BERNSTEIN Utilities Daily – July 29th

Research evidence excerpt

BERNSTEIN Utilities Daily – July 29th

trong results in 1H26 and strong expected earnings contributed in 2H26 from the increased

Amprion stake and higher commodity prices, RWE is raising its earnings forecast for 2026 and 2027. For 2026 RWE now expects Adj.

EBITDA at €5,750-6,350m (+10% midpoint), Adj. net income at €1,950-2,450m (+22% midpoint), and Adj. EPS between €2.6-3.3/

sh. For 2027 RWE now expects Adj. EBITDA at €6,700-7,300m (+8% midpoint), Adj. net income at €2,200-2,700m (+14% midpoint)

and Adj. EPS between €2.8 -3.5/sh. Preliminary results for 1H26 include: Adj. EBITDA at €3,011m, Adj. net income at €1,257m and

Adj. EPS at €1.77/sh.

• RWE to build large-scale storage at Hambach mine (RWE). RWE is continuing to expand its battery storage portfolio and is

constructing a new large-scale storage facility on the site of the Hambach opencast mine. The battery storage facility is being built

near the village of Niederzier in the district of Düren. Preparatory work on a three-hectare site began at the end of 2025. The first of a

total of 128 lithium-ion battery containers have already been delivered. The large-scale storage facility will have a capacity of 236MW

and a storage capacity of 470MWh. The facility is scheduled to come on stream in 2027.

• German grid transparency plan sparks security concerns (Montel). Germany’s draft grid transparency rules could help speed up

connections but could also expose critical infrastructure to physical or digital attacks. Under a draft government package to modernise

grid connection rules, electricity network operators would have to publish maps showing available connection capacity and update

them every month. The aim is to give investors a clearer picture of where new projects can connect to the grid. Germany’s Federal