E.ON Backs Guidance After In-Line Start to Year

By Ian Walker

E.ON has reported a fall in first-half net profit, in line with its expectations, and backed full-year guidance.

The German utility said Wednesday that it invested 2.9 billion euros ($3.19 billion) in energy transition over the period, of which 2.1 billion euros went toward its energy network business.

Net profit for the half year was 2.35 billion euros, compared with 1.09 billion euros for the same period a year earlier. Stripping out exceptional and other one-off items, adjusted net profit was 1.75 billion euros, compared with 2.31 billion euros.

Adjusted earnings before interest, taxes, depreciation and amortization was 4.87 billion euros, compared with 5.67 billion euros.

Revenue for the period fell to 39.525 billion euros from 52.36 billion euros.

The company reiterated that it expects adjusted earnings before interest, taxes, depreciation and amortization of 8.8 billion euros to 9.0 billion euros.

Adjusted net income is expected at 2.8 billion euros to 3.0 billion euros this year.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 14, 2024 01:19 ET (05:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.