EON : Presentation Q1 2025 results

‌it's on us

Q1 2025 results

14 May 2025

‌Strong Q1 results and full guidance confirmation

• Q1 EBITDA1 outturn in all segments in line with expectations

• Investment-backed growth and strong operational delivery drive year-over-year increase of 18% in EBITDA1 and 22% in Adj. Net Income1

• Value-accretive investment ramp-up progressing well: Q1 investments up 13% year-over-year

• Economic net debt development in Q1 in line with typical seasonality

FY 2025 guidance and FY 2028 targets, including dividend policy, fully confirmed

E.ON Q1 2025 results 1. Adjusted for non-operating effects.

Key financials

€bn

EPS1

€ 0.40 € 0.49

2.7

3.2

1.05

1.27

EBITDA1

Adj. Net Income1

44.2

1.3

1.5

41.1

Investments

Economic Net Debt

Q1 2024

FY 2024

Q1 2025

2

‌Strong first quarter earnings bring us firmly on track for FY guidance

EBITDA1

€m

Key Drivers

Q1 2024

Energy Networks

Energy Infrastructure

Solutions

+2,745

Energy Networks

• All: organic RAB growth (+)

• SEE: volume and network loss recoveries (+)

Energy Infrastructure Solutions

• Normalized weather and higher asset availability (+)

• Investment-driven organic growth (+)

Energy Retail

• All: normalized weather (+)

• UK: continued strong contribution from B2B (+)

+362

+41

Energy Retail

Corp. Functions & Other

Q1 2025

+66

+12

+3,226

+ 481

‌Strong Adj. Net Income growth following EBITDA

0.49 EPS1

(€ per share)

Adj. Net Income1

€m

vs. Q1 2024

+18%

vs. Q1 2024

+22%

3,226

2,395

2,072

-518

1,273

-281

-323

-831

EBITDA1	D&A1	EBIT1	Economic	Profit	Income taxes (25%)	Minorities	Adjusted
			interest result	before Taxes1			Net Income1

‌Comfortable balance sheet position and Q1 cashflows in line with typical seasonality

Economic Net Debt - quarterly comparison Investment spend well on track: Q1 2025 capex fill rate at

~17%, in line with Q1 2024

Expectation on FY 2025 Cash Conversion Rate unchanged

Credit ratings confirm comfortable balance sheet position3

€bn

Asset Retirement Obligations (ARO) Pension provisions

Net financial position

-41.1

-1.5

+0.1

+0.3

-1.3

-0.1

-0.6

-44.2

-29.2

-32.8

-5.2

-5.0

-6.4

-6.7

END FY 2024

OCF Q1 2025

Net Investments Q1 20251

Pensions2

Margining effects

Other (incl. AROs) END Q1 2025

‌Guidance fully confirmed

• Strong Q1 results and investment ramp-up well on track

• FY 2025 guidance and FY 2028 targets, including dividend policy, fully confirmed

• Solid balance sheet supports value accretive investment plan and dividend growth

€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
Energy Networks	5.834	~6.9	~35
Energy Infrastructure Solutions	0.969	~1.0	~5
Energy Retail	0.547	~0.6	~2.5
Capex EU Taxonomy aligned5	98%	>95%	>95%
ROCE	8.8%	8-9%	8-9%6
Debt factor	4.5x	≤5.0x	≤5.0x

‌financial appendix

‌Financial Overview

€m	Q1 2024	Q1 2025	%YoY
Sales	22,641	25,216	+11
EBITDA1	2,745	3,226	+18
EBIT1	2,005	2,395	+19
Adjusted Net Income1	1,047	1,273	+22
OCFbIT	-682	-831	-22
Investments	1,291	1,463	+13
Economic Net Debt (March 31,2025 and December 31,2024)2	-41,067	-44,205	-8

1. Adjusted for non-operating effects.

2. Bonds previously issued by innogy are recorded at their nominal value. The figure shown in the Consolidated Balance Sheets is €1.3 billion higher (year-end 2024: €1.4 billion higher).

E.ON Q1 2025 results

8

8

‌Cash conversion rate of -17% in Q1 2025 following typical seasonal pattern

CCR1

€bn -17% CCR

3.2

0.2

-4.2

-0.8

-0.4

-0.2

-1.5

EBITDA2

Cash adjustments3

Change in WC OCFbIT

Interest payments

Tax payments OCF

-1.5

Investments

-2.9

FCF

E.ON Q1 2025 results

1. Cash Conversion Rate (CCR): OCFbIT excl. OCFbIT related to dismantling activities / Adj. EBITDA. 2. Adjusted for non-operating effects.

3. Including non-cash-effective EBITDA items, provision utilizations and payments related to non-operating earnings. 9

‌Energy Networks

EBITDA1

€m

Drivers

All

+ Organic RAB growth

SEE

+ Volume and network loss recoveries

Q1 2024 Q1 2025

Germany Sweden CEE

+20%

2,145

1,783

SEE

€m		Germany				Sweden				CEE				SEE				Total2
	Q1 2024	Q1 2025	% YoY		Q1 2024	Q1 2025	% YoY		Q1 2024	Q1 2025	% YoY		Q1 2024	Q1 2025	% YoY		Q1 2024	Q1 2025	% YoY
Revenue	4,080	4,821	+18		328	348	+6		224	223	-0		453	474	+5		5,085	5,866	+15
EBITDA1	1,225	1,418	+16		185	211	+14		175	212	+21		199	305	+53		1,783	2,145	+20
EBIT1	792	920	+16		137	160	+17		133	164	+23		152	250	+64		1,214	1,494	+23
thereof equity- method earnings	48	45	-6		0	0	-		18	25	+39		30	14	-53		96	83	-14
OCFbIT	209	232	+11		135	205	+52		124	190	+53		112	183	+63		581	809	+39
Investments	659	836	+27		100	128	+28		113	72	-36		89	121	+36		961	1,159	+21

‌Normalizing for value-neutral timing effects

• Energy Network EBITDA1 impacted by effects that are value-neutral over time (e.g. volume deviations)

• Below figures illustrate how the normalization would impact Q1 EBITDA1 and Adj. Net Income1

Q1 2025 value-neutral timing effects: Mainly volume and network loss recoveries2 in SEE

€m	Q1 2025
EBITDA1
Current: EBITDA1 Energy Networks	2,145
Value-neutral timing effects	-45
Post-normalization: EBITDA1 Energy Networks	2,100
Post-normalization: EBITDA1 Group	3,181
Adjusted Net Income1
Current: Adj. Net Income1 Group	1,273
Value-neutral timing effects	-17
Post-normalization: Adj. Net Income1 Group	1,256

E.ON Q1 2025 results 1. Adjusted for non-operating effects 2. Regulatory mechanisms of several regulatory jurisdictions in Europe we operate in foresee that volume-driven changes in revenues and price-driven cost changes for

‌Energy Infrastructure Solutions

EBITDA1

€m

+25%

204

163

Drivers

EBITDA

+ Q1 normalized weather and higher asset availability

+ Investment-driven organic growth

Q1 2024 Q1 2025

Investments

€m

-25%

195

147

€m		EIS
	Q1 2024	Q1 2025	%YoY
EBITDA1	163	204	+25
EBIT1	81	116	+43
OCFbIT	44	79	+80
Investments	195	147	-25

Q1 2024 Q1 2025

E.ON Q1 2025 results 1. Adjusted for non-operating effects.

‌Energy Retail

EBITDA1

€m

All

+ Normalized weather (vs. mild temperatures in Q1 2024)

Drivers

Germany

+ Temporary margin effect from pricing

UK

+ Continued strong contribution from B2B

867

933

+8%

Other

• Cost phasing

• Poland price cap

Netherlands

+ Temporary margin effect from pricing

Germany UK

Netherlands

Other

Q1 2024 Q1 2025

€m Germany UK Netherlands Other Total2

Q1 2024	Q1 2025	% YoY
5,514	5,042	-9
271	333	+23
265	326	+23
0	0	-
-415	-191	+54
3	1	-67

Q1 2024	Q1 2025	% YoY
1,071	1,080	+1
59	97	+64
39	77	+97
2	0	-100
-193	-174	+10
21	22	+5

Q1 2024	Q1 2025	% YoY
3,789	6,230	+64
243	184	-24
217	157	-28
-1	1	+200
479	-106	-122
62	83	+34

Q1 2024	Q1 2025	% YoY
16,718	18,431	+10
867	933	+8
797	860	+8
1	1	+0
-1,059	-1,408	-33
114	118	+4

Q1 2024 Q1 2025 % YoY

Revenue	6,344	6,079	-4
EBITDA1	293	319	+9
EBIT1	275	300	+9
Thereof equity-method earnings	0	0	-
OCFbIT	-931	-937	-1
Investments	28	11	-61

E.ON Q1 2025 results 1. Adjusted for non-operating effects. 2. Including consolidation effects up to 1m€.

Thereof: electricity customers

m1

36.6 36.5

6.9

~0%

FY 2024

Q1 2025

Thereof: gas customers

m1

~-2%

Germany UK

Netherlands

Turkey Other2

Customer accounts

m1

47.3

47.0

~-1%

FY 2024

Q1 2025

Germany UK

Netherlands

Turkey Other2

13.8

14.1

8.4

8.5

4.0

4.0

10.8

10.8

10.0

9.9

	6.8
	10.8 2.1		10.8 2.1
	5.2		5.2
	11.7		11.5

10.7		10.5
3.1		3.1
1.9		1.9
3.3		3.2
2.4		2.3
FY 2024		Q1 2025

‌Energy Retail: Customer accounts B2B & B2C

‌Adjusted Net Income1

€m	Q1 2024	Q1 2025	% YoY
EBITDA	2,745	3,226	+18
Depreciation/amortization	-740	-831	-12
EBIT	2,005	2,395	+19
Economic interest expense, net	-267	-323	-21
EBT	1,738	2,072	+19
Income Taxes on EBT	-441	-518	-18
% of EBT	-25%	-25%	-
Non-controlling interests	-250	-281	-12
Adjusted Net Income	1,047	1,273	+22

E.ON Q1 2025 results 1. Adjusted for non-operating effects.

15

‌Cash-effective investments

€m	Q1 2024	Q1 2025	% YoY
Energy Networks	961	1,159	+21
Energy Infrastructure Solutions	195	147	-25
Energy Retail	114	118	+4
Corporate Functions	21	43	+105
Consolidation	0	-4	-
Investments	1,291	1,463	+13

E.ON Q1 2025 results

16

‌Economic Net Debt

€m	31 Dec 2024	31 Mar 2025
Liquid funds	7,280	5,042
Non-current securities	869	851
Financial liabilities1	-37,677	-38,755
Adjusted FX hedging	316	109
Net financial position	-29,212	-32,753
Provisions for pensions	-5,181	-5,037
Asset retirement obligations	-6,674	-6,415
Economic Net Debt	-41,067	-44,205

1. Bonds previously issued by innogy are recorded at their nominal value. The figure shown in the Consolidated Balance Sheets is €1.3 billion higher (year-end 2024: €1.4 billion higher).

E.ON Q1 2025 results

17

‌Economic interest expense (net) 1

€m	Q1 2024	Q1 2025	%YoY
Interest from financial assets/liabilities	-235	-295	-26
Interest cost from provisions for pensions and similar provisions	-31	-31	-
Accretion of provisions for retirement obligations and similar provisions	-11	-10	+9
Construction period interest2	2	3	+50
Others	8	9	+13
Net interest result	-267	-323	-21

1. Adjusted for non-operating effects.

2. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing costs are interest costs incurred by an entity in connection with the borrowing of funds (interest rate: 2.66%).

E.ON Q1 2025 results

18

‌Reconciliation of EBITDA to IFRS Net Income

€m	Q1 2024	Q1 2025	% YoY
EBITDA1	2,745	3,226	+18
Depreciation/Amortization/Impairments1	-740	-831	-12
EBIT1	2,005	2,395	+19
Interest result	-91	-194	-113
Net book gains	-16	41	+356
Restructuring	-3	-1	+67
Effects from derivative financial instruments	285	-979	-444
Impairments (net)	-629	-25	+96
Other non-operating earnings	-337	-290	+14
Income/Loss from continuing operations before income taxes	1,214	947	-22
Income taxes	-376	-193	+49
Income/loss from continuing operations	838	754	-10
Income/loss from discontinued operations, net	0	0	-
Net income/loss	838	754	-10
Non-controlling interests	-254	-225	+11
Net income/loss attributable to shareholders of E.ON SE	584	529	-9

E.ON Q1 2025 results 1. Adjusted for non-operating effects.

19

‌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

E.ON Q1 2025 results

‌Capital Market Debt maturities

Capital Market Debt maturities as of end Q1 20251

Nominal Value (€bn) Coupon (%)

24.1

2.4%

0.4%

1.5%

1.3%

1.0%

2.9%

0.1%

1.3

1.0

0.9

0.9

0.8

0.8

0.6

0.6

0.5

0.5

Q2 2025 Q4 2025

Q1 2026 Q2 2026 Q4 2026

Q3 2027 Q4 2027

Q1 2028 Q3 2028 Q4 2028

> 2028

1.6%

0.1%

0.3%

E.ON Q1 2025 results 1. Public and private placements issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE).

‌Financial calendar and important links

Financial calendar

May 14, 2025

Quarterly Statement January - March 2025

May 15, 2025

Annual General Meeting

August 13, 2025

Half Year Financial Report January - June 2025

November 12, 2025 Quarterly Statement January - September 2025

Important links

To be directed to our products please follow the links:

• Presentations

• Facts & Figures 2024

• Annual Reports

• Interim Reports

• Annual General Meeting

• Green Bond Framework

• Sustainability Report

‌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]

‌Disclaimer

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‌it's on us