#1RWE Credit Investor Presentation August 2023#2Disclaimer 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 RWE August 2023 Credit Investor Presentation Page 2#3Contents 1. Company overview 2. RWE Clean Energy 3. Energy transition 4. Credit and financial strength 5. Funding strategy RWE August 2023 Credit Investor Presentation Page 3#4RWE's company overview RWE • • • Operational track record 34 GW green generation portfolio >7 GW under construction >55 GW development pipeline • 20+ years in the renewables business • • Leading positions in all core markets • • ~19,300 employees 2022 Financials ESG profile • • Revenues: €38.4bn Adj. EBITDA: €6.3bn Adj. net income: €3.2bn Net cash green investments: €4.4bn Net debt (-)/net cash (+): €1.6bn • Ratings: Baa2 (Moody's) / BBB+ (Fitch) • ESG Ratings: A (MSCI) Top 20% of all Electric Utilities (ISS ESG) • • Top 20% of all Utilities (Sustainalytics) 83% EU Taxonomy aligned capex (2022) Green bonds issued 2021-2023: €4.85bn 2025/2030 climate targets science- based, 03/2030 coal-free, 2040 net zero Our core business is leading the way to a green energy world Offshore Wind Strongest growth in Europe, significant potential in global markets RWE August 2023 + Onshore Wind/Solar Decarbonisation pledges accelerate growth momentum in US and Europe Credit Investor Presentation Batteries & Flexible Generation RWE's core markets require new, low-carbon flexible capacities H2 Hydrogen Hydrogen is quickly gaining traction ابلناا Commercial Solutions Decarbonisation of industry drives demand for tailored solutions Energising the future For 125 years. Page 4#5RWE's company overview RWE now with leading positions in all core markets 34 243 2-2 No US Europe Global Offshore US Solar Wind & Solar UK Wind & Solar Wind & Solar Note: Offshore market excluding China. RWE August 2023 Credit Investor Presentation * * x * * * + * Page 5#6RWE's company overview Business model fully aligned with our strategic focus on the energy transition Core Non-Core Offshore Wind • © Global offshore activities ~1,660 employees Onshore Wind/Solar Onshore, solar and storage activities in • Europe & APAC • Americas ~2,500 employees Hydro/Biomass/ Gas • Hydro, biomass and gas plants • Germany, UK, NL ⚫ Hydrogen projects ~2,700 employees Supply & Trading • • Trading/origination Gas & LNG Commodity solutions • Gas storage 2,000 employees Coal/Nuclear • German lignite operations (exit 03/2030) • German nuclear plant (exit 04/2023) ~9,000 employees Capacity: 3.3 GW Capacity: 8.9 GW Capacity: 18.8 GW Capacity: n/a Capacity: 10.5 GW Power generation: 10.2 TWh Adj. EBITDA: €1,412m Power generation: Adj. EBITDA: 19.0 TWh €827m Power generation: Adj. EBITDA: 65.3 TWh Power generation: n/a Power generation: 62.3 TWh €2,369m Adj. EBITDA: €1,161m Adj. EBITDA: €751m Adjusted EBITDA share: 22% Adj. EBITDA share: 13% Adj. EBITDA share: 36% Adj. EBITDA share: 18% Adj. EBITDA share: 12% ~3 GW installed capacity incl. ~500 experts from Con Edison CEB since 03/2023 Note: Figures for FY 2022, installed capacity pro-rata. RWE August 2023 Credit Investor Presentation Page 6#7RWE's company overview RWE is well-positioned to successfully deliver our Growing Green strategy 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, 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 → Investment programme fully funded by strong operating cash flow and utilisation of our financial headroom - in line with our commitment to a strong investment grade rating RWE August 2023 Credit Investor Presentation Page 7#8Contents 1. Company overview 2. RWE Clean Energy 3. Energy transition 4. Credit and financial strength 5. Funding strategy RWE August 2023 Credit Investor Presentation Page 8#9RWE Clean Energy RWE's US portfolio strengthened by the formation of RWE Clean Energy following the acquisition of Con Edison Clean Energy Businesses Combined portfolio of operating assets Wind 90% Solar 5 GW 8% Batteries 1% Onshore Wind 60% Solar 39% 8 GW RWE US Combined RWE US & CEB RWE CEB Batteries 1% . • RWE expands US Wind/Solar footprint to 8 GW of renewable energy projects Highly experienced CEB team of ~500 experts with impressive track record in developing, building and operating projects Operating portfolio of >3 GW delivers ~$600m EBITDA p.a. Weighted average remaining PPA tenor of 17 years ⚫ Excellent diversification of RWE's US business: Re-balancing our current US operating portfolio from 3% to ~40% solar RWE Clean Energy RWE August 2023 Credit Investor Presentation Note: Figures as of 31 Dec 2022. Page 9#10RWE Clean Energy Stepping up footprint and growth in highly attractive US renewables market RWE →> ↑ ↑ ↑ Acquisition enables RWE to become one of the key leading RES players in the US with the largest pipeline in the region - US renewables growth expected to outpace Europe US renewables market has strong growth from massive push for green energy buildout. Attractive and stable long-term investment framework from Inflation Reduction Act ("IRA") Sizeable operating asset base of CEB significantly de-risking transactions and generating cash flows from day one Transaction strengthens RWE's existing US portfolio significantly and rebalances our global footprint Acquisition partly funded through equity raise via mandatory convertible with long-term investor Qatar Investment Authority August 2023 Credit Investor Presentation Page 10#11RWE Clean Energy The combined US Renewables business will accelerate growth in North America Well balanced 2030-green portfolio Onshore Massive increase in development pipeline¹ >24 GW combined US development pipeline Batteries 25% wind 25% 24.5 GW Solar 50% Sizeable increase in annual buildout in US +500 MW p.a. additional RES buildout in US On top of Growing Green strategy 1 Data as of CMD 2021 incl. acquisition of CEB. RWE August 2023 Credit Investor Presentation by geography by technology Flexible Generation/ Hydrogen 15% Offshore Wind 35% >50 GW 20% Onshore Wind Solar/ Batteries 30% Other 5% US UK 35% 30% 30% Europe 2 Includes CEB's assets of 3.1 GW and buildout, net capacity. Page 11#12RWE Clean Energy Acquisition and future growth fully funded Earnings accretion Attractive valuation Transaction & growth fully funded $0.6bn EBITDA from operating assets Net income accretive (post PPA) from year 1 $6.8bn enterprise value implies 11x EBITDA multiple High share of long-term contracted revenues €2.4bn Capital increase via mandatory convertible QIA as investor RWE August 2023 Credit Investor Presentation Page 12#13Contents 1. Company overview 2. RWE Clean Energy 3. Energy transition 4. Credit and financial strength 5. Funding strategy RWE August 2023 Credit Investor Presentation Page 13#14RWE's energy transition Leading the way to a green energy world with our Growing Green Strategy We are significantly accelerating our green growth programme: 2019 2022 2023 By 2030 Green net investments €1.5bn €4.4bn >€30bn Green net capacity 25GW 29GW >35GW >50GW Coal 13.4GW 8.3GW OGW capacity RWE Growing Green Gross Investment Program of €50bn in 2021-2030 >90% net cash investments '21-30 EU Taxonomy-aligned RWE August 2023 Credit Investor Presentation Page 14#15RWE's energy transition Highlights of our renewable projects Sofia سالم 1,4 GW RWE's biggest offshore project Legend Global Leader projects Innovation projects Hybrid projects Transformation projects Baron Winds + 122 MW 32 wind turbines in New York state RWE August 2023 Credit Investor Presentation TetraSpar 는 Floating wind pilot plant ~ 4 MW Limondale Hickory Park Megabattery 117+ 249 MWac 196 MWac 117 MW 872.000 modules on 770 hectares 30 year Power purchase agreement Virtual coupling with Run- of-river power plants Selinus + 25 MW Blade lift technology used for transportation 220 MW Battery storage 220 MW Innovative technology coupling Agri-PV F & E Solar power and agriculture RWE indeland Solarfarm Thor + 13 MWac 1 GW Use of open-cast mining area Towers from CO2 reduced steel Page 15#16RWE's energy transition RWE accelerates its decarbonisation path by exiting coal in 2030 Accelerated coal phaseout path by 8 years capacity development Coal exit 2030 Coal exit 2038 31 Dec 2021 31 Dec 2025 31 Mar 2030 31 Dec 2038 RWE, together with federal and state governments in Germany, has reached agreement to close its coal business by 2030 (compared to 2038 previously) Agreement provides for a full exit from lignite power generation in 2030, creating the base to reduce our emissions in line with a 1.5°C compliant pathway We follow our strong commitment to exit coal operations in a socially responsible way and support the local communities in affected regions from coal exit Further growth opportunities in RWE's green core business from additional buildout opportunities of wind & solar in lignite mining areas as well as flexible generation capacity on existing sites. RWE is prepared to invest approx. 3 GW of H2 ready gas plants on existing sites RWE sets itself more ambitious climate targets for 2030 and a Net Zero target for 2040 and submitted them to SBTi for validation in line with 1.5 °C reduction path. RWE August 2023 Credit Investor Presentation Page 16#17RWE's energy transition RWE Sustainability Strategy beyond Climate Nine priority topics WE GROW We grow our green business and create sustainable value by investing in technologies leading the way to a green energy world. Key focus is on sustainable investments and innovation. WE ACT We preserve nature for future generations, considering scientific facts and methods. Our activities address climate change, biodiversity and recultivation as well as the circular economy. WE CARE RWE One example for our ambition: >90% of our investments by 2030 will flow into sustainable projects according to the EU taxonomy. Sustainable investment Innovation One example for our ambition: reducing our emissions in line with the 1.5-degree path. Climate change Biodiversity & recultivation Circular economy One example for our ambition: we make a positive contribution to the communities in which we operate. Social responsibility Occupational health & safety Diversity, equity & inclusion Compliance & ethics August 2023 Credit Investor Presentation Page 17#18RWE's energy transition Remarkable ESG ratings improvement in the last 3 years ESG Rating ESG Risk Rating ESG Corporate Rating Corporate Sustainability Rating Climate Change Rating MSCI AAA to CCC 2020 A → Average SUSTAINALYTICS ISS ESG O to 100 (0 top mark) = A+ to D- S&P Global O to 100 (100 = top mark) CDP DISCLOSURE INSIGHT ACTION A to D 2023 2020 2023 2020 2023 2020 2022 2020 2023 A 33.8 23.1 C+ B- Average High Medium Prime Status 63 770 BA- Management Leadership level level Lower risk Top half of all Utilities (Utilities Sector) Top 20% of all Utilities (Utilities Sector) Top 20% of all Electric Utilities Industry Mover 2022 Top 15% of industry RWE August 2023 Credit Investor Presentation Top 8% in Supplier Engagement on Climate Change Page 18#19Contents 1. Company overview 2. RWE Clean Energy 3. Energy transition 4. Credit and financial strength 5. Funding strategy RWE August 2023 Credit Investor Presentation Page 19#20RWE's credit & financial strength Key credit strengths 1 Integrated Business Model with 2 Diversified Generation Mix Highly Resilient Cash Flow Profile RWE 3 Strong Global Green Positioning 4 Favorable Market Trends 5 Prudent Approach to Green, Low-Risk Investments Solid Balance Sheet and 6 Investment Grade Rating • Diversified generation mix with growing RES platform and flexible generation strikes a perfect balance for the current energy market environment Natural portfolio hedge with combination of generation / trading supporting RWE top line during the European energy crisis c.70% secured / contracted green cash flow with >12 years weighted average remaining tenor Increasing share of more contracted RES cash flow over time with declining flexible generation Active in the renewables business for 20+ years: #2 offshore player globally and in US solar, #3 in UK wind and solar, #4 in US and Europe wind and solar Global development pipeline of >55 GW, o/w >65% RES Favourable policy tailwinds in the US, with the Inflation Reduction Act providing significant incentives for RES pipeline development and cleantech infrastructure investments European response to US IRA expected to provide a solid incentive framework in EU too Green growth programme (wind / solar and batteries account for c.90% of €50bn gross investments to 2030) Value over volume approach to green developments Stable and sustainable earnings backed by strong balance sheet Commitment to current rating and access to multiple sources of funding to optimize leverage RWE August 2023 Credit Investor Presentation Page 20#21RWE's credit & financial strength Solid investment grade rating on the back of strong and sustainable financial performance Credit rating MOODY'S Fitch Ratings Long-term debt Senior debt Baa2 BBB+ Hybrid bonds Ba1 BBB- • ⚫ Stable & sustainable earnings backed by balanced financial position (as of May 2023) . Commitment to strong investment grade rating Credit ratings continuously improved "The Baa2 issuer rating of RWE reflects its large and well-diversified generation portfolio; progress in executing the strategy of growing the renewables generation portfolio while reducing conventional thermal coal-based capacity; and solid financial metrics before the acquisition, underpinned by a balanced financial policy and strong operating performance." MOODY'S Credit Opinion, October 2022 Short-term debt P-2 F1 Outlook stable stable RWE August 2023 Credit Investor Presentation Page 21#22RWE's credit & financial strength Continued improvement in net debt position and a balanced mix of debt instruments RWE net debt¹ (€ billion) 6.9 Debt split (2022) Commercial paper 5.9 15% 4.4 -0.4 -1.6 2019 2020 2021 2022 H1 2023 By type² 48% 37% Bonds USD Bank 4% debt 96% EUR By currency3 1 Net debt definition excludes financially ring-fenced coal phaseout liabilities and dedicated financial assets. 12 Type of debt does not include collateral for trading activities and miscellaneous other financial liabilities. 1 3 Split based on both senior bonds and hybrid bonds. RWE August 2023 Credit Investor Presentation Page 22#23RWE's credit & financial strength Various instruments secure our liquidity requirements and our ability to invest sustainably Cash and Marketable securities Bilateral bank facilities including guarantee facilities Commercial Paper Programmes¹ €5bn $3bn Sustainability Linked Revolving Credit Facility² €10bn committed by international bank consortium Debt Issuance Programme complemented by Green Financing Framework 30 June 2023 €17bn €11bn €6.7bn³ €10bn bonds outstanding 1 European programme of up to €5bn and American programme of up to $3bn. 12 Since July 2023.13 As of August 2023. RWE August 2023 Credit Investor Presentation Page 23#24RWE's credit & financial strength Stable and sustainable earnings profile Gross margin 2021 2023 - 12+ years Weighted average remaining support tenor¹ Wind/Solar Gross margin split Wind/Solar Gross margin split Flexible generation Merchant 10% 30% CfDs/FiTs 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. RWE August 2023 Credit Investor Presentation 30% PPAs/Tax Credit 30% Certificates 70% Secured Capacity payments/ ancillary services Merchant 25% 35% D Merchant green 40% 65% free/low CO2 Page 24#25RWE's credit & financial strength Key Messages - Delivering growth and value Green investments 2021 - 2030 €30bn net cash investments >90% EU taxonomy- aligned Stable & sustainable earnings ん 70% secured/ contracted cash-flow; strong earnings outlook. 12+ years Avg. support tenor Strict balance sheet management Commitment to strong investment grade rating Long-term target leverage factor of ≤ 3.5x S Robust liquidity management €21bn bank facilities €5bn + $3bn Commercial Paper & €10bn Debt Issuance Prog. RWE August 2023 Credit Investor Presentation Page 25#26Contents 1. Company overview 2. RWE Clean Energy 3. Energy transition 4. Credit and financial strength 5. Funding strategy RWE August 2023 Credit Investor Presentation Page 26#27RWE's funding strategy Issuances and maturities of RWE's bonds RWE's bond maturity profile with Green Bonds as preferred financing tool for future growth Green Bonds Hybrid Bonds at First Call Date Conventional Bond (€ million) 1.600 1.400 1.200 1.000 800 600 400 200 بيااا 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 RWE's issuances 2021: 3x Green Bonds with a total volume of €1.85bn 2022: 2x Green Bonds with a total volume of €2bn 1x Conventional Bond of €1.25bn 2023 to date: 2x Green Bonds with a total volume of €1bn First Call Dates Hybrids: April 2025 March 2026 RWE August 2023 Credit Investor Presentation Page 27#28RWE's funding strategy RWE will be a frequent issuer of green bonds 100% of proceeds will be allocated to green technologies Type Green Format Volumes avg. €1.5-2.5bn p.a. Tenors 3 - 20 years • • 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 Aiming to achieve a balanced maturity profile . Currencies based on RWE's asset base Currencies EUR, USD, GBP • Other currencies used opportunistically • Instruments Senior and Hybrid RWE August 2023 Credit Investor Presentation • Public senior bonds as base instrument Private placements, promissory notes (Schuldscheindarlehen) Hybrids potential supplemental instrument Page 28#29RWE's funding strategy Green bonds foster our renewables investments Since the publication of our first Green Bond Framework in 2020, RWE has issued close to EUR5bn nominal value of Green Bonds Onshore Wind Blackjack Creek Examples of allocated green projects from outstanding Green Bonds Offshore Wind Sofia Solar Solar & Storage Fifth Standard Limondale + 質 1,400 MW 240 MW 287 MW1 249 MW COD 2026 COD 2022 COD 2023 COD 2021 under construction in operation 1 Including storage (137 MW), COD in H1 2023. RWE August 2023 Credit Investor Presentation under construction in operation Page 29#30RWE's funding strategy RWE Green Financing Framework 2023 SUSTAINALYTICS EU Taxonomy aligned Second-Party Opinion RWE Green Bond Framework SECOND- PARTY OPINION Evaluation Summary Sustainalytics is of the opinion that the R core components of the Green Bond Pri following: USE OF PROCEEDS The Renewable Energy, is al Bond Principles 2018. category will lead to posi capacity for renewable Sustainable Developmer Clean Energy. PROJECT EVALUATION evaluating and selectin Committee (the "Commit the evaluation and sele Framework eligibility crit and, if assets are no long with eligible assets as s project selection proces MANAGEMENT OF PRO proceeds is handled by Proceeds will be allocate internal tracking and acc a level of allocation whi proceeds from its ou proceeds will be tempora in cash and cash equival REPORTING RWE inter website, on an annual report on total amounts eligible projects, financi proceeds. In addition, R impact metrics. Sustain reporting as aligned with 2023 RWE Green Financing Framework June 2023 See https://www.group.rwe/investor-relations/anleihen-und-rating/green-financing RWE August 2023 Credit Investor Presentation Energising the future. For 125 years. Alignment with the ICMA Green Bond Principles 2021 and LMA Green Loan Principles 2023 Fully aligned with the EU Taxonomy The Green financing criteria are aligned with the Substantial Contribution Criteria and Do Not Significant Harm (DNSH) and Minimum Safeguards Aligned on a best effort basis with the recommendations of the EU Green Bond Standard Addition of more green financing tools to cover Bonds, Hybrid Bonds, Schuldscheine, Private Placements and Loans Page 30#31RWE's funding strategy RWE Green Financing Framework 2023 Use of Proceeds Green Bond Principles category Criteria Renewable Energy generation NEW NEW Energy storage Hydrogen production and storage Expenditures relating to the construction, development, acquisition, maintenance and operation of renewable energy production units Expenditures relating to the construction, development, acquisition, maintenance and operation of electricity storage units Expenditures relating to the manufacture of hydrogen and operation of hydrogen storage facilities where the hydrogen complies with the life-cycle GHG emissions savings requirement of 73.4% for hydrogen (resulting in 3tCO2eq/tH2). Lookback period: 3 years Lookforward period: 2 years (on a best effort basis) EU Taxonomy Climate change mitigation 4.1. Electricity generation using solar photovoltaic technology 4.3. Electricity generation from wind power Climate change mitigation 4.10. Storage of electricity Climate change mitigation 3.10. Manufacture of hydrogen 4.12. Storage of hydrogen Eligible types of expenditures: Capital expenditures and operating expenditures 13 CLIMATE ACTION 13 CLIMATE ACTION 13 CLIMATE ACTION UN SDG RWE intends to allocate the vast majority of proceeds to capital expenditures AFFORDABLE AND CLEAN ENERGY AFFORDABLE AND CLEAN ENERGY AFFORDABLE AND CLEAN ENERGY RWE August 2023 Credit Investor Presentation Page 31#32RWE Leading the way to a green energy world CO2 Society We deliver the energy transition and will become net zero by 2040 ها Customers We supply green energy solutions and support the decarbonisation of industries 88 Employees 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 Shareholders & Fixed Income Investors We create shareholder value by delivering profitable green growth Our energy for a sustainable life. RWE August 2023 Credit Investor Presentation Page 32#33Annex RWE August 2023 Credit Investor Presentation Page 33#34Agreement with German government sets the stage for accelerating RWE's coal exit while ensuring security of supply Enhancement of short-term energy security Closure of RWE lignite power plants by 2030 Support energy transition and security of supply Strong emphasis on Just Transition Lifetime for 1.2 GW extended from end of 2022 until Mar 2024 Units to be operated in wholesale market with commercial responsibility RWE to bring forward coal exit from 2038 to 2030 Government can request up to 3.7 GW of lignite security reserve RWE to increase wind & solar buildout in former mining area RWE is prepared to invest approx. 3 GW of H2 ready gas plants on existing sites Comprehensive set of measures agreed to exit coal operations in socially responsible way Investments on existing sites to support structural economic changes in affected regions from coal exit RWE August 2023 Credit Investor Presentation Page 34#35Significant growth with additional 7.2 GW capacity Development of our green generation portfolio GW pro rata +7.2 41.5 0.2 1.3 2.6 0.6 34.3 2.5 5.1 29.2 31 Dec 2022 Capacity additions 30 Jun 2023 Offshore Wind Onshore Wind Solar Batteries Flexible Generation & H₂ Total Capacity in operation Projects under construction Note: Rounding differences may occur. RWE August 2023 Credit Investor Presentation Page 35#36Financial highlights in full year 2022 Very strong business performance with earnings exceeding outlook; adj. EBITDA of €6.3bn and adj. net income of €3.2bn €4.4bn net cash investments in green growth with more than 80% of capex taxonomy aligned; strict investment discipline Issued €2bn long term green bonds and €2.4bn mandatory convertible to finance green growth programme Short term liquidity requirements managed with additional credit lines and €1.25bn short term bonds - Strong focus on risk management – hedging approach adjusted to manage uncertainty in commodity markets RWE August 2023 Credit Investor Presentation Page 36#37Financial highlights in H1 2023 Strong earnings development across all core segments, notably driven by strong Hydro/Biomass/Gas and Supply & Trading performance; full year guidance increased Marked green capacity growth of 5.1 GW and further 7.2 GW under construction Secured profitable growth in Offshore Wind: FID for Thor in Denmark (1.1 GW) and CfD award for Dublin Array (0.8 GW) More ambitious CO2 reduction targets set - SBTI approval for 1.5-degree CO2 emission reduction path under way Capital Market Day to take place in London on 28 November 2023 RWE August 2023 Credit Investor Presentation Page 37#38Outlook for full year 2023 significantly raised on the back of strong H1 performance Group outlook FY 2023 (€ million) Divisional outlook FY 2023 - adj. EBITDA (€ million) Old Outlook New Outlook Old Outlook New Outlook Core adj. EBITDA 4,800 5,400 6,300-6,900 Offshore Wind 1,400 1,800 1,400 1,800 Adj. EBITDA RWE Group 5,800 - 6,400 7,100 - 7,700 Onshore Wind/Solar 1,100 1,500 1,100 1,500 Adj. depreciation -2,200 -2,100 Adj. EBIT 3,600 - 4,200 5,000 - 5,600 Core Hydro/Biomass/Gas 1,750 - 2,150 2,600 - 3,000 Adj. financial result -550 -550 Supply & Trading 300-600 significantly above 600 Adj. tax 20% 20% Adj. minorities -250 -250 Other/Consolidation ~ -200 ~ -200 Adj. net income 2,200 - 2,700 3,300 - 3,800 Coal/Nuclear 800 - 1,200 800 - 1,200 Dividend target (€/Share) 1.00 1.00 RWE August 2023 Credit Investor Presentation Page 38#39Economic net debt Net assets/net debt (€ million) Cash and cash equivalents Marketable securities 30 Jun 2023 31 Dec 2022 +/- 8,523 6,988 1,535 . 8,175 13,730 -5,555 Other financial assets 3,964 8,543 -4,579 Financial assets 20,662 29,261 -8,599 Net debt definition Net debt does not contain mining provisions, which essentially cover our obligations to recultivate opencast mining areas Bonds, other notes payable, bank debt, commercial paper -14,764 -15,621 857 Hedging of bond currency risk 3 8 -5 Other financial liabilities -5,155 -5,382 227 Financial liabilities -19,916 -20,995 1,079 Plus 50% of the hybrid capital stated as debt 289 299 Net financial assets (including correction of hybrid capital) 1,035 8,565 -10 -7,530 Provisions for pensions and similar obligations -964 -900 -64 Surplus of plan assets over benefit obligations 579 680 -101 Provisions for nuclear waste management -5,502 -5,704 202 Financial assets we currently use to cover these provisions are also not part of the net debt, i.e. €2.6bn claim against the state for damages arising from the lignite phaseout 15% stake in E.ON Provisions for dismantling wind and solar farms Net assets (+)/net debt (-) -1,064 -1,011 -53 -5,916 1,630 -7,546 RWE August 2023 Credit Investor Presentation Page 39#40Net debt increases due to CEB acquisition, green growth and timing effects from hedging activities Development of net debt in H1 2023 in € billion (+ net debt/- net assets) -1.6 5.9 0.2 3.1 0.8 2.7 Net debt 31 Dec 22 -5.5 6.3 Adj. operating Acquisition CEB cash flow Acquisition CEB also includes acquired external debt and wind/solar provisions Net cash investments Net cash investments Dividends Other changes in net financial debt in green growth, incl. Magnum and JBM solar acquisitions Dividend pay-out to RWE shareholders and minorities Changes in provisions¹ Other changes in net financial debt includes timing effects such as variation margins from hedging and trading activities Net debt 30 Jun 23 Changes in provisions mainly driven by increase of wind provisions 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. RWE August 2023 Credit Investor Presentation Page 40#41Your contacts at RWE Important Links Å • Annual and interim reports & statements Bonds at a glance Credit ratings Green Financing Framework & Second Party Opinion RWE Green Bond Report Contacts for Credit Investors & Analysts Thomas Denny (Head of Investor Relations) • Tel. +49 201 5179-5647 [email protected] ⚫ Lenka Zikmundova (Fixed Income) Tel. +49 201 5179-5623 [email protected] Financial Calendar • 14 November 2023 • Interim statement on the first three quarters of 2023 28 November 2023 RWE Capital Market Day in London ⚫ 14 March 2024 Annual Report for fiscal 2023 3 May 2024 Annual General Meeting 15 May 2024 Interim statement on the first quarter of 2024 Contacts for Finance & Treasury Gabriele Tennagels (Head of Finance & Credit Risk) Tel. +49 201 5179-5686 [email protected] Jörg Silvanus (Head of Treasury) Tel. +49 201 5179-5682 [email protected] RWE August 2023 Credit Investor Presentation Page 41