Slide 1: Q1 2025 results
it‘s on us Q1 2025 results 14 May 2025
Slide 2: 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 3: Strong first quarter earnings bring us firmly on track for FY guidance
Strong first quarter earnings bring us firmly on track for FY guidance EBITDA1 Key Drivers €m Energy Networks Q1 2024 +2,745 • All: organic RAB growth (+) • SEE: volume and network loss recoveries (+) Energy Networks +362 Energy Infrastructure Solutions Energy Infrastructure +41 • Normalized weather
Slide 4: Strong Adj. Net Income growth following EBITDA
Strong Adj. Net Income growth following EBITDA Adj. Net Income1 0.49 EPS1 €m (€ per share) vs. Q1 2024 vs. Q1 2024 +18% +22% 3,226 2,395 -831 2,072 -323 -518 1,273 -281 EBITDA1 D&A1 EBIT1 Economic Profit Income taxes (25%) Minorities Adjusted interest result before Taxes1 Net Income1 E.ON Q1 2025 re
Slide 5: Comfortable balance sheet position and Q1 cashflows in line with typical seasonality
Comfortable balance sheet position and Q1 cashflows in line with typical seasonality Economic Net Debt – quarterly comparison €bn Investment spend well on track: -6.4 -6.7 Q1 2025 capex fill rate at -5.0 ~17%, in line with Q1 2024 Asset Retirement Obligations (ARO) -5.2 Pension provisions Net financ
Slide 6: 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 7: Financial appendix
financial appendix
Slide 8: Financial Overview
Financial Overview €m Q1 2024 Q1 2025 %YoY Sales 22,641 25,216 +11 EBITDA1 2,745 3,226 +18 EBIT1 2,005 2,395 +19 Adjusted Net Income1 1,047 1,273 +22 OCFbIT -682 -831 -22 Investments 1,291 1,463 +13 Economic Net Debt (March 31,2025 -41,067 -44,205 -8 and December 31,2024)2 1. Adjusted for non-operat
Slide 9: Cash conversion rate of -17% in Q1 2025 following typical seasonal pattern
Cash conversion rate of -17% in Q1 2025 following typical seasonal pattern CCR1 €bn -17% CCR 3.2 0.2 -4.2 -0.8 -0.4 -0.2 -1.5 -1.5 -2.9 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments E.ON Q1 2025 results 1. Cash Conversion Rate (CCR): OCFbIT excl. OC
Slide 10: Energy Networks
Energy Networks EBITDA1 Drivers €m +20% All SEE 2,145 + Organic RAB growth + Volume and network loss recoveries 1,783 Germany Sweden CEE SEE Q1 2024 Q1 2025 €m Germany Sweden CEE SEE Total2 Q1 2024 Q1 2025 % YoY Q1 2024 Q1 2025 % YoY Q1 2024 Q1 2025 % YoY Q1 2024 Q1 2025 % YoY Q1 2024 Q1 2025 % YoY
Slide 11: Normalizing for value-neutral timing effects
Normalizing for value-neutral timing effects • Energy Network EBITDA1 impacted by effects that are value-neutral over time (e.g. volume deviations) • Below figures illustrate how the normalization would impact Q1 EBITDA1 and Adj. Net Income1 €m Q1 2025 EBITDA1 Current: EBITDA1 Energy Networks 2,145
Slide 12: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 €m +25% Drivers 204 EBITDA 163 + Q1 normalized weather and higher asset availability + Investment-driven organic growth Q1 2024 Q1 2025 Investments €m €m EIS -25% 195 Q1 2024 Q1 2025 %YoY EBITDA1 163 204 +25 147 EBIT1 81 116 +43 OCFbIT 44 79 +80 Investments 19
Slide 13: Energy Retail
Energy Retail EBITDA1 Drivers €m All + Normalized weather (vs. mild temperatures in Q1 2024) +8% 933 867 Germany UK + Temporary margin effect from pricing + Continued strong contribution from B2B Germany Netherlands Other UK + Temporary margin effect from pricing - Cost phasing Netherlands - Poland
Slide 14: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 36.6 36.5 47.3 47.0 6.8 6.9 10.8 9.9 10.0 2.1 10.8 2.1 ~0% 5.2 5.2 10.8 10.8 11.7 11.5 FY 2024 Q1 2025 4.0 4.0 ~-1% 8.5 8.4 Thereof: gas customers m1 10.7 10.5 14.1 13.8 Germany 3.1 3.1 Germany 1.9 1.9
Slide 15: Adjusted Net Income
Adjusted Net Income1 €m Q1 2024 Q1 2025 % YoY EBITDA 2,745 3,226 +18 Depreciation/amortization -740 -831 -12 EBIT 2,005 2,395 +19 Economic interest expense, net -267 -323 -21 EBT 1,738 2,072 +19 Income Taxes on EBT -441 -518 -18 % of EBT -25% -25% - Non-controlling interests -250 -281 -12 Adjusted N
Slide 16: Cash-effective investments
Cash-effective investments €m Q1 2024 Q1 2025 % YoY Energy Networks 961 1,159 +21 Energy Infrastructure Solutions 195 147 -25 Energy Retail 114 118 +4 Corporate Functions 21 43 +105 Consolidation 0 -4 - Investments 1,291 1,463 +13 E.ON Q1 2025 results 16
Slide 17: Economic Net Debt
Economic Net Debt €m 31 Dec 2024 31 Mar 2025 Liquid funds 7,280 5,042 Non-current securities 869 851 Financial liabilities1 -37,677 -38,755 Adjusted FX hedging 316 109 Net financial position -29,212 -32,753 Provisions for pensions -5,181 -5,037 Asset retirement obligations -6,674 -6,415 Economic Net
Slide 18: Economic interest expense (net)
Economic interest expense (net) 1 €m Q1 2024 Q1 2025 %YoY Interest from financial -235 -295 -26 assets/liabilities Interest cost from provisions for -31 -31 - pensions and similar provisions Accretion of provisions for retirement obligations and -11 -10 +9 similar provisions Construction period inte
Slide 19: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m Q1 2024 Q1 2025 % YoY EBITDA1 2,745 3,226 +18 Depreciation/Amortization/Impairments1 -740 -831 -12 EBIT1 2,005 2,395 +19 Interest result -91 -194 -113 Net book gains -16 41 +356 Restructuring -3 -1 +67 Effects from derivative financial instruments 285 -
Slide 20: 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 21: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end Q1 20251 Nominal Value (€bn) Coupon (%) 24.1 1.3 1.0 0.9 0.9 0.8 0.8 0.6 0.6 0.5 0.5 1.0% 1.5% 0.1% 1.6% 0.3% 0.4% 1.3% 2.4% 2.9% 0.1% Q2 2025 Q4 2025 Q1 2026 Q2 2026 Q4 2026 Q3 2027 Q4 2027 Q1 2028 Q3 2028 Q4 2028 > 2028 E.ON Q
Slide 22: 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 23: 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 24: 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 25: it's on us
it’s on us