E.ON SE · XETR:EOAN
E.ON — European Credit Conference 2026 by UniCredit
33 slides from E.ON's conference presentation, Mar 25, 2026
Slide 1: European Credit Conference 2026
it‘s on us European Credit Conference 2026 March 2026
Slide 2: We are the playmaker of the green energy transition in Europe
We are the playmaker of the green energy transition in Europe Adj. EBITDA Adj. EBITDA Adj. EBITDA share1 share1 share1 ~76% ~8% ~16% Energy Networks Energy Infrastructure Solutions Energy Retail We operate the largest energy distribution grid in Industries and cities face major energy supply We are
Slide 3: Our investment case: five reasons to invest in E.ON
Our investment case: five reasons to invest in E.ON 1 2 3 4 5 Energy Networks Energy Infrastructure Energy Retail Strategic Foundation Financial Strategy Solutions Long-term growth in a Growth acceleration Reliable returns and Growth, digitalization Focus on value-creation regulated environment from
Slide 4: Business and financial strategy provides for attractive shareholder returns
Our business and financial strategy provides for attractive shareholder returns supported by a strong balance sheet Shareholder Financial capacity Operational growth Earnings growth remuneration Attractive financial Strong 10% power RAB outlook with 6% Up to 5% BBB/Baa rating growth p.a. EBITDA and
Slide 5: 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 furt h e r growt h Sector trends E.ON trends Energy Networks capex run-rate EN Germany: doubled from 2021 to 2025 Reinforcements to high D
Slide 6: 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 7: Energy Networks
Energy Networks Photo shown of overhead lines (part of Bayernwerk Netz GmbH, Germany) Photo shown of an outdoor 110kV busbar (part of Schleswig-Holstein Netz AG, Germany)
Slide 8: Unprecedented regulated growth trajectory with clear focus on power infrastructure
We offer an unprecedented regulated growth trajectory ~76% with a clear strategic focus on power infrastructure Adj. EBITDA share1 Current Regulated Asset Base (RAB) Projected power RAB development FY 2025 E.ON Group-level E.ON Key Countries 2025-2030 30.0 7.8 €bn ~9% CAGR €bn Total RAB2,3 :€48bn 20
Slide 9: Growing distribution networks are the backbone for a successful energy transition
Our growing distribution networks are the backbone for a successful energy transition E.ON Investment Plan 2026 - 2030 RAB-effective2 Investment Split Annual average 2026 - 2030 E.ON Capex ~€48bn1 Empowerment of the energy transition 2026-2030 Grid modernization €7.2bn Various distribution grid buil
Slide 10: Highly visible and profitable earnings growth path
Highly visible and profitable earnings growth path driven by regulated business nature and enabled by operational excellence Energy Networks Value Drivers Operational excellence as enabler + Immediate guaranteed return on investments Incentive-based Regulatory systems consider E.ON regulatory regime
Slide 11: Energy Infrastructure Solutions
Energy Infrastructure Solutions
Slide 12: Best-in-class infrastructure portfolio capitalizing upon decarbonization needs
Best-in-class infrastructure portfolio capitalizing upon the ~8% decarbonization needs of cities and industries Adj. EBITDA share1 Core businesses and customers2 Key market drivers Housing companies, Security of supply & Resilience District Heating & Cooling municipalities, real Heating and cooling
Slide 13: 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 Robust growth trajectory • Typical contract duration of 10-20 years from contract Adj. EBITDA conclusion €bn +12% CAGR ~6,000 Underlying EBITDA4 ~1.1 infrastr
Slide 14: Energy Retail
Energy Retail
Slide 15: Large and loyal customer base managed for efficiency and growth
Large and loyal customer base managed for efficiency and growth of integrated flexible offerings ~16% Adj. EBITDA share1 Managing for operational efficiency and Converging towards integrated flexibility Stable customer base of ~47m customer centricity offerings Customer accounts2 Digitalization mill
Slide 16: Attractive cash generation combined with a steady earnings path
Offering attractive cash generation combined with a steady earnings path Healthy cashflows Attractive operating cash flow margin Generate reliable cash flow margins through operational 2026-2030 Investments and cash contribution1 improvements and new innovative product offerings to €bn our large and
Slide 17: Strategic Foundation
Strategic Foundation
Slide 18: Sustainability as a key pillar of our strategic foundation
Sustainability as a key pillar of our strategic foundation Environment Social Governance > 100 of all renewable assets in Europe connected to E.ON grid, thereof >1 million renewable assets GW connected in Germany We ensure the frequency of serious Positive development of share of female homes and bu
Slide 19: Ambitious environmental targets form the basis for all our businesses
Ambitious environmental targets form the basis for all our businesses Governance and Lead in transparency Ambitious ESG targets and commitments sustainable finance reflected in prestigious ratings5 Target 20301 2040 2050 E.ON progress1,3: • Management AA (Leader score range) remuneration system Rate
Slide 20: Financial Strategy
—— Financial Strategy ® @-or!
Slide 21: Continuous guidance achievement in a dynamic market environment
Continuous guidance achievement in a dynamic market environment characterized by unprecedented growth Adjusted EBITDA1 Adjusted Net Income1 €bn €bn 9.0 9.8 8.1 8.12 2.9 3.0 2.52 1.9 2022 2023 2024 2025 We keep our 2022 2023 2024 2025 Energy Networks Capex promises. Dividend per Share (DPS) €bn € = G
Slide 22: Our growth strategy creates attractive long-term value for 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 23: Increasing investment program backed by strict value creation requirements
Increasing investment program backed by strict value creation requirements 2026-2030 Investments1 Segment Investment split Creating shareholder value Energy ~€36bn RAB-effective: Networks GER 73% / SWE 11% / CZ 5% / Other 11% 150-200bps ROCE over WACC ~€3bn network-adjacent & Other2: spread3 ~€40bn
Slide 24: 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 25: 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 26: Solid growth foundation from strong balance sheet and 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 27: Appendix
Appendix Photo shown of an outdoor 110kV busbar (part of Schleswig-Holstein Netz AG, Germany)
Slide 28: 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 29: 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 30: E.ON's new Green Financing Framework at a glance
E.ON’s new Green Financing Framework1 at a glance • Green bonds and other green financing instruments Instruments New External Review (Moody’s SPO2) (e.g. Schuldscheindarlehen, loans) • Overall score: High final score (SQS1/best practice Use of • Electricity distribution networks (assets & Capex) in
Slide 31: 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 32: 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 €14.6bn 4,5 green bonds 4,0 3,5 3,0 2,5 €32.9bn 2,0 1,5 1,0 0,5 0,0 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 EUR Bonds GBP Bonds EUR Bonds GBP
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