By Giulia Petroni

RWE said it has boosted its portfolio investments in the first half and confirmed it raised its full-year outlook on the back of a solid earnings performance.

The German energy company on Thursday said it has invested 9 billion euros ($9.88 billion) in the period compared to EUR2.1 billion in the year-earlier period, and expanded its renewables capacity by 5.1 gigawatts through acquisitions and commissioning of new plants.

For the first half, adjusted net income was EUR2.63 billion compared to EUR950 million a year earlier, while adjusted earnings before interest, taxes, depreciation and amortization rose to EUR4.54 billion from EUR2.12 billion. Adjusted EBIT came in at EUR3.51 billion.

RWE had released preliminary figures at the end of July.

Earnings were driven by a strong performance in the hydropower, biomass and gas segment, as well as by a strong supply-and-trading business, according to the company.

RWE also backed its previously announced guidance lift, saying it expects adjusted net income between EUR3.3 billion and EUR3.8 billion in the full year. Adjusted Ebitda is seen at EUR7.1 billion to EUR7.7 billion, while adjusted EBIT is expected to be between EUR5 billion and EUR5.6 billion, the company said.

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

(END) Dow Jones Newswires

August 10, 2023 01:29 ET (05:29 GMT)

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