# E.ON to hit upper end of 2023 outlook after strong Q1
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-05-10
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: E.ON optimistic for 2023 after strong Q1 results
Meta Description: E.ON, Europe's largest energy networks operator, expects to hit the upper end of its profit outlook in 2023, with strong first-quarter results and
URL: https://financedigest.com/e-on-to-hit-upper-end-of-2023-outlook-after-strong-q1html

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# E.ON to hit upper end of 2023 outlook after strong Q1

FRANKFURT (Reuters) -E.ON, Europe’s largest energy networks operator, expects to hit the upper end of its profit outlook in 2023, boosted by strong first-quarter results that it said were the result of a broad sector recovery following last year’s crisis.

“The crisis is not over yet. Compared with the [current market](https://www.financedigest.com/cottonseed-hulls-market-2022-scope-of-current-and-future-industry-2028.html "Cottonseed hulls Market 2022 | Scope of Current and Future Industry 2028") environment, our forecast also factors in the possibility of a further deterioration in the remainder of the year,” Chief Financial Officer Marc Spieker said.

The group [expects adjusted core profit](https://www.financedigest.com/paypal-adjusted-margin-forecast-cut-eclipses-higher-profit-expectations.html "PayPal adjusted margin forecast cut eclipses higher profit expectations") (EBITDA) of 7.8 billion euros to 8.0 billion euros ($8.6 billion to $8.8 billion) and adjusted net profit of 2.3 billion to 2.5 billion euros in 2023.

E.ON, one of the shareholders of the idled Nord Stream pipeline that was damaged in an act of sabotage last year, benefited from [lower gas prices](https://www.financedigest.com/ks-cuts-2023-profit-outlook-on-slow-recovery-lower-potash-prices.html "K+S cuts 2023 profit outlook on slow recovery, lower potash prices") that reduced the company’s procurement costs.

First-quarter adjusted core profit (EBITDA) was up 30% at 2.7 billion euros, the company said, adding [investments in the first three months grew by the same percentage to 1 billion](https://www.financedigest.com/spains-la-liga-attracts-3-2-billion-investment-from-cvc.html "Spain’s La Liga attracts .2 billion investment from CVC").

The [current crisis is an accelerator on our path to a climate-friendly energy future,”](https://www.financedigest.com/receptacle-tester-market-2021-scope-of-current-and-future-industry-2030.html "Receptacle Tester Market 2021 | Scope of Current and Future Industry 2030") Spieker said. We will [continue to invest](https://www.financedigest.com/onguard-continues-to-invest-in-uk-growth-strategy-with-latest-appointment.html "Onguard continues to invest in UK growth strategy with latest appointment") heavily in this area.

($1 = 0.9084 euros)

(Reporting by Christoph Steitz, Editing by Friederike Heine and Miranda Murray)


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