RWE reported higher earnings across all business segments in the first nine months of 2026. The increase was driven by contributions from newly commissioned assets, more favourable wind conditions in Europe and improved results from Supply & Trading.
Higher earnings from Amprion also contributed, following RWE's increase in its stake in the German transmission system operator to a majority shareholding. The Flexible Generation segment benefited from higher margins and capacity payments in the UK, as well as compensation received from the Dutch state.
Adjusted EBITDA increased to €4.6 billion, compared with €3.4 billion in the same period last year. Adjusted net income rose from €1.3 billion to €1.8 billion.
Adjusted earnings per share reached €2.52, compared with €1.77 in the prior-year period. RWE has therefore achieved around 85 per cent of its full-year adjusted earnings per share target after nine months.
In the Offshore Wind segment, adjusted EBITDA increased to €1,110 million from €915 million. Higher electricity generation resulting from more favourable wind conditions was the main contributor. Initial generation from the Thor project in Denmark, Sofia in the UK and Nordseecluster A in Germany also contributed, although all three projects are still under construction. Lower margins from forward electricity sales partly offset the increase.
Adjusted EBITDA in Onshore Wind/Solar rose to €1,497 million, compared with €1,242 million in the same period last year. The increase reflected additional generation capacity and more favourable wind conditions in Europe. Currency movements, particularly the conversion of US dollars into euros, had a negative impact.
Flexible Generation recorded adjusted EBITDA of €1,343 million, up from €1,076 million. Higher margins and capacity payments in the UK contributed to the increase. Earnings also included compensation from the Dutch state for statutory restrictions on coal-fired generation at the Eemshaven power plant during the first half of 2022. The previous year's result had benefited from the sale of a data centre development project.
RWE Supply & Trading reported adjusted EBITDA of €543 million, compared with €150 million in the prior-year period. Following a weak start to the year, proprietary trading performance improved during the second and third quarters. RWE now expects full-year earnings in this segment to exceed its previous guidance range of €100 million to €500 million.
RWE has also continued to expand its generation portfolio. Since the beginning of 2026, it has commissioned assets with a combined capacity of 838 MW, while a further 13.5 GW is under construction. This includes the Vanguard West and Vanguard East offshore wind projects in the UK, in which RWE has a 50 per cent stake through its joint venture with KKR.
In Germany, RWE was awarded contracts in the national capacity auction for three new hydrogen-compatible combined-cycle gas turbine power plants with a combined capacity of 2.5 GW.
The company has also completed the equity transaction for the 50:50 joint venture with KKR covering Vanguard West and Vanguard East. Both projects, with a combined capacity of 2.8 GW, have secured Contracts for Difference and reached financial close for their non-recourse project financing. A consortium of 35 international banks is providing £11.1 billion in cash facilities and a further £1.7 billion in ancillary facilities.
RWE's net investment during the first nine months amounted to €10.7 billion. Net debt stood at €17 billion at the end of September. The company expects this to fall to approximately €12 billion by the end of 2026, mainly due to the deconsolidation of the two Vanguard projects following the establishment of the joint venture with KKR.
RWE has maintained its full-year 2026 guidance, expecting adjusted EBITDA of €5.75 billion to €6.35 billion and adjusted net income of €1.95 billion to €2.45 billion. Following the strong trading performance in the second and third quarters, the company expects results towards the upper end of these ranges. Its dividend target remains €1.32 per share.
