Slide 1: Q1 2026 results
~~ 012026: results. ee Wee 13 May 2026
Slide 2: E.ON's business model is resilient to geopolitical uncertainty and elevated market volatility
E.ON's business model is resilient to geopolitical uncertainty and elevated market volatility Energy Networks Earnings from regulated or long-term ~80% contracted business1 • • Long-term earnings visibility Regulatory frameworks ensure inflation protection and mitigate volume risk • Diversified supp
Slide 3: E.ON delivers on its commitments
E.ON delivers on its commitments Key financials EPS1 €bn € 0.48 € 0.51 • Strong Adj. EBITDA1 and Adj. Net Income1 are in line with expectations 3.2 3.3 1.26 1.34 • Growth trajectory progressing well: investments continue to materially exceed depreciation • Economic net debt development in Q1 follows
Slide 4: With strong Q1 well on track for FY26 guidance
With strong Q1 well on track for FY26 guidance Adjusted EBITDA1 Key drivers €m Energy Networks Q1 2025 3,181 • All: Organic RAB growth (+) • Germany: Costs for further growth (-) and deconsolidation of NEW (-) Energy Networks -9 • Europe: Sale of gas networks in Czechia (-) Energy Infrastructure Sol
Slide 5: Strong Adj. Net Income came in as expected
Strong Adj. Net Income came in as expected Adjusted Net Income1 €m 3,253 2,460 -793 2,103 -357 1,341 -526 -236 EPS1 € 0.51 Adjusted D&A Adjusted Economic Adjusted Income taxes Minorities Adjusted EBITDA EBIT interest result EBT Net Income +2% vs. +7% vs. Q1 20251 Q1 20251 (1) Adjusted for non-operat
Slide 6: Strong balance sheet with typical business seasonality of Q1 cashflows
Strong balance sheet with typical business seasonality of Q1 cashflows Economic Net Debt (END) €bn Investment spend well on -6.4 -6.2 Asset retirement obligations (ARO) track: Q1 2026 capex fill rate -4.2 Pension provisions 16% in line with expectation -4.4 Net financial position -32.5 Expectation o
Slide 7: Guidance fully confirmed
Guidance fully confirmed €bn FY 20251 FY 20262 FY 20302 Adj. EBITDA3 9.419 9.4-9.6 ~13.0 • Strong Q1 group results: Operational Energy Networks 7.264 7.2-7.4 ~9.8 performance and investment ramp-up Energy Infrastructure Solutions 0.588 0.60-0.75 ~1.1 on track Energy Retail 1.697 1.6-1.8 ~2.1 Adj. Ne
Slide 8: financial appendix
financial appendix Photo shown of overhead lines (part of Bayernwerk Netz GmbH, Germany) E.ON Q1 2026 results | 8
Slide 9: Ovo transaction highlights – Unique opportunity to acquire attractive customer portfolio
it’s on us Ovo transaction highlights – Unique To make new energy work opportunity to acquire attractive customer portfolio Business Profile Strategic Rationale • Founded in 2009 and headquartered in Bristol • Currently 4th largest energy retail company in the UK • The acquisition of Ovo is a rare •
Slide 10: Financial Overview
Financial Overview €m Q1 2025 Q1 2026 %YoY Sales 25,216 21,823 -13 EBITDA1 3,181 3,253 +2 EBIT1 2,349 2,460 +5 Adjusted Net Income1 1,255 1,341 +7 OCFbIT -826 -290 +65 Investments 1,463 1,364 -7 Economic Net Debt (March 31,2026 -43,236 -46,140 -7 and December 31,2025)2 (1) Adjusted for non-operating
Slide 11: Adjusted EBITDA
Adjusted EBITDA1 €m Q1 2025 Q1 2026 %YoY Energy Networks 2,100 2,091 ~0 Energy Infrastructure Solutions 204 237 +16 Energy Retail 933 942 +1 Corporate Functions -54 -17 +69 Consolidation -2 0 +100 Total Adjusted EBITDA 3,181 3,253 +2 (1) Adjusted for non-operating and value-neutral timing effects; 2
Slide 12: Energy Networks
Energy Networks EBITDA1 Drivers €m All ~0% + Organic RAB driven growth Germany 2,100 2,091 Sweden Germany CEE CEE - Costs for further growth - Sale of the gas networks in Czechia - Deconsolidation of NEW AG SEE Q1 2025 Q1 2026 €m Germany Sweden CEE SEE Total2 Q1 2025 Q1 2026 % YoY Q1 2025 Q1 2026 %
Slide 13: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 Drivers €m +16% EBITDA + Investment-driven organic growth 237 204 + Pass-through of higher sourcing costs from prior periods Q1 2025 Q1 2026 Investments €m €m Energy Infrastructure Solutions +13% Q1 2025 Q1 2026 %YoY 166 EBITDA1 204 237 +16 147 EBIT1 116 134 +
Slide 14: Energy Retail
Energy Retail EBITDA1 Drivers €m +1% 933 942 Germany UK Germany + Temporary effects from phasing of price - B2B roll-off of historical contracts UK adjustments - Deconsolidation of NEW AG Netherlands Other Q1 2025 Q1 2026 €m Germany UK Netherlands Other Total2 Q1 2025 Q1 2026 % YoY Q1 2025 Q1 2026 %
Slide 15: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 +0.2% +0.3% Germany 46.8 46.9 36.4 36.5 UK 6.9 6.9 10.0 10.0 11.0 11.2 Netherlands 2.1 2.1 5.1 5.1 Turkey 11.3 11.2 Other2 11.0 11.2 FY 2025 Q1 2026 3.9 3.9 Thereof: gas customers 8.3 8.3 m1 ~0% Germany
Slide 16: Cash conversion rate in line with expectation and typical business seasonality
Cash conversion rate in line with expectation and typical business seasonality CCR1 €bn -3% CCR1 0.2 3.3 -3.8 -0.3 -0.5 -0.2 -1.0 -1.4 -2.4 Adj. EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments (1) Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT relate
Slide 17: Adjusted Net Income
Adjusted Net Income1 €m Q1 2025 Q1 2026 %YoY EBITDA 3,181 3,253 +2 Depreciation/amortization -832 -793 +5 EBIT 2,349 2,460 +5 Economic interest expense, net -323 -357 -11 EBT 2,026 2,103 +4 Income Taxes on EBT -506 -526 -4 % of EBT -25% -25% - Non-controlling interests -265 -236 +11 Adjusted Net Inc
Slide 18: Cash-effective investments
Cash-effective investments €m Q1 2025 Q1 2026 %YoY Energy Networks 1,159 1,055 -9 Energy Infrastructure Solutions 147 166 +13 Energy Retail 118 116 -2 Corporate Functions 43 28 -35 Consolidation -4 -1 +75 Investments 1,463 1,364 -7 Photo shown of overhead lines (part of Avacon AG, Germany). E.ON Q1
Slide 19: Economic Net Debt
Economic Net Debt €m 31 Dec 2025 31 Mar 2026 Liquid funds 4,352 5,780 Non-current securities 586 546 Financial liabilities1 -37,295 -42,078 Adjusted FX hedging -110 50 Net financial position -32,467 -35,702 Provisions for pensions -4,408 -4,236 Asset retirement obligations -6,361 -6,202 Economic Net
Slide 20: Economic interest expense (net)
Economic interest expense (net)1 €m Q1 2025 Q1 2026 %YoY Interest from financial -295 -338 -15 assets/liabilities Interest cost from provisions for -31 -27 +13 pensions and similar provisions Accretion of provisions for retirement obligations and -10 -10 - similar provisions Construction period inte
Slide 21: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m Q1 2025 Q1 2026 %YoY EBITDA1 3,181 3,253 +2 Depreciation/Amortization/Impairments1 -832 -793 +5 EBIT1 2,349 2,460 +5 Interest result -194 -284 -46 Net book gains 41 122 +198 Effects from derivative financial instruments -979 1,550 +258 Impairments (net)
Slide 22: Sound funding strategy enabling sustainable green growth path
Sound funding strategy enabling sustainable green growth path Volumes Tenors Green financing Currencies Investor €3.5-5bn p.a. 3-30 years >50% p.a. € funding preferred diversification Growing variety • Bond refinancing • Optimize maturity profile • Majority of funding via • Predominantly euro- • Bon
Slide 23: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end Q1 20261 Nominal Value (€bn) Coupon (%) 22.1 1.5 1.3 1.0 1.0 0.9 0.8 0.8 0.8 0.8 0.6 0.6 0.6 0.5 0.1 1.6% 0.3% 0.4% 1.3% 2.4% 2.9% 0.1% 3.8% 1.6% 1.5% 4.0% 1.7% 5.4% 1.1% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 24: Financial calendar and important links
Financial calendar and important links Financial calendar Important links To be directed to our products please follow the links: • Presentations • Facts & Figures 2026 • Annual Reports August 12, 2026 November 11, 2026 • Quarterly Statement: January - March 2026 Half Year Financial Report Quarterly
Slide 25: E.ON Investor Relations team
E.ON Investor Relations team Iris Eveleigh Omar Barekzai Jonas Malecki Piipa Poutiainen Head of Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com omar.barekzai@eon.com jonas.malecki@eon.com piipa.poutiainen@eon.com Daniel Schüür
Slide 26: 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 27: it's on us
it’s onus 2@-on