E.ON (EOAN) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for H1 2026 reached €5.4 billion, up 1% year-over-year, with adjusted net income at €1.9 billion, a 5% increase, and EPS at €0.74, up 6% year-over-year.

• Strong operational performance and investment-led growth, with investments focused on regulated networks, digitalization, and energy transition.

• Accelerated grid connections for renewables (+5 GW) and smart meter rollout (+25% YoY in Germany), with innovative solutions like bidirectional EV charging.

• Policy direction in Europe and Germany is shifting from target setting to implementation, reinforcing grid investments and modernization.

• The business model demonstrates resilience amid high energy market volatility and geopolitical uncertainty.

Financial highlights

• Adjusted EBITDA: €5.4 billion (+1% YoY); adjusted net income: €1.9 billion (+5% YoY); EPS: €0.74 (+6% YoY).

• External sales declined 8% YoY to €38.1 billion, mainly due to lower Energy Retail volumes.

• Investments totaled €3.0 billion in H1 2026, down 7% YoY, with catch-up planned for the remainder of the year.

• Economic net debt increased to €46.7 billion from €43.2 billion at year-end 2025, reflecting investment expenditures and dividend payments.

• Cash conversion rate at 57%, reflecting typical seasonality.

Outlook and guidance

• Full-year 2026 guidance and 2030 outlook, including dividend policy, fully confirmed; adjusted EBITDA expected at €9.4–9.6 billion, net income at €2.7–2.9 billion, EPS at €1.03–1.11.

• Dividend growth up to 5% p.a. and ROCE target of 8–9% maintained.

• Investment program is fully funded within current balance sheet capacity, with €5–10 billion extra headroom by 2030 if regulatory conditions are favorable.