RWE has reported lower offshore wind earnings for the first nine months of 2025.
Adjusted EBITDA in the segment fell to €915m from just over €1bn a year earlier due to what the company described as significantly weaker wind conditions across Europe.
The German utility said that while offshore wind results declined, the commissioning of new assets and continued expansion in solar and battery storage supported overall group performance, with adjusted EBITDA across all segments reaching €3.48bn and adjusted net income totalling €1.29bn.
RWE said its onshore wind and solar division delivered adjusted EBITDA of €1.24bn, up from €990m, driven by new capacity additions and higher power prices in the United States.
The flexible generation business, meanwhile, contributed €1.06bn, reflecting a normalisation of margins compared with last year, partly offset by a €225m gain from the sale of a UK data centre project to a hyperscaler.
Supply and trading activities recorded €150m of adjusted EBITDA, well below the €465m achieved in 2024, though RWE said the division delivered a stronger third quarter following a weak first half.
Since September 2024, the company has brought around 2.5GW of new capacity online, taking its operational renewable and flexible generation portfolio to 38.7GW. A further 11.4GW is under construction, with more than 2GW expected to be commissioned by the end of next year, which will bring total capacity to over 40GW.
Chief financial officer Michael Müller (pictured) said RWE was “satisfied with the results for the first nine months,” adding that the company’s portfolio remained “robust and growing in a value-accretive way.”
“The artificial intelligence boom is driving worldwide demand for electricity and, thus, the demand for renewable energy,” he said. “These are good prospects for our business.”
RWE confirmed its outlook for the full year, maintaining guidance for adjusted EBITDA of between €4.55bn and €5.15bn and adjusted net income of €1.3bn to €1.8bn, equivalent to €2.10 per share at the midpoint.
The company has also reaffirmed its longer-term targets of €3 adjusted earnings per share in 2027 and €4 in 2030, alongside a planned dividend increase to €1.20 per share for 2025.
Net debt stood at €15.7bn as of 30 September, which RWE said reflected a high level of investment, including €4.6bn net spent on expansion over the first nine months of the year.