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 strategy is underpinned by robust secular trends, diversified drivers, and a disciplined focus on long-term shareholder value.

Financial highlights

• Adjusted EBITDA grew by EUR 800 million year-over-year to EUR 9.8 billion, driven by Energy Networks and value-neutral timing effects.

• Adjusted Net Income rose 6% YoY to EUR 3.0 billion; EPS at EUR 1.16.

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

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

• Strong operating cash flow of EUR 3.6 billion supported debt reduction.

Outlook and guidance

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

• 2026–2030 investment plan raised to EUR 48 billion, with targeted Adjusted EBITDA of EUR 13 billion and EPS of EUR 1.45 by 2030.

• Dividend per share expected to grow up to 5% annually; ROCE target of 8–9%.

• CapEx envelope increased to EUR 48 billion for 2026–2030, with potential for an additional EUR 1.5–2 billion per year if regulatory conditions allow.

• Balance sheet capacity of EUR 5–10 billion supports further growth opportunities.