RWE’s offshore wind earnings fell in the first half of 2025 as weak wind conditions in Europe hit output.
The segment’s adjusted EBITDA was €643m, down from €828m a year earlier, also reflecting lower proceeds on forward electricity sales without guaranteed prices.
The company said the drop was partly offset by commissioning new onshore wind farms, solar plants and battery storage systems.
Across the group, adjusted EBITDA came in at €2.1bn, with adjusted net income of €775m. Both were down year-on-year due to lower contributions from offshore wind, flexible generation, and supply and trading.
Chief executive Markus Krebber (pictured) said the company had achieved half its full-year earnings target of €2.10 per share and confirmed guidance and dividend plans.
RWE currently has 11.2GW under construction, with more than 3GW scheduled for commissioning in the second half of the year.
Onshore wind and solar delivered €830m in adjusted EBITDA, up from €730m, thanks to new assets coming online despite the same weak wind conditions.
Flexible generation earnings normalised to €595m from €1.014bn, as lower margins on forward electricity sales outweighed gains from short-term power plant optimisation.
Supply and trading adjusted EBITDA fell sharply to €16m from €318m due to weaker proprietary trading performance.
RWE invested €2.5bn net in the first half, including proceeds from selling stakes in the Thor and Nordseecluster offshore wind projects to Norges Bank Investment Management.
Net debt stood at €15.5bn at 30 June, with the group maintaining its leverage ratio target of below 3.0.
Full-year guidance remains for adjusted EBITDA of €4.55bn–€5.15bn and adjusted net income of €1.3bn–€1.8bn, with the dividend set to rise to €1.20 per share.