DGAP-News: E.ON SE / Key word(s): Annual Results 
E.ON SE: E.ON fully met its targets; debt reduction making swifter progress 
2021-03-24 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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E.ON fully met its targets; debt reduction making swifter progress 
  . Adjusted EBIT increases to EUR3.8 billion; adjusted net income of EUR1.6 billion surpasses prior-year level. Both 
    figures inside the guidance range for 2020 revised in August 
  . Dividend proposal of EUR0.47 per share for 2020; dividend to increase by up to 5 percent annually through 2023 
  . Synergy delivery in 2020 was on schedule; synergy target of EUR780 million in recurring savings through 2024 
    reaffirmed 
  . Turnaround in the United Kingdom successful and ahead of schedule; U.K. expected to deliver more than GBP100 million 
    in earnings in 2021 
  . Earnings increase anticipated for 2021: adjusted EBIT of EUR3.8 to EUR4.0 billion and adjusted net income of EUR1.7 to 
    EUR1.9 billion 
The COVID-19 did not leave an enduring mark on E.ON's earnings. This is due to the resilience of E.ON's business model 
and to the fact that the company early on took systematic countermeasures, which prevented a lasting adverse impact on 
its earnings. As anticipated, the pandemic's negative effects on the E.ON Group's reported earnings were not only 
limited to just under EUR300 million. Instead, these effects will be largely recovered in the next few years. 
Despite a challenging environment, E.ON's operating business delivered a solid performance. E.ON recorded sales of 
EUR60.9 billion, Group adjusted of about EUR3.8 billion, and adjusted net income of EUR1.6 billion. Both figures are within 
the forecast ranges for 2020 that were revised in August. 
"Amid the pandemic and the resulting lockdowns, 2020 put many business models to a severe test. E.ON, by contrast, 
successfully completed the financial year without any significant impact, either from the COVID-19 pandemic or from the 
historically warm winter. E.ON has impressively demonstrated its strength and resilience during the greatest economic 
crisis in decades. We deliver secure and growing earnings and dividends," stated CEO Johannes Teyssen at the 
presentation of the company's 2020 results in Essen in a joint video conference with CFO Marc Spieker and future CEO 
Leonhard Birnbaum. 
E.ON overcame business challenges 
Teyssen emphasized that E.ON has overcome all of the main hurdles in its businesses in order to launch the next phase 
of its corporate development. 
First, in 2020 E.ON fully met all the European Commission's conditions for the innogy takeover and integrated innogy 
into the Group. The planned synergy targets will be achieved. E.ON reaffirmed that it will deliver EUR780 million in 
recurring savings by 2024. It achieved EUR130 million of these savings by year-end 2020. 
Second, E.ON largely completed its exit from nuclear energy and the related separation from risks. An agreement with 
the German federal government to implement a ruling by the Federal Constitutional Court will result in E.ON subsidiary 
PreussenElektra receiving prorated production rights from power stations previously jointly owned with Vattenfall at no 
cost as well as additional production rights as a co-shareholder on reasonable terms. E.ON anticipates total cash 
inflow in the mid-triple-digit euro million range in the course of this year. 
In addition, E.ON has achieved a turnaround in the United Kingdom. E.ON's U.K. retail business, which recorded a 
roughly GBP200 million loss in 2019, will recover faster than originally anticipated and this year will again deliver a 
positive contribution of more than GBP100 million to Customer Solutions' earnings. As announced, E.ON migrated about 90 
percent of the customers of innogy subsidiary npower to a new digital platform in just a single year despite the 
lockdown. In addition to npower customers, all E.ON UK customers will be migrated to the new platform by year-end 2022. 
E.ON intends to further increase earnings and dividends 
In view of the positive developments with the innogy integration, in the nuclear energy business, and in the United 
Kingdom, CFO Marc Spieker forecasts 2021 earnings above the prior-year level: "For 2021, E.ON anticipates adjusted EBIT 
of EUR3.8 to EUR4.0 billion and adjusted net income of EUR1.7 to EUR1.9 billion. We have ambitious plans for beyond 2021 as 
well: we expect our EBITDA to grow by 2 to 3 percent on average between 2021 and 2023, our EBIT by an average of 8 to 
10 percent. In particular, tangible earnings in our core business of 11 to 13 percent will than offset declining 
earnings at our nuclear power business in Germany. The synergies we're leveraging will also help." 
In line with the company's current dividend policy, the E.ON SE Management Board and Supervisory Board intend to 
recommend the payment of a dividend of EUR0.47 per share for the 2020 financial year. CFO Marc Spieker said: "Our strong 
operating business is the foundation for our reliable dividend policy. We'll continue to pursue this policy in the 
future and plan annual growth in dividend per share of up to 5 percent through the dividend for the 2023 financial 
year. We'll aim for an annual increase in dividend per share after that as well." By maintaining a high degree of 
financial discipline, E.ON will continue to strengthen its BBB/Baa2 rating. 
Debt reduced 
Despite high net investments, in the fourth quarter of 2020 E.ON reduced its economic net debt by EUR1.4 billion to EUR40.7 
billion. Strong operating cash flow was the primary factor. Also, provisions for pensions declined by about EUR500 
million in the fourth quarter. In addition, E.ON recorded proceeds from the disposal of an equity interest in the Czech 
Republic and in conjunction with the agreement to sell its remaining stake in Rampion, an offshore wind farm in 
England, to RWE. These proceeds enabled E.ON to further reduce its economic net debt. Based on strong anticipated cash 
flow in the future and supported by the new nuclear-energy agreement, E.ON will aim for a tangibly lower debt ratio of 
just 4.8 to 5.2 times EBITDA in the near future. 
E.ON is fully committed to sustainability 
Going forward, E.ON wants to be assessed even more stringently against verifiable sustainability targets. Specific 
targets for greenhouse gas reductions, occupational safety, and diversity will be included in the long-term incentive 
plans for all levels of E.ON management. 
E.ON is embracing sustainability in its financing as well. E.ON is among the largest issuers of green bonds. Just three 
weeks ago E.ON revised and published its Green Bond Framework-the first in Europe to be fully aligned with the EU 
Taxonomy. More than 80 percent of E.ON's future investments are already aligned with the EU Taxonomy. 
Alongside its key social role as Europe's largest network operator in the green energy transition, E.ON intends to 
reduce the emissions it can influence directly and become climate-neutral by 2040. E.ON will reduce its Scope 1 and 2 
emissions by 75 percent by 2030 and by 100 percent by 2040 compared with 2019. E.ON aims to reduce Scope 3 emissions, 
which it cannot influence directly, by 50 percent by 2030 and by 100 percent by 2050. E.ON is making rapid progress in 
reaching these targets: in 2020 it reduced its emissions in all three scopes by a total of 10 percent. 
These ambitious targets demonstrate that E.ON is fully committed to sustainability, which it believes has great 
potential for the development of its own business. Johannes Teyssen said: "We've focused on energy infrastructure and 
customer solutions business to enable the energy transition in Europe and Germany. We deliver innovative and 
climate-friendly energy solutions for our customers and are a sought-after partner for sustainable solutions for 
industrial enterprises and city districts. When energy networks and energy solutions are combined in a single plan, 
E.ON is the first choice." 
E.ON sees great potential for organic growth 
Future CEO Leonhard Birnbaum, who takes his position on April 1, 2021, sees Germany and Europe's energy transition, in 
which sustainability and digitization come together, as a source of growth opportunities and unforeseen investment 
possibilities. "Combating climate change will continue to require a massive expansion of network infrastructure. Every 
new electric car, every heat pump, every wind turbine, and every solar installation must be connected to the power 
grid-95 percent of them to the distribution grid. Experts predict that Germany alone will need to invest EUR110 billion 
to expand its grids through 2050." 
E.ON views itself as superbly positioned in the heating business as well. Birnbaum: "Alongside electrification by means 
of heat pumps, green gases and green hydrogen have what it takes to propel the decarbonization of the heating sector 
ecologically and equitably. Our networks are ready to bring them to customers." 
The European Commission's Green Deal offers additional growth potential. E.ON has identified about 200 specific 
projects in its markets in areas like grid smartification, broadband, hydrogen, and decarbonized district heating. As 
soon as the national execution plans are more concrete, which, according to the current EU timeline, is expected within 
the next six months, E.ON will communicate additional details about its project portfolio and eligibility for funding. 
This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group 
Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other 
factors could lead to material differences between the actual future results, financial situation, development or 
performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability

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