RWE, FGR, GET, SVT, CNA

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RWE, FGR, GET, SVT, CNA

TRATION NOW OPEN - J.P. Morgan Global Energy Conference, Nov 30th-Dec 1st, in-person, London. The

event will consist of a two-day panel agenda addressing key macro, corporate and thematic topics across the energy value

chain and a comprehensive program of one-on-one/small group meetings with global C-suite executives representing leading

Oil & Gas, OFS, E&P, Utility, Renewable and Mining companies. Registration now open, 45 companies confirmed (let me

know if you want the list(, 1x1 deadline Nov 2nd. Full Agenda to follow in due course. To register for the conference, please

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RWE - FY26 Guidance well underpinned (1H26 Preview) (Research Available)

- We estimate that RWE will report €1,005mn of Adj. EBITDA and €309mn of Adj. NI in 2Q26, representing a 21% and 14%

increase y/y. This implies that the company will have achieved 48% of the midpoint of the FY Adj. EBITDA guide and 51% of

the Adj. NI guide. The y/y increase in Q2 is underpinned by a more normalised wind speed environment, capacity additions in

onshore wind & solar, and our expectation of a better quarter in both FlexGen & Supply and Trading vs last year.

- We expect the company to confirm FY26 guidance before considering the impact of the Amprion transaction for FY26 and

FY27.

- RWE continues to be a top pick, as we see upside to consensus from higher merchant power prices in the near term, and the

medium term equity story of double digit EPS growth while at the same time seeing a growing share of contracted earnings. We

remain Overweight with the stock on our Analyst Focus List.

- Read our Research here