Q3 2025 RWE AG Earnings Call Transcript
Key Points
- RWE AG (RWEOY) achieved more than 80% of its full-year 2025 adjusted EPS target in the first nine months.
- The company successfully concluded the sale of a data center development project in the UK, resulting in a nonrecurring book gain of EUR225 million.
- RWE AG (RWEOY) has a robust construction program with 11.4 gigawatts under construction, and more than 2 gigawatts are scheduled to start operation by the end of the year.
- The partnership with Apollo Global Management secured EUR3.2 billion in funding, strengthening RWE AG (RWEOY)'s balance sheet.
- The EUR1.5 billion share buyback program is progressing well, with the second tranche expected to be finalized by the end of the year.
- Adjusted EBITDA is lower due to normalized prices, weak wind conditions in Europe, and a low trading result in the first half of 2025.
- Offshore wind earnings were below last year due to weak wind conditions in H1 and lower hedge prices.
- The flexible generation business saw lower earnings reflecting normalized prices.
- Net debt stood at EUR15.7 billion, with significant investments in growth offset by disposal proceeds.
- The German capacity market's design and its impact on RWE AG (RWEOY)'s assets remain uncertain.
Welcome to the RWE conference call. Michael Muller, CFO of RWE AG, will inform you about the developments in the first three quarters of fiscal 2025. I will now hand over to Thomas Denny.
Thank you, Laura, and welcome and good afternoon from Essen. Thank you for joining RWE's nine months Investor and Analyst Conference Call today. Our CFO, Michael Muller, will guide you through our key highlights and financial performance for the first nine months and the outlook for the current year.
And with that, let me hand over to Michael.
Thanks, Thomas, and also good afternoon to all of you. In the first nine months of 2025, our portfolio has shown a strong financial performance. We have achieved more than 80% of our full year 2025 adjusted EPS target. In the UK, we concluded the sale of a data center development project at a former RWE power plant site to a hyperscaler. The transaction
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