E.ON (EOAN) Q4 2025 earnings summary

Executive summary

• Delivered strong financial and operational results for 2025, reaching the upper end of guidance for Adjusted EBITDA (€9.8bn) and Adjusted Net Income (€3.0bn), with investments up 13% year-over-year to €8.5bn, primarily in Energy Networks.

• Accelerated investments in regulated asset base for energy networks and infrastructure solutions to support the green energy transition.

• Enhanced shareholder value through a 4% dividend increase to €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 100% cash conversion rate.

• Growth strategy is underpinned by robust trends in grid expansion, electrification, and digital transformation.

Financial highlights

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

• Adjusted Net Income at €3.0bn, with underlying Adjusted Net Income at €2.84bn after one-off effects.

• Economic net debt at €43.2bn at year-end 2025, reflecting higher CAPEX.

• Operating cash flow of €3.6bn supported debt reduction; OCFbIT increased 23% to €9.0bn.

• Cash-effective investments reached €8.5bn (+13% YoY), with €7.0bn allocated to Energy Networks (+20% YoY).

Outlook and guidance

• 2026 guidance: Adjusted EBITDA €9.4–9.6bn, Adjusted Net Income €2.7–2.9bn.

• Five-year CapEx plan increased by over 10% to €48bn for 2026–2030, maintaining a €10bn annual run rate from 2027.

• Underlying earnings expected to grow >6% annually to 2030, with Adjusted EBITDA projected to reach ~€13bn and EPS of ~€1.45 by 2030.

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

• Balance sheet capacity of €5–10bn supports further growth opportunities.