RWE: 1Q26 Supports Guidance Upside – Reiterate OW

研报英文原文证据摘录

RWE: 1Q26 Supports Guidance Upside – Reiterate OW

Equity Research

European Utilities & Clean Energy

13 May 2026

RWE

1Q26 Supports Guidance Upside –

Reiterate OW

We see a small outperformance of RWE shares over the RWEG.DE/RWE GY OVERWEIGHT

POSITIVEEuropean utility sector SX6P justified today. 1Q26 supported EuropeanEnergy Utilities & Clean

our argument of guidance upside, with core divisions Price Target EUR 66.00

offsetting weak Supply & Trading, while 1Q26 adj. net income Price (12-May-26) EUR 58.22 Potential Upside/Downside +13.4%

Source: Bloomberg, Barclays Researchalready delivered ~34% of FY26 guidance midpoint. Reiterate

OW.

Peter Crampton

Good start to 2026, with 1Q26 results pointing to upside to full-year guidance: RWE +44 (0)20 3555 0125

reported strong 1Q26 results, with adj. EBITDA of €1,631m broadly in line with company- peter.crampton2@barclays.com

collected consensus of €1,629m, adj. net income of €608m modestly ~0.5% ahead of the €605m Barclays, UK

expected, and net debt of ~€15.6bn in line with our estimates. At the divisional level, better- Dominic Nash, PhD

than-expected performances in Offshore Wind and Flexible Generation more than offset weaker +44 (0)20 3134 2364

contributions elsewhere. Notably, Supply & Trading was materially weaker than expected, dominic.nash@barclays.com

posting a 1Q26 adj. EBITDA loss of €84m versus expectations of a €20m loss, reflecting the Barclays, UK

impact of the Middle East crisis. However, this was fully absorbed by the strength of the core Laura Marconi

operating businesses. The small adj. net income beat was also driven by a better adj. financial +44 (0)20 3555 0762

result. RWE reiterated its 2026 guidance and highlighted that it had already delivered around laura.marconi@barclays.com