RWE has accelerated investment in renewable energy, flexible power generation, battery storage and electricity-grid infrastructure during the first half of 2026, supported by strong earnings growth across its main business divisions.
The German energy company invested €6.3 billion during the six-month period. After factoring in the transaction to increase its stake in transmission system operator Amprion to a majority holding, RWE raised its planned net investment for 2026 to between €9 billion and €11 billion, compared with its previous forecast of €6 billion to €8 billion.
RWE plans to invest a total of €42 billion through 2031 as it expands offshore wind, onshore wind, solar, battery storage, flexible generation and regulated grid infrastructure.
The company did not disclose group revenue or order intake in its first-half announcement. However, it reported higher revenues from the UK capacity market as one of the factors supporting its Flexible Generation division.
Markus Krebber, CEO of RWE AG, said: “RWE is delivering on its investment strategy: since the beginning of the year, the company has commissioned 752 megawatts of new generation capacity and expanded its portfolio of renewables, flexible generation and battery storage to almost 41 GW. A further 10.3 GW of capacity is currently under construction.”
RWE Project Capacity Reaches Nearly 41 GW
RWE commissioned 752 megawatts of new generation capacity during the first half of 2026. The additions increased its combined portfolio of renewables, flexible generation and battery-storage assets to almost 41 GW.
Another 10.3 GW of capacity is under construction, providing RWE with a substantial project pipeline for future earnings growth. Since the end of June 2025, the company has expanded its generation capacity by 2.6 GW through new wind farms, solar plants and battery-storage facilities.
RWE said growing global electricity demand, including consumption linked to electrification and artificial intelligence, is creating opportunities for further capacity expansion.
RWE Adjusted EBITDA Rises Above €3 Billion
RWE’s adjusted EBITDA increased more than 40 percent to €3.011 billion in the first half of 2026 from €2.092 billion a year earlier. Adjusted EBIT climbed to €1.785 billion from €1.084 billion.
Adjusted net income reached €1.257 billion, compared with €792 million in the first half of 2025. Adjusted earnings per share increased more than 60 percent to €1.77 from €1.08.
The company attributed the improvement to better wind conditions in Europe, newly commissioned generation assets, stronger energy trading and compensation from the Dutch government.
RWE reported net debt of €15 billion as of June 30, 2026, reflecting high investment spending and seasonal changes in adjusted operating cash flow. Despite rising investment, RWE expects its leverage factor to remain below the lower end of its target corridor of 3.0 times to 3.5 times adjusted EBITDA.
Offshore Wind EBITDA Increases to €810 Million
Adjusted EBITDA from RWE’s Offshore Wind division rose to €810 million from €643 million. Higher electricity generation following more normal wind conditions supported the improvement after weak wind volumes affected the first half of 2025.
RWE expects Offshore Wind adjusted EBITDA of between €1.65 billion and €2.15 billion for the full year.
Onshore Wind and Solar EBITDA Exceeds €1 Billion
The Onshore Wind and Solar division generated adjusted EBITDA of €1.016 billion, up from €830 million in the corresponding period of 2025.
Earnings benefited from additional generation capacity and improved wind conditions in Europe. These gains were partly offset by adverse currency effects from converting US-dollar earnings into euros.
RWE forecasts full-year adjusted EBITDA of between €1.75 billion and €2.25 billion for the division.
Flexible Generation EBITDA Climbs to €1.025 Billion
Adjusted EBITDA from Flexible Generation increased to €1.025 billion from €606 million. The result included a €332 million compensation payment from the Dutch government.
The payment covered losses associated with statutory restrictions that limited electricity generation at RWE’s Eemshaven coal-fired power plant during the first half of 2022. Higher UK capacity-market revenues also supported the division.
RWE expects Flexible Generation adjusted EBITDA of between €1.5 billion and €1.9 billion in 2026.
The company forecasts annual adjusted EBITDA of between €100 million and €500 million for the division.
RWE Raises 2026 Earnings Outlook
RWE expects adjusted EBITDA of between €5.75 billion and €6.35 billion in 2026. Adjusted EBIT is projected at €3.3 billion to €3.9 billion, while adjusted net income is forecast at €1.95 billion to €2.45 billion.
The adjusted financial result is expected to range from a negative €300 million to a negative €200 million. RWE anticipates an adjusted income-tax rate of 20 percent and adjusted non-controlling interests of between a negative €500 million and a negative €400 million.
Adjusted earnings per share are expected to reach €2.95 in 2026. RWE is targeting average annual earnings-per-share growth of 10 percent through 2031, taking the figure to €4.55.
RWE, which employs around 20,000 people worldwide, plans to phase out coal by 2030 and achieve net-zero emissions by 2040.
BABURAJAN KIZHAKEDATH