E.on Se · XETR:EOAN
E.on — Non-Deal Roadshow (November 2025)
32 slides from E.on's roadshow presentation, Nov 20, 2025
Slide 1: Non-deal Roadshow London/Paris
it‘s on us Non-deal Roadshow London/Paris November 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: Our investment case: five reasons to invest in E.ON
Our investment case: five reasons to invest in E.ON Energy Networks Energy Infrastructure Energy Retail Strategic Foundation Financial Strategy Solutions Long-term growth in a Growth acceleration Reliable returns and Digitalization and Focus on value- regulated environment from contracted attractive
Slide 5: Business and financial strategy provide for attractive shareholder returns
Our business and financial strategy provide for attractive shareholder returns supported by a strong balance sheet Financial capacity Operational growth Earnings growth Shareholder remuneration Rating target 10% power High-single-digit Up to 5% ‘Strong BBB/Baa‘ RAB growth p.a. EBITDA and EPS growth
Slide 6: Energy Networks
Energy Networks @-or!
Slide 7: 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 8: 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 9: Regulated business nature provides a predictable and profitable earnings growth path
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 10: Energy Infrastructure Solutions
Energy Infrastructure Solutions
Slide 11: Best-in-class infrastructure portfolio capitalizing upon 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 12: Delivering 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 13: Energy Retail
Energy Retail @-or!
Slide 14: 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 15: Offering a 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 16: Strategic Foundation
Strategic Foundation
Slide 17: 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 18: 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 19: Financial Strategy
Financial Strategy tap a a” = (ae be) @-or!
Slide 20: Attractive shareholder remuneration backed up by consistent dividend growth
Attractive shareholder remuneration backed up by consistent dividend growth Dividend per share € up to 5% DPS growth p.a. until 2028 We have delivered and will 0,55 0,43 0,46 0,47 0,49 0,51 0,53 continue to deliver. 0,30 0,21 2016 2017 2018 2019 2020 2021 2022 2023 2024 2028 E.ON Non-Deal Roadshow 2
Slide 21: 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 22: 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 23: 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 24: Investment program delivered with comfortable 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 25: Appendix
Appendix
Slide 26: 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 27: Senior unsecured long-term ratings
Strong and stable credit and issuance ratings (BBB+/Baa2/A-) 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 rat
Slide 28: Overview of E.ON's new Green Financing Framework
Overview of E.ON’s new Green Financing Framework – solely focusing on Electricity Networks in GER, SWE, PL and CZ E.ON will be able to issue green bonds or other green financing instruments (e.g. Schuldschein, loans, among others) to finance or refinance eligible assets as described below: • Electri
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 well diversified and substantially green
Capital market debt well diversified and substantially green Capital Market Debt1 (in €bn) Maturity Profile1 (in €bn) 5,0 4,5 4,0 3,5 3,0 Capital market debt 2,5 44% ~€32.1bn thereof €14.2bn 2,0 green bonds (44%) 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 31: 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 32: thank you
thank you C-on