RWE : 1Q26 results first take - Weak underlying as expected

Research evidence excerpt

RWE : 1Q26 results first take - Weak underlying as expected

EQUITIES

UTILITIES & CLEAN ENERGY

RWE OUTPERFORMPRICE* EUR58.2  TARGET PRICE EUR60.8 (UPSIDE 4%)

RWE ADR OUTPERFORMPRICE* USD68.7  TARGET PRICE USD70.9 (UPSIDE 3%)

FLASH NOTE

1Q26 results first take – Weak underlying as expected

13 MAY 2026 Securities Research Report Production time: 07:26* (London time)

Research Analyst & Publishing Entities

Harry Wyburd BNP Paribas London Branch (+44) 203 430 8665 harry.wyburd@uk.bnpparibas.com

BNPP View: In line and guidance reiterated, but the numbers confirm that underlying 1Q performance ex-one-

offs was weak due to prior flagged trading losses and low underlying Flexgen earnings. RWE has booked 1/3rd

of midpoint FY net income guidance in 1Q, slightly ahead of the typical ~30%, but this includes an expected

c€330m one-off compensation payment in Flexgen; without that (and assuming the one-off is taxable) then the

fill rate would have been only ~20%. On the numbers themselves, aside from weak underlying Flexgen, offshore

has been quite strong on wind speed recovery, onshore a little weak on pricing and FX, and trading losses

moderately bigger than expected. Net debt at €15.6bn looks in line with usual seasonality. Overall, nothing

different vs. expectations going into the results, but this is nonetheless a weak underlying quarter. Would

expect shares neutral or a touch down.

Conference call will begin at 12:00 UK time, dial in via webcast:

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Figure 1: RWE 1Q26 key figures

RWE 1Q26 results Actual Consensus % diff Beat/miss

€m 1Q26 Co-compiled

Adj. EBITDA - Offshore wind 570 523 +9% beat

Adj.