Ambitious 2030 Earnings Outlook
Outlook to 2030: >6% average annual earnings growth; adjusted EBITDA targeted around EUR 13 billion by 2030 and adjusted net income ~EUR 3.8 billion.
Operational Milestones in Grid Integration
Around 110 GW of renewables directly connected to E.ON grids (Aug 2025); connected the 2 millionth renewable energy source to German grid by Jan 2026 (1st million in Oct 2023 — second million in ~2.5 years), showing acceleration in connections.
Digital & Operational Efficiency Gains
New field assistant app delivered up to 45% less effort for circuit planning and up to 40% less documentation; UK digital sales rose 30% in Q4 2025 YoY; standardization reduced technical specs by ~20% in less-standardized markets.
Segment Growth Highlights
Energy Infrastructure Solutions grew ~5% YoY to EUR 588 million; EIS expected to deliver ~12% CAGR to 2030 (targeting ~EUR 1.1 billion EBITDA); Energy Retail expected to reach ~EUR 2.1 billion EBITDA by 2030 and to generate ~EUR 7 billion cash contribution by 2030.
Solid Balance Sheet and Cash Generation
Economic net debt decreased by EUR 200 million QoQ to ~EUR 43.2 billion; strong operating cash flow of EUR 3.6 billion; 100% cash conversion and debt factor of 4.4 (below guidance ceiling up to 5x), retaining EUR 5–10 billion balance sheet capacity.
Strong Full-Year Financial Results
Adjusted EBITDA of EUR 9.8 billion (upper end of guidance) and adjusted net income of EUR 3.0 billion for FY2025; adjusted EBITDA rose by ~EUR 0.8 billion year-over-year.
Record and Growing Investments
Group investments increased to EUR 8.5 billion in 2025, up 13% year-over-year; 5-year CapEx envelope raised from EUR 43 billion to EUR 48 billion for 2026–2030 (≈+11.6%).
Energy Networks Driving Growth
Energy Networks investments doubled vs 2021; annual network investments increased to ~EUR 7 billion in 2025; guidance implies ~10% power RAB CAGR in Germany and ~6% p.a. underlying EBITDA growth in Networks to 2030.