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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.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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