RWE : Interim statement on the first quarter of 2024

Interim statement

on the first quarter­ of 2024

RWE confirms forecast for 2024 // Adjusted EBITDA of €1.7 billion for Q1 reflects earnings normalisation // Significant earnings growth in Offshore Wind and Onshore Wind / Solar segments // Acquisition of three large offshore wind projects off the east coast of England completed

Contents

At a glance

1 Combined review of operations
Major events	3
Commentary on reporting	5
Business performance	7
Outlook for 2024	16

2	Interim consolidated financial
	statements (condensed)
	Income statement	17
	Statement of comprehensive income	18
	Balance sheet	19
	Cash flow statement	21
3	Financial calendar 2024 / 2025	22

RWE Group - key figures1

Power generation

External revenue (excl. natural gas tax / electricity tax)

Adjusted EBITDA

Adjusted EBIT

Income before tax

Net income / income attributable to RWE AG shareholders

Adjusted net income

Cash flows from operating activities

Capital expenditure

Property, plant and equipment and intangible assets

Acquisitions and financial assets

Proportion of taxonomy-aligned investments2

Free cash flow

Number of shares outstanding (average)

Earnings per share

Adjusted net income per share

Net debt

Workforce3

GWh

• million
• million
• million
• million
• million
• million
• million
• million
• million
• million
  %
• million thousands
  €
  €
• million

Jan - Mar 2024

33,780

6,629

1,709

1,220

2,451

1,922

801

- 2,143

2,861

1,723

1,138

96

- 4,915

743,841

2.58

1.08

31 Mar 2024

- 11,222

20,542

Jan - Mar 2023

37,179

9,340

2,312

1,858

1,915

1,598

1,315

886

5,432

874

4,558

90

- 4,468

743,841

2.15

1.77

+ / -

- 3,399

- 2,711

- 603

- 638

536

324

- 514

- 3,029

- 2,571

849

- 3,420

6

- 447

-

0.43

- 0.69

Jan - Dec 2023

129,701

28,566

7,749

5,802

4,006

1,450

4,098

4,235

9,979

5,146

4,833

89

- 4,582

743,841

1.95

5.51

31 Dec 2023

- 6,587

20,135

1. Some prior-year figures restated; see commentary on page 5 et seq.
2. Taxonomy-alignmentis when an activity meets the applicable requirements under the EU Taxonomy Regulation.
3. Converted to full-time equivalents.

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Major events	(condensed)

Major events

RWE acquires three large-scale UK offshore wind projects from Vattenfall. In March 2024, we took over three offshore wind projects off the coast of Norfolk in the east of England from Swedish energy company Vattenfall. The purchase price corresponds to a portfolio value of £963 million. The majority of the payment covers Vattenfall's historical development expenditure. The projects - Norfolk Vanguard West, Norfolk Vanguard East and Norfolk Boreas - each have a planned capacity of up to 1.4 GW. After 13 years of development, all the relevant permits have been obtained. Norfolk Vanguard West and Norfolk Vanguard East are the most advanced projects. Our next step is to secure Contracts for Difference (CfDs) for them, which would entitle us to a state-backedprice guarantee for all power generated. All three offshore wind farms in the Norfolk pipeline are expected to become operational over the course of the current decade.

RWE and Masdar join forces to further develop Dogger Bank South wind power projects.

We have formed a partnership with Abu Dhabi-based clean energy firm Masdar to realise two offshore wind projects, which are planned for the southern section of Dogger Bank in the British North Sea. The agreement became effective at the end of February 2024.

Masdar now holds a 49 % stake in both projects and has contributed to the already incurred project costs accordingly. RWE owns 51 % and is responsible for building and running the assets. Dogger Bank is a significant expanse of shallow sandbank off the north-east coast of England. The two wind farm projects could each have an installed capacity of up to

1.5 GW. We expect to complete them by late 2031.

Contract not finalised for wind project in the New York Bight. An offtake agreement for offshore wind power, which we had been awarded by the state of New York for our Community Offshore Wind project in October 2023, will not be finalised. The decision was taken by the New York State Energy, Research and Development Authority (NYSERDA), the contracting entity, in mutual agreement with us. Under the contract, we would have been entitled to sell the electricity generated by turbines with a capacity of 1.3 GW, which we are planning to build off the east coast of the USA, to the state of New York at fixed conditions for 25 years (see Annual Report 2023, page 36). Negotiations were concluded with no final awards being made as the wind turbine manufacturer announced that the class of wind turbine originally envisaged for the project was no longer available. Using a different model would have raised the development costs, making the offtake agreement non-viable.We now plan to participate in one of the future tenders in 2024 and 2025 to secure a new contract with conditions reflecting the change.

Success at British capacity market auction. In a British capacity market auction in February 2024 for the period from 1 October 2027 to 30 September 2028, we secured capacity payments for all participating RWE power plants. These stations, most of which are gas-fired, have a combined secured capacity of 6,353 MW. The auction cleared at £65 per kilowatt plus inflation adjustment. We will receive the payments for making our assets available during the above period and thus contributing to security of supply.

3

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Major events	(condensed)

Gersteinwerk once again selected for German capacity reserve. Our natural gas combined-cycleunits F, G and K 1 at the Gersteinwerk site in Werne (Westphalia) will participate in the German capacity reserve for the period from 1 October 2024 to

30 September 2026. The decision was taken in February 2024 as part of a tender process organised by the Federal Network Agency. Altogether, the plants will provide a total of

820 MW of reserve capacity, which can be used to ensure grid stability as required. We will receive a capacity payment of €99.99 per kilowatt and year. Units F and G had already submitted winning bids at the first two tenders of this kind. As reserve power stations, they have not operated on the regular electricity market since 1 October 2020, and can only be fired up when required to do so by the transmission system operator. By contrast, unit K 1 participated in the capacity reserve tender for the first time.

Lignite phaseout: RWE shuts down five power plant units in the Rhenish region. In late March 2024, we decommissioned five power plant units in the Rhenish coal-miningregion with a total capacity of 2.1 GW. The units in question, Niederaussem E and F (295 MW each), as well as Neurath C (292 MW), D (607 MW) and E (604 MW) are being shut down as part of Germany's coal exit. The federal government had temporarily extended their service lives to help reduce the amount of gas used in power generation. The decision was taken in response to the sharp decline in Russian gas exports to Germany due to the war in Ukraine. However, the gas supply situation has since stabilised. Now that these lignite units have been decommissioned, our CO2 emissions from power generation, which were already down 27 % in 2023, will experience another significant decline. Since late 2020, we have closed 12 of our 20 lignite units. In addition, we stopped producing briquettes in 2022. We plan to fully exit from lignite-firedpower generation by the end of March 2030.

RWE enters the US green bond market. In April 2024, we placed our first green US dollar bond. We issued two tranches of US$1 billion, one with a 10-year tenor and a coupon of 5.875 % and the other with a 30-year tenor and a coupon of 6.250 %. The offering attracted strong investor interest: the order book was several times oversubscribed at US$7.6 billion. The funds raised will be used to finance renewables projects in the USA. These were the second issuances of the year: we had already placed a €500 million green eurobond on the market in January with an 8-year term and a coupon of 3.625 %.

RWE increases headroom for issuing senior bonds. In order to raise the necessary funds to finance our growth investments, we have upped our debt issuance programme (DIP) from €10 billion to €15 billion. The DIP is a prospectus that enables us to place bonds. It does not include our US bonds or the two outstanding hybrid bonds. As at early May 2024, we had used €6.6 billion of the financial headroom afforded by the DIP.

Dividend of €1.00 per share paid. The Annual General Meeting of RWE AG held on

3 May 2024 approved the dividend proposed by the Executive Board and the Supervisory Board for the past fiscal year by a substantial majority. We therefore paid a dividend of €1.00 per share on 8 May. This represents an increase of €0.10 versus last year. We plan to raise the dividend annually by 5 % to 10 % until 2030. The Executive Board envisages that the dividend payment for 2024 will be €1.10 per share, which represents an increase of 10 %.

4

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Commentary on reporting	(condensed)

Commentary on reporting

Group structure features five segments. When reporting on our operational business, we distinguish between five segments, four of which constitute our core business. We recently made several adjustments to reporting, which became effective in January 2024. The Hydro / Biomass / Gas segment and the Coal / Nuclear segment have been renamed 'Flexible Generation' and 'Phaseout Technologies'. Our shareholdings in Dutch nuclear power plant operator EPZ (30 %) and Germany-based URANIT (50 %), which were previously assigned to Coal / Nuclear, have been allocated to Flexible Generation (EPZ) and Other, consolidation (URANIT). We have restated the previous year's figures to ensure they are comparable.

The segments are now defined as follows:

1. Offshore Wind: We present our offshore wind business here. It is overseen by RWE Offshore Wind.
2. Onshore Wind/Solar: This is the segment in which we report on our onshore wind and solar business as well as parts of our battery storage operations. Depending on the continent, responsibility for these activities is assumed by either RWE Renewables Europe & Australia or RWE Clean Energy, which is active in America.
3. Flexible Generation (previously: Hydro / Biomass / Gas): This segment encompasses our run-of-river,pumped storage, biomass and gas power stations. It also comprises the hard coal and biomass-firedDutch Amer 9 and Eemshaven power plants as well as stand-alonebattery storage systems. The project management and engineering consulting company RWE Technology International as well as our stakes in Austrian energy utility KELAG (37.9 %) and EPZ (30 %) are also part of this segment. All of these activities are overseen by the management company RWE Generation, which is also responsible for designing and implementing our hydrogen strategy.

1. Supply&Trading: Trading of electricity, pipeline gas, LNG and other energy-related
   commodities is at the core of this segment­ . It is managed by RWE Supply & Trading. The company oversees a broad range of activities, including key account sales, the gas storage business, and the development of LNG infrastructure. It also supports the Group's power generation companies e. g. by marketing their output to third parties and optimising power plant dispatch in the short term. Income from these activities is assigned to the respective generation companies.
2. Phaseout Technologies (previously: Coal / Nuclear): This is where we report our non- core business, which primarily consists of our lignite mining and refining operations as well as electricity generation from lignite in the Rhenish region and our remaining nuclear activities in Germany, which are largely focused on safely decommissioning the facilities. RWE Power is responsible for the aforementioned activities.

Companies with cross-segment tasks such as the corporate headquarters RWE AG, as well as balance sheet effects from the consolidation of Group activities are reported as part of the core business under Other, consolidation. This line item also includes our 25.1 % stake in German transmission system operator Amprion and our 15 % stake in E.ON. However, the dividends we receive from E.ON are recognised in the financial result. As already explained, the Other, consolidation line item also includes our 50 % shareholding in URANIT, which holds a 33 % stake in uranium enrichment consortium Urenco.

5

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Commentary on reporting	(condensed)

New methodology for reporting earnings from Phaseout Technologies. As of fiscal 2024, we no longer report adjusted EBITDA / EBIT for our German lignite and nuclear activities. We now recognise their operating gains and losses as part of the non-operatingresult. To ensure the previous year's figures are comparable, we have adjusted them accordingly. The change in reporting reflects the way in which Phaseout Technologies are managed, where we largely focus on operating cash flows less net capital expenditure. In future, we will therefore use adjusted cash flow to portray the commercial development of Phaseout Technologies.

Changes relating to external revenue. We also introduced retroactive reporting changes concerning external revenue in the first quarter of 2023. These adjustments are explained below:

• We changed the way in which we recognise compensation received for redispatch measures. These are requests issued by the transmission system operators to generation assets to adjust the power feed-ins in order to avoid grid overloads. In the interim statement on the first quarter of 2023, compensation received for production losses caused by redispatch measures was stated under other operating income. We started recognising it in revenue in the interim report on the first half of 2023.
• In the first quarter of 2023, transmission system operator Amprion took over commercial ownership of our new grid stabilisation plant in Biblis. Proceeds from the sale were initially reported as revenue, but we now recognise them as other operating income. This adjustment was made in the interim report on the first half of 2023.

Reclassifications in the cash flow statement. Credit rating agencies place great importance on funds from operations. To make this indicator more conclusive, they remove factors that cause temporary liquidity fluctuations, e. g. variation margins. These are payments made or received, triggered by changes in the price of futures. As of 2024, we have therefore decided to no longer include variation margins in funds from operations, and instead only recognise them in 'Increase in / decrease of working capital', which included some variation margins in the past. Prior-yearfigures will be restated accordingly.

Forward-lookingstatements. This interim statement contains forward-looking statements regarding the future development of the RWE Group and its companies as well as economic and ­political developments. These statements are assessments that we have made based on information available to us at the time this document was prepared. Despite this, actual developments can deviate from our forecasts, for instance, if underlying assumptions do not materialise or unforeseen risks arise. Therefore, we cannot assume responsibility for the correctness of forward-looking statements.

6

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Business performance	(condensed)

Business performance

Power generation1	Renewables	Pumped storage,	Gas		Lignite	Hard coal	Nuclear		Total2
January - March			batteries
GWh	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Offshore Wind	3,532	3,312	-	-	-	-	-	-	-	-	-	-	3,532	3,312
Onshore Wind / Solar	8,671	6,821	-	-	-	-	-	-	-	-	-	-	8,671	6,821
Flexible Generation	1,827	1,701	32	32	9,835	10,417	-	-	1,032	1,889	310	305	13,038	14,375
of which:
Germany	591	509	32	32	1,457	1,510	-	-	-	-	-	-	2,082	2,082
United Kingdom	184	144	-	-	6,355	7,238	-	-	-	-	-	-	6,539	7,382
Netherlands	1,052	1,048	-	-	1,456	1,185	-	-	1,032	1,889	310	305	3,850	4,427
Türkiye	-	-	-	-	567	484	-	-	-	-	-	-	567	484
Phaseout Technologies	-	-	-	-	33	41	8,462	10,839	-	-	-	1,758	8,539	12,671
RWE Group	14,030	11,834	32	32	9,868	10,458	8,462	10,839	1,032	1,889	310	2,063	33,780	37,179

1. Some prior-year figures restated; see commentary on page 5.
2. Including production volumes not attributable to any of the energy sources mentioned (e. g. electricity from waste-to-energy plants).

Electricity production down - significant boost from renewables. RWE generated

33,780 GWh of electricity in the first quarter of 2024. Of this, 42 % was from renewables, clearly exceeding the share accounted for by coal (28 %). Our power production declined by 9 % compared to the first quarter of 2023. Generation from our German lignite-fired power stations decreased significantly, principally due to unfavourable market conditions. We produced much less electricity from hard coal in the Netherlands for the same reason.

Further volume shortfalls resulted from the German nuclear phaseout. Emsland, our last German nuclear power station, was decommissioned as of 15 April 2023. Electricity generation from natural gas presented a mixed picture: lower volumes in the United Kingdom and Germany were contrasted by growth in the Netherlands and Türkiye.

This development can in part be traced back to country-specific market conditions. The increased output of our gas-fired power station in Denizli, Türkiye, is attributable to a prolonged outage for maintenance in 2023.

7

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Business performance	(condensed)

Power generation from renewables	Offshore Wind	Onshore Wind	Solar	Hydro	Biomass	Total
January - March

GWh	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Germany	687	615	449	406	10	3	590	508	-	-	1,736	1,532
United Kingdom	2,785	2,639	623	589	-	-	64	60	121	84	3,593	3,372
Netherlands	-	-	324	308	3	3	7	11	1,036	1,032	1,370	1,354
Poland	-	-	441	400	6	1	-	-	-	-	447	401
France	-	-	115	100	-	-	-	-	-	-	115	100
Spain	-	-	316	272	54	39	-	-	-	-	370	311
Italy	-	-	329	316	-	-	-	-	-	-	329	316
Sweden	60	58	95	93	-	-	-	-	-	-	155	151
USA	-	-	3,737	3,401	1,962	718	-	-	-	-	5,699	4,119
Australia	-	-	-	-	171	152	-	-	-	-	171	152
Rest of the world	-	-	9	8	36	18	-	-	-	-	45	26
RWE Group	3,532	3,312	6,438	5,893	2,242	934	661	579	1,157	1,116	14,030	11,834

Our electricity generation from renewables was 19 % higher than in the same quarter of the previous year. We posted gains above all from photovoltaics. This was mainly thanks to our acquisition of US energy firm Con Edison Clean Energy Businesses as of 1 March 2023 (see page 35 of the Annual Report 2023). As part of the transaction, we received a large solar portfolio, which is contributing to the Group's power production on a full twelve-month basis for the first time this year. In the wind business, we registered an 8 % increase, which was primarily driven by more favourable weather conditions and the continued expansion of our generation capacities.

In addition to our in-house generation, we procure electricity from suppliers outside of the Group. In the period being reviewed, these purchases totalled 14,560 GWh (previous year: 6,937 GWh).

8

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Business performance	(condensed)

External revenue1

• million Offshore Wind Onshore Wind / Solar Flexible Generation Supply & Trading Other, consolidation

Core business

Phaseout Technologies

Jan - Mar		Jan - Mar
2024	2023

1. 492

1. 440

1. 399

5,268	7,824
1		-
6,457	9,155
172	185

+ / -

- 107

99

- 135

- 2,556

1

- 2,698

- 13

Jan - Dec 2023

1,202

2,295

1,280

22,989

-

27,766

800

External revenue down 29 %. Our revenue from customers outside the Group amounted to €6,629 million (excluding natural gas tax and electricity tax). This was 29 % less than in the first quarter of last year (€9,340 million). Revenue dropped by 30 % to €5,856 million from our main product, electricity, and by 35 % to €416 million from gas. In both cases, this was predominantly due to lower prices.

One key performance indicator that is of particular interest to sustainability investors is the portion of our revenue accounted for by coal-fired generation and other coal products. In the first quarter of 2024, this share was 15 % (previous year: 22 %).

RWE Group

of which:

Electricity revenue

Gas revenue

6,629	9,340
5,856	8,343
416	639

- 2,711

- 2,487

- 223

28,566

25,082

1,750

Adjusted EBITDA1

€ million

Offshore Wind

Onshore Wind / Solar

Jan - Mar 2024

548

341

Jan - Mar 2023

473

247

+ / -

75

94

Jan - Dec 2023

1,664

1,248

1 Excluding natural gas tax / electricity tax. Some prior-year figures restated; see commentary on page 5 et seq.

Flexible Generation

Supply & Trading

Other, consolidation

552

251

17

1,181

289

122

- 629

- 38

- 105

3,217

1,578

42

Internal revenue1

€ million

Jan - Mar 2024

Jan - Mar 2023

+ / -

Jan - Dec 2023

Core business

1,709

2,312

- 603

7,749

Offshore Wind

Onshore Wind / Solar

Flexible Generation

Supply & Trading

Other, consolidation

Core business

Phaseout Technologies

333

375

2,565

2,524

- 5,732

65

1,289

189

191

3,476

2,115

- 5,879

92

1,786

144

184

- 911

409

147

- 27

- 497

1,201

984

10,423

8,532

- 18,938

2,202

4,464

1 Some prior-year figures restated; see commentary on page 5 et seq.

Adjusted EBITDA of €1.7 billion markedly down on high prior-year level. In the first quarter of 2024, our adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) amounted to €1,709 million. As set out on page 6, this figure solely relates to the core business, as we no longer disclose adjusted EBITDA for the phaseout technologies lignite and nuclear. Compared to last year's first quarter, adjusted EBITDA decreased by 26 %. This is primarily attributable to the Flexible Generation segment, where margins from electricity forward sales and income from the short-termoptimisation

1 Some prior-year figures restated; see commentary on page 5 et seq.

9

1	2	3
Combined review of operations	Interim consolidated financial statements	Financial calendar 2024 / 2025
Business performance	(condensed)

of power plant dispatch fell far short of the high level recorded in the previous year. Income stated in the Other, consolidation line item also declined significantly, having benefited from a federal subsidy paid to German transmission system operator Amprion (RWE stake: 25.1 %) in the same quarter of the previous year. Positive effects were felt from the commissioning of new wind and solar farms as well as improved wind conditions. In addition, US-based Con Edison Clean Energy Businesses, which we acquired with effect from

1 March 2023, contributed to adjusted EBITDA over the entire period for the first time.

Earnings by segment developed as follows:

Phaseout Technologies: adjusted cash flow of €232 million. As set out on page 6, we manage our German lignite and nuclear activities based on an adjusted cash flow. This figure is the result of deducting net capital expenditure from operating cash flows. In the first quarter of 2024, we recorded an adjusted cash flow of €232 million from Phaseout Technologies compared to €391 million in the same period last year. The main reason for this development was that the Emsland nuclear power station was shut down as of 15 April 2023, and therefore no longer contributed to electricity generation.

• Offshore Wind: Here, we recorded €548 million in adjusted EBITDA. This represents a gain

of €75 million relative to 2023. The main reason for this was an increase in generation

volumes driven by improved wind conditions.

• Onshore Wind / Solar: Adjusted EBITDA posted by this segment rose by €94 million to

€341 million, partially due to the recognition of Con Edison Clean Energy Businesses for

the full three months and the commissioning of new wind and solar farms. Higher prices

realised in the UK due to early forward sales also had a positive impact.

Adjusted EBIT1

• million Offshore Wind Onshore Wind / Solar Flexible Generation Supply & Trading Other, consolidation

Core business

Jan - Mar 2024

386

155

418

245

16

1,220

Jan - Mar 2023

326

99

1,032

278

123

1,858

+ / -

60

56

- 614

- 33

- 107

- 638

Jan - Dec 2023

1,010

535

2,695

1,520

42

5,802

• Flexible Generation: Here, adjusted EBITDA decreased by €629 million to €552 million.

Margins on electricity forward sales and income from the short-term optimisation of

power plant dispatch fell short of the high level recorded in 2023. Furthermore, we

booked capital gains on the sale of former business premises last year.

• Supply & Trading: Adjusted EBITDA registered by this segment totalled €251 million,

down €38 million year on year, but maintaining its high level. This was due to a good

performance in proprietary trading. Despite the strong first quarter, we confirm our

forecast for fiscal 2024, which puts EBITDA for the full year between €100 million and

€500 million. In doing so, we are taking account of the potential volatility of trading results

during the year.

1 Some prior-year figures restated; see commentary on page 5 et seq.

Adjusted EBIT drops to €1.2 billion. Our adjusted EBIT came to €1,220 million, which was clearly below last year's corresponding figure (€1,858 million). This figure differs from adjusted EBITDA in that it includes operating depreciation and amortisation, which amounted to €489 million in the period under review (previous year: €454 million).

10