E.ON’s core businesses — Energy Networks, Customer Solutions and Renewables started off the new financial year by delivering a strong operating performance in all markets except the United Kingdom.
E.ON’s first-quarter sales rose by roughly €0.4 billion year on year to €9.2 billion. Compared with the prior-year quarter, the E.ON Group’s adjusted EBIT declined by 8 percent, from €1.3 billion to €1.2 billion. Adjusted net income of €650 million was below the prior-year figure of €727 million.
Adjusted EBIT of €623 million at the Energy Networks segment was at the prior-year level (€642 million). The Customer Solutions segment’s adjusted EBIT decreased significantly year on year, from €392 million to €219 million. The earnings decline at the customer solutions business is primarily attributable to the special situation in the United Kingdom. Earnings there were considerably lower, principally because of a new regulatory price cap.
The Renewables segment’s adjusted EBIT rose by 23 percent year on year, from €171 million to €211 million. The increase resulted primarily from an increase in output due to the commissioning of offshore wind farms in Germany and the United Kingdom and an onshore wind farm in the United States.
E.ON continues to expect their 2019 adjusted EBIT to be between €2.9 and €3.1 billion and their 2019 adjusted net income to be between €1.4 and €1.6 billion.