Slide 1: Full year 2025 results
Full year 2025 results 25 February 2026
Slide 2: Business update
Business update Leonhard Birnbaum Chief Executive Officer Photo shown of overhead lines (part of Bayernwerk Netz GmbH, Germany)
Slide 3: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe Strong financial Strong operational Strong market with Attractive value for 1 delivery 2 delivery 3 secular growth trends 4 our shareholders We deliver on our 2025 E.ON’s operational excellence E.ON’s business model is built Our organic g
Slide 4: Strong financial delivery in FY 2025
Strong financial delivery in FY 2025 Energy Networks Energy Infrastructure Energy Retail Group Adjusted EBITDA1 €7.7bn Solutions Adjusted EBITDA1 €1.7bn Adjusted EBITDA1 €0.59bn • Adjusted EBITDA1 €9.8bn • Accelerating investments • Investments in heating, • Maintaining our market- into Regulated As
Slide 5: Strong operational delivery
Strong operational delivery E.ON DSO areas in Germany ~50% of Germany’s total RES connected to E.ON grids1,2 Total RES connected in Germany by voltage level (GW)1 E.ON E.ON E.ON 91 Other Other Other 67 40 48 ~110 33 26 High voltage Medium voltage Low voltage (110kV) (10-20kV) (230V and 400V) GW RES
Slide 6: Our operational excellence is our foundation for future success
Our operational excellence is our foundation for future success 1 Standardization 2 Digital transformation 3 Innovation • Groupwide procurement standardization • Digital twin: 41m integrated grid • Feed-in socket: regional bundling of allowing us to conclude large-scale connection points in Europe m
Slide 7: E.ON's growth case is based on a secular growth trend for the next decade
E.ON’s growth case is based on a secular growth trend for the next decade Group CAPEX development Opportunity for Key growth trends shaping the decade ahead4 €bn further growth Sector trends E.ON trends Energy Networks capex run-rate EN Germany: doubled from 2021 to 2025 Reinforcements to high Decar
Slide 8: Our growth strategy creates attractive long-term value for our shareholders
it’s on us Our growth strategy creates attractive To make new energy work long-term value for our shareholders Updated guidance for 2026-30 • We successfully delivered in FY 2025 with operational excellence as the foundation for our future growth ~€48bn Total investments • We further increase our in
Slide 9: Financial performance
Financial performance Nadia Jakobi Chief Financial Officer
Slide 10: 2025 promises delivered and new guidance with attractive shareholder value creation
2025 promises delivered and new guidance with attractive shareholder value creation Strong 2025 CAPEX uplift Solid foundation 1 performance 2 with attractive 2030 outlook 3 for further organic growth We successfully delivered on New 2026 guidance, and Our balance sheet capacity of our 2025 guidance
Slide 11: EBITDA at the upper end of guidance, reflecting investment-driven growth
EBITDA at the upper end of guidance, reflecting investment-driven growth and value-neutral timing effects Adjusted EBITDA1 Key drivers €m Energy Networks FY 2024 9,049 • All: Organic RAB growth (+) • Germany: Higher volumes and lower redispatch costs (+) Energy Networks 827 • Europe: Volume and netw
Slide 12: Strong ANI performance came in as expected
Strong ANI performance came in as expected Adjusted Net Income1 €m 9,849 6,227 -3,622 4,883 -1,344 3,022 -1,221 -640 EPS1 € 1.16 Adjusted D&A Adjusted Economic Adjusted Income taxes Minorities Adjusted EBITDA EBIT interest result EBT Net Income ~€9.5bn ~€2.84bn Underlying EBITDA2 Underlying ANI2 +9%
Slide 13: Balance sheet remains strong despite higher CAPEX
Balance sheet remains strong despite higher CAPEX Economic Net Debt (END) €bn Comfortable debt factor3 -6.2 Asset Retirement Obligations (ARO) -6.4 at year end -4.7 Pension provisions -4.4 4.4x Net financial position +3.6 Strong annual Cash Conversion Rate4 as anticipated -32.5 -32.5 at 100% +0.3 +0
Slide 14: Attractive financial outlook with 6% earnings growth and growing dividend
Attractive financial outlook with 6% earnings growth and growing dividend Adjusted EBITDA1 Adjusted Net Income1 €bn €bn +6% CAGR +6% CAGR Underlying 2025-2030 Underlying 2025-2030 ~13.0 >11.4 ~3.8 9.52 9.4-9.6 ~3.45 One offs 2.842 2.7-2.9 One offs 9.4 2.74 2025 2026 2028 2030 2025 2026 2028 2030 TSR
Slide 15: Growth contributions across all segments
Growth contributions across all segments, with a strong emphasis on EBITDA growth from power grid investments Adjusted EBITDA1 €bn Energy Infrastructure Solutions Energy Networks +6% CAGR ~1.1 Underlying 2025-2030 0.62 0.60-0.75 +12% CAGR One offs Underlying ~9.8 0.6 2025-2030 2025 2026 2030 7.32 7.
Slide 16: Investment budget increased to €48bn, with a strict capital discipline
Investment budget increased to €48bn, with a strict capital discipline Group CAPEX development Capital allocation and value creation framework2 €bn ~€40bn Energy Networks (84%) 150-200bps ROCE over WACC spread3 ~48 ~43 ~27 ~€5bn Energy Infrastructure Solutions ~23 (11%) 120-350 bps IRR spread4 Energ
Slide 17: Solid growth foundation from strong balance sheet and strong cash generation
Solid growth foundation from strong balance sheet and strong cash generation Strong High earnings quality and growth • Sustainable average CCR1 of ~100% from 2025 to 2030 BBB/Baa rating Debt factor2 target Discretionary disposal program of €2bn of ≤ 5.0x • Opportunistic execution of our portfolio op
Slide 18: Delivering an attractive investment case for our shareholders
Delivering an attractive investment case it’s on us To make new energy work for our shareholders Shareholder value focus Total EPS2 DPS • We pursue value-creative growth investments1 2030 growth opportunities through our upgraded investment plan … 2026 - 2030 • … combined with an attractive EPS outl
Slide 19: Financial appendix
Financial appendix Photo shown of an outdoor 110kV busbar (part of Schleswig-Holstein Netz AG, Germany)
Slide 20: Guidance overview
Guidance overview €bn FY 20251 FY 2026 FY 2030 Adj. EBITDA2 9.849 9.4-9.6 ~13.0 Energy Networks 7.695 7.2-7.4 ~9.8 Energy Infrastructure Solutions 0.588 0.60-0.75 ~1.1 Energy Retail 1.697 1.6-1.8 ~2.1 Adj. Net Income2 3.022 2.7-2.9 ~3.8 EPS (€ per share)2 €1.16 €1.03-1.11 ~€1.45 Dividend (€ per shar
Slide 21: Selected macro assumptions
Selected macro assumptions1 2026 2030 1.1 1.6 Real GDP variation (%) 1.0 2.0 2.0 2.0 Inflation (%) 2.0 2.0 24.4 24.0 398.8 434.3 4.2 4.2 Exchange rates 5.1 5.3 (local currency / €) 10.8 9.9 56.0 75.5 0.89 0.89 Assumed long-term ~4 ~4 refinancing rates2 (%) (1) Power price assumptions not disclosed f
Slide 22: Germany: Upcoming regulatory events
Germany: Upcoming regulatory events Q4 Q4 End of Q1 H2 Determination of revenue cap Determinations for Draft for OPEX Determination of WACC (EOG) for Power new incentive regulation adjustment factor1 (Cost of Equity and Debt) incl. Methodology Q3 (Gas/Power) POWER January Determination of efficiency
Slide 23: Regulatory period (power) in Germany: methodology setup for 2029-2033
Regulatory period 5 (power) in Germany: Latest information on methodology setup for the period 2029 – 2033 All assets (existing assets + new investments) Cost of Equity (40%) → Risk-free rate is determined based on a historical average aligned with the length of the regulatory period, using yields f
Slide 24: Financial Overview
Financial Overview €m 2024 2025 %YoY Sales 80,119 78,704 -2 EBITDA1 9,049 9,849 +9 EBIT1 5,762 6,227 +8 Adjusted Net Income1 2,856 3,022 +6 OCFbIT 7,343 9,033 +23 Investments 7,499 8,509 +13 Economic Net Debt -41,067 -43,236 -5 (1) Adjusted for non-operating effects. (2) Bonds previously issued by i
Slide 25: Cash conversion rate of 100% in FY 2025 well in line with expectation
Cash conversion rate of 100% in FY 2025 well in line with expectation CCR1 €bn 100% CCR1 9.8 9.0 -0.8 0.0 -1.2 7.0 -0.8 -8.5 -1.5 EBITDA2 Cash Change in WC OCFbIT Interest Tax payments OCF Investments FCF adjustments3 payments (1) Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT related to dismantlin
Slide 26: Economic Net Debt development in FY 2025 as expected
Economic Net Debt development in FY 2025 as expected Economic Net Debt €bn Asset Retirement Obligations (ARO) -6.4 Debt factor4 target of -6.7 Pension provisions -4.4 ≤ 5.0x -5.2 Net financial position +7.0 -29.2 -32.5 Securing a strong BBB/Baa rating -41.1 +0.8 +0.3 -8.0 0.0 -43.2 -1.7 -0.5 END OCF
Slide 27: Energy Networks
Energy Networks EBITDA1 Drivers €m All +12% + Organic RAB driven growth Germany 7,695 6,868 Sweden Germany CEE CEE + Higher volumes + Volume effects + Lower redispatch costs SEE SEE + Volume and network loss recoveries FY 2024 FY 2025 €m Germany Sweden CEE SEE Total2 FY 2024 FY 2025 % YoY FY 2024 FY
Slide 28: Normalizing for value-neutral timing effects
Normalizing for value-neutral timing effects • Energy Network EBITDA1 impacted by effects that are value-neutral over time • Below figures illustrate how the normalization of these effects would impact FY 2025 EBITDA1 Energy Networks and Adj. Net Income1 €m FY 2025 EBITDA1 Current: EBITDA1 Energy Ne
Slide 29: Energy Infrastructure Solutions
Energy Infrastructure Solutions EBITDA1 Drivers €m +5% EBITDA + Higher asset availability and increased volumes 558 588 + Investment-driven organic growth including continued smart meter installations FY 2024 FY 2025 Investments €m €m Energy Infrastructure Solutions -8% FY 2024 FY 2025 %YoY 969 EBIT
Slide 30: Energy Retail
Energy Retail EBITDA1 Drivers €m -6% All 1,813 + Value driven Customer portfolio Management 1,697 Germany UK Germany UK Netherlands + Temporary effects from pricing - UK market normalization (B2C customers shift - Phasing effects from true-ups for volume and from SVT into fixed-term tariffs, B2B rol
Slide 31: Energy Retail: Customer accounts B2B & B2C
Energy Retail: Customer accounts B2B & B2C Customer accounts Thereof: electricity customers m1 m1 -1% -0.5% Germany 47.3 46.8 36.6 36.4 UK 6.8 6.9 9.9 10.0 10.8 11.0 Netherlands 2.1 2.1 5.2 5.1 Turkey 11.7 11.3 Other2 10.8 11.0 FY 2024 FY 2025 4.0 3.9 Thereof: gas customers 8.5 8.3 m1 -3% Germany 10
Slide 32: Adjusted EBITDA
Adjusted EBITDA1 €m 2024 2025 %YoY Energy Networks 6,868 7,695 +12 Energy Infrastructure Solutions 558 588 +5 Energy Retail 1,813 1,697 -6 Corporate Functions -183 -136 +26 Consolidation -7 5 - Total Adjusted EBITDA 9,049 9,849 +9 (1) Adjusted for non-operating effects. Photo shown of overhead lines
Slide 33: Adjusted Net Income
Adjusted Net Income1 €m 2024 2025 %YoY EBITDA 9,049 9,849 +9 Depreciation/amortization -3,287 -3,622 -10 EBIT 5,762 6,227 +8 Economic interest expense, net -1,140 -1,344 -18 EBT 4,622 4,883 +6 Income Taxes on EBT -1,156 -1,221 -6 % of EBT -25% -25% - Non-controlling interests -610 -640 -5 Adjusted N
Slide 34: Cash-effective investments
Cash-effective investments €m 2024 2025 %YoY Energy Networks 5,834 7,023 +20 Energy Infrastructure Solutions 969 895 -8 Energy Retail 547 480 -12 Corporate Functions 152 112 -26 Consolidation -3 -1 +67 Investments 7,499 8,509 +13 Photo shown of overhead lines (part of Avacon AG, Germany). Full year
Slide 35: Economic Net Debt
Economic Net Debt €m 31 Dec 2024 31 Dec 2025 Liquid funds 7,280 4,352 Non-current securities 869 586 Financial liabilities1 -37,677 -37,295 Adjusted FX hedging 316 -110 Net financial position -29,212 -32,467 Provisions for pensions -5,181 -4,408 Asset retirement obligations -6,674 -6,361 Economic Ne
Slide 36: Economic interest expense (net)
Economic interest expense (net) 1 €m 2024 2025 %YoY Interest from financial -987 -1,242 +26 assets/liabilities Interest cost from provisions for -121 -121 - pensions and similar provisions Accretion of provisions for retirement obligations and -54 -47 -13 similar provisions Construction period inter
Slide 37: Reconciliation of EBITDA to IFRS Net Income
Reconciliation of EBITDA to IFRS Net Income €m 2024 2025 %YoY EBITDA1 9,049 9,849 +9 Depreciation/Amortization/Impairments1 -3,287 -3,622 -10 EBIT1 5,762 6,227 +8 Interest result -1,001 -1,056 -5 Net book gains -15 -359 -2,293 Restructuring -20 -18 +10 Effects from derivative financial instruments 4
Slide 38: Sound funding strategy enabling sustainable green growth path
Sound funding strategy enabling sustainable green growth path Volumes Tenors Green financing Currencies Investor €3.5-5bn p.a. 3-30 years >50% p.a. € funding preferred diversification Growing variety • Bond refinancing • Optimize maturity profile • Majority of funding via • Predominantly euro- • Bon
Slide 39: Capital Market Debt maturities
Capital Market Debt maturities Capital Market Debt maturities as of end FY 20251 Nominal Value (€bn) Coupon (%) 19.8 1.5 1.3 1.0 1.0 0.9 0.8 0.8 0.8 0.8 0.6 0.6 0.6 0.5 0.5 0.1 0.1% 1.6% 0.3% 0.4% 1.3% 2.4% 2.9% 0.1% 3.8% 1.6% 1.5% 4.0% 1.7% 5.4% 1.1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 40: Financial calendar and important links
Financial calendar and important links Financial calendar Important links To be directed to our products please follow the links: April 23, 2026 May 13, 2026 • Presentations Annual General Meeting Quarterly Statement • Facts & Figures 2026 January – March 2026 • Annual Reports • Interim Reports • An
Slide 41: E.ON Investor Relations team
E.ON Investor Relations team Iris Eveleigh Omar Barekzai Taski Maar Jonas Malecki Head of Investor Relations Manager Investor Relations Manager Investor Relations Manager Investor Relations iris.eveleigh@eon.com omar.barekzai@eon.com taski.maar@eon.com jonas.malecki@eon.com +49 170 7688749 +49 152 5
Slide 42: 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 43: it's on us
it’s on us