Slide 1: Taking action now: H1 2023 Results
Taking action now H1 2023 Results 9 August 2023
Slide 2: We are gaining momentum and continue to make great progress
E.ON H1 2023 Results We are gaining momentum and continue to make great progress 1 2 3 H1 delivery Guidance increased Energy transition accelerator We continue our good start Strong operations and We accelerate the green into the year with strong increasing stabilization of the energy transition in
Slide 3: We recovered across our segments and upgrade our 2023 targets
E.ON H1 2023 Results We recovered across our segments versus the crisis year and upgrade our 2023 targets Guidance Guidance Energy Networks upgrade Customer Solutions upgrade • Continue to invest in energy transition • Successfully operating energy retail business in +36% CAPEX yoy unprecedented ene
Slide 4: We are the green energy transition company
E.ON H1 2023 Results We are the green energy transition company Energy transition acceleration to achieve The right strategy, at the right time We plan to invest €33bn from ‘23 to ‘27 the green energy targets • Regulators and policymakers • We develop the solutions for the green • We are committed t
Slide 5: Strong H1 outturn allowing for FY guidance upgrade
E.ON H1 2023 Results Strong H1 outturn and visibility on market environment allowing for FY guidance upgrade H1 development Key financials EPS1 • Firm delivery in H1 2023 in both segments Energy Networks and €bn €0.422 €0.88 Customer Solutions 5.7 2.3 37.0 32.7 • Year-over-year increase by a stabili
Slide 6: Investments and operational execution drive H1 growth
E.ON H1 2023 Results Investments and operational execution drive H1 growth, supported by significant timing and one-off effects EBITDA1 €m Key financials Energy Networks H1 2022 4,061 + RAB growth + Germany: Timing effects mainly from lower redispatch cost Non-Core -480 + Sweden and CEE: Recovery of
Slide 7: Adjusted Net Income largely follows EBITDA development
E.ON H1 2023 Results Adjusted Net Income largely follows EBITDA development ANI1 €m 0.88 EPS1 (€ per share) 5,669 Tax rate at ~25% 4,279 3,790 -1,390 -489 -948 2,307 -535 EBITDA1 D&A1 EBIT1 Economic Profit Income taxes1 Minorities1 Adjusted interest result1 before Taxes1 Net Income1 1. Adjusted for
Slide 8: END driven by reversal of working capital effects, dividends, investments
E.ON H1 2023 Results END driven by reversal of positive working capital effects from prior year, dividend payments in Q2 and strong investments Economic Net Debt – quarterly comparison €bn • In line with expectations, dividend and working capital outflows driving END -7.4 -7.1 • Acceleration of inve
Slide 9: Timing and one-off effects led to FY 2023 guidance upgrade
E.ON H1 2023 Results Timing and one-off effects led to FY 2023 guidance upgrade EBITDA1 guidance ranges old and new FY 2023 upgraded Group guidance €bn 6.3-6.5 €8.6-8.8bn €2.7-2.9bn 6.0-6.2 €7.8-8.0bn €2.3-2.5bn EBITDA1,2 Adj. Net Income1,2 • H1 timing effects in Energy Networks and one- Energy Netw
Slide 10: 2023 guidance upgrade with 2027 outlook unchanged
E.ON H1 2023 Results 2023 guidance upgrade with 2027 outlook unchanged €bn Actuals FY 2022 FY 2023 FY 2027 EBITDA 1 6.975 7.8-8.0 8.6-8.8 2 ~9.0 • FY 2023 guidance upgraded Energy Networks 5.459 6.0-6.2 6.3-6.5 6.5-6.7 • Full regulatory visibility for Energy Customer Solutions 1.686 1.8-2.0 2.3-2.5
Slide 11: Financial Appendix
OMS Financial Append
Slide 12: Financial Overview
E.ON H1 2023 Results | Financial Appendix Financial Overview €m H1 2022 H1 2023 %YoY Sales 52,845 52,360 -1 EBITDA1 4,061 5,669 +40 EBIT1 2,677 4,279 +60 Adjusted Net Income1 1,413 2,307 +63 OCFbIT 2,574 794 -69 Investments 1,736 2,366 +36 Economic Net Debt2 -32,742 -36,965 -13 1. Adjusted for non-o
Slide 13: Cash conversion rate of +13% in H1 2023
E.ON H1 2023 Results | Financial Appendix Cash conversion rate of +13% in H1 2023 CCR1 €bn 13% CCR 0.8 5.7 0.8 -5.6 -0.4 -0.6 -0.2 -2.4 -2.6 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Capex FCF adjustments3 payments 1. Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT related to disman
Slide 14: END development year-to-date
E.ON H1 2023 Results | Financial Appendix END development year-to-date Economic Net Debt – year to date €bn -7.4 -7.1 Asset Retirement Obligations (ARO) Debt factor1 target of -3.7 -3.9 Pension provisions ≤ 5.0x Net financial position Securing a strong -21.6 -26.0 BBB/Baa rating -32.7 -0.2 +0.2 +0.3
Slide 15: Key performance drivers for 2023
E.ON H1 2023 Results | Financial Appendix Key performance drivers for 2023 EBITDA1 Energy Networks Customer Solutions All All + Organic RAB growth + Normalization of retail margins Germany Energy Retail + Increasing efficiencies + Germany: Procurement optimization, solutions + Redispatch costs busin
Slide 16: Energy Networks
E.ON H1 2023 Results | Financial Appendix Energy Networks EBITDA1 Drivers €m 3,452 2,654 +30% All + RAB growth Germany + Increasing efficiencies – Lower volumes + Redispatch cost Germany Sweden CEE & Turkey Sweden CEE & Turkey + Increased recovery for network losses + Increased recovery for network
Slide 17: Customer Solutions
E.ON H1 2023 Results | Financial Appendix Customer Solutions EBITDA1 Drivers €m 2,246 +119% All + Normalization of retail margins Germany + Procurement optimization + Normalization of B2B margins Germany 1,024 UK UK Other Netherlands + Recovery of tariff deficit of Q4 2022 + Romania: Normalization o
Slide 18: Customer numbers B2B & B2C
E.ON H1 2023 Results | Financial Appendix Customer numbers B2B & B2C Customer accounts Thereof: electricity customers m1 m1 36.8 36.5 47.6 47.1 6.5 6.5 9.5 10.6 10.6 9.5 5.6 2.1 2.1 ~-1% 5.5 10.6 10.6 12.0 11.8 4.0 3.9 ~-1% FY 2022 Thereof: gas customers H1 2023 9.1 9.0 m1 10.8 10.6 14.4 14.1 3.0 3.
Slide 19: Energy Retail & Energy Infrastructure Solutions
E.ON H1 2023 Results | Financial Appendix Energy Retail & Energy Infrastructure Solutions EBITDA1 Drivers €m 2,246 +174% Energy Retail Energy Infrastructure Solutions + All countries: Normalization of retail + Organic growth from new projects Energy Retail margins - Non-recurring aperiodic effects &
Slide 20: Adjusted Net Income
E.ON H1 2023 Results | Financial Appendix Adjusted Net Income €m H1 2022 H1 2023 %YoY EBITDA1 4,061 5,669 +40 Depreciation/amortization -1,384 -1,390 -0 EBIT1 2,677 4,279 +60 Economic interest expense, net -462 -489 -6 EBT1 2,215 3,790 +71 Income Taxes on EBT1 -554 -948 -71 % of EBT1 -25% -25% - Non
Slide 21: Cash-effective investments
E.ON H1 2023 Results | Financial Appendix Cash-effective investments €m H1 2022 H1 2023 %YoY Energy Networks 1,370 1,865 +36 Customer Solutions 336 422 +26 Thereof EIS 225 265 +18 Corporate Functions 30 80 +167 Consolidation 0 -1 - Investments 1,736 2,366 +36 21
Slide 22: Economic Net Debt
E.ON H1 2023 Results | Financial Appendix Economic Net Debt €m FY 2022 H1 2023 Liquid funds 9,378 5,442 Non-current securities 1,347 1,295 Financial liabilities1 -32,483 -32,992 Adjusted FX hedging 196 287 Net financial position -21,562 -25,968 Provisions for pensions -3,735 -3,867 Asset retirement
Slide 23: Economic interest expense (net)
E.ON H1 2023 Results | Financial Appendix Economic interest expense (net) €m H1 2022 H1 2023 YoY Interest from financial assets/liabilities -447 -424 22 Interest cost from provisions for -28 -49 -20 pensions and similar provisions Accretion of provisions for retirement -3 -25 -23 obligations and sim
Slide 24: Reconciliation of EBITDA to IFRS Net Income
E.ON H1 2023 Results | Financial Appendix Reconciliation of EBITDA to IFRS Net Income €m H1 2022 H1 2023 %YoY EBITDA1 4,061 5,669 +40 Depreciation/Amortization/Impairments -1,384 -1,390 -0 EBIT1 2,677 4,279 +60 Interest result 471 -379 -180 Net book gains -56 -5 +91 Restructuring -62 -24 +61 Effects
Slide 25: Bond maturities
E.ON H1 2023 Results | Financial Appendix Bond maturities Benchmark bond maturities as of end H1 20231 €bn 16.5 1.3 1.0 0.0% 0.8 0.9 0.8 0.7 0.8 0.7 0.7 0.5 0.5 0.5 0.4% 3.0% 0.0% 0.9% 1.0% 1.0% 0.3% 1.3% 5.6% 0.9% 0.1% 1.6% Q4 Q1 Q2 Q3 Q1 Q2 Q4 Q1 Q2 Q4 Q3 Q4 >2027 2023 2024 2024 2024 2025 2025 202
Slide 26: Financial calendar & important links
E.ON H1 2023 Results | Calender Financial calendar & important links Financial calendar November 08, 2023 March 13, 2024 May 15, 2024 May 16, 2024 Quarterly Statement Full Year Financial Report Quarterly Statement Annual General Meeting January – November 2023 2023 January – March 2024 Important lin
Slide 27: E.ON Investor Relations team
E.ON H1 2023 Results | Contact E.ON Investor Relations team Iris Eveleigh Martin Jäger Max Sadrina Andreas Thielen Head of Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com martin.jaeger@eon.com max.sadrina@eon.com andreas.thiel
Slide 28: Disclaimer
E.ON H1 2023 Results | 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