RWE (RWE GY) CFO signals near‑term agreement on two data‑centre sites, with announcements expected by end‑2026

• Confident that we will acquire another small stake in Amprion in coming months.
• Data-centre related demand growth in US is intact even if there were regulatory scrutiny.
• Asked about a potential joint bid for Uniper, says that there are antitrust hurdles around this, but the M&A team routinely looks at opportunities.

Commentary of this kind from a CFO is positioning rather than announcement: the catalysts flagged are all conditional and spread across a multi-year horizon, and the historical pattern with European utilities is that such guidance tends to be re-rated only when the underlying agreements are signed and financing structures disclosed. The data-centre angle follows an established playbook in which power producers with land and grid connections monetise proximity to hyperscale demand, and the distinction that has mattered in comparable episodes is whether the deal is a land sale, a power purchase agreement, or an equity-style partnership, since each carries a different margin and duration profile. The Amprion remark is incremental rather than new, a continuation of piecemeal stake-building in German grid infrastructure, where regulatory approval timelines have historically dictated pacing. On Uniper, the antitrust framing is the operative constraint: combinations of this scale in German generation have consistently drawn extended scrutiny, and CFO-level language about teams routinely reviewing opportunities is standard practice rather than signal. The follow-ons are formal announcements on the two sites, any filing activity on the Amprion stake, and whether the Uniper comment resurfaces from other actors.