Slide 1: H1 2022 Results
11 Aug 2022 H1 2022 Results Markus Krebber, CEO Michael Müller, CFO Thomas Denny, Head of Investor Relations 11 Aug 2022 H1 results 2022
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: Great strides made on delivery of Growing Green strategy
Great strides made on delivery of Growing Green strategy while navigating the European energy crisis Continued robustness demonstrated despite war in Ukraine. A strong operational performance in H1 2022 leading to an EBITDA in the core business of €2.4bn and €2.9bn for RWE Group Financial exposure t
Slide 4: Earnings increase in entire core business of RWE Group
Earnings increase in entire core business of RWE Group Adjusted EBITDA, €million Core business 2,858 Coal/Nuclear Substantial investments and steady green capacity expansion 1,751 Higher capacity utilisation and strong operational performance 2,357 across all generation units of our 1,206 core busin
Slide 5: Financial exposure to Russian counterparties entirely removed and reflected in H1 earnings
Financial exposure to Russian counterparties entirely removed and reflected in H1 earnings • Financial exposure to Russian counterparties fully removed Gas supply contracts • No further financial downside from exposure to Russian counterparties as financial actively managed to impact fully covered i
Slide 6: Strong partner for enhancing energy security
Strong partner for enhancing energy security Increase Diversification in power generation of gas supply LNG • Higher utilisation of existing generation • >40 LNG cargoes in H1 2022: 4x higher LNG portfolio supply to Europe vs H1 2021 • Floating LNG terminal: • Germany: 0.9 GW from lignite security •
Slide 7: Execution of Growing Green strategy fully on track
Execution of Growing Green strategy fully on track Offshore Onshore Batteries & Flexible Hydrogen Wind Wind/Solar Generation • Commissioning of • Commissioning of • Commissioning of • Start of construction 506 MW offshore >600 MW in Onshore 100 MW batteries of 14 MW pilot wind capacity Wind/Solar el
Slide 8: RWE ambition: leading the way to a green energy world
RWE ambition: leading the way to a green energy world Proving Significantly Successfully Strong financial robustness of contributing to executing Growing foundation company profile energy security Green strategy enabling continued investments into green growth Diversified business Providing security
Slide 9: H1 2022 – Financial highlights
H1 2022 – Financial highlights Michael Müller, CFO 11 Aug 2022 H1 results 2022
Slide 10: Striking operational performance in H1 2022 while 2021 was marked by a negative one-off
Striking operational performance in H1 2022 while 2021 was marked by a negative one-off Core adj. EBITDA H1 2022 vs. H1 2021, € million Offshore Wind earnings up on the back of +95% capacity additions including Rampion consolidation effect, favourable wind conditions 2,357 and higher power prices 54
Slide 11: Strong adj. net income on the strength of the successful operational performance
Strong adj. net income on the strength of the successful operational performance Adj. net income, € million Adj. EBITDA driven by strong operational performance H1 2021 H1 2022 Adj. EBITDA Adj. depreciation increases in line with 1,751 2,858 H1 2022 growth investments -709 Adj. depreciation -754 Adj
Slide 12: Adj. operating cash flow derived from very good H1 earnings
Adj. operating cash flow derived from very good H1 earnings Reconciliation to adj. operating cash flow for H1 2022 Changes in provisions/(Non-) Cash items mainly driven by legacy and restructuring € million provisions Positive effects in changes in operating 2,858 2,822 219 52 -112 working capital:
Slide 13: Increase of net assets due to strong operating cash flow
Increase of net assets due to strong operating cash flow as well as higher interest rates for pension provisions Development of net debt in H1 2022, € billion (+ net debt / - net assets) -0.3 -0.4 0.8 -1.3 -2.8 2.1 -1.9 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt
Slide 14: Outlook for FY 2022 as of July 2022
Outlook for FY 2022 as of July 2022 Group outlook FY 2022, € million Divisional outlook FY 2022– adj. EBITDA, € million Outlook Core adj. EBITDA (Feb 2022) 4,300 – 4,800 Offshore Wind 1,350 – 1,600 Adj. EBITDA RWE Group 5,000 – 5,500 Onshore Wind/Solar 900 – 1,100 Depreciation ~-1,600 Hydro/Biomass/
Slide 15: Strengthening financial foundation to enable continued investments into green growth
Strengthening financial foundation to enable continued investments into green growth Green Stringent Strict Dividend target business model investment criteria balance sheet FY2022 management 88% Project IRR typically Strong investment €0.90 of capex eligible under exceeding base WACC grade rating pe
Slide 16: Appendix
Appendix 11 Aug 2022 H1 results 2022
Slide 17: Key sensitivities to our planning assumptions for FY2022
Key sensitivities to our planning assumptions for FY2022 Driver Segment Type Sensitivity Group impact1 Wind levels Offshore Wind P&L +/- 10% production +/- €200 million Onshore Wind/Solar P&L +/- 10% production +/- €150 million Main f/x (USD & GBP) RWE Group P&L +/- 10% +/- €180 million CO2 prices R
Slide 18: Significant green portfolio growth with 6.2 GW underway
Significant green portfolio growth with 6.2 GW underway Development of our green generation portfolio, GW pro rata +6.2 34.3 1.9 0.5 <0.1 1.2 Includes 1.4 GW 0.8 Magnum 28.0 1.7 acquisition 26.9 0.1 1.2 31.12.2021 Capacity Capacity 30.06.2022 Offshore Onshore Solar Batteries Hydrogen Flexible Total
Slide 19: Offshore Wind: Earnings increase due to capacity additions
Core Offshore Wind: Earnings increase due to capacity additions, as well as favourable wind and market conditions Key financials H1 2022 – Offshore Wind Adj. EBITDA H1 2022 vs. H1 2021 Higher earnings from capacity additions to portfolio, including Rampion full consolidation2 € million H1 2022 H1 20
Slide 20: Onshore Wind/Solar: Solid performance and lack of negative one-offs
Core Onshore Wind/Solar: Solid performance and lack of negative one-offs Key financials H1 2022 – Onshore Wind/Solar Adj. EBITDA H1 2022 vs. H1 2021 No one-off effects (- Texas cold snap | + book gains farm-down) Higher power prices for unhedged volumes € million H1 2022 H1 2021 change Increase in e
Slide 21: Hydro/Biomass/Gas: Strong earnings development in volatile markets
Core Hydro/Biomass/Gas: Strong earnings development in volatile markets Key financials H1 2022 – Hydro/Biomass/Gas Adj. EBITDA H1 2022 vs. H1 2021 Higher earnings from strong short-term asset optimisation Higher generation margins, despite lower income from GB € million H1 2022 H1 2021 change capaci
Slide 22: Supply & Trading: Outstanding trading performance in H1
Core Supply & Trading: Outstanding trading performance in H1 set the stage for higher full year results Key financials H1 2022 – Supply & Trading Adj. EBITDA H1 2022 vs. H1 2021 Outstanding results from trading business € million H1 2022 H1 2021 change Outlook 2022 Significantly >€350m Adj. EBITDA O
Slide 23: Coal/Nuclear: Lower generation margins related to capacity closures
Coal/Nuclear: Lower generation margins related to capacity closures Key financials H1 2022 – Coal/Nuclear Adj. EBITDA H1 2022 vs. H1 2021 Lower generation margins mainly due to capacity closures partly compensated by related cost savings and short-term asset optimisation € million H1 2022 H1 2021 ch
Slide 24: Economic net debt
Economic net debt Net assets / net debt (€ million) 30 Jun 2022 31 Dec 2021 +/- Net debt definition Cash and cash equivalents 4,615 5,825 -1,210 • Net debt does not Marketable securities 8,299 8,347 -48 contain mining provisions, which Other financial assets 14,955 12,403 2,552 essentially cover our
Slide 25: Your contacts in Investor Relations
Your contacts in Investor Relations Important Links Financial Calendar • Annual and interim reports & statements • 10 November 2022 ADR programme available Interim statement on the first three quarters of 2022 • Investor and analyst conferences • 21 March 2023 Further information on our homepage Ann