E.ON Half-Year Report 2023
- Investments in the energy transition in the first half of 2023 increased by 36 percent to €2.4 billion year-on-year
- About 2,000 new employees hired to implement growth targets
- Positive first-half performances in both segments – Energy Networks and Customer Solutions – cause adjusted Group EBITDA to increase to €5.7 billion (first half of 2022: €4.1 billion)
- Earnings forecast for financial year 2023 raised: adjusted Group EBITDA of €8.6 to €8.8 billion and adjusted Group net income of €2.7 to €2.9 billion anticipated
- Declining prices on wholesale markets will be systematically passed on to customers; as announced, additional power and gas price reductions for millions of customers will come in late summer
E.ON’s business performance in the first half of 2023 was positive. Compared with the prior-year period, which was adversely impacted by the energy-industry environment, the adjusted Group EBITDA rose by 40 percent to €5.7 billion. Both segments, Energy Networks and Customer Solutions, contributed to the increase.
The adjusted EBITDA at the network business rose by nearly €800 million relative to the prior year to €3.5 billion. This positive performance in the first half of 2023 was characterized in particular by investment-driven growth in all regions, especially in Germany, and by temporary effects that will be returned to customers in the coming years.
Customer Solutions’ adjusted EBITDA climbed by €1.2 billion to €2.2 billion. This increase was due in particular to efficient procurement and the ongoing recovery of the market environment. By contrast, the historically high energy prices on wholesale markets had a significant adverse impact on earnings in the prior-year period. Going forward, E.ON intends for its customer solutions business to benefit even more from the demand from industry, cities, and households for sustainable energy solutions and decarbonization products.
