Dr Markus Krebber reports on current developments, our achievements at RWE and what our goals we have set ourselves.
RWE Group – key figures for 2025
Adjusted EBITDA
€5,087 million
2024: €5,680 million
Adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) totalled €5,087 million. We therefore clearly met the forecast published in March 2025, which envisaged a range of €4,550 million to €5,150 million.
As expected, we did not match the high earnings level achieved in the previous year (€5,680 million). Contributing factors were that we realised lower margins on electricity sales and that we were unable to match the strong trading performance registered in 2024. Positive effects were felt from the commissioning of new wind and solar farms as well as battery storage facilities. Furthermore, the sale of a data centre development project resulted in a significant capital gain.
Cash flows from operating activities
€4,954 million
2024: €6,620 million
In the year under review, cash flows from operating activities amounted to €4,954 million. We could not match the previous year figure (€6,620 million) partially due to the decline in operating income. In addition, the variation margins on commodity derivatives we paid were higher than those we received. In 2024, we recorded a net cash inflow from such transfers.
A reduction in expenses incurred to procure CO2 emission allowances had a positive effect on the development of cash flows.
Adjusted net income
€1,803 million
2024: €2,322 million
Coming in at €1,803 million, adjusted net income marginally exceeded the guided range of €1,300 million to €1,800 million.
This development was driven by the book gain from the disposal of a data centre development project, the significant earnings contribution from Amprion and low interest payments.
As expected, adjusted net income was much lower than the previous year’s figure (€2,322 million) due to declining margins from electricity forward sales and trading profits.
Capital expenditure
€10,810 million
2024: €11,240 million
In the 2025 financial year, gross capital expenditure totalled €10,810 million (previous year: €11,240 million). This figure only comprises cash transactions.
The funds were largely dedicated to the Offshore Wind (51%) and Onshore Wind/Solar (34%) segments. Substantial investments were made in our current North Sea wind projects – in particular the construction of the Sofia (United Kingdom; 1,400 MW), Thor (Denmark; 1,080 MW) and Nordseecluster A/B (Germany; 660 MW/900 MW) wind farms. Significant funds were also attributed to the development of the Norfolk Vanguard West and Norfolk Vanguard East ventures.
We also focused on building onshore wind and solar farms as well as battery storage facilities. The majority of our investments in these technologies was allocated to the US. The single-largest capital expenditure item was our €552 million contribution to a capital increase at German transmission system operator Amprion.
Adjusted EBIT
€2,868 million
2024: €3,561 million
At €2,868 million, adjusted EBIT was at the upper end of the guided range of €2,350 million to €2,950 million, falling short of the previous year’s figure (€3,561 million). Essentially, this was due to the same factors affecting adjusted EBITDA. This figure differs from adjusted EBITDA in that it includes operating depreciation and amortisation, which amounted to €2,219 million in 2025 compared to €2,119 million in the prior year.
Adjusted net income per share
€2.48
2024: €3.12
Adjusted net income slightly exceeded expectations, reaching €2.48 per share, driven by the successful sale of a development project for a data centre at a former UK power plant site. We want to increase our adjusted net income per share from €2.48 in 2025 to over €4 by 2030. Our goal for 2031 is approximately €4.40.
Power generation
122,342 GWh
2024: 117,801 GWh
Last year, RWE generated 122,342 GWh of electricity. Of this, 41% was based on renewables, with gas and coal accounting for 31% and 27%, respectively. Power production was up 4% compared to 2024. Gas-fired power stations accounted for the biggest rise. Relatively low wind speeds in Europe played a role, resulting in tighter electricity supplies, which triggered price signals that led to increased utilisation of conventional power plants. Therefore, our hard coal/biomass-fired power station in Eemshaven in the Netherlands was used more than in 2024.
Installed capacity
46,830 MW
2024: 44,057 MW
As at 31 December 2025, we had an installed power production capacity of 46.8 GW. Our generation portfolio grew by 2.8 GW compared to the prior year. The rise was largely driven by the completion of new solar farms, onshore wind farms and battery storage systems. Amounting to 1.6 GW, more than half of the capacity was added in the USA. At 21.3 GW, renewable energy accounted for the largest portion (45%) of our installed capacity at the end of 2025. Second place was taken by natural gas with 16.0 GW (34%). Our biggest source of renewable energy is wind (13.0 GW), followed by solar (7.0 GW), biomass (0.8 GW), and hydro (0.5 GW).
Employees
20,120 FTE
2024: 20,985 FTE
As at 31 December 2025, the RWE Group had 20,120 people on its payroll, of which 12,862 were employed in Germany and 7,258 worked at locations abroad. These figures are full-time equivalents (FTEs), meaning that part-time positions are considered on a pro-rata basis.
Personnel figures were down by 865 FTEs, or 4%, compared to the end of 2024. The biggest change occurred in the Phaseout Technologies segment (–689), where a large number of employees accepted early retirement offers particularly as part of the German coal and nuclear phaseouts. We also recorded a notable decline in the Offshore Wind segment (–200). One reason for this was that we scaled back our US activities in this field of business in reaction to the uncertain regulatory environment.
Dr Markus Krebber
Our strategic guideline until 2031
We launched our initiative to expand electricity generation, storage and electrolysis capacities in 2021 and have made good progress in implementing it so far. At the beginning of 2026, we updated our growth targets and now plan to make net investments (i.e. excluding divestments) of €35 billion from 2026 to 2031. We intend to expand our generation capacity to 65 GW (pro rata) by 2031. We will grow above all in the USA, Germany and the UK. Our minimum required average return for new projects is 8.5%. Whenever it is foreseeable that our planned projects will fail to meet this criterion, funds will be repurposed, e.g. by using them to conduct additional share buybacks. We are confident that this combination of growth ambition and financial discipline will enable us to strengthen RWE’s earning power substantially. We want to increase our adjusted net income per share from €2.48 in 2025 to over €4 by 2030. Our goal for 2031 is approximately €4.40.
More information on the individual components of our growth programme can be found here:
Offshore Wind
At the end of 2025, our offshore wind portfolio had a total installed capacity of 3.3 GW (pro rata). We aim to further strengthen our market position in this technology. Given the scale of offshore projects, we often deliver them with partners, allowing financial commitments and risks to be shared across multiple parties. Geographically, our growth investments focus on north-west Europe. As at the balance sheet date, five large scale wind farms were under construction in the North Sea: Sofia (UK), Thor (Denmark), OranjeWind (Netherlands) and Nordseecluster A and B (Germany). These assets will increase our pro-rata generation capacity by 3.1 GW. We are also developing a range of other major projects. In the autumn of 2025, five UK projects, collectively expected to deliver up to 6.9 GW of capacity (RWE share: 3.5 GW), were awarded government contracts for difference.
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Capacities Offshore Wind in GW (pro rata)
Click on the bars for more information
Onshore Wind
By the end of 2025, our onshore wind amounted to 9.7 GW (pro rata). Assets accounting for a further 1.5 GW are under construction. After the USA, Europe is our second large growth region. Here, our focus rests on Germany, the United Kingdom, Italy, Poland and France. In these countries, we can minimise price risks, e.g. through contracts for difference. To a lesser extent, we are also planning growth projects in Australia.
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Capacities Onshore Wind in GW (pro rata)
Click on the bars for more information
Solar
By the end of 2025, our solar capacity amounted to 7.2 GW (pro rata). Assets accounting for a further 2.8 GW are under construction.
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Capacities Solar in GW (pro rata)
Click on the bars for more information
Flexible Generation & H₂
In most RWE markets, gas-fired power plants are crucial to security of supply. At the end of 2025, our generation portfolio included 15.8 GW (pro rata) of gas-fired capacity. We see a particular need for investments in Germany, where a substantial portion of secured generation capacity will be taken off the grid in the wake of the coal phaseout. The German government announced that this year it will hold auctions for new hydrogen-ready gas power stations. We intend to participate in them and, if we are successful, we will move to begin construction without delay. The hydrogen economy is a crucial part of the energy transition and a perfect complement to our business model. Our regional focus for these activities is on Germany, the Netherlands and the UK. The first projects are already being implemented. One example is the 300 MW electrolyser at the Lingen site, which we intend to complete by 2027.
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Capacities Flexible Generation in GW (pro rata)
Click on the bars for more information
Batteries
Increased dependence on intermittent energy sources, such as solar and wind, calls for more battery storage systems. Our operational battery storage capacity at the close of 2025 amounted to 1.7 GW (pro rata), with a further 2.4 GW of capacity under construction. In the USA, we often build storage facilities and solar farms together to optimise the timing of photovoltaic feed-ins to the local grid. Conversely, our large-scale batteries in Germany and other European markets are usually operated independently. We use them to capitalise on price variations on the wholesale electricity market or to provide system services for grid operators.
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Capacities Batteries in GW (pro rata)
Click on the bars for more information
We want to be carbon neutral by 2040.
We are committed to the goals of the Paris Climate Agreement and have set ourselves ambitious emission reduction targets that are in line with the 1.5-degree target and validated by the Science Based Targets initiative (SBTi). These targets are aimed at achieving net-zero emissions by 2040 for our direct and indirect emissions.
Emissions 2022
| Scope 1 Emissions from our operating activities |
85.74 |
| Scope 2 Emissions from our purchased and consumed energy |
0.20 |
| Scope 3 Emissions from our upstream and downstream value chains |
22.15 |
CO2 equivalents (CO2e) in million metric tons; CO2e is a unit of measurement used to standardise the climate effects of various greenhouse gases.
Emissions 2024
| Scope 1 Emissions from our operating activities |
53.24 |
| Scope 2 Emissions from our purchased and consumed energy |
0.39 |
| Scope 3 Emissions from our upstream and downstream value chains |
21.77 |
CO2 equivalents (CO2e) in million metric tons; CO2e is a unit of measurement used to standardise the climate effects of various greenhouse gases.
Emissions 2025
| Scope 1 Emissions from our operating activities |
51.89 |
| Scope 2 Emissions from our purchased and consumed energy |
0.22 |
| Scope 3 Emissions from our upstream and downstream value chains |
19.47 |
CO2 equivalents (CO2e) in million metric tons; CO2e is a unit of measurement used to standardise the climate effects of various greenhouse gases.
Emission target 2030
| Scope 1 & 2 Relative reduction target per MWh of power generated for emissions from our operating activities and emissions from our purchased and consumed energy |
As is in 2022: 0.55 Target: -71% |
| Scope 3 Overall reduction target for emissions from our upstream and downstream value chains |
As is in 2022: 22.15 Target: -42% |
The baseline year for our emission reduction targets is fiscal 2022. Baseline year and target values are subject to validation by the Science Based Targets initiative.
Our emissions
- Emissions 2022
- Emissions 2024
- Emissions 2025
- Emission target 2030
We want to increase the share of women in leadership positions.
A diverse and inclusive corporate culture is important to our growth. Diversity has many facets, one of which is gender equality when filling leadership roles within our company. This is why we have set ourselves the target of increasing the share of women in management positions in our core business to 30% (excluding positions in the United States) by 2030.
Share of men and women in leadership roles in our core business
Our ambition for 2030
2025
2030
0
%
Women
0
%
Men
30
%
Women
70
%
Men
We want to grow sustainably.
The energy transition is paving the way to a climate-friendly, reliable and affordable energy supply. RWE is making an important contribution to this cause. In the coming years, RWE plans to invest billions in wind energy, photovoltaics, battery storage, hydrogen-capable gas power stations and electrolysis facilities.
Concurrently, RWE intends to phase out coal-fired power production in a socially acceptable manner by 2030. The lion’s share of the capital expenditure is earmarked for sustainable measures. RWE has committed to bringing at least 95% of its capital expenditure in line with the Taxonomy Regulation (EU) 2020 / 852 and to making a major contribution to achieving the climate goals by 2030.
Capital expenditure 2025
Year-on-year comparison
€11.9 billion
€12.0 billion
0
%
Not taxonomy-eligible
0
%
Taxonomy-eligible
0
%
Taxonomy-aligned
4
%
Not taxonomy-eligible
2
%
Taxonomy-eligible
94
%
Taxonomy-aligned
The deviation from the aforementioned figure (€10,810 million) is due to the fact that non-cash transactions are also taxonomy-relevant and additions to assets resulting from associated acquisitions are considered rather than acquisition expenditure.
Revenue 2025
Year-on-year comparison
€17.6 billion
€24.2 billion
0
%
Not taxonomy-eligible
0
%
Taxonomy-eligible
0
%
Taxonomy-aligned
49
%
Not taxonomy-eligible
30
%
Taxonomy-eligible
21
%
Taxonomy-aligned