E ON : Statement Leonhard Birnbaum, CEO; Marc Spieker, CFO

E.ON SE Telephone Conference on the Publication of its Interim Report for the First Half of 2021

Essen, August 11, 2021

Statements by:

Leo nha rd Bi rnba um, CEO, E . ON SE

Ma rc Spi eker, CFO, E . ON SE

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[Birnbaum]

Good morning, everyone. Thank you, Lars. I too would like to welcome you to today's telephone conference, at which Marc Spieker and I will present you very good half-year results. We posted adjusted EBIT of about

€3.2 billion, an increase of 45 percent relative to the first six months of the prior year. Against this background, we're raising our outlook for the 2021 financial year by €600 million, from €3.8 to €4.0 billion previously to €4.4 to €4.6 billion. More about this from Marc in a moment.

Before turning to our numbers I'd like to touch on a topic that has preoccupied and moved us all in recent days. We're all still struck by the dramatic images of the flood disaster in Germany. Our thoughts are with the people who lost everything in this terrible event.

I went to see for myself and was shocked by the immense damage. It wasn't the largest rivers that caused the floods, but rather the many small, otherwise innocuous streams and rivers.

The water also damaged the energy infrastructure in many places, in some cases even destroying it. About 200,000 people in the network territory of our Westnetz subsidiary lacked electricity and gas immediately after the floods. Almost 500 of our substations and transformer stations were under water.

Our colleagues quickly created an app for submitting damage reports, enabling us to respond faster. It was a way we were able to utilize our digitalization expertise during the crisis-swiftly and effectively.

These maps, which are screenshots from the app, show the extent of the destruction exemplified by Erstadt-Blessem, a town located about

20 kilometers southwest of Cologne. Each white box on this map indicates a customer who lost power on July 23 due to a disabled substation or transformer station.

Literally overnight E.ON sent about 1,000 people from our subsidiaries nationwide to the disaster zone. Many employees from our regional utilities volunteered to help their colleagues in the affected areas. This crisis has once again demonstrated the advantage of our setup: we can take action locally and where people live, while at the same time drawing on the strength of a large corporation. Moreover, E.ON has many years of experience dealing with weather events and has again demonstrated its crisis-management skills.

Statements by Birnbaum/Spieker, 1H21, August 11, 2021

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The map you see now shows the same area last week, on August 4. Nearly all the white boxes are now green, and the people there have electricity service again, at least on a provisional basis.

As of today, only about 1,000 of the originally roughly 200,000 people are still without power. All of the almost 500 substations and transformer stations affected by the storm have now been inspected, cleaned, and almost completely put back into operation. Our people restored power as quickly as possible in the heavily damaged segments of our intermediate-voltage network by connecting them to functioning lines or by using emergency generators. Work is in full swing in the low-voltage networks as well. Here, damage to substations, cables, distribution boxes, and service connections had to be cataloged and repaired. This was a lot of hard work. Each substation had to be cleaned and dried. But thanks to our people's tireless dedication and enthusiasm, they got the job done, in some cases in potentially dangerous situations. For this we owe them our sincere thanks. I'd like to take this opportunity to say how proud I am of our employees for their outstanding efforts.

If I may say so, I see a positive takeaway from this crisis: the solidarity of these communities is real; I saw it myself while I was there. Our company spontaneously offered help as well. We opened our Wanderrath Hotel and Conference Center to give people affected by the crisis a place to stay free of charge and to create a space for medical and, above all, psychological and pastoral care. We also decided to provide the electricity needed to run drying equipment free of charge for all affected customers.

The catastrophic events have served as a painful reminder of the paramount importance of reliable and resilient energy infrastructure. No grids, no power. And no power means no communications, no light, and no healthcare. In particular, the distribution networks that we operate are crucial for people's everyday lives.

When we talk about investments in Germany's power grids, we shouldn't simply take reliable energy infrastructure for granted. This infrastructure must be financed, built, operated, and periodically upgraded. The regulatory framework to ensure this must be established as well. More about this in a moment.

The flood will certainly also reinforce Germany's resolve to propel the energy transition and our society's shift toward climate neutrality. Thanks to our strategy, E.ON is well positioned for this. E.ON as a large European Company makes its contribution to climate protection every day. Our climate targets are in line with the Paris Climate Agreement, to which we are

Statements by Birnbaum/Spieker, 1H21, August 11, 2021

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unambiguously committed, and with the European Commission's Green Deal to make Europe a climate-neutral continent by 2050. E.ON's operations will be carbon-neutral by 2040, and we aim to become climate neutral together with our customers by 2050.

E.ON has also decided to help promote biodiversity. As an energy-industry pacesetter, we therefore support the United Nations Environment Program's "Decade for the Restoration of Ecosystems." E.ON is proactively helping enhance environmental protection and biodiversity by creating valuable biotopes under 13,000 kilometers of high-voltage lines in forested areas. That's an area of 70,000 hectares or 100,000 soccer fields. For this purpose, E.ON is investing a double-digit million sum and is committed to adopting ecological power-line pathway management Group-wide by 2026.

Just a few days ago, we also joined the LEAF coalition to protect rainforests. LEAF brings together governments and leading companies to pursue ambitious climate protection and to take decisive action to prevent the loss of rainforest vegetation. The initiative makes an important contribution toward achieving the Paris climate targets and protecting biodiversity.

Together with the CEOs of other leading European corporations from a variety of sectors, I'm also personally active in the European CEO Alliance, which aims to take responsibility for transitioning Europe's economy to climate neutrality. Participating companies include E.ON, Schneider Electric, Scania, and VW. We're working on projects whose purpose is to promote climate protection across different sectors of the economy. E.ON is leading a project to help establish the value chain for green hydrogen. I'm convinced that, alongside electricity, green hydrogen will be the second indispensable mainstay of decarbonization. I'm also convinced that hydrogen will play a role faster than expected, not only in the decarbonization of traditional industries, but particularly for medium-sized industrial companies and in the transition of the heating sector. And E.ON-which has decades of experience in gas networks, gas storage, and gas applications-can play a decisive role in making this a reality. Our customers know that we have outstanding gas expertise and can deliver cost-effective solutions for them.

We've systematically geared E.ON toward sustainability. Our two core businesses-energy networks and customer solutions-are completely aligned with it. In addition, major policy decisions in Europe and Berlin affirm our business model. The German government's new climate targets are a growth opportunity for E.ON. The same applies to the European Commission's "Fit for 55" legislative package, which has probably justly been described as historic.

Statements by Birnbaum/Spieker, 1H21, August 11, 2021

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The new E.ON will make a decisive contribution to the success of Europe's energy transition. At the same time, there are major growth opportunities along the green value chains that are now gaining momentum and in which we're already involved in very specific ways.

A few current examples:

• We're recycling industrial waste heat from Thyssenkrupp Steel to provide the thermal energy required for brewing processes at König brewery in Duisburg in the heart of the Ruhr district. Our role is to install the pipeline infrastructure and conduct energy management.
• We're also working with Salzgitter AG and Linde to take an important and unprecedented step toward decarbonizing the steel industry. The "Wind Hydrogen Salzgitter-WindH2" project, which aims to promote sector integration, is the only one of its kind in Germany. When it enters service, the project will use green hydrogen powered by wind energy at the steelworks in Salzgitter to make the steel production there climate- neutral.
• We're conducting a project in Koppenstrasse in east-central Berlin in which we're using municipal wastewater heat recovery to sustainably meet around 50 percent of the heating and cooling requirements of a large office complex, thereby displacing around 400 metric tons of carbon dioxide per year.
• We're partnering with other companies to develop a regional energy system in Arnsberg, a town located about 40 kilometers southeast of Dortmund, that will transform the Sauerland region into a test case for hydrogen. The aim is to use advanced hydrogen technology to make the region climate-neutral. At the heart of the project is an 11-kilometer natural gas pipeline that will be made hydrogen-ready and thus also provide energy storage.

Electricity will be the energy of choice to decarbonize Germany in the decades ahead. Germany will need to generate and transport much more green electricity. A major growth driver for our business is therefore the associated expansion of electricity distribution networks. 65 percent of Germany's onshore wind capacity is connected to E.ON networks. By 2035, Germany is expected to add 7 to 9 gigawatt of onshore solar and wind capacity annually, about half of which will be connected to E.ON networks.

Germany needs to do two things in particular to achieve its climate targets:

Statements by Birnbaum/Spieker, 1H21, August 11, 2021