- Adjusted EBITDA increases by 13% to €2.2 billion; adjusted EBIT up 29% to €1.1 billion; adjusted net income at €762 million.
- Wind and solar power portfolio expected to increase to about 10 GW by year-end
- RWE involved in more than 30 projects in the promising field of hydrogen
RWE continues to expand its renewables business: in the first three quarters of 2020, the company commissioned about 500 megawatts (MW) of new wind and solar power plants, with about 800 MW more expected during the fourth quarter. RWE will thus expand its wind and solar power portfolio to about 10 gigawatts by the end of the year.
RWEs earnings in the first three quarters of 2020 increased: adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) rose to €2.2 billion. This represents an increase of 13% compared to the pro forma figure of €2.0 billion for the same period last year. A 29% rise was registered for adjusted EBIT, to €1.1 billion. The pro forma figure from the same period last year was €891 million. Adjusted net income reached €762 million. On this basis, RWE confirms its earnings forecast for 2020: adjusted EBITDA should be between €2.7 billion and €3.0 billion, and adjusted EBIT between €1.2 billion and €1.5 billion. In view of its strong trading performance during the first three quarters, RWE projects that the final key figures will probably be at the upper end of the forecast ranges. The target for adjusted net income is between €850 million and €1.15 billion. The company is adhering to its planned dividend increase to €0.85 per share for the current fiscal year.
On track in financial terms
In its core business of Offshore Wind, Onshore Wind/Solar, Hydro/Biomass/Gas and Supply & Trading, RWE achieved adjusted EBITDA of €1.8 billion for the first three quarters of the year. Compared with the pro forma result for the prior-year period, that amounts to an increase of 4%. For the year as a whole, RWE expects adjusted EBITDA of between €2.15 billion and €2.45 billion for its core business.
