Q1 2026 RWE AG Earnings Call Transcript
Key Points
- RWE AG (RWEOY) reported a strong start to 2026 with an adjusted EBITDA of EUR1.6 billion and net income of EUR600 million.
- Earnings per share increased by 25% year over year, reaching EUR0.85.
- All offshore wind projects under construction are on budget and on schedule, with key milestones achieved at Danish Thor and British Sofia projects.
- RWE AG (RWEOY) secured 6.4 gigawatts in the UK T-4 capacity auction for delivery in 2029 and 2030, with 39 assets across various energy sources being successful.
- The company paid out a dividend of EUR1.2 per share and is on track to complete a EUR1.5 billion share buyback program by May 2026.
- The supply and trading business had a weak start to 2026, with a Q1 result of minus EUR84 million.
- Adjusted operating cash flow was negative at minus EUR2.3 billion, driven by seasonal effects and changes in provisions.
- Net debt increased to EUR15.6 billion due to investments and seasonal effects in operating cash flow.
- There was a negative FX effect in the US, impacting onshore wind and solar EBITDA.
- The company faced lower hedge prices in Europe and the US compared to the previous year, affecting onshore wind and solar results.
Welcome to the RWE conference call. Michael Müller, CFO of RWE AG, will inform you about the developments in the first quarter of fiscal year 2026. I will now hand over to Thomas Dehne. Please go ahead.
Good afternoon from Essen. Thank you for joining the RWE Q1 investor and analysts conference call today. Our CFO, Michael Müller, will guide you through our key highlights and the financial performance of the first quarter, as well as the outlook for the current year. With this, let me hand over to you, Michael.
Thanks, Thomas, good afternoon to all of you. We had a good start into 2026. Adjusted EBITDA stood at EUR1.6 billion and going to net income at EUR600 million on the back of a strong financial performance. Earnings per share was EUR0.85, 25% up year over year. We have already achieved 33% of our full year going to EPS guidance, thus we confirm our guidance, we are now even more
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