E.ON (EOAN) Q2 2026 (Media) earnings summary

Executive summary

• Adjusted group EBITDA for H1 2026 was €5.4 billion, up 1% year-over-year, and adjusted group net income rose 5% to €1.9 billion, with EPS at €0.74, up 6% from H1 2025.

• Investments of €3 billion in H1 2026 focused on networks, customer solutions, and advancing the European energy system, supporting future growth.

• Economic net debt increased to €46.7 billion from €43.2 billion at year-end 2025, reflecting investment outlays and dividend payments.

• External sales declined 8% to €38.1 billion, mainly due to lower Energy Retail sales.

• Full-year 2026 guidance and long-term outlook reaffirmed, emphasizing continued operational and financial progress.

Financial highlights

• Adjusted group EBITDA: €5.4 billion (+1% YoY); adjusted group net income: €1.9 billion (+5% YoY); EPS: €0.74 (+6% YoY).

• External sales: €38.1 billion (-8% YoY); investments: €3 billion in H1 2026, slightly below H1 2025 due to weather-related delays.

• Economic net debt: €46.7 billion (up from €43.2 billion at year-end 2025).

• Cash provided by operating activities before interest and taxes rose 21% to €2.7 billion.

• Dividend of €0.57 per share for FY 2025 approved, marking the 11th consecutive increase.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: adjusted group EBITDA €9.4–9.6 billion, adjusted net income €2.7–2.9 billion, EPS €1.03–1.11.

• Planned investments for 2026 reaffirmed at €8.7 billion, with €48 billion planned for 2026–2030, mainly for Energy Networks.

• Continued investment contingent on regulatory clarity and economically viable frameworks.

• Investments for FY 2026 anticipated to be slightly above prior year, focused on network expansion, modernization, and digitalization.