E.ON (EOAN) Q2 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in H1 2025, with results on track for full-year guidance and robust digitalization initiatives doubling network observability in Germany.

• Adjusted EBITDA rose 13% year-over-year to €5.5 billion, with adjusted net income up 10% to €1.93 billion; investments increased 11% to €3.2 billion, supporting energy transition and grid modernization.

• External sales grew by €2.0 billion to €41.6 billion, driven by higher regulated asset base and positive tariff adjustments, especially in Germany.

• Continued investment in grid infrastructure and innovative decarbonization solutions, including strategic partnerships in data center energy supply.

• Regulatory developments in Germany and the EU remain a key focus, with ongoing consultations and advocacy for more attractive investment conditions.

Financial highlights

• H1 2025 sales rose 5% year-over-year to €41.6 billion; adjusted EBITDA up 13% to €5.5 billion; EBIT up 14% to €3.8 billion.

• Adjusted net income increased 10% to €1.93 billion; EPS up to €0.74 from €0.67 in H1 2024.

• Economic net debt at €45.3 billion in Q2, up from €41.1 billion at year-end 2024, expected to be slightly below €44 billion by year-end.

• Cash provided by operating activities before interest and taxes increased 45% to €2.2 billion; cash conversion rate at 49% in H1 2025.

• All three rating agencies confirmed strong balance sheet and positive funding outlook.

Outlook and guidance

• Full-year 2025 guidance and 2028 outlook fully confirmed: adjusted EBITDA €9.6–9.8 billion, adjusted net income €2.85–3.05 billion, EPS €1.09–1.17.

• CapEx for FY 2025 expected at €8.6 billion, with >95% aligned to EU Taxonomy.

• Expect to reach upper end of group EBITDA and energy network segment guidance ranges; anticipate high single-digit underlying adjusted net income growth for 2025.

• Dividend policy targets up to 5% annual growth through 2028, supporting attractive total shareholder return.

• ROCE expected at 8–9% for 2025 and through 2028; debt factor to remain ≤5.0x.