E.ON (EOAN) Q3 2024 earnings summary

Executive summary

• Achieved adjusted EBITDA of €6.7 billion and adjusted net income of €2.2 billion for the first nine months of 2024, in line with expectations and meeting 75% of full-year guidance midpoints.

• Investment ramp-up continues, with 9M investments up 20% year-over-year, supporting growth ambitions and the energy transition.

• FY 2024 guidance and FY 2028 targets, including dividend policy, are fully confirmed.

• German regulatory agency confirms leading efficiency in energy networks, with Energy Infrastructure Solutions established as a separate division from 2024.

• Reported earnings impacted by non-recurrence of 2023 one-offs and timing effects.

Financial highlights

• External sales declined 19% year-over-year to €56.3 billion for the first nine months of 2024.

• Adjusted EBITDA fell 14% to €6,687 million; adjusted net income dropped 25% to €2,205 million; EPS at €0.84.

• Investments rose 20% to €4,706 million; CapEx fill rate at 65%, about 4 percentage points ahead of prior year.

• Economic net debt increased 9% to €41.1 billion since year-end 2023.

• Cash conversion ratio at 73% in 9M 2024, on track for a full-year target of around 90%.

Outlook and guidance

• Full-year 2024 adjusted EBITDA expected between €8.8–9.0 billion; adjusted net income €2.8–3.0 billion; EPS €1.07–1.15.

• Investments for 2024 forecast at approximately €7.2 billion, with >95% EU Taxonomy alignment.

• FY 2028 EBITDA target: >€11 billion; dividend growth up to 5% p.a. confirmed through 2028.

• Group adjusted EBITDA and net income expected to remain below prior-year levels due to non-recurrence of one-off items.

• Energy Infrastructure Solutions segment expected in lower half of €550–650 million guidance due to lower volumes, with other segments compensating.