E.ON (EOAN) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA rose 2% year-over-year to €3.3 billion in Q1 2026, and adjusted net income increased 7% to €1.34 billion, supporting full-year 2026 guidance and 2030 outlook.

• Business model remains resilient amid geopolitical and market volatility, with 80% of earnings from regulated or long-term contracted business.

• Strategic acquisition of Ovo in the UK strengthens market position and is expected to be EPS accretive by 2030, with integration and restructuring costs impacting 2028.

• Investments of €1.4 billion in Q1 2026 focused on energy transition and infrastructure.

Financial highlights

• Q1 2026 sales were €21.8 billion, down 13% year-over-year; adjusted EBITDA rose 2% to €3.3 billion; adjusted net income increased 7% to €1.34 billion.

• EPS for Q1 2026 was €0.51, up from €0.48 in Q1 2025.

• Economic net debt increased to €46.1 billion, primarily from negative operating cash flow and investments.

• Investments in Q1 2026 totaled €1.4 billion, down 7% year-over-year.

• Secured €3.3 billion in funding, covering over half of 2026 requirements.

Outlook and guidance

• Full-year 2026 guidance and 2030 outlook fully confirmed: adjusted EBITDA €9.4–9.6 billion, adjusted net income €2.7–2.9 billion, EPS €1.03–1.11.

• Dividend policy targets sustainable annual growth up to 5%; ROCE expected at 8–9% for 2026–2030.

• Expect higher interest expenses in 2026 due to increased net debt and refinancing costs.

• Growth trajectory in Energy Networks progressing well, driving energy transition.

• CAPEX for FY 2026 projected at €8.7 billion, focused on regulated networks and infrastructure solutions.