Slide 1: H1 2026 results
H1 2026 results 12 August 2026
Slide 2: Business update
Business update Leonhard Birnbaum Chief Executive Officer Photo Photo shown shows of overhead lines high-voltage grids(part of Bayernwerk Netz GmbH, Germany) (part of Bayernwerk Netz GmbH, Germany).
Slide 3: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe Strong operational Grid capacity is the Operational Growth case 1 and financial delivery 2 key enabler for further 3 excellence is a pre-requisite for 4 supported by policy focus on efficient and electrification sustainable growth fast ex
Slide 4: E.ON keeps delivering operationally and financially
E.ON keeps delivering operationally and financially Financial delivery Operational delivery Energy Networks • High investments into Regulated Asset Base Adjusted EBITDA¹ €5.4bn and strong operational execution • Renewables connected at scale: +5GW2 in H1 Adjusted Net Income¹ • Smart meter rollout mo
Slide 5: Grid capacity is the key enabler for further electrification
Grid capacity is the key enabler for further electrification Rising demand for grid access + ~20% connection requests received H1 YoY1 Key growth trends accelerating Battery & Data Centers Heat & Transport + 17 GW + ~50% BESS grid connection approvals granted H1 YoY2 EV registration growth H1 YoY4 +
Slide 6: Operational excellence as pre-requisite for sustainable growth
Operational excellence as pre-requisite for sustainable growth Energy Networks Germany Energy Retail Accelerating standardization Accelerating digitalization Providing flexibility offerings • Standardized Flexible • Expanded grid observability • Connected assets under Connection Agreements and contr
Slide 7: Growth case supported by policy focus on efficient and fast execution
Growth case supported by policy focus on efficient and fast execution The energy transition is a broad-based societal mandate Legislative initiatives strengthen E.ON’s growth case EU Grids Package Accelerates grid build-out and • 82% of Europeans want governments to do more to promote connections th
Slide 8: Financial performance
Financial performance Nadia Jakobi Chief Financial Officer Photo shows high-voltage grids (part of Avacon AG, Germany).
Slide 9: E.ON delivers on its commitments and confirms its growth trajectory
E.ON delivers on its commitments and confirms its growth trajectory Key financials EPS €bn € 0.70 € 0.74 • Strong operational and financial performance with Adj. EBITDA and Adj. Net Income fully in line with expectations 5.3 5.4 1.92 1.83 • Growth trajectory progressing well: investments continue to
Slide 10: Strong H1 performance driven by investment-led growth keeps E.ON firmly on track
Strong H1 performance driven by investment-led growth keeps E.ON firmly on track to deliver FY26 guidance Adj. EBITDA Key drivers €m H1 2025 5,333 Energy Networks • All: Organic RAB growth (+) • Germany: Costs for further growth (-) and deconsolidation of NEW (-) Energy Networks 26 • Europe: Sale of
Slide 11: Strong Adjusted Net Income came in as expected
Strong Adjusted Net Income came in as expected Adj. Net Income €m 5,404 3,777 -1,627 3,042 -735 1,923 -761 -358 EPS € 0.74 Adj. D&A Adj. Economic Adj. Income taxes (25%) Minorities Adj. EBITDA EBIT interest expense EBT Net Income +1% vs. +5% vs. H1 2025 H1 2025 E.ON H1 2026 results | 11
Slide 12: Balance sheet development reflects typical business seasonality
Balance sheet development reflects typical business seasonality, including dividend payment in Q2 Economic Net Debt (END) €bn Investment spend well on track -6.2 -6.1 Asset retirement obligations (ARO) H1 2026 capex fill rate -4.1 -4.2 Pension provisions 34% in line with expectation Net financial po
Slide 13: Guidance fully confirmed, with an attractive TSR outlook
Guidance fully confirmed, with an attractive TSR outlook • Strong H1 group results: Operational performance and investment ramp-up €bn FY 2025 FY 20261 FY 20301 Adj. EBITDA2 well on track 9.419 9.4-9.6 ~13.0 Energy Networks 7.264 7.2-7.4 ~9.8 Energy Infrastructure Solutions 0.588 0.60-0.75 ~1.1 • FY
Slide 14: Financial appendix
Financial appendix Photo shows an outdoor 110kV busbar (part of Schleswig-Holstein Netz AG, Germany). E.ON H1 2026 results | 14
Slide 15: Germany: Upcoming regulatory events for 5th regulatory period (RP5)
Germany: Upcoming regulatory events for 5th regulatory period (RP5) Q4 Dec Apr H2 Determination of revenue cap Determinations for Draft for OPEX Determination of WACC (EOG) for Power new incentive regulation adjustment factor1 (Cost of Equity and Debt) incl. methodology Q3 (Gas/Power) POWER January
Slide 16: EU & Germany: Timeline for most relevant legislations
EU & Germany: Timeline for most relevant legislations 3rd July Over course of H2 Year-end EU Grids Package Parliament adopts Trilogue1 Agreement / final text position on package EU “Summer Package”2 17th July Q4 Package publication Coming months Post-2030 / governance incl. Electrification Action Pl
Slide 17: Financial Overview
Financial Overview €m H1 2025 H1 2026 % YoY Sales 41,554 38,076 -8 Adj. EBITDA 5,333 5,404 +1 Adj. EBIT 3,640 3,777 +4 Adj. Net Income 1,826 1,923 +5 OCFbIT 2,223 2,699 +21 Investments 3,180 2,972 -7 Economic Net Debt (June 30th , -43,236 -46,720 -8 2026 and December 31st ,2025)1 (1) Bonds previousl
Slide 18: Adjusted EBITDA
Adjusted EBITDA €m H1 2025 H1 2026 % YoY Energy Networks 3,782 3,808 +1 Energy Infrastructure Solutions 326 389 +19 Energy Retail 1,294 1,240 -4 Corporate Functions -71 -34 +52 Consolidation 2 1 - Adj. EBITDA 5,333 5,404 +1 Photo shows overhead lines (part of Bayernwerk Netz GmbH, Germany). E.ON H1
Slide 19: Energy Networks
Energy Networks Adj. EBITDA Drivers €m All +1% + Organic RAB driven growth Germany 3,782 3,808 Sweden Germany Sweden CEE - Costs for further growth + FX effects - Deconsolidation of NEW AG SEE CEE SEE - Sale of the gas networks in Czechia + FX effects H1 2025 H1 2026 €m Germany Sweden CEE SEE Total1
Slide 20: Energy Infrastructure Solutions
Energy Infrastructure Solutions Adj. EBITDA Drivers €m +19% Adj. EBITDA + Investment-driven organic growth 389 326 + Pass-through of higher sourcing costs from prior periods H1 2025 H1 2026 Investments €m €m Energy Infrastructure Solutions +3% H1 2025 H1 2026 % YoY 352 362 Adj. EBITDA 326 389 +19 Ad
Slide 21: Energy Retail
Energy Retail Adj. EBITDA Drivers €m - 4% 1,294 Germany UK 1,240 Germany - Deconsolidation of NEW AG + Higher average margins on fixed-price contracts UK in B2C - Continued roll-off of historical contracts in B2B Netherlands Other H1 2025 H1 2026 €m Germany UK Netherlands Other Total1 H1 2025 H1 202
Slide 22: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 ~0% ~0% Germany 46.8 46.7 36.4 36.3 UK 6.9 6.9 10.0 10.0 11.0 11.1 Netherlands 2.1 2.1 5.1 5.1 Turkey 11.3 11.1 Other2 11.0 11.1 FY 2025 H1 2026 3.9 3.9 Thereof: gas customers 8.3 8.3 m1 0% Germany 10.4
Slide 23: Economic Net Debt development YTD following the typical seasonal pattern
Economic Net Debt development YTD following the typical seasonal pattern Economic Net Debt €bn Asset Retirement Obligations (ARO) Debt factor3 target of Pension provisions ≤ 5.0x -6.4 -6.1 Net financial position -4.1 -4.4 +1.5 -32.5 Securing a -36.5 strong BBB/Baa rating -43.2 +0.5 -3.0 +0.3 +0.2 -1
Slide 24: Cash conversion rate of 57% in H1 2026 following typical seasonal patterns
Cash conversion rate of 57% in H1 2026 following typical seasonal patterns CCR1 €bn 57% CCR1 0.2 5.4 2.7 -2.9 1.5 -0.8 -0.4 -3.0 -1.5 Adj. EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments (1) Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT related to d
Slide 25: Adjusted Net Income
Adjusted Net Income €m H1 2025 H1 2026 % YoY Adj. EBITDA 5,333 5,404 +1 Depreciation/amortization -1,693 -1,627 +4 Adj. EBIT 3,640 3,777 +4 Economic interest expense -674 -735 -9 Adj. EBT 2,966 3,042 +3 Income taxes on Adj. EBT -742 -761 -3 % of Adj. EBT -25% -25% +0 Non-controlling interests -398 -
Slide 26: Cash-effective investments
Cash-effective investments €m H1 2025 H1 2026 % YoY Energy Networks 2,540 2,344 -8 Energy Infrastructure Solutions 352 362 +3 Energy Retail 221 235 +6 Corporate Functions 69 36 -48 Consolidation -2 -5 -150 Investments 3,180 2,972 -7 Photo shows overhead lines (part of Avacon AG, Germany). E.ON H1 20
Slide 27: Economic Net Debt
Economic Net Debt €m 31 Dec 2025 30 Jun 2026 Liquid funds 4,352 4,608 Non-current securities 586 438 Financial liabilities1 -37,295 -41,655 Adjusted FX hedging -110 110 Net financial position -32,467 -36,499 Provisions for pensions -4,408 -4,084 Asset retirement obligations -6,361 -6,137 Economic Ne
Slide 28: Economic interest expense (net)
Economic interest expense (net) €m H1 2025 H1 2026 % YoY Interest from financial -612 -677 -11 assets/liabilities Interest cost from provisions for -62 -53 +15 pensions and similar provisions Accretion of provisions for retirement obligations and -21 -22 -5 similar provisions Construction period int
Slide 29: Reconciliation of Adj. EBITDA to IFRS Net Income
Reconciliation of Adj. EBITDA to IFRS Net Income €m H1 2025 H1 2026 % YoY Adj. EBITDA 5,333 5,404 +1 Depreciation/Amortization/Impairments -1,693 -1,627 +4 Adj. EBIT 3,640 3,777 +4 Interest result -601 -628 -4 Net book gains 48 133 +177 Restructuring -11 2 +118 Effects from derivative financial inst
Slide 30: 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 31: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end H1 20261 Nominal Value (€bn) Coupon (%) 24.1 1.5 1.3 1.0 1.0 0.9 0.8 0.8 0.8 0.8 0.6 0.6 0.6 0.1 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% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2026 2027 2028
Slide 32: Financial calendar and important links
Financial calendar and important links Financial calendar Important links To be directed to our products please follow the links: November 11, 2026 February 24, 2027 • Presentations Quarterly Statement Full Year Financial Report • Facts & Figures 2026 January – September 2026 2026 • Annual Reports •
Slide 33: E.ON Investor Relations team
E.ON Investor Relations team Iris Eveleigh Omar Barekzai Philipp Ehrhardt Jonas Malecki Head of Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com omar.barekzai@eon.com philipp.ehrhardt@eon.com jonas.malecki@eon.com Piipa Poutiai
Slide 34: 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 35: it's on us
it’s onus 2@-on