E.ON Q1 Report 2023
- CFO Marc Spieker: “The transformation of Europe‘s energy system continues to gain momentum. Our energy networks and decarbonization solutions are playing a key role.”
- E.ON reaffirms the implementation of its growth strategy and invests more than €1 billion in the energy transition in the first quarter, 30 percent more than in the prior-year quarter.
- Earnings in the Energy Networks business increase by more than €430 million compared to the prior-year quarter to about €1.9 billion.
- Earnings in the Customer Solutions business are up by almost €400 million year-over-year to more than €800 million.
- Forecast for 2023 confirmed: adjusted Group EBITDA of €7.8 to €8.0 billion and adjusted net income of €2.3 to €2.5 billion expected.
The adjusted Group EBITDA rose to €8.1 billion in the 2022 financial year and was thus €170 million above prior-year earnings and slightly above the forecast of €7.6 to 7.8 billion. E.ON’s core business of Energy Networks and Customer Solutions laid the foundation for this growth. Its adjusted EBITDA rose from about €6.3 billion in the prior year to roughly €7 billion. The network business, whose earnings increased by about €470 million to €5.5 billion, contributed the biggest share. As anticipated, the main factors were the recovery of adverse earnings effects from prior years, synergy effects, and further growth in the company’s network infrastructure due to additional investments. This was partially offset by higher commodity prices, warmer weather, and, in some European markets, higher costs to cover network losses.
