Q1 2025 RWE AG Earnings Call Transcript
Key Points
- RWE AG (RWEOY) reported a solid start to 2025 with an adjusted EBITDA of EUR1.3 billion and adjusted net income of EUR500 million, despite weak wind conditions.
- The company's EUR1.5 billion share buyback program is progressing well, with the first EUR500 million tranche set to be completed by the end of the month.
- RWE AG successfully sold a 49% equity stake in its Nordseecluster and Thor offshore projects, significantly reducing cash investments by approximately EUR4 billion.
- The company's Offshore Wind projects, including the 1.4 gigawatt Sofia project in the UK, are on track, with first power expected in the second half of the year.
- RWE AG has commissioned 500 megawatts in its Onshore Wind and Solar business in Q1 2025, with more than 95% of the offtake secured.
- Weak wind conditions in Europe led to a 33% decrease in Offshore Wind generation volume compared to the previous year.
- The Supply & Trading business had a weak start to 2025, with a Q1 result of only EUR50 million due to lower trading performance.
- Net debt increased to EUR15.9 billion due to investments and seasonal impacts on adjusted operating cash flow.
- The adjusted operating cash flow was negative EUR1.15 billion at the end of Q1, driven by seasonal effects and changes in provisions.
- RWE AG's Flexible Generation segment saw lower earnings in line with normalized prices, with an adjusted EBITDA of EUR376 million.
Thank you, George, and good afternoon from Essen. And to investors and analysts, I know it's a busy day for you, so a special thanks for joining the RWE Q1 investor and analyst conference call today. Our CFO, Michael Muller, will guide you through our key highlights and financial performance of the first quarter and the outlook for the current year. And with that, let me hand over to Michael.
Yes. Thanks, Thomas, and also good afternoon to all of you from my side. RWE had a solid start into 2025. Adjusted EBITDA stood at EUR1.3 billion and adjusted net income at EUR500 million despite weak wind conditions in the first quarter. We confirm the guidance for the full year we presented in March, which already reflected the weak wind conditions until then.
Our EUR1.5 billion share buyback program is making good progress, and the first EUR500 million tranche will be completed by the end of the month. Shortly thereafter, we will start the second tranche. The
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