E.on Se · XETR:EOAN
E.on — H1 2025 Earnings Presentation
34 slides from E.on's earnings presentation, Aug 13, 2025
Slide 1: H1 2025 results
it‘s on us H1 2025 results 13 August 2025
Slide 2: Business update
Business update Leonhard Birnbaum Chief Executive Officer
Slide 3: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe 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
Slide 4: Strong operational and financial delivery in H1 2025
Strong operational and financial delivery in H1 2025 Energy Networks Energy Infrastructure Energy Retail FY 2025 group guidance Solutions fully on track • Continuous standardization • Focused on innovative • Solidity of the business • Adjusted EBITDA2 €5.5bn efforts: conductor variants decarbonisati
Slide 5: 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 July June / Consultation papers published on the 2024 was connected to July overall regulatory framework and E.ON grids3 methodolo
Slide 6: The energy transition is accelerating across Europe
DRAFT The energy transition is accelerating across Europe Strong demand-side drivers in Political support is robust non-German markets Underlines strategic strength Key areas Further growth drivers e.g. • Reaffirmation of 2040 EU climate targets • Data centers (Poland) • EU grid expansion focus • Au
Slide 7: Financial performance
Financial performance Nadia Jakobi Chief Financial Officer
Slide 8: 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 9: Strong first half year earnings driven by investment backed growth and value-neutral timing effects
Strong first half year earnings driven by investment backed growth and value-neutral timing effects EBITDA1 Key Drivers €m Energy Networks • All: Organic RAB growth (+) H1 2024 4,868 • Germany: Higher volumes and lower redispatch costs (+) • Europe: Volume and network loss recoveries (+) Energy Netw
Slide 10: EBITDA to Adjusted Net Income drop-through following our expectation
EBITDA to Adjusted Net Income drop-through following our expectation ANI1 €m 0.74 EPS1 (€ per share) vs. H1 2024 +13% vs. H1 2024 5,515 +10% 3,821 -1,694 3,147 -674 -787 1,933 -427 Group EBITDA1 D&A1 Group EBIT1 Economic Profit Income taxes (25%)1 Minorities1 Adjusted interest result1 before Taxes1
Slide 11: Balance sheet development as expected driven by investments and dividend payment
Balance sheet development as expected driven by investments and dividend payment, fully supporting future investment growth plan Economic Net Debt – quarterly comparison €bn Investment spend developing -6.4 -6.4 strongly: H1 2025 capex fill rate at same level as previous year -5.0 Asset Retirement O
Slide 12: German regulatory framework update
German regulatory framework update Coherent and future-oriented Our ask German grid regulation needs to be future proof Competitive returns needed regulatory system needed Framework Cost of Capital Benchmarking - Simplified remuneration Cost of Equity Cost of Equity Cost of Debt - Move from Best-of-
Slide 13: 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 14: Financial appendix
Financial - appendix aye
Slide 15: Germany: Detailed timeline for regulatory period determination
Germany: Detailed timeline for regulatory period 5 determination June End-Q4 Release draft BNetzA plans to finalize determination framework the methodological papers RAMEN & Strom/GasNEV 2027 2028 June / July “Final values” “Final values” Release draft methodology gas efficiency power efficiency for
Slide 16: Financial Overview
Financial Overview €m H1 2024 H1 2025 %YoY Sales 39,525 41,554 +5 EBITDA1 4,868 5,515 +13 EBIT1 3,351 3,821 +14 Adjusted Net Income1 1,754 1,933 +10 OCFbIT 1,526 2,217 +45 Investments 2,877 3,180 +11 Economic Net Debt (June 30,2025 -41,067 -45,283 -10 and December 31,2024)2 E.ON H1 2025 results 1. A
Slide 17: Economic Net Debt development FY 2024 to H1 2025 following the typical seasonal pattern
Economic Net Debt development FY 2024 to H1 2025 following the typical seasonal pattern Economic Net Debt €bn -6.4 Debt factor4 target of -6.7 -5.2 ≤ 5.0x -5.2 Asset Retirement Obligations (ARO) +0.9 Pension provisions -29.2 Net financial position -41.1 -33.7 Securing a strong BBB/Baa rating -3.0 +0
Slide 18: Cash conversion rate of 49% in H1 2025 following typical seasonal pattern
Cash conversion rate of 49% in H1 2025 following typical seasonal pattern CCR1 €bn 49% CCR 5.5 0.1 2.2 -3.4 -0.7 0.9 -0.6 -3.2 -2.3 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments E.ON H1 2025 results 1. Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT
Slide 19: Energy Networks
Energy Networks EBITDA1 Drivers €m All + Organic RAB growth +21% 3,963 Germany SEE 3,281 + Higher volumes + Volume and network loss recoveries + Lower redispatch costs Germany Sweden CEE SEE H1 2024 H1 2025 €m Germany Sweden CEE SEE Total2 H1 2024 H1 2025 %YoY H1 2024 H1 2025 %YoY H1 2024 H1 2025 %Y
Slide 20: Normalizing for value-neutral timing effects
Normalizing for value-neutral timing effects • Energy Network EBITDA1 impacted by effects that are value-neutral over time (e.g. volume deviations) • Below figures illustrate how the normalization would impact H1 EBITDA1 and Adj. Net Income1 €m H1 2025 EBITDA1 Current: EBITDA1 Energy Networks 3,963
Slide 21: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 €m +33% Drivers 326 EBITDA 245 + H1 normalized weather and higher asset availability + Investment-driven organic growth including continuous smart metering installations H1 2024 H1 2025 Investments €m -14% €m EIS 409 352 H1 2024 H1 2025 %YoY EBITDA1 245 326 +3
Slide 22: Energy Retail
Energy Retail EBITDA1 Drivers €m Germany + Weather: Normalized temperatures compared to H1 2024 -8% + Margin effect from pricing 1,405 1,294 UK +/-Weather: Normalized temperatures in Q1 & warmer temperatures in Q2 2025 - B2C customers shift from SVT tariffs into fix-term tariffs - B2B roll-off of hi
Slide 23: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 36.6 36.5 47.3 47.0 6.8 6.9 10.8 9.9 10.0 2.1 10.9 2.1 ~-0% 5.2 5.2 10.8 10.9 11.7 11.4 FY 2024 H1 2025 4.0 4.0 ~-1% 8.5 8.4 Thereof: gas customers m1 10.7 10.5 14.1 13.7 Germany 3.1 3.1 Germany 1.9 1.9
Slide 24: Adjusted Net Income
Adjusted Net Income1 €m H1 2024 H1 2025 %YoY EBITDA 4,868 5,515 +13 Depreciation/amortization -1,517 -1,694 -12 EBIT 3,351 3,821 +14 Economic interest expense, net -527 -674 -28 EBT 2,824 3,147 +11 Income Taxes on EBT -716 -787 -10 % of EBT -25% -25% - Non-controlling interests -354 -427 -21 Adjuste
Slide 25: Cash-effective investments
Cash-effective investments1 €m H1 2024 H1 2025 %YoY Energy Networks 2,124 2,540 +20 Energy Infrastructure Solutions 409 352 -14 Energy Retail 264 221 -16 Corporate Functions 82 69 -16 Consolidation -2 -2 - Investments 2,877 3,180 11 E.ON H1 2025 results 1. Adjustment of the prior year's figures due
Slide 26: Economic Net Debt
Economic Net Debt €m 31 Dec 2024 30 Jun 2025 Liquid funds 7,280 3,637 Non-current securities 869 827 Financial liabilities1 -37,677 -38,251 Adjusted FX hedging 316 56 Net financial position -29,212 -33,731 Provisions for pensions -5,181 -5,161 Asset retirement obligations -6,674 -6,391 Economic Net
Slide 27: Economic interest expense (net)
Economic interest expense (net) 1 €m H1 2024 H1 2025 YoY Interest from financial -459 -612 -153 assets/liabilities Interest cost from provisions for -61 -62 -1 pensions and similar provisions Accretion of provisions for retirement obligations and -25 -21 +4 similar provisions Construction period int
Slide 28: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m H1 2024 H1 2025 %YoY EBITDA1 4,868 5,515 +13 1 Depreciation/Amortization/Impairments -1,517 -1,694 -12 1 EBIT 3,351 3,821 +14 Interest result -345 -601 +74 Net book gains -22 48 +318 Restructuring -8 -11 +38 Effects from derivative financial instruments
Slide 29: 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 30: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end H1 20251 Nominal Value (€bn) Coupon (%) 24.1 1.3 1.0 0.9 0.9 0.8 0.6 0.6 0.5 0.5 1.5% 0.1% 1.6% 0.3% 0.4% 1.3% 2.4% 2.9% 0.1% Q4 2025 Q1 2026 Q2 2026 Q4 2026 Q3 2027 Q4 2027 Q1 2028 Q3 2028 Q4 2028 > 2028 E.ON H1 2025 results 1.
Slide 31: 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 Annual General Meeting Quarterly Statement January – September 2025 2025 January – March 2026 • Presentations • Facts & Figures 202
Slide 32: E.ON Investor Relations team
E.ON Investor Relations team Iris Eveleigh Omar Barekzai Milagros D’Elia Taski Maar Jonas Malecki Head of Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com omar.barekzai@eon.com milagros.d‘elia@eon.com
Slide 33: 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 34: it's on us
it’s on us