E.ON SE (EONGY) Q1 2024 Earnings Call Transcript

E.ON SE (OTCPK:EONGY) Q1 2024 Results Conference Call May 15, 2024 5:00 AM ET

Company Participants

Iris Eveleigh – CEO
Marc Spieker – CFO

Conference Call Participants

Alberto Gandolfi – Goldman
Harry Peter Wyburd – BNP
Deepa Venkateswaran – Sanford
Rob Pulleyn – Morgan Stanley
Piotr Dzieciolowski – Citigroup

Iris Eveleigh

Hello, everyone. Dear analysts and investors, welcome to our First Quarter 2024 Financial Results Call. Thank you for taking the time to join us today. I’m here with Marc Spieker, for whom this will be the last earnings call as CFO before he takes over his new role as Chief Operating Officer, Commercial. Marc, thank you very much for our successful earnings calls together. At the same time, I’m excited to have Nadia taking over as CFO in June, and I’m looking forward to having her join the earnings calls from our H1 results onwards. As for today’s call, as usual, we will leave enough room for your questions after the presentation.

With that, over to you, Marc.

Marc Spieker

Thank you, Iris, and a warm welcome from my side as well. I will save my goodbye words for later. Let us straight dive into the Q1 results, and let me start with highlighting the key messages for today. First message, Q1 came out in line with our expectations for all businesses. Key drivers of our slight EBITDA and net income increase, we’re investing back earnings growth and strong operational execution more than offsetting the unwind of prior year one-off and timing effects.

Second message. Our planned CapEx ramp-up is progressing well. We have accelerated again our spending by almost 25% year-over-year and are well on track in terms of quarterly fill rates across all business segments.

Third message, our Q1 economic net debt came in as expected, showing the typical

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