Slide 1: 9M 2025 results
it‘s on us 9M 2025 results 12 November 2025
Slide 2: Strong 9M results and full guidance confirmation
Strong 9M results and full guidance confirmation Key financials €bn EPS1 7.4 6.7 € 0.84 € 0.88 • 9M group results in line with expected strong earnings growth 2.2 2.3 • Investment-driven growth and operational delivery on track; 9M positively impacted by value-neutral timing effects • Value-accretiv
Slide 3: Earnings growth driven by continued investments and value-neutral timing effects
Earnings growth driven by continued investments and value-neutral timing effects EBITDA1 Key Drivers €m Energy Networks 9M 2024 6,687 • All: Organic RAB growth (+) • Germany: Higher volumes and lower redispatch costs (+) Energy Networks 841 • Europe: Volume and network loss recoveries (+) Energy Inf
Slide 4: EBITDA to Adjusted Net Income bridge as expected
EBITDA to Adjusted Net Income bridge as expected Adjusted Net Income1 0.88 EPS1 €m (€ per share) vs. 9M 2024 vs. 9M 2024 +10% +4% 7,382 4,747 -2,635 3,722 -1,025 -930 2,298 -494 Group EBITDA1 D&A1 Group EBIT1 Economic Profit Income taxes (25%)1 Minorities1 Adjusted interest result1 before Taxes1 Net
Slide 5: Strong balance sheet development backing our investment path
Strong balance sheet development backing our investment path Economic Net Debt – quarterly comparison €bn -6.2 Continued strong investment -6.4 -4.7 spending: +15% YoY in Energy Asset Retirement Obligations (ARO) Networks for 9M/25 -5.2 Pension provisions Net financial position -32.5 Strong Q3 opera
Slide 6: Guidance fully confirmed
Guidance fully confirmed €bn FY 20241 FY 2025 FY 2028 EBITDA2 9.049 9.6-9.8 >11.3 • Strong 9M group results: Operational Energy Networks 6.868 7.4-7.6 ~8.6 Energy Infrastructure Solutions performance and investment ramp-up 0.558 0.55-0.65 ~0.9 Energy Retail 1.813 1.6-1.8 ~2.0 fully on track Corporat
Slide 7: Financial appendix
Financial - appendix aye
Slide 8: Germany: Detailed timeline for regulatory period 5 determination
Germany: Detailed timeline for regulatory period 5 determination June End-Q4 Release draft BNetzA plans to finalize determination framework the methodological papers RAMEN & Strom/GasNEV 2027 2028 June / July “Final values” “Final values” Release draft methodology gas efficiency power efficiency for
Slide 9: Financial Overview
Financial Overview €m 9M 2024 9M 2025 % YoY Sales 56,284 57,514 +2 EBITDA1 6,687 7,382 +10 EBIT1 4,366 4,747 +9 Adjusted Net Income1 2,205 2,298 +4 OCFbIT 4,195 4,981 +19 Investments 4,731 5,092 +8 Economic Net Debt (June 30,2025 -41,067 -43,412 -6 and December 31,2024)2 E.ON 9M 2025 results 1. Adju
Slide 10: Cash conversion rate of 76% in 9M 2025 reflects the typical seasonal pattern
Cash conversion rate of 76% in 9M 2025 reflects the typical seasonal pattern CCR1 €bn 76% CCR 7.4 -0.9 5.0 -1.5 -1.0 3.4 -0.6 -5.1 -1.7 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments E.ON 9M 2025 results 1. Cash Conversion Rate (CCR): OCFbIT excl. OC
Slide 11: Economic Net Debt development FY 2024 to 9M 2025 follows the typical seasonal pattern
Economic Net Debt development FY 2024 to 9M 2025 follows the typical seasonal pattern Economic Net Debt €bn -6.2 Debt factor4 target of -6.7 -4.7 ≤ 5.0x Asset Retirement Obligations (ARO) -5.2 Pension provisions +3.4 Net financial position -29.2 -32.5 Securing a strong BBB/Baa rating -41.1 -4.8 +0.5
Slide 12: Energy Networks
Energy Networks EBITDA1 Drivers €m +18% 5,628 4,787 All + Organic RAB driven growth Germany Germany SEE + Higher volumes + Volume and network loss recoveries Sweden + Lower redispatch costs CEE SEE 9M 2024 9M 2025 €m Germany Sweden CEE SEE Total2 9M 2024 9M 2025 % YoY 9M 2024 9M 2025 % YoY 9M 2024 9
Slide 13: 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 9M EBITDA1 and Adj. Net Income1 €m 9M 2025 EBITDA1 Current: EBITDA1 Energy Networks 5,628
Slide 14: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 Drivers €m +15% 399 346 EBITDA + Normalized operations and higher asset availability + Investment-driven organic growth including continued smart meter installations 9M 2024 9M 2025 Investments €m €m EIS -13% 667 9M 2024 9M 2025 %YoY 577 EBITDA1 346 399 +15 EB
Slide 15: Energy Retail
Energy Retail EBITDA1 Drivers €m Germany UK -18% − Phasing effects from true-ups for volume and - Continued B2C customers shift from SVT price assumptions tariffs into fixed-term tariffs 1,714 + Temporary effects from pricing - Continued B2B roll-off of historical contracts 1,414 − Provisioning for
Slide 16: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 36.6 36.4 47.3 46.9 6.8 6.9 10.8 9.9 10.0 2.1 10.9 2.1 -0.5% 5.2 5.1 10.8 11.7 11.4 10.9 FY 2024 Q3 2025 4.0 4.0 -1% 8.5 8.3 Thereof: gas customers m1 10.7 10.5 14.1 13.7 Germany 3.1 3.1 Germany 1.9 1.9
Slide 17: Adjusted Net Income
Adjusted Net Income1 €m 9M 2024 9M 2025 %YoY EBITDA1 6,687 7,382 +10 Depreciation/amortization -2,321 -2,635 -14 EBIT1 4,366 4,747 +9 Economic interest expense, net -841 -1,025 -22 EBT1 3,525 3,722 +6 Income Taxes on EBT1 -894 -930 -4 % of EBT1 -25% -25% - Non-controlling interests -426 -494 -16 Adj
Slide 18: Cash-effective investments
Cash-effective investments1 €m 9M 2024 9M 2025 %YoY Energy Networks 3,568 4,112 +15 Energy Infrastructure Solutions 667 577 -13 Energy Retail 390 318 -18 Corporate Functions 105 86 -18 Consolidation 1 -1 -200 Investments 4,731 5,092 +8 E.ON 9M 2025 results 1. Adjustment of the prior year's figures d
Slide 19: Economic Net Debt
Economic Net Debt €m 31 Dec 2024 31 Sep 2025 Liquid funds 7,280 4,563 Non-current securities 869 738 Financial liabilities1 -37,677 -37,758 Adjusted FX hedging 316 -48 Net financial position -29,212 -32,505 Provisions for pensions -5,181 -4,704 Asset retirement obligations -6,674 -6,203 Economic Net
Slide 20: Economic interest expense (net)
Economic interest expense (net) 1 €m 9M 2024 9M 2025 YoY Interest from financial -724 -924 -200 assets/liabilities Interest cost from provisions for -92 -93 -1 pensions and similar provisions Accretion of provisions for retirement obligations and -36 -31 +5 similar provisions Construction period int
Slide 21: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m 9M 2024 9M 2025 %YoY EBITDA1 6,687 7,382 +10 1 Depreciation/Amortization/Impairments -2,321 -2,635 -14 1 EBIT 4,366 4,747 +9 Interest result -757 -834 -10 Net book gains -18 -395 -2,094 Restructuring -6 -15 -150 Effects from derivative financial instrum
Slide 22: 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 23: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end 9M 20251 Nominal Value (€bn) Coupon (%) 25.1 1.3 1.0 0.9 0.9 0.8 0.6 0.6 0.5 0.5 1.5% 0.1% 1.6% 0.3% 0.4% 1.3% 2.4% 2.9% 0.1% Q4 2025 Q1 2026 Q2 2026 Q4 2026 Q3 2027 Q4 2027 Q1 2028 Q3 2028 Q4 2028 > 2028 E.ON 9M 2025 results 1.
Slide 24: Financial calendar and important links
Financial calendar and important links Financial calendar February 25, 2026 April 23, 2026 May 13, 2026 August 12, 2026 Full Year Financial Report Annual General Meeting Quarterly Statement Half Year Financial Report 2025 January – March 2026 January – June 2026 • Presentations • Facts & Figures 202
Slide 25: E.ON Investor Relations team
E.ON Investor Relations team Iris Eveleigh Omar Barekzai Taski Maar Jonas Malecki (on leave) Head of Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com omar.barekzai@eon.com taski.maar@eon.com jonas.malecki@eon.com +49 170 768874
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 on us