The utility company E.on reported numbers on Wednesday. These were more or less in line with expectations, and the forecast was also confirmed. In early trading, there is hardly any momentum for the DAX group stock. The deciding factor here remains whether the all-important €10 mark can be regained.
Unsurprisingly, E.on started the new year with a drop in earnings. Although the network business in Germany grew, this was offset by negative effects in other countries. Among other things, there were charges in the first three months due to higher acquisition costs, which can only be passed on to customers after the first quarter, as the group announced.
Adjusted EBITDA fell a good 14 percent to €2.1 billion in the first quarter. The end result was an adjusted group profit of 679 million euros, down 16 percent from the previous year.
The Executive Board confirmed its annual targets for 2022. Adjusted EBITDA of €7.6-7.8 billion and Adjusted Net Income of €2.3-2.5 billion are expected. Targets for 2026 were also confirmed. Chief Financial Officer Marc Spieker said: “Despite the challenges of the first quarter, we are on track.”
The numbers are not a surprise. E.on’s share is still around 10 euros. A sustainable reconquest would be important from a technical point of view. Conservative investors remain on board for now.
With dpa-AFX material
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