RWE raises outlook for fiscal 2021

• Exceptionally positive earnings trend in energy trading leads to an upgraded earnings forecast for fiscal 2021
• Adjusted EBITDA for RWE Group now between €3.0 billion and €3.4 billion expected

 Michael Müller, CFO of RWE AG: “Our earnings development in the first half of the year was characterised by an exceptionally strong trading performance by the Supply & Trading division. Given that our outlook for 2021 was muted due to the negative effects from the Texas cold snap at the beginning of the year, we are now pleased to raise our forecast for RWE Group for fiscal 2021. This gives us further fuel for the transformation of RWE as a driver of the energy transition.”

In view of the business performance in the first half of 2021, the Executive Board of RWE AG adjusted its earnings forecast for the full year 2021. It now anticipates adjusted EBITDA of €3.0 billion to €3.4 billion (previously €2.65 billion to €3.05 billion) for RWE Group; adjusted EBITDA of the core business is assumed to range between €2.15 billion to €2.55 billion (previously €1.8 billion to €2.2 billion). The outlook for adjusted EBIT increased to €1.5 billion to €1.9 billion (previously €1.15 billion to €1.55 billion) and for adjusted net income to €1.05 billion to €1.4 billion (previously €0.75 billion to €1.10 billion). RWE sticks to its dividend target of 0.90 € per share for fiscal year 2021.

Adjusted EBITDA in the Supply & Trading division reached an exceptionally high level of €525 million in the first half year thanks to a strong trading performance. Originally RWE estimated a range of €150 million to €350 million for this segment. RWE therefore increased the outlook for Supply & Trading for FY 2021 and assumes to close the year significantly above the €350 million.

The EBITDA forecast for the other segments is unchanged.

RWE will publish its interim report for the first half of 2021 on 12 August 2021.

Forward-looking statements

This IR Release contains forward-looking statements. These statements reflect the current views, expectations and assumptions of management, and are based on information currently available to management. Forward-looking statements do not guarantee the occurrence of future results and developments and are subject to known and unknown risks and uncertainties. Actual future results and developments may deviate materially from he expectations and assumptions expressed in this document due to various factors. These factors primarily include changes in the general economic and competitive environment. Furthermore, developments on financial markets and changes in currency exchange rates as well as changes in national and international laws, in particular in respect of fiscal regulation, and other factors influence the company’s future results and developments. Neither the company nor any of its affiliates undertakes to update the statements contained in this IR Release.