Q2 2024 E On Se Earnings Call Transcript
Key Points
- E.ON SE (ENAKF) reported H1 EBITDA of EUR4.9 billion and adjusted net income of EUR1.8 billion, in line with expectations.
- The company increased its investments by more than 20% year-over-year, reaching EUR2.9 billion in H1 2024.
- E.ON SE (ENAKF) is on track to meet its 2024 guidance and 2028 targets, with strong operational execution across all segments.
- The company has made significant progress in digitizing and automating processes, including the successful migration of half of its German grid customer base to a new meter-to-cash system.
- E.ON SE (ENAKF) continues to see strong demand for decarbonization solutions, with new partnerships and projects in the UK and Germany.
- The reported performance was dampened by non-recurring positive timing effects and one-off effects from 2023, leading to a year-over-year EBITDA decline of EUR800 million.
- The energy retail segment faced increased market activity, particularly in Germany, which required efforts to maintain earnings.
- The company experienced warmer temperatures in H1 2024, impacting volumes in the energy infrastructure solutions segment.
- E.ON SE (ENAKF) highlighted the need for improvements in the German regulatory framework, particularly in terms of return on equity, to justify further investments.
- The company faces challenges in managing the addition of renewables, with significant curtailment costs and the need for better synchronization with infrastructure expansion.
Good morning everyone. And a warm welcome to our Half Year 2024 Results Call. I'm here with Leo and Nadia, who will present our H1 results. Special welcome to you Nadia, your first call in your new role as our CFO. Happy to be here with you.
As with every occasion, we will leave enough room at the end for your questions. And this time we will also aim to finish two to three minutes earlier because we know that you probably want to jump on the next call with RWE. So, we will cater for that.
With that I hand over to you Leo.
Thank you, Iris. Good morning everybody also from my side. Happy to be here again with you, warm welcome. I'm happy to talk to you about another successful six months for E.ON, and once again we show that we are the playmakers of the energy transition.
And I have today only three very simple messages for you. Let me just kick it off with them. First, during H1 we have not only
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