E.on Se · XETR:EOAN
E.on — Debt Investor Presentation (November 2025)
37 slides from E.on's debt investor presentation, November 2025
Slide 1: E.ON Green Financing Framework
E.ON Green Financing Framework November 2025
Slide 2: Table of contents
Table of contents 1 Company Overview pp. 5 – pp. 6 2 Sustainability Strategy Update pp. 8 – pp. 18 3 E.ON’s Green Financing Framework pp. 20 – pp. 27 4 E.ON’s Network Activities pp. 29 – pp. 31 5 Sustainable Funding Strategy pp. 33 – pp. 34 E.ON Green Financing Framework 2
Slide 3: Key changes in E.ON's new Green Financing Framework
Key changes in E.ON’s new Green Financing Framework Focus on Networks Extension of eligible Alignment with best Best-in-class SPO instruments practices The framework focuses on E.ON may issue a wider The framework is in full Moody’s awarded the E.ON’s core eligible range of green financing alignment
Slide 4: Company overview
Comp overview @-or!
Slide 5: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe EBITDA EBITDA EBITDA share1 ~76% share1 ~7% share1 ~17% Energy Networks Energy Infrastructure Solutions Energy Retail We operate the largest energy distribution Industries and cities face major energy We are helping millions of private gr
Slide 6: Unique position across the utility value chain and geographical diversification
Unique position across the utility value chain and geographical diversification with focus on Germany, central and northern Europe Energy Networks Energy Infrastructure Solutions Energy Retail E.ON has no activities in: Large-scale generation (incl. nuclear)4 Active in Active in Active in Germany Sw
Slide 7: Sustainability Strategy Update
Sustainability Strategy Update
Slide 8: Ambitious targets across all sustainability dimensions
Ambitious targets across all sustainability dimensions Environmental Social Governance Emissions1 Female executives Supervisory board composition • -50%2 scope 1 & 2 emissions by 2030 • At least 32% female executives in • At least 30% women representation5 • -50% scope 3 emissions by 2030 management
Slide 9: CO2 emissions: E.ON's carbon footprint by GHG Protocol scopes
CO2 emissions: E.ON’s carbon footprint by Greenhouse Gas (GHG) Protocol scopes Definition of scopes E.ON’s carbon footprint by GHG Protocol scope Direct GHG emissions: Emissions from Scope 1 operations that are owned or controlled by the reporting company Indirect GHG emissions: Emissions from the g
Slide 10: E.ON on its way to achieve ambitious climate targets
E.ON on its way to achieve ambitious climate targets E.ON’s carbon footprint E.ON’s targets4 million metric tons 2030 2040 2050 2,01 Scope 1 1,98 3,46 Scope 1-2 -50%5 -100% Scope 21 3,66 65,23 Scope 3 -50% -100% Scope 32 60,06 6 Avoided 105,54 emissions3 119,26 Science Based Targets Initiative (SBTi
Slide 11: Climate targets and progress on GHG emissions
Climate targets and progress on GHG emissions E.ON‘s progress GHG emissions development (million metric tons) Scope 11 Scope 21 Scope 32 -49% -24% -46%7 120.27 4.82 3.98 3 3.66 65.23 1.71 60.06 3.46 2.92 1.51 2.54 2.01 1.98 30.12 27.84 0.05 0.04 3.19 3.38 1.86 0.05 1.84 0.05 0.27 0.28 30.48 28.17 0.
Slide 12: E.ON's sustainability performance highly ranked by ESG rating agencies
E.ON’s sustainability performance continuously highly ranked by ESG rating agencies Current rankings Rankings development1 Rating: AA (Leader group) YTD ‘25 2024 2023 Rated on an AAA to CCC scale High relative performance MSCI AA AA AA ESG Risk Rating: 19.0 (low risk) Low risk Medium risk Low risk R
Slide 13: Powerline corridors are a lever for enhancing biodiversity
E.ON‘s powerline corridors are a lever for enhancing biodiversity We build on a variety of local biodiversity measures implemented We contribute to creating and maintaining permanently stable bio- by our business units topes and structures, and to promoting species protection, biodiversity, and the
Slide 14: Levers to drive Circular Economy
E.ON has several levers to drive Circular Economy, despite not being a manufacturer CE. N Cooperate with Create transparency suppliers to design and set supplier quotas on products for maximal E.ON less impacted than OEMs1, but has several the use of secondary reuse & recyclability materials levers
Slide 15: Health & safety as a key pillar of E.ON's strategy
Health & safety as a key pillar of E.ON's strategy Many E.ON employees perform high-risk work on energy networks, gas pipelines, and other industrial facilities. Stringent health and safety performance is therefore of utmost importance to E.ON. We constantly improve our health & safety performance a
Slide 16: E.ON Supervisory Board: Experienced, diverse and independent
E.ON Supervisory Board: Experienced, diverse and independent 16 Board Members1 Member of the E.ON Supervisory Board for2 8 7 Independent Shareholder Representatives 4 3 2 8 Employee Representatives <2 years 2 - 4 years 5 - 7 years >7 years Age3 Nationality 3 Independence4 Female representatives5 Boa
Slide 17: Supervisory Board assumes responsibility for sustainability
E.ON’s Supervisory Board assumes responsibility for sustainability advises and monitors Board of Management CEO/CSO1 reports Supervisory Board • The Supervisory Board regularly addresses sustainability topics reports chairs reports • The Supervisory Board approves ESG targets of the Management Board
Slide 18: Structure of E.ON's 4-year Performance Plan from 2026 onwards
Structure of E.ON’s 4-year Performance Plan from 2026 onwards1 Initial Number of Total Target Achievement Share Price plus Payout Amount Virtual Shares Dividends Cap at 200 % of Granted Total Shareholder Return (TSR) Return on Capital Employed (ROCE) E.ON Sustainability Index target amount • Weighti
Slide 19: E.ON's Green Financing Framework
E.ON’s Green Financing Framework
Slide 20: Rationale for update
Rationale for update Initial Framework Framework updates to integrate EU Taxonomy delegated act in Current update draft (February) and final form (December) 2019 2020 2021 2022 2023 2024 2025 Integrate more geographies Maintain alignment Reflect E.ON’s strategic Focus on the framework’s and new fina
Slide 21: Overview of E.ON's new Green Financing Framework
Overview of E.ON’s new Green Financing Framework E.ON will be able to issue green bonds or other green financing instruments (e.g. Schuldschein, loans, among others) to finance or refinance eligible assets as described below: • Electricity Network Assets and CapEx Use of • Full EU Taxonomy alignment
Slide 22: Use of proceeds: Electricity Networks
Use of proceeds: Electricity Networks Eligibility Criteria Eligible Asset Types Geographies Projects align with the EU Taxonomy Assets and Capital Expenditures (CapEx): Projects located in: criteria for activity 4.9 Transmission and distribution of electricity (Climate • Assets will be included in t
Slide 23: Reporting indicators
Reporting indicators E.ON will report annually until maturity of the Green Financing Instruments on the allocation of net proceeds to the Eligible Green Portfolio and on environmental impacts. The reporting will be published around the same time as E.ON’s Integrated Annual Report and shall include t
Slide 24: Green use of proceeds will focus on Electricity Networks
E.ON‘s green use of proceeds will focus on Electricity Networks to simplify portfolio and impact assessment Green bonds vs. eligible asset portfolio1 Eligible activities for new and old frameworks & breakdown of allocated proceeds 2021 Framework 2025 Framework Electricity Networks 100% Electricity N
Slide 25: Our distribution networks are vital to a successful green energy transition
Our distribution networks are vital to a successful ~76% green energy transition EBITDA share4 Gas distribution assets not included in portfolio FY 2024 Empowerment of the energy transition Total RAB1,2 :€46bn ~€4.0bn Power: €40bn 28.0 7.1 Gas: €6bn RAB-effective investment, annual average 2024-2028
Slide 26: Accelerated investment program is focused on Energy Networks
Accelerated investment program is focused on Energy Networks – Majority of taxonomy-aligned CapEx stems from grid business 2024-2028 Investments1 Segment Investment split Planned investments will increase eligible assets under E.ON’s Green €32bn RAB-effective: Financing Framework Energy GER 73% / SW
Slide 27: Best-in-class framework attested by Moody's Second Party Opinion
Best-in-class framework attested by by Moody’s Second Party Opinion • Moody’s assigned its top score to E.ON’s Green Financing Framework • Moody’s confirmed full alignment with the EU taxonomy criteria for activity 4.9 Transmission and distribution of electricity • On contribution to sustainability,
Slide 28: E.ON's Network Activities
E.ON Network Activities @-or!
Slide 29: A look at our road system helps to understand energy networks
A look at our road system helps to understand energy networks – E.ON operates distribution networks …whereas the The transmission ‘Highways’ ‘Country roads’ distribution system is used to system is used for transport energy via local energy long distances… transport Transmission System Distribution
Slide 30: Overview of important assets in E.ON's distribution grid
Overview of important assets in E.ON’s distribution grid Connect high voltage grid to Distributes electrical energy medium voltage grid Coal Offshore wind Transmission 1 Switchgears 2 Overhead lines/cable System Extra high voltage 220 kV & 380 kV Gas Hydropower 1 High voltage 110 kV 2 Including: Tra
Slide 31: Snapshot of Germany: E.ON's largest grid market
Snapshot of Germany: E.ON‘s largest grid market ~80% of German onshore wind capacity added in 2024 was connected to • >60% of E.ON’s total RAB is in E.ON grids2 Germany1 • E.ON intends to commit €23bn DS >50% of German capex to German grid infrastructure renewable capacity between 2024 and 2028 part
Slide 32: Sustainable Funding Strategy
Sustainable Funding Strategy
Slide 33: Sound funding strategy enabling sustainable green growth path
Sound funding strategy enabling sustainable green growth path Bond maturity profile1 Volumes EURbn Green Bonds 3.5 - 5bn p.a. 5 4 Conventional Bonds 3 Tenors 2 5-30 years 1 0 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 Green bonds Diversification efforts ongoing C
Slide 34: Continuously growing share of green bonds
Continuously growing share of green bonds Capital Market Debt1 (in €bn) Green bond issuance since 20191 Sustainable funding strategy EURbn 4 80% Green bond issuance >50% p.a. 3 60% 2 40% >€26bn green bond capacity2 1 20% 0 0% Green funding fully aligned '19 '20 '21 '22 '23 '24 '25 with EU Taxonomy G
Slide 35: E.ON contacts and important links
E.ON contacts and important links E.ON Sustainability David Radermacher Important links Vice President Corporate & Structured Finance To be directed to our products please follow the links: david.radermacher@eon.com • IR Presentations E.ON Corporate Finance • Integrated Annual Report • Quarterly Sta
Slide 36: Disclaimer
Disclaimer This presentation is intended to provide non-exhaustive, general information. It may contain or incorporate by reference public information not separately reviewed, approved or endorsed by E.ON and accordingly, no representation, warranty or undertaking, express or implied, is made and no
Slide 37: Thank you
SS V@ thank you @-or