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H1 2025 Results 14 August 2025 14 August 2025 H1 2025 results Investor & Analyst Conference Call Markus Krebber, CEO Michael Müller, CFO Thomas Denny, Head of Investor Relations
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14 August 2025 H1 2025 results This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialisation of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward- looking statements. Disclaimer Page 2
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14 August 2025 H1 2025 results Highlights H1 2025 Markus Krebber, CEO
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Good financial performance in H1 despite weak wind conditions in Europe and low trading result; well on track to deliver full year 2025 adj. EPS guidance; full year guidance confirmed Investment frameworks in our core markets are taking shape: UK market design in place, focused energy policy in Germany and One Big Beautiful Bill (OBBB) passed in the US Attractive opportunities in our core markets: Broad offshore project pipeline for UK AR7, advanced development for new German gas plants Highly visible adj. EPS growth and attractive shareholder return on the back of dividend growth and EUR 1.5 bn share buyback programme Construction programme progressing well: 11.2 GW under construction and more than 3 GW to be commissioned in H2 2025; offshore construction projects well on track 14 August 2025 H1 2025 results Page 4 We delivered a good financial performance in H1 2025; investment frameworks in our core markets are taking shape
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We are well on track to deliver our FY 2025 EPS target and confirm our full year guidance of adj. EPS guidance for FY2025 achieved in H1 despite weak wind conditions and low trading result Adj. EBITDA, adj. net income and adj. EPS guidance 14 August 2025 H1 2025 results Full Y ear 2025 guidance Confirmed Page 5 Financial performance in H1 2025 50 % Adj. EBITDA, in EUR bn Adj. net income, in EUR bn Adj. EPS, in EUR 2.1 0.8 1.1
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Our construction programme is progressing well, more than 3 GW scheduled to come online in H2 2025 14 August 2025 H1 2025 results Page 6 Projects under construction 1 Net capacity under construction as of 30/06/2025 Offshore projects well on track: All 100 foundations and 36 turbines installed, first power expected in 2025 Sofia, UK 1.4 GW (RWE share 100%) 49 of 72 foundations installed, turbine installation to start in Q1 2026 Thor, DK 1.1 GW (RWE share 51%) 4 of 44 foundations installed at NSC A, turbine installation to start in summer 2026 Nordseecluster, GER 1.6 GW (RWE share 51%) Start of foundation installation in second half of 2026 OranjeWind, NL 0.8 GW (RWE share 50%) 3.1 1.9 3.1 2.7 0.4 Offshore Wind Onshore Wind Solar Flexible Generation & Hydrogen 11.21 GW Batteries >3 GW to be commissioned in H2 2025; mainly onshore wind, solar and batteries
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UK market design is in place: We can select from a versatile project pipeline in AR7 14 August 2025 H1 2025 results Page 7 Investment framework improved and clear Broad offshore wind project pipeline with high maturity • Retention of one UK price zone and market design provide stable environment for future investments • AR7 framework underlines continued strong commitment to Renewables, in particular to offshore wind • CfD period extended to 20 years • Offshore Auction Administrative Strike Price (ASP) raised to £ 113/MWh (2024 prices) • Load factor assumption improved • 9 eligible projects with a capacity of up to 7.5 GW1 • 5 projects (up to 5.2 GW) with consent • Additional 4 projects (up to 2.3 GW) qualified without consent 1 RWE share | Envisaged Norfolk selldown not included Investment decisions must fulfil our strict investment criteria, and we continue to be very disciplined in auctions 1 Norfolk Vanguard West 2 Norfolk Vanguard East 3 Norfolk Boreas 4 Rampion 2 5 Awel y Môr 6 Five Estuaries 7 North Falls 8 DBS East 9 DBS West 5 4 98 6 1 2 3 7
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Focused energy policy in Germany: We have the right project pipeline to support the market needs 14 August 2025 H1 2025 results Focused energy policy and improved fundamentals Gas power plant and battery project pipeline well advanced Advanced gas plant development Further gas opportunities • Focused energy policy on cost efficiency, security of supply and industrial competitiveness • Security of supply will be achieved through new firm capacity regimes • Auctions for new gas plants • T echnology neutral capacity mechanism • Industrial competitiveness and relief for energy intensive industry • EUR 500 bn infrastructure package • EUR 100 bn reserved for “Climate and T ransformation Funds” • Attractive gas power plant pipeline developed: ready to construct 3 GW of gas plants, if auction framework is right • Supply chain largely secured: 2.7 GW of gas turbines/engines • Permitting well advanced • Development of additional options • Advanced development of battery projects of ~ 2.5 GW1 Gersteinwerk Voerde Weisweiler Battery opportunities Page 8 1 In addition to 1 GW of batteries under construction and 400 MW in operation in Germany
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We have more political visibility in the US and maintain our strict investment criteria Mitigated tariff exposure Proactive procurement strategy and bilateral trade agreements lead to limited exposure Secured offtake Continued structural power demand growth provides healthy market environment Safe harboured tax credits OBBB provides continued tax credit support under safe harbour regulations; final clarification outstanding Regulation impact Investment criteria Permits in place Large, diverse onshore wind, solar & battery pipeline focused on private land 14 August 2025 H1 2025 results Page 9
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1.55-10 We focus on shareholder return based on EPS growth, dividends and our share buyback programme 14 August 2025 H1 2025 results Page 10 Dividend policy Adj. EPS in EUR; guidance midpoint Share buyback programme EUR bn until Q2 2026 growth per annum until 2030 EUR 1.20 DPS proposal for FY 2025 % 2025 2027 2030 2.1 3 4 CAGR +18 % CAGR +13 %
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14 August 2025 H1 2025 results Financial performance and outlook Michael Müller, CFO
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Good financial performance in H1 despite weak wind conditions in Europe and low trading result; well on track to deliver full year 2025 adj. EPS guidance; full year guidance confirmed BBB+ Fitch rating confirmed with stable outlook; strong credit ratings highlight our business resilience and financial prudence Successful return to the hybrid bond market: 1 EUR bn green hybrid bond issued in two tranches at attractive terms Share buyback programme on track: first tranche completed, second tranche ongoing 14 August 2025 H1 2025 results Page 12 Financial highlights
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Good earnings in H1 2025, despite weak wind conditions in Europe and low trading result 318 595 730 830 828 643 9 H1 2024 55 H1 2025 2,899 2,139 1,014 16 -760 Offshore Wind Onshore Wind/Solar Flexible Generation Supply & Trading Other/Consolidation Adj. EBITDA in EUR m • Offshore Wind earnings lower due to weak wind conditions and lower hedged prices • Onshore Wind/Solar result up on the back of organic growth, partly offset by weak wind conditions in Europe • Flexible Generation earnings lower due to normalised margins • Supply & Trading result down due to low trading performance 14 August 2025 H1 2025 results Page 13
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2,139 775 -1,005 -53 1,134 -216 -90 Adj. EBITDA Adj. depreciation Adj. EBIT Adj. financial result Adj. tax Adj. minority interest Adj. net income Adj. net income in EUR m • Adj. financial result improved due to increase of interest during construction • Adj. tax applying general tax rate of 20 % 14 August 2025 H1 2025 results Page 14 Good adjusted net income on the back of good EBITDA and improved adjusted financial result 1,928 -971 -154 -355 -57 1,362 2,899 H1 2024 H1 2025 1.06Adj. EPS (EUR)1.83
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Adjusted operating cash flow marked by seasonal effects 1 Excludes nuclear provisions since utilisation is not net debt effective and will be refinanced via financial debt. -319 Adj. EBITDA -1,220 Changes in provisions/ (non-) cash items1 -1,423 Changes in operating working capital 353 Cash financial result -168 Cash taxes Adj. operating cash flow 2,139 Reconciliation to adj. operating cash flow for H1 2025 in EUR m 14 August 2025 H1 2025 results Page 15 Changes in provisions/(non-) cash items driven by seasonal effects in utilisation of provisions; includes the cashflow of phaseout technologies Changes in operating working capital driven by the seasonal purchase of CO2 certificates, partly compensated by a decrease of inventories of gas in storage
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Net Cash Investments driven by growth investments in Offshore & Onshore Wind/Solar; divestments in Offshore Wind Net debt driven by growth investments 1 Includes pension and wind/solar provisions but excludes nuclear provisions as they are not part of adj. operating cash flow. | Note: Rounding differences may occur. Net debt 31 Dec 24 0.3 Adj. operating cash flow 2.5 Net cash investments 0.9 Dividends 0.7 Other changes in net financial debt -0.1 Changes in provisions1 Net debt 30 Jun 25 11.2 15.5 Development of net debt in H1 2025 in EUR bn Other changes in net debt mainly driven by timing effects from hedging and trading activities 14 August 2025 H1 2025 results Page 16
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H1 2025 results Page 17 Outlook confirmed for Full Y ear 2025 Phaseout Technologies Offshore Wind Onshore Wind/Solar Flexible Generation Supply & Trading Other/Consolidation Adj. EBITDA Adj. cash flow 1,300 – 1,700 1,650 – 2,150 1,000 – 1,400 100 – 500 approx. -50 Outlook -650 – -350 approx. -2,200 approx. -500 20% approx. -150 4,550 – 5,150 2,350 – 2,950 1,300 – 1,800 1.8 - 2.5 Adj. EBITDA Adj. depreciation Adj. EBIT Adj. financial result Adj. tax Adj. minority interest Adj. net income Adj. EPS Outlook Group outlook FY 2025 in EUR m Divisional outlook FY 2025 in EUR m 1.20DPS 14 August 2025
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Appendix 14 August 2025 H1 2025 results
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11.2 GW of capacity under construction 14 August 2025 H1 2025 results Page 19 Projects under constructionCapacity in operation 31 Dec 2024 0.7 Capacity additions 30 Jun 2025 3.1 Offshore Wind 0.4 Flexible Generation & H2 TotalBatteries 1.1 1.6 Solar 1.6 Onshore Wind 1.2 0.7 37.6 1.41.9 3.1 2.7 49.6 38.4 +11.2 Development of our renewables and flexible generation portfolio GW pro rata1 (US) (Europe/ Australia) (US) (Europe/ Australia)(US) (Europe/ Australia) Note: Rounding differences may occur | 1 Net capacity under construction as of 30 June 2025 | Thor and NSC selldowns included.
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Weak wind conditions after strong H1 2024 Lower hedged prices Improved operations and lower maintenance costs Leasing effect from long term charter of installation vessels (EBIT neutral) Adj. EBITDA H1 2025 vs. H1 2024 Earnings driven by lower wind conditions and lower hedged prices 1 Gross cash (di-)investments: Sum of (di-)investments in (in-)tangible and financial assets, loans to non- consolidated affiliates and capital measures. in EUR m Adj. EBITDA 643 828 -185 t/o non-recurring items - - - Adj. depreciation -336 -324 -12 Adj. EBIT 307 504 -197 t/o non-recurring items - - - Gross cash investments1 -2,935 -2,931 -4 Gross cash divestments1 +2,843 +486 +2,357 Offshore Wind H1 2024 Change Key financials H1 2025 – Offshore Wind H1 2025 Lower prices, incl. German compression model Lower wind conditions in H1. Normalised wind conditions assumed for the rest of the year First power of Sofia in H2 Improved operations and lower maintenance costs Leasing effect from long term charter of installation vessels (EBIT neutral) Adj. EBITDA Outlook 2025 vs. FY 2024 14 August 2025 H1 2025 results Page 20
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1 Gross cash (di-)investments: Sum of (di-)investments in (in-)tangible and financial assets, loans to non- consolidated affiliates and capital measures. Earnings up on the back of organic growth, partly offset by weak wind conditions in Europe in EUR m Adj. EBITDA 830 730 100 t/o non-recurring items - - - Adj. depreciation -447 -396 -51 Adj. EBIT 383 334 49 t/o non-recurring items - - - Gross cash investments1 -1,929 -1,841 -88 Gross cash divestments1 +8 +4 +4 Onshore Wind/Solar Key financials H1 2025 – Onshore Wind/Solar H1 2024 ChangeH1 2025 Adj. EBITDA H1 2025 vs. H1 2024 - Higher earnings due to organic growth Higher prices in the US, largely offset by lower hedged power prices in Europe Normalised weather conditions in the US, largely offset by weaker wind conditions in Europe in H1; normalised weather assumed for the rest of the year Adj. EBITDA Outlook 2025 vs. FY 2024 14 August 2025 H1 2025 results Earnings from organic growth in the US and Europe Weaker wind conditions in Europe, partly compensated by normalised weather in the US Page 21
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Adj. EBITDA H1 2025 vs. H1 2024 Lower earnings due to normalised margins 1 Gross cash investments: Sum of investments in (in-)tangible and financial assets, loans to non-consolidated affiliates and capital measures. | Note: Including 37.9% stake in Kelag. Flexible Generation Key financials H1 2025 – Flexible Generation Normalised margins from running the asset fleet Higher income from system services in EUR m Adj. EBITDA 595 1,014 -419 t/o non-recurring items - - - Adj. depreciation -210 -238 28 Adj. EBIT 385 776 -391 t/o non-recurring items - - - Gross cash investments1 -335 -202 -133 Gross cash divestments1 +1 +2 -1 H1 2024 ChangeH1 2025 Normalised margins from running the asset fleet Higher income from system services Adj. EBITDA Outlook 2025 vs. FY 2024 14 August 2025 H1 2025 results Page 22
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Adj. EBITDA Outlook 2025 vs. FY 2024 Low performance of trading business in H1 2025 1 Gross cash (di-)investments: Sum of (di-)investments in (in-)tangible and financial assets, loans to non-consolidated affiliates and capital measures. in EUR m Adj. EBITDA 16 318 -302 t/o non-recurring items – - - Adj. depreciation -14 -12 -2 Adj. EBIT 2 306 -304 t/o non-recurring items – – – Gross cash investments1 -59 -67 +8 Gross cash divestments1 +4 +73 -69 Supply & Trading Key financials H1 2025 – Supply & Trading H1 2024 ChangeH1 2025 Adj. EBITDA H1 2025 vs. H1 2024 Low trading performance Normalised performance 14 August 2025 H1 2025 results Page 23
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Adjusted cash flow lower due to significantly lower hedged prices in EUR m Adj. cash flow -309 396 -705 Phaseout T echnologies H1 2024 ChangeH1 2025 Key financials H1 2025 – Phaseout T echnologies Significantly lower hedged prices Power generation to contribute positively, but cash flow burdened by costs from opencast mining Adj. cash flow Outlook 2025 vs. FY 2024 14 August 2025 H1 2025 results Page 24 Significantly lower hedged prices Decommissioning of 2.4 GW of capacity at end of Q1 2024 and end of 2024 Unplanned outage of Neurath F power plant Adj. cash flow H1 2025 vs. H1 2024
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Cash and cash equivalents 3,346 5,090 -1,744 Marketable securities 6,315 7,241 -926 Other financial assets 1,287 1,903 -616 Financial assets 10,948 14,234 -3,286 Bonds, other notes payable, bank debt, commercial paper -14,825 -13,559 -1,266 Hedging of bond currency risk -19 16 -35 Other financial liabilities -5,431 -5,111 -320 Minus 50% of the hybrid capital stated as debt 634 305 329 Financial liabilities -19,641 -18,349 -1,292 Net financial debt (–)/net financial assets (+) -8,693 -4,115 -4,578 Provisions for pensions and similar obligations -1,264 -1,328 64 Surplus of plan assets over benefit obligations 607 613 -6 Provisions for nuclear waste management -4,794 -4,981 187 Provisions for dismantling wind and solar farms -1,365 -1,366 1 Net debt (–)/net assets (+) -15,509 -11,177 -4,332 Economic net debt • Net debt does not contain mining provisions, which essentially cover our obligations to recultivate opencast mining areas • Financial assets we currently use to cover these provisions are also not part of net debt, i.e. • Portion of the claim against the state for damages arising from the lignite phaseout that has not yet been settled (EUR 1.6 bn) • 15 % stake in E.ON Net debt definition+/-30 Jun 2025 31 Dec 2024 Net assets/net debt in EUR m 14 August 2025 H1 2025 results Page 25
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14 August 2025 H1 2025 results Important Links Y our contacts in Investor Relations ADR programme available Further information on our homepage RWE shares/ADR Contact for ADR-holders at BNY Mellon shrrelations@cpushareownerservices.com +1 201 680-6255 (from outside the US) 1-888-269-2377 (within the US) • 12 Nov 2025: Interim statement on the first three quarters of 2025 • 12 Mar 2026: Annual Report for fiscal 2025 • Annual and interim reports & statements • Investor and analyst conferences • IR presentations & factbooks Financial Calendar Contacts for Institutional Investors & Analysts Contact for Private Shareholders Thomas Denny ( Head of IR ) Tel. +49 201 5179-5647 thomas.denny@rwe.com Eric Westphal Tel. +49 201 5179-2114 eric.westphal@rwe.com Dr. Burkhard Pahnke Tel. +49 201 5179-5625 burkhard.pahnke@rwe.com Nina Michel Tel. +49 201 5179-3557 ninaluisa.michel@rwe.com Michael Germelmann Tel. +49 201 5179-8064 michael.germelmann@rwe.com Jérôme Hördemann Tel. +49 201 5179-5621 jerome.hoerdemann@rwe.com Sabine Rohrbach Tel. +49 172 9615397 sabine.rohrbach@rwe.com Mert Aydin Tel. +49 201 5179-8061 mert.aydin@rwe.com Charlotte Mosel Tel. +49 201 5179-8088 charlotte.mosel@rwe.com Praise Sibanda Tel. +49 174 6411794 praise.sibanda@rwe.com Contact for Debt Investors & Analysts Page 26