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E.ON (EOAN) investor relations material

E.ON Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Delivered strong financial and operational results for 2025, reaching the upper end of guidance for Adjusted EBITDA (€9.8bn) and Adjusted Net Income (€3.0bn), with investments up 13% year-over-year to €8.5bn, primarily in Energy Networks.

  • Accelerated investments in regulated asset base for energy networks and infrastructure solutions to support the green energy transition.

  • Enhanced shareholder value through a 4% dividend increase to €0.57 per share and a commitment to up to 5% annual DPS growth through 2030.

  • Maintained a strong balance sheet with a debt factor of 4.4x and a 100% cash conversion rate.

  • Growth strategy is underpinned by robust trends in grid expansion, electrification, and digital transformation.

Financial highlights

  • Adjusted EBITDA reached €9.8bn, up 9% year-over-year, driven by Energy Networks and value-neutral timing effects.

  • Adjusted Net Income at €3.0bn, with underlying Adjusted Net Income at €2.84bn after one-off effects.

  • Economic net debt at €43.2bn at year-end 2025, reflecting higher CAPEX.

  • Operating cash flow of €3.6bn supported debt reduction; OCFbIT increased 23% to €9.0bn.

  • Cash-effective investments reached €8.5bn (+13% YoY), with €7.0bn allocated to Energy Networks (+20% YoY).

Outlook and guidance

  • 2026 guidance: Adjusted EBITDA €9.4–9.6bn, Adjusted Net Income €2.7–2.9bn.

  • Five-year CapEx plan increased by over 10% to €48bn for 2026–2030, maintaining a €10bn annual run rate from 2027.

  • Underlying earnings expected to grow >6% annually to 2030, with Adjusted EBITDA projected to reach ~€13bn and EPS of ~€1.45 by 2030.

  • Dividend per share expected to grow up to 5% annually, with optionality for further increases depending on regulatory developments.

  • Balance sheet capacity of €5–10bn supports further growth opportunities.

RP5 WACC methodology: What are the implications?
Energy Retail: How to grow despite UK headwinds?
Plans for €5-10bn balance sheet capacity?
Grid connection reform: key impacts
CapEx increase: volume vs. inflation
Retail EBITDA growth profile to 2030
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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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