E.ON Q3 Report 2022
- Nine-month earnings performance as planned: Group adjusted EBITDA of €6.1 billion, adjusted net income of €2.1 billion.
- 2022 forecast at Group-level reaffirmed: adjusted EBITDA of €7.6 to €7.8 billion, adjusted net income of €2.3 to €2.5 billion.
- E.ON supports the German federal government’s plans and prepares to implement gas price cap.
In the currently very challenging macroeconomic environment with severe turbulences in the energy markets, E.ON’s business model is proving to be robust. This is reflected in the company’s results for the first nine months of 2022.
Group adjusted EBITDA of roughly €6.1 billion was about €170 million below prior-year level. The anticipated decline was mainly driven by the Non-Core Business’s EBITDA, which was significantly lower this year than last, as it had benefitted from a positive one-off effect in 2021. By contrast, earnings in E.ON’s core business increased from about €5 billion to just over €5.3 billion. Energy Networks contributed €4.1 billion (prior year: €3.9 billion). Operating earnings in the German Energy Networks business improved by €540 million. The positive drivers included efficiency improvements, synergies from the integration of innogy, and additional revenues resulting from investments in network expansion. Higher costs to compensate for network losses in some European markets constituted the primary adverse effect. This effect, however, is temporary and will largely be offset by means of regulatory mechanisms with a certain time lag.
