RWE reported a decline in offshore wind earnings for the first nine months of 2025, citing significantly weaker wind conditions across Europe.
Adjusted EBITDA for the segment fell to €915 million, down from just over €1 billion a year earlier, the German utility said. Despite the drop, overall group performance was supported by new asset commissioning and growth in solar and battery storage, with adjusted EBITDA across all segments reaching €3.48 billion and adjusted net income totaling €1.29 billion.
RWE’s onshore wind and solar division saw adjusted EBITDA rise to €1.24 billion from €990 million, driven by new capacity additions and higher power prices in the United States. Its flexible generation business contributed €1.06 billion, reflecting a normalisation of margins, partly offset by a €225 million gain from the sale of a UK data centre project to a hyperscaler.
The company’s supply and trading activities posted €150 million of adjusted EBITDA, well below €465 million in 2024, although RWE said the division delivered a stronger third quarter following a weak first half.
Since September 2024, RWE has brought approximately 2.5 GW of new capacity online, taking its operational renewable and flexible generation portfolio to 38.7 GW. Another 11.4 GW is under construction, with more than 2 GW expected to be commissioned by the end of 2026, which would take total capacity above 40 GW.
Chief Financial Officer Michael Müller said the company was “satisfied with the results for the first nine months” and described RWE’s portfolio as “robust and growing in a value-accretive way.” He added, “The artificial intelligence boom is driving worldwide demand for electricity and, thus, the demand for renewable energy. These are good prospects for our business.”
RWE confirmed its full-year guidance for adjusted EBITDA of €4.55 billion to €5.15 billion and adjusted net income of €1.3 billion to €1.8 billion, equivalent to €2.10 per share at the midpoint. The company also reaffirmed longer-term targets of €3 per share in 2027 and €4 per share in 2030, alongside a planned dividend increase to €1.20 per share for 2025.
Net debt stood at €15.7 billion as of 30 September, reflecting continued investment, including €4.6 billion net spent on expansion during the first nine months.
