E.ON (EOAN) Q4 2024 (Media) earnings summary

Executive summary

• Achieved adjusted Group EBITDA of EUR 9.0 billion for 2024, at the upper end of guidance, and adjusted Group Net Income of EUR 2.9 billion, in line with expectations.

• Investments reached EUR 7.5 billion, EUR 1 billion higher year-over-year, supporting the green energy transition and digitalization.

• Increased dividend per share by 4% to EUR 0.55, subject to AGM approval, with a focus on shareholder value creation.

• Hired 4,000 new employees, over half in Germany, supporting the energy transition and job creation.

• Laid operational and digital foundations for future growth, with over 90% of network components standardized and two-thirds of customer contacts handled digitally.

Financial highlights

• Adjusted Group EBITDA of EUR 9.0 billion, with underlying EBITDA up EUR 600 million year-over-year after adjusting for 2023 one-offs.

• Adjusted Group Net Income at EUR 2.9 billion, matching guidance.

• Group sales declined 14% year-over-year to EUR 80.1 billion, while investments rose 16% to EUR 7.5 billion.

• Economic net debt increased 9% to EUR 41.1 billion, with a debt factor of 4.5x.

• Cash conversion rate was 90%, in line with expectations.

Outlook and guidance

• 2025 guidance: adjusted Group EBITDA expected at EUR 9.6–9.8 billion; adjusted Group Net Income at EUR 2.85–3.05 billion; EPS of EUR 1.09–1.17.

• Dividend proposal of EUR 0.55 per share, up EUR 0.02, targeting up to 5% annual growth.

• Medium-term: aim to increase adjusted EBITDA to over EUR 11.3 billion and Net Income to EUR 3.4 billion by 2028.

• Updated investment plan for 2024–2028 totals EUR 43 billion, with EUR 35 billion for network infrastructure and over 95% EU taxonomy alignment.