E.ON (EOAN) Q1 2026 earnings summary

Executive summary

• Delivered strong Q1 2026 results with adjusted EBITDA rising 2% to €3.3 billion and adjusted net income up 7% to €1.34 billion, supporting full-year guidance and 2030 outlook.

• Business model resilience highlighted amid volatile macro environment and geopolitical tensions, 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, reflecting negative operating cash flow and investments.

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

• Operating cash flow before interest and taxes improved to -€290 million from -€826 million.

Outlook and guidance

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

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

• Medium-term targets through 2030 maintained, aiming for 6% annual growth in adjusted Group EBITDA and net income.

• Higher interest expenses anticipated due to increased net debt and refinancing of maturing bonds.

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