RWE reported a sharp increase in earnings for the first half of 2026, with adjusted EBITDA reaching €3 billion, compared with €2.1 billion a year earlier.
The results cover the six months to 30 June 2026 and follow an increase in the company’s earnings guidance for 2026 and 2027 announced in July.
The German energy group credited stronger operating performance across its businesses, including offshore and onshore wind, solar, flexible generation, battery storage and energy trading.
Better wind conditions in Europe, newly commissioned renewable and storage assets and a €332 million compensation payment from the Dutch state all contributed to the improvement.
Adjusted net income rose to €1.3 billion from €0.8 billion, while adjusted earnings per share increased from €1.08 to €1.77.
RWE has added 2.6 GW of generation capacity since June 2025. It commissioned a further 752 MW during the first half of this year, taking its portfolio of renewables, flexible generation and battery storage to almost 41 GW. Another 10.3 GW is under construction.
The company’s offshore wind business generated adjusted EBITDA of €810 million, up from €643 million, largely because wind conditions recovered from the weak first half of 2025. Onshore wind and solar earnings increased to €1.02 billion from €830 million.
Flexible Generation produced the largest segment increase, with EBITDA rising from €606 million to €1.03 billion. The figure included compensation from the Dutch government after restrictions on coal-fired generation at RWE’s Eemshaven plant caused losses in 2022. Higher UK capacity-market revenues also supported the result.
RWE’s trading business recovered from a weak start to the year, generating €134 million of adjusted EBITDA compared with €16 million previously.
CEO Markus Krebber said the company had “significantly strengthened its platform for long-term earnings growth”.
“With total net investments of €42 billion through to 2031, we will consistently capitalise on these opportunities in a value-accretive way,” he said.
RWE invested €6.3 billion net during the first six months. Following its planned increase in ownership of transmission operator Amprion, full-year net investment is now expected to reach €9 billion-€11 billion, compared with the previous €6 billion-€8 billion forecast.
Net debt stood at €15 billion at the end of June.
Despite the investment programme, RWE expects its leverage ratio to remain below its target range of 3.0-3.5 times.
