E.ON (EOAN) Investor presentation summary

Strategic positioning and business model

• Acts as a key player in Europe's green energy transition, operating the largest energy distribution grid and supporting decarbonization for cities and industries.

• Focuses on three core segments: Energy Networks, Energy Infrastructure Solutions, and Energy Retail, each with clear growth and profitability drivers.

• Maintains a regulated business profile, ensuring steady, visible earnings growth and reliable cash generation.

• Pursues digitalization and sustainability as foundational strategies, driving operational excellence and innovation.

• Emphasizes value creation and attractive shareholder returns, supported by a strong balance sheet and disciplined financial strategy.

Financial performance and outlook

• Targets 6% CAGR in adjusted EBITDA and net income from 2025 to 2030, with up to 5% annual dividend per share growth.

• Projects total investments of ~€48bn from 2026-2030, mainly in Energy Networks and Infrastructure Solutions.

• Maintains a strong BBB/Baa credit rating, with €5-10bn extra balance sheet capacity by 2030.

• Delivers consistent guidance achievement, with adjusted EBITDA rising from €8.1bn in 2022 to over €11.4bn by 2030.

• Ensures high earnings quality and sustainable cash conversion, targeting a debt factor of ≤5.0x.

Segment highlights

• Energy Networks: Largest regulated asset base in Europe, targeting ~9% CAGR in power RAB and 10% annual growth in Germany's power RAB.

• Energy Infrastructure Solutions: Diversified portfolio with ~6,000 assets, 12% EBITDA CAGR, and >8% median IRR for signed projects.

• Energy Retail: Serves 47 million customers, focusing on digitalization, customer centricity, and innovative flexibility offerings.

• Retail segment aims for steady earnings growth (+4% EBITDA CAGR) and ~€7bn cash contribution by 2030.