Slide 1: Full year 2024 results
it‘s on us Full year 2024 results 26 February 2025
Slide 2: Business update
Business update Leonhard Birnbaum Chief Executive Officer
Slide 3: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe 1 2 3 4 Strong 2024 Laying the E.ON’s growth Creating value earnings and foundation for case has for shareholders capex delivery 2025 and significant beyond upside potential We have successfully further As efficiency leader we make Energy
Slide 4: Strong earnings and capex delivery in FY 2024
Strong earnings and capex delivery in FY 2024 Energy Networks Energy Infrastructure Energy Retail Group EBITDA1 €6.9bn Solutions EBITDA1 €1.8bn EBITDA1 €0.56bn • Adjusted EBITDA €9.0bn • Accelerating investments • Record high investments • Maintaining our market- into Regulated Asset Base driving fu
Slide 5: Laying the foundation for 2025 and beyond
Laying the foundation for 2025 and beyond IEfficiency leadership of Energy Networks Being a playmaker in Energy Retail Successful standardization to future proof Substantial increases in Energy Excellence and digitalization in customer journey supply chain and further automation – more Networks inve
Slide 6: E.ON's growth case has significant upside potential
E.ON’s growth case has significant upside potential Requirements for acceleration of future Planned vs. potentially required investments to reach net zero targets in Germany, growth: 2024-2028 additional ~20% based on upside Affordability To maintain societal acceptance additional >50% potential fro
Slide 7: it's on us: updated guidance for 2024-28
it’s on us To make new energy work Our growth strategy creates attractive value for our shareholders Updated guidance for 2024-28 • We successfully delivered in FY 2024 and have laid the operational and digital foundation for the future ~€43bn total investments • We provide an increased guidance wit
Slide 8: Financial performance
Financial performance Nadia Jakobi Chief Financial Officer
Slide 9: Delivery of 2024 promises and persistent focus on shareholder value creation
Delivery of 2024 promises and persistent focus on shareholder value creation 1 2 3 4 Solid foundation for Delivering on our Continuous focus on Improved financial promises – strong 2024 shareholder value outlook organic growth and performance creation shareholder returns We delivered on our 2024 We
Slide 10: Strong 2024 delivery: EBITDA at the upper end of the guidance range
Strong 2024 delivery: EBITDA at the upper end of the guidance range EBITDA1 Key Drivers €m Energy Networks • Organic RAB growth (+) FY 20232 9,370 • Germany: new regulatory period (+/-), 2023 redispatch cost benefit (-), lower volumes (-), higher upstream network costs (-) Energy Networks +251 • Swe
Slide 11: Strong 2024 delivery: underlying adjusted net income growth
Strong 2024 delivery: underlying adjusted net income growth slightly higher than expected ANI1 €m 9,049 1.09 EPS1 (€ per share) 5,762 -3,287 4,622 -1,140 2,856 -1,156 -610 EBITDA1 D&A1 EBIT1 Economic Profit Income taxes (25%) Minorities Adjusted interest result before Taxes1 Net Income1 ~€8.7bn ~€2.
Slide 12: Strong 2024 delivery: solid balance sheet development
Strong 2024 delivery: solid balance sheet development creating strong foundation for growth plans Economic Net Debt – quarterly comparison €bn -6.7 -6.9 -5.2 Comfortable debt factor Asset Retirement Obligations (ARO) -4.7 Pension provisions at year end Net financial position 4.5x3 +3.0 Significant s
Slide 13: Focus on shareholder value creation: increasing investments
Focus on shareholder value creation: increasing investments within strict value creation requirements 2024-2028 investments1 & value creation framework Energy Networks +~€1bn capex into German power RAB 150-200bps ROCE over WACC spread2 Reinvesting proceeds from faster gas RAB depreciation €35bn (vs
Slide 14: Improved financial outlook: high-single-digit growth profile
Improved financial outlook: supporting superior high-single-digit growth profile EPS1,2 EBITDA1 Adjusted Net Income1 2024 € 1.09 €bn €bn 2025 € 1.09-1.17 +7% CAGR +7% CAGR 2028 ~€ 1.30 Underlying EBITDA 2024-2028 Underlying ANI 2024-2028 Previous Previous >11.3 Guidance ~3.4 Guidance >11 ~3.3 9.6-9.
Slide 15: Improved financial outlook: better Energy Networks outlook
Improved financial outlook: better Energy Networks outlook driven by higher capex and underlying performance Energy Networks Energy Infrastructure Solutions Energy Retail EBITDA1 (€bn) EBITDA1 (€bn) EBITDA1 (€bn) +7%CAGR +11% CAGR +4% CAGR Underlying EBITDA 2024-2028 Underlying EBITDA 2024-2028 Unde
Slide 16: Solid growth foundation: confirmed balance sheet capacity
Solid growth foundation: confirmed balance sheet capacity Strong High earnings quality and growth BBB/Baa rating • Sustainable average CCR1 of ~100% from 2024 to 2028 Debt factor2 target of ≤ 5.0x Discretionary disposal program of €2bn maintained • Opportunistic execution according to strategic and
Slide 17: Delivering an attractive investment case for our shareholders
it’s on us To make new energy work Delivering an attractive investment case for our shareholders Shareholder value focus Full visibility for improved guidance until 2028 Pursuing value accretive growth opportunities across all our Old targets New targets Change businesses leading to improved 2028 ou
Slide 18: Financial appendix
Financial appendix
Slide 19: Guidance overview
Guidance overview €bn FY 20241 FY 2025 FY 2028 EBITDA2 9.049 9.6-9.8 >11.3 Energy Networks 6.868 7.4-7.6 ~8.6 Energy Infrastructure Solutions 0.558 0.55-0.65 ~0.9 Energy Retail 1.813 1.6-1.8 ~2.0 Corporate Functions & Other -0.190 ~-0.1 ~-0.1 Adj. Net Income2 2.856 2.85-3.05 ~3.4 EPS2 € 1.09 €1.09-1
Slide 20: Selected macro assumptions
Selected macro assumptions1 2025 2028 0.9 1.4 Real GDP variation (%) 0.4 1.3 2.0 2.0 Inflation (%) 2.0 2.0 25 24 419 436 4.3 4.2 Exchange rates 5.1 5.2 (local currency / €) 11.5 10.5 42 56 0.83 0.88 Assumed long-term ~4 ~4 refinancing rates2 (%) Source: S&P Global Economics Full year 2024 results 1.
Slide 21: Financial Overview
Financial Overview €m 2023 2024 %YoY Sales 93.686 80.119 -14 EBITDA1 9.370 9.049 -3 EBIT1 6.387 5.762 -10 Adjusted Net Income1 3.068 2.856 -7 OCFbIT 7.225 7.343 +2 Investments 6.463 7.499 +16 Economic Net Debt -37.691 -41.067 +9% 1. Adjusted for non-operating effects. 2. Bonds previously issued by i
Slide 22: Cash conversion rate of 90% in FY 2024
Cash conversion rate of 90% in FY 2024 well in line with expectation CCR1 €bn 90% CCR 9.0 0.0 7.3 -1.7 5.7 -0.9 -0.7 -7.5 -1.8 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments Full year 2024 results 1. Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT re
Slide 23: Economic Net Debt development year-to-date
Economic Net Debt development year-to-date Economic Net Debt €bn -6.7 -7.4 Full Year Debt factor4 target of ≤ 5.0x Asset Retirement Obligations (ARO) -5.2 -5.0 Pension provisions Net financial position -25.3 +5.7 -29.2 Securing a strong BBB/Baa rating -37.7 +0.2 +0.7 -7.2 -0.2 -1.7 -41.1 -0.8 END OC
Slide 24: Energy Networks
Energy Networks Drivers EBITDA1 All €m + Organic RAB growth +4% Germany Sweden 6,617 6,868 - Absence of 2023 redispatch cost benefit and Covid + Improved regulatory parameters recoveries - Absence of 2023 network loss recoveries +/- New regulatory period - Lower wheeling volumes (pass-through) - Hig
Slide 25: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 Drivers €m -1% EBITDA 565 558 + Investment-driven organic growth + Higher UK asset availability - Milder temperatures / lower volumes in H1 - Prior year one-offs 2023 2024 Investments €m €m EIS +36% 2023 2024 %YoY EBITDA1 565 558 -1 969 EBIT1 185 206 +11 715 O
Slide 26: Energy Retail
Energy Retail EBITDA1 Drivers €m -21% All - One-off effects in 2023 2,303 + Lower risk provisions (lower wholesale prices/ unchanged payment behavior) +/- No impact on earnings from weather 1,813 Germany UK UK Other + B2B: Improved contributions - Change in consolidation method: VSE Slovakia Netherl
Slide 27: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 36.8 36.6 47.3 47.3 6.7 6.8 10.7 10.8 9.6 9.9 2.1 2.1 ~-1% 5.4 5.2 10.7 11.9 11.7 10.8 FY 2023 FY 2024 3.9 4.0 ~0% 8.9 8.5 Thereof: gas customers m1 10.5 10.7 14.2 14.1 Germany 2.9 3.1 Germany 1.8 1.9 U
Slide 28: Adjusted Net Income
Adjusted Net Income1 €m 2023 2024 %YoY EBITDA 9.370 9.049 -3 Depreciation/amortization -2.983 -3.287 -10 EBIT 6.387 5.762 -10 Economic interest expense, net -1.082 -1.140 -5 EBT 5.305 4.622 -13 Income Taxes on EBT -1.325 -1.156 +13 % of EBT -25% -25% -0 Non-controlling interests -912 -610 +33 Adjust
Slide 29: Cash-effective investments
Cash-effective investments1 €m 2023 2024 %YoY Energy Networks 5.158 5.834 +13 Energy Infrastructure Solutions 715 969 +36 Energy Retail 440 547 +24 Corporate Functions 152 152 +0 Consolidation -2 -3 -50 Investments 6.463 7.499 +16 Full year 2024 results 1. Prior-year segmental figures with minor res
Slide 30: Economic Net Debt
Economic Net Debt €m 31 Dec 2023 31 Dec 2024 Liquid funds 7,412 7,280 Non-current securities 1,177 869 Financial liabilities1 -33,943 -37,677 Adjusted FX hedging 11 316 Net financial position -25,343 -29,212 Provisions for pensions -4,985 -5,181 Asset retirement obligations2 -7,363 -6,674 Economic N
Slide 31: Economic interest expense (net)
Economic interest expense (net) 1 €m 2023 2024 %YoY Interest from financial -956 -987 +3 assets/liabilities Interest cost from provisions for -97 -121 +25 pensions and similar provisions Accretion of provisions for retirement obligations and -59 -54 -8 similar provisions Construction period interest
Slide 32: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m 2023 2024 %YoY EBITDA1 9.370 9.049 -3 Depreciation/Amortization/Impairments1 -2.983 -3.287 -10 1 EBIT 6.387 5.762 -10 Interest result -1.094 -1.001 +9 Net book gains 5 -15 -400 Restructuring -21 -20 +5 Effects from derivative financial instruments -4.23
Slide 33: Sound funding strategy enabling sustainable green growth path
Sound funding strategy enabling sustainable green growth path Volumes Tenors Green bonds Currencies Diversification €3.5-5bn p.a. 3-30 years >50% p.a. EUR preferred More instrument variety • Bond refinancing • Optimize maturity • Majority of funding • Predominantly euro- • Bond issuances • Capex – m
Slide 34: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end 20241 Nominal Value (€bn) 22.4 Coupon (%) 1.3 1.0 0.9 0.9 0.8 0.8 0.8 0.6 0.6 0.5 0.5 0.9% 1.0% 1.5% 0.1% 1.6% 0.3% 0.4% 1.3% 2.4% 2.9% 0.1% Q1 2025 Q2 2025 Q4 2025 Q1 2026 Q2 2026 Q4 2026 Q3 2027 Q4 2027 Q1 2028 Q3 2028 Q4 2028
Slide 35: Financial calendar and important links
Financial calendar and important links Financial calendar May 14, 2025 May 15, 2025 August 13, 2025 November 12, 2025 Quarterly Statement Annual General Meeting Half Year Financial Report Quarterly Statement January – March 2025 January – June 2025 January – September 2025 • Presentations • Facts &
Slide 36: E.ON Investor Relations team
E.ON Investor Relations team Iris Eveleigh Milagros D’Elia Andreas Thielen Björn Siggemann Head of Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com milagros.d‘elia@eon.com andreas.thielen@eon.com bjoern.siggemann@eon.com +49 17
Slide 37: Disclaimer
Disclaimer This presentation contains information relating to E.ON Group (‘E.ON’) that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose. By accessing this document, you agre
Slide 38: it's on us
it’s onus @-on