Slide 1: Q1 2024 Results
15 May 2024 Q1 2024 Results Investor & Analyst Conference Call Michael Müller, CFO Thomas Denny, Head of Investor Relations 15 May 2024 Q1 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 in Q1 2024
Highlights in Q1 2024 Good Q1 2024 EBITDA of € 1.7bn Full year guidance for 2024 confirmed, at the lower end of the guidance range Successful offshore portfolio optimisation, sell down of 49% stake in 3 GW Dogger Bank South project to Masdar and acquisition of 4.2 GW projects from Vattenfall success
Slide 4: Good earnings in Q1 2024 after exceptional prior year
Good earnings in Q1 2024 after exceptional prior year Adj. EBITDA in EUR m • Offshore Wind earnings up due to better -603 2,312 wind conditions • Onshore Wind/Solar result increased on 473 the back of organic growth and CEB assets 1,709 247 • Flexible Generation earnings lower after 548 exceptional
Slide 5: Adjusted net income reflects strong operational performance
Adjusted net income reflects strong operational performance Adj. net income in EUR m • Adj. EBITDA lower after exceptional prior Q1 2023 FY 2021 Q1 2024 FY 2022 year • Adj. tax applying general tax rate of 20% Adj. EBITDA 2,312 1,709 Q1 2024 • Adj. minority interest reflects lower -454 Adj. deprecia
Slide 6: Adjusted operating cash flow marked by seasonal effects in working capital
Adjusted operating cash flow marked by seasonal effects in working capital Reconciliation to adj. operating cash flow for Q1 2024 in EUR m 1,709 -341 -1,440 -97 -210 -379 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (Non-) Cash ite
Slide 7: Net debt mainly driven by investments in green growth and timing effects
Net debt mainly driven by investments in green growth and timing effects Development of net debt in Q1 2024 in EUR bn (+ net debt/- net assets) 11.2 -0.1 1.9 0.1 6.6 2.3 0.4 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 23 cash flow investments net financial
Slide 8: Outlook confirmed for Full Year 2024; we expect to be at the lower end
Outlook confirmed for Full Year 2024; we expect to be at the lower end of the guidance range Group outlook FY 2024 Divisional outlook FY 2024 in EUR m in EUR m Outlook Adj. EBITDA Outlook Lower end Lower half Adj. EBITDA 5,200 – 5,800 Offshore Wind 1,450 – 1,850 Lower half Adj. depreciation approx.
Slide 9: Appendix
Appendix 15 May 2024 Q1 2024 Results Page 9
Slide 10: Green capacity of 8.3 GW under construction reflects significant growth investments
Green capacity of 8.3 GW under construction reflects significant growth investments Development of our green generation portfolio GW pro rata +8.3 43.9 0.2 1.2 3.2 1.2 35.5 35.6 2.5 0.2 31 Dec 2023 Capacity 31 Mar 2024 Offshore Onshore Solar Batteries Flexible Total additions Wind Wind Generation &
Slide 11: Offshore Wind: Earnings up due to better wind conditions
Offshore Wind Earnings up due to better wind conditions Key financials Q1 2024 – Offshore Wind Adj. EBITDA Q1 2024 vs. Q1 2023 in EUR m Q1 2024 Q1 2023 Change Wind conditions above normal, last year below normal Adj. EBITDA 548 473 75 t/o non-recurring items - - - Adj. EBITDA Outlook 2024 vs. FY 202
Slide 12: Onshore Wind/Solar: Earnings up on the back of organic growth and CEB acquisition
Onshore Wind/Solar Earnings up on the back of organic growth and CEB acquisition Key financials Q1 2024 – Onshore Wind/Solar Adj. EBITDA Q1 2024 vs. Q1 2023 in EUR m Q1 2024 Q1 2023 Change Earnings contribution from organic capacity additions Adj. EBITDA 341 247 94 and CEB acquisition t/o non-recurr
Slide 13: Flexible Generation: Lower earnings after exceptional market conditions
Flexible Generation Lower earnings after exceptional market conditions in previous year Key financials Q1 2024 – Flexible Generation Adj. EBITDA Q1 2024 vs. Q1 2023 in EUR m Q1 2024 Q1 2023 Change Lower margins from running the asset fleet Adj. EBITDA 552 1,181 -629 t/o non-recurring items - 782 -78
Slide 14: Supply & Trading: Good performance of trading business
Supply & Trading Good performance of trading business Key financials Q1 2024 – Supply & Trading Adj. EBITDA Q1 2024 vs. Q1 2023 in EUR m Q1 2024 Q1 2023 Change Good performance in trading Adj. EBITDA 251 289 -38 t/o non-recurring items – - - Adj. EBITDA Outlook 2024 vs. FY 2023 Adj. depreciation -6
Slide 15: Phaseout Technologies: Adj. cash flow down due to absence of Emsland production
Phaseout Technologies Adj. cash flow down due to the absence of production from Emsland nuclear power plant Key financials Q1 2024 – Phaseout Technologies Adj. cash flow Q1 2024 vs. Q1 2023 in EUR m Q1 2024 Q1 2023 Change Absence of production from Emsland nuclear power Adj. Cash flow 232 391 -159 p
Slide 16: Economic net debt
Economic net debt Net assets/net debt in EUR m 31 Mar 2024 31 Dec 2023 +/- Net debt definition Cash and cash equivalents 3,885 6,917 -3,032 • Net debt does not contain Marketable securities 7,008 8,114 -1,106 mining provisions, which Other financial assets 2,146 2,529 -383 essentially cover our obli
Slide 17: 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 2024: Interim report on the first half of 2024 • Investor and analyst conferences RWE shares/ADR • 13 Nov 2024: Interi