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Investing.com -- RWE (ETR:RWEG) on Thursday reported first-half 2025 earnings below expectations, with EBITDA of €2.14 billion, 4% under consensus forecasts, and net income of €819 million, 5% below estimates.
“Weaker wind speeds and challenging energy trading conditions due to geopolitics appeared to be the main drivers of the miss versus consensus,” said analysts at Jefferies in a note.
Offshore wind EBITDA reached €643 million, slightly ahead of forecasts. Onshore wind and solar delivered €830 million, 7% under consensus. Flexible Generation posted €595 million, 4% below projections.
Supply and Trading was the weakest division, reporting €16 million for the half-year and €1 million in the second quarter, nearly 80% below expectations .
Net debt stood at €15.5 billion at the end of June, down from €15.9 billion in the first quarter.
The reduction reflected €0.9 billion in operating cash flow and €0.2 billion in net cash inflow from capital expenditure, partly offset by a €0.8 billion dividend payout .
The German energy company expects more than 3 gigawatts of new renewable capacity in the second half, mainly onshore wind, solar and battery projects.
It highlighted nine projects totaling up to 7.5 gigawatts eligible for the U.K. AR7 auction and said its U.S. pipeline is focused on private land with permits in place.
A €1.5 billion share buyback program is continuing, with €0.5 billion completed and the second tranche underway .
Full-year 2025 guidance was reiterated, with adjusted EBITDA of €4.55 billion to €5.15 billion and adjusted earnings per share of €1.8 to €2.5.
Divisional targets remain unchanged: offshore wind €1.3 billion to €1.7 billion, onshore wind €1.65 billion to €2.15 billion, flexible generation €1 billion to €1.4 billion, and supply and trading €100 million to €500 million.