RWEOY Rwe Ag (PK)

By Joshua Kirby

RWE AG's earnings for 2022 came in well above expectations thanks to good performance in the year's final quarter, the German energy firm said Wednesday.

According to preliminary figures, RWE made adjusted earnings before interest, taxes, depreciation and amortization of 6.31 billion euros ($6.87 billion) for the year, ahead of guidance of up to EUR5.5 billion. In the core business, adjusted Ebitda came to EUR5.56 billion, compared with guidance of a maximum EUR4.8 billion.

Adjusted EBIT stood at EUR4.57 billion, against guidance of EUR3.4 billion-EUR3.9 billion, while net profit came to EUR3.23 billion, versus expectations for up to EUR2.6 billion, RWE said.

The better-than-expected earnings are due to good fourth-quarter operational performance in the hydro-biomass-gas segment, as well as in supply & trading, RWE said.

The company will set out full results for the year on March 21 as planned, RWE said, adding that a planned dividend for the year of 90 European cents a share remains unchanged.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

January 25, 2023 10:36 ET (15:36 GMT)

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