RWE has delivered a strong operational performance in the first six months of 2022. In particular, the Hydro/Biomass/Gas segment as well as Supply & Trading performed well on the back of volatile markets.
This positive earnings trend is expected to continue, which has prompted RWE to increase the earnings forecast for the full year. RWE Group’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) is now expected to be between €5.0 billion and €5.5 billion. This is driven by higher earnings from RWE’s core business, where RWE expects adjusted EBITDA to range between €4.3 billion and €4.8 billion. In line with EBITDA growth, adjusted EBIT is forecast to be between €3.4 billion and €3.9 billion for 2022. Adjusted net income is expected to reach €2.1 billion to €2.6 billion at year-end.
EBITDA development by renewable division in 2022 and preliminary earnings for H1 2022 are as follows:
Offshore Wind: Earnings stood at €632 million for the first six months of 2022. Compared to H1 2021 (€459 million) earnings are higher, largely driven by the commissioning of Triton Knoll offshore wind farm and better wind conditions. Guidance for the full year is confirmed.
Onshore Wind/Solar: H1 2022 (€491 million) benefited from capacity additions, higher capture prices and better wind conditions, whereas H1 2021 (-€42 million) was negatively affected by the unprecedented Texas cold snap. Guidance for FY 2022 has increased to a range of €0.9 billion to €1.1 billion as a result of strong earnings in H1 2022.
For fiscal year 2023, RWE expects to continue the positive earnings trajectory. However, due to current uncertainty, a new earnings guidance 2023 exceeding the current guidance will be set at a later date.