German energy utility giant E.ON on Wednesday reported a rise in first-quarter earnings driven primarily by investment-led growth and operating improvements.
Adjusted first-quarter earnings before interest, tax, depreciation and amortization (EBITDA) reached €2.7 billion ($2.9 billion), slightly above the previous year.
Adjusted net income roughly matched results from the prior year at €1 billion.
The company again underscored its growth strategy and significantly increased its investments year-over-year to further propel the energy transition.
E.ON executive Marc Spieker said: "E.ON has gotten off to a robust start in the new financial year. Three-month operating earnings in all of our segments were in line with our expectations."
He added: "This again highlights the success of our investment and growth strategy. E.ON therefore affirms its guidance for the current financial year."
E.ON continues to project adjusted EBITDA of €8.8 billion to €9 billion and adjusted net income between €2.8 billion and €3 billion. This corresponds to earnings per share of €1.07 to €1.15.
In addition, the group confirmed its planned investments of about €7.2 billion for full-year 2024, a significant increase compared to total investments of €6.4 billion in the financial year 2023.
E.ON is also planning to invest a total of €42 billion across Europe through 2028.
