E.ON (EOAN) Q3 2025 earnings summary

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 investment in Energy Networks and operational execution.

• Investments for the energy transition reached €5.1 billion, up 8% year-over-year, supporting growth strategy.

• Balance sheet remains robust, supporting ongoing investment plans and future growth.

• Regulatory uncertainty in Germany persists, particularly regarding cost of debt methodology and capital returns, impacting clarity on future investment plans.

• Full-year 2025 guidance and 2028 outlook, including dividend policy, are fully confirmed.

Financial highlights

• Sales increased 2% year-over-year to €57.5 billion for the first nine months of 2025.

• Adjusted EBITDA reached €7.4 billion (+10%); adjusted EBIT rose 9% to €4.75 billion; adjusted net income was €2.3 billion (+4%).

• Economic net debt increased to €43.4 billion, up 6% since year-end 2024.

• Cash conversion rate at 76% for 9M 2025, reflecting typical seasonality.

• Net income dropped 57% to €1.31 billion, mainly due to non-operating effects.

Outlook and guidance

• FY 2025 guidance and FY 2028 targets, including dividend policy, are fully confirmed.

• FY 2025 adjusted EBITDA expected at €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.

• Group expects continued growth in adjusted EBITDA and net income, driven by investment in networks and infrastructure.