E.ON SE (EONGY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Dear analysts and investors, a warm welcome from my side to our first quarter 2026 earnings call. I'm here with our CFO, Nadja Jacobi, who will present our results. As always, we will leave enough room for your questions at the end. With that, over to you, Nadja. Thank you, Iris, and a warm welcome from my side as well. Only two and a half months ago, we presented our full year 2025 results to you and updated our outlook until 2030. Today, I will give you an update how we performed in the first quarter. The last months have been marked by a volatile macro environment caused by geopolitical turmoil. The ongoing U.S.-Iran tensions drive commodity prices higher and increase market volatility. Our results demonstrate our ability to effectively and successfully deal with market turbulence, as we have shown before, during the COVID and the energy crisis caused by the Ukraine war. The resilience and defensiveness of our unique business model positions us as a safe haven in an increasingly volatile world. Most of our EBTA is generated in regulated energy networks, where earnings are largely protected against volume and price risks. Strong secular growth trends make us nearly independent of economic cycles. Our predominantly European supply base and procurement leaders largely unaffected by U.S. terrorist developments. Around 98% of our supply spending is within Europe. Our energy infrastructure business is supported by long-term contracts and price adjustment mechanisms, which provide inflation protection and commodity price pass-throughs. And for our energy retail business, we have a robust risk management framework and hedging regime in place and have no direct exposure to the Middle East or any directly affected markets. Before I move to our Q1 res...