ESSEN (dpa-AFX) - German utility RWE AG (RWEOY.PK) reported Thursday higher net profit in fiscal 2024, while Adjusted EBITDA declined amid weak revenues.
In fiscal 2024, net income attributable to shareholders surged to 5.14 billion euros from last year's 1.52 billion euros. Earnings per share were 6.91 euros, up from last year's 2.04 euros.
Adjusted net income was 2.32 billion euros or 3.12 euros per share, compared to 4.10 billion euros or 5.51 per share a year ago.
Adjusted EBITDA for the year dropped to 5.68 billion euros from last year's 7.75 billion euros. Overall, earnings remained below the level of the previous year, as expected.
External revenue, excluding natural gas tax?/?electricity tax, was 24.22 billion euros, lower than prior year's 28.52 billion euros.
Power generation declined to 117,801 GWh from 129,701 Gwh last year.
Looking ahead, for fiscal 2025, RWE expects adjusted net income between 1.3 billion euros and 1.8 billion euros, and adjusted EBITDA of 4.55 billion euros to 5.15 billion euros, both lower than the prior year.
The outlook is based on the expectation that margins from electricity sales and the short-term optimisation of power plant dispatch will normalise. RWE also expects normalised earnings in the Supply & Trading segment.
In addition, RWE reaffirmed its mid- to long-term earnings per share targets despite the lower capital expenditure. The company expects to achieve adjusted earnings per share of around 3 euros in 2027. The target for 2030 remains unchanged at around 4 euros per share. The aim is to increase the dividend by 5% to 10% annually through to 2030.
Further, RWE confirmed the dividend proposal to the Annual General Meeting of 1.10 euros per share for fiscal 2024, which is 0.10 euro higher than in the previous year, citing the good business performance.
For the current fiscal year, RWE plans to increase the dividend again by 0.10 euro to 1.20 euros per share.
The company added that as a result of stricter risk management and higher return expectations, it will invest less than previously planned through to 2030.
RWE will invest a total of 35 billion euros net is for the years from 2025 to 2030, about 10 billioneuros net less than previously planned.
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