E.on Se · XETR:EOAN
E.on — Debt Investor Presentation (September 2025)
35 slides from E.on's debt investor presentation, Sep 10, 2025
Slide 1: Commerzbank Swiss Bond Event 2025
Commerzbank Swiss Bond Event 2025 10 September 2025
Slide 2: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe EBITDA EBITDA EBITDA share1 ~76% share1 ~7% share1 ~17% 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 gr
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 Energy Networks Energy Infrastructure Solutions Energy Retail E.ON has no activities and no legacy assets in: Large-scale generation4 Active in Active in Active in Power
Slide 4: Business and financial strategy provide attractive shareholder returns supported by strong balance sheet
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 5: Strong H1 results and full guidance confirmation
Strong H1 results and full Key financials guidance confirmation €bn EPS1 5.5 4.9 € 0.67 € 0.74 • H1 EBITDA group results in line with expectations 1.9 1.8 • Capex-backed growth and operational execution fully on track; H1 impacted by value-neutral timing effects • Value-accretive investment ramp-up
Slide 6: Energy Networks
Energy Networks @-or!
Slide 7: Status of German regulation (RP5)
Status of German regulation (RP5) >60% of E.ON’s total RAB is in Germany1 January Draft consultation papers for RP54 ~80% of German onshore June – wind capacity added in JulyJune / Consultation papers published on the 2024 was connected to July overall regulatory framework and E.ON grids3 methodolog
Slide 8: Our distribution networks are vital to a successful green energy transition
Our distribution networks are vital to a successful ~76% green energy transition EBITDA share4 FY 2024 Empowerment of the energy transition Total RAB1,2 :€46bn ~€4.0bn Power: €40bn 28.0 7.1 Gas: €6bn RAB-effective investment, annual average 2024-2028 Germany Sweden ~20% of capex for • Integration of
Slide 9: 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 development1 Power RAB development key countries1 €bn €bn 2024-2028 2022-2028 ~10% CAGR ~9% CAGR2 2022-2028 2024-2028 55 ~35 ~10% ~11% ~34 ~21 ~23 CAGR CAGR Germany3 ~19 40 36 2022 2023 2024 2
Slide 10: Regulated business provides predictable earnings growth path with low country risk
Regulated business nature provides a predictable and profitable earnings growth path with low country risk EBITDA1 Energy Networks Energy Networks investments in Energy Networks value drivers €bn AAA rated countries +7% + Immediate guaranteed return on Underlying EBITDA CAGR investments 2024-2028 Ge
Slide 11: Energy Infrastructure Solutions
Energy Infrastructure Solutions
Slide 12: Best-in-class infrastructure portfolio capitalizing on decarbonization needs
Best-in-class infrastructure portfolio capitalizing upon the ~7% decarbonization needs of cities and industries EBITDA share1 Core businesses Key drivers of the market Robust growth trajectory District Heating & Cooling EBITDA Heating and cooling networks in urban areas. We design, build, own, opera
Slide 13: 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 ~6,000 • Long-term contracts allow for inflation protection and effective infrastructure a
Slide 14: Energy Retail
Energy Retail @-or!
Slide 15: Large and loyal customer base managed for efficiency and convergence
Large and loyal customer base managed for efficiency and ~17% convergence towards integrated flexible offerings EBITDA share3 Managing for efficiency and customer Converging towards integrated flexibility Stable customer base of ~47m centricity offerings Customer accounts1 Digitalization million Tar
Slide 16: Steady earnings path combined with attractive cash returns
Offering a steady earnings path combined with attractive cash returns EBITDA1 Energy Retail €bn Grow earnings through additional efficiencies, new +4% CAGR flexibility offerings and unlocking brand value Underlying EBITDA 2024-2028 EBITDA B2C margin2 within 3-5% target range ~2.0 1.8 One offs/ 1.6
Slide 17: Finance Strategy
Finance Strategy tap a a” = (ae be) @-or!
Slide 18: Delivery of 2024 promises and focus on shareholder value creation
Delivery of 2024 promises and persistent focus on shareholder value creation … 1 2 3 4 Solid foundation for Delivering on our Continuous focus on Improved financial promises – strong 2024 shareholder value creation outlook organic growth and performance shareholder returns We continue to commit to o
Slide 19: ... and going forward
… and going forward 1 2 3 Strong operational and Status of German The energy transition is financial delivery in H1 25 regulation accelerating across Europe Further digitalization efforts Draft regulatory framework for Continued growth path into the leading to a 2x increase in 2029-2033 (RP5) is und
Slide 20: We are a stable and largely regulated utility
We are a stable and largely regulated utility S&P WN Upgrade BBB+ / Baa1 Fitch1 S&P Long-term ratings BBB / Baa2 Moody‘s RfD BBB- / Baa3 2017 2018 2019 2020 2021 2022 2023 2024 2025 • Issuer rating: BBB+ (stable outlook) • Issuer rating: Baa2 (stable outlook) • Issuer rating: BBB+ (stable outlook) •
Slide 21: Strong BBB/Baa rating, €5-10bn extra balance sheet capacity
Investment program delivered with comfortable extra balance sheet capacity in 2028 Strong High earnings quality and growth BBB/Baa rating • Sustainable average CCR1 of ~100% from 2024 to 2028 Debt factor2 target of ≤ 5.0x Discretionary disposal program of up to €2bn of proceeds maintained • Opportun
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 well diversified and substantially green
Capital market debt well diversified and substantially green Capital Market Debt1 (in €bn) Maturity Profile2 (in €bn) 5,0 4,5 4,0 3,5 3,0 42% Capital market debt 2,5 ~€31.1bn thereof €13.1bn 2,0 green bonds (42%) 1,5 1,0 0,5 0,0 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42
Slide 24: Sustainability strategy
Sustainability strategy
Slide 25: Sustainability acts as a key pillar of our strategic foundation
Sustainability acts as a key pillar of our strategic foundation Environment Social Governance • >15% of all renewable assets in Europe connected to E.ON grid, thereof >1 • We ensure the frequency of serious • Positive development of share of million renewable assets connected in Germany accidents an
Slide 26: 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 sustainable Lead in transparency finance reflected prestigious ratings4 Scope 1+2 Scope 3 • Management remuneration 20301 -50%2 -50%2 system aligned with ESG- AA (Leader score r
Slide 27: Appendix
Appendix
Slide 28: Guidance fully confirmed
Guidance fully confirmed €bn FY 20241 FY 2025 FY 2028 EBITDA2 9.049 9.6-9.8 >11.3 Energy Networks 6.868 7.4-7.6 ~8.6 • Strong H1 group results and investment Energy Infrastructure Solutions 0.558 0.55-0.65 ~0.9 ramp-up well on track Energy Retail 1.813 1.6-1.8 ~2.0 Corporate Functions & Other -0.190
Slide 29: Strong earnings and capex delivery in FY 2024
Strong earnings and capex delivery in FY 2024 Energy Networks Energy Infrastructure Energy Retail Group EBITDA1 €6.9bn Solutions EBITDA1 €1.8bn EBITDA1 €0.56bn • Adjusted EBITDA €9.0bn • Accelerating investments • Record high investments • Maintaining our market- into Regulated Asset Base driving fu
Slide 30: Accelerated investment program backed by strict value creation requirements
Accelerated investment program backed by strict value creation requirements 2024-2028 Investments1 Segment Investment split Creating shareholder value €32bn RAB-effective: Energy GER 73% / SWE 10% / CZ 6% / Other Networks 10% 150-200bps ROCE over WACC spread4 €3bn network-adjacent3: €35bn GER 100% E
Slide 31: 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 development1 Power RAB development key countries1 €bn €bn 2024-2028 2022-2028 ~10% CAGR ~9% CAGR2 2022-2028 2024-2028 55 ~35 ~10% ~11% ~34 ~21 ~23 CAGR CAGR Germany3 ~19 40 36 2022 2023 2024 2
Slide 32: Value accretive growth path in all our businesses
Value accretive growth path in all our businesses Energy Networks Energy Infrastructure Solutions Energy Retail EBITDA1 (€bn) EBITDA1 (€bn) EBITDA1 (€bn) +7% CAGR +11% CAGR +4% CAGR Underlying EBITDA 2024-2028 Underlying EBITDA 2024-2028 Underlying EBITDA 2024-2028 ~8.6 7.4-7.6 ~2.0 6.9 1.8 1.6-1.8
Slide 33: Superior earnings growth profile with high-single-digit CAGR
Superior earnings growth profile with high-single-digit CAGR EPS1,2 EBITDA1 Adjusted Net Income1 2024 € 1.09 €bn €bn 2025 € 1.09-1.17 2028 ~€ 1.30 +7% CAGR Underlying EBITDA 2024-2028 +7% CAGR Underlying ANI 2024-2028 >11.3 ~3.4 9.6-9.8 2.9 2.85-3.05 9.0 One offs/ Timing One offs/ Timing >11.4 ~3.5
Slide 34: Financial calendar and important links
Financial calendar and important links Financial calendar November 12, 2025 February 25, 2026 April 23, 2026 May 13, 2026 Quarterly Statement Full Year Financial Report 2025 Annual General Meeting Quarterly Statement January – September 2025 January – March 2026 Important links To be directed to our
Slide 35: 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