E.On Logo at one of company's buildingsE.On Logo at one of company's buildings

Essen, Germany — German energy conglomerate E.ON said Wednesday it plans to invest €42 billion in Europe for 2024-2028, focusing on energy networks and infrastructure.

The company exceeded 2023 financial forecasts, with CEO Birnbaum emphasizing growth strategy success. E.ON aims for adjusted Group EBITDA of €8.8-9.0 billion in 2024. The company hired 3,000 new employees and proposes a dividend increase.

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CEO Leonhard Birnbaum affirmed said:

“We again defied challenging circumstances in the financial year 2023. And we again delivered very good results that exceeded our expectations. For this, we owe our employees a big thank you. This result is proof of our operating performance and the success of our investment and growth strategy. It also shows that we increasingly benefit from our consistent strategic focus on energy networks and sustainable energy infrastructure and customer solutions. This makes E.ON one of the leading companies for the energy transition in Europe.”
  • E.ON’s Adjusted Group EBITDA hits €9.4 billion, surpassing expectations

The company’s Adjusted Group EBITDA reached €9.4 billion, significantly higher than the previous year’s €8.1 billion and surpassing the adjusted forecast range of €8.6 to €8.8 billion. This increase was driven by one-off effects, operational improvements, and accelerated investments. Additionally, Adjusted Group net income saw a substantial rise, reaching approximately €3.1 billion, outperforming the forecast of €2.7 to €2.9 billion.

  • Company projects growth, aiming for over €11 billion in Adjusted Group EBITDA by 2028

Looking forward, E.ON anticipates challenges due to persistently high wholesale prices and increased levels of inflation and interest rates. As one-off effects from the previous year are not expected to repeat, the company forecasts a normalization of earnings in 2024, with an Adjusted Group EBITDA between €8.8 to €9.0 billion. However, the company sets an ambitious growth trajectory, aiming for Adjusted Group EBITDA to exceed €11 billion by 2028.

This financial outlook demonstrates E.ON’s resilience in a dynamic energy market and reflects its strategic initiatives to sustain growth amidst evolving market conditions. The company’s focus on operational efficiency and strategic investments positions it well for continued success in the coming years.

By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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