Rwe Ag Ord S/Adr (RWEOY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the RWE Conference Call. Michael Mueller, CFO of RWE AG, will inform you about the developments in the first quarter of fiscal year 2026. I will now hand over to Thomas Denney. Please go ahead. Good afternoon from Essen and thank you for joining the RWE Q1 Investor and Analyst Conference Call today. Our CFO, Michael Müller, will guide you through our key highlights and the financial performance of the first quarter, as well as the outlook for the current year. And with this, let me hand over to you, Michael. Thanks, Thomas, and good afternoon to all of you. We had a good start into 2026. Adjusted EBITDA stood at 1.6 billion euros and adjusted net income at 600 million euros on the back of a strong financial performance. Earnings per share was 0.85 euros, 25% up year on year. We have already achieved 33% of our full-year adjusted EPS guidance, and thus we confirm our guidance, and we are now even more confident of achieving our targets. All of our offshore wind projects under construction are on budget and on schedule to achieve our planned CODs. Furthermore, We have reached key milestones at our Danish, Thor and British Sophia projects. Both projects generated first power in Q1 of this year. We've also secured further long-term earnings. We were awarded 6.4 gigawatts in the UK T-4 capacity auction for delivery in 2029 and 2030. In total, 39 of our assets across gas, hydro, wind, and battery storage were successful. Out of those, four assets secured three-year agreements. Following the annual general meeting in May, we paid out a dividend of 1.2 euros per share to our shareholders. And our 1.5 billion euro share buyback program will be concluded by May 2026 as planned. Let's now take a closer look at the Q1 2026 financials. Despite a weak trading result, we...