The results for the first quarter of 2024 were driven in particular by an increase in renewable energy generation and by Edison Energia’s strong sales performance.
Edison’s Board of Directors also approved and confirmed its strategic targets to 2030, as announced last year, which include the doubling of Edison’s EBITDA to 2-2.2 billion euros compared to 1.1 billion euros in 2022, and an evolution of the company’s industrial portfolio that will result in zero or near-zero direct emission activities accounting for 70% of EBITDA itself, compared to an average of 35% over the last three years.
Milan, May 3, 2024 – Edison’s Board of Directors met today to examine the Quarterly Report at March 31, 2024, which shows a strong performance of zero or near-zero direct emission businesses.
In the first quarter of the year, EBITDA rose by 12% to 595 million euros, from 532 million euros in the first quarter of 2023. The result was due in particular to the increase in renewable energy generation (+58% in volumes), driven by the recovery in hydroelectric power, after rainfall had remained below average in 2023, especially in the first part of the year; and to the growth in Edison Energia’s sales, which strengthened even further in the residential segment (+13% in the number of contracts for commodity and value-added services).
As a result of such strong operating performance, the Edison Group ended the first quarter of 2024 with an increase in net profit to 322 million euros, from 288 million euros in the first quarter of 2023. Financial debt at March 31, 2024 showed a credit of 571 million euros, against a credit of 160 million euros at December 31, 2023. This puts the Group in the best position to strengthen its energy transition businesses.
EDISON GROUP HIGHLIGHTS
| million euros | 3 months 2024 | 3 months 2023(*) |
|---|
| Sales revenues | 4,066 | 6,102 |
| EBITDA | 595 | 532 |
| EBIT | 494 | 454 |
| Net profit from Continuing Operations | 334 | 306 |
| Net profit of the Group | 322 | 288 |
(*) Values for the Q1 2023 restated in accordance with IFRS 5.
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