RWEOY Rwe Ag (PK)

By David Sachs

RWE's net profit rose in the first nine months, driven by renewable-energy generation and growth in its supply and trading division.

The German energy company said Tuesday that net profit rose to 3.81 billion euros ($4.08 billion) from EUR2.10 billion in the first nine months of 2022.

"Our strong investment activity is paying off," Chief Financial Officer Michael Mueller said. "Our portfolio has grown by about six gigawatts since the beginning of the year. This has led to a significant increase in electricity production from renewables, which contributes to our growth in earnings."

Adjusted earnings before depreciation and amortization reached EUR6.150 billion compared with EUR3.39 billion in the first nine months of last year. Ebitda from the from wind, solar, and hydro energy businesses all rose, while the coal and nuclear businesses lagged compared to the same period last year, RWE said.

RWE's supply and trading business adjusted Ebitda rose to EUR1.33 billion from EUR194 million, it said.

The company backed its 2023 outlook, which was raised in July. The company expects adjusted Ebitda between EUR7.10 billion and EUR7.70 billion, adjusted net income between EUR3.30 billion and EUR3.80 billion, and a dividend increase of EUR0.10 to EUR1.00 per share.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

November 14, 2023 02:03 ET (07:03 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.