RWE Sees 2023 Earnings Broadly Below Prior Year Level; Raises Dividend

By Giulia Petroni

RWE AG expects most metrics in 2023 to be below the previous year's level but said it aims to increase its dividend.

The German energy company on Tuesday said that it expects adjusted net income of between 2.2 billion euros and 2.7 billion euros ($2.36 billion - $2.89 billion) in 2023.

Adjusted earnings before interest, taxes, depreciation and amortization are seen at EUR5.8 billion-EUR6.4 billion, while adjusted EBIT is expected in a range of EUR3.6 billion and EUR4.2 billion.

RWE also said it targets a dividend increase to EUR1 a share this year from EUR0.90 a share in 2022.

The company confirmed its operating performance exceeded expectations last year, supported by positive results in the hydro-biomass-gas segment as well as strong supply and trading.

As previously announced during preliminary results, RWE registered an adjusted net income of EUR3.23 billion in 2022, compared with EUR1.55 billion in the prior year. Adjusted Ebitda increased to EUR6.31 billion from EUR3.65 billion, while adjusted EBIT came in at EUR4.57 billion.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 21, 2023 02:35 ET (06:35 GMT)

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