9M 2025 vs. 9M 2024 in EUR m 9M 2025 9M 2024 Change Low trading performance in first half of 2025 Adj. EBITDA 150 465 -315 t/o non-recurring items – - - Adj. EBITDA Outloo
Slide 16: Phaseout Technologies: Adjusted cash flow lower due to lower hedged prices
Phaseout Technologies Adjusted cash flow lower due to significantly lower hedged prices Key financials 9M 2025 – Phaseout Technologies Adj. cash flow 9M 2025 vs. 9M 2024 in EUR m 9M 2025 9M 2024 Change Significantly lower hedged prices Adj. cash flow -343 453 -796 Decommissioning of 2.4 GW of capaci
Slide 17: Economic net debt
Economic net debt Net assets/net debt in EUR m 30 Sep 2025 31 Dec 2024 +/- Net debt definition Cash and cash equivalents 3,054 5,090 -2,036 • Net debt does not contain Marketable securities 6,233 7,241 -1,008 mining provisions, which Other financial assets 1,157 1,903 -746 essentially cover our obli
Slide 18: 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