E.ON Right On Course in Third Quarter

The operating business of Essen-based energy company E.ON continued to perform very well at the nine-month mark. Sales rose by €4.8 billion year on year to €48.1 billion. The increase resulted in part from cooler weather in 2021 relative to 2020 and the inclusion of Slovakia-based VSEH, which E.ON acquired in August 2020, for the entire reporting period.

According to the company statement, adjusted EBIT is up 46 % to about €3.9 billion, adjusted net income doubles to roughly €2.2 billion and €2.9 billion in investments to propel the energy transition.

Nine-month adjusted EBIT in E.ON’s core business rose by about €700 million, from €2.4 billion to €3.1 billion. Energy Networks’ adjusted EBIT was up slightly (by €85 million) to €2.4 billion, primarily because of positive margin effects at the network business in Germany resulting from cooler weather, the nonrecurrence of Covid-19 effects recorded in the prior year, and the inclusion of Slovakia-based VSEH for the entire reporting period.

E.ON’s nine-month investments increased about €500 million year on year to €2.9 billion. Most, €2.1 billion, went to the Energy Networks segment, primarily for new network connections and upgrades in network infrastructure. Robust and reliable network infrastructure is the indispensable backbone for the energy transition and the achievement of Germany and Europe’s climate targets.

At the half-year mark E.ON increased its outlook for the 2021 financial year. The Essen-based group continues to expect to achieve adjusted EBIT of €4.4 to €4.6 billion and adjusted net income of €2.2 to €2.4 billion for full-year 2021, said the company release.