Edison returns to making profits. It concludes the first half of the year with a marked growth in all business areas compared to the same period of 2020 and revises the estimates for the whole year upwards.
Revenues: + 32.6% to 4.1 billion euros from 3.1 billion euros
Ebitda: + 24.2% to 472 million euros from 380 million euros, thanks above all to the contribution of the Electricity Sector, which benefited from the contribution of renewable and thermoelectric generation, the performance of the optimization activities of the production portfolio and strong growth in downstream activities (services to end customers, energy and environmental services as well as the supply of electricity and gas). The Gas Activities also contributed to the growth, whose margins recorded the positive impact of the disposal of Infrastructure Distribution Gas (IDG) and of the judgments relating to regulated activities.
Profit of 319 million euros compared to the loss of 65 million euros in the first half of 2020. The result is the result of the good industrial performance – favored by the recovery of the reference scenario – and of non-recurring elements related to the Non-Energy Activities and, positively , due to the realignment of the tax values of some assets and goodwill, as well as the lower net charges associated with the E&P activities now sold.
“The results – comments a note from the company – confirm the validity of the strategic choices made in the last period by the company, to focus on the sectors of the energy transition: renewable energy, energy efficiency, digitalization and services to end customers. Edison’s new risk profile and the favorable evolution of the results also led the rating agencies to raise their rating ”.
The company revises its estimates for 2021 EBITDA upwards in a range between 770 and 830 million euros, compared to the previous range between 710 and 770 million euros, in light of the good industrial performance and some one-off effects registered in the first half of the year.