RWE AG Stock on 2 December 2025: AI Data Centres, Battery Storage and Grid Deal Shape the 2026 Outlook

RWE AG’s share price has surged in 2025 on a mix of AI‑driven power demand, big-ticket grid and storage projects and a continued shift away from coal. As of 2 December 2025, the stock is trading close to the upper end of its 52‑week range, and analysts are debating how much of this transformation is already priced in.

Below is a deep dive into today’s share price, the latest news, analyst forecasts and the key opportunities and risks around RWE stock. All data and news are current as of 2 December 2025.

1. RWE share price today: near the top of the 52‑week range

In early trading on 2 December 2025, RWE AG shares opened slightly lower around €43.15 on Xetra, down about 0.35% from the previous close of €43.30. ^[1] Intraday quotes on major platforms show the stock trading in the €43–44 band, with Investing.com reporting €43.42 and a daily range roughly between €43.1 and €43.6. ^[2]

Over the last 12 months the share has traded in a wide span of about €27.8 to €47.0, putting today’s price less than 10% below the 52‑week high and far above the 52‑week low near €27.8. ^[3]

On performance, RWE is one of the standout names in European utilities this year:

Year‑to‑date (YTD) return: around +55% for RWE.DE as of 2 December 2025. ^[4]
That compares with roughly +19% for the DAX Performance Index over the same period. ^[5]

RWE’s market capitalisation now sits around €31–32 billion, depending on the source and intraday price. ^[6]

Valuation snapshot

On today’s price, RWE trades at:

Price/earnings (P/E): roughly 14–15× trailing earnings, based on estimates of around €3.1 EPS over the last 12 months. ^[7]
Dividend yield (trailing): about 2.5%, on a €1.10 dividend per share paid in May 2025 for the 2024 financial year. ^[8]

For a fast‑growing, renewables‑heavy utility, this leaves RWE valued at a modest premium to many traditional European power companies, but still below some pure‑play green utilities.

2. November earnings: AI data centres and a nine‑month earnings beat

The major re‑rating of RWE’s share price in November centres on its nine‑month 2025 results and an eye‑catching AI data‑centre deal.

Nine‑month 2025 results

On 12 November 2025, RWE reported for the first three quarters of 2025: ^[9]

Adjusted EBITDA: €3.5 billion (down year‑on‑year as expected)
Adjusted net income: €1.3 billion
Adjusted EPS:€1.76, already more than 80% of the full‑year EPS guidance of €2.10 per share
Net debt: €15.7 billion as of 30 September, reflecting heavy investment and portfolio growth

Segment performance shows the internal shift in the business mix:

Offshore Wind: €915m adjusted EBITDA vs €1,079m a year earlier – hit by weaker wind conditions and lower earnings on merchant forward sales. ^[10]
Onshore Wind/Solar: €1,242m vs €990m – boosted by new assets coming online and higher US power prices. ^[11]
Flexible Generation (gas & conventional): €1,058m vs €1,447m – normalisation after the energy‑crisis boom, with lower forward margins but supported by a one‑off gain. ^[12]
Supply & Trading: €150m vs €465m – as flagged by management, a weaker year for trading after exceptional results in 2024. ^[13]

The AI data‑centre catalyst

The headline that caught the market’s imagination was a data‑centre project sale:

RWE sold a data‑centre project on the site of a former coal‑fired power plant in the UK to a global “hyperscaler”, generating a book gain of €225m. ^[14]
Management highlighted that RWE is actively exploring around ten data‑centre projects across Europe, aiming to tie hyperscale computing and AI workloads to its renewable and flexible generation portfolio. ^[15]

The combination of solid nine‑month numbers and the AI‑linked story sent the stock sharply higher:

An earnings transcript from Investing.com notes that Q3 2025 EPS of €1.17 beat consensus of €0.25 by a wide margin, with the share price jumping about 5–9% on the day. ^[16]
Reuters reported that the stock climbed to its highest level since 2011 following the results and data‑centre announcement. ^[17]

Guidance and long‑term earnings targets

Despite lower year‑on‑year earnings due to normalisation in conventional generation and trading, RWE reaffirmed its full‑year 2025 outlook: ^[18]

2025 adjusted EBITDA: €4.55–5.15bn
2025 adjusted net income: €1.3–1.8bn
2025 dividend target: planned increase to €1.20 per share (from €1.10 for 2024) ^[19]
Earnings per share targets: about €3 in 2027 and €4 in 2030, backed by a large renewables and storage pipeline. ^[20]

3. Fresh project news: UK mega‑battery and Apollo grid partnership

Beyond the earnings, two big strategic moves are shaping RWE’s investment case going into 2026.

3.1 Largest UK battery storage project at Pembroke

On 1 December 2025, RWE announced a final investment decision (FID) for its largest battery energy storage system (BESS) in the UK, located next to the Pembroke gas-fired power station in South Wales. ^[21]

Key details:

Investment volume: roughly £200 million
Capacity: about 350 MW / 700 MWh, designed as a two‑hour lithium‑ion storage system with up to 212 container units on a 5.1‑hectare site. ^[22]
The project is part of RWE’s plan to almost triple its global battery storage portfolio, providing grid‑balancing capacity for its rapidly expanding wind and solar fleet. ^[23]

The Pembroke battery directly supports the UK’s energy transition and, strategically, enhances the value of RWE’s flexible asset base in a market where intermittent renewables and AI‑driven data centres increase the need for fast‑responding storage.

3.2 Apollo partnership: long‑term funding for German grids

On 26 November 2025, RWE and Apollo Global Management closed their previously announced partnership around a stake in Amprion, a major German transmission system operator. ^[24]

A joint venture backed by Apollo acquired a 25.1% stake in Amprion from RWE.
The transaction secures long‑term funding of around €3.2bn to support large‑scale grid investments in Germany, while RWE retains control and continues to consolidate Amprion. ^[25]

This move is important for equity investors because it:

Unlocks capital for RWE’s growth projects without excessive equity issuance
Keeps RWE positioned at the heart of Germany’s high‑voltage grid expansion, a critical enabler for its renewables build‑out

4. Capital returns: dividend growth, employee buyback and insider purchase

4.1 Growing dividends

RWE has been steadily raising its dividend:

For fiscal 2024, the AGM on 30 April 2025 approved a dividend of €1.10 per share, paid on 6 May 2025 – a 10% increase on the previous year. ^[26]
The company plans a further increase to €1.20 per share for 2025, in line with its policy of 5–10% annual growth in the dividend. ^[27]

At today’s share price, that implies a forward yield of roughly 2.7–2.8%, modest but underpinned by growing earnings from renewables and a robust balance sheet.

4.2 Employee share buyback ending today

RWE also launched a share buyback for employee share programmes:

The company announced in August that it intended to buy back up to 700,476 shares between 6 October and 2 December 2025, with a maximum volume of €25m. ^[28]
The buyback is solely to service employee share plans in Germany (with a separate programme for the UK) and is executed via Xetra. ^[29]

While relatively small compared to the total share count (over 720 million shares), the programme provides a marginal technical support to the share price and signals confidence in long‑term value creation.

4.3 Insider buying by supervisory board member

On 1 December 2025, Hauke Stars, a member of RWE’s supervisory board, purchased RWE shares worth around €30,310 at a price of €43.30 per share on Xetra. ^[30]

Insider purchases from board members are typically interpreted as a positive governance signal, suggesting internal confidence in the company’s prospects at current valuation levels.

5. Climate strategy and capex reset: coal exit by 2030, net zero by 2040

RWE remains one of Europe’s most closely watched climate‑transition stories.

Coal phase‑out and SBTi validation

In October 2022, RWE agreed with the German government to phase out lignite coal by 2030, eight years earlier than previously planned. ^[31]
In January 2025, the Science Based Targets initiative (SBTi) validated RWE’s emission‑reduction targets as aligned with the 1.5°C Paris pathway, covering Scopes 1, 2 and 3. ^[32]
A Climate Action 100+ investor update in July 2025 notes that RWE aims to:
- reduce Scope 1 and 2 emissions intensity per MWh by 71% by 2030
- cut Scope 3 emissions intensity by 42%
- reach net zero across all scopes by 2040. ^[33]

Investors have broadly welcomed this progress, particularly the closure of six lignite units in 2024 and the planned transition from hard coal to biomass, which together could reduce emissions by around 65 million tonnes of CO₂ by 2030. ^[34]

Capex cuts and higher return hurdles

The same Climate Action 100+ note flags that RWE, in its 2024 annual report and 2025 interim updates, has reduced its planned capital expenditure for 2025–2030 by around €10 billion, or about 22% of prior plans, citing policy uncertainty – notably in the US – and a sharpened focus on returns. ^[35]

This recalibration implies:

Slightly slower growth in installed renewables capacity than originally envisaged
Potentially higher returns on capital, as management raises hurdle rates for new projects and focuses on markets with stable frameworks and attractive risk‑adjusted economics

For long‑term investors, this balance between decarbonisation speed and capital discipline is central to the investment case.

6. Analyst ratings, price targets and 2025–2026 forecasts

6.1 Consensus ratings and price targets

Across major data platforms and brokers, analyst sentiment on RWE is broadly positive:

TipRanks shows a “Strong Buy” consensus and an average 12‑month price target of about €45.8, implying low‑single‑digit upside from current levels after the recent rally. ^[36]
Yahoo Finance (UK) lists a one‑year target estimate around €48, consistent with many European broker models. ^[37]
StocksGuide, aggregating 23 analyst targets, gives an average price target around the mid‑ to high‑€40s, with a range roughly from the high‑€30s to mid‑€50s and the majority of ratings set at “Buy” or “Outperform.” ^[38]
TradingView likewise reports an average analyst target just above €48, with a range of about €39.5–54, and an overall “Buy” rating based on around 21 analysts. ^[39]

Some houses are more cautious. A recent RBC Capital Markets update maintains an “Outperform” rating with a price target of €44, offering only limited upside from current levels. ^[40] A previous Seeking Alpha analysis earlier in 2025 flagged valuation concerns after a strong run, rating the stock a “Hold” with a significantly lower fair‑value estimate, although that piece pre‑dated the latest results and AI/data‑centre news. ^[41]

6.2 Earnings and margin forecasts

StocksGuide’s analyst consensus for 2025–2030 paints a picture of temporarily lower earnings in 2025 (due to normalised margins) followed by steady growth: ^[42]

Net profit (estimates):
- 2024: €5.1bn (exceptionally strong, crisis‑inflated base)
- 2025: €1.5bn
- 2026: €1.8bn
- 2027: €2.2bn
- 2030: €3.0bn
EPS (estimates):
- 2024: €6.91
- 2025: €2.13
- 2026: €2.53
- 2027: €3.00
- 2030: €4.12
Net margin: expected to dip to around 7% in 2025 and gradually climb above 10% by 2030 as high‑margin renewables scale and one‑off crisis effects fade.

On valuation, the same dataset shows:

A current P/E around 14 and an implied 2025 P/E above 20× on consensus EPS (as earnings dip), before gradually normalising toward 10–13× by 2030 as profits grow. ^[43]
An EV/sales multiple drifting slightly lower from around 2.0× today to about 1.6× by 2030, assuming the share price grows more slowly than revenue. ^[44]

This illustrates a key point: today’s multiple is not demanding in absolute terms, but 2025 profits are temporarily depressed after the exceptional 2022–2024 period. Investors who believe RWE can hit its 2027–2030 EPS targets may see the stock as inexpensive on a mid‑cycle basis.

7. Structural growth drivers: renewables, storage, grids and AI

Looking beyond the next quarter or two, RWE’s investment case rests on several secular trends:

Renewable build‑out:
- RWE had around 11.2 GW of new assets under construction as of mid‑2025, with more than 3 GW targeted to come online in the second half of the year. ^[45]
- This pipeline spans offshore wind, onshore wind, solar and battery storage across Europe and North America.
Battery storage and flexible generation:
- The Pembroke mega‑battery is a flagship project in a broader storage strategy aimed at capturing value from volatility in power markets dominated by renewables and data centres. ^[46]
- RWE’s flexible gas fleet, increasingly hydrogen‑ready, provides security of supply while enabling coal exit and supporting intermittent generation. ^[47]
Grids and system integration:
- Through Amprion and its grid investments, RWE is embedded in the infrastructure needed to connect offshore wind hubs, solar clusters and industrial loads, including AI data centres and hydrogen clusters. ^[48]
AI and data‑centre demand growth:
- Management explicitly links the AI boom to rising electricity demand, arguing that hyperscale data‑centre customers will increasingly seek long‑term green power contracts and flexible capacity. ^[49]
- Repurposing former coal sites into high‑power, grid‑connected data‑centre campuses could become a high‑margin niche for RWE, leveraging existing connections and land rights.

Taken together, these factors help explain why many analysts still see upside even after a 50‑plus per cent share price gain in 2025.

8. Key risks and bear arguments

Despite the positive momentum, there are several risks that more cautious investors emphasise:

Earnings normalisation and power‑price risk
- Much of the 2022–2024 profit surge came from extraordinary spreads in conventional generation and trading during the energy crisis. As Q3 2025 numbers show, Flexible Generation and Supply & Trading earnings are normalising downward, and there is no guarantee they will re‑test prior peaks. ^[50]
- Lower forward power prices or changes in hedging strategies could further pressure profitability.
High capex and leverage
- Net debt of €15.7bn and a leverage metric near RWE’s self‑imposed ceiling of 3.0× adjusted EBITDA leave less room for negative surprises, particularly if power markets weaken or projects are delayed. ^[51]
Policy and regulatory uncertainty
- RWE explicitly cited uncertain policy environments, especially in the US, as a key reason for cutting its 2025–2030 capex plan by €10bn. ^[52]
- Future changes to windfall taxes, capacity‑market rules, grid levies or climate regulation could materially alter project returns in core markets.
Project execution and technology risk
- Large offshore wind, hydrogen‑ready plants, and 350‑MW‑scale batteries carry construction, permitting and technology risks. Any cost overruns or delays could weigh on earnings and erode investor confidence.
Valuation after the rally
- After a 50–55% YTD rise, some analysts argue that much of the good news is already reflected in the current price, with upside limited if EPS or power‑price assumptions prove too optimistic. ^[53]
- RBC’s €44 target and certain “Hold” ratings underscore this more cautious view. ^[54]

9. Bottom line: how does RWE look on 2 December 2025?

On 2 December 2025, RWE AG presents a nuanced picture for investors:

Positives

Strong year‑to‑date share performance and improved risk‑adjusted return profile relative to major indices. ^[55]
A clear pathway to coal exit by 2030 and net zero by 2040, validated by the SBTi and supported by committed investors. ^[56]
Robust pipeline in offshore wind, onshore wind, solar and battery storage, with 11+ GW under construction. ^[57]
Strategic deals – the Amprion grid partnership and the Pembroke mega‑battery FID – that align with long‑term grid and flexibility needs. ^[58]
The emerging AI/data‑centre angle, repurposing coal sites into digital infrastructure hubs and anchoring premium power demand. ^[59]
A supportive capital‑return story with growing dividends, targeted at €1.20 for 2025, and modest buybacks for employee plans, plus fresh insider buying. ^[60]

Challenges

Earnings are in a normalisation phase after crisis highs, and 2025 profits are significantly below 2024’s extraordinary levels. ^[61]
High capex and leverage, even after cuts, leave RWE exposed to execution and regulatory risk. ^[62]
After the 2025 rally, valuation offers moderate rather than spectacular upside on most broker models, especially if EPS growth disappoints. ^[63]

For investors who believe in long‑term electrification, AI‑driven power demand and Europe’s accelerated energy transition, RWE remains one of the most levered large‑cap plays on these themes – but with risks that demand careful monitoring of power prices, policy and project delivery.

Disclaimer: This article is for informational and journalistic purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or any other kind of financial recommendation. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.