EON : Capital Markets Story March 2024

it's on us

Capital Markets Story

March 2024

We are the playmaker of the green energy transition in Europe

Energy Networks

We operate the largest energy distribution grid in Europe being the backbone of the green energy transition and the most critical infrastructure for society

Top-3 markets

Regulated asset base1

• Germany: €25.6bn
• Sweden: €6.4bn
• Czech Republic: €2.6bn

Energy Infrastructure Solutions

Industries and cities face major energy supply challenges on their way to climate neutrality. We provide infrastructure solutions to support their decarbonization

Top-3 markets

Adj. EBITDA2

• Germany: €0.15bn
• UK: €0.16bn
• Sweden: €0.15bn

Energy Retail

We are helping millions of private households and enterprises on their individual green pathway to a net-zero future, providing energy to 47m customers2

Top-3markets3 Customers/electricity market share2

• Germany: 14m (25%)
• UK: 9m (18%)
• Netherlands: 4m (24%)

Capital Markets Story	1. Total regulated asset base (power and gas) as per 31-Dec-2023 (see full definition on page 8) 2. As per 31-Dec-2023 3. Excluding equity participations Turkey &	2
	Slovakia

We are uniquely positioned across the utility value chain focusing on electricity distribution and clean energy infrastructure

Large-scale	Power & Gas Transmission	Power & Gas Distribution	Supply & Services
Generation

Energy Networks (75%1)

Energy Infrastructure Solutions (10%1)

No activities and no legacy assets	Energy Retail (15%1)

Capital Markets Story

1. Illustrative average EBITDA share of total Group EBITDA over 2024-2028 plan

3

New political reality fully backing secular growth momentum

Accelerated political targets

Operational growth momentum becoming evident

Share of renewables in EU energy consumption1

Network connection requests in German E.ON networks

43%

+33%

420k

+75%

32%

240k

Old 2030

New 2030

2022

2023

target

target

Decarbonization targets for EU buildings2

Investments into Energy Infrastructure Solutions

50%	60%	+20%	€684m	+30%
		€523m
Old 2030	New 2030	2022	2023
target	target

Capital Markets Story

1. European Commission revised Renewable Energy Directive 2023 2. Energy Performance of Buildings Directive

4

Our investment case: Five reasons to invest in E.ON

Energy Networks	Energy Infrastructure	Energy Retail	Strategic Foundation	Financial Strategy
	Solutions

Long-term growth in a	Growth acceleration	Reliable returns and	Digitalization and	Focus on value-
regulated environment	from contracted	attractive cash	sustainability as	creation and
	infrastructure	generation	strategic backbones	shareholder returns

Growth opportunities	Best-in-class energy	Healthy cashflows from	Pioneering the digital	Clear value-creation
from the green energy	infrastructure	a capital light business,	transformation of the	focus and solid financial
transition well into the	portfolio capitalizing	further expanded by	energy sector and	headroom ensuring an
2030s and a regulated	upon decarbonization	cross-selling new	applying strict	attractive shareholder
business nature provide	needs of cities and	solutions addressing the	sustainability criteria as	return outlook including
for a steady and	industries	rising electrification	the core foundation for	dividends and earnings
profitable earnings		demand	steering the company	growth
growth path

Capital Markets Story

5

Our business and financial strategy provide for attractive shareholder returns supported by a strong balance sheet

Financial capacity

Operational growth

Earnings growth

Shareholder renumeration

Strong	10% RAB	High-single-digit	Up to 5%
BBB/Baa rating	growth p.a.	EBITDA and EPS growth	DPS growth
€5-10bn extra balance sheet capacity	RAB CAGR 2022-2028	Underlying CAGR 2023-2028	p.a. 2023-2028

Capital Markets Story

6

Energy Networks

Our distribution networks are vital to a successful green energy transition

~75%

EBITDA share4

Total RAB1,2 €42bn
Power: €36bn
Gas: €6bn	Gas
FY2023
Power

25.66.410.0

Germany

Sweden

CEE2,3 and Turkey2

Empowerment of the Energy Transition

~€3.8bn

RAB-effective investment, annual average 2024-2028

• Integration of expanding renewables
• Connection of new customer use cases
• Dynamization of the networks

Asset modernization

~€1.8bn

RAB-effective investment, annual average 2024-2028

Gas

~€0.5bn

RAB-effective investment, annual average 2024-2028

~20% of capex for digitalization5

Smartification of infrastructure, creating observability and controllability of the grid

1. RAB is the value of all distribution assets determined by the regulator. In general, RABs from different regulatory regimes are not directly comparable due to significant methodical differences.

Capital Markets Story	These include for example different regulatory asset lifetimes, asset valuation methods or treatment of customer contributions for network connections	2. 100% view for Slovakia and Turkey	8
3. Central Eastern Europe including Czech Republic, Hungary, Poland, Romania, Slovakia 4. Illustrative average EBITDA share of total Group EBITDA over 2024-2028 plan 5. Share of digitalization

to RAB-effective investments in assets, annual average

Investment program is boosting our RAB growth to industry leading levels across core markets

E.ON power RAB development1	Power RAB development key countries1
€bn	€bn

			~10% CAGR			55
			2022-2028			Germany2
29	31	36
							51
28	29	33						Sweden
2021	2022	2023	2024	2025	2026	2027	2028

	Czech
Fully consolidated RAB	Republic
RAB from international participations Turkey & Slovakia

			~10%
		~34	CAGR
~19	~21	2022-2028
2022	2023	2028
			~8%
~5	~6	~8	CAGR
2022-2028
2022	2023	2028
			~9%
~2	~2	~4	CAGR
2022-2028
2022	2023	2028

Capital Markets Story

1. Total regulated asset base (power) as per 31-Dec-2023 (see full definition on page 8) 2. Assuming constant number of network concessions

9

Regulated business' nature provides a predictable and profitable

earnings growth path with low country risk

Energy Networks

EBITDA1 in €bn

+7%

Underlying EBITDA CAGR

2023-2028

~8.3

6.6 6.7-6.9

One offs/
Timing				8.4
Underlying
	6.0	6.3
2023
	2023	2024	2028

Highly predictable earnings profile with German and Swedish regulatory cycle matching mid-term plan horizon

Energy Networks returns

• Immediate guaranteed return on investments
• Long-terminfrastructure assets
• Regulatory stability over up to 5 years
• Positively geared towards inflation
• Digitization investments supporting efficiencies
• Ability to operationally outperform

Value creation spread of

150-200bps2

Energy Networks investments in AAA rated countries

Germany~72%4

AAA stable3

Sweden~9%4

AAA stable3

Czech	~8%4
Republic
	AA- stable3

Capital Markets Story	1. Adjusted for non-operating effects	2. Average 2024-28 ROCE over pre-tax cost of capital	10
	3. Credit Rating by Standard & Poor's	4. RAB-effective investment share 2024-28