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E.ON (EOAN) investor relations material

E.ON Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Adjusted EBITDA rose 10% to €7.4 billion and adjusted net income increased 4% to €2.3 billion for the first nine months of 2025, driven by strong Energy Networks performance and investment growth.

  • Investments for the energy transition reached €5.1 billion, up 8% year-over-year, mainly from the Energy Networks segment.

  • Economic net debt increased to €43.4 billion, with improvement in Q3 from operational cash flow and deconsolidation effects.

  • Full-year 2025 guidance and 2028 outlook, including dividend policy, are fully confirmed.

  • Financing activities of €2.95 billion and a new €4.7 billion syndicated credit facility secured funding needs beyond 2025.

Financial highlights

  • Sales increased 2% to €57.5 billion for 9M 2025.

  • Adjusted EBIT rose 9% to €4.75 billion; adjusted net income per share was €0.88, up 4%.

  • Net income dropped 57% to €1.31 billion, mainly due to non-operating effects including a €400 million deconsolidation loss.

  • Group CapEx fill rate at 60%, in line with typical nine-month levels.

  • Cash conversion rate at 76% for 9M 2025, reflecting typical seasonality.

Outlook and guidance

  • 2025 guidance reaffirmed: adjusted EBITDA €9.6–9.8 billion, adjusted net income €2.85–3.05 billion, investments around €8.6 billion.

  • Dividend policy targets up to 5% annual growth.

  • Capex expected to grow up to 5% p.a. through 2028.

  • On track to reach the upper end of group EBITDA guidance for 2025, driven by value-neutral timing effects in Energy Networks.

  • Full-year 2025 guidance and 2028 outlook fully confirmed.

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Frequently asked questions

E.ON SE develops and generates electricity, distributes natural gas and constructs, maintains and operates networks for the distribution of electricity and natural gas. The company offers their energy products to customers primarily in Germany, the United Kingdom, Belgium, the Netherlands, Sweden and India. In addition, E.ON SE is one of Europe's leading service providers in energy trading, based on its own generation as well as its market positions in the supply of natural gas and electricity.

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