- Adjusted EBITDA for Q1-Q3 2025 is €3.5 billion, with net income at €1.3 billion.
- RWE has commissioned 2.5 GW of new capacity since September 2024, reaching 38.7 GW total.
- RWE invested €4.6 billion net in portfolio expansion in the first three quarters of 2025.
- Net debt as of September 2025 is €15.7 billion, with a leverage factor target of 3.0.
Financial Performance
In the first nine months of 2025, RWE achieved an adjusted EBITDA of €3.5 billion and an adjusted net income of €1.3 billion. Adjusted net earnings per share were €1.76, with more than 80% of the EPS guidance for fiscal 2025 already met. The company confirmed its guidance and dividend target for 2025, with adjusted EPS targets of €3 for 2027 and €4 for 2030.
Segment Performance
Offshore Wind segment's adjusted EBITDA was €915 million, down from €1,079 million in 2024, due to lower wind conditions and reduced proceeds from electricity sales. The Onshore Wind/Solar segment saw growth, with adjusted EBITDA rising to €1,242 million from €990 million, driven by new asset commissioning and higher power prices in the US. Flexible Generation's adjusted EBITDA normalized to €1,058 million, impacted by lower margins but boosted by a €225 million gain from a UK data center project sale. Supply & Trading's adjusted EBITDA was €150 million, significantly lower than the previous year's €465 million.
Investment and Capacity Expansion
Since September 2024, RWE has added 2.5 GW of new generation capacity, bringing its total renewable energy assets to 38.7 GW. An additional 11.4 GW is under construction, with over 2 GW expected to be operational by the end of 2025, increasing the portfolio to over 40 GW. RWE invested €4.6 billion net in expanding its portfolio during the first three quarters of 2025.
Debt and Outlook
As of September 2025, RWE's net debt stood at €15.7 billion, attributed to high investment levels. The company aims to maintain a leverage factor of 3.0. RWE's outlook for 2025 includes an adjusted EBITDA of €4.55 billion to €5.15 billion and adjusted net income of €1.3 billion to €1.8 billion.
