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Investing.com -- RWE AG (ETR:RWEG) on Wednesday reaffirmed its full-year earnings and dividend guidance after posting steady results for the first nine months of 2025, even as lower wind speeds in Europe and weaker trading income weighed on performance.
The German power producer reported adjusted EBITDA of €3.5 billion and adjusted net income of €1.3 billion for the period.
Adjusted earnings per share stood at €1.76, representing more than 80% of the company’s full-year guidance of €2.10 per share.
RWE said the results reflected a normalisation of income in its Flexible Generation segment and softer trading activity compared with the previous year.
Michael Müller, chief financial officer of RWE AG, in a statement said, “We confirm our guidance for the current fiscal year and our earnings targets for 2030. Our portfolio is robust and growing in a value-accretive way.”
By segment, Offshore Wind posted adjusted EBITDA of €915 million, down from €1.08 billion a year earlier, mainly because of weaker wind conditions and lower proceeds from forward electricity sales.
The Onshore Wind/Solar division generated €1.24 billion in adjusted EBITDA, up from €990 million in the same period of 2024, supported by the commissioning of new assets and higher power prices in parts of the U.S. market.
Earnings in the Flexible Generation segment normalised as expected, reaching €1.06 billion from €1.45 billion in the previous year.
The segment recorded a positive one-off contribution of €225 million from the sale of a U.K. data center project to a hyperscaler.
Additional income from short-term optimisation of power plant dispatch also supported results.
In Supply and Trading, adjusted EBITDA fell to €150 million from €465 million, as lower trading margins affected the first half of the year. The company said the segment recorded a stronger third quarter.
Since September 2024, RWE has commissioned about 2.5 gigawatts (GW) of new generation capacity, bringing its total operating portfolio to 38.7 GW of renewable, storage, and flexible generation assets.
A further 11.4 GW is under construction, with more than 2 GW expected to be commissioned by the end of 2025.
As of Sept. 30, RWE reported net debt of €15.7 billion, up from the level at the end of 2024. The company attributed the increase to high investment activity, with €4.6 billion in net investments during the first three quarters.
The figure includes proceeds from the sale of stakes in the Thor and Nordseecluster offshore wind projects to Norges Bank Investment Management.
RWE said it expects to remain within its self-imposed upper limit of 3.0 for the leverage factor, defined as the ratio of net debt to adjusted EBITDA.
For 2025, RWE continues to project adjusted EBITDA between €4.55 billion and €5.15 billion and adjusted net income between €1.3 billion and €1.8 billion.
It reiterated adjusted earnings per share targets of around €3 for 2027 and €4 for 2030. The utility plans to raise its dividend for 2025 to €1.20 per share.