Slide 1: Full year 2022 results
Taking action now Full year 2022 results March 2023
Slide 2: Our strategy proves to be spot-on – we are the energy transition company
Full year 2022 results Our strategy proves to be spot-on – we are the energy transition company 1 2022 strong delivery 2 Increased relevance 3 Growth strategy 4 Boosted opportunities Resilient operational We increased in We have the The green energy performance in a relevance and consistent strategy
Slide 3: We delivered in an unprecedented year 2022 across all segments
Full year 2022 results We delivered in an unprecedented year 2022 across all segments Energy Networks top end of Customer Solutions top end of Non-Core top end of guidance guidance guidance Adj. EBITDA range Adj. EBITDA range Adj. EBITDA range € 5,459m € 1,686m € 1,084m • Crisis related impacts in 2
Slide 4: As largest operator of critical infrastructure we assume responsibility for society
Full year 2022 results As largest operator of critical infrastructure and largest supplier in Europe we assume responsibility for society Supply shock leads to continuously high and volatile energy prices E.ON proactively contributes to solutions 1 Active contribution to crisis teams + talks with go
Slide 5: We progressed on our three strategic priorities and will continue to deliver in 2023
Full year 2022 results We progressed on our three strategic priorities and will continue to deliver in 2023 Growth Digitalization Sustainability 2022 2022 2022 • +40% yoy growth of network • 16.5m customers on upgraded digital • 108m tons CO2 saved with clients connection requests in Germany platfor
Slide 6: Accelerating our investments and continuation of delivering profitable growth
Full year 2022 results Accelerating our investments and continuation of delivering profitable growth – unique point in time to invest Green energy transition driven by … Financial targets fueled by our business growth • Accelerated renewables build out targets in Europe • Massive momentum in electri
Slide 7: Full year delivery sets strong basis for further green growth acceleration
Full year 2022 results Full year delivery sets strong basis for further green growth acceleration Summary Key financials EPS1,2 € 0.62 € 0.75 €bn 7.0 1.9 38.8 • Steady delivery on our promises: E.ON business model proved 6.3 successful in an unprecedented year 2022 1.6 32.7 • Ambitious green growth
Slide 8: 2022 demonstrates our execution capabilities in a volatile macro environment
Full year 2022 results 2022 demonstrates our execution capabilities in a volatile macro environment EBITDA1 Key drivers €m Energy Networks FY 2021 7,889 + Organic RAB growth – Milder weather (lower volumes) + Germany: Realization of synergies, increasing efficiencies Energy Networks +471 – + Sweden,
Slide 9: Payment behavior remains unchanged, de-risking 2023 earnings outlook
Full year 2022 results Payment behavior remains unchanged, forward-looking approach de-risking 2023 earnings outlook Indicators for relevant markets ‘Bad debt’ allowances2 Government Change of €bn • Direct government support intervention payment 1.5 packages and price caps behavior1 1.2 supportive f
Slide 10: Financial position remains strong - driven by high operational cash flow in Q4 2022
Full year 2022 results Financial position remains strong - driven by high operational cash flow in Q4 2022 Economic Net Debt – quarterly comparison €bn -7.4 Working capital as key -7.8 Asset Retirement Obligations (ARO) driver behind seasonally -2.3 better OCF – Pension provisions -3.7 movements par
Slide 11: Disciplined cash management with a debt factor target of ≤ 5.0x
Full year 2022 results Disciplined cash management ensuring that green growth will be delivered together with a debt factor target of ≤ 5.0x Disciplined cash management • Working capital excellence program successfully implemented Debt factor1 target of • Support from proactive cash collections duri
Slide 12: Increase in upcoming investments through our value-creating investment program
Full year 2022 results Increase in upcoming investments through our value-creating investment program despite challenging macro environment 2023 Investments1 2023-2027 investments1 €bn €bn €~26bn Energy Networks >95% ~5.8 EU taxonomy aligned2 ~33 €~4bn Energy Infrastructure Solutions €~2bn Energy Re
Slide 13: Value-creating investments help achieving bottom line growth despite higher interest rates
Full year 2022 results Our value-creating investments help achieving bottom line growth despite significantly higher interest rates EBITDA1 Adjusted Net Income1 EPS3 €bn €bn 20222 € 0.75 2023 € 0.88–0.96 2027 ~€0.97 ~9.0 7.8-8.0 7.0 ~2.5 2.3-2.5 Offsetting 1.9 significantly higher interest rates 202
Slide 14: EBITDA growth profile supported by all three business pillars
Full year 2022 results EBITDA growth profile strongly supported by all three business pillars Energy Networks EBITDA1 Energy Infrastructure Solutions EBITDA1 Energy Retail EBITDA1,2 €bn €bn €bn +~€1.1bn +~€0.3bn +~€0.5bn 2022-2027 2022-2027 2022-2027 1.5-1.7 6.5-6.7 0.8-0.9 6.0-6.2 1.3-1.4 5.5 0.5-0
Slide 15: Visible growth components drive the Energy Networks EBITDA
Full year 2022 results Visible growth components drive the Energy Networks EBITDA but near-term additionally lifted by one-off effects Energy Networks EBITDA1 €bn, Underlying/Reported +4% CAGR 6.5-6.7 6.0-6.2 Near-term lifted by positive one-off effects… 5.5 5.8-6.0 • Network loss and volume recover
Slide 16: Enhanced 5-year financial framework
Full year 2022 results Capex opportunities allow E.ON to be fully committed to its growth promises as the Green Energy Transition company Enhanced 5-year financial framework Dividend per share (DPS) growth of up to 5% p.a. until 2027 €0.51 DPS for FY 20221 EBITDA2 2027: ~€9.0bn EPS2 2027: ~€0.97 Tot
Slide 17: Financial Appendix
OMS Financial Append
Slide 18: Guidance overview
Full year 2022 results | Financial Appendix Guidance overview €bn Actual FY 2022 FY 2023 FY 2027 EBITDA1 6.9752 7.8-8.0 ~9.0 Energy Networks 5.459 6.0-6.2 6.5-6.7 Customer Solutions 1.686 1.8-2.0 2.3-2.6 Energy Retail 1.118 1.3-1.4 1.5-1.7 Energy Infrastructure Solutions 568 0.5-0.6 0.8-0.9 Corporat
Slide 19: Selected macro assumptions
Full year 2022 results | Financial Appendix Selected macro assumptions1 2023 2027 0 2 Real GDP variation (%) -1 2 6 2 Inflation (%) 7 2 25 24 416 435 4.8 4.5 Exchange rates 5.0 5.0 (local currency / €) 10.9 9.5 22 32 0.85 0.83 Assumed long-term refinancing rates2 (%) ~4 ~4 Source: S&P Global Economi
Slide 20: Key performance drivers for 2023
Full year 2022 results | Financial Appendix Key performance drivers for 2023 EBITDA1 Energy Networks Customer Solutions All Energy Retail + Organic RAB growth + Germany: Further efficiencies, solutions business Germany growth + Increasing efficiencies + UK: Market stabilization, continuous Sweden tr
Slide 21: Financial Overview
Full year 2022 results | Financial Appendix Financial Overview €m FY 2021 FY 2022 %YoY Sales 77,358 115,660 +50 EBITDA1 7,889 8,059 +2 EBIT1 4,723 5,197 +10 Adjusted Net Income1 2,503 2,728 +9 OCFbIT 5,639 11,511 +104 Investments 4,762 4,753 -0 Economic Net Debt2 -38,773 -32,742 +16 1. Adjusted for
Slide 22: Economic Net Debt development FY21 to FY22
Full year 2022 results | Financial Appendix Economic Net Debt development FY21 to FY22 Economic Net Debt €bn -8.0 -7.4 Asset Retirement Obligations (ARO) -3.7 -6.1 Pension provisions Net financial position Debt factor FY 20223 4.1x +10.0 -21.6 -24.7 +2.3 -0.8 -3.7 -1.6 -0.4 -32.7 -38.7 END OCF Net P
Slide 23: Adjusted Net Income
Full year 2022 results | Financial Appendix Adjusted Net Income ANI1 €m vs. FY 2021 vs. FY 20212 +2% +9% 8.059 1.05 EPS1 5.197 Tax rate at ~25% (€ per share) -2,862 4.307 -890 2.728 -1,062 -517 Group EBITDA1 D&A1 Group EBIT1 Economic Profit Income taxes Minorities Group interest result before Taxes1
Slide 24: Cash conversion rate of 151% in FY 2022
Full year 2022 results | Financial Appendix Cash conversion rate of 151% in FY 2022 CCR1 €bn 151% CCR 4.1 11.5 10.0 -0.9 8.1 -0.6 -0.7 5.3 -4.8 Group Cash Change in WC OCFbIT Interest Tax payments OCF Capex FCF EBITDA2 adjustments3 payments 1. Cash Conversion Rate (CCR): (OCFbIT + provision utilizat
Slide 25: Energy Networks
Full year 2022 results | Financial Appendix Energy Networks EBITDA1 Drivers €m 5,459 All Germany 4,988 + Organic RAB growth + Increasing efficiencies – Milder weather (lower volumes) + Realization of synergies +9% Germany Sweden CEE & Turkey Sweden – + Increased cost/recovery for network – + Increas
Slide 26: Power RAB development
Full year 2022 results | Financial Appendix Power RAB development E.ON power RAB development1 €bn >46 at least 8% at least 8% CAGR 2022-2027 6% <5% p.a. 31 292 2019 2020 2021 2022 2027 2030 1. Assuming constant number of network concessions, constant FX-rate as of 31.12.2022. Including Turkey and Sl
Slide 27: Customer Solutions
Full year 2022 results | Financial Appendix Customer Solutions EBITDA1 Drivers €m 1,686 All Germany 1,493 – + Increased energy procurement passed + Realization of synergies through to customers Germany – + Milder weather +13% UK UK Other Netherlands + Ongoing restructuring benefits and cost – Romani
Slide 28: Customer numbers B2B & B2C
Full year 2022 results | Financial Appendix Customer numbers B2B & B2C Customer accounts Thereof: electricity customers m1 m1 36.9 36.8 47.8 47.6 6,7 6,5 10,3 10,6 9,7 9,5 5,7 2,2 5,6 2,1 ~0% 10,3 10,6 12,0 12,0 FY 2021 FY 2022 4,1 4,0 9,3 9,1 ~0% Thereof: gas customers m1 14,4 14,4 10.9 10.8 3,0 3,
Slide 29: Energy Retail & Energy Infrastructure Solutions
Full year 2022 results | Financial Appendix Energy Retail & Energy Infrastructure Solutions EBITDA1 Drivers €m 1,686 Energy Retail Energy Infrastructure Solutions 1,493 – + Increased energy procurement cost passed +10% through to customers + Organic growth from new projects + Asset optimization upsi
Slide 30: Non-Core
Full year 2022 results | Financial Appendix Non-Core EBITDA1 Drivers €m 1,617 PreussenElektra Turkey Generation – Nuclear production rights agreement 2021 + Higher realized market prices 1,084 + Higher realized market prices – FX effects – End of operation Brokdorf & Grohnde Preussen- -33% Elektra G
Slide 31: Adjusted Net Income
Full year 2022 results | Financial Appendix Adjusted Net Income €m FY 2021 FY 2022 %YoY EBITDA1 7,889 8,059 +2 Depreciation/amortization -3,166 -2,862 +10 EBIT1 4,723 5,197 +10 Economic interest expense, net -944 -890 +6 EBT1 3,779 4,307 +14 Income Taxes on EBT1 -879 -1,062 -21 % of EBT1 -23% -25% -
Slide 32: Cash-effective investments
Full year 2022 results | Financial Appendix Cash-effective investments €m FY 2021 FY 2022 %YoY Energy Networks 3,520 3,845 +9 Customer Solutions 710 831 +17 Thereof EIS 409 523 +28 Corporate Functions 238 69 -71 Consolidation -4 1 +125 Non-Core 298 7 -98 Investments 4,762 4,753 -0 32
Slide 33: Economic Net Debt
Full year 2022 results | Financial Appendix Economic Net Debt €m FY 2021 FY 2022 Liquid funds 5,965 9,378 Non-current securities 1,699 1,347 Financial liabilities1 -32,730 -32,483 Adjusted FX hedging 391 196 Net financial position -24,675 -21,562 Provisions for pensions -6,082 -3,735 Asset retiremen
Slide 34: Economic interest expense (net)
Full year 2022 results | Financial Appendix Economic interest expense (net) €m FY 2021 FY 2022 YoY Interest from financial assets/liabilities -917 -870 47 Interest cost from provisions for -63 -51 12 pensions and similar provisions Accretion of provisions for retirement -1 -1 0 obligations and simil
Slide 35: Reconciliation of EBITDA to IFRS Net Income
Full year 2022 results | Financial Appendix Reconciliation of EBITDA to IFRS Net Income €m FY 2021 FY 2022 %YoY EBITDA1 7,889 8,059 +2 Depreciation/Amortization/Impairments -3,166 -2,862 +10 EBIT1 4,723 5,197 +10 Interest result -553 927 +268 Net book gains 26 748 +2,777 Restructuring -511 -88 +83 E
Slide 36: Bond maturities
Full year 2022 results | Financial Appendix Bond maturities Benchmark bond maturities as of end FY 20221 €bn 18.3 1.3 1.0 0.0% 0.8 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% 5.6% 0.9% 0.1% 1.6% Q2 Q4 Q1 Q2 Q3 Q1 Q2 Q4 Q1 Q2 Q4 >2026 2023 2024 2025 2026 1. Bonds issued by E.ON
Slide 37: Financial calendar & important links
Capital Markets Story | Calender Financial calendar & important links Financial calendar May 10, 2023 May 17, 2023 August 09, 2023 November 08, 2023 Quarterly Statement Annual General Meeting Half Year Financial Report Quarterly Statement January – March 2023 2023 January – November 2023 Important l
Slide 38: E.ON Investor Relations team
Full year 2022 results | Financial Appendix 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
Slide 39: Disclaimer
Full year 2022 results | Financial Appendix 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 p