E.ON (EOAN) Q4 2025 earnings summary

Executive summary

• Delivered strong financial and operational results for 2025, with Adjusted EBITDA of EUR 9.8 billion and Adjusted Net Income of EUR 3.0 billion, both at the upper end of guidance.

• Achieved record investments, with CapEx up 13% year-over-year to EUR 8.5 billion, primarily in Energy Networks and infrastructure solutions supporting the green energy transition.

• Enhanced shareholder value through a 4% dividend increase to EUR 0.57 per share and a commitment to up to 5% annual DPS growth through 2030.

• Maintained a strong balance sheet with a debt factor of 4.4x and a cash conversion rate of 100%.

• Growth driven by robust secular trends, diversified across grid expansion, data centers, e-mobility, and energy transition initiatives.

Financial highlights

• Adjusted EBITDA reached EUR 9.8 billion, up 9% year-over-year, driven by Energy Networks and value-neutral timing effects.

• Adjusted Net Income was EUR 3.0 billion; underlying Adjusted Net Income (excluding one-offs) was EUR 2.84 billion.

• Investments increased to EUR 8.5 billion (+13% YoY), with EUR 7.0 billion allocated to Energy Networks (+20% YoY).

• Economic net debt at year-end 2025 was EUR 43.2 billion, reflecting higher CapEx.

• Group sales declined 2% YoY to EUR 78.7 billion, while OCFbIT increased 23% to EUR 9.0 billion.

Outlook and guidance

• 2026 guidance: EBITDA of EUR 9.4–9.6 billion and Adjusted Net Income of EUR 2.7–2.9 billion.

• Underlying earnings expected to grow by more than 6% per year to 2030, with Adjusted EBITDA projected to reach EUR 13 billion and Adjusted Net Income EUR 3.8 billion by 2030.

• Five-year CapEx plan increased by over 10% to EUR 48 billion for 2026–2030, with annual CapEx run rate of EUR 10 billion from 2027 onwards.

• Dividend per share expected to grow up to 5% annually, with optionality for further increases depending on regulatory developments.

• ROCE target of 8-9% and balance sheet capacity of EUR 5–10 billion support further growth opportunities.