E.ON meets nine-month forecasts as grid investment ramps up

E.ON SE

Wed 06:00

       Nov 11 (Reuters) - E.ON  EONGn.DE , Europe's largest
energy grid operator, on Wednesday posted core profit for the
first nine months in line with estimates, helped by strength in
its energy infrastructure solutions business serving industrial
and municipal customers.
    The German company ramped up third quarter investments in
grid infrastructure, after weather-related delays earlier in the
year, as it pushes to connect growing volumes of renewable power
and meet rising electricity demand.
    * Nine-month adjusted earnings before interest, tax,
depreciation and amortisation (EBITDA) came in at €7.11 billion
($7.94 billion), matching a Vara-compiled analyst consensus
    * "What we see across our markets is a substantial and
growing need for investment in energy infrastructure," said
Nadia Jakobi, the company's chief financial officer, in a
statement
    * Investments in the January-to-September period rose to
€5.2 billion from €5.1 billion last year, with around 80%
flowing into energy networks
    * The company confirmed its targets for 2026, expecting
adjusted EBITDA of €9.4-€9.6 billion and adjusted net income of
€2.7-€2.9 billion
    * It also reaffirmed its mid-term outlook through 2030

    ($1 = 0.8957 euros)

    (Reporting by Danny Callaghan; Editing by Matt Scuffham)
 ((Email: danny.callaghan@thomsonreuters.com))