E.ON Swung to 1Q Net Loss After Boosting Energy-Transition Investment

By Giulia Petroni and Adria Calatayud

E.ON on Wednesday reported a swing to a first-quarter net loss as it stepped up investments in the clean-energy transition and reiterated its guidance for the full year.

The German utility posted a net loss of 72 million euros ($78.9 million) for the quarter compared with a profit of EUR826 million in the year-earlier period. On an adjusted basis, profit came in at EUR1.03 billion, up from EUR683 million a year before.

Adjusted earnings before interest and taxes increased to EUR2.715 billion from EUR2.09 billion, while sales rose to EUR33.54 billion from EUR29.51 billion.

E.ON said it invested more than EUR1 billion in the energy transition in the quarter, 30% more than a year earlier.

It confirmed 2023 guidance of adjusted Ebitda of EUR7.8 billion to EUR8.0 billion and adjusted net income of EUR2.3 billion to EUR2.5 billion in 2023.

Write to Giulia Petroni at [e-mail] and to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

May 10, 2023 01:19 ET (05:19 GMT)

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