E.on Se · XETR:EOAN
E.on — Q1 2024 Earnings Presentation
27 slides from E.on's earnings presentation, May 15, 2024
Slide 1: Q1 2024 results
it‘s on us Q1 2024 results May 2024
Slide 2: Solid Q1 outturn and full guidance confirmation
Solid Q1 outturn and full guidance Key financials confirmation €bn EPS1 € 0.40 € 0.40 • Q1 EBITDA outturn in all segments in line with expectations 2,72 2,75 1,03 1,05 • Capex-backed growth and strong execution driving slight year-over- year increase, more than offsetting the unwind of prior year on
Slide 3: Earnings delivery well on track for FY guidance
Earnings delivery well on track for FY guidance EBITDA1 Key Drivers €m Energy Networks • Organic RAB growth Q1 2023 2.715 • Germany: unwind of 2023 redispatch cost benefit, new regulatory period, higher upstream network costs (pass-through) Energy Networks -107 • Sweden: new regulatory period, unwin
Slide 4: EBITDA and Adjusted Net Income slightly above prior-year level
EBITDA and Adjusted Net Income slightly above prior-year level despite the absence of positive one-off effects ANI1 €m vs. Q1 2023 vs. Q1 2023 +1% +2% 2.745 Tax rate at ~25% 0.40 EPS1 2.005 (€ per share) -740 1.738 -267 -441 1.047 -250 Group EBITDA1 D&A1 Group EBIT1 Economic Profit Income taxes1 Min
Slide 5: Comfortable balance sheet position and quarter in line with typical seasonality
Comfortable balance sheet position and quarter in line with typical seasonality Economic Net Debt – quarterly comparison €bn -7.0 -7.4 Investment spend up sharply -4.8 Asset Retirement Obligations (ARO) year-over-year +24% -5.0 Pension provisions Net financial position Seasonal operational cash -25.
Slide 6: EIS addresses customer needs to decarbonize energy infrastructure
Energy Infrastructure Solutions EIS addresses customer needs to decarbonize energy infrastructure Business clusters Market drivers Customers and their needs Housing companies, municipalities, real District Heating and cooling networks Regulatory push for efficient ~30% estate developers, private hou
Slide 7: Delivering attractive and long-term secured infrastructure-related returns
Energy Infrastructure Solutions Delivering attractive and long-term secured infrastructure-related returns in a diversified market set-up FY 2023 Investments: €684m1 FY 2023 EBITDA: €525m1 EIS characteristics Capex2: breakdown by region EBITDA2: breakdown by region • 80% of the €5bn CAPEX plan €m €m
Slide 8: 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 Corporate Functions & Other -0.077 ~-0.2 ~-0.1 • Solid Q1 outturn with expected Adj. Net Income2 3
Slide 9: Financial appendix
financial appendix
Slide 10: 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 +/- Price adjustments Germany - One offs in Q1 2023 - One off effects 2023 not recurring in 2024 +/- New regu
Slide 11: Financial Overview
Financial Overview €m Q1 2023 Q1 2024 %YoY Sales 33,543 22,641 -33 EBITDA1 2,715 2,745 +1 EBIT1 2,036 2,005 -2 Adjusted Net Income1 1,031 1,047 +2 OCFbIT -431 -682 -58 Investments 1,038 1,288 +24 Economic Net Debt (March 31, 2024 -37,691 -39,496 -5 and December 31, 2023)2 1. Adjusted for non-operati
Slide 12: Cash conversion rate of -13% in Q1 2024 following typical seasonal patterns
Cash conversion rate of -13% in Q1 2024 following typical seasonal patterns CCR1 €bn -13% CCR 2.7 0.2 -3.6 -0.7 -0.3 -0.2 -1.2 -1.3 -2.5 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments 1. Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT related to dism
Slide 13: Energy Networks
Energy Networks EBITDA1 Drivers €m All + Organic RAB growth 1,890 1,783 Germany Sweden - Unwind of 2023 redispatch cost benefit and + Improved regulatory parameters -6% Covid recoveries - Unwind of 2023 network loss recoveries +/- New regulatory period Germany - Higher upstream network costs (pass-t
Slide 14: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 €m Drivers 212 163 EBITDA + Smart meter installations - Earlier maintenance schedule than last year -23% - One offs in Q1 2023 Q1 2023 Q1 2024 Investments €m €m EIS 195 Q1 2023 Q1 2024 %YoY EBITDA1 212 163 -23 106 +84% EBIT1 136 81 -40 OCFbIT -18 44 +344 Inves
Slide 15: Energy Retail
Energy Retail EBITDA1 Drivers €m All Germany 867 + Price adjustments in 2023 + Improved B2B margins + Payment behavior unchanged - Normalized market activity - One off effects 2023 not recurring in 2024 - Milder weather/ lower volumes 624 +39% Germany UK UK NL Netherlands + B2C: Customer mix and low
Slide 16: 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 47.3 6,7 6,7 10,7 10,7 9,6 9,7 2.1 2.1 ~0% 5,4 5,4 10,7 10,7 11,9 11,8 FY 2023 Q1 2024 3,9 3,9 ~0% 8,9 8,8 Thereof: gas customers m1 10.5 10.6 14,2 14,2 Germany 2,9 3,0 Germany 1,8 1,8 FY
Slide 17: Adjusted Net Income
Adjusted Net Income €m Q1 2023 Q1 2024 %YoY EBITDA1 2,715 2,745 1 Depreciation/amortization1 -679 -740 -9 EBIT1 2,036 2,005 -2 Economic interest expense, net1 -233 -267 -15 EBT1 1,803 1,738 -4 Income Taxes on EBT1 -451 -441 +2 % of EBT1 -25% -25% -1 Non-controlling interests1 -321 -250 +22 Adjusted
Slide 18: Cash-effective investments
Cash-effective investments1 €m Q1 2023 Q1 2024 %YoY Energy Networks 824 959 +16 Energy Infrastructure Solutions 106 195 +84 Energy Retail 77 115 +49 Corporate Functions 33 21 -36 Consolidation -2 -2 +0 Investments 1,038 1,288 +24 1. Prior-year segmental figures with minor restatement due to changes
Slide 19: Economic Net Debt
Economic Net Debt €m 31 Dec 2023 31 Mar 2024 Liquid funds 7,412 7,449 Non-current securities 1,177 1,098 Financial liabilities1 -33,943 -36,483 Adjusted FX hedging 11 227 Net financial position -25,343 -27,709 Provisions for pensions -4,985 -4,759 Asset retirement obligations2 -7,363 -7,028 Economic
Slide 20: Economic interest expense (net)
Economic interest expense (net) €m Q1 2023 Q1 2024 %YoY Interest from financial -194 -235 -41 assets/liabilities Interest cost from provisions for -24 -31 -7 pensions and similar provisions Accretion of provisions for retirement obligations and -13 -11 2 similar provisions Construction period intere
Slide 21: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m Q1 2023 Q1 2024 %YoY EBITDA1 2,715 2,745 +1 Depreciation/Amortization/Impairments -679 -740 -9 EBIT1 2,036 2,005 -2 Interest result -235 -91 +61 Net book gains -2 -16 -700 Restructuring 1 -3 -400 Effects from derivative financial instruments -1,506 285
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: Bond maturities
Bond maturities Benchmark bond maturities as of end Q1 20241 21.3 Value (€bn) Coupon (%) 1.0 0.9 0.7 0.8 0.7 0.7 0.7 0.5 0.5 0.5 0.38% 1.25% 0.0% 0.88% 1.0% 1.0% 0.3% 0.88% 0.1% 1.6% Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q4 2025 Q1 2026 Q2 2026 Q4 2026 Q3 2027 Q4 2027 >2027 Q1 2024 results 1. Bonds issued
Slide 24: Financial calendar & important links
Financial calendar & important links Financial calendar May 16, 2024 August 14, 2024 November 14, 2024 February 26, 2025 Annual General Meeting Half Year Financial Report Quarterly Statement Full Year Financial Report January – June 2024 January – November 2024 2024 • Presentations • Facts & Figures
Slide 25: 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 Julian MilagrosJost D’El
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 onus @-on