E.on Se · XETR:EOAN
E.on — Debt Investor Presentation (September 2026)
31 slides from E.on's debt investor presentation, September 2026
Slide 1: Deal-related AUD Investor Update
Deal-related AUD Investor Update September 2026
Slide 2: Disclaimer
Disclaimer NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. This presentation contains summary information relating to E.ON Group (‘E.ON’) that must not
Slide 3: E.ON Representative
E.ON Representative Important links To be directed to our products please follow the links: • Presentations • Debt Investor Presentations • Facts & Figures Henryk Wuppermann • Annual Reports Vice President Corporate & Structured Finance • Quarterly Reporting • Investor Relations • Debt Issuance Prog
Slide 4: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe Adj. EBITDA Adj. EBITDA Adj. EBITDA share1 share1 share1 ~76% ~8% ~16% Energy Networks Energy Infrastructure Solutions Energy Retail We operate the largest energy distribution grid in Industries and cities face major energy supply We are
Slide 5: Our investment case: five reasons to invest in E.ON
Our investment case: five reasons to invest in E.ON 1 2 3 4 5 Energy Networks Energy Infrastructure Energy Retail Strategic Foundation Financial Strategy Solutions Long-term growth in a Growth acceleration Reliable returns and Growth, digitalization Focus on value-creation regulated environment from
Slide 6: Our growing distribution networks are the backbone for a successful energy transition
Our growing distribution networks are the backbone for a successful energy transition E.ON Investment Plan 2026 - 2030 RAB-effective2 Investment Split Annual average 2026 - 2030 E.ON Capex ~€48bn1 Empowerment of the energy transition 2026-2030 Grid modernization €7.2bn Various distribution grid buil
Slide 7: We offer an unprecedented regulated growth trajectory with a clear strategic focus on power infrastructure
We offer an unprecedented regulated growth trajectory ~76% with a clear strategic focus on power infrastructure Adj. EBITDA share1 Current Regulated Asset Base (RAB) Projected power RAB development FY 2025 E.ON Group-level E.ON Key Countries 2025-2030 30.0 7.8 €bn ~9% CAGR €bn Total RAB2,3 :€48bn 20
Slide 8: Energy Infrastructure Solutions: Delivering attractive and long-term secured returns
Energy Infrastructure Solutions: Delivering attractive and ~8% long-term secured returns in a diversified market set-up EBITDA share1 Core businesses Portfolio of infrastructure assets Robust growth trajectory Adj. EBITDA District Heating & Cooling €bn +12% CAGR ~6,000 infrastructure assets Heating
Slide 9: Energy Retail: Offering a steady earnings path combined with attractive cash returns
Energy Retail: Offering a steady earnings path combined with attractive cash returns ~16% Adj. EBITDA share1 Healthy cash flows Attractive operating cash flow margin Stable customer base of ~47m Generate reliable cash flow margins through 2026-2030 Investments and cash contribution3 Customer account
Slide 10: Finance Update
Finance Update
Slide 11: Our growth strategy creates attractive long-term value for our investors
it’s on us Our growth strategy creates attractive To make new energy work long-term value for our investors Updated guidance for 2026-30 • We successfully delivered in FY 2025 with operational excellence as the foundation for our future growth ~€48bn Total investments • We further increase our inves
Slide 12: Continuous guidance achievement in a dynamic market environment
Continuous guidance achievement in a dynamic market environment characterized by unprecedented growth Adjusted EBITDA1 Adjusted Net Income1 €bn €bn 9.0 9.8 8.1 8.12 2.9 3.0 2.52 1.9 2022 2023 2024 2025 We keep our 2022 2023 2024 2025 Energy Networks Capex promises. Dividend per Share (DPS) €bn € = G
Slide 13: Strong and stable credit and issuance ratings (BBB+/Baa2/A-)
Strong and stable credit and issuance ratings (BBB+/Baa2/A-) Long-term ratings Senior unsecured A- / A3 Fitch1 WN S&P BBB+ / Baa1 Upgrade S&P RfD BBB / Baa2 Moody‘s 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 • Issuer rating: BBB+ (stable outlook) • Issuer rating: Baa2 (stable outlook) • Issue
Slide 14: 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 15: E.ON executed more than EUR 4.4bn of funding year-to-date
E.ON executed more than EUR 4.4bn of funding year-to-date, about 1/3 outside of EURO Bond market Funding Transactions 2026 Ongoing diversification initiatives: January-2026 January-2026 March-2026 April-2026 Bond Schuldschein- Bond Schuldschein- • Maintain and expand presence in non-EUR darlehen / d
Slide 16: Offering Summary
Offering Summary Issuer E.ON SE Issuer Ratings Baa2 / BBB+ / BBB+ (all stable outlook) Expected Issue Ratings Baa2 / BBB+ / A- Format Senior unsecured Tenor 6 years Currency AUD Green Bond: Eligible Green Assets as set out in the Section Use of Proceeds "Green Projects" of the E.ON Green Bond Framew
Slide 17: Credit Highlights
Credit Highlights Playmaker of the Stable ratings, free debt Commitment to AUD European Energy capacity market Transition Largest Distribution Grid Significant free debt E.ON continues on its operator in Europe capacity ambition to become a 75% regulated earnings, Issuer ratings (M/S/F): regular kan
Slide 18: Thank you
V1 hank you C-on
Slide 19: Appendix
Appendix
Slide 20: Financials
Financials - @-or!
Slide 21: Guidance overview
Guidance overview €bn FY 20251 FY 20262 FY 20302 Adj. EBITDA3 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 Energy Retail 1.697 1.6-1.8 ~2.1 Adj. Net Income3 2.744 2.7-2.9 ~3.8 EPS (€ per share)3 €1.05 €1.03-1.11 ~€1.45 Dividend (€ per sh
Slide 22: Strong financial delivery in FY 2025
Strong financial delivery in FY 2025 Energy Networks Energy Infrastructure Energy Retail Group Adjusted EBITDA1 €7.7bn Solutions Adjusted EBITDA1 €1.7bn Adjusted EBITDA1 €0.59bn • Adjusted EBITDA1 €9.8bn • Accelerating investments • Investments in heating, • Maintaining our market- into Regulated As
Slide 23: 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 24: Increasing investment program backed by strict value creation requirements
Increasing investment program backed by strict value creation requirements 2026-2030 Investments1 Segment Investment split Creating shareholder value Energy ~€36bn RAB-effective: Networks GER 73% / SWE 11% / CZ 5% / Other 11% 150-200bps ROCE over WACC ~€3bn network-adjacent & Other2: spread3 ~€40bn
Slide 25: Our business and financial strategy provides for attractive shareholder returns
Our business and financial strategy provides for attractive shareholder returns supported by a strong balance sheet Shareholder Financial capacity Operational growth Earnings growth remuneration Attractive financial Strong 10% power RAB outlook with 6% Up to 5% BBB/Baa rating growth p.a. EBITDA and
Slide 26: Solid growth foundation from strong balance sheet and strong cash generation
Solid growth foundation from strong balance sheet and strong cash generation Strong High earnings quality and growth • Sustainable average CCR1 of ~100% from 2025 to 2030 BBB/Baa rating Debt factor2 target Discretionary disposal program of €2bn of ≤ 5.0x • Opportunistic execution of our portfolio op
Slide 27: Growth contributions across all segments, with emphasis on EBITDA growth from power
Growth contributions across all segments, with a strong emphasis on EBITDA growth from power grid investments Adjusted EBITDA1 €bn Energy Infrastructure Solutions Energy Networks +6% CAGR ~1.1 Underlying 2025-2030 0.62 0.60-0.75 +12% CAGR One offs Underlying ~9.8 0.6 2025-2030 2025 2026 2030 7.32 7.
Slide 28: Attractive financial outlook with 6% earnings growth and growing dividend
Attractive financial outlook with 6% earnings growth and growing dividend Adjusted EBITDA1 Adjusted Net Income1 €bn €bn +6% CAGR +6% CAGR Underlying 2025-2030 Underlying 2025-2030 ~13.0 >11.4 ~3.8 9.52 9.4-9.6 ~3.45 One offs 2.842 2.7-2.9 One offs 9.4 2.74 2025 2026 2028 2030 2025 2026 2028 2030 TSR
Slide 29: Capital market debt well diversified and substantially green
Capital market debt well diversified and substantially green Capital Market Debt1 (in €bn) Maturity Profile1 (in €bn) €16.8bn 5,0 4,5 green bonds 4,0 3,5 3,0 2,5 €34.8bn 2,0 1,5 1,0 0,5 0,0 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 EUR Bonds GBP Bonds EUR Bonds GBP
Slide 30: Green Bond Framework
Green Bond Framework
Slide 31: E.ON's Green Financing Framework updated in Q4 2025
E.ON’s Green Financing Framework1 updated in Q4 2025 • Green bonds or other green financing instruments (e.g. Instruments Schuldschein, loans, among others) External Verification (Moody’s SPO) • Electricity Network Assets and CapEx Use of • Full EU Taxonomy alignment Proceeds • Paris-aligned benchma