Improved wind conditions across Europe helped RWE increase earnings in the first quarter of 2026.
The German utility reported adjusted EBITDA of €1.6 billion for the first quarter, up from €1.3 billion a year earlier, while adjusted earnings per share rose 25% to €0.85.
The company said the improved wind conditions as well as 2.3GW of newly commissioned wind, solar and battery projects since March 2025 and a compensation payment from the Dutch state supported earnings growth.
RWE added that weak performance in its Supply & Trading business partly offset the stronger results, while net investments reached €2.3 billion in the first quarter.
RWE confirmed its outlook for 2026, with adjusted EBITDA expected in a range of €5.2 billion to €5.8 billion and adjusted earnings per share forecast at between €2.20 and €2.90.
The company also maintained its dividend target of €1.32 per share for 2026.
RWE currently has projects with a combined capacity of 10.4GW under construction and plans net investments of between €6 billion and €8 billion for the full year.
Michael Müller, CFO of RWE AG, said: “After a strong start to the year, we confirm our earnings guidance.
“Thanks to our strong financial performance and a positive one-off effect, we have already achieved one third of our forecast earnings per share.
“We are making good progress in expanding our portfolio, particularly with our large offshore wind projects: the first turbines at Sofia in the UK and Thor in Denmark are already generating electricity.
“In total, we aim to add more than 4 gigawatts of new capacity this year.”
Adjusted EBITDA in RWE’s Offshore Wind segment increased to €570 million from €380 million in the first quarter of 2025, driven by higher production volumes following improved wind speeds.
The company’s Onshore Wind/Solar segment posted adjusted EBITDA of €507 million compared with €496 million a year earlier, supported by capacity growth and stronger wind conditions in Europe.
RWE’s Flexible Generation segment reported adjusted EBITDA of €657 million, up from €379 million, helped by a €332 million compensation payment linked to restrictions on electricity generation at the Eemshaven power plant in 2022.
Supply & Trading recorded adjusted EBITDA of -€84 million compared with €15 million in the previous year due to weak trading performance.
As at 31 March 2026, RWE reported net debt of €15.6 billion following high capital expenditure and seasonal effects on adjusted operating cash flow.