EQS-News

E.ON starts new financial year with robust earnings and accelerated investments

EQS-News: E.ON SE / Key word(s): Quarter Results E.ON starts new financial year with robust earnings and accelerated investments 15.05.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. E.ON starts new financial year with robust earnings and accelerated investments

• E.ON continues to deliver on its growth strategy in the first quarter of 2024 and increases investments by almost 25 percent year-over-year; the majority of the investments of around €1.3 billion were made in network infrastructure
• Adjusted Group EBITDA of roughly €2.7 billion at the same level as prior year’s quarter
• Guidance for full-year 2024 affirmed: E.ON anticipates adjusted Group EBITDA of €8.8 to €9.0 billion and adjusted Group net income of €2.8 to €3.0 billion

E.ON starts the financial year 2024 with robust figures. In the first quarter, both the Group’s adjusted EBITDA and adjusted net income were at the prior-year level. At the same time, E.ON again underscored its growth strategy and significantly increased its investments year-over-year to further propel the energy transition. Based on its good operating performance and anticipated future development, the Group confirms its guidance for full-year 2024.

E.ON CFO Marc Spieker said of the company’s first-quarter results: “E.ON has gotten off to a robust start in the new financial year. Three-month operating earnings in all of our segments were in line with our expectations. This again highlights the success of our investment and growth strategy. E.ON therefore affirms its guidance for the current financial year.”

Earnings propelled by investments and strong operating performance

At about €2.7 billion, adjusted Group EBITDA in the first quarter of 2024 was slightly (€30 million) above the prior-year figure. This earnings performance was mainly driven by investment-led growth and operating improvements. This enabled E.ON to more than offset the nonrecurrence of one-off effects recorded in the prior year’s quarter. Adjusted Group net income of around €1 billion was at roughly the prior-year level.