RWE points to the upper end of its outlook as trading earnings recover
Nine-month adjusted EBITDA rose 35%. The full-year group forecast ranges stay unchanged, while the trading business is expected to exceed its prior range.
RWE reported a 35% increase in adjusted EBITDA to about EUR4.6 billion for the first nine months of 2026. The German power company kept its full-year group forecast ranges but said results should come in toward their upper ends.
Stronger earnings, unchanged group ranges
Nine-month adjusted net income rose to EUR1.8 billion from EUR1.3 billion. Adjusted earnings per share reached EUR2.52, compared with EUR1.77 a year earlier. These are the company's adjusted measures, not unqualified statutory profit figures.
RWE still forecasts full-year adjusted EBITDA of EUR5.75 billion-EUR6.35 billion and adjusted net income of EUR1.95 billion-EUR2.45 billion. Expecting the upper end is more optimistic than before, but it is not a numerical increase in those group ranges.
Trading improves, investment stays heavy
The Supply & Trading business generated nine-month adjusted EBITDA of EUR543 million, compared with EUR150 million a year earlier. RWE now expects that business to exceed its previous full-year range of EUR100 million-EUR500 million. More favorable European wind conditions and new generation capacity also supported group earnings.
Net investment totaled EUR10.7 billion in the first nine months, and net debt was EUR17 billion at September 30. Management expects year-end net debt of about EUR12 billion, mainly because two offshore wind projects will leave the consolidated accounts following a joint venture. That expected accounting change should not be mistaken for an equivalent amount of cash debt repayment.
The company reaffirmed its EUR1.32-per-share dividend target for 2026. It remains a target, distinct from a declared payment.
