Germany's largest utility RWE on Thursday said first-quarter core earnings (adjusted EBITDA) fell by nearly a quarter, hurt by a weak commodity trading business as well as "poor wind conditions" that weighed on the group's offshore business.
First-quarter adjusted EBITDA came in at 1.307 billion euros ($1.46 billion), RWE said, also below the average forecast of 1.321 billion euros in a poll provided by the company.
RWE, which has come under pressure from activist investors to do more share buybacks, still confirmed its 2025 outlook, expecting adjusted EBITDA between 4.55 billion and 5.15 billion euros and a dividend of 1.20 euros per share.
(Reporting by Christoph Steitz, editing by Rachel More)