Energy supplier surprised
Eon exceeds its own forecast
February 1, 2024, 7:26 p.m
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Eon ends the financial year better than expected. Things are going particularly well in the network business. There are also one-off effects at the end of the year. The energy supplier is also increasing its investments.
The energy supplier Eon performed better last year than was recently forecast. As the DAX group announced, according to preliminary calculations, the adjusted group EBITDA amounted to 9.4 billion euros and was therefore well above the forecast corridor. The energy networks segment accounted for 6.6 billion euros and the customer solutions segment accounted for 2.8 billion euros. At 3.1 billion euros, the adjusted consolidated net profit was also above the 2.7 billion to 2.9 billion euros forecast by Eon. This corresponds to 1.18 euros per share. The shares rose by more than one percent after trading.
The positive development of the first nine months continued in the final quarter, explained Eon. In the Energy Networks segment, the result in the fourth quarter was above expectations, primarily due to operational effects in almost all countries. In addition, temporary effects in Germany at the end of the year, which would be returned to customers in subsequent years, as well as one-off regulatory effects in Slovakia had a positive effect.
In the customer solutions segment, the company’s own forecast took into account possible negative earnings effects at the end of the year from a possible deterioration in the energy industry environment, which would not have materialized. Investment activity accelerated further at the end of the year, particularly in the network sector, due to the expansion of capacities and, at 6.4 billion euros, was also above the forecast.
The full results are due to be published on March 13th.