E.on Se · XETR:EOAN
E.on — Debt Investor Presentation (May 2025)
37 slides from E.on's debt investor presentation, May 21, 2025
Slide 1: Deutsche Bank Issuer and Investor Bond Forum
Deutsche Bank Issuer and Investor Bond Forum 21 May 2025
Slide 2: 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 3: 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 and no legacy assets in: Large-scale generation4 Active in Active in Active in Power
Slide 4: Our business and financial strategy provide for attractive shareholder returns
Our business and financial strategy provide for attractive shareholder returns supported by a strong balance sheet Financial capacity Operational growth Earnings growth Shareholder remuneration Strong 10% power High-single-digit Up to 5% BBB/Baa rating RAB growth p.a. EBITDA and EPS growth DPS growt
Slide 5: Strong Q1 results and full guidance confirmation
Strong Q1 results and full Key financials guidance confirmation €bn EPS1 € 0.40 € 0.49 • Q1 EBITDA1 outturn in all segments in line with expectations 3.2 • Investment-backed growth and strong operational delivery drive year- 2.7 1.27 1.05 over-year increase of 18% in EBITDA1 and 22% in Adj. Net Inco
Slide 6: Energy Networks
Energy Networks
Slide 7: 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 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 Germany Sweden ~20% of capex for • Integration of
Slide 8: Investment program is boosting our RAB growth to industry leading levels
Investment program is boosting our RAB growth to industry leading levels across core markets E.ON power RAB development1 Power RAB development key countries1 €bn €bn 2024-2028 2022-2028 ~10% CAGR ~9% CAGR2 2022-2028 2024-2028 55 ~35 ~10% ~11% ~34 ~21 ~23 CAGR CAGR Germany3 ~19 40 36 2022 2023 2024 2
Slide 9: Regulated business nature provides a predictable and profitable earnings growth path
Regulated business nature provides a predictable and profitable earnings growth path with low country risk Energy Networks investments in EBITDA1 Energy Networks Energy Networks value drivers AAA rated countries €bn +7% + Immediate guaranteed return on Underlying EBITDA CAGR investments 2024-2028 Ge
Slide 10: Energy Infrastructure Solutions
Energy Infrastructure Solutions
Slide 11: Best-in-class infrastructure portfolio capitalizing upon decarbonization needs
Best-in-class infrastructure portfolio capitalizing upon the ~7% decarbonization needs of cities and industries EBITDA share1 Core businesses Key drivers of the market Robust growth trajectory District Heating & Cooling EBITDA Heating and cooling networks in urban areas. We design, build, own, opera
Slide 12: Delivering attractive and long-term secured returns in a diversified market set-up
Delivering attractive and long-term secured returns in a diversified market set-up Portfolio of infrastructure assets Key EIS characteristics • Typical contract duration of 10-20 years from contract conclusion ~6,000 • Long-term contracts allow for inflation protection and effective infrastructure a
Slide 13: Energy Retail
Energy Retait @-or!
Slide 14: Large and loyal customer base managed for efficiency and convergence
Large and loyal customer base managed for efficiency and ~17% convergence towards integrated flexible offerings EBITDA share3 Managing for efficiency and customer Converging towards integrated flexibility Stable customer base of ~47m centricity offerings Customer accounts1 Digitalization million Tar
Slide 15: Offering a steady earnings path combined with attractive cash returns
Offering a steady earnings path combined with attractive cash returns EBITDA1 Energy Retail €bn Grow earnings through additional efficiencies, new +4% CAGR flexibility offerings and unlocking brand value Underlying EBITDA 2024-2028 → EBITDA B2C margin2 within 3-5% target range ~2.0 1.8 One offs/ 1.6
Slide 16: Finance Strategy
Finance Strategy @-or!
Slide 17: We translate our strategy into an attractive financial framework
We translate our strategy into an attractive financial framework 1 Strong execution 2 Accelerating investment 3 Strong balance sheet 4 Sustainable growth momentum Over delivery on 2024 Significant capex step-up in Capex program financed via Visible value creation path earnings targets. 2024 sets a s
Slide 18: Strong credit and issuance ratings (BBB+/Baa2/A-)
Strong credit and issuance ratings (BBB+/Baa2/A-) Long-term ratings Senior unsecured A- / A3 Fitch1 WN S&P BBB+ / Baa1 Upgrade S&P RfD BBB / Baa2 Moody‘s 2017 2018 2019 2020 2021 2022 2023 2024 2025 • Issuer rating: BBB+ (stable outlook) • Issuer rating: Baa2 (stable outlook) • Issuer rating: BBB+ (
Slide 19: Strong BBB/Baa rating and €5-10bn extra balance sheet capacity
Investment program delivered with comfortable extra balance sheet capacity in 2028 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 up to €2bn of proceeds maintained • Opportun
Slide 20: Sound funding strategy enabling sustainable green growth path
Sound funding strategy enabling sustainable green growth path Volumes Funding so far… €3.5-5bn p.a. • Significant prefinancing of 2025 done in 2024 • Successful €1.75bn bond issuance in January 2025; thereof 900m as green bonds Tenors • Issuance of a €102 million Schuldschein in April 5-30 years Gre
Slide 21: Capital market debt well diversified and substantially green
Capital market debt well diversified and substantially green Capital Market Debt1 (in €bn) Maturity Profile2 (in €bn) 5,0 4,5 4,0 41% 3,5 Capital market debt 3,0 ~€ 31.9bn 2,5 thereof € 13.1bn green bonds (41%) 2,0 1,5 1,0 0,5 0,0 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '
Slide 22: Sustainability strategy
Sustainability strategy
Slide 23: Sustainability acts as a key pillar of our strategic foundation
Sustainability acts as a key pillar of our strategic foundation Environment Social Governance • >15% of all renewable assets in Europe connected to E.ON grid, • We ensure the frequency of serious • Positive development of share of thereof >1 million renewable assets connected in Germany accidents an
Slide 24: Ambitious environmental targets form the basis for all our businesses
Ambitious environmental targets form the basis for all our businesses Ambitious ESG targets and commitments Governance and Lead in transparency sustainable finance reflected prestigious ratings4 Scope 1+2 Scope 3 • Management remuneration 20301 -50%2 -50%2 system aligned with ESG- AA (Leader score r
Slide 25: Appendix
Appendix
Slide 26: Financials
Financials @-or!
Slide 27: Guidance fully confirmed
Guidance fully confirmed €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 • Strong Q1 results and investment Corporate Functions & Other -0.190 ~-0.1 ~-0.1 ramp-up well on
Slide 28: 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 29: Accelerated investment program backed by strict value creation requirements
Accelerated investment program backed by strict value creation requirements 2024-2028 Investments1 Segment Investment split Creating shareholder value €32bn RAB-effective: Energy GER 73% / SWE 10% / CZ 6% / Other Networks 10% 150-200bps ROCE over WACC spread4 €3bn network-adjacent3: €35bn GER 100% E
Slide 30: Investment program is boosting our RAB growth to industry leading levels
Investment program is boosting our RAB growth to industry leading levels across core markets E.ON power RAB development1 Power RAB development key countries1 €bn €bn 2024-2028 2022-2028 ~10% CAGR ~9% CAGR2 2022-2028 2024-2028 55 ~35 ~10% ~11% ~34 ~21 ~23 CAGR CAGR Germany3 ~19 40 36 2022 2023 2024 2
Slide 31: Value accretive growth path in all our businesses
Value accretive growth path in all our businesses 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 Underlying EBITDA 2024-2028 ~8.6 7.4-7.6 ~2.0 6.9 1.8 1.6-1.8
Slide 32: Superior earnings growth profile with high-single-digit CAGR
Superior earnings growth profile with high-single-digit CAGR EPS1,2 EBITDA1 Adjusted Net Income1 2024 € 1.09 €bn €bn 2025 € 1.09-1.17 2028 ~€ 1.30 +7% CAGR Underlying EBITDA 2024-2028 +7% CAGR Underlying ANI 2024-2028 >11.3 ~3.4 9.6-9.8 2.9 2.85-3.05 9.0 One offs/ Timing One offs/ Timing >11.4 ~3.5
Slide 33: Green Bond Framework
Green Bond Framework
Slide 34: Green Bond Framework overview
Green Bond Framework overview: Framework structure in line with draft EU Green Bond Standard1 + Process for selection of Management of Green assets and capex Reporting External Verification green assets and capex use-of-proceeds • Electricity Networks (DSO) • All projects directly • E.ON strives to
Slide 35: Green Bond categories
Green Bond categories Electricity Networks (DSO) Renewable Energy Energy Efficiency Clean Transportation All distribution infrastructure and Renewable energy production and Integrated on-site business and city EV charging stations and supporting equipment in the inter-connected storage including3 en
Slide 36: Financial calendar and important links
Financial calendar and important links Financial calendar August 13, 2025 November 12, 2025 Half Year Financial Report Quarterly Statement January – June 2025 January – September 2025 Important links To be directed to our products please follow the links: • Presentations • On course for net zero • F
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