E.ON (EONGY.PK) said its business performance in the first quarter of 2023 was very positive. The company said the good earnings performance resulted from investment-driven growth, the recovery of the energy market environment and recovery effects in the Energy Network business.
E.ON confirmed its forecast for full-year 2023. E.ON now assumes to end up towards the upper end of the guidance ranges for adjusted Group EBITDA, adjusted net income, and earnings per share. The Group reaffirmed its planned investments of roughly 5.8 billion euros for 2023.
E.ON posted a first quarter loss to shareholders of 72 million euros compared to profit of 826 million euros, previous year. Loss per share was 0.03 euros compared to profit of 0.32 euros. Adjusted net income was 1.03 billion euros, up 51%. Adjusted earnings per share was 0.40 euros compared to 0.26 euros. First quarter sales were 33.54 billion euros, an increase of 14% from last year.
For full-year 2023, E.ON expects to record an adjusted Group EBITDA of 7.8 to 8.0 billion euros, and an adjusted net income of 2.3 to 2.5 billion euros. This corresponds to earnings per share of 88 to 96 cents. E.ON sees itself on track regarding targets through 2027.
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