E.ON (EOAN) Q3 2026 earnings summary

Executive summary

• 9M adjusted EBITDA was €7.108bn, flat YoY; adjusted net income rose 4% to €2.201bn and adjusted EPS increased to €0.84 from €0.81.

• 9M cash-effective investments were €5.191bn, up 2% YoY, with execution on track.

• FY2026 guidance, FY2030 targets and dividend policy were reaffirmed.

Financial highlights

• Sales fell 4% to €55.033bn; adjusted EBIT rose 5% to €4.672bn.

• OCFbIT was €4.623bn, down 7% YoY; cash conversion was 73%, reflecting typical seasonality.

• Reported economic net debt was €47.588bn at September 30, 2026, including a €1.5bn non-cash accounting effect; excluding the temporary effect, it was €46.1bn at Q3-end.

• Financing expenses rose with higher net debt and refinancing costs; the higher-interest impact is expected to continue in Q4 2026 and beyond.

Outlook and guidance

• FY2026 adjusted EBITDA guidance remains €9.4–9.6bn, adjusted net income €2.7–2.9bn and adjusted EPS €1.03–1.11.

• FY2030 targets include adjusted EBITDA of €13.0bn, adjusted net income of €3.8bn and EPS of €1.45; average ROCE target for 2026–2030 is 8–9%.

• FY2026–2030 cash-effective capex is guided at €48bn, including €40bn for Energy Networks; FY2026 investment guidance is €8.5–8.7bn.

• Dividend policy targets growth of up to 5% annually; OVO is expected to contribute low triple-digit-million euros of EBITDA and high double-digit-million euros of net income in 2030.