15.05.2024 07:00:09 - EQS-News: E.ON starts new financial year with robust earnings and accelerated investments

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EQS-News: E.ON SE / Key word(s): Quarter Results
E.ON starts new financial year with robust earnings and accelerated investments
2024-05-15 / 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 EUR1.3 billion were made in network
infrastructure
. Adjusted Group EBITDA of roughly EUR2.7 billion at the same level as prior year's quarter
. Guidance for full-year 2024 affirmed: E.ON anticipates adjusted Group EBITDA of EUR8.8 to EUR9.0 billion and
adjusted Group net income of EUR2.8 to EUR3.0 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 EUR2.7 billion, adjusted Group EBITDA in the first quarter of 2024 was slightly (EUR30 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 EUR1 billion was at roughly the prior-year level.
Adjusted EBITDA in the Energy Networks segment declined slightly year-over-year to about EUR1.8 billion (Q1 2023: EUR1.9
billion) in the first three months of 2024. Higher investments in its growing network infrastructure were a
particularly positive driver. This was more than offset, however, by the absence of one-off effects that had a positive
impact on earnings in the prior-year period. E.ON continues to expect Energy Networks' earnings for full-year 2024 to
increase year-over-year, in particular as a result of increased investments in the regulated grid infrastructure.
First-quarter adjusted EBITDA in the Energy Retail segment, which encompasses the sales business of electricity and gas
as well as solutions for residential customers, rose by about EUR240 million to more than EUR860 million. The positive
operating performance was primarily influenced by the good business development in the United Kingdom. By contrast, the
absence of positive one-off effects from the previous year had a negative impact on earnings. On balance, E.ON expects
this division's earnings to normalize in the 2024 financial year owing to the absence of positive one-off effects.
As anticipated, earnings in the newly reported Energy Infrastructure Solutions (EIS) segment, which comprises the
Group's activities to decarbonize the energy supply for business customers, cities, and municipalities, declined by
just under EUR50 million year-over-year to about EUR160 million in the first three months. Earnings in the first quarter of
the previous year benefited from positive one-off effects. For full-year 2024, E.ON continues to expect earnings in the
EIS business to slightly increase compared to 2023. This is mainly due to the increase in investment activity and the
associated commissioning of customer projects.
E.ON accelerates investments in network expansion and energy infrastructure solutions
E.ON invested about EUR1.3 billion in Europe's energy transition just in the first three months of the financial year.
This represents an increase of around 25 percent relative to the first quarter of 2023. Most investments-just under
EUR1 billion-went toward the company's Energy Networks business. The focus was on new connections for renewable energy
plants and the modernization and digitalization of network infrastructure.
The Group confirmed its planned investments of about EUR7.2 billion for full-year 2024; a significant increase compared
to the total investments of EUR6.4 billion in the financial year 2023. E.ON is planning to invest a total of EUR42 billion
across Europe through 2028. "We are massively expanding our investments in the sustainable transformation of Europe's
energy infrastructure," Marc Spieker said. "Our networks play a key role and promise to deliver long-term green growth
in a regulated environment. Going forward, we also want to benefit even more from the necessary decarbonization of
cities and industries with our energy infrastructure solutions."
Outlook for the financial year 2024 affirmed
In view of its first-quarter earnings, E.ON affirms its outlook for full-year 2024. The Group expects current-year
adjusted EBITDA in a range of EUR8.8 to EUR9.0 billion and adjusted net income of EUR2.8 to EUR3.0 billion. This corresponds to
earnings per share of EUR1.07 to EUR1.15.
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This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group
Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other
factors could lead to material differences between the actual future results, financial situation, development or
performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability
whatsoever, to update these forward-looking statements or to align them to future events or developments.

2024-05-15 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:     English 
Company:      E.ON SE 

BrĂ¼sseler Platz 1
45131 Essen
Germany
Phone:        +49 (0)201-184 00 
E-mail:       info@eon.com 
Internet:     www.eon.com 
ISIN:         DE000ENAG999 
WKN:          ENAG99 
Indices:      DAX, EURO STOXX 50 
Listed:       Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; 

Regulated Unofficial Market in Tradegate Exchange
EQS News ID: 1903259

End of News EQS News Service
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1903259 2024-05-15 CET/CEST

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END) Dow Jones Newswires

May 15, 2024 01:00 ET (05:00 GMT)
Name WKN Börse Kurs Datum/Zeit Diff. Diff. % Geld Brief Erster Schluss
E.ON SE O.N. ADR 909855 Frankfurt 12,200 06.06.24 08:10:21 -0,300 -2,40% 0,000 0,000 12,200 12,200
E.ON SE NA O.N. ENAG99 Frankfurt 12,570 06.06.24 20:25:42 -0,070 -0,55% 0,000 0,000 12,600 12,570

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