German energy giant RWE on Wednesday reported a decline in first-quarter adjusted net income, while confirming its outlook for 2024.
Adjusted net income for the first quarter was €801 million ($867 million), down from €1.32 billion over the same period in 2023.
Adjusted first-quarter earnings before interest, tax, depreciation and amortization (EBITDA) amounted to €1.71 billion, compared to €2.31 billion in the previous year.
The company confirmed its outlook for 2024 and its target of paying a dividend of €1.10 per share for the current fiscal year.
At its capital markets day in November 2023, RWE forecasted adjusted EBITDA within a range of €5.2 billion to €5.8 billion.
The company maintained the guidance, although it expects to close at the lower end of the forecast range.
The reason for this is that electricity prices have dropped significantly since November 2023.
Annual adjusted net income is expected to be between €1.9 billion and €2.4 billion