RWE

RWE AG (RWE) generates and trades electricity. Its core business has four segments: Offshore Wind, Onshore Wind/Solar, Flexible Generation, with gas, hydro, biomass and battery storage plants, and Supply & Trading. Its Phaseout Technologies segment holds the Rhenish lignite operations and the dismantling of its old German nuclear plants. RWE generated 89,929 GWh in the first nine months of 2026, of which 41,761 GWh came from renewables.

It holds 15% of E.ON and a stake in the German transmission grid operator Amprion. RWE operates mainly in Germany, the UK, the Netherlands and the United States. The shares trade on the Frankfurt Stock Exchange, and American depositary receipts trade over the counter as RWEOY. One ADR represents one share.

The head office is in Essen, Germany. Markus Krebber is Chief Executive Officer.

RWE trades close to the AI estimate because investors see it as a large builder of wind, solar, batteries and gas plants whose earnings must grow with a large investment plan. RWE plans net investments of €35 billion from 2026 to 2031 and targets adjusted net income per share of over €4 by 2030, from €2.48 in 2025. In 2026, strong trading and new assets lifted adjusted EBITDA by 35% in the first nine months. For the price to hold, three things must be true.

New projects must earn at least the planned return of 8.5% on time, such as the Vanguard offshore wind farms with KKR. Earnings must keep growing when trading results fall back to normal. And RWE must fund the plan without too many new shares, after it sold about €4 billion of shares in June 2026. The annual report on March 4, 2027, with the 2027 guidance, is the next test.

AI estimate, checked by Kevin. How it is made

1. Nov 11, 2026Passed

   Results for the first nine months of 20262026 guidance confirmed or raised passes; lower guidance fails.Outcome: RWE confirmed its 2026 guidance and expects results towards the upper ends of the ranges.
2. Mar 4, 2027Pending

   2026 annual report and 2027 guidance2027 guidance for adjusted net income per share above the 2026 result passes; a decline fails.
3. 2027 · est.Pending

   Start of offshore construction at Vanguard West and EastOffshore construction that starts in early 2027 within budget passes; delays or cost overruns fail.

Every passed and failed checkpoint across all picks

• November 11, 2026RWE reported results for the first nine months of 2026. Adjusted EBITDA rose 35% to €4,575 million, and adjusted net income per share rose to €2.52 from €1.77. RWE confirmed its 2026 guidance, now towards the upper ends of the ranges, and its dividend target of €1.32. It also won contracts in Germany's first capacity market auction for three new gas plants with 2.5 GW in total.
• November 11, 2026RWE and KKR completed their 50:50 joint venture for the Vanguard West and Vanguard East offshore wind farms in the UK, 2.8 GW in total, and closed non-recourse project financing of £11.1 billion.
• August 13, 2026RWE reported results for the first half of 2026 and raised its full-year earnings guidance.

• RWE plans net investments of €35 billion from 2026 to 2031. Cost overruns, delays or lower power prices on new wind, solar and battery projects would lower the return below the planned 8.5%.
• Earnings from Supply & Trading and from power sales at market prices change a lot from year to year. The high trading earnings of 2026 may not repeat.
• U.S. policy changes, such as the One Big Beautiful Bill, reduce tax credits for wind and solar. This can lower the returns of RWE's large U.S. business.
• Net debt rose to €17,027 million at September 30, 2026, from €10,921 million at the end of 2025. Higher interest rates raise the cost of new debt.
• RWE must close its lignite plants by 2030 and pay for mine rehabilitation. Mining provisions were €5,342 million, and the state compensation payments are not yet fully received.
• The value of the ADR moves with the euro against the U.S. dollar.

RWE funds its business with senior and green bonds, hybrid bonds, commercial paper, cash flow, partner capital and new shares. At September 30, 2026, bonds, other notes, bank debt and commercial paper were €18,557 million, and other financial debt was €6,536 million. Read more

Dividend yield

2.1% (last 12 months, at today’s price of $64.99)

Paid per share

$1.386 in the last 12 months (1 payment)

Current annual rate

$1.386 ($1.386 × 1 a year)

Latest ex-dividend date

May 5, 2026, $1.386 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 6.6% a year. From 2015 to 2025, the dividend grew by about 1.2% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.