Rwe Ag Ord S/Adr (RWEOY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, George, and good afternoon from Essen. And to investors and analysts, you know, I know it's a busy day for you, so special thanks for joining the RWE Q1 investor and analyst conference call today. Our CFO, Michael Muller, will guide you through our key highlights and financial performance of the first quarter and the outlook for the current year. And with that, let me hand over to Michael. Yeah, thanks, Thomas, and also good afternoon to all of you from my side. RWE had a solid start into 2025. Adjusted EBITDA stood at 1.3 billion euros and adjusted net income at 500 million euros, despite weak wind conditions in the first quarter. We confirmed the guidance for the full year we presented in March, which already reflected the weak wind conditions until then. Our 1.5 billion share buyback program is making good progress and the first 500 million euro tranche will be completed by the end of the month. Shortly thereafter, we will start the second tranche. The full program will be completed by May 2026 as planned. We are also well underway with our offshore portfolio optimization. We successfully sold down 49% equity stake in our 1.6 gigawatt North Sea cluster and our 1.1 gigawatt Thor offshore project at an attractive valuation. The agreed purchase price is approximately 1.4 billion euros as of closing. We are making good progress and expect closing by the end of Q2 2025. The transaction significantly reduces our share in the project net cash investments by approximately 4 billion euros. Let's now take a closer look at the construction program. Our offshore wind projects under construction are all well underway. The 1.4 gigawatt project SOFIA in the UK is on track to be commissioned in 2026. As we speak, 49 of the 100 foundations and 12 turbines have already b...