Edison: sustained growth in the first half with revenues at 4.1 billion euros (+32.6%), ebitda at 472 million euros (+24.2%) and profit of 319 million euros

The company has revised the estimates for 2021 EBITDA upwards in a range between 770 and 830 million euros in relation to the good industrial performance and some one-off effects recorded in the first-half of the year.

Milan, July 29, 2021 - The Edison Board of Directors met yesterday and examined the Semiannual Report at June 30, 2021, which closed with significant growth in all business areas.

During the period, Edison revenues increased by 32.6% to 4,120 million euros from 3,107 million euros of the first half of 2020, benefiting from the recovery of the scenario and from the resulting increase in average sales prices.

The EBITDA increased sharply, rising to 472 million euros, with an increase of 24.2% compared to 380 million euros in the first half of 2020, mainly thanks to the positive performance by Electric Power Operations. This sector benefited from the contribution of renewable and thermoelectric generation, the performance of the production portfolio optimization and the significant growth of downstream activities. The performance reflects also the contribution of one-off components related to the positive results of Infrastrutture Distribuzione Gas (IDG) sale and rulings related to Edison Stoccaggio, for a value of about 30 million euros.

The Group closed the first half of the year with a profit of 319 million euros compared to a net loss of 65 million euros of the same period in 2020. This result is due to a good industrial performance - favoured by the recovery in the reference scenario - and to non-recurring elements related to non-Energy Activities1, and, positively, to the option exercise to realign the fiscal value of some assets and of the goodwill. The current net result2 is 207 million euros.

Financial debt at June 30, 2021 amounted to 423 million euros compared with 520 million euros at December 31, 2020, and reflects the investments made by Edison, mainly in renewable and low-carbon generation, as well as the extraordinary transactions carried out during the period (purchase of 70% of E2i Energie Speciali, sale of E&P activities in Norway and of IDG) in line with its commitment to accompanying the Country on its path towards decarbonisation targets.

These results confirm the relevance of the strategic decisions taken recently by the Company to focus on the energy transition activities. The new Edison risk profile and the favorable evolution of the results led the rating agencies to raise their evaluation.

 

EDISON GROUP HIGHLIGHTS

in millions of euros	6 months 2021			6 months 2020
Sales revenues	4,120			3,107
EBITDA	472			380
EBIT	156			164
Net profit from continuing operations	322			104
Group interest in profit (loss)	319			(65)

 

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