E.on Se · XETR:EOAN
E.on — European Credit Conference by UniCredit 2025
38 slides from E.on's conference presentation, Mar 27, 2025
Slide 1: European Credit Conference
European Credit Conference March 2025 @-orl
Slide 2: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe Energy Networks Energy Infrastructure Solutions Energy Retail We operate the largest energy distribution Industries and cities face major energy We are helping millions of private grid in Europe and are the backbone of the supply challeng
Slide 3: Unique position across the utility value chain and geographical diversification
Unique position across the utility value chain and geographical diversification with focus on Germany, central and northern Europe E.ON has no activities and Energy Networks Energy Infrastruchure Solutions ee no legacy assets in: aA Large-scale generation* Active in ive i Aattoln TaN Power & gas tra
Slide 4: Our investment case: five reasons to invest in E.ON
Our investment case: five reasons to invest in E.ON Energy Networks Long-term growth ina regulated environment Growth opportunities from the green energy transition well into the 2030s and a regulated business nature provide for a steady and profitable earnings growth path Capital Markets Story Ener
Slide 5: Our business and financial strategy provide for attractive shareholder returns
Our business and financial strategy provide for attractive shareholder returns supported by a strong balance sheet Financial capacity Operational growth Earnings growth Shareholder remuneration Strong 10% power High-single-digit Up to 5% BBB/Baa rating RAB growth p.a. EBITDA and EPS growth DPS growt
Slide 6: Energy Networks
Energy Networks -_
Slide 7: Our distribution networks are vital to a successful green energy transition
Our distribution networks are vital to a successful green energy transition FY 2024 Empowerment of the energy transition Total RAB+ :€46bn Power: €40bn 28.0 -€4.0bn Gas: €6bn RAB-effective investment, annual average 2024-2028 Germany Sweden * Integration of expanding renewables * Connection of new c
Slide 8: Investment program is boosting our RAB growth to industry leading levels
Investment program is boosting our RAB growth to industry leading levels across core markets E.ON power RAB development? Power RAB development key countries* eon -9% CAGR? Gin 2024-2028 2024-2028 a -10% CAGR Germany? 2022 2023 2024 2028 -6% Sweden 7 case 2022 2023 2024 2028 31 2022 2023 2024 2025 20
Slide 9: Regulated business nature provides a predictable and profitable earnings growth path
Regulated business nature provides a predictable and profitable earnings growth path with low country risk EBITDA? Energy Networks €bn +7% Underlying EBITDA CAGR 2024-2028 -8.6 74-76 69. One offs/ Timing Underlying 2024 2024 2025 2028 Highly predictable earnings profile with German and Swedish regul
Slide 10: Energy Infrastructure Solutions
Energy Infrastructure Solutions
Slide 11: Best-in-class infrastructure portfolio capitalizing upon decarbonization needs
Best-in-class infrastructure portfolio capitalizing upon the 4 decarbonization needs of cities and industries Core businesses District Heating & Cooling Heating and cooling networks in urban areas. We design, build, own, operate, and optimize the assets Industrial & Commercial Solutions On-site ener
Slide 12: Delivering attractive and long-term secured returns in a diversified market set-up
Delivering attractive and long-term secured returns in a diversified market set-up Portfolio of infrastructure assets Key EIS characteristics * Typical contract duration of 10-20 years from contract conclusion iF -6,000 oa . . pe) . * Long-term contracts allow for inflation protection and effective
Slide 13: Energy Retail
Energy Retail
Slide 14: Large and loyal customer base managed for efficiency
Large and loyal customer base managed for efficiency and a . . . -17% convergence towards integrated flexible offerings EBITDA share? Stable customer base of -47m Managing for efficiency and customer Converging towards integrated flexibility centricity offerings Customer accounts? ° Digitalization m
Slide 15: Offering a steady earnings path combined with attractive cash returns
Offering a steady earnings path combined with attractive cash returns EBITDA? Energy Retail €bn Grow earnings through additional efficiencies, new +4% CAGR flexibility offerings and unlocking brand value Underlying EBITDA 2024-2028 A > EBITDA B2C margin? within 3-5% target range -2.0 18 One offs/ Un
Slide 16: Finance Strategy
Finance , Strategy « a
Slide 17: We translate our strategy into an attractive financial framework
We translate our strategy into an attractive financial framework Strong execution Over delivery on 2024 earnings targets. Accelerating investment momentum Significant capex step-up in 2024 sets a solid basis for increased mid-term investment guidance. Strong balance sheet Capex program financed via
Slide 18: Strong credit and issuance ratings (BBB+/Baa2/A-)
Strong credit and issuance ratings (BBB+/Baa2/A-) A-1A3 — Fitch? S&P BBB+ / Baal Upgrade r——— — sap Senior unsecured Long-term ratings BBB / Baa2 t _— Moody's 2020 2021 2022 2023 2024 2025 S&P Global f . Ratings ° Moobpy’s FitchRatings Issuer rating: BBB+ (stable outlook) . Issuer rating: BBB+ (stab
Slide 19: Investment program delivered with comfortable extra balance sheet capacity in 2028
Investment program delivered with comfortable extra balance sheet capacity in 2028 Strong BBB/Baa rating High earnings quality and growth * Sustainable average CCR? of -100% from 2024 to 2028 Debt factor? target of S$ 5.0x Discretionary disposal program of up to €2bn of proceeds maintained * Opportu
Slide 20: Sound funding strategy enabling sustainable green growth path
Sound funding strategy enabling sustainable green growth path Valimmcs Funding so far... €3.5-5bn p.a. a * — Significant prefinancing of 2025 done in 2024 * Successful €1.75bn bond issuance in January 2025; thereof 900m as green bonds Doo Tenors 000 5-30 years Green bonds >50% p.a. Currencies EUR pr
Slide 21: Sustainability strategy
Sustainability strategy
Slide 22: Diversity, Equity, and Inclusion.
• • • • • • • Diversity, Equity, and Inclusion.
Slide 23: Ambitious environmental targets form the basis for all our businesses
Ambitious environmental targets form the basis for all our businesses Ambitious ESG targets and commitments Governance and Lead in transparency sustainable finance reflected prestigious ratings* * Management remuneration MSCI system aligned with ESG- AA (Leader score range) targets 33 xsepP + -98% E
Slide 24: Appendix
Appendix
Slide 25: Financials
Financials
Slide 26: Guidance overview
Guidance overview €bn FY 20241 FY 2025 FY 2028 EBITDA? 9.049 9.6-9.8 >11.3 Energy Networks 6.868 74-76 -8.6 Energy Infrastructure Solutions 0.558 0.55-0.65 -0.9 Energy Retail 1.813 1.6-1.8 -2.0 Corporate Functions & Other -0.190 --0.1 --0.1 Adj. Net Income? 2.856 2.85-3.05 -3.4 EPS? €1.09 €1,09-1.17
Slide 27: Strong earnings and capex delivery in FY 2024
Strong earnings and capex delivery in FY 2024 Energy Networks iv) Energy Infrastructure @ Energy Retail iv) Group EBITDA? €6.9bn Solutions EBITDA? €1.8bn EBITDA? €0.56bn * Accelerating investments into Regulated Asset Base and operational execution * Strong underlying delivery driven by market-leadi
Slide 28: 2024-2028 Investments, segment investment split, creating shareholder value
2024-2028 Investments? Segment Investment split Creating shareholder value -€43bn -—J >95% EU taxonomy aligned? 1. Cash-effective investments including Corporate Functions. Corporate Functions not depicted in the split on the right. 2. Based on EU taxonomy eligible capex. 3. Includes Capital Markets
Slide 29: Investment program is boosting our RAB growth to industry leading levels
Investment program is boosting our RAB growth to industry leading levels across core markets E.ON power RAB development? Power RAB development key countries* en 9% CAGR? €bn 2024-2028 2024-2028 10% Germanys a CAGR 31 2022 2023 2024 2028 -6% Sweden | E 5 7 case 2022 2023 2024 2028 2022 2023 2024 2025
Slide 30: Value accretive growth path in all our businesses
Value accretive growth path in all our businesses Energy Networks EBITDA? (€bn) +7% CAGR Underlying EBITDA 2024-2028 -8.6 74-76 69 One offs/ Timing Underlying 2024 2024 2025 2028 Capital Markets Story 1. Adjusted for non-operating effects. Energy Infrastructure Solutions EBITDA? (€bn) +11% CAGR Unde
Slide 31: Superior earnings growth profile with high-single-digit CAGR
Superior earnings growth profile with high-single-digit CAGR EBITDA €bn +7% CAGR Underlying EBITDA 2024-2028 A vans 9.6-9.8 9.0 One offs/ Timing Underlying 2024 2025 2028 Average Return on Capital Employed . 1 EPSi2 pilusted Net Income: poplletios n 2025 €1.09-1.17 2028 -€1.30 +7% CAGR Underlying AN
Slide 32: Capital market debt well diversified and substantially green
Capital market debt well diversified and substantially green Capital Market Debt? (in €bn) Maturity Profile? (in €bn) 50 45 40 35 Capital market debt 30 -€ 30.9bn thereof € 13.0bn 28 green bonds (42%) 20 15 10 00 '25 '26 '27 '28 '29 '30 ‘31 '32 '33 '34 '35 '36 '37 '38 ‘39 ‘40 ‘41 ‘42 '43 ‘44 EUR Bon
Slide 33: Green Bond Framework
Green Bond Framework
Slide 34: Green Bond Framework overview
Green Bond Framework overview: Framework structure in line with draft EU Green Bond Standard? Green assets and capex Electricity Networks (DSO) Renewable Energy Energy Efficiency Clean Transportation Process for selection of green assets and capex All projects directly contribute to, or enable Clima
Slide 35: Green Bond categories
Green Bond categories Electricity Networks (DSO) Alldistributi rastructure and equipment in the inter-connected European System? as EU Taxonomy compliant Additional assessment on a network's ‘greenness’, considering new green network connections or network emission factor? Renewable Energy Renewable
Slide 36: Financial calendar and important links
Financial calendar and important links Financial calendar May 14, 2025 May 15, 2025 August 13, 2025 November 12, 2025 Quarterly Statement Annual General Meeting Half Year Financial Report Quarterly Statement January – March 2025 January – June 2025 January – September 2025 Important links To be dire
Slide 37: 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 38: thank you
thank you @-ori