German utility RWE reported a decline in offshore wind earnings for the first half of 2025, citing weaker wind conditions across Europe and lower returns from forward electricity sales as key factors.
Adjusted EBITDA in the offshore wind segment fell to €643 million, down from €828 million in the same period last year. The company attributed the decline not only to subdued wind activity but also to reduced income from electricity sales without price guarantees.
However, the impact was partially mitigated by new capacity additions. “This was partly offset by commissioning of new onshore wind farms, solar plants and battery storage systems,” RWE stated in its earnings release.
Across the group, adjusted EBITDA totalled €2.1 billion, while adjusted net income reached €775 million—both lower than the previous year, primarily due to weaker results from offshore wind, flexible generation, and supply and trading activities.
Despite the decline, RWE reaffirmed its full-year earnings and dividend outlook. Chief Executive Markus Krebber said, “We have achieved half of our full-year earnings target of €2.10 per share and confirm our guidance and dividend plans.”
The company continues to expand its renewable energy portfolio, with 11.2 gigawatts (GW) currently under construction. More than 3 GW of this capacity is scheduled for commissioning in the second half of 2025.
Onshore wind and solar operations delivered €830 million in adjusted EBITDA, up from €730 million, driven by new project rollouts despite similarly challenging wind conditions.
Earnings from flexible generation dropped to €595 million from €1.014 billion, reflecting weaker margins on forward power sales. Gains from short-term power plant optimisation only partially offset the decline.
In supply and trading, adjusted EBITDA dropped sharply to €16 million from €318 million, due to a weaker performance in proprietary trading.
RWE invested €2.5 billion net during the first half, including proceeds from the sale of stakes in the Thor and Nordseecluster offshore wind projects to Norges Bank Investment Management.
Net debt stood at €15.5 billion as of 30 June. The company continues to target a leverage ratio of below 3.0.
Full-year guidance remains unchanged, with adjusted EBITDA forecast between €4.55 billion and €5.15 billion, and adjusted net income between €1.3 billion and €1.8 billion. The dividend is expected to rise to €1.20 per share.
