The energy group RWE earned significantly more than expected in the past financial year.

Adjusted net income is expected to amount to 3.2 billion euros in 2022, the DAX-listed company announced on Wednesday. Previously, RWE had forecast 2.1 to 2.6 billion euros after around 1.5 billion euros the year before. The utility had benefited from the increased use of its power plants, the expansion of wind and solar power plants and the trading business, among other things. RWE confirmed its intention to pay a dividend of 90 cents per share for 2022. The share price rose by 2.8 percent at times following the announcement.

According to the preliminary figures, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 6.3 billion euros in 2022. This was significantly higher than the previously expected figure of 5.0 to 5.5 billion euros. RWE had generated 3.6 billion euros in 2021. The Group successfully expanded its wind and solar power plant capacities last year, said CFO Michael Müller. Overall, RWE had increased its investments to 4.4 billion euros compared to 2.9 billion euros previously. The final figures for the 2022 financial year are to be presented on March 21.

(Report by Tom Käckenhoff, edited by Ralf Banser. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)