E.on Se · XETR:EOAN
E.on — Debt Investor Presentation (September 2026)
34 slides from E.on's debt investor presentation, September 2026
Slide 1: Investor Update September 2026
it‘s on us Investor Update September 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: Our 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: Energy Networks
Energy Networks Photo shows overhead lines (part of Bayernwerk Netz GmbH, Germany). Photo shown of an outdoor 110kV busbar (part of Schleswig-Holstein Netz AG, Germany)
Slide 6: Unprecedented regulated growth trajectory with clear strategic 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 7: 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 8: 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 9: Germany: Upcoming regulatory events for 5th regulatory period (RP5)
Germany: Upcoming regulatory events for 5th regulatory period (RP5) Q4 Dec Apr 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
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 ~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 12: 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 13: Energy Retail
Energy Retail
Slide 14: 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 15: 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 16: Financial Strategy
—— Financial Strategy ® @-or!
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: Appendix
Appendix Photo shows outdoor 110kV busbar (part of Schleswig-Holstein Netz AG, Germany).
Slide 24: Guidance overview
Guidance overview €bn FY 20251 FY 20262 FY 20302 Adj. EBITDA3 9.419 9.4-9.6 ~13.0 Energy Networks 7.264 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 Income3 2.744 2.7-2.9 ~3.8 EPS (€ per share)3 €1.05 €1.03-1.11 ~€1.45 Dividend (€ per sh
Slide 25: Attractive shareholder remuneration backed by consistent dividend growth
Attractive shareholder remuneration backed up by consistent dividend growth Dividend per share € Up to 5% DPS growth p.a. until 2030 0,57 0,47 0,49 0,51 0,53 0,55 We have delivered 0,46 0,43 and will continue 0,30 to deliver. 0,21 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030 25
Slide 26: Creating additional value through digital energy transformation
Creating additional value through digital energy transformation Digital journey: Energy Networks Energy Retail Drive standardization, digitalization, Digital-first customer experience and Creating value through upgraded sales platforms 2025+ automation, and asset smartification Digital +~30% YOY inc
Slide 27: 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 28: 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 29: EU & Germany: Timeline for most relevant legislations
EU & Germany: Timeline for most relevant legislations 3rd July Over course of H2 Year-end EU Grids Package Parliament adopts Trilogue1 Agreement / final text position on package EU “Summer Package”2 17th July Q4 Package publication Coming months Post-2030 / governance incl. Electrification Action Pl
Slide 30: E.ON's Green Financing Framework updated in Q4 2025
E.ON’s Green Financing Framework1 updated in Q4 2025 • Green bonds or other green financing instruments (e.g. Instruments Schuldschein, loans, among others) External Verification (Moody’s SPO) • Electricity Network Assets and CapEx Use of • Full EU Taxonomy alignment Proceeds • Paris-aligned benchma
Slide 31: Strong and stable credit and issuance 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 2026 • Issuer rating: BBB+ (stable outlook) • Issuer rating: Baa2 (stable outlook) • Issue
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) €16.8bn 5,0 4,5 green bonds 4,0 3,5 3,0 2,5 €34.8bn 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
Slide 34: Thank you
thank you C-on