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

E.ON SE

Wed 07:31

repeats with no changes to text
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))