E.on Se · XETR:EOAN
E.on — Non-Deal Roadshow (March 2025)
30 slides from E.on's roadshow presentation, March 2025
Slide 1: Non-deal Investor Update – Australia & Singapore
Non-deal Investor Update – Australia & Singapore March 2025
Slide 2: 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 3: E.ON Representatives
E.ON Representatives Important links Henryk Wuppermann To be directed to our products please follow the links: Vice President Corporate & Structured Finance • Presentations Henryk.Wuppermann@eon.com • Facts & Figures M +49 151 16310242 • ESG Facts & Figures • Annual Reports • Green Bond Framework an
Slide 4: 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 5: 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 Pow
Slide 6: 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 7: Regulated business nature provides a predictable and profitable earnings growth path
Regulated business nature provides a predictable and ~76% profitable earnings growth path with low country risk EBITDA share5 Energy Networks investments in EBITDA1 Energy Networks Energy Networks value drivers AAA rated countries €bn +7% + Immediate guaranteed return on Underlying EBITDA CAGR inves
Slide 8: Energy Infrastructure Solutions: Delivering attractive and long-term secured returns
Energy Infrastructure Solutions: Delivering attractive and ~7% long-term secured returns in a diversified market set-up EBITDA share1 Portfolio of infrastructure assets Robust growth trajectory Core businesses EBITDA District Heating & Cooling ~6,000 infrastructure assets Heating and cooling network
Slide 9: Energy Retail: Offering a steady earnings path combined with attractive cash returns
Energy Retail: Offering a steady earnings path combined with ~17% attractive cash returns EBITDA share5 Stable customer base of ~47m EBITDA2 Energy Retail €bn Grow earnings through additional efficiencies, new flexibility offerings Customer accounts1 +4% CAGR and unlocking brand value Underlying EBI
Slide 10: 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 ratings4 Scope 1+2 Scope 3 • Management remuneration 20301 -50%2 -50%2 system aligned with ESG- AA (Leader score r
Slide 11: Our growth strategy creates attractive value for our shareholders
it’s on us To make new energy work Our growth strategy creates attractive value for our shareholders Updated guidance for 2024-28 • We successfully delivered in FY 2024 and have laid the operational and digital foundation for the future ~€43bn total investments • We provide an increased guidance wit
Slide 12: Finance Strategy
Finance Strategy
Slide 13: We translate our strategy into an attractive financial framework
We translate our strategy into an attractive financial framework 1 Strong execution 2 Accelerating investment 3 Strong balance sheet 4 Sustainable growth momentum Over delivery on 2024 Significant capex step-up in Capex program financed via Visible value creation path earnings targets. 2024 sets a s
Slide 14: Strong credit and issuance ratings
Strong credit and issuance ratings 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 • Issuer rating: BBB+ (stable outlook) • Issuer rating: Baa2 (stable outlook) • Issuer rating: BBB+ (stable outlook)
Slide 15: Investment program delivered with comfortable extra balance sheet capacity in 2028
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 16: Significant power grid investments in Europe
Significant power grid investments in Europe Average 2024-2026 capex-to-EBITDA ratios for selected Western European power TSOs and DSOs • E.ON is the playmaker of the energy transition in Germany and Western Europe • €43bn of investments planned over the next five years • €35bn into energy networks
Slide 17: Sound funding strategy enabling sustainable green growth path
Sound funding strategy enabling sustainable green growth path Volumes Funding so far… €3.5-5bn p.a. • Significant prefinancing of 2025 in 2024 • Successful €1.75bn bond issuance in January 2025; thereof, 900m green as bonds Tenors • Investor diversification started in 2022, transactions in NOK, CHF,
Slide 18: Appendix
Appendix
Slide 19: Financials
Financials
Slide 20: Guidance overview
Guidance overview €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 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 Income2 2.856 2.85-3.05 ~3.4 EPS2 € 1.09 €1.09-1
Slide 21: 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 22: 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% / Networks Other 10% 150-200bps ROCE over WACC spread4 €3bn network-adjacent3: €35bn GER 100% E
Slide 23: 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 24: 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 25: 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 26: E.ON Bond Maturity Profile
E.ON Bond Maturity Profile EURbn 3,5 3,0 2,5 2,0 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 '43 '44 EUR Green EUR Vanilla GBP Bonds USD Bonds EUR Private Placements Other currencies (NOK, CHF, JPY) As of 28.02.2025 26
Slide 27: Green Bond Framework
Green Bond Framework
Slide 28: Green Bond Framework overview
Green Bond Framework overview: Framework structure in line with draft EU Green Bond Standard1 + Process for selection of Management of Green assets and capex Reporting External Verification green assets and capex use-of-proceeds • Electricity Networks (DSO) • All projects directly • E.ON strives to
Slide 29: Green Bond categories
Green Bond categories Electricity Networks (DSO) Renewable Energy Energy Efficiency Clean Transportation All distribution infrastructure and Renewable energy production and Integrated on-site business and city EV charging stations and supporting equipment in the inter-connected storage including3 en
Slide 30: thank you
thank you