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Investing.com -- E.ON (ETR:EONGn) shares rose on Wednesday after the German utility reported first-half 2025 earnings above analyst forecasts, driven by a timing boost in its Energy Networks business, while leaving full-year and 2028 guidance unchanged.
Adjusted earnings before interest, taxes, depreciation and amortization came in at €5.52 billion for the first half, with the second quarter at €2.29 billion, 4% above the €2.20 billion consensus.
Adjusted net income was €1.93 billion for the half and €660 million for the quarter, each about 4% above expectations. Economic net debt was €45.3 billion, close to the €45.1 billion consensus.
Barclays (LON:BARC) said the outperformance came from volume and network loss recoveries in Central and Eastern Europe and Southeastern Europe, which offset weaker Energy Retail results in the United Kingdom (TADAWUL:4280) from customers shifting to fixed-term tariffs.
Jefferies estimated that excluding the value-neutral timing effects, first-half EBITDA was €5.3 billion, or 2% below consensus, and net income was €1.8 billion, a 4% miss versus its own forecast. The retail division’s first-half EBITDA was 3% below consensus.
E.ON reaffirmed 2025 adjusted net income guidance of €2.85 billion to €3.05 billion, with Morgan Stanley (NYSE:MS) noting consensus is near the midpoint.
The company also confirmed its 2028 target of €3.4 billion and its dividend growth policy of up to 5% per year.
Barclays said it expects the shares to slightly underperform the European utilities sector after a 46% total return this year versus 14% for the sector index.