E.ON’s transformation making progress

E.ON’s first-quarter results were in line with expectations. EBITDA increased from €2.8 billion to €3.1 billion. Underlying net income also rose by €300 million to €1.3 billion. The earnings improvement is attributable to a nonrecurring positive effect resulting from the agreement with Gazprom to adjust the terms of long-term gas supply contracts. Without this effect, E.ON’s earnings would have been slightly below the figure from the first quarter of the prior year. “Our first-quarter results indicate that parts of our traditional operating business remain under pressure. That’s why it’s all the more important that since the start of the year E.ON’s transformation has moved forward according to plan. ….