Half Year 2024 RWE AG Earnings Call Transcript
Key Points
- RWE AG (RWEOY) reported a strong financial performance in the first half of 2024, with an adjusted EBITDA of EUR2.9 billion.
- The company has made significant progress in its renewable energy projects, adding 4 gigawatts to its offshore wind pipeline and FID-ing almost 3 gigawatts of renewable projects.
- RWE AG (RWEOY) has more than 10 gigawatts of capacity under construction, with projects on time and on budget despite a challenging supply chain environment.
- The company has secured significant PPAs, including a new 374-megawatt PPA with Maasbracht in the US, indicating strong demand for green power.
- RWE AG (RWEOY) has reduced its CO2 emissions by 27% year-on-year and aims for a further reduction of 60% by 2030, aligning with the 1.5-degree emission reduction pathway.
- The company confirmed its outlook for the rest of the year at the lower end of its guidance, indicating potential challenges in meeting higher expectations.
- RWE AG (RWEOY) faces a challenging supply chain environment, which could impact future project timelines and budgets.
- The company's net debt increased to EUR11.4 billion due to investments and high timing effects, raising concerns about its leverage.
- There is uncertainty around the policy framework for decarbonizing gas assets, which could impact the company's long-term strategy.
- The trading business performance in Q2 was below expectations, with the lowest result since 2019, raising questions about future profitability in this segment.
Welcome to the RWE conference call. Markus Krebber, CEO of RWE AG; and Michael Muller, CFO of RWE AG, will inform you about the developments in the first half of fiscal 2024. I will now hand over to Thomas Denny.
Thank you, [Jess], and good afternoon, ladies and gentlemen. Thank you for joining RWE's conference call on the first-half 2024. Our CEO, Markus Krebber; and our CFO, Michael Muller, will first guide you through our presentations before we will start our Q&A session. And I'm pretty sure you got many questions today.
And with this, I hand over to you, Markus.
Yes. Thank you, Thomas, and also from my side, a warm welcome to everyone. Despite strong headwinds at the start of the year, we have delivered a good financial performance in the first half of 2024. Our investments in wind, solar and batteries are leading to year-on-year growth in renewable energy production and
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