Slide 1: H1 2024 Results
14 Aug 2024 H1 2024 Results Investor & Analyst Conference Call Markus Krebber, CEO Michael Müller, CFO Thomas Denny, Head of Investor Relations 14 Aug 2024 H1 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: Markus Krebber
Markus Krebber Chief Executive Officer, RWE AG 14 Aug 2024 H1 2024 Results Page 3
Slide 4: We continuously deliver on our Growing Green strategy
We continuously deliver on our Growing Green strategy Good financial performance in H1 2024 across all segments; € 4.5 bn net cash investments and significant progress in decarbonisation Supportive market fundamentals; power prices stabilised, strong demand for green power and encouraging policy sup
Slide 5: Good financial performance and rapid decarbonisation in the first half of 2024
Good financial performance and rapid decarbonisation in the first half of 2024 • Good performance across all • Offshore construction segments projects on track for delivery €2.9 bn • On track to deliver FY €4.5 bn on time and on budget Adj. EBITDA Net cash guidance: > 50 % of adj. investments • Opti
Slide 6: We have supportive market fundamentals
We have supportive market fundamentals Market trends Fundamentals Stabilisation of European power German 2025 baseload price around € 90/MWh and carbon 2025 EUA price around € 70/t; EU auction volumes confirmed markets Strong demand for green power across all markets Power demand growth Signed PPAs
Slide 7: We continuously deliver secured and profitable growth
We continuously deliver secured and profitable growth Projects under construction Significant investments in GW pro rata in green growth IRR and EBITDA yield 1.4 0.2 €20 bn Net cash investments 8% Avg. achieved IRR committed 10.2 4.4 GW 3.1 1.1 €6 bn Already spent for projects under 10.5 % Avg. achi
Slide 8: RWE 2030 – A global leader in the new energy world
RWE 2030 – A global leader in the new energy world Capacity development1 EPS growth CO2 emissions2 in GW in EUR in million tons >65 ~4.0 81 53 ~ -60 % ~3.0 ~2.6 38 45 - 50 27 1.5 15 - 25 2021 2024e 2027e 2030e 2021 2024e 2027e 2030e 2021 2024e 2030e 1 excl. Phaseout Technologies | 2 carbon dioxide e
Slide 9: Michael Müller
Michael Müller Chief Financial Officer, RWE AG 14 Aug 2024 H1 2024 H1 2024Results Results Page 9
Slide 10: Good performance in first half of 2024 after exceptional prior year
Good performance in first half of 2024 after exceptional prior year Adj. EBITDA in EUR m • Offshore Wind earnings up due to better -1,244 4,143 wind conditions • Onshore Wind/Solar result increased on 762 the back of organic growth and CEB 519 2,899 assets, higher hedged prices and better weather co
Slide 11: Adjusted net income reflects good performance in first half of 2024
Adjusted net income reflects good performance in first half of 2024 Adj. net income in EUR m • Adj. EBITDA lower after exceptional prior H1 2023 FY 2021 H1 2024 FY 2022 year • Adj. financial result lower due to Adj. EBITDA 4,143 2,899 increased net financial debt H1 2024 -954 Adj. depreciation -971
Slide 12: 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 H1 2024 in EUR m -41 3,284 -473 2,899 1,481 -582 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash ite
Slide 13: Net debt mainly driven by growth investments and timing effects
Net debt mainly driven by growth investments and timing effects Development of net debt in H1 2024 in EUR bn (+ net debt/- net assets) 11.4 -0.2 2.9 6.6 0.9 -3.3 4.5 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 23 cash flow investments net financial debt pro
Slide 14: Outlook confirmed for Full Year 2024
Outlook confirmed for Full Year 2024 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. -2,000 Onshore Wind/Solar 1,500 – 1,900 Lower end Adj. E
Slide 15: Appendix
Appendix 14 Aug 2024 H1 2024 Results Page 15
Slide 16: Green capacity of >10 GW under construction reflects significant growth investments
Green capacity of >10 GW under construction reflects significant growth investments Development of our green generation portfolio GW pro rata +10.2 46.4 0.2 1.4 3.1 1.1 4.4 35.5 36.2 0.7 31 Dec 2023 Capacity 30 Jun 2024 Offshore Onshore Solar Batteries Flexible Total additions Wind1 Wind Generation
Slide 17: Offshore Wind: Earnings up due to better wind conditions
Offshore Wind Earnings up due to better wind conditions Key financials H1 2024 – Offshore Wind Adj. EBITDA H1 2024 vs. H1 2023 in EUR m H1 2024 H1 2023 Change Wind conditions above normal, last year below normal Adj. EBITDA 828 762 66 Higher operations and maintenance costs t/o non-recurring items -
Slide 18: Onshore Wind/Solar: Earnings up on organic growth and CEB acquisition
Onshore Wind/Solar Earnings up on the back of organic growth and CEB acquisition Key financials H1 2024 – Onshore Wind/Solar Adj. EBITDA H1 2024 vs. H1 2023 in EUR m H1 2024 H1 2023 Change Earnings contribution from organic growth and CEB Adj. EBITDA 730 519 211 acquisition t/o non-recurring items -
Slide 19: Flexible Generation: Lower earnings after exceptional prior year
Flexible Generation Lower earnings after exceptional market conditions in prior year Key financials H1 2024 – Flexible Generation Adj. EBITDA H1 2024 vs. H1 2023 in EUR m H1 2024 H1 2023 Change Lower margins from running the asset fleet Adj. EBITDA 1,014 1,949 -935 Higher income from system services
Slide 20: Supply & Trading: Solid performance of trading business
Supply & Trading Solid performance of trading business in first half of 2024 Key financials H1 2024 – Supply & Trading Adj. EBITDA H1 2024 vs. H1 2023 in EUR m H1 2024 H1 2023 Change Performance lower after exceptional prior year Adj. EBITDA 318 799 -481 t/o non-recurring items – - - Adj. EBITDA Out
Slide 21: Phaseout Technologies: Adj. cash flow increased
Phaseout Technologies Adj. cash flow increased due to higher hedged margins; partly offset by absence of production from Emsland nuclear power plant Key financials H1 2024 – Phaseout Technologies Adj. cash flow H1 2024 vs. H1 2023 in EUR m H1 2024 H1 2023 Change Higher hedged margins Adj. cash flow
Slide 22: Economic net debt
Economic net debt Net assets/net debt in EUR m 30 Jun 2024 31 Dec 2023 +/- Net debt definition Cash and cash equivalents 5,470 6,917 -1,447 • Net debt does not contain Marketable securities 6,192 8,114 -1,922 mining provisions, which Other financial assets 2,454 2,529 -75 essentially cover our oblig
Slide 23: 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 • 13 Nov 2024: Interim statement on the first three quarters of 2024 • Investor and analyst conferences RWE shares/ADR • 20 Mar