The earnings growth was driven by stronger operational performance across all segments. Key factors included improved wind conditions in Europe and the commissioning of new wind farms, solar plants and battery storage facilities. Since the end of June 2025, RWE has increased its generation capacity by 2.6 GW.
RWE reported adjusted EBITDA of €3.0 billion in the first half of 2026, up from €2.1 billion in the same period last year. Adjusted net income increased to €1.3 billion, compared with €0.8 billion a year earlier, while adjusted earnings per share rose to €1.77 from €1.08. A €332 million compensation payment from the Dutch state for the temporary statutory restriction on coal-fired power generation also contributed to earnings.
Adjusted EBITDA in the offshore wind segment increased to €810 million in the first half of 2026, compared with €643 million in the prior-year period. The increase was mainly due to higher generation volumes following the normalisation of wind conditions after weak winds in the first half of 2025.
Adjusted EBITDA in the onshore wind and solar segment rose to €1.0 billion in the first six months of 2026, compared with €830 million in the first half of 2025. The increase was mainly driven by expanded generation capacity and more favourable wind conditions in Europe. This was partly offset by adverse foreign exchange effects from the conversion of US dollar-denominated results into euros.
Adjusted EBITDA in the flexible generation segment increased to €1.0 billion in the first half of 2026, compared with €606 million in the prior-year period. The increase was mainly driven by the €332 million compensation payment from the Dutch state. RWE's Eemshaven power plant had been subject to a statutory restriction on coal-fired power generation in the first half of 2022, limiting its ability to generate electricity. The company has now been compensated for the resulting losses.
Earnings also benefited from higher revenues generated under the UK capacity market.
After a weak start to the year, proprietary trading performance at RWE Supply & Trading improved in the second quarter. Adjusted EBITDA in the segment reached €134 million in the first half of 2026, compared with €16 million in the same period last year.
