Slide 1: H1 2024 results
it‘s on us H1 2024 results
Slide 2: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe 1 Solid H1 2024 financials 2 Efficiency leader across all 3 Substantial and sustainable and successful scaling of our businesses growth well into the next capex decade H1 results in line with our Significant progress on our growth The tre
Slide 3: H1 2024 group results in line with our expectations
H1 2024 group results in line with our expectations Key financials €bn 5.7 One-offs / 4.9 Timing 2.9 2.3 2.4 One-offs / 1.8 Timing H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 EBITDA1 Adj. Net Income1 Investments FY 2024 group guidance on track H1 2024 results 1. Adjusted for non-operating effect
Slide 4: We are the efficiency leader in all our businesses
We are the efficiency leader in all our businesses Operations Supply Chain • Labor resources: ~1,500 net • Secured availability: Resilience increase in Energy Networks, mainly through strong diversification of ~100% driven by Energy Networks suppliers individual Germany • Joint optimization: Improve
Slide 5: Strong operational performance ensures earnings growth beyond 2024 across all segments
Strong operational performance ensures earnings growth beyond 2024 across all segments Energy Networks Energy Infrastructure Solutions Energy Retail • Processing times halved for approving • Strong customer demand reflected in • Stable customer numbers in a phase new connections our sales pipeline,
Slide 6: Unprecedented investment cycle supported well into the next decades
Unprecedented investment cycle supported well into the next decades Total investment in distribution grids required in the EU27 and Norway1 €bn 55-67 €55-67bn per year (2025-2050) Focus areas for implementation • Adequate returns from the regulator and a 33 faster build-out to reduce frictional cost
Slide 7: Solid H1 results and full guidance confirmation
Solid H1 results and full guidance Key financials confirmation €bn 5.7 EPS1 4.9 € 0.88 € 0.67 • H1 EBITDA group results in line with expectations 2.3 1.8 • As anticipated, year-over-year earnings decrease driven by non- recurrence of timing and one-off effects; capex-backed growth and operational ex
Slide 8: Strong underlying growth drivers masked by non-recurrence of prior year one-off and timing effects
Strong underlying growth drivers masked by non-recurrence of prior year one-off and timing effects EBITDA1 Key Drivers €m Energy Networks • Organic RAB growth (+) H1 2023 5,669 • Germany: unwind of 2023 redispatch cost benefit (-), new regulatory period (+/-), higher upstream network costs (-), lowe
Slide 9: EBITDA to Adjusted Net Income drop-through as expected
EBITDA to Adjusted Net Income drop-through as expected ANI1 €m 4,868 Tax rate at ~25% 0.67 EPS1 3,351 (€ per share) -1,517 2,824 -527 -716 1,754 -354 Group EBITDA1 D&A1 Group EBIT1 Economic Profit Income taxes1 Minorities1 Adjusted interest result1 before Taxes1 Net Income1 H1 2024 results 1. Adjust
Slide 10: Balance sheet development as expected, fully supporting future investment growth plan
Balance sheet development as expected, fully supporting future investment growth plan Economic Net Debt – quarterly comparison €bn Investment spend developing -7.0 -6.9 strongly: H1 2024 capex fill -4.4 rate at ~40%, above H1 2023 Asset Retirement Obligations (ARO) -4.8 Pension provisions Net financ
Slide 11: Guidance fully confirmed
Guidance fully confirmed €bn FY 20231 FY 2024 FY 2028 EBITDA2 9.370 8.8-9.0 >11 Energy Networks 6.640 6.7-6.9 ~8.3 Energy Infrastructure Solutions 0.525 0.55-0.65 ~0.95 Energy Retail 2.282 1.6-1.8 ~2.0 • Solid H1 group results with Corporate Functions & Other -0.077 ~-0.2 ~-0.1 unwind of prior year
Slide 12: Financial appendix
financial appendix
Slide 13: Financial Overview
Financial Overview €m H1 2023 H1 2024 %YoY Sales 52,360 39,525 -25 EBITDA1 5,669 4,868 -14 EBIT1 4,279 3,351 -22 Adjusted Net Income1 2,307 1,754 -24 OCFbIT 794 1,526 +92 Investments 2,366 2,858 +21 Economic Net Debt (June 30,2024 -37,691 -40,829 -8 and December 31,2023)2 1. Adjusted for non-operati
Slide 14: Cash conversion rate of 42% in H1 2024 following typical seasonal pattern
Cash conversion rate of 42% in H1 2024 following typical seasonal pattern CCR1 €bn 42% CCR 4.9 -0.3 1.5 -3.1 -0.6 0.3 -0.6 -2.9 -2.5 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments H1 2024 results 1. Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT rel
Slide 15: Economic Net Debt development FY23 to H1 2024
Economic Net Debt development FY23 to H1 2024 Economic Net Debt €bn -6.9 -7.4 Debt factor4 target of -4.4 ≤ 5.0x Asset Retirement Obligations (ARO) -5.0 Pension provisions Net financial position -25.3 +0.3 -29.5 Securing a strong -37.7 BBB/Baa rating +0.3 +0.6 +0.5 -2.8 -1.7 -40.8 -0.4 END OCF Net I
Slide 16: Key performance drivers for 2024 (year-over-year view)
Key performance drivers for 2024 (year-over-year view) EBITDA1 Energy Networks Energy Infrastructure Solutions Energy Retail All All + Organic RAB growth + Organic growth from capex projects - One-off effects in 2023 Germany + Smart meter installations - Increased market activity +/- New regulatory
Slide 17: Energy Networks
Energy Networks EBITDA1 Drivers €m All -5% + Organic RAB growth 3,439 3,281 Germany Sweden - Unwind of 2023 redispatch cost benefit and Covid + Improved regulatory parameters recoveries - Unwind of 2023 network loss recoveries +/- New regulatory period - Higher upstream network costs (pass-through)
Slide 18: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 €m Drivers -24% 323 EBITDA 245 + Smart meter installations - Earlier maintenance schedule than last year - One-off effects in Q1 2023 - Lower volumes in H1 2024 due to milder temperatures H1 2023 H1 2024 Investments €m +53% €m EIS 409 H1 2023 H1 2024 %YoY 268
Slide 19: Energy Retail
Energy Retail EBITDA1 €m Drivers -29% All 1,966 - One-off effects in 2023 - Increased market activity - Milder temperatures/ lower volumes 1,405 + Payment behavior unchanged Germany UK UK Other + B2B: Improved contributions - Change in consolidation method: VSE Slovakia Netherlands at-equity Other H
Slide 20: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 36.8 36.7 47.3 47.4 6.7 6.7 10.7 10.7 9.6 9.7 2.1 2.1 ~0% 5.4 5.3 10.7 10.7 11.9 11.9 FY 2023 H1 2024 3.9 4.0 ~0% 8.9 8.7 Thereof: gas customers m1 10.5 10.7 14.2 14.3 Germany 2.9 3.0 Germany 1.8 1.9 FY
Slide 21: Adjusted Net Income
Adjusted Net Income1 €m H1 2023 H1 2024 %YoY EBITDA 5,669 4,868 -14 Depreciation/amortization -1,390 -1,517 -9 EBIT 4,279 3,351 -22 Economic interest expense, net -489 -527 -8 EBT 3,790 2,824 -25 Income Taxes on EBT -948 -716 +24 % of EBT -25% -25% -1 Non-controlling interests -535 -354 +34 Adjusted
Slide 22: Cash-effective investments
Cash-effective investments1 €m H1 2023 H1 2024 %YoY Energy Networks 1,861 2,121 +14 Energy Infrastructure Solutions 268 409 +53 Energy Retail 160 263 +64 Corporate Functions 78 65 -17 Consolidation -1 0 +100 Investments 2,366 2,858 +21 H1 2024 results 1. Prior-year segmental figures with minor resta
Slide 23: Economic Net Debt
Economic Net Debt €m 31 Dec 2023 30 Jun 2024 Liquid funds 7,412 5,490 Non-current securities 1,177 882 Financial liabilities1 -33,943 -36,110 Adjusted FX hedging 11 188 Net financial position -25,343 -29,550 Provisions for pensions -4,985 -4,375 Asset retirement obligations2 -7,363 -6,904 Economic N
Slide 24: Economic interest expense (net)
Economic interest expense (net) 1 €m H1 2023 H1 2024 YoY Interest from financial -425 -459 -34 assets/liabilities Interest cost from provisions for -49 -61 -13 pensions and similar provisions Accretion of provisions for retirement obligations and -25 -25 - similar provisions Construction period inte
Slide 25: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m H1 2023 H1 2024 %YoY EBITDA1 5,669 4,868 -14 Depreciation/Amortization/Impairments1 -1,390 -1,517 -9 EBIT1 4,279 3,351 -22 Interest result -379 -345 +9 Net book gains -5 -22 -340 Restructuring -24 -8 +67 Effects from derivative financial instruments -1,
Slide 26: 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 27: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end H1 20241 Nominal Value (€bn) Coupon (%) 20.9 1.3 1.0 0.9 0.9 0.9 0.8 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% 0.6% 0.9% Q3 2024 Q1 2025 Q2 2025 Q4 2025 Q1 2026 Q2 2026 Q4 2026 Q3 2027 Q4 2027 Q1
Slide 28: Financial calendar and important links
Financial calendar and important links Financial calendar November 14, 2024 February 26, 2025 May 14, 2025 May 15, 2025 Quarterly Statement Full Year Financial Report Quarterly Statement Annual General Meeting January – September 2024 2024 January – March 2025 • Presentations • Facts & Figures 2023
Slide 29: E.ON Investor Relations team
E.ON Investor Relations team Iris Eveleigh Milagros D’Elia Andreas Thielen Head of Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com milagros.d‘elia@eon.com andreas.thielen@eon.com +49 170 7688749 +49 151 52298030 +49 151 67114918 Milagros Julian D’Elia J
Slide 30: 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 31: it's on us
it’s onus @-on