RWE has upgraded its financial outlook for 2026 and 2027 after reporting stronger-than-expected preliminary first-half 2026 results, driven by higher renewable energy output, improved international power generation, and increased earnings from its expanded stake in transmission system operator Amprion.
The energy company reported adjusted EBITDA of €3.011 billion in the first six months of 2026, up from €2.092 billion a year earlier, while adjusted net income increased to €1.257 billion from €792 million. Adjusted earnings per share rose to €1.77, compared with €1.08 in the first half of 2025.
RWE increased its full-year 2026 adjusted EBITDA guidance to €5.75 billion-€6.35 billion, compared with the previous outlook of €5.2 billion-€5.8 billion. Adjusted net income is now expected at €1.95 billion-€2.45 billion, while adjusted earnings per share are forecast between €2.60 and €3.30, with a midpoint of €2.95.
For 2027, RWE expects adjusted EBITDA of €6.7 billion-€7.3 billion, adjusted net income of €2.2 billion-€2.7 billion, and adjusted earnings per share of €3.15 at the midpoint.
RWE’s renewable energy projects delivered strong operational performance across offshore and onshore wind businesses. Offshore Wind generated adjusted EBITDA of €810 million in the first half of 2026 versus €643 million a year earlier, benefiting from normalized wind conditions. The company raised full-year Offshore Wind EBITDA guidance by €100 million to €1.65 billion-€2.15 billion.
RWE’s Onshore Wind and Solar business posted adjusted EBITDA of €1.016 billion, compared with €830 million last year, supported by continued expansion of renewable generation capacity and stronger wind conditions across Europe. The company maintained its full-year guidance of €1.75 billion-€2.25 billion for the segment.
Flexible Generation also recorded significant growth, with adjusted EBITDA climbing to €1.025 billion from €606 million, helped by a €332 million compensation payment from the Dutch government related to operational restrictions at the Eemshaven power plant. RWE consequently increased the segment’s 2026 EBITDA guidance to €1.5 billion-€1.9 billion from the previous €1.2 billion-€1.6 billion.
Supply & Trading recovered from a weak start to the year as proprietary trading improved during the second quarter. The division reported adjusted EBITDA of €134 million, compared with €16 million in the prior-year period, while maintaining its full-year guidance of €100 million-€500 million.
A major strategic project supporting RWE’s growth is the increase of its stake in transmission operator Amprion to 55 percent, which will create a new Regulated Grid Infrastructure reporting segment from 2027. The new business is expected to contribute €450 million-€500 million in adjusted EBITDA during 2027, strengthening earnings from regulated infrastructure assets.
RWE also reaffirmed its long-term financial strategy. Following the Amprion transaction, the company expects adjusted earnings per share to reach €4.55 by 2031, up from its previous target of €4.40. It confirmed its €1.32 per share dividend target for 2026 and expects dividends to increase by 10 percent annually through 2031. RWE continues to accelerate investment in renewable energy and grid infrastructure as part of its long-term growth strategy.
The company said it is investing billions of euros to expand offshore wind, onshore wind, solar, battery storage and transmission infrastructure while advancing a broad pipeline of new energy projects to meet rising global electricity demand driven by electrification and artificial intelligence. Its strategy also targets a complete coal phase-out by 2030 and achieving net-zero emissions by 2040.
