Investing.com — German utility reported first-quarter 2026 adjusted EBITDA of €3.25 billion on Wednesday, up 2% from €3.18 billion a year earlier and above company consensus by 2%, while adjusted net income rose 7% to €1.34 billion and exceeded consensus by 4%.
E.ON reaffirmed its 2026 forecast for adjusted EBITDA of €9.4 billion to €9.6 billion and adjusted net income of €2.7 billion to €2.9 billion.
The company said first-quarter adjusted EBITDA at its Energy Networks and Energy Retail divisions was at the prior-year level, while earnings increased at Energy Infrastructure Solutions and Corporate Functions/Other.
Group adjusted EBITDA rose to €3.25 billion from €3.18 billion, while adjusted net income increased to €1.34 billion from €1.26 billion. Earnings per share from adjusted net income rose to €0.51 from €0.48.
Energy Networks adjusted EBITDA was €2.09 billion against €2.10 billion a year earlier, while Energy Retail adjusted EBITDA was €942 million versus €933 million. Energy Infrastructure Solutions adjusted EBITDA rose to €237 million from €204 million.
The company said Energy Retail earnings in Germany were “primarily attributable to temporary price effects in the product portfolio and optimized customer-management processes.”
External sales fell 13% to €21.82 billion from €25.22 billion. Energy Retail external sales declined 16% to €15.43 billion from €18.43 billion.
Operating depreciation decreased to €793 million from €832 million. E.ON said depreciation charges on fixed assets declined “following the annual review and the resulting new estimates of the useful lives of our power networks in Germany.”
Economic net debt increased to €46.14 billion at March 31, 2026, from €43.24 billion at Dec. 31, 2025. E.ON said the change “mainly reflects the increase in E.ON’s net financial position resulting from negative operating cash flow due to seasonal factors and from investment expenditures.”
Cash provided by operating activities before interest and taxes was negative €290 million against negative €826 million a year earlier. Investments were €1.36 billion compared with €1.46 billion.
In May 2026, E.ON UK reached an agreement with Ovo Group Ltd. under which E.ON will acquire 100% of the shares of Ovo Energy Ltd., which the company said would add about four million customers to its UK retail business.