RWE reported a drop in adjusted earnings for the full-year 2025 due in part to a dip in income across a number of units including offshore wind.
The German developer notched EBITDA of €5.1bn for fiscal 2025, down from €5.7bn in 2024.
The company said earnings were unable to match the high level of 2024 despite reaching the upper end of its forecast range.
The decline was partly driven by lower earnings from its offshore wind business.
Adjusted EBITDA in Offshore Wind fell to €1.5bn million from €1.6bn a year earlier due to lower proceeds on forward electricity sales without fixed remuneration and less favourable wind conditions.
Onshore Wind/Solar delivered adjusted EBITDA of €1.7bn, up from €1.5bn in 2024, driven by the commissioning of new plants and higher electricity prices for sales not secured through long-term supply agreements in the US.
Flexible Generation reported adjusted EBITDA of €1.4bn compared with €1.9bn in the previous year as margins on forward electricity sales normalised, although the sale of a UK data centre development project generated a €225 million book gain.
Supply & Trading recorded adjusted EBITDA of €339 million, down from €679 million in 2024 but within the forecast range.
RWE is planning €35 billion in net investments between 2026 and 2031 to expand its generation portfolio by 25GW to around 65GW.
Around €17 billion of this investment will target expansion of power generation in the United States, including wind, solar, battery storage and flexible gas peaking capacity.
The company has also earmarked €9 billion for flexible back-up capacity and large battery projects in Germany, including plans to build up to 3GW of new hydrogen-ready gas-fired power plants subject to government tenders.
RWE plans to expand its offshore wind capacity by 5GW by 2031 and has earmarked €2 billion of its own investments for the portfolio expansion.
A further €7 billion will be invested over the next six years in onshore wind and solar projects in core European markets and Australia, targeting 5GW of additional capacity.
“2025 was a very successful year for RWE. In a challenging environment, we consistently executed our Group strategy by expanding our portfolio in a value-accretive way and entering into new strategic partnerships,” said Markus Krebber (pictured), chief executive of RWE AG.
“With our €35 billion net investment programme through to 2031, we are building new generation capacity to better meet the growing demand for electricity in Europe and the United States. In the US, we are broadening our portfolio and now focusing on gas in addition to renewables,” he added.