RWE raises adjusted earnings 35% to €4.6 billion in nine months
Key Facts
RWE announced on November 11 that adjusted earnings before interest, taxes, depreciation and amortization rose 35% to €4.6 billion in the first nine months of 2026, compared with €3.4 billion in the same period of 2025. The company said adjusted net income increased to €1.8 billion from €1.3 billion, while adjusted earnings per share reached €2.52, versus €1.77. It said the results reflected strong operating performance across its businesses. About 85% of its full-year adjusted earnings per share target had been achieved after the first nine months, it said. The figures support its expectation of ending the year near the top end of its annual guidance.
RWE kept its 2026 guidance ranges unchanged in its announcement, at €5.75 billion to €6.35 billion for adjusted earnings before interest, taxes, depreciation and amortization, and €1.95 billion to €2.45 billion for adjusted net income. The company had raised its full-year adjusted operating earnings range in July to €5.75–6.35 billion from €5.2–5.8 billion. The July increase followed first-half results that exceeded market expectations. In that announcement, RWE linked the improved outlook to additional contributions from increasing its stake in transmission system operator Amprion and higher earnings from international generation. The November announcement reaffirmed the existing ranges, with results expected to approach the top end.
The company attributed the improved results to new assets entering service, better wind conditions in Europe and strong trading performance. RWE’s increased stake in Amprion also boosted the network operator’s contribution to results. Chief Financial Officer Michael Müller said all of the company’s segments were above year-earlier levels after nine months. Müller linked the expansion to renewable energy projects, battery storage and the increased stake in Amprion. The company said strong trading performance in the second and third quarters supports its expectation of full-year results near the top end of its ranges.
Supply and trading stood out among the growth drivers, with adjusted EBITDA for the segment at €543 million in the first nine months, compared with €150 million in the same period of 2025. RWE said it expects the segment’s full-year performance to exceed the top end of its previous guidance of €500 million. This makes trading an important factor in the company’s estimate that the group will finish the year near the top end of its guidance. The difference between the figures for the two periods points to a strong contribution from the segment to the overall increase in adjusted operating earnings. The company did not provide a final expected figure for the segment in the information it released.
Earnings growth coincided with net capital expenditure of €10.7 billion in the first nine months of 2026. Net debt stood at €17.0 billion on September 30, while RWE expects it to fall to about €12 billion by year-end. The company attributed the expected decline mainly to the deconsolidation of the Vanguard projects after the partnership with KKR was established. It also reaffirmed its dividend target of €1.32 per share for fiscal 2026. These figures place investment, financing and distributions alongside improved operating earnings in the nine-month results.
As part of its investments in security of supply, RWE said it had secured contracts to build new hydrogen-ready gas-fired power plants at three sites in Germany, with total capacity of 2.5 gigawatts. The project adds to the company’s expansion of new assets, which it said contributed to results for the period. RWE is scheduled to present its fiscal 2026 performance at a press conference and an investor and analyst conference on March 4, 2027. That will be the next milestone in reporting its full-year results. Until then, the company’s published outlook remains within the ranges it reaffirmed in November.