RWE, the German energy company, reported a 35 percent increase in adjusted EBITDA to €4.58 billion during the first nine months of 2026, supported by renewable energy investments, stronger electricity trading profits and improved earnings from wind, solar and flexible power generation projects.
RWE’s capital expenditure increased 70.4 percent to €13.26 billion from €7.78 billion a year earlier, reflecting investments in offshore wind farms, onshore renewable energy projects, battery storage and the acquisition of a larger stake in German electricity transmission operator Amprion.
The company also secured contracts for three major gas-fired power plants in Germany, representing combined planned capacity of 2,491 MW, following successful bids in the country’s first capacity market auction.
RWE reaffirmed its full-year 2026 adjusted EBITDA forecast of €5.75 billion to €6.35 billion, with earnings now expected towards the upper end of the guidance range.
RWE Revenue Declines 6.9% to €12.37 Billion, Adjusted Profit Rises 35%
RWE reported external revenue of €12.37 billion during January–September 2026, compared with €13.29 billion in the corresponding period of 2025, representing a decline of 6.9 percent.
The revenue decline was primarily attributable to changes in revenue recognition within the Supply & Trading business, rather than a corresponding deterioration in operating profitability.
RWE now recognises margins from certain third-party electricity and gas sales instead of recording the gross sales value.
On a gross basis, including commercial optimisation of generation assets, external revenue reached €24.24 billion, compared with €25.35 billion a year earlier.
Despite lower reported revenue, adjusted EBITDA increased by €1.18 billion to €4.58 billion from €3.40 billion.
Adjusted EBIT increased 48.6 percent to €2.77 billion from €1.86 billion.
Adjusted net income increased 42.8 percent to €1.85 billion from €1.29 billion.
However, RWE reported a net loss attributable to shareholders of €150 million, compared with net income of €2.30 billion in the previous year. The decline primarily reflected temporary valuation losses on derivatives recorded in non-operating results.
RWE Offshore Wind Profit Increases 21% to €1.11 Billion
RWE’s Offshore Wind business generated adjusted EBITDA of €1.11 billion during the first nine months of 2026, compared with €915 million in the corresponding period of 2025.
The increase of €195 million, or 21.3 percent, was supported by improved wind conditions and contributions from offshore wind projects under construction.
The company’s Thor offshore wind farm in Denmark, Sofia offshore wind project in the United Kingdom and Nordseecluster A project in Germany began generating electricity from their first turbines.
Offshore Wind external revenue increased 51.8 percent to €1.07 billion from €704 million.
Adjusted EBIT increased to €554 million from €406 million.
RWE invested €4.53 billion in offshore wind property, plant, equipment and intangible assets during January–September 2026, compared with €4.20 billion a year earlier.
Major offshore investments included the Thor, Sofia and Nordseecluster A/B projects, alongside development activities for additional offshore wind projects in the United Kingdom.
RWE Onshore Wind and Solar Profit Rises 20.5% to €1.50 Billion
RWE’s Onshore Wind/Solar business generated adjusted EBITDA of €1.50 billion, compared with €1.24 billion in the first nine months of 2025.
The €255 million improvement reflected earnings from additional renewable energy projects and stronger operating performance at European wind farms.
Adjusted EBIT increased to €677 million from €562 million.
However, external revenue declined slightly to €1.98 billion from €2.02 billion.
Capital expenditure on property, plant, equipment and intangible assets increased 19.9 percent to €3.26 billion from €2.72 billion.
RWE directed investments towards new onshore wind farms, solar projects and battery energy storage facilities in Europe and the United States.
RWE Flexible Generation Profit Reaches €1.34 Billion
RWE’s Flexible Generation segment reported adjusted EBITDA of €1.34 billion, compared with €1.08 billion a year earlier, representing growth of 24.8 percent.
The €267 million increase was supported by higher generation margins, additional earnings from the British capacity market and a €332 million compensation payment from the Dutch government relating to temporary restrictions on coal-fired power generation in 2022.
Adjusted EBIT increased to €933 million from €750 million.
External revenue increased to €937 million from €855 million.
Capital expenditure on property, plant, equipment and intangible assets increased to €580 million from €443 million.
RWE is expanding its flexible generation business through new gas power plants and battery storage projects, supported by capacity market contracts and grid infrastructure requirements.
RWE Wins Contracts for Three Gas Power Plants in Germany
RWE secured contracts for three combined-cycle gas turbine power plant projects in Germany’s first capacity market auction, with results announced in early November 2026.
The projects are located in North Rhine-Westphalia.
| Gas power project | Planned capacity |
| Weisweiler | 815 MW |
| Werne | 820 MW |
| Voerde | 856 MW |
| Total | 2,491 MW |
The German Network Agency awarded capacity payment contracts for new flexible power generation assets, with payments covering a 15-year delivery period beginning November 1, 2031.
Across the auction, successful bids covered 6.1 GW of capacity, equivalent to 5.2 GW after the regulator’s 15 percent secured-capacity discount.
Successful annual auction prices ranged from €129,551 to €189,970 per rMW.
RWE secured manufacturing capacity for critical equipment and initiated approval procedures before the auction results were announced.
The company plans to begin construction of the first power station within weeks of the announcement.
The report does not disclose individual contract values or project-specific capital expenditure for the three plants.
RWE Capital Expenditure Surges to €13.26 Billion
RWE reported gross capital expenditure of €13.26 billion during the first nine months of 2026, compared with €7.78 billion a year earlier.
Net investment, after accounting for earnings from divestments, increased to €10.73 billion from €4.64 billion.
Investment in property, plant, equipment and intangible assets reached €8.57 billion, compared with €7.60 billion.
Capital expenditure on financial assets and acquisitions increased sharply to €4.70 billion from €183 million, primarily due to RWE’s investment in M31 Beteiligungsgesellschaft, the majority owner of Amprion.
RWE Capex Breakdown
| Investment category | Jan–Sep 2026 | Jan–Sep 2025 |
| Offshore Wind | €4.53 billion | €4.20 billion |
| Onshore Wind/Solar | €3.26 billion | €2.72 billion |
| Flexible Generation | €580 million | €443 million |
| Supply & Trading | €25 million | €71 million |
| Phaseout Technologies | €173 million | €167 million |
| Total physical and intangible asset Capex | €8.57 billion | €7.60 billion |
| Financial assets and acquisitions | €4.70 billion | €183 million |
| Total gross Capex | €13.26 billion | €7.78 billion |
RWE reported that 92 percent of its taxonomy-assessed investments met the sustainability criteria under the EU Taxonomy Regulation.
RWE Expands Amprion Investment Through €4 Billion Equity Financing
RWE is increasing its investment in German electricity transmission operator Amprion as part of a strategy to expand beyond electricity generation into grid infrastructure.
In September 2026, RWE entered into contractual arrangements to acquire an additional 3 percent of M31 Beteiligungsgesellschaft.
Following completion, RWE expects to hold 50.2 percent of M31 and an indirect 57.7 percent interest in Amprion.
RWE initially acquired a 47.2 percent stake in M31 during the first half of 2026.
The company raised approximately €4 billion through an equity placement in June 2026 to finance the acquisition.
Amprion is planning substantial investment in electricity transmission infrastructure, and RWE intends to participate in financing its grid expansion.
RWE Completes KKR Offshore Wind Transaction for Vanguard Projects
RWE completed the sale of a 50 percent interest in the project companies developing the Vanguard West and Vanguard East offshore wind farms to investment firm KKR at the end of October 2026.
Both projects are located off the coast of Norfolk in the United Kingdom.
Each offshore wind farm has planned capacity of 1.4 GW, representing combined capacity of 2.8 GW.
The transaction was originally agreed in December 2025.
Following the ownership change, RWE accounts for the project companies using the equity method.
The project companies also entered into bank financing agreements in early November 2026.
RWE expects the project financing arrangements to reimburse investments it has already made after 2026.
The transaction forms part of RWE’s strategy to share investment requirements and project risks with financial partners while retaining participation in large offshore wind developments.
RWE Advances Battery Storage and Offshore Wind Projects
RWE has started construction of a 400 MW battery energy storage project at its Moerdijk power station site near Rotterdam in the Netherlands.
The battery system is designed to deliver its full output for almost three hours and is scheduled for commissioning in 2028.
The project will support grid management and complement RWE’s OranjeWind offshore wind development.
OranjeWind is a 795 MW offshore wind project being developed jointly with TotalEnergies off the Dutch coast.
The wind farm is under construction and is scheduled to become fully operational in 2028.
RWE also entered into an agreement with Dutch transmission operator TenneT in October 2026 to provide grid stabilisation services from its Amercentrale power station.
The contract begins in May 2027 and initially runs until the end of 2028, with an extension option.
Under the agreement, RWE will receive payments covering generation costs plus a markup, while TenneT will receive the associated electricity revenue.
RWE Issues $1.5 Billion in Green Bonds to Finance US Projects
RWE raised $1.5 billion through two green bond issuances in September 2026 to finance renewable energy projects in the United States.
The company issued two bonds of $750 million each, with maturities of five and ten years.
The bonds carry coupons of 5.625 percent and 6 percent, respectively.
RWE reported strong investor demand, with the order book several times oversubscribed.
The financing follows earlier US dollar green bond issuances in April 2024 and September 2025.
The company’s financing strategy combines green bonds, equity capital, project financing and asset partnerships to support renewable energy expansion.
RWE Supply & Trading Profit More Than Triples to €543 Million
RWE’s Supply & Trading business generated adjusted EBITDA of €543 million during January–September 2026, compared with €150 million a year earlier.
The increase of €393 million was supported by improved proprietary trading performance, reversals of provisions and valuation adjustments relating to an associated company.
Adjusted EBIT increased to €523 million from €130 million.
External revenue declined to €7.91 billion from €9.26 billion, largely reflecting the revised accounting treatment of certain electricity and gas sales.
Following the stronger trading performance in the second and third quarters, RWE expects full-year adjusted EBITDA from Supply & Trading to exceed its previous forecast range of €100 million to €500 million.
RWE Targets Up to €6.35 Billion Adjusted EBITDA in 2026
RWE reaffirmed its full-year 2026 earnings outlook, supported by stronger trading performance and improved profitability across its renewable energy and flexible generation businesses.
| Financial indicator | 2026 guidance |
| Group adjusted EBITDA | €5.75–€6.35 billion |
| Group adjusted EBIT | €3.30–€3.90 billion |
| Group adjusted net income | €1.95–€2.45 billion |
| Offshore Wind adjusted EBITDA | €1.65–€2.15 billion |
| Onshore Wind/Solar adjusted EBITDA | €1.75–€2.25 billion |
| Flexible Generation adjusted EBITDA | €1.50–€1.90 billion |
| Supply & Trading adjusted EBITDA | Above €500 million |
RWE expects group adjusted EBITDA, adjusted EBIT and adjusted net income to finish towards the upper ends of their respective guidance ranges.
The company is maintaining its investment-led growth strategy, with spending focused on offshore wind developments, onshore renewable energy projects, battery storage, flexible generation capacity and electricity transmission infrastructure.
Its €13.26 billion capital expenditure during the first nine months, three newly awarded gas power plant contracts, increased investment in Amprion and offshore wind partnerships with KKR demonstrate the scale of RWE’s project development and financing activities.
BABURAJAN KIZHAKEDATH
