ESSEN (dpa-AFX) - German utility RWE AG (RWEOY.PK) reported Thursday sharply lower profit in its first half amid lower exterenal revenues, despite growth in power generation. Further, the firm confirmed its outlook for fiscal 2025 and ahead.
In the first half, net income?attributable to shareholders plunged to 1.45 billion euros from last year's 4.11 billion euros. Earnings per share were 1.98 euros, down from 5.52 euros a year ago.
Adjusted net income was 775 million euros, compared to 1.36 billion euros last year. Adjusted net earnings per share amounted to 1.06 euros, compared to prior year's 1.83 euros.
Adjusted EBITDA for the first six months reached 2.14 billion euros, compared to 2.90 billion euros a year ago.
As expected, earnings for the first half of the year were lower than last year primarily due to a normalisation of income in the Flexible Generation segment as well as a weak trading performance to date.
The company noted that weak wind conditions in Europe led to lower offshore and onshore wind production than last year, resulting in a decline in earnings.
External revenue, excluding natural gas tax?/?electricity tax, reached 10.06 billion euros, down from 11.21 billion euros a year ago.
Power generation was 59,955 GWh, compared to 58,864 GWh a year ago.
Further, the company announced that the dividend for 2025 will be raised to 1.20 euros per share.
Looking ahead for fiscal 2025, RWE continues to expect adjusted EBITDA of 4.55 billion euros to 5.15 billion euros and adjusted net income of 1.3 billion euros to 1.8 billion euros. This equates to earnings per share of 2.10 euros, based on the midpoint of the range.
Further, RWE still expects to achieve adjusted net earnings per share of around 3 euros for 2027 and around 4 euros for fiscal 2030.
Markus Krebber, CEO of RWE AG, said, 'We can look back on a good first half of 2025. Having achieved half of our full-year target for adjusted earnings per share, we are confirming our guidance and our dividend target for 2025. Our long-term goal is to increase adjusted earnings per share to €4 by 2030. The value-accretive expansion of our portfolio is progressing rapidly. Of the 11.2 gigawatts currently under construction, we will commission over 3 gigawatts in the second half of the year.'
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