Strong Q1 Financials
Adjusted EBITDA of EUR 3.3 billion and adjusted net income of around EUR 1.3 billion in Q1 2026, with management stating performance firmly on track to achieve full-year guidance.
Confirmed Full-Year Guidance and Dividend Policy
Management fully confirmed 2026 guidance and dividend policy and reiterated the 2030 outlook despite macro volatility, citing Q1 results as supportive of those targets.
Investment Momentum and Strategy
Investments materially exceed depreciation, with most investment allocated to German Power Networks to advance the energy transition; management reiterated commitment to value-creative organic growth and an annually growing dividend.
Strong Liquidity and Funding Execution
Secured EUR 3.0 billion of funding (EUR 1.6 billion in the Eurobond market and EUR 1.4 billion from other investors) covering more than half of 2026 requirements, while economic net debt (seasonal) was ~EUR 46 billion in Q1.
Credit Rating Affirmation
S&P and Fitch affirmed E.ON's BBB+ ratings with stable outlook, underscoring balance sheet strength and funding resilience.
OVO Acquisition — Strategic and Financial Upside
Announced acquisition of OVO expected to (a) drive economies of scale, improve digital/customer capabilities and UK market position, (b) be broadly neutral on cumulative ANI over the guidance period, and (c) be EPS/ANI accretive from 2029 with a 'high double-digit million' positive ANI impact by 2030; management expects a headroom increase in the high three‑digit million-euro range.
Operational Resilience Demonstrated
DSOs maintained full system stability during extreme solar generation events (peak ~46 GW vs demand ~43 GW) and periods of sharply negative power prices (almost -EUR 500/MWh), with positive recognition from the regulator.
Cash Conversion and Balance Sheet Targets Intact
Company re‑affirmed a 100% cash conversion target and a year-end economic net debt guidance at or below 5.0 (ratio), and sees substantial extra balance sheet capacity over the guidance horizon.