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

E.ON SE Annual-Results Press Conference March 16, 2022

Statements by:

Leonhard Birnbaum

E.ON SE CEO

Marc Spieker

E.ON SE CFO

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Members of the press, ladies and gentlemen.

The 2021 financial year was very successful for E.ON. Our numbers are right, and we delivered a very good operating performance-although we also had to overcome considerable challenges in 2021. Which is actually an excellent starting point for an annual-results press conference.

But all this is overshadowed by the tragedy in Ukraine. I know Marc Spieker feels the same way. For the sake of completeness, however, in a moment he'll present our results for the 2021 financial year. I'll confine myself to the essentials.

I was very concerned. But what has happened has left me stunned. Europe is witnessing the most serious breach of international law and the worst humanitarian catastrophe since World War II. E.ON condemns war and violence in the strongest possible terms. And we fully support the European Union's sanctions.

And our concern isn't merely abstract. Many of us at E.ON have Ukrainian colleagues, friends, or relatives. We have offices and facilities in Slovakia, Poland, Hungary, and Romania. In some cases, our service territories in these countries border Ukraine. In these regions, we're already experiencing the arrival of millions of refugees.

E.ON has initially provided €2 million in aid. And our employees have already privately donated over 160 thousand euros to our central donation account at the Red Cross. My Management Board colleague, Victoria Ossadnik, is coordinating the aid measures.

E.ON has no business operations in Ukraine itself. Our operating units in neighboring countries-Romania, Hungary, Slovakia, Poland, and elsewhere in Eastern Europe-are providing very direct assistance.

• Our colleagues in Romania are building energy infrastructure for refugee shelters.
• In Poland they're distributing sleeping bags and mattresses.
• In the Czech Republic they're housing refugees at E.ON facilities.
• And there are numerous other initiatives across the Group.

What matters now is the people in Ukraine. Right now that's the highest priority. For E.ON too.

E.ON SE Annual-Results Press Conference; March 16, 2022; statements by Leonhard Birnbaum, Marc Spieker

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Yet this is also about Europe itself. It's about Europe's energy supply. Today and in the future. And it's always about distinguishing between the short-term repercussions in the months ahead and a long-term perspective.

In the long term, Europe must and will fundamentally end its energy dependence on Russia. There's no way around this.

In the long term, Europe needs to diversify its energy imports. Therefore Germany has decided to build two LNG terminals.

In the long term, LNG terminals-German Chancellor Olaf Scholz explicitly mentioned this in his government statement-could be used to import hydrogen as well. But we need hydrogen infrastructure that goes far beyond these terminals. And 100 percent of this hydrogen isn't going to be green immediately. The first priority is to have enough energy in the system.

In the long term, the energy transition is the right course. E.ON is unambiguously committed to a green transformation, especially amid this crisis. But the energy transition will only be successful if we now dramatically accelerate the expansion. The same applies to the modernization and digitalization of E.ON's power networks.

In sum, Germany and Europe have long-term answers: diversification, LNG and hydrogen infrastructure, more renewables, and more digital network infrastructure. And all of this reaffirms our belief in our strategy, which is fully geared toward this transformation.

But all of this is long term. All of this won't help us in the short term to get through the next winter and through the next two to three years.

In the short term, the task is to make Germany's energy supply as stable as possible under the given circumstances. The focus must be on secure and affordable energy for industry and consumers. With all the potential implications for Germany's economy. The German federal government knows this. It is resisting all calls to also stop the import of gas. Because that would hit Germany and Europe hard. We believe the government is acting extremely prudently, responsibly, and convincingly. Because even if it's painful and unpleasant: in the short term at least, we can't do without Russian gas. In any case not without severe consequences for Europe's economy. That's why I'd like to take this opportunity to express our unambiguous support for the position taken by the German government, above all Chancellor Olaf Scholz and Economics Minister Robert Habeck.

In the short term, the objective is affordable energy. Procurement prices on wholesale power and gas markets have been extremely high for some time.

E.ON SE Annual-Results Press Conference; March 16, 2022; statements by Leonhard Birnbaum, Marc Spieker

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They will remain high amid the crisis. In this volatile situation, no one can say for sure how high. It would therefore be right for Germany to reduce its energy taxes and levies in order to ease the burden on consumers. E.ON has advocated this for a long time. And we will of course fully implement the suspension of Germany's renewables surcharge for our customers starting on July 1, 2022, in line with the legal situation that will then apply.

Obviously, there are no simple short-term answers. We're talking about possibly reactivating reserve power plants and postponing Germany's coal phaseout. And we're talking about possibly forcibly reducing demand. None of this is something that's done lightly. We're going to pay a price. But we have to ensure now that the price doesn't get so high, that we can hardly pay it.

E.ON has a large procurement portfolio for residential and small and medium-sized enterprises. We purchase our gas on wholesale markets in Europe. E.ON has no long-term supply contracts directly with producers. However, a small amount of natural gas in our portfolio has been purchased from Gazprom trading companies in Europe. In view of the war in Ukraine, we have stopped procuring new amounts from these companies.

The Russian market is not one of our target regions. But one thing is clear: If there is a more or less extended physical shortage of energy imports, it would have consequences for us as well.

The current situation certainly doesn't make our business any easier. But we've proven in the past that we're successful even and especially amid major challenges.

This is still the annual-results press conference. So, despite the situation, I'd like to talk about last year. E.ON again operated in a turbulent market environment in 2021. It was a stress test on several fronts. Once again it has shown that we're resilient. And that we're well positioned.

My review of last year has three messages.

First, we finished 2021 successfully and surpasses expectations in all areas. And we achieved this despite considerable difficulties.

• We delivered our numbers. Marc Spieker will say more about this in a moment.
• But we not only delivered our numbers. In the second Corona year amid lockdowns, we also again helped secure the energy supply in all our markets.

E.ON SE Annual-Results Press Conference; March 16, 2022; statements by Leonhard Birnbaum, Marc Spieker

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• In addition, we successfully managed disasters. In the case of severe storms in Germany, Sweden, and Eastern Europe. And also the devastating floods in the Ahr Valley in western Germany. We therefore express our sincere thanks to all our colleagues who responded to the disasters.
• Finally, E.ON was a safe haven for just under a million customers left stranded by dubious providers who had evaded their responsibility in these turbulent times. Our long-term, foresighted procurement strategy shielded our customers well from short-term price adjustments.

This was an incredible achievement by the entire organization.

My second message is that we simultaneously propelled our growth strategy for greater sustainability and digitalization.

• We increased our network investments by 4 percent year-on-year. We intend to expand the regulated asset base of our electricity network business by at least 6 percent per year through 2026.
• Our networks integrated even more renewables as well as new customers, such as a battery factory in Salzgitter and a whole series of data centers in and around Frankfurt am Main.
• And we propelled the decarbonization journeys of our partners. This includes hydrogen solutions, which have enormous potential for European industry in particular and will become a growth driver for us. Our acquisition of Horisont Energi is part of this. It complements our decarbonization offerings for industrial customers. We're picking up speed. We see hydrogen as an additional growth opportunity.
• We're also seeing strong momentum in the demand for storage and solar solutions as well as eMobility. The breakthrough has happened. The number of e-cars being registered is gaining pace. And E.ON is supplying the charging infrastructure for them. By 2026, we want to increase our eMobility-related sales more than tenfold.

And that means we're devoting all our energy to the long-term task I've described-the comprehensive transformation of our energy system. We're reducing vulnerability and propelling the energy transition. Because it's now more important than ever.

My third message is that we also improved our setup in the 2021 financial year by doing our homework and delivering.

E.ON SE Annual-Results Press Conference; March 16, 2022; statements by Leonhard Birnbaum, Marc Spieker