E.ON smashes earnings target

The energy company plans to expand its investment programme to €33 billion

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Energy giant E.ON has today announced it has exceeded its earnings forecast for 2022, with adjusted EBITDA rising to €8.1 billion (£7.1bn) and adjusted net income to €2.7 billion (£2.3bn).

The European electric utility company has unveiled plans to accelerate decarbonisation, energy transition and infrastructure expansion, which is expected to lead to significant growth potential.

The company will expand its investment programme to €33 billion (£29.1bn) until 2027 and more than 95% of this will be used to meet strict sustainability criteria set by the EU taxonomy.

For 2023, the company is anticipating adjusted Group EBITDA of €7.8 (£6.8) to €8 billion (£7bn) and adjusted group net income of €2.3 (£2) to €2.5 billion (£2.2bn).

Despite disruptions in the European energy markets and a volatile macroeconomic environment, E.ON delivered a strong operating performance in the 2022 financial year due to proactive and comprehensive crisis and market management, the company said.

It added that the company’s business of Energy Networks and Customer Solutions provides E.ON with additional growth opportunities.

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