Has 510 bln eur in additional funding headroom
2024 core profit outlook ahead of consensus
Frankfurtlisted shares 3.4

ESSEN, Germany, March 13 Reuters E.ON, Europe39;s biggest operator of energy networks, on Wednesday raised its fiveyear investment target to 42 billion euros 46 billion, saying the continent required major grid expansion to make the transition to clean energy sources.

The new spending plan for the 20242028 period is up 27 from the 33 billion euro target for the previous 20232027 period, the company said, adding this would lead adjusted core profit EBITDA to rise to 11 billion euros by 2028.

Across Europe, there are massive expansion plans for renewable facilities that will need to be connected to networks, E.ON Chief Financial Officer Marc Spieker said.

That39;s why we39;re investing even more and even faster in our power grid infrastructure, which is set to continuously grow by an average of ten percent annually through 2028.

Investments could even surpass the 42 billion euro target, Chief Executive Leonhard Birnbaum told Reuters, saying this required a favourable regulatory environment that provides sufficient returns on network spending.

In presentation slides, E.ON said it has additional balance sheet capacity of 510 billion euros.

For 2024, the company EBITDA to decline to 8.8 billion to 9.0 billion euros, down from the 9.4 billion last year, which was marked by a number of oneoffs at the group39;s retail energy division.

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