EON : Capital Markets Story May 2025

it's on us

Capital Markets Story

May 2025

We are the playmaker of the green energy transition in Europe

EBITDA

share1

~76%

Energy Networks

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

Top-3 markets

Regulated asset base2

• Germany: €28.0bn

• Sweden: €7.1bn

• Czech Republic: €2.9bn

EBITDA

share1

~7%

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. EBITDA3

• UK: €0.23bn

• Germany: €0.14bn

• Nordics: €0.11bn

EBITDA

share1

~17%

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 customers3.

Top-3 markets4

Customer accounts/electricity market share3

• Germany: 14m (24%)

• UK: 9m (16%)

• Netherlands: 4m (25%)

Capital Markets Story

1. Average EBITDA share over 2025-2028 plan excluding corporate functions. 2. Total regulated asset base (power and gas) as per 31-Dec-2024 (see full definition on page 7). 2

3. As per 31-Dec-2024. 4. Excluding equity participations in Turkey and Slovakia.

Unique position across the utility value chain and geographical diversification with focus on Germany, central and northern Europe

Energy Retail

Energy Infrastructure Solutions

Energy Networks

E.ON has no activities and no legacy assets in:

Large-scale generation4

Active in

Germany

CEE1

Sweden

SEE2

Active in

Germany UK

Nordics

Other3

Active in

Germany

Netherlands

UK

Other3

Power & gas transmission

Geographically strong

diversified portfolio with a business focus on Germany, Central and Northern Europe

Capital Markets Story

1. Central Eastern Europe including Czech Republic, Poland, Slovakia. 2. South Eastern Europe including Hungary, Croatia, Romania, Turkey. 3. As shown as in graph below. 3

4. Large-scale generation feeding into the grid.

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

Energy Networks

Long-term growth in a regulated environment

Growth opportunities from the green energy transition well into the 2030s and a regulated business nature provide for a steady and profitable earnings growth path

Energy Infrastructure Solutions

Growth acceleration from contracted infrastructure

Best-in-class energy infrastructure portfolio capitalizing upon decarbonization needs of cities and industries

Energy Retail

Reliable returns and attractive cash generation

Healthy cashflows from a capital light business, further expanded by cross-selling integrated flexible solutions addressing rising demand from electrification

Strategic Foundation

Digitalization and sustainability as strategic backbones

Pioneering the digital transformation of the energy sector and applying strict sustainability criteria as the core foundation for steering the company

Financial Strategy

Focus on value-creation and shareholder returns

Clear value-creation focus and solid financial headroom ensuring an attractive shareholder return outlook including dividends and earnings growth

Capital Markets Story 4

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

Financial capacity Operational growth Earnings growth Shareholder remuneration

Strong BBB/Baa rating

€5-10bn extra balance sheet capacity

Capital Markets Story

10% power RAB growth p.a.

RAB CAGR 2024-20281

1. Energy Networks Germany.

High-single-digit EBITDA and EPS growth

Underlying CAGR 2024-2028

Up to 5% DPS growth

p.a. 2024-2028

5

Energy Networks

Our distribution networks are vital to a successful green energy transition

~76%

~20% of capex for digitalization5

Smartification of infrastructure, creating observability and controllability of the grid

FY 2024

Total RAB1,2 :€46bn Power: €40bn

Gas: €6bn

28.0

7.1

Germany

Sweden

5.4

5.9

Power

Gas

CEE2,3

SEE2,3

Empowerment of the energy transition

~€4.0bn

RAB-effective investment, annual average 2024-2028

• Integration of expanding renewables

• Connection of new customer use cases

• Dynamization of the networks

7

EBITDA share4

Gas

~€0.4bn

RAB-effective investment, annual average 2024-2028

Asset modernization

~€1.9bn

RAB-effective investment, annual average 2024-2028

Capital Markets Story

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 differences in regulatory calculation methods. 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. 3. Central Eastern Europe including Czech Republic, Poland, Slovakia. South Eastern Europe including Hungary, Croatia, Romania, Turkey. 4. Average EBITDA share over 2025-2028 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

€bn

~10% CAGR

2022-2028

~9% CAGR2

2024-2028

40

31

36

2022

2023

2024

2025

2026

2027

2028

Fully consolidated RAB

RAB from international participations Turkey & Slovakia

29

33

37

50

55

Power RAB development key countries1

€bn

2024-2028 2022-2028

Germany3

~10%

CAGR

~11%

CAGR

2022 2023 2024 2028

Sweden

~

~6% CAGR

~10% CAGR

2022 2023 2024 2028

Czech Republic

~7% CAGR

~7% CAGR

2022 2023 2024 2028

~2

~2

~3

~3

~5

~6

~7

~9

~19

~21

~23

~34

6

Capital Markets Story

1. Total regulated asset base (power) as per 31-Dec-2024 (see full definition on page 7). 2. Included adjusted RAB 2024 for Hungary due to change from real to nominal 8

regulatory system in 2025. 3. Assuming constant number of network concessions.

Energy Networks investments in AAA rated countries

Regulated business nature provides a predictable and profitable earnings growth path with low country risk

EBITDA1 Energy Networks

€bn

+7%

Underlying EBITDA CAGR 2024-2028

7.4-7.6

~8.6

6.9

One offs/ Timing

Underlying

2024

2024 2025

2028

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

6.6

7.3

8.7

Energy Networks value drivers

Germany

~73%4

AAA stable3

Sweden

~10%4

AAA stable3

Czech

Republic

~6%4

AA- stable3

+ Immediate guaranteed return on

investments

+ Long-term infrastructure assets

+ Regulatory stability for up to 5 years

+ Positively geared towards inflation

+ Digitization investments supporting efficiencies

+ Ability to operationally outperform

Value creation spread of

150-200bps2

Capital Markets Story

1. Adjusted for non-operating effects. 2. Average 2024-28 ROCE over pre-tax cost of capital. 3. Credit Rating from Standard & Poor's. 4. RAB-effective investment share 9

2025-28.

Energy Infrastructure Solutions

Best-in-class infrastructure portfolio capitalizing upon the decarbonization needs of cities and industries

~7%

EBITDA share1

Core businesses

District Heating & Cooling

Heating and cooling networks in urban areas. We design, build, own, operate, and optimize the assets

Industrial & Commercial Solutions

On-site energy infrastructure for industrial and commercial customers. We design, build, own, operate, and optimize the assets

Smart Metering (UK)

Installation, exchange, ownership, and maintenance of quasi-regulated smart meters

Key drivers of the market

Energy Security Energy crisis pushes industries towards

focus on local energy

mix

Affordability

Realizing cost effectiveness through economies of scale

Sustainability

Strict sustainability compliance throughout all value chains

Regulation Policy makers focus on emissions of industries

and buildings

Robust growth trajectory

EBITDA

11% CAGR

2024-2028

2024

2028

CAPEX

€5bn

∑ 2024-2028

2024

2028

€969m

€558m

Capital Markets Story 1. Average EBITDA share over 2025-2028 plan. 11

Portfolio of infrastructure assets

~6,000

infrastructure assets

~5,000 km

district heating & cooling grids

~17 TWh

energy supplied to customers1

Key EIS characteristics

• Typical contract duration of 10-20 years from contract conclusion

• Long-term contracts allow for inflation protection and effective commodity passthrough

• Long-term flexible contracting: operation and maintenance / design, build and operate / full-service contracting

• ~75% of the €5bn CAPEX plan dedicated to growth

Delivering attractive and long-term secured returns in a diversified market set-up

Value creative robust growth trajectory

• >8% median IRR realized2

• Hurdle rate spread of 120-350bps3

Capital Markets Story

1. Heat, power, steam, and cool. Methodology change since last year. 2024 number is excluding intercompany energy supplied. 2. Post tax, unlevered for EIS investment 12

decisions for projects with capex >€10m since 2018. 3. IRR post-tax, unlevered vs. post-tax WACC.

Energy Retail

Large and loyal customer base managed for efficiency and convergence towards integrated flexible offerings

~17%

Digitalization

Target to fully digitize and automate our processes

EBITDA share3

Stable customer base of ~47m

Managing for efficiency and customer centricity

Converging towards integrated flexibility offerings

Building a strong connected asset base5 while providing affordable energy solutions

Shaping the emerging flexibility market with innovative propositions, such as our award-winning Flex Charge in Germany, helping customers to realize an affordable energy transition

Customer Centricity

Improving customer journeys and unlocking brand value with new Playmaker positioning

7 out of 10 customers stay with E.ON for longer than 3 years4

Customer accounts1

million

14.1

4.0

Germany

Netherlands

8.5

20.7

United Kingdom

Other2 and Turkey

Power

Gas

Energy Sourcing

Centralized for fully integrated portfolio management

Capital Markets Story

1. Including at-equity participations. As per 31-Dec-2024. 2. Including Sweden, Italy, Czech Republic, Hungary, Croatia, Romania, Poland, Slovakia. 3. Average EBITDA share 14

over 2025-2028 plan. 4. Average across main markets (GER, UK and NL). 5. includes e.g. electric vehicles, photovoltaic, batteries and heat pumps.

Offering a steady earnings path combined with attractive cash returns

EBITDA1 Energy Retail

€bn

+4% CAGR

Underlying EBITDA 2024-2028

~2.0

One offs/ Timing

1.8

1.6-1.8

Underlying

2024

2024

2025

2028

1.7

Grow earnings through additional efficiencies, new

flexibility offerings and unlocking brand value

 EBITDA B2C margin2 within 3-5% target range

Total cash contribution3 of ~€5bn

2024-28

Capital Markets Story

1. Adjusted for non-operating effects. 2. Central energy procurement revenues excluded. 3. Cumulative OCF before interest and taxes minus cumulative economic 15

investments and pension service costs.

Strategic Foundation

Create additional value by actively driving the digital energy transformation to jointly converge business & IT

Energy Networks

Drive standardization, digitalization, automation,

and asset smartification to successfully accelerate the energy transition

~80% of German RAB is on Enterprise Asset Management1

Installation of ~17,000 digiONS2

Roll-out of >500,000 smart meters p.a.

Energy Retail

Digital-first customer experience and upgraded

sales platforms to unlock additional value and enable upcoming flexumer needs

2 out of 3

customer accounts migrated to upgraded sales platforms

new customers are acquired through digital channels

customer service interactions

are fully digital

Platform for third party business

E.ON One as single-source provider of cutting-edge scale-up technologies that empower DSOs to increase efficiency, automation, and scalability

~39 million integrated grid connection points in Europe managed by envelio's Digital Twin software solution5

10% annual market share in Europe for gridX Home energy management system (HEMS)

IT Operations

A strong IT foundation and digital core creates the basis for earnings growth

Operational stability significantly increased

(+19% 2023; +~70% vs. 2021) 3

Implementation of a cloud-compatible IT

operating model (DevOps method4) for central IT

100 AI initiatives. E.ON GPT serves

over 35k E.ON users

Capital Markets Story 1. Digital platform incl. partner, network connection, meter-2-cash, finance management. 2. Digital transformer substations. 3. Share of reduced system down time. 17

4. DevOps combines development (Dev) and operations (Ops) to increase the efficiency, speed, and security of software development and delivery compared to traditional processes. 5. envelio is part of E.ON One portfolio; 49% coverage of the German distribution grid.

Sustainability acts as a key pillar of our strategic foundation

Capital Markets Story

Social

• We ensure the frequency of serious accidents and deaths is <0.07 by 20302

• In 2024, we completed a DEI3 pilot survey to shape our strategy for driving inclusivity and meaningful DEI

across our company

Governance

• Positive development of share of female executives in 2024 of +2%, shows the commitment achieving our target ≥32% women in management positions by 20314

• Board remuneration system aligned

with ESG-targets

Environment

• >15% of all renewable assets in Europe connected to E.ON grid,

  thereof >1 million renewable assets connected in Germany

• >6k homes and business properties connected to first UK ectogrid1 advanced heating network in Silvertown, London with 3.8 t CO2saving per annum

• We maximize our positive impact in ecosystems and biodiversity with our new ecological site management and maximizing circularity

1. E.ON ectogrid is a hydraulic grid with low temperatures where heat pumps and cooling machines in every building adjust the temperature according to need. In this process, each building sends excess heating or cooling to other buildings, depending on their needs. Through sharing, balancing, and storing energy, E.ON ectogrid efficiently uses all

available energy flows before adding new energy and thus helps to reduce energy consumption in cities and communities up to 80 % and reach zero emission levels. 2. Serious 18

incidents and fatalities (SIF) for employees: Safety incidents per 1,000,000 working hours. 3. DEI meaning Diversity, Equity, and Inclusion. 4. Equivalent to the share of women in our workforce.

Ambitious environmental targets form the basis for all our businesses

Ambitious ESG targets and commitments

Scope 1+2

Scope 3

20301

-50%2

-50%2

2040

-100%

2050

-100%

• Science Based Targets Initiative (SBTi) have validated E.ONs near term targets for reducing CO2emissions

• We reduce our emissions aligned with the 1.5-degree target of the Paris Climate Agreement

• We exit coal assets of the fully consolidated entities by 2030

Governance and

sustainable finance

• Management remuneration system aligned with ESG-targets

• ~98% EU-taxonomy aligned CAPEX3

• Green bond framework according to EU taxonomy

Lead in transparency reflected prestigious ratings4

AA (Leader score range)

A- (Leadership level)

C+/Prime Status

Medium-risk profile

Capital Markets Story

1. Relative to 2019 figures. 2. -50% refers to E.ON's SBTi validated 2030 target in line with a 1.5° pathway. 3. Of taxonomy-eligible investments in 2024. 19

4. As per February 2025.

Financial Strategy

Attractive shareholder remuneration backed up by consistent dividend growth

Dividend per share

€

up to 5%

DPS growth p.a. until 2028

We have delivered and will continue to deliver.

0.21

0.30

0.43

0.46

0.47

0.49

0.51

0.53

0.55 1

2016

2017

2018

2019

2020 2021

2022

2023

2024

2028

Capital Markets Story 1. Subject to 2025 AGM approval. 21

Accelerated investment program backed by strict value creation requirements

Energy Networks

€35bn

~€43bn

Energy Infrastructure Solutions

€5bn

Energy Retail

€2.5bn

2024-2028 Investments1

Segment

Investment split Creating shareholder value

Capital Markets Story

€32bn RAB-effective:

GER 73% / SWE 10% / CZ 6% / Other 10%

€3bn network-adjacent3:

GER 100%

150-200bps ROCE over WACC

spread4

45% District Heating & Cooling 45% Industrial & Commercial Solutions

10% Smart Metering (UK)

120-350 bps IRR spread5

65% Digitalization

25% Growth

10% Other

Energy Sales B2C margins6 of 3-5% and cash contribution7 of

€5bn by 2028

>95%

EU taxonomy aligned2

1. Cash-effective investments including Corporate Functions. Corporate Functions not depicted in the split on the right. 2. Based on EU taxonomy eligible capex. 3. Includes

e.g. smart meters in Germany, technical networks services, water businesses, and broadband. 4. Average 2024-28 ROCE over pre-tax cost of capital. 5. IRR post-tax, 22

unlevered vs. post-tax WACC. 6. Central energy procurement revenues excluded. 7. Cumulative OCF before interest and taxes minus minus cumulative economic investments and pension service costs.

Superior earnings growth profile with high-single-digit CAGR

EBITDA1

€bn

+7% CAGR

Adjusted Net Income1

EPS1,2

2024 € 1.09

2025 € 1.09-1.17

2028 ~€ 1.30

€bn

8.7

9.5

Underlying EBITDA 2024-2028 +7% CAGR

Underlying ANI 2024-2028

~3.5

2.7

2.85

>11.4

>11.3

~3.4

One offs/ Timing

9.0

9.6-9.8

One offs/ Timing

2.9 2.85-3.05

Underlying

Underlying

2024

2025

2028

2024

2025

2028

Average Return on Capital Employed (ROCE) of 8-9%3

Capital Markets Story 1. Adjusted for non-operating effects. 2. Earnings per share. 3. Average for period 2024-2028. 23

Value accretive growth path in all our businesses

Energy Networks

EBITDA1 (€bn)

+7% CAGR

Underlying EBITDA 2024-2028

~8.6

7.4-7.6

6.9

One offs/ Timing

Underlying 2024

2024 2025

2028

6.6

7.3

8.7

Energy Infrastructure Solutions

EBITDA1 (€bn)

+11% CAGR

Underlying EBITDA 2024-2028

~0.9

0.56

0.55-0.65

2024 2025

2028

0.59

Energy Retail

EBITDA1 (€bn)

+4% CAGR

Underlying EBITDA 2024-2028

1.8

~2.0

1.6-1.8

2024 2025

2028

1.7

Capital Markets Story 1. Adjusted for non-operating effects. 24

Investment program delivered with comfortable extra balance sheet

capacity in 2028 Strong

High earnings quality and growth

• Sustainable average CCR1 of ~100% from 2024 to 2028

  Discretionary disposal program of up to €2bn of proceeds maintained

• Opportunistic execution according to strategic and financial criteria

  Sound funding strategy enabling sustainable green growth path

• Sustainable funding strategy with volumes of €3.5-5bn p.a. in the coming years and more than 50% green bonds

BBB/Baa rating

Debt factor2 target

of ≤ 5.0x

€5-10bn extra balance sheet capacity in 2028

Based on BBB/Baa rating metrics

Capital Markets Story 1. Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT related to dismantling activities of nuclear power plants / Adj. EBITDA. 2. Economic Net Debt / EBITDA. 25

Appendix

Guidance overview

€bn FY 20241 FY 2025 FY 2028

EBITDA2 9.049 9.6-9.8 >11.3

Energy Networks	6.868	7.4-7.6	~8.6
Energy Infrastructure Solutions	0.558	0.55-0.65	~0.9
Energy Retail	1.813	1.6-1.8	~2.0
Corporate Functions & Other	-0.190	~-0.1	~-0.1

Adj. Net Income2 2.856	2.85-3.05	~3.4
EPS2 € 1.09	€1.09-1.17	~€1.30
FY 2024	FY 2025	FY 2024-28
Dividend € 0.553	Up to 5% p.a.	Up to 5% p.a.
Capex4 7.499	~8.6	~43

Capex EU Taxonomy aligned5 98%	>95%	>95%
ROCE 8.8%	8-9%	8-9%6
Debt factor 4.5x	≤5.0x	≤5.0x

Energy Networks	5.834	~6.9	~35
Energy Infrastructure Solutions	0.969	~1.0	~5
Energy Retail	0.547	~0.6	~2.5

Capital Markets Story

1. As reported. 2. Adjusted for non-operating effects. 3. Subject to 2025 AGM approval. 4. Cash-effective investments including Corporate Functions & Other. 27

5. Based on EU taxonomy eligible capex. 6. Average for period 2024-2028.

Sound funding strategy enabling sustainable green growth path

Volumes

€3.5-5bn p.a.

• Bond refinancing

• Capex - mainly networks

• Cash utilization of asset retirement obligations

Tenors

3-30 years

• Optimize maturity

  profile

• Redemptions on any single day capped at

€1bn

Green bonds

>50% p.a.

• Majority of funding via green bonds aligned with EU Taxonomy

• Currently €26bn of total green bond capacity

Currencies

EUR preferred

• Predominantly euro-based asset base

• Other currencies possible

Diversification

More instrument variety

• Bond issuances supplemented by e.g. private placements, promissory notes

("Schuldschein-darlehen") and other instruments

Capital Markets Story 28

Capital market debt well diversified and substantially green

Capital Market Debt1 (in €bn)

41%

Capital market debt

~€ 31.9bn thereof € 13.1bn green bonds (41%)

EUR Bonds

EUR Private Placements

GBP Bonds Other currencies

USD Bonds

Maturity Profile2 (in €bn)

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

'25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44

EUR Bonds

EUR Private Placements

GBP Bonds USD Bonds

Other currencies (NOK, CHF, JPY) EUR Schuldschein

Capital Markets Story 1. As per 31-Mar-2025. 2. As per May 2025. Based on nominal debt values. Additional information on key terms of benchmark bond transactions can be found on slide 117 29

of the Facts & Figurespublished Feb 2025.

E.ON Investor Relations team

Iris Eveleigh

Head of Investor Relations [e-mail]

[phone]

Milagros D'Elia

Manager Investor Relations

milagros.d'[e-mail]

[phone]

Andreas Thielen

Manager Investor Relations [e-mail]

[phone]

Björn Siggemann

Manager Investor Relations [e-mail]

[phone]

Taski Maar

Manager Investor Relations [e-mail]

[phone]

Jonas Malecki

Manager Investor Relations [e-mail]

[phone]

Piipa Poutiainen

Manager Investor Relations [e-mail]

[phone]

Capital Markets Story 30