Credit & ESG Investor Update
September 2022

Page 2
Disclaimer
Sept 2022
Credit & ESG Investor Update
This document contains forward-looking statements. These statements are based on the current views, 
expectations, assumptions and information of the management, and are based on information currently available 
to the management. Forward-looking statements shall not be construed as a promise for the materialisation of 
future results and developments and involve known and unknown risks and uncertainties. Actual results, 
performance or events may differ materially from those described in such statements due to, among other things, 
changes in the general economic and competitive environment, risks associated with capital markets, currency 
exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to 
tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates 
assumes any obligations to update any forward-looking statements.

Page 3
1. Company overview
2. Energy transition
3. Credit and financial strength
4. Funding strategy
5. Special topic: Impact of Ukraine conflict on RWE
Contents
Credit & ESG Investor Update
Sept 2022

Markets with operating RWE assets
Markets with RWE development activities
~
wind/solar in 
operation 
Europe
APAC
North America
~
Page 4
What we focus on 
• Profile &
Main activities
• HQ Location
• Employees
• Track record
A leading operator of green generation 
assets with strong commercial platform
Essen/Germany
~18,200
in the renewables business
offshore player globally
gas fleet in Europe
development pipeline
RWE’s company overview
Our core business is leading the way to a 
Strongest growth in Europe, 
significant potential in 
global markets
Offshore Wind
Decarbonisation of 
industry drives demand 
for tailored solutions
Commercial 
Solutions
Hydrogen is quickly 
gaining traction with 
Europe at the forefront
Hydrogen
Credit & ESG Investor Update
Decarbonisation pledges 
accelerate growth momentum 
in US and Europe 
Onshore 
Wind/Solar
RWE’s European core markets 
require new, low-carbon 
flexible capacities
Batteries & Flexible 
Generation 
Sept 2022

Page 5
Sustainability is at the heart of our strategy: our ambition is to reduce GHG emissions
in line with a 1.5°C compliant pathway and to become net zero by 2040 
RWE is perfectly positioned: vast experience in green technologies, strong market presence in 
industrial growth markets, operating a leading commercial platform
We are significantly accelerating our green growth programme: €50bn gross / €30bn net cash investments 
until 2030 (i.e. >90% EU Taxonomy eligible capex), leading to 35 GW gross / 25 GW net capacity additions
Our investment plans are driven by excellent teams – our development pipeline stands at 
more than 55 GW across all relevant technologies 
Our portfolio in 2030 is powerful and green: 50 GW net installed capacity across wind, solar, 
batteries, flexible generation and hydrogen offering tailor-made energy supply solutions
Attractive investment returns result in earnings growth and Group EBITDA ambition of €5bn in 2030
Investment programme fully funded by strong operating cash flow and utilisation of our financial headroom
incl. asset rotation – in line with our commitment to a strong investment grade rating
RWE’s Growing Green strategy: 
Leading the way to a green energy world
RWE’s company overview
Credit & ESG Investor Update
Sept 2022

Page 6
RWE’s ambitions and targets on sustainability
Social
Environ-
mental
Governance
Our ambition for 2030 is to align to a 1.5°C pathway
We will be climate neutral by 2040 across scopes 1-3 
RWE aims for a net-positive contribution to biodiversity by 2030 for new assets
Positive contribution to the communities in which we operate
Full support of our employees impacted by the energy transition (Just Transition)
30% share of women in all management positions by 2030 (core business)
>90% of our investments until 2030 in line with the EU Taxonomy
33% ESG-linked long-term Executive Board remuneration since 2021
We will reduce the consumption of natural resources, minimise waste 
and maximise the reuse and recycling of materials
RWE’s company overview
Credit & ESG Investor Update
Sept 2022

Page 7
Seven SDGs were defined as material in relation to the business activities of RWE
• Recultivation 
programme 
with focus on 
biodiversity
• Net-positive 
contribution to 
biodiversity by
2030 for new 
assets
• Increase in ecology 
in renaturalised
mining areas
• 30% of female 
Executive Board
members
• Leader in 
Diversity for the 
3rd time in a row 
recognised by The 
Financial Times; 
ranked 2nd among 
energy companies 
in Europe
• Leading operator 
of wind and solar 
with  ~11 GW 
installed capacity 
with Ø 2.5 GW net 
capacity 
additions p.a.
• Highly efficient 
and flexible 
power plant 
portfolio
• Strong employer 
with workforce of 
~18,200 people
• Contribution 
to local 
communities,
support for 
structural 
change and 
socially 
responsible and 
fair transition
• CO2 reduction of 
55% since 2012
• Certified 2030 
emissions targets; 
climate neutrality 
by 2040
• Embedded 
circularity across 
all parts of 
company
• Focus on 
innovative 
technologies 
to support 
climate-neutral 
transition: 
hydrogen, 
storage 
technologies, 
floating offshore 
wind and floating 
PV, recyclable 
blades
• Strict compliance 
requirements 
with RWE’s Code 
of Conduct
• Member of 
Bettercoal to 
promote 
standards in 
supply chain
Our approach to ESG contributes directly to the UN SDGs
RWE’s company overview
Credit & ESG Investor Update
Sept 2022

Page 8
Impressive improvement in major sustainability ratings
2022
2020
Average
(Utilities Sector)
Average
High
(Utilities Sector)
Medium
Lower risk
(Utilities Sector)
Prime Status
Management
level
AAA to CCC 
0 to 100
(0 = top mark)
2021
2020
2022
2020
2021
2020
2021
2020
A+ to D-
Management
level
A to D
0 to 100
(100 = top mark)
ESG Rating
ESG Risk Rating
ESG Corporate Rating
Corporate  
SustainabilityRating
Climate Change Rating
RWE’s company overview
Credit & ESG Investor Update
Sept 2022
Note: Last shown rating scores based on the date of last comprehensive rating review.

Scope 3
Upstream and 
downstream indirect 
GHG emissions
22.3
Scope 2
Operation-related 
indirect GHG emissions 
from the generation of 
acquired and consumed 
electricity
Scope 1
Operation-related direct 
GHG emissions 
0.6
89.8
Scope
1 & 2
Scope 3
-30%
absolute
-50%
specific: 
CO2e per 
kWh
WELL BELOW 2° C
Our 2030 climate
targets are
1 2019 is the base year for our Science-based Target. | Note: Figures in million tonnes CO2-equivalent. | For more information on our carbon footprint, please visit www.rwe.com/emissions 
20191
2030
2040
2025
Scope
1 & 2
Scope 3
-15%
absolute
-27%
specific: 
CO2e per 
kWh
•
Clear decarbonisation
roadmap with further closures 
of coal activities; coal exit not 
later than 2038
•
Ongoing significant expansion 
in green capacity
•
Driving forward green H2
•
Efforts to reduce indirect 
emissions, e.g. from our 
supply chain
We take action
To reduce our 
emissions in 
line with a 1.5°C 
compliant pathway
Our ambition:
RWE’s company overview
Page 9
Ambitious science-based emission reduction targets 
lead the way to Net Zero
Credit & ESG Investor Update
Sept 2022

Page 10
1. Company overview
2. Energy transition
3. Credit and financial strength
4. Funding strategy
5. Special topic: Impact of Ukraine conflict on RWE
Contents
Credit & ESG Investor Update
Sept 2022

Leading 
the way to a 
green energy 
world
Sept 2022
By 2027
By 2030
2021
Coal 
capacity
(German coal exit 
2038 or 2030)
~7GW
<4 / 0 GW*
9.7 GW
Adj. EBITDA
€3.8-4.2bn
~€5bn
€3.7bn
33 GW 
Wind / Solar / 
Storage / H2
net capacity
~25 GW 
10 GW 
Scope 1/2
t CO2 e/MWh
€21bn
€30bn 
Green net 
investments
€2.4bn
2019
~€1.5bn
12.8 GW
€3bn
8.7GW 
* Coal exit in 2038 according to the existing German coal exit law; the federal government is reviewing an earlier exit for 2030.
Page 11
RWE’s energy transition
Credit & ESG Investor Update
<0.431
0.296
0.499
0.591

8
17
17
10
15
31
Installed net capacity
GW, pro rata
Page 12
We are transforming rapidly into a green energy company
40 GW
Wind/Solar/Batteries
Flexible generation/Hydrogen
Coal
38 GW
54 GW
2021
2023e
2030e
4
19
Nuclear
10
1
RWE’s energy transition
Credit & ESG Investor Update
Sept 2022

Flexible generation & hydrogen
Offshore wind
Onshore wind, solar and batteries
+
+
Green 
investment 
programme
of 
gross 
Share from gross cash investments by technology:
Share by region:
2021 – 2030
Page 13
We are accelerating our growth investments 
to €5bn gross annually
RWE’s energy transition
Credit & ESG Investor Update
United Kingdom
Germany
United States
Rest of the world
>90%
EU Taxonomy
eligible
Sept 2022

Page 14
Stable and sustainable earnings profile
Gross margin 
2021 – 2023
1 Considers the current operating asset base as well as committed 
projects with COD by 2023 (under construction or with FID). 
Note: Merchant includes volumes to be hedged. 
65%
free/low 
CO2
25%
40%
35%
Capacity
payments/
ancillary services
Merchant green
Merchant
70%
Secured
10%
30%
30%
30%
PPAs/Tax Credit
Certificates
CfDs/FiTs
Merchant
Gross margin split
Wind/Solar
Gross margin split
Flexible generation
Weighted average 
remaining support 
tenor1 Wind/Solar
12
years
RWE’s energy transition
Credit & ESG Investor Update
Sept 2022

Page 15
Our Growing Green strategy is set – Execution continues as 
planned – Acceleration to be explored
Sept 2022
Credit & ESG Investor Update
• €50bn gross cash 
investments in our core 
business until 2030
• 50 GW installed green net 
capacity by 2030
• €5bn EBITDA ambition in 
2030
GROWING GREEN
Our long-term strategy 
is set
EXECUTION
continues as planned
ACCELERATION
all options will be explored 
• Utilising strong push for green 
transformation – ramping up 
our origination activities further
• Review of new build strategy for 
flexible assets – going straight 
to green fuels likely
• Faster and rigorous buildout of 
green import infrastructure 
creates additional 
opportunities 
• 1.2 GW of green capacity 
commissioned and 4.8 GW 
under construction
• US offshore market entry –
3GW lease award at NY 
Bight auction1
• Acquisition of hydrogen-
ready 1.4 GW Magnum gas 
plant in NL
1 JV with National Grid Ventures. RWE share 73%.
RWE’s energy transition

Page 16
1. Company overview
2. Energy transition
3. Credit and financial strength
4. Funding strategy
5. Special topic: Impact of Ukraine conflict on RWE
Contents
Credit & ESG Investor Update
Sept 2022

Page 17
Stable and sustainable earnings backed by solid financial
position and strong investment grade rating
Adj. EBITDA
Net debt/cash
in € bn 
2019
2020
3.0
3.7
2019
2020
6.9
4.4
20%
2021
3.3
in € bn 
(0.4)
2021
2.9
1H22
(1.9)
1H22
Credit rating development
Senior debt
Hybrid bonds
Short-term debt
2019
2020
2021/22
Baa3
Baa3
Baa2
BBB
BBB+
Fitch
Moody’s
Ba2
Ba2
Ba1
BB+
BB+
BBB-
Fitch
Moody’s
P-3
P-3
P-2
F2
F2
F1
Fitch
Moody’s
Outlook
stable
positive
stable
stable
stable
stable
Fitch
Moody’s
BBB
Current rating
• Continuously strong operating performance
• Strict balance sheet management and commitment to strong investment grade ratings
• Positive rating trajectory evidenced by upgrades with both Moody’s and Fitch
Credit & ESG Investor Update
Sept 2022

Page 18
Capital Market funding used for sustainable investments
RWE’s credit & financial strength
1 €2bn raised in May and €1.25 in August 2022.
Credit & ESG Investor Update
Commercial Paper Programme 
Additional bank facilities including guarantee facilities 
Sustainability Linked Revolving Credit Facility
committed by international bank consortium2
Bonds 
issued in 20221
Debt Issuance Programme 
complemented by
Green Bond Framework
Other Cash 
Requirements
Funding of
Sustainable
Investments
€5bn
€13bn
€9.2bn
€10bn
30 Jun 2022
€8.0bn
Sept 2022

Page 19
Key Messages – Delivering growth and value
€30bn
Net cash investments
>90%
EU Taxonomy eligible
Green 
investments
2021 – 2030
Commitment to strong 
investment grade rating
Strict 
balance sheet 
management
Long-term target 
leverage factor
of ≤3.5x
€17bn
bank facilities
Robust liquidity 
management
€5bn 
Commercial Paper & 
€10bn 
Debt Issuance Prog.
Stable & 
sustainable 
earnings 
12
years
Avg. support tenor
70% 
Secured / contracted 
cash-flow
RWE’s credit & financial strength
Credit & ESG Investor Update
Sept 2022

Page 20
1. Company overview
2. Energy transition
3. Credit and financial strength
4. Funding strategy
5. Special topic: Impact of Ukraine conflict on RWE
Contents
Credit & ESG Investor Update
Sept 2022

Page 21
Issuances and maturities of RWE’s bonds
RWE’s Bond Maturity Profile with Sustainable Bonds 
as preferred financing tool for future growth
1 Converted at the exchange rate from 1 Sept 2022. I Note: 2033 year includes a residual amount of €12m private placement.
RWE’s issuances
• June 2021
(€500 m, 0.625%, 06/2031)
1st Green Issuance
• Nov 2021
(€750 m, 0.5%, 11/2028)
• Nov 2021
(€600 m, 1.0%, 11/2033)
• April 2015
(€282 m, 3.50%, 04/2025)
• June 2015
($317 m, 6.625%, 03/2026)
Hybrid bonds:
Total in 2021: €1.85 billion
Green Bonds
Hybrid USD1 
at First Call Date 
Hybrid EUR
at First Call Date
RWE’s funding strategy
Credit & ESG Investor Update
• May 2022
(€1,000 m, 2.125%, 05/2026)
• May 2022
(€1,000 m, 2.75%, 05/2030)
• Aug 2022
(€1,250 m, 2.5%, 08/2025)
2022 to date: €3.25 billion
Sept 2022
0
200
400
600
800
1.000
1.200
1.400
1.600
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
≥2033
Conventional
Bond
1,400
1,600
(€ million)
1,200

Page 22
RWE will be a frequent issuer of green bonds 
RWE’s funding strategy
Type
• Funding strategy serves RWE’s transition to a pure 
renewables player
• Conventional bonds only on an exceptional basis
• Driven by liquidity requirements and market 
circumstances
Volumes
Tenors
Currencies
Instruments
• Aiming to achieve a balanced maturity profile
• Currencies based on RWE’s asset base
• Other currencies used opportunistically
• Public senior bonds as base instrument
• Private placements, promissory notes (Schuldscheindarlehen)
• Hybrids potential supplemental instrument
100% of 
proceeds 
will be 
allocated 
to green 
technologies
Credit & ESG Investor Update
Sept 2022

Page 23
Plain vanilla Green Bond Framework that only allows for high 
quality – dark green – wind & solar projects
RWE’s funding strategy
1 See https://www.group.rwe/investor-relations/anleihen-und-rating/green-financing
RWE’s Green Bond Framework1
is aligned with SDG 7.2: 
’increase substantially the share 
of renewable energy in the global 
energy mix’
and based on:
ICMA Green Bond Principles
RWE published its Green Bond 
Framework in 2020 and is currently 
working on updating its Framework 
to take account of the new EU 
Taxonomy
Sustainalytics provided the Second-
Party Opinion of the Framework
EU Taxonomy 
Credit & ESG Investor Update
Sept 2022

Page 24
Green bonds foster our renewables investments
RWE’s funding strategy
1 Including storage (100 MW). I Note: As of 30 June 2022.
Investment decisions based on strict hurdle rate approach 
2021
249 MW
in operation
2023
400 MW1
under 
construction 
2022
under
construction
2022
under 
construction 
122 MW
118 MW
2022
342 MW
under 
construction 
1,400 MW
2026
Kaskasi
Sofia
Baron Winds
Blackjack Creek
Bright Arrow
Limondale
Country
Capacity
pro rata
(Expected) 
COD
Status
• Project IRR typically exceeding base renewables WACC by 100 to 300 bps. 
• Hurdle rates include risk premia depending on project risk profile (technology, regulatory and remuneration risk)
Offshore Wind
Onshore Wind
Solar
under 
construction 
Selected 
examples
Our green generation portfolio is growing with ~5 GW currently under construction
~5 GW 
currently under 
construction
Credit & ESG Investor Update
Sept 2022

Page 25
Leading the way to a 
green energy world
Sept 2022
We offer a highly 
attractive & international 
working environment with 
significant growth in 
green technologies.
We also stand by our 
employees impacted by
the energy transition
Employees
We supply green 
energy solutions
and support the 
decarbonisation of
industries
Customers
We deliver the energy 
transition and will 
become net zero by 
2040
Society
We create
shareholder value by 
delivering profitable 
green growth
Shareholders & 
Fixed Income 
Investors
Our energy for a sustainable life.
Credit & ESG Investor Update

Page 26
1. Company overview
2. Energy transition
3. Credit and financial strength
4. Funding strategy
5. Special topic: Impact of Ukraine conflict on RWE
Contents
Credit & ESG Investor Update
Sept 2022

Page 27
Energy security becoming a top priority:
Even stronger push for green transition expected
Special topic / Impact of Ukraine Conflict on RWE
Credit & ESG Investor Update
1 Floating Storage and Regasification Units.
Sept 2022
Stepping up LNG imports
•
>40 LNG cargoes to Europe in H1 2022 
(up 4x vs H1 2021) 
•
Floating LNG terminal 
•
FSRU1 Brunsbüttel to commence 
operations by end 2022 
Short term focus: 
Ensure energy security
RWE is 
enhancing 
energy 
security
Ensuring high levels in gas storage 
facilities by beginning of winter
•
85% filling levels in RWE owned gas storages
Sustainable and secure energy supply
Further acceleration of energy transition in 
Europe: RES build out, H2, storage
•
RWE set to deliver its Growing Green strategy
Diversification of European gas supply
•
RWE strong partner to develop German LNG 
terminal in Brunsbüttel (COD 2027)
•
Active engagement in further ongoing LNG 
activities in the Baltic Sea in Germany
•
MoU with Sempra for delivery of 3 bcm of 
LNG p.a. from US from 2027 onwards
Medium/long-term focus: 
Increase in power generation
•
Reactivated / extended coal capacity in DE, NL

Page 28
RWE actively risk managed its commodity position to increase 
company resilience
Special topic / Impact of Ukraine Conflict on RWE
Credit & ESG Investor Update
Sept 2022
UK & EU sanctions
prevent Russian coal 
deliveries
•
Sanctions lead to write-off of market value of 12m tonnes hard coal contract
•
After final settlement in Q2 total write-off is €750m included in non-operating result 
(previously reported write-off of €850m in Q1)
•
No further risk from hard coal contracts with Russian counterparties
Gas supply contracts 
actively managed to 
mitigate risk
•
Financial exposure to Russian counterparties fully removed
•
No further financial downside from exposure to Russian counterparties as financial 
impact fully covered in H1 results
•
German gas levy: no intention to claim losses from shortfall of Russian gas supply
Counterparty risks 
continuously managed
•
Strict monitoring and credit limit management
Hedging approach 
adjusted to manage 
uncertainty in 
commodity markets
•
Risk-averse hedge path to avoid delivery obligations from German gas plants
•
Additional buffer to cover for unplanned outages of power plants

Annex

A broad view on sustainability: 
Strong ambitions on numerous ESG issues
TOPICS
ACTIONS
Biodiversity 
including Water 
Security
• Participant in the Corporate Engagement Program of 
Science Based Targets for Nature
• Dedicated biodiversity policy for the Rhenish Lignite Area, 
underlining our state-of-the-art recultivation efforts
• Environmental impact assessments as core part of the  
planning phase of each asset
• Track record of no serious environment events
AMBITION
Circular Economy 
including Waste
Social 
Responsibility
Because we care about the biodiversity 
impact of our business, we commit to 
the highest standards in recultivation. 
For new assets, we aim for a net-
positive contribution to biodiversity 
by 2030.
We implement the principles of a circular 
economy in our way of working. We 
reduce the consumption of natural 
resources, minimise waste and design 
our assets so that we maximise the 
reuse and recycling of materials.
We make a positive contribution to the 
communities in which we operate. In the 
sense of a Just Transition, we stand by 
our employees who are impacted by the 
energy transition and find socially 
responsible solutions and perspectives.
• As pioneers in wind circularity RWE tests world’s 
first recyclable wind turbine blade at its offshore 
wind farm Kaskasi
• Sustainable waste management is also part of 
a responsible approach to resources
• Long-standing partnerships in the Rhenish lignite area. 
Agreed collective agreement on coal exit that ensures a  
clear commitment to a socially acceptable exit from coal-
fired power generation
• More than 750 apprentices in the Group. 
Selected metrics
23,000 ha 
recultivated 
land
100% 
coverage 
of EMS
~€30m to 
communities in 
the UK over the 
past 20 years
Page 30
Credit & ESG Investor Update
Sept 2022

Coal & Lignite: Transparent exit plan with acceleration 
on the agenda
Page 31
RWE’s last two German
hard coal plants closed
end of 2020 after successful 
participation in auction process
RWE already closed all its
coal-fired power plants 
in the UK
RWE converted coal-fired 
power plants in the NL to 
biomass to a large extent. 
Regulatory phaseout 2029 
at the latest.
Coal
Lignite
RWE agreed contractually 
with the German government 
on a lignite phaseout until 
2038 at the latest
Exit conducted by RWE in a social 
responsible manner
German coalition strives 
for coal exit by 2030
RWE sees exit by 2030 as 
feasible in cooperation with the 
Government
Exit should be conducted in a 
social responsible manner
War in Ukraine will lead to a focus  
on security of supply in the short 
term but should not extend 
end date of coal-exit
2020
2023
2030
2038
10.8
8.3
3.8
0.0
Latest Developments
Exit 2020
Exit 2020
Exit 2029
Exit 2038
Total Capacity Coal & Lignite 
GW, pro rata
Credit & ESG Investor Update
Sept 2022

Page 32
Significant green portfolio growth with 6.2 GW underway
Credit & ESG Investor Update
Sept 2022
Development of our green generation portfolio, GW pro rata
Capacity in 
operation
Projects under 
construction/FID
1.2
34.3
Offshore
Wind
1.2
Batteries
Solar
Hydrogen
Flexible 
Generation
Total
1.9
0.8
Capacity 
farm-
downs1
0.1
Capacity 
additions
26.9
28.0
31.12.2021
0.5
Onshore
Wind
30.06.2022
<0.1
1.7
+6.2
Includes 1.4 GW 
Magnum 
acquisition
1 Includes capacity closures, changes after repowering etc..
H1 2022

Strict investment criteria 
ensure attractive returns
Investment decisions based 
on strict hurdle rate 
approach with project IRR 
typically exceeding base 
WACC by 100 to 300 bps
Hurdle rates include risk 
premia depending on 
project risk profile 
Regular post completion 
reviews to monitor 
investment performance 
and derive learnings for 
future decisions
IRR 
requirements 
for future 
investments
Note: IRRs post tax, 
unlevered, nominal.
9.0%
7.0%
Global
Europe
Europe and US
11.0%
Offshore wind
Flexible generation and hydrogen
5.0%
Onshore wind, solar and batteries
4.0%
6.0%
Page 33
Credit & ESG Investor Update
Sept 2022

Page 34
Outlook FY 2022
Credit & ESG Investor Update
Note: Outlook FY 2022 as of July 2022.
Sept 2022
Depreciation
Adj. EBIT
Adj. Financial result
Adj. Tax
Adj. Minorities
Dividend target
Outlook
(Feb 2022)
Adj. Net income
~-1,600
3,400 – 3,900
~-450
15%
2,100 – 2,600
€0.90 per share
~-350
Core adj. EBITDA
Adj. EBITDA RWE Group
5,000 – 5,500
4,300 – 4,800
Offshore Wind
Onshore Wind/Solar
Hydro/Biomass/Gas
Supply & Trading
Other/Consolidation
Coal/Nuclear
1,350 – 1,600
900 – 1,100
1,400 – 1,700
650 – 750
~-150
Significantly >350
Group outlook FY 2022, € million
Divisional outlook FY 2022– adj. EBITDA, € million
Core

Page 35
Economic net debt
Credit & ESG Investor Update
Sept 2022
•
Net debt does not 
contain mining 
provisions, which 
essentially cover our 
obligations to 
recultivate opencast 
mining areas
•
Financial assets we 
currently use to cover 
these provisions are 
also not part of the net 
debt, i.e. 
o
€2.6bn claim 
against the state 
for damages 
arising from the 
lignite phaseout
o
E.ON stake of 15%
Net debt definition
Net assets / net debt
(€ million)
30 Jun 2022
31 Dec 2021
+/-
Cash and cash equivalents
4,615
5,825
-1,210
Marketable securities
8,299
8,347
-48
Other financial assets
14,955
12,403
2,552
Financial assets
27,869
26,575
1,294
Bonds, other notes payable, bank debt, commercial paper
-12,907
-10,704
-2,203
Hedging of bond currency risk
16
-9
25
Other financial liabilities 
-6,112
-7,090
978
Financial liabilities
-19,003
-17.803
-1,200
Plus 50% of the hybrid capital stated as debt
296
290
6
Net financial assets (including correction of hybrid 
capital)
9,162
9,062
100
Provisions for pensions and similar obligations
-1,077
-1,934
857
Surplus of plan assets over benefit obligations
838
459
379
Provisions for nuclear waste management
-5,899
-6,029
130
Provisions for dismantling wind and solar farms
-1,132
-1,198
66
Net assets (+) / net debt (–)
1,892
360
1,532
H1 2022

Page 36
Increase of net assets due to strong operating cash flow as 
well as higher interest rates for pension provisions
Credit & ESG Investor Update
Sept 2022
H1 2022
1 Includes pension and wind/solar provisions but excludes nuclear provisions as they are not part of adj. operating cash flow. | Note: Rounding differences may occur. 
0.8
Net debt
31 Dec 21
Net cash 
investments
-1.9
Dividends
-2.8
Adj. operating 
cash flow
2.1
-0.3
Other changes in 
net financial debt
-1.3
Changes in 
provisions1
Net debt
30 Jun 22
-0.4
Net cash investments into green growth include seabed lease payment for 3 GW gross from NY Bight auction
Other changes in net financial debt include mainly timing effects such as variation margins from hedging 
and trading activities
Changes in provisions driven by decrease of pension provisions due to higher discount rates albeit a partly 
compensating effect from a negative performance of plan assets
Development of net debt in H1 2022, € billion
(+ net debt / - net assets)

Page 37
Your contacts at RWE
Financial Calendar
Important Links
Contacts for Credit Investors & Analysts
• 10 November 2022
Interim statement on the first three quarters of 2022
• 21 March 2023
Annual report for fiscal 2022
• 04 May 2023
Annual General Meeting
• 11 May 2023
Interim statement on the first quarter of 2023
• Thomas Denny (Director Investor Relations)
Tel. +49 201 5179-5647
thomas.denny@rwe.com
• Lenka Zikmundova (Fixed Income)
Tel. +49 201 5179-5623
lenka.zikmundova@rwe.com
• Annual and interim reports & statements
• Bonds at a glance
• Credit ratings
• Green Bond Framework & Second Party Opinion
• Gabriele Tennagels (Director Finance & Credit Risk)
Tel. +49 201 5179-5686
g.tennagels@rwe.com
Contacts for Finance & Treasury
• Jörg Silvanus (Head of Treasury)
Tel. +49 201 5179-5682
joerg.silvanus@rwe.com
Sept 2022
• RWE Green Bond Report
Credit & ESG Investor Update