Edison, profit rises in the first quarter. Revenues at 4 billion

MILANO – The group Edison closes the first quarter of the year with a net profit of 322 million euros, up 12% compared to 288 million euros in the same period last year. Revenues stand at over 4 billion euros (4.066 billion).

The gross operating margin (Ebitda) grew by 12% to 595 million from 532 million euros in the first quarter of 2023. The result is due in particular to the increase in renewable production (+58% in volume), driven by the recovery of the sector hydroelectric after a 2023 which recorded, especially in the first part of the year, rainfall lower than the historical averages, and the growth in sales of Edison Energia which further strengthened on the domestic customer front (+13% the number of commodity contracts and value-added services). Financial debt in the quarter recorded a credit balance of 571 million euros, compared to the credit balance of 160 million euros at 31 December 2023.

Based on the results of the first quarter, which benefit from positive seasonality, and considering the persistence of international geopolitical tensions, as well as the resulting market volatility, the Edison group confirms a minimum Ebitda level of 1.5 billion for 2024 EUR.

Edison’s board of directors also approves and confirms the strategic outlines for 2030 announced last year, which envisage the doubling of Ebitda to 2-2.2 billion euros, compared to 1.1 billion euros in 2022 , and an evolution of the industrial portfolio which will lead to activities with zero or almost zero direct emissions representing 70% of the same gross operating margin, compared to the average of the last three years of 35%.

Electricity demand in Italy in the first quarter of 2024 increased by 0.7% to 77.7 TWh compared to the same period in 2023. Gas demand, however, fell by 4% to 19.9 billion cubic meters. In this context, the group closed the quarter with sales revenues of 4,066 million from 6,102

million euros in the same period last year, due to the “reduction in the price scenario and despite the positive performance of sales volumes”, explains Edison in a note.

The gas activity chain recorded revenues of 2,683 million euros, with an increase in sales especially for industrial uses; the electricity supply chain shows revenues of 1,767 million, marking a growth in electricity production of 4.2% to 4,703 GWh and an increase in sales to end customers.