E.ON SE

Annual Report • Mar 13, 2025

$\sqrt{18} \cdot 2 \pi \mathrm{~m} / \mathrm{s}$

Integrated Annual Report 2024

Making New Energy Work

We are the playmaker of change in the energy industry. Leading the way in innovative, sustainable, digital-first solutions that transform the way Europe is powered with energy for all.

Energy Networks

Our distribution networks are the backbone of the new energy world. We are gradually developing them into intelligent platforms that control complex energy and data flows. Without distribution networks there can be no energy transition and no climate protection. The expansion, modernization, and operation of distribution networks support security of supply and ensure the most efficient use of green power.

Energy Infrastructure Solutions

Decentral, flexible, and interconnected supply systems are crucial for the energy world of the future. Our Energy Infrastructure Solutions business division focuses on sustainable energy solutions like district heating and colling as well as heat, steam, and power generation for cities and municipalities and for commercial and industrial customers.

Energy Retail

Our solutions help customers meet their personal energy needs and decarbonization goals. This includes energy sales, which offers a wide range of green power and green gas tariffs, as well as sustainable solutions to enhance energy efficiency, energy autonomy, and eMobility. E.ON's activities in its Energy Retail business division are geared toward the individual needs of residential customers, business customers, and sales partners.

We ensure that new energy works

E.ON-with its Energy Networks, Energy Infrastructure Solutions, and Energy Retail business divisions-is one of Europe's largest energy companies. Our 1.6 million kilometers of energy distribution networks and roughly 47 million customers give us a leading role in shaping a green, digital, and decentralized energy world. It's on us: to make new energy work.

These disclosures include Turkey and Slovakia.

Contents

Business Highlights ..... 5
To Our Investors ..... 14
Combined Group Management Report ..... 26
About This Report ..... 27
Corporate Profile ..... 28
Sustainability Statement ..... 31
Business Report ..... 78
Forecast Report ..... 98
Risks and Chances Report ..... 99
Disclosures Pursuant to Section 289, Paragraph 4, and Section 315, Paragraph 4 of the German Commercial Code on the Internal Control System for the Accounting Process ..... 104
Disclosures Regarding Takeovers: Disclosures Pursuant to Section 289a and Section 315a of the German Commercial Code and Explanatory Report ..... 106
Appendix to the Sustainability Statement ..... 108
Consolidated Financial Statements ..... 132
Consolidated Statement of Income ..... 133
Consolidated Statement of Recognized Income and Expenses ..... 134
Consolidated Balance Sheets ..... 135
Consolidated Statement of Cash Flows ..... 137
Consolidated Statement of Changes in Equity ..... 139
Notes ..... 141
Other Information ..... 209
Declaration of the Board of Management ..... 210
Independent auditor's report ..... 211
Assurance Report in Relation to the Group Sustainability Report ..... 216
Boards ..... 219
Summary of Financial Highlights ..... 222
Task Force on Climate-related Financial Disclosures ("TCFD") ..... 224
ESG Figures ..... 225
Sustainable Development Goals ("SDGs") Index ..... 230
Financial Calendar and Imprint ..... 231

Growth strategy reaffirmed: investments totaling €7.5 billion in 2024 propel the energy transition

2024 adjusted EBITDA and adjusted net income performance in line with expectations

Outlook for the 2025 financial year: adjusted EBITDA of $€ 9.6$ to $€ 9.8$ billion and adjusted net income of $€ 2.85$ and $€ 3.05$ billion anticipated

Dividend of €0.55 per share proposed for the 2024 financial year, a year-on-year increase of 4 percent

German regulatory agency confirms E.ON's pacesetting role in energy-network efficiency

Debt factor of 4.5 at year-end 2024 comfortably below 5.0

How We Create Value

The following overview uses examples and relevant data to show how we create value for our stakeholders. The three key elements of E.ON's strategy-sustainability, digitalization, and growth-are the centerpiece of our business model and deeply embedded in the way we think, work, and impact people's lives. This overview is guided by the International Integrated Reporting Council's ("IIRC") framework.

Inputs

Financials

Total investments 2024-2028
Credit rating
Share of Group funding via green bonds
$108.7 \mathrm{GW}$
22,765
Power and gas customers
Energy infrastructure assets
$100 \%$
$-67 \%$

21

Nationalities

76,566

21

Financials

Return on capital employed
Earnings per share ${ }^{3}$
Dividend per share
$-9 \%$
Earnings per share ${ }^{3}$
Dividend per share
€0.55

Operations

Regulated asset base growth
SAIDI ${ }^{4}$ Germany
Proportion of green power sales
Energy sold: power, heat, cooling \& steam
$17 \mathrm{TWh}^{5}$

Digitalization

Smart Energy Meter installations
Smart secondary substations
$15.9 \mathrm{~m}$
$>20,000$

People

Proportion of female executives
Average length of service
Corporate volunteering hours
$26 \%$
$12 \mathrm{years}$
25,514

Note: Data presented for full-year 2024 or as of December 31, 2024.
${ }^{3}$ Earnings per share from adjusted net income.
${ }^{4}$ CAGR 2024-2028: includes adjusted RAB 2024 for Hungary due to change from real to nominal regulatory system in 2025
${ }^{5}$ System average interruption duration index (minutes per customer per year in Germany).
${ }^{6}$ This figure only includes Energy Infrastructure Solutions' external sales.

How We Make an Impact

WE operate the backbone for Europe's green energy transition: more than $15 \%$ of all renewables in Europe are connected to our grids.

WE take responsibility for society and ensure stability: more than $20 \%$ of all European and UK citizens rely on secure and affordable energy provided by E.ON.

WE enable our customers to participate in the energy transition by making our solutions accessible on their individual journeys to net zero.

WE tackle the massively increasing complexity of the energy world: digitalization enables us to smartly control the volatile feed-in from renewable power producers and unlock additional value for our businesses.

WE are the change agent in the energy transition for customers, cities, and industries: together with our customers we are saving more than 100 million tons of $\mathrm{CO}_{2}$ e each year.

Our business activities make a significant contribution to the following UN Sustainable Development Goals

AFFORDABLE AND CLEAN ENERGY

11 SUSTAINABLE CITIES AND COMMUNITIES

13 CLIMATE
ACTION

Key Performance Indicators Financial

Dividend per Share (€)

Annual dividend growth up to 5 percent

2018201920202021202220232024 $\rightarrow 2024-2028$

Investments ${ }^{1}(€ \mathrm{~m})$

${ }^{1}$ Adjustment of the previous year's figures due to the expansion of investments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans.
E.ON Group adjusted EBITDA (€m)

Key Figures of the E.ON Group
Financial

${ }^{1}$ Adjusted for non-operating effects. ${ }^{2}$ Adjustment of the previous year's figures due to the expansion of investments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans. ${ }^{3}$ The figure at December 31, 2024, corresponded to the figure shown in the Consolidated Balance Sheets. The figure for asset-retirement obligations at December 31, 2023, does not fully correspond to the figure shown in the Consolidated Balance Sheets. This is because economic net debt is calculated in part based on the actual amount of E.ON's obligations. ${ }^{4}$ Change in percentage points. ${ }^{5}$ Attributable to shareholders of E.ON SE. ${ }^{6}$ Reward on shares outstanding (weighted average). ${ }^{7}$ For the respective financial year: the 2024 figure represents management's dividend proposal.

Financial Figures

€ in millions	2024	2023	$+/-$ \%
Sales	80,119	93,686	$-14$
Adjusted EBITDA ${ }^{1}$	9,049	9,370	$-3$
- Regulated business (\%)	74	70	6
- Gussi-regulated and long-term contracted business (\%)	4	3	33
- Merchant business (\%)	22	27	$-19$
Adjusted EBIT ${ }^{1}$	5,762	6,387	$-10$
Net income/loss	5,562	760	632
Net income/loss attributable to shareholders of E.ON SE	4,531	517	776
Adjusted net income ${ }^{1}$	2,856	3,068	$-7$
Investments	7,499	$6,463^{4}$	16
Cash provided by operating activities	5,673	5,654	0
Cash provided by operating activities before interest and taxes	7,343	7,225	2
Economic net debt (at year-end) ${ }^{1}$	41,067	37,691	9
Debt factor ${ }^{2}$	4.5	4.0	14
Credit rating S\&P	BBB+	BBB	$+$
Credit rating Moody's	Bas2	Bas2	unchanged
Credit rating Fitch	BBB+	BBB+	unchanged
Average capital employed	65,248	59,895	9
Equity	24,166	19,970	21
Total assets	111,361	113,506	$-2$
Cash Conversion Rate (\%)	90	80	$13^{4}$
ROCE (\%)	8.8	10.7	$-17^{4}$
Earnings per share ${ }^{3,5}$ (€)	1.73	0.20	765
Adjusted net income per share ${ }^{3,5}$ (€)	1.09	1.18	$-8$
Dividend per share ${ }^{7}$ (€)	0.55	0.53	4
Dividend payout	1,437	1,384	4

Key Performance Indicators Sustainability

Carbon footprint (million tons $\mathrm{CO}_{2}$ equivalents)

Proportion of female executives (\%)

Lost-time injury frequency among employees ${ }^{1}$

*Number of work-related accidents resulting in lost time per million hours of work.

Key Figures of the E.ON Group Sustainability

${ }^{1}$ Proportion of taxonomy-aligned capex, opex, and sales relative to taxonomy-aligible activities. ${ }^{2}$ This KPI quantifies the avoided emissions that contribute to a low-carbon economy in connection with our customers, assets, and solutions. ${ }^{3}$ The proportion of renewables capacity calculated as a percentage of the total sum of all installed generating capacity. "Core workforce in FTE." ${ }^{4}$ Serious incidents and fatalities ("SIF") among employees: safety incidents per million hours of work. ${ }^{5}$ Lost time injury frequency ("LTF") measures work-related accidents resulting in lost time per million hours of work. ${ }^{6}$ Average number of formal training hours per employee per year. ${ }^{7}$ System average interruption duration index ("SAIDI") for power. ${ }^{8}$ Refers to shareholder representatives.

Sustainability Figures

	2024	2023
Environment
$\mathrm{CO}{2}$ emissions (millions of metric tons $\mathrm{CO}{2} \mathrm{e}$ )
Scope 1	1.98	2.01
Scope 2 (location-based)	3.66	3.46
Scope 3 (market-based)	60.06	65.23
EU taxonomy-aligned capex (\%) ${ }^{1}$	98	98
EU taxonomy-aligned opex (\%) ${ }^{1}$	97	98
EU taxonomy-aligned sales (\%) ${ }^{1}$	99	97
Avoided $\mathrm{CO}_{2}$ emissions together with our customers (millions of metric tons) ${ }^{2}$	119	106
Share of renewable generation plants connected to E.ON's power grid (\%) ${ }^{3}$	86	86
Ecological network corridor management (\%)	19	12
Number of smart energy meter installations (thousands)	15,854	13,803
Number of smart heat meter installations (thousands)	128	94
Number of charging points sold by E.ON	22,765	23,923
Green power as a proportion of total power sales (\%)	49	54
Social
Employees of the E.ON Group (at year-end) ${ }^{4}$	76,566	72,242
Proportion of women (\%)	32	32
Average age of employees	41	42
Serious incidents and fatalities ("SIF") among employees ${ }^{5}$	0.03	0.03
Lost-time injury frequency ("LTIF") among employees ${ }^{6}$	2.46	2.17
Proportion of female executives (\%)	26	24
People development (hours per employee) ${ }^{7}$	20.6	22.0
System average interruption duration index ("SAIDI") (minutes) ${ }^{8}$
Germany	23	21
Sweden	138	156
Hungary	149	151
Community contribution ( $€$ in millions)	17	22
Volunteer activities of E.ON employees (number of volunteer hours)	25,514	22,129
Governance
Proportion of women on the Supervisory Board (\%) ${ }^{9}$	38	38
Proportion of independent Supervisory Board members (\%)	100	100
ESG targets included in Management Board compensation	$\checkmark$	$\checkmark$

Key Performance Indicators

Energy Networks

Average duration of grid outages for electricity (SAIDI ${ }^{1}$ ) (minutes per year)

${ }^{1}$ System average interruption duration index. Figures refer to the respective prior year: 2024 to 2023, 2023 to 2022.

Regulated asset base ("RAB") ${ }^{1}$ (€bn) 46.4 in 2024 (42.0 in 2023)

Small differences in reported combined figures may occur due to rounding. Includes Turkey and Slovakia.

Proportion of renewable generating capacity connected to E.ON's power grid (\%)

Wheeling volume (billion kWh)

Number of smart energy meter installations in E.ON markets (millions)

Key Performance Indicators Energy Retail/EIS ${ }^{1}$

Energy sales and residential customer solutions
Number of electricity and gas customers ${ }^{2}$ (millions)

Includes customers in Turkey and ZSE's customers in Slovakia.

Program

Charging points sold

Energy Infrastructure Solutions
Generated energy: power, heating, cooling, and steam (TWh ${ }^{1}$ )

${ }^{1}$ This figure only includes Energy Infrastructure Solutions' external sales.

Reasons to Invest in E.ON Stock

Energy Networks

Long-term growth in a regulated environment

Growth opportunities from the green energy transition well into the 2030s and a regulated business model provide for a steady and profitable earnings growth path

Energy Infrastructure Solutions

Growth acceleration from contracted infrastructure

Best-in-class energy infrastructure portfolio capitalizing on the decarbonization needs of cities and industries

Energy Retail

Reliable returns and attractive cash generation

Healthy cashflows from a capital-light business, further expanded by cross-selling integrated flexible solutions addressing rising demand from electrification

Strategic Foundation

Digitalization and sustainability as strategic backbones

Pioneering the digital transformation of the energy sector and applying strict sustainability criteria as the core foundation for steering the company

Financial Strategy

Focus on value creation and shareholder returns

Clear focus on value creation and solid financial headroom ensuring an attractive shareholder return outlook including dividend and earnings growth

To Our Investors

E.ON on the Capital Market

2024: DAX Delivers Good Performance Despite Weak Economy

Germany's DAX stock index ended 2024 up 19 percent. Many DAX companies benefited from their broad international scope. Germany's weak economy therefore only affected them to a limited extent. Central banks, which lowered their key interest rates, had a significant influence on the performance of European and German equities during 2024. Compared with the DAX, E.ON stock's performance was mixed, because E.ON generates a large portion of its business in Germany. E.ON stock reached a multiyear high of $€ 13.82$ in mid-September-a 14 percent increase. This trend subsequently reversed, however, and the stock closed 2024 at a price of $€ 11.25$, which is 7 percent below the prior-year closing price of $€ 12.15$. E.ON stock thus underperformed the DAX and also its European peer index, the Euro Stoxx 800 Utilities (-3 percent). The reasons for this performance in the fourth quarter included the switch from defensive stocks to cyclical stocks as well as uncertainty regarding the regulatory environment and the upcoming federal election in Germany.

Continuous Dividend Growth

At the Annual Shareholders Meeting on May 15, 2025, the Management Board and Supervisory Board will propose paying out a cash dividend of $€ 0.55$ per share for the 2024 financial year (prior year: $€ 0.53$ ). Based on E.ON stock's year-end 2024 closing price, the dividend yield is 5 percent. The payout ratio (as a percentage of adjusted net income) is 50 percent. Our dividend policy aims to offer our shareholders attractive dividend growth of up to 5 percent annually.

E.ON Stock Key Figures

Per share (€)	2024	2023
Dividend ${ }^{1}$	0.55	0.53
Dividend payout ${ }^{1}$ (€ in millions)	1,437	1,384
Twelve-month high ${ }^{2}$	13.82	12.63
Twelve-month low ${ }^{2}$	11.01	9.47
Year-end closing price ${ }^{2}$	11.25	12.15
Market capitalization ${ }^{2}$ (€ in billions)	29.56	33.77

${ }^{1}$ For the respective financial year; the 2024 figure represents management's dividend proposal.
${ }^{2}$ Source: NASDAQ.
${ }^{3}$ Based on ordinary shares outstanding at year-end.

E.ON Stock Performance in 2024

Dividend per Share

${ }^{1}$ Payout ratio based on adjusted net income.
${ }^{2}$ Pending approval by the 2025 Annual Shareholders Meeting.

Broad Investor Base

The most recent shareholder identification at year-end 2024 shows that E.ON stock has roughly 58 percent institutional investors, roughly 22 percent retail investors, and about 20 percent other investors. Investors in Germany hold about 42 percent of E.ON stock, those outside Germany about 58 percent.

E.ON Stock Is Represented on Numerous Stock Exchanges and Part of Multiple Indices

E.ON stock trades in Frankfurt am Main and on other German stock exchanges as well as via electronic trading platforms such as Xetra. It is also available on stock exchanges in other European countries. E.ON stock is included in the DAX and other indices in Europe, such as the Euro Stoxx 600 Utilities, MSCI World, and the S\&P Europe 350.
E.ON stock trades over the counter on OTC Pink in the United States in the form of American depositary receipts ("ADRs"). E.ON's ADR program offers U.S. investors the opportunity to acquire E.ON stock and hold it in the form of share certificates that are traded and settled like other U.S. stocks.

Analyst Estimates

E.ON stock is rated by a large number of financial analysts from various investment banks and brokerage houses. The current recommendations can be viewed at www.eon.com/en/analystestimates.

E.ON Stock Symbols and Identification Numbers

Reuters: Xetra	EONGn.DE
Reuters: Frankfurt Stock Exchange	EONGn.F
Bloomberg: Frankfurt Stock Exchange	EOAN GY
Bloomberg: ADR over-the-counter code	EOANGY US
Security Identification Numbers
Germany	ENAG99
International Securities Identification Number (ISIN)	DEOOOENAG999

Shareholder Structure ${ }^{1}$

${ }^{1}$ Percentages based on total investors identified (excluding treasury shares).
${ }^{2}$ Includes RWE, treasury shares and other.
Source: NASDAQ (as of December 31, 2024).

Shareholder Structure by Country/Region ${ }^{1}$

${ }^{1}$ Percentages based on total investors identified.
Source: NASDAQ (as of December 31, 2024).

Ongoing Investor Communication

Our investor relations continue to be founded on four principles: openness, continuity, credibility, and equal treatment of all our investors. Our mission is to provide prompt, precise, and relevant information at our periodic conferences and road shows-worldwide-because maintaining regular communications and relationships is essential for good investor relations. A hybrid approach of virtual and in-person activities has proven to be effective. This helps us to communicate with capital markets efficiently and meet our investors' needs.

Feresightful Funding, Stable Credit Rating

Debt capital represents a very important funding source for the E.ON Group. That is why we focus on satisfying the demands of creditors as well as those of shareholders. The credit ratings of Moody's and Fitch remained stable during the year under review, whereas Standard \& Poor's upgraded its rating from BBB to BBB+. These credit ratings reflect the confidence in E.ON's creditworthiness and thus support its competitiveness for future financing activities.
E.ON issued euro-denominated bonds totaling roughly $€ 4.95$ billion in the 2024 financial year and, at year-end 2024, had a solid funding situation that serves in part as pre-funding for the 2025 financial year. In addition, E.ON continually aims to maximize the diversity of its investor base to ensure that it has cost-optimized access to a variety of funding sources at all times. In 2024, for example, E.ON issued private placements in euros and other currencies (NOK, JPY), all of which help achieving the goal of a more diversified funding base.
E.ON has a $€ 10$ billion Commercial Paper ("CP") program and a US $\$ 10$ billion CP program, under which it can issue short-term notes.

Financial Framework for Sustainable Funding

Sustainability aspects play an increasingly important role in many international investors' decision for or against a particular investment. In 2021 E.ON became the first company to fully align its Green Bond Framework, under which it issues debt instruments whose issuance proceeds fund sustainable investment projects, not only with the ICMA Green Bond Principles but also with the EU Taxonomy. The EU Taxonomy Regulation defines which economic activities are classified as environmentally sustainable, thereby setting a Europe-wide standard for sustainable investment. E.ON generally intends to cover more than 50 percent of its annual funding requirements with green bonds. Green bonds accounted for about 72 percent of total bond financing, or roughly $€ 3.55$ billion in 2024. The Financial Situation chapter provides detailed information about E.ON's financing.

The E.ON Management Board

The Management Board manages the Company's business, with all its members bearing joint responsibility. It determines E.ON's corporate objectives, fundamental strategic course, corporate policy, and organizational setup.

From left to right:

Victoria Ossadnik

Chief Operating Officer Digital

Thomas König

Chief Operating Officer Networks

Leonhard Birnbaum

Chief Executive Officer

Nadia Jakobi

Chief Financial Officer

Marc Spieker

Chief Operating Officer Commercial

Dear Shareholders and Friends of E.ON,
A playmaker assumes leadership and responsibility in difficult times. And E.ON was a playmaker in 2024. We continued on our growth path, and our strength and operating performance enabled us to record very good Group adjusted EBITDA of $€ 9$ billion-which is at the upper end of our forecast range-amid a difficult policy and regulatory environment.

Since 2021 we've continually expanded our investments-starting from $€ 22$ billion-and now plan to invest $€ 43$ billion for the period through 2028. Our brand positioning last year reemphasized what this is all about. It's about "making new energy work." It's about building energy infrastructure that supplies sustainable energy around the clock as efficiently as possible. That's precisely what our distribution networks and energy infrastructure solutions do.

This is underscored by our record investments in the energy transition in the 2024 financial year. We invested more than we ever have since our realignment. We thus delivered on our plans and massively propelled the green transformation of Europe's energy system. Our Energy Networks business division invested a total of $€ 5.8$ billion, in part to meet the considerable demand for new network connections, smart meters, and digitalization. Energy Infrastructure Solutions' $€ 1$ billion in investments illustrate this business's growth potential. Our Energy Retail business division focused on serving our large customer base, which was again stable in 2024. We are a pacesetter in digitalization, which is the basis for individual and attractive customer offerings so that energy will remain affordable for our customers in the future as well.

We're taking on the debate about the energy transition that erupted in many of our markets last year. There's no alternative to the energy transition. Reversing course halfway through would make neither environmental nor economic sense. Instead, the focus has shifted to another question: "How can we shape the transformation so that energy is sustainable, but also secure and affordable?"

The continued expansion of renewable energy generation is a certainty. The challenge now is to create a smooth and financeable overall system. Amid increasingly volatile feed-in and the resulting network congestion, system costs are increasingly becoming the decisive factor in energy prices. Slack winds and heavy cloud cover at the end of the year accompanied by skyrocketing electricity prices on energy exchanges were just one particularly visible proof that our energy system is far from robust. This is why we will need massive investment in networks and flexibility solutions in the years ahead. And E.ON will lead the way as a playmaker.

Our business therefore remains resilient and promising, and our growth strategy is intact. In other words, E.ON is largely immune to political turmoil. Nevertheless, business as usual isn't an option. The new German government must give the energy transition a fresh start and unleash new economic growth.

First, this means that strong and decisive political leadership is needed that again focuses its attention on the economy and competitiveness. A few days before our annual report's publication, Germany will hopefully have elected such a government following the failure of the traffic-light coalition. And the new European Commission will hopefully also gear the energy transition much more toward

competitiveness. However, it will only achieve this if it refrains from bureaucracy and dirigisme and can count on strong partners among the member states.

Second, the regulatory environment must be right so that it makes financial sense for companies to invest. In the network business in Germany, this is no longer sufficiently the case in the current regulatory period for power, contrary to policymakers' desire for investments to be ramped up. Germany's Federal Network Agency now has the opportunity to address this and make improvements for the fifth regulatory period for power, which begins in 2029. We will await the outcome and then move forward with our future investment plans in the interests of our shareholders.

Best wishes,

Leo Birnbaum

Report of the Supervisory Board

Dear Shareholders,

Amid geopolitical challenges and the continuing advance of climate change, the transformation of Europe's energy system remains one of the key issues of our time. E.ON is moving forward to expand and digitalize its networks to promote a secure and sustainable energy supply while ensuring affordability for consumers. E.ON also has great ambitions for its integrated, sustainable energy solutions for cities and industrial enterprises, its networked and digital customer solutions, and its energy sales business. E.ON thus again aims to be the playmaker of the energy transition, and its playmaker advertising campaign in 2024 effectively projected this new brand identity.

The Supervisory Board would like to thank the Management Board and all employees for the special efforts they made in the 2024 financial year.

The energy transition is a challenge for society as a whole and is significantly influenced by policymaking. The new European Commission started work in December 2024. Germany held new elections. We now expect both to make trendsetting decisions. At E.ON, we are working to fulfill our role and responsibility for shaping a sustainable energy future in Europe. The challenges are significant-but so are the opportunities.

In the 2024 financial year the Supervisory Board carefully performed all its duties and obligations under law, the Company's Articles of Association, and its own rules and procedures. It advised the Management Board in detail about the Company's management and continually monitored the

Management Board's activities, assuring itself that the Company's management was legal, purposeful, and orderly. At four regular meetings it addressed all issues relevant to the Company. In addition, it carried out one written resolution procedure. On a regular basis, the shareholder representatives and employee representatives made separate preparations for these meetings with the participation of one or several members of the Management Board. All members attended all Supervisory Board meetings. The Management Board regularly provided the Supervisory Board with timely and comprehensive information about significant business transactions in both written and oral form. At the meetings of the full Supervisory Board and its committees, the Supervisory Board had sufficient opportunity to actively discuss the Management Board's reports, motions, and proposed resolutions. After thoroughly examining and discussing the resolutions proposed by the Management Board, the Supervisory Board approved on them when it was required by law, the Company's Articles of Association, or the Supervisory Board's rules and procedures. Furthermore, the Supervisory Board also met on a recurring basis without the Management Board being present.

All meetings of the Supervisory Board and its committees took place in person. Members of the Supervisory Board unable to attend in person were given the opportunity to attend by means of video conference. This was made use of in some instances.

Overview of the Attendance of Supervisory Board Members at Meetings of the Supervisory Board and Its Committees in the 2024 financial year

Supervisory Board members	Supervisory Board	Executive Committee	Audit and Risk Committee	Innovation and Sustainability Committee	Nomination Committee
Clementi, Erich	$4 / 4$	$5 / 5$	-	$1 / 1^{1}$	$2 / 2$
Fröhlich, Klaus	$4 / 4$	-	-	$4 / 4$	-
Grillo, Ulrich	$4 / 4$	$5 / 5$	-	-	$2 / 2$
Groth, Anke	$4 / 4$	-	$4 / 4$	-	-
Petit, Nadège	$4 / 4$	-	-	$4 / 4$	-
Schmitz, Andreas	$4 / 4$	-	$4 / 4$	$1 / 1^{1}$	$2 / 2$
Schmitz, Rolf Martin	$4 / 4$	$5 / 5$	-	-	-
Wilkens, Deborah	$4 / 4$	-	$4 / 4$	$3 / 3^{1}$	-
Bauer, Katja	$4 / 4$	-	$3 / 4$	-	-
Luha, Eugen-Gheorghe	$4 / 4$	-	-	-	-
May, Stefan	$4 / 4$	-	-	$4 / 4$	-
Pinczésné Márton,
Szilvia	$4 / 4$	-	-	-	-
Pöhls, René	$4 / 4$	$5 / 5$	$4 / 4$	-	-
Wallbaum, Elisabeth	$4 / 4$	-	$4 / 4$	-	-
Werneke, Frank	$4 / 4$	$5 / 5$	-	-	-
Winterweber, Axel	$4 / 4$	$5 / 5$	-	$4 / 4$	-

${ }^{1}$ Attended as a guest.

Fine-tuning E.ON's Growth Strategy and Digitalization Initiatives

After years of fundamental restructuring and successfully dealing with the energy crisis, E.ON is facing a decisive phase of growth in the energy sector. The focus is clearly on network infrastructure and the associated investments as well as on the expansion of our Energy Retail business division's sustainable, digital customer solutions and energy sales. E.ON aims to play an even more active role in shaping Europe's energy transition and to propel the decarbonization of cities and communities as well as business customers' operations. E.ON made Energy Infrastructure Solutions ("EIS") a separate business division as of January 1, 2024.

In the 2024 financial year, the Supervisory Board discussed E.ON's strategic direction with the Management Board, in particular in view of the altered geopolitical and regulatory situations. The Management Board and the members of the Supervisory Board were in agreement regarding the measures presented by the Management Board. In addition, the Management Board informed the Supervisory Board and/or its committees on an ongoing basis about growth projects and the development of innovative business models.

Important Topics of the Supervisory Board's Discussions

The dynamic policy and energy-market developments in Germany and Europe formed an important topic of the Supervisory Board's deliberations. The board examined the German government's power plant strategy and the consequences of the Federal Constitutional Court's ruling on the climate and transformation fund were discussed. It also discussed electricity market design and key geopolitical developments such as the conflict in the Middle East. In addition, the Supervisory Board addressed the devastating floods in Eastern and Central Europe in September 2024 and their implications for the E.ON Group.

Furthermore, the Supervisory Board dealt with E.ON's positioning on the capital markets and its asset, financial, and earnings situation, dividend policy, workforce developments, and earnings opportunities and risks. The Supervisory Board and the Management Board thoroughly discussed the E.ON Group's medium-term plan for 2025 to 2029 and approved the budget for 2025. In addition, the Supervisory Board was provided with periodic reports on the Company's cybersecurity and business continuity management. A special focus of every meeting was health and safety as well as accident prevention (in particular, key accident indicators) in the Group as well as the design of a new road map to further reduce accidents and to better embed the importance of occupational safety in our culture. The Supervisory board also discussed the current positive developments in customer numbers and customer satisfaction as well as the development of employee numbers.

Patrick Lammers left the E.ON SE Management Board by mutual agreement at the close of May 31, 2024. In recent years, Mr. Lammers not only successfully positioned E.ON's customer solutions business-especially the end-customer business in Europe-in a time of crisis, but has also noticeably increased customer satisfaction. The Supervisory Board would like to thank him for these achievements.

The Supervisory Board decided on two personnel changes to the Management Board in the 2024 financial year. Marc Spieker, previously Chief Financial Officer of E.ON SE, took over the role of Chief Operating Officer-Commercial from Patrick Lammers on June 1, 2024. He is responsible in particular for energy sales and customer solutions at the Energy Retail and Energy Infrastructure Solutions business divisions. His new area of responsibility also includes Commercial Programming, Hydrogen, Energy Management, and Marketing.

Nadia Jakobi was appointed to the Management Board as Chief Financial Officer effective June 1, 2024. Ms. Jakobi, previously CEO of the E.ON Group's central commodity procurement unit, E.ON Energy Markets GmbH, is responsible for Finance, Investor Relations, Mergers \& Acquisitions, Accounting, Controlling, Risk Management, Tax, Finance, and S4 Transformation. Ms. Jakobi started her career at E.ON in 2001 and returned to E.ON in 2019 after a three-year stint at Uniper.

Corporate Governance

In the declaration of compliance issued at the end of the year, the Supervisory Board and the Management Board declared that E.ON was in full compliance with the recommendations of the Government Commission on the German Corporate Governance Code, dated April 28, 2022, published by the Federal Ministry of Justice in the official section of the Federal Gazette (Bundesanzeiger) on June 27, 2022, since the last declaration in December 2023.

The Management Board and Supervisory Board also declared that E.ON has been in full compliance with the recommendations of the Government Commission on the German Corporate Governance Code, dated April 28, 2022, published by the Federal Ministry of Justice in the official section of the Federal Gazette (Bundesanzeiger) on June 27, 2022. The current version of the declaration of compliance as well as earlier versions are published on the Internet at www.eon.com.

In early 2024 the Supervisory Board Chairman held discussions with investors on topics specific to the Supervisory Board at a corporate governance road show.

In accordance with E.ON SE's Articles of Association, the Management Board is authorized to provide that Annual Shareholders Meetings held on or before June 30, 2025, may be held without the physical presence of shareholders or their proxies at the venue of the Annual Shareholders Meeting. The decision on the format of the Annual Shareholders Meeting is made annually. Deliberations focus in particular on safeguarding shareholder rights. Aspects such as the agenda, energy and resource consumption, the possibility of additional shareholder groups to participate, and process security are taken into account as well. On this basis, the 2025 Annual Shareholders Meeting will again take place in a virtual format.

The Supervisory Board is aware of no indications of conflicts of interest in the past financial year involving members of the Management Board or Supervisory Board.

Education and training sessions on selected issues of E.ON's business were conducted for Supervisory Board members in the past financial year. This included a training course on the eMobility business and a tour of the E.ON Drive testing lab to provide information on the testing of charging solutions and energy management systems. At a Supervisory Board meeting held in Sweden, the board discussed in detail the transformation of the Swedish energy system and visited a local network station, where it had an up-close look at the functioning of the network business.

The targets for the Supervisory Board's composition, including a competency profile and a diversity concept, with regard to Recommendation C. 1 of the German Corporate Governance Code and Section 289f, Paragraph 2, Item 6 of the German Commercial Code and the status of the implementation of the competency profile in the form of a qualifications matrix are available in the Corporate Governance Declaration.

The effectiveness of the Supervisory Board's work and that of its committees was examined between August and October 2024 by means of an external self-assessment using a detailed questionnaire and in-depth individual interviews. The Supervisory Board discussed the findings at one of its meetings. Collaboration within the Supervisory Board and with the Management Board was unanimously assessed to be trusting and constructive. The Supervisory Board will take up suggestions for further exploring certain topics in the 2025 financial year.

Committee Work

To fulfill its duties carefully and efficiently, the Supervisory Board has created committees. All committees-with the exception of the Nomination Committee-have an equal number of shareholder and employee representatives.

The Executive Committee held four ordinary meetings and one extraordinary meeting in the 2024 financial year. All members took part in all of the committee's meetings. At its meetings, the committee, in particular, addressed the dynamic policy and regulatory changes in conjunction with the current transformation of Europe's energy system. Additionally, the Executive Committee dealt with the Management Board's compensation, including the achievement of Management Board targets for 2024 and the setting of the targets for 2025. In addition, the Executive Committee did preparatory work for the resolutions relating to personnel matters on the Management Board and business projects requiring approval and, where it was responsible for doing so, passed resolutions on them.

The Audit and Risk Committee met four times in the 2024 financial year. One member was unable to attend one meeting. Otherwise, all members attended all meetings. The committee conducted a thorough review, in particular of the 2023 Financial Statements of E.ON SE (prepared in accordance with the German Commercial Code), the E.ON Group's 2023 Consolidated Financial Statements (prepared in accordance with International Financial Reporting Standards, or "IFRS"), and the 2024 intermediate financial reports of E.ON SE. The committee discussed the recommendation for selecting an independent auditor for the 2024 financial year as well as the interim financial reports and assigned the tasks for the independent auditor's auditing services, established the audit priorities, determined the independent auditor's compensation and reviewed the independent auditor's qualifications as well as the quality of the independent audit, and verified the auditor's qualifications and independence in accordance with the requirements of the law and the German Corporate Governance Code. Furthermore, the committee assigned to the independent auditor the task of conducting the voluntary audit of E.ON SE and the E.ON Group's combined Non-financial Statement as well as the audit of mandatory non-financial disclosures in accordance with the EU Taxonomy Regulation and of additional sustainability information integrated into the Combined Group Management Report. The committee also assigned the task of the sustainability auditor's audit services in the event of Germany's anticipated transposition into law of European sustainability reporting requirements. The committee also assured itself that the independent auditor has no conflicts of interest. In addition, the committee addressed other matters assigned to it by law, the Company's Articles of Association, or the Supervisory Board's rules and procedures, in particular Internal Audit's activities and reports, accounting issues, risk management, transactions with related parties, and developments in the area of

compliance. Furthermore, the committee thoroughly discussed the Combined Group Management Report and the proposal for profit appropriation and prepared the relevant recommendations for the Supervisory Board and reported them to the Supervisory Board. On the basis of the quarterly risk reports, the committee noted that no risks were identified that might jeopardize the existence of the Group or individual segments. Furthermore, the committee addressed in detail the implications and the management of the energy crisis, occupational safety, and the Company's cyber, legal, and dataprotection risks as well as business continuity management. In preparation for Germany's transposition into law of the obligation to audit sustainability reporting, the committee dealt thoroughly with this reporting. In addition, there was a regular exchange of information between the Chairman of the Audit and Risk Committee and the independent auditor throughout the financial year.

The Innovation and Sustainability Committee met four times. All members attended all of the committee's meetings. The matters addressed by the committee included E.ON's progress toward achieving its sustainability targets and its position in leading sustainability rankings. The further development of the new Energy Infrastructure Solutions business division and digitalization in the Energy Networks business division were also the subject of extensive discussions. The Innovation and Sustainability Committee's considerations encompassed the E.ON eMobility Solutions and E.ON Drive Infrastructure units as well.

The Nomination Committee met twice in the 2024 financial year. At these meetings it dealt with succession planning for the Supervisory Board and, with outside support, the findings of the selfassessment of the Supervisory Board's work (efficiency audit). All members attended the committee's meetings.

Committee chairpersons reported the agenda and results of their respective committee's meetings to the full Supervisory Board on a regular basis. The Corporate Governance Declaration provides information about the committees' composition and responsibilities.

Examination and Approval of the Financial Statements, Approval of the Consolidated Financial Statements, Proposal for Profit Appropriation for the Year Ended December 31, 2024

KPMG AG, Wirtschaftsprüfungsgesellschaft, audited and submitted an unqualified auditor's and/or audit opinion on the Consolidated Financial Statements of E.ON SE prepared in accordance with IFRS, the Combined Group Management Report, and the Compensation Report pursuant to Section 162 of the German Stock Corporation Act ("AktG") for the year ended December 31, 2024.

KPMG AG Wirtschaftsprüfungsgesellschaft was elected as Group auditor by the Annual Shareholders Meeting on May 16, 2024, and has been E.ON SE's independent auditor without interruption since the 2021 financial year. The auditor responsible at KPMG AG Wirtschaftsprüfungsgesellschaft is Alexander Bock, who is performing this function for the first time. The IFRS Consolidated Financial Statements exempt E.ON SE from the requirement to publish Consolidated Financial Statements in accordance with German law.

The Supervisory Board reviewed and, at its annual results meeting on February 25, 2025, thoroughly discussed-in the presence of the independent auditor and with knowledge of, and reference to, the Independent Auditor's Report and the results of the preliminary review by the Audit and Risk Committee-E.ON SE's Financial Statements prepared in accordance with the German Commercial Code, Consolidated Financial Statements, and Combined Group Management Report as well as the Management Board's proposal for profit appropriation. The independent auditor was available for supplementary questions and answers. After concluding its own examination, the Supervisory Board determined that there are no objections to the findings. It therefore acknowledged and approved the Independent Auditor's Report.

The Supervisory Board also examined the sustainability reporting consisting of the combined NonFinancial Statement and additional sustainability information which are integrated into the Combined Group Management Report. KPMG also audited the Non-Financial Statement and selected additional sustainability information and issued an unqualified opinion. The disclosures were subjected to a limited assurance engagement by KPMG; selected disclosures were audited with reasonable assurance. Following the final result of its examination, the Supervisory Board raised no objections to the integrated sustainability reporting, including the Non-Financial Statement.

On February 25, 2025, the Supervisory Board approved the Financial Statements of E.ON SE prepared by the Management Board and the Consolidated Financial Statements. The Financial Statements are thus adopted. The Supervisory Board agrees with the Combined Group Management Report and, in particular, with its statements concerning the Company's future development.

The Supervisory Board examined the Management Board's proposal for profit appropriation, which includes a cash dividend of $€ 0.55$ per ordinary share, also taking into consideration the Company's liquidity and its finance and investment plans. After examining and weighing all arguments, the Supervisory Board agrees with the Management Board's proposal for profit appropriation.

Personnel Changes on the Supervisory Board

Frank Werneke has been Deputy Chairman of the Supervisory Board since January 16, 2024, succeeding Christoph Schmitz.

Pages 219 and 220 of the Integrated Annual Report provide an overview of all members of the Supervisory Board.

Essen, February 25, 2025
The Supervisory Board

Best wishes,

Erich Clementi
Chairman

Combinasi Group Management Report

About This Report
Corporate Profile
Business Model
Strategy
Innovation
Management Control System
Sustainability Statement
General Information
Climate Protection and Environmental Management
Employees and Society
Governance
Sustainable Finance and Sustainable Investment
Business Report
Macroeconomic and Industry Environment Special Events in the Reporting Period
Subsequent Events
Business Performance
Energy Networks
Energy Infrastructure Solutions
Energy Retail
Earnings Situation
Financial Situation
Asset Situation
E.ON SE's Earnings, Financial, and Asset Situation

78

Forecast Report
Risks and Chances Report
Disclosures Pursuant to Section 289, Paragraph 4, and
Section 315, Paragraph 4 of the German Commercial Code on the Internal Control System for the Accounting Process

Disclosures Regarding Takeovers: Disclosures Pursuant to Section 289s and Section 315s of the German Commercial Code and Explanatory Report

Appendix to the Sustainability Statement

About This Report

Standards

This Integrated Annual Report applies to the E.ON Group as well as E.ON SE. E.ON is therefore fulfilling all requirements of International Financial Reporting Standards ("IFRS"), the German Commercial Code (German abbreviation: "HGB"), and German Accounting Standards (German abbreviation: "DRS"). The Sustainability Statement is likewise fully integrated into the Combined Group Management Report.

Scope

This report encompasses all subsidiaries that are fully consolidated in E.ON's 2024 Consolidated Financial Statements. Thresholds based on key performance indicators ("KPIs") are used to distinguish companies that do not contribute significantly to the Integrated Annual Report. The Business Model chapter contains more information about the E.ON Group's structure and business divisions.

The reporting period is the 2024 calendar year. Statements on the future development of E.ON and its subsidiaries are estimates based on information available at the time of reporting. Actual results may deviate from these statements. In addition, the Integrated Annual Report includes the Disclosures Regarding Takeovers. The Corporate Governance Declaration is published on our website eon.com in the Corporate Governance chapter.

The Integrated Annual Report was published on February 26, 2025, and is available in German and English in pdf format. You can download the pdf version of this report at eon.com. The previous Integrated Annual Report was published in March 2024. You can find it and additional reports in the Investor Relations Archive at eon.com.

Language

We generally use the shorter name for companies and organizations (such as "E.ON" rather than "E.ON SE").

Assurance

The Combined Group Management Report is generally audited as part of the statutory audit of the financial statements. Content that is not part of the statutory audit of the Consolidated Financial Statements and is therefore excluded from the auditor's report is identified separately, as described below. For the Sustainability Statement, a separate assurance engagement ("Sustainability Assurance") was performed by KPMG AG in accordance with the International Standard on Assurance Engagements ("ISAE") 3000 (Revised) issued by the International Auditing and Assurance Standards Board ("IAASB"). The audit assurance applied to the different contents is clarified in the report by means of various symbols.

Symbols next to headings [H4] apply until the next heading of the same level of hierarchy. Sections within the same chapter that were audited with a different assurance may be marked separately. This is done in longer sections by means of symbols next to the subheadings [H5] which apply until the next heading of the same level of hierarchy. In addition, individual sections or KPIs that are subject to a different audit assurance may be marked separately.

The corresponding contents are marked as follows:
[4] Not part of the statutory audit of the Consolidated Financial Statements and audited with reasonable assurance as part of the audit of the Sustainability Statement.
[*] Not part of the statutory audit of the Consolidated Financial Statements and audited with limited assurance as part of the audit of the Sustainability Statement; individual text passages are indicated by $\rightarrow$.
[X] Not part of the Combined Group Management Report and the Sustainability Statement, unaudited; individual text passages are indicated by 14 .

The precise scope of the audit is described in the Other Information section in the Independent Auditor's Report and in the report on the management review of the Sustainability Statement.

Sustainability Statement ${ }^{2}$

• The Sustainability Statement was prepared to meet the requirements of Directive (EU) 2022/2464 of the European Parliament and of the Council of December 14, 2022 (Corporate Social Responsibility Directive, "CSRD") and to meet the requirements of Sections 315b and 315c of the German Commercial Code (German abbreviation: "HGB") for a non-financial group statement and Sections 289b to 289e of the HGB for a non-financial company statement. For the first time, we are applying the first set of the European Sustainability Reporting Standards ("ESRS") as a framework for preparing the Sustainability Statement. E.ON SE's Non-Financial Statement was prepared without using a framework. In addition, we are complying with the EU Taxonomy Regulation's disclosure requirements. The Index to the Sustainability Statement shows which ESRS disclosures are relevant for E.ON and where these disclosures are located.

The Sustainability Statement likewise refers to the 2024 calendar year. The Sustainability Statement not only considers all fully consolidated E.ON subsidiaries, but also key players in our upstream and downstream value chain. Where relevant, corresponding information can be found in the respective environmental, social, and governance ("ESG") chapters.

Prior-year figures of most KPIs are provided to improve comparability. We compiled a small number of ESRS KPIs for the first time in 2024 and therefore do not report the prior-year figures. In the case of any prior-year figures for ESRS KPIs in this report, their definition already complied with ESRS requirements in 2023. Adjustments to prior-year figures of a KPI are explained in footnotes.

We explain in the respective chapters any sustainability KPIs that contain data from secondary sources or prior-year data. This applies in particular to our reporting on greenhouse gas emissions. We also use emission factors from external sources. The Climate Protection chapter provides detailed information on the emission factors used. The Sustainability Statement also uses forward-looking information; actual results may differ from the statements.

Corporate Profile

Business Model ${ }^{3}$

E.ON is an investor-owned energy company with approximately 76,600 employees (full-time equivalents) led by Corporate Functions in Essen. Effective January 1, 2024, the Group's core business is divided into three business divisions: Energy Networks, Energy Infrastructure Solutions, and Energy Retail. Corporate functions, equity interests managed directly by E.ON SE, and non-strategic operations are reported under Corporate Functions/Other.

Energy Networks

This business division consists of E.ON's power and gas distribution networks and related activities. E.ON operates energy networks in the following regional markets: Germany, Sweden, Central Eastern Europe (which consists of the Czech Republic, Poland, and a shareholding in Slovakia accounted for using the equity method), and South Eastern Europe (which consists of Hungary, Croatia, Romania, and the stake in Enerjisa Enerji in Turkey, which is accounted for using the equity method). This business division's main tasks include operating its power and gas networks safely and reliably, carrying out all necessary maintenance and repairs, and expanding its power and gas networks. The latter frequently involves adding customer connections and connecting renewable energy generation assets.

Energy Infrastructure Solutions

This business division develops energy solutions that provide cities and municipalities as well as industrial and commercial customers in many regions of Europe (primarily in Germany, Scandinavia, and the United Kingdom) with sustainable solutions for the supply of heat, electricity, steam, and cooling. Its portfolio encompasses district heating and cooling, embedded solutions for city districts and industrial and commercial customers, and products and services that enhance energy efficiency in order to design economical and sustainable energy solutions for industrial facilities. Furthermore, battery storage systems that provide flexibility options for electricity networks extend the range of services offered. Some of these solutions are supplemented by software-based applications for optimizing energy consumption. The smart energy meter business in the United Kingdom is also reported in this business division.

Energy Retail

This business division supplies customers in Europe with power and gas (conventional and green) and provides them with sustainable solutions that enhance their energy efficiency, energy autonomy, and eMobility. E.ON's
activities are tailored to the individual needs of customers across all categories: residential, small and medium-sized enterprises, large commercial and industrial, and sales partners. This business division is divided into the Germany, United Kingdom, Netherlands, and Other segments. The latter segment encompasses regional sales activities in Sweden, Italy, the Czech Republic, Hungary, Croatia, Romania, and Poland. One of E.ON's objectives is to enhance its customers' satisfaction and work with them to help actively shape Europe's energy transition. In addition, the E.ON Group's central commodity procurement entity, E.ON Energy Markets GmbH is reported in the Energy Retail-Other segment.

Corporate Functions/Other

Corporate Functions' main task is to lead the E.ON Group. This involves charting E.ON's strategic course as well as managing and funding its existing business portfolio. Corporate Functions' tasks include optimizing E.ON's overall business across countries and markets from a financial, strategic, and risk perspective, and conducting stakeholder management. The E.ON Group's non-strategic activities, such as the dismantling of nuclear power stations (which is managed by the PreussenElektra unit) and the generation business in Turkey are reported here as well.

Strategy ${ }^{4}$

The situation on Europe's energy market stabilized further in 2024. The EU forged ahead with the energy union, which aims to enable a sustainable, secure, and also affordable energy supply. European countries implemented new measures for the energy transition as well. Examples of these measures in Germany included the revised Building Energy Act, the Climate Protection Act, and the Heat Planning and Decarbonization of Heating Networks Act. The heating transition's significant decarbonization potential makes it a key aspect of the energy transition. It will be one of the big challenges of the decade ahead.

The energy transition is the necessary response to climate change and offers Europe and Germany the opportunity to remain competitive and resilient-including amid political developments. Decisions like the Easter package and the aforementioned examples demonstrate that energy security and digital, resilient energy infrastructure are becoming increasingly important.
E.ON's consistent implementation of its strategy-whose three key elements are sustainability, digitalization, and growth-aims to propel the energy transition and decarbonization in Europe. E.ON is thereby playing a
leading role, contributing to society, and allowing shareholders to participate in its success.

Sustainability

Climate protection is one of the key drivers of E.ON's future growth. In 2022 the Science Based Targets initiative ("SBTI") confirmed that E.ON's near-term climate targets for 2030 are compatible with the Paris climate agreement's 1.5 degree target. This means that E.ON's planned Scope 1 and 2 emission reductions are in line with a global emission reduction pathway that limits global warming to 1.5 degrees Celsius above preindustrial levels. In addition, E.ON is committed to achieving climate neutrality in its Scope 1 and Scope 2 emissions by 2040 (and to reducing its Scope 1 and Scope 2 emissions by around 50 percent by 2030). E.ON intends for its Scope 3 emissions to be climate-neutral by 2050 (and for these emissions to be about 50 percent lower by 2030).

Digitalization

Digitalization is an important focus for E.ON to shape the energy system of the future. E.ON aims to become one of the leading digital energy companies and utilizes a uniform platform architecture so that all its businesses can offer data-driven and networked solutions. For example, E.ON's subsidiary E.ON One provides innovative digital energy solutions, particularly for network management, network operations, and energy management.

Growth

E.ON continues to propel growth across all its business divisions-for which investments are indispensable-and plans a total of $€ 43$ billion for the period 2024-2028. A significant portion will go toward our networks in order to expand energy infrastructure.

The Energy Networks business division increased its investments by about $€ 0.6$ billion year on year to $€ 5.8$ billion to deliver the network expansion and digitalization necessary to achieve climate targets. A large portion of investments in 2024 went toward connecting renewables facilities. We added almost 3,000 employees so that we can continue to install connections in the years ahead. The aim is to efficiently integrate the increasing proportion of renewables facilities and new, fluctuating demand into the overall energy system.

At the start of 2024, E.ON made its Energy Infrastructure Solutions business division, which is well established in the market, a separate reporting unit. This business division invested $€ 1$ billion in the 2024 financial year, including in battery storage solutions and in projects that

[^0]
[^0]: ${ }^{3}$ This section is also part of the Sustainability Statement. It contains information on the ESRS disclosure requirements ESRS 2 SBM-1 para. 40x-j and ic, and para. 42.
${ }^{4}$ This section is also part of the Sustainability Statement. It contains information on the ESRS disclosure requirements ESRS 2 SBM-1 para. 40x-g and SBM-3 1c. 40b.

help decarbonize the energy supply of business customers, cities, and municipalities.

The Energy Retail business division focuses on reliable, sustainable, and affordable offerings for our customers, including solar, home energy management, and eMobility. Micro-flexibility is taking center stage at this business division as well. Digitalization plays an important role in E.ON's success and is founded on technological standards and a clear cloud strategy. A large proportion of investments in 2024, which totaled €0.5 billion, went toward these areas. We also increased our innovation activities in the digital space.

The energy transition requires strong political support and a significant financial commitment from the EU, individual countries, companies, and citizens. This applies to infrastructure and networks as well as companies and households. E.ON is well positioned not only to meet the growing demand for sustainable solutions, but also to actively propel the energy transition. The Company benefits from growing demand for green energy in all sectors.

Innovation

Collaborating in Global Partnership Networks to Promote

Innovations in E.ON's Operating Business
E.ON's strategy-whose key elements are sustainability, digitalization, and growth-determines the agenda for its innovation activities as well. The focus topics in 2024 were shaping the "future of energy" and the "future of mobility," in particular by digitalizing and enhancing the resilience of energy networks, by decarbonizing cities, communities, and E.ON customers, and by developing new solutions to expand eMobility.
E.ON's innovation approach has three main components: incubation (lead business unit: E.ON Group Innovation), startup financing (Future Energy Ventures), and scale-up (E.ON One).
E.ON ensures its innovation strategy's implementation through the collaboration of these three innovation units and their close cooperation with E.ON's operating units.

• E.ON Group Innovation GmbH is our intragroup incubator and accelerator whose mission is to provide a diverse portfolio of innovations for various E.ON business areas and to develop solutions for emerging markets. Innovative market-ready solutions that cannot yet be integrated into E.ON's existing operating business are spun off by E.ON Group Innovation as independent ventures. In addition, E.ON's innovation team manages all central startup innovation programs, through which the Group has built up a global innovation ecosystem in
  recent years that gives it access to leading universities, startups, and partners worldwide.
• Future Energy Ventures is an internationally active investment fund that focuses its investments on digital and digitally supported climate technologies that have a high potential to provide new solutions for tomorrow's energy world. E.ON is a strategic partner of Future Energy Ventures and thus has direct access to promising startups worldwide.
• E.ON One GmbH is a sales platform for market-ready digital solutions. It acquires startups and integrates their technology into E.ON's system architecture to ensure the operational reliability of the digital systems on offer. E.ON One markets these solutions to distribution network operators and sales companies in and outside E.ON. It also scales up corporate ventures that emerge from E.ON Group Innovation and finds an effective environment for additional growth.

E.ON Demonstrated its Innovativeness in Numerous Areas in

2024

The E.ON Group innovation team brought the Evercharge innovation project to market maturity. This corporate venture, which now operates under the Evalable brand, will be transferred to E.ON One to be scaled up. Evalable's artificial intelligence ("AI") software can learn charging stations usage patterns and quickly identify deviations from normal operation. Its predictive maintenance enables charging station operators to detect a potential fault several days before it leads to a charging station failure. Evalable's offerings help charging station operators and manufacturers improve their charging points' availability, reduce operating costs, and secure revenues.

Open Innovation Programs with Startups Aim to Foster the Swift

Implementation of Innovations
E.ON continued to work intensively on its global networks in 2024 and developed new partnerships and expanded existing ones. The Group is convinced that it can better develop new business models that are of significant importance for E.ON's future business by collaborating with universities and other scientific institutions as well as energy utilities, companies from other industries, and startups in networks of a global innovation ecosystem. This integrated partnership approach enables us to pursue the goal of further expanding E.ON's role as playmaker of the energy transition and extending it to innovation.

We generate first-class solutions and new technologies primarily in our established innovation programs:

• E.ON partners with six leading international energy companies and startups in Free Electrons, a global startup and accelerator program to find innovative solutions for the energy transition. In 2024, seven solutions were identified in this network that are being tested in five international E.ON companies. For example, we and British startup Allye
  are testing a new battery storage solution. It is designed to replace diesel generators during maintenance work and emergencies and to ensure an uninterrupted, sustainable energy supply while safeguarding network stability. E.ON aims to further decarbonize buildings by testing new solutions that use drone and AI technologies to identify problems in the building envelope and quantify energy losses. The product, developed by Canada-based startup Oea, assesses which retrofits make financial sense and proposes targeted measures.
• We are working with 16 E.ON companies in an innovation program called the Grid Startup Challenge. This is another example of how our global partnership network can provide solutions with which E.ON can improve its networks' digitalization and resilience. The focus of our innovation activities in 2024 was on measures to protect critical infrastructure, monitor gas distribution networks, improve customer service quality, and enhance transparency in supply chains.
• The central innovation team works with our operating units to implement use cases for generative AI and to assess the potential for further innovations. The aim is to better seize the opportunities of digital transformation and to use the latest technologies. Our innovation program for generative artificial intelligence ("Gen AI") has so far scouted 500 startup solutions worldwide in their existing innovation ecosystem. After identifying 50 Gen AI use cases, in 2024 the innovation team tested solutions for their application in a wide variety of areas.

E.ON's central innovation division's various partnerships and networks have enabled it to initiate a total of 89 pilot projects since 2020. It launched 23 new pilot projects with 17 E.ON business units in 2024 and concluded contracts with startups totaling $€ 10.2$ million.

Management Control System

Our objective is for E.ON to be the sustainable platform for Europe's energy transition and, in line with our strategy, to sustainably enhance our Company's value for the long term.

A uniform Group-wide planning and controlling system is used for the value-based management of the Group as a whole and its individual businesses. This system forms the basis for a uniform mindset Groupwide, while at the same time allowing targeted steering impulses for individual business units.

E.ON's Management System

Adjusted EBITDA, investments, and earnings per share based on adjusted net income ("EPS") are the most significant indicators for managing our aspired sustainable and profitable growth. The use of additional key financial and non-financial performance indicators is intended to ensure that our growth is in line with our stakeholders' various interests and enable a holistic view of our performance. In particular, we focus on our

customers, employees, shareholders, and bondholders, always in line with our environmental and social responsibility as a leading international energy company. Furthermore, including key non-financial indicators explicitly anchors sustainability indicators in the ongoing management of our businesses.

The following chart summarizes the key performance indicators used for management purposes.

E.ON's Management System

Most Significant Key Performance Indicators

• Adjusted EBITDA
• Investments
• Adjusted earnings per share based on adjusted net income ("EPS")

Significant Key Performance Indicators

• Total shareholder return ("TSR")
• Dividend per share ("DPS")
• Cash-conversion rate
• Return on capital employed ("ROCE")
• Debt factor
• Carbon emissions
• Proportion of women in management positions
• Frequency of serious incidents and fatalities ("SIF")
• Net Promoter Score ("NPS")
• ESG ratings

Other Key Performance Indicators

In addition to the management system, the compensation system for the Management Board is also designed to support the implementation of our strategy and thus E.ON's long-term success through the sustainable, longterm, and value-oriented management of the Company. For this reason, the compensation of the members of the Management Board has also been linked to the development of selected key performance indicators.

Changes were made to the E.ON Group's segmentation in the 2024 financial year (see the Business Model chapter). They had no effect, however, on the key performance indicators used for management
purposes. In the 2024 financial year we also for the first time used sustainable operating tax rate to calculate adjusted net income.

Most Significant Key Performance Indicators

With our focus on long-term, sustainable, and value-oriented growth, the most significant key performance indicators are the main metrics for internal management and the assessment of our business development and thus also the cornerstones of our forecast.

Adjusted EBITDA is an earnings figure before interest income, income taxes, and depreciation and amortization that has been adjusted to exclude non-operating effects. The adjustments include net book gains, certain restructuring expenses, effects in conjunction with derivative financial instruments, and other non-operating earnings. Therefore, adjusted EBITDA is the indicator of sustainable earnings capacity and the appropriate key figure for determining the performance of our business.

Investments are equal to investments in property, plant, and equipment, intangible assets, and share investments as well as, from 2024 onward, expenditures for loans to non-consolidated affiliated companies and other loans that are shown in the E.ON Group's Consolidated Statements of Cash Flows. Investments are the engine for the future growth and digitalization of E.ON's business as well as decarbonization. As a reflection of our strategy, they therefore continue to be a key indicator for managing our activities.

Adjusted earnings per share ("EPS") are equal to adjusted net income divided by the weighted average number of shares outstanding in the financial year. In addition to operating earnings, depreciation and amortization, interest income, tax and financial results as well as noncontrolling interests are included and likewise adjusted to exclude nonoperating effects. This allows a holistic assessment of the earnings situation from the perspective of the shareholders of E.ON SE.

Significant Key Performance Indicators

In order to suitably take into account the interests of our stakeholders in addition to our focus on growth, our management system also includes other significant key performance indicators. As a customer-oriented company, the ability to acquire new customers and retain existing ones is crucial to our success. Net Promoter Score ("NPS") measures customers' willingness to recommend E.ON to a friend or colleague (the unaudited Customer Satisfaction chapter contains more information). Our Company's attractiveness for investors is reflected in total shareholder return ("TSR") (see Note 11 to the Consolidated Financial Statements) and dividend per share ("DPS"), which is part of TSR.

We have made sustainability the core of our corporate strategy. In everything we do, we keep in mind the consequences of our actions. The
progression of our carbon footprint (the unaudited Climate Protection chapter contains more information), the frequency of serious incidents and fatalities ("SIF") (the unaudited Occupational Health and Safety chapter contains more information), and the proportion of women managers are thus significant key performance indicators and part of our management system. In addition, our ESG ratings are incorporated into our management system. This provides a comprehensive assessment of our actions with respect to environmental, social, and governance matters.

Solid financing of our business activities is of great importance to realize our aspired long-term and sustainable growth in line with the fulfillment of our financial ambitions. For this reason, cash-conversion rate, which is an indicator of E.ON's ability to transform operating earnings into cash inflows, and debt factor, which is a proxy for our capital structure and ratings, are significant key performance indicators in our management system. In addition, ROCE is included in the management system as a key performance indicator to assess the efficiency of capital employed.

Other Key Performance Indicators

Alongside the performance indicators described above, other financial and non-financial indicators play a role in the success of our business and our corporate responsibility. Operating cash flow, power and gas wheeling volume, sales volume, as well as selected employee-related information are examples of other key performance indicators.

Sustainability Statement

General Information

E.ON's Approach to Sustainability [4]

Sustainability Governance and Management

We have clearly organized responsibility for sustainability. This ensures that we can work together efficiently and improve continually. The E.ON Management Board defines our sustainability strategy and bears overall responsibility for the results of our sustainability activities. We have appointed a Chief Sustainability Officer ("CSO") to manage and monitor sustainability activities throughout the company. Our CSO is Leonhard Birnbaum, E.ON's Chief Executive Officer. He informs the Management Board on a quarterly basis about important initiatives, developments, and key performance indicators; he likewise informs the Supervisory Board and its Committees.

The CSO chairs our Sustainability Council, which consists of the CFO senior managers from Corporate Functions, our units, and central functions who have expertise in sustainability issues. The Sustainability Council serves as a forum for doing preparatory work for decisions by the Management Board and its members, sharing information, discussing progress made toward achieving our sustainability goals, and identifying new challenges. It provides advice on company policies related to sustainability issues and periodically assesses whether our sustainability strategy is aligned with our vision, corporate strategy, and brand identity. The council also works with outside stakeholders to help us forge new partnerships and consider different interests. The Disclosure Committee, which likewise deals with the Sustainability Statement in the Integrated Annual Report, is responsible for issues relating to the publication of information relevant to financial markets.

The Sustainability Council met three times in 2024. The issues it discussed included E.ON's annual ESG performance and measures for its further improvement. Decarbonization in the context of the heating transition was also on the agenda in 2024. The Sustainability and Climate department at Corporate Functions is involved in all aspects of our strategic sustainability activities. Together with the Sustainability Council, it also supports our business units in achieving their sustainability targets. This department is part of the Strategy, Sustainability, and Innovation division in order to align the Group's general strategic course even more closely with sustainability and climate protection. Group Accounting's ESG Reporting department organizes and coordinates Group-wide sustainability reporting. E.ON has an ESG reporting manual. The manual's detailed descriptions and requirements guide the units in collecting and reporting ESG key performance indicators ("KPIs"). Both teams also advise our employees and work to reinforce awareness of sustainability issues across the
organization. In addition, they inform the Supervisory Board on a regular basis.

Integrating the Sustainability department into the Strategy division ensures that the Management Board considers key sustainability issues in the context of corporate strategy (see also the Strategy chapter). Another example is the requirement for our central Health \& Safety department to be involved in M\&A activities. Sustainability has also played an integral role in the E.ON Group's risk management for many years. The Risks and Chances Report and the Climate Protection chapter describe this in detail.

When we talk about sustainability or material sustainability topics in this and the following sections, we are referring in particular to the material impacts, risks, and changes that we identified in the materiality analysis. The "Double Materiality Analysis" and "Sustainability: an Integral Component of E.ON's Business Model and Strategy" sections below contain more details.

Close Collaboration with the Supervisory Board
The Supervisory Board is informed on a regular basis about the results of our sustainability activities by the Management Board. The Innovation and Sustainability Committee advises the Management Board on innovation topics and growth opportunities as well as on the digital transformation. The committee also advises the Supervisory Board and the Management Board on environmental, sustainability, and social issues. For its part, the Audit and Risk Committee oversees and reviews Sustainability Statement. The committees' tasks are described in their respective Rules and Procedures. The two committees are supported by information prepared and provided by the Strategy, Sustainability and Innovation, and Group Accounting departments.

In 2024 the Innovation and Sustainability Committee dealt not only with E.ON's sustainability targets and performance and ratings and its position in leading sustainability rankings but also with its anticipated initial reporting pursuant to the CSRD. It focused in particular on developments relating to regulatory ESG requirements at the European and global level and with E.ON's implementation of them. It addressed the climate transition, climate targets, and biodiversity as well.

The Audit and Risk Committee was likewise informed on a quarterly basis about material sustainability topics, particularly in the context of sustainability reporting. In 2023, for example, we presented the CSRD's different materiality definitions compared with the Non-Financial Statement and their impact on E.ON's reportable sustainability topics and sustainability-related material impacts, risks, and opportunities. Our final analysis and its implementation in 2024 drew on the committee's feedback. At other meetings, the committee was regularly informed on the latest findings regarding the CSRD's transposition into German law, its
impact on Group companies, and the status of implementing its requirements in the E.ON Group. The Supervisory Board's role relating to the CSRD was another focus topic. Furthermore, the committee assigned to the independent auditor the task of conducting the voluntary audit of E.ON SE and the E.ON Group's combined Non-financial Statement as well as the audit of mandatory non-financial disclosures in accordance with the EU Taxonomy Regulation and of additional sustainability information integrated into the Combined Group Management Report. The committee also assigned the task of the sustainability auditor's audit services in the event of Germany's anticipated transposition into law of European sustainability reporting requirements.

Composition, Diversity, and Competency of the Management Board and Supervisory Board
In 2024 the Management Board consisted of five members of whom one was Chairman; the Supervisory Board had 16 members. Pursuant to E.ON SE's Articles of Association, the Supervisory Board is composed of an equal number of shareholder and employee representatives. Women make up 40 percent of the Management Board since June 2024.

The proportion of women among the Supervisory Board's shareholder representatives is 38 percent; the proportion for the Supervisory Board as a whole is 38 percent. All Supervisory Board members were independent at the end of the 2024 reporting year.

When appointing members of the Management Board, the candidates' outstanding professional qualifications, long-term leadership experience and past performance, as well as value-driven management are of paramount importance. Members are to be capable of taking forwardlooking strategic decisions. In particular, they should be capable of managing businesses sustainably and of ensuring that they are consistently focused on customer needs. The Management Board as a whole must have expertise and experience in the energy sector as well as in the fields of finance and digitization. Management Board members should be leaders and as such should act as role models for employees through their own performance and conduct. Energy-industry and digitalization issues intersect with key sustainability topics, particularly in the context of climate protection, energy affordability, and security of supply, but also cybersecurity and dialogue with policymakers. The key topic of sustainable financing is considered as well.

Attention is paid to diversity when appointing members of the Management Board. For the Supervisory Board, diversity means, in particular, different complementary academic profiles, professional and personal experience, personalities, as well as internationality and a reasonable age and gender structure. To ensure sustainable corporate governance, the selection process also takes into account sustainability aspects that enable candidates to make strategic and operational business

decisions. The appointment period of a member of the Management Board ends, at the latest, at the end of the month on which the Management Board member reaches the general retirement age.

The Supervisory Board's composition reflects the requirement that members have specific knowledge is required regarding the energy sector, the sales and customer business, and regulated industries. Independence and diversity play a role as well. Alongside other extensive experience that must be represented on E.ON's Supervisory Board, the following play a special role in the context of the Group's material sustainability issues:

• specific knowledge in the areas of new technologies, digitization and IT, innovation and disruption
• knowledge of the functioning of the capital and financial markets
• special knowledge of the application of accounting principles and internal control and risk management systems, and knowledge and experience in auditing
• specific knowledge in the field of sustainability, specifically in the dimensions of environmental concerns (especially the reduction of $\mathrm{CO}_{2}$ emissions), employee and social concerns as well as human rights and anti-corruption
• specific knowledge in the areas of human resources and cultural change as well as law and compliance
• experience as a Management Board or Supervisory Board member in the strategic management or supervision of listed organizations.

The Supervisory Board believes that its current members meet the requirements of its competency profile; for example, about 80 percent of Supervisory Board members currently have sustainability competencies.

In accordance with Principle 23 of the German Corporate Governance Code in the version dated April 28, 2022, the Corporate Governance Declaration is the central element of corporate governance reporting. The Corporate Governance Declaration, which the E.ON SE Management Board and Supervisory Board issue annually in accordance with Sections 289f and 315d of the German Commercial Code ("HGB"), contains more information.

Sustainability as a Component of Compensation

The presentation of the compensation system and the current Compensation Report provide comprehensive commentary on the principles and structure of the compensation of the E.ON SE Management Board and Supervisory Board.

The Management Board's compensation system takes full account of the aforementioned aspects and represents an important governance element for the implementation of corporate strategy. Management Board compensation is linked to E.ON's performance to a high degree and has a clear pay-for-performance orientation. The compensation system provides
an incentive for successful and sustainable corporate governance-which also takes into account the ESG aspects relevant to E.ON-and links Management Board members' compensation to the Company's short-term and long-term performance. In designing and determining Management Board compensation, the Supervisory Board follows in particular by the following principles: promote the corporate strategy, conformity with regulatory requirements, appropriateness of compensation, pay-forperformance, long-term business development, sustainability, and consideration of shareholder interests.

The Supervisory Board as a whole is responsible for determining the compensation system as well as the level and structure of Management Board compensation. The compensation system for the members of the Management Board is determined by the Supervisory Board in accordance with Section 87, Paragraph 1, and Section 87a, Paragraph 1 of the German Stock Corporation Act (German acronym: "AktG") on the basis of a proposal by the Executive Committee. After the Supervisory Board passes this resolution, the compensation system is submitted to the Annual Shareholders Meeting for approval. The Supervisory Board reviews the compensation system's structure, the appropriateness of total compensation, and the individual compensation components on a regular basis in accordance with the AktG's requirements and the German Corporate Governance Code's recommendations. In the event of significant changes, but at least every four years, the compensation system is resubmitted to the Annual Shareholders Meeting for approval.

In accordance with the compensation system presented to the Annual Shareholders Meeting, the Supervisory Board sets the specific target compensation for members of the Management Board for each financial year. Furthermore, the Supervisory Board sets the target values for the upcoming financial year that are used to measure the Management Board's performance for the performance criteria defined in the compensation system.

Management Board compensation consists of non-performance-based and performance-based compensation components. The performance-based components consist of a base salary, fringe benefits, and a pension substitute, while the performance-based components include the annual bonus and long-term variable compensation in the form of the E.ON performance plan. In addition, other compensation provisions exist for Management Board members, including share ownership guidelines and malus and clawback provisions.

Overall, the compensation system is based on transparent, performancerelated parameters geared toward the Company's success and aims to offer competitive and performance-oriented compensation in line with the market. The Supervisory Board also ensures that the compensation system for the Management Board and executives provides uniform incentives for
the joint implementation of the corporate strategy and pursues the same objectives.
E.ON's sustainability strategy is incorporated into Management Board's compensation system by means of Net Promoter Score and the agreement of collective and individual targets in individual performance factors included in short-term variable compensation (annual bonus), but in particular also by means of the E.ON Sustainability Index in the long-term variable compensation (E.ON Performance Plan). The proportion of sustainability-related variable compensation in relation to total variable compensation for the 2024 financial year amounted to 23 percent for the Management Board Chairman and likewise 23 percent for ordinary Management Board members. The proportion of climate-reduction targetrelated compensation in relation to total remuneration for the 2024 financial year amounted to 3 percent for the for the Management Board Chairman and 2 percent for ordinary Management Board members.

The E.ON Sustainability Index is a component of the E.ON Performance Plan, long-term variable compensation that is allocated in annual tranches. The ESG aspects in this plan have comprehensible and measurable targets. For each tranche, the Supervisory Board determines the specific target values for each target and the respective target achievement curves for the tranche's entire term. Depending on target achievement, up to 50 points are awarded for each target; at most, double the target values is possible. In determining the targets for the eighth trance of the E.ON Performance Plan (2024-2027), the Supervisory Board retained the ESG aspects as already included in the E.ON Sustainability Index of the seventh tranche as well as its targets:

• reduce carbon emissions (Scope 1 and 2) toward the Group's target for 2030
• increase the proportion of female executives toward 27.5 percent
• reduce the frequency of severe incidents and fatalities ("SIF") toward 0.06 percent
• achieve a stable performance in the ESG ratings by MSCI, Sustainalytics, and ISS ESG.

Target achievement for the E.ON Sustainability Index can range from 0 percent to 200 percent (cap) and is calculated based on the total points achieved at the end of the performance period. Total target achievement of the E.ON Performance Plan is calculated as a weighted average of the target achievement for each performance criterion.

Double Materiality Analysis

E.ON has conducted an annual materiality analysis since 2006. It did so in 2024 for the first time in accordance with ESRS requirements. The materiality analysis enables us to identify and evaluate the sustainability topics that are most important to us and our stakeholders. Pursuant to

ESRS requirements, dual materiality refers to the materiality of environmental and social impacts and financial materiality. A sustainability topic therefore fulfills the criteria of dual materiality if it is material either from an impact perspective or from a financial perspective or from both of these perspectives. The Sustainability Statement, which is integrated into the Combined Group Management Report, contains information on the ESG topics that the materiality analysis deemed to be particularly significant. The Sustainability Statement also addresses voluntarily reported sustainability topics. E.ON thus aims to meet the different expectations of stakeholders as well as the requirements of environmental, social, and governance ("ESG") rankings and ratings. The end of this section provides an overview of the material and less material topics. The process has the following steps:

Understand E.ON's Business Model, Value Chain, and Main Stakeholders

The first step was to identify fully consolidated business activities and relationships, relevant resources, and countries. We then identified these business activities' entire relevant value chain-that is, upstream and downstream activities-as well as activities in our own business operations. We analyzed all business divisions and their key activities in detail. For example, we also took into account the fact that the value chains of our power and gas activities differ and respectively procure different goods and services from different countries. This enabled us to ensure that in our subsequent identification and evaluation we factored in regional differences and valued different segments' assets separately. The next step was to examine whether E.ON has any not fully consolidated subsidiaries that have different business activities that need to be accounted for separately. Finally, relevant specialist departments helped identify key stakeholder groups. E.ON did not actively involve external stakeholders in the materiality analysis for the 2024 reporting year, because our specialist departments conduct extensive dialogue with identified stakeholder groups during the year (see, for example, the Stakeholder Engagement chapter). Instead, representative specialist departments assumed the position of the respective stakeholder group in the validation phase of the analysis.

Identify Impacts, Risks, and Opportunities

E.ON first gathered information and evidence on potentially material topics. We consulted a variety of sources, including regulations (particularly the ESRS, namely ESRS 2, Appendix A), sustainability reporting standards, risk indices, sector-specific criteria, ESG ratings, and peers. These were then compared and combined with our existing material topics and collated. Relevant central specialist departments and our regional units' ESG reporting experts reviewed this long list-which is a list of potential sustainability issues and/or impacts, risks, and opportunities ("IRDs")-and checked it for completeness. Additions proposed by the specialist departments and units were included for further analysis and
added to the long list. Including the units enabled us to ensure that we not only considered regional particularities but also benefited from operational expertise. Supported by specialist departments (among others: Sustainability, HR, Health \& Safety, Governmental Affairs), we then compiled an overview of possible material sustainability aspects. We divided them into impacts on people, impacts on the environment, risks, and opportunities and reviewed in which of E.ON's segments they occur or could occur. We also differentiated by power and gas. Impacts can be positive or negative, actual or potential. Sustainability aspects that create risks or opportunities that have or are expected to have a material financial impact on E.ON are deemed material from a financial perspective. We considered short-, medium-, and long-term time horizons. In addition, we included not only our own business activities, but also our upstream and downstream value chain. Our identification of risks and opportunities also takes into account potential dependencies on natural, human, and social resources as well as their availability and quality.

We used a variety of topic-specific processes to identify material impacts, risks, and opportunities relevant for E.ON. The Climate Protection chapter and Risks and Chances Report describe these processes for climate change, such as scenario analyses of physical and transitory climate risks. The Environmental Management chapter describes the consideration of specific requirements for the aspects of environmental pollution, water and marine resources, biodiversity and ecosystems as well as resource use and circular economy. We worked closely with relevant specialist departments for sustainability, HR, Health \& Safety, and the segments to identify social and human rights impacts, risks, and opportunities. We drew in particular on the expertise of the Compliance and Government Affairs departments for governance topics.

Assess Impacts, Risks, and Opportunities

We defined an evaluation mechanism (which implements ESRS 1's criteria) for the subsequent assessment of impacts, risks and opportunities. To ensure that the assessment by our specialist departments and units reflects the level of detail required by the ESRS, we have placed the criteria defined for impacts, risks, and opportunities on a scale of 1 to 5 to use for assessing materiality. We conducted information events and explained the assessment mechanism described below so that everyone involved understands their tasks related to assessing impacts, risks and opportunities and so that we obtain meaningful results.

The impacts were assessed by the responsible central specialist departments as well as regional sustainability strategy and ESG reporting experts, but also by other specialist departments at the units. They were able to base their assessment on, for example, regional sustainability strategies, findings from projects, cooperation with trade associations, regional requirements, and their own expert knowledge. To support the specialist departments and units in their assessment and to obtain
comparable results, we provided additional guidance for how to apply each scale. This included a qualitative explanation for assessing the scale's values. For example, in the assessment of the "Extent" criterion, 1 stood for "There is no or only minor damage or added value" and 5 for "The resulting damage or added value is extremely significant." We did the same for the other criteria (scope, irreversibility, and probability), although the explanations for each scale of 1 to 5 were adapted individually. Finally, we calculated mean values from the individual criteria; these mean values were then included in the assessment of the impact as an overall score. The units supplemented their quantitative assessment with a brief written explanation.

Decentralized sustainability strategy and ESG reporting experts as well as other specialist departments (particularly the Risk function) likewise assessed the identified risks and opportunities to determine sustainability aspects have or could have a material financial impact on E.ON. The extent of the potential financial impact was measured on a scale of 1 to 5 . The general criteria and underlying thresholds (value classes) of the E.ON-wide enterprise risk management ("ERM") process served as guidance for the assessment (the Risks and Chances Report provides additional information on the methodology of E.ON's risk and chances reporting system). The decentral units were instructed to use, in particular, the ERM's findings because E.ON has already integrated reporting on ESG-related nonfinancial risks, opportunities, and impacts on the Group into the ERM. The ERM system identifies all ESG-related risks and opportunities; these are assessed each quarter as part of the ERM process. We are currently finetuning our approach. We are aiming for synergies between the Sustainability and Risk departments as well as the involvement of foresight teams.

Due to the extensive knowledge gained from the implementation and risk analysis of the German Supply Chain Due Diligence Act, the units' feedback on human rights issues was already available centrally. Central Procurement also supported the assessment of upstream impacts, risks, and opportunities. The final step was to consolidate the specialist departments' and decentral units' feedback.

In assessing IROs, we also considered potential effects, risks, and opportunities relating to the dismantling of PreussenElektra's nuclear power plants. Although together with local experts we have come to the conclusion that no aspects have been identified as material at the Group level, we delineate the basic processes below. The overriding principle for the planning and implementation of dismantling is to protect employees, the population, and the surrounding area. The requirements for safe working during dismantling are just as high as those for power operations. In other words, all work is carefully planned, supervised by radiation protection experts, and inspected by the regulatory agency's independent experts or by PreussenElektra itself. After fuel elements have been

removed and unloaded, only 1 percent radioactivity remains for a plant's subsequent dismantling. To protect against this remaining radioactivity, we take extensive measures during dismantling to minimize radiation exposure, for example by means of primary circuit decontamination or remote dismantling under water.

Define the Materiality Threshold and Validate the Material

Impacts, Risks, and Opportunities
E.ON defined a materiality threshold for the purpose of differentiating material impacts, risks, and opportunities from those that are non-material. Impacts, risks, and opportunities that exceeded this threshold for one of the two perspectives were deemed material within the meaning of the ESRS. In consultation with the specialist departments involved, the threshold 3.0 on the assessment scale used was selected for impacts, risks, and opportunities. This threshold was considered appropriate because it is exactly in the middle of the 1-to-5 scale and thus enables an objective differentiation between material and non-material aspects. We conducted workshops with the above-defined stakeholder groups' in-house proxies for the purpose of validating the Group-wide assessment's findings centrally and ensuring that the list of material impacts, risks, and opportunities is correct and complete. Each stakeholder group could use a correction factor to adjust the findings. Impacts, risks, and opportunities ultimately deemed material during the validation process were assigned to topic clusters and to the relevant ESRS disclosure requirements to be reported.

Our CEO/CSO and CFO then reviewed and approved the selection of the threshold, the topic clusters identified as material, and the resulting reporting obligations. In addition, we consulted the Supervisory Board's Audit and Risk Committee prior to the Management Board's final approval. There was also an information sharing about the materiality analysis with the Group Works Council and the European Works Council.

Material impacts, risks, and opportunities were identified for the following topics, which we assigned to topic clusters, as shown on the next page :

As anticipated, compared with the findings of our last materiality analysis, the number of material topics has increased. As in prior years, the topics of climate protection, affordable energy, and security of supply were again identified as material, whereas in the 2024 reporting year the topics of occupational safety, political dialogue, sustainable investment, and cybersecurity were deemed material for the first time.
E.ON subjects the materiality analysis's findings to an annual review in order to check the topicality and relevance of the impacts, risks, and opportunities deemed material. As we had already conducted the abovedescribed materiality analysis in 2023, we reviewed its findings again in 2024 and had their validity confirmed by the Sustainability Council.

[^0]
[^0]: ${ }^{1}$ Chapter contains references to other sections of the Sustainability Statement and the Management Report. Further details can be found in the respective chapter and in the Index to the Sustainability Statement.
${ }^{2}$ Chapter contains relevant disclosure requirements from assigned ESRS but is assigned to the Climate Protection and Environment section of the Sustainability Statement.
${ }^{3}$ Chapter contains relevant disclosure requirements from assigned ESRS but is assigned to the Governance section of the Sustainability Statement.
${ }^{4}$ The topic is allocated to environmental matters in accordance with Sections 315b, 315c in conjunction with Sections 289b to 289e of the German Commercial Code (German abbreviation: "HGB").
${ }^{5}$ The topic is allocated to employee matters in accordance with Sections 315b, 315c in conjunction with Sections 289b to 289e of the HGB.
${ }^{6}$ The topic is allocated to social matters in accordance with Sections 315b, 315c in conjunction with Sections 289b to 289e of the HGB.
${ }^{7}$ The topic is allocated to human rights in accordance with Sections 315b, 315c in conjunction with Sections 289b to 289e of the HGB.
${ }^{8}$ In accordance with sections 315b, 315c in conjunction with sections 289b to 289e of the HGB, the topic is assigned to the issue of combating bribery and corruption.
${ }^{9}$ The topic was not identified as material within the meaning of Sections 289b to 289e of the HGB. In addition to the disclosures required by ESRS, further disclosures in accordance with ESRS 1.114 have been included in this section. They are disclosed in accordance with Sections 315b and c in conjunction with Sections 289b to 289e of the HGB.

Sustainability: an Integral Component of E.ON's Business Model and Strategy

E.ON's purpose and attitude-"Making New Energy Work"-strive to help the energy transition achieve a breakthrough. The energy world is becoming increasingly decentralized, digital, and decarbonized. And this means: more sustainable. Our Energy Networks, Energy Infrastructure Services, and Energy Retail business divisions are helping make this development possible. The ESG impacts, risks, and opportunities identified in our materiality analysis are also in line with our purpose and our associated commitment to people and the environment. We describe below how our material impacts, risks, and opportunities relate to our business model and strategy and explain the extent to which they influence each other.

The Energy Industry's Supply Triad: Security of Supply,

Sustainability, Affordability
E.ON acts systematically to promote the energy world's sustainable development. We focus in particular on climate protection, security of supply, and affordable energy. The ongoing increase in renewables' share in electricity networks, the digitalization and smartification of our networks, and the marketing of efficient and climate-friendly customer solutions that optimize energy consumption can make a positive contribution to climate protection. The climate protection topic cluster addresses standard climate protection aspects as well as innovation and digitalization.

In principle, E.ON wants to minimize its business activities' negative impact as much as possible. One example is the continual reduction of our Energy Network business division's network losses. There are also factors in our upstream value chain, such as climate-intensive upstream products, that have an adverse impact on E.ON's carbon footprint or rising carbon prices, which can propel electrification in various sectors. This can positively impact our strategy's defined growth areas, which are described in the Strategy chapter.
E.ON's network business promotes a secure energy supply in its downstream value chain, for example for industrial enterprises and endcustomers in its markets. Unplanned outages can harm E.ON's image as a trustworthy energy-supply partner. In addition, our network infrastructure's complexity increases in line with digitalization. Cybersecurity is a key issue for E.ON to reduce digitalization's possible adverse impacts on society. This is, alongside the supply triad, a key component in supporting our Group strategy. In addition to a high-quality, modern network infrastructure, the energy transition and social challenges also influence energy affordability. By proactively procuring energy, E.ON can positively impact its customer' energy costs, particularly in its Energy Retail business division.

Our investments in our network business form the basis for strategically seizing the opportunities that arise for E.ON. The transformation and decarbonization of the energy world will require significant investments. This is why E.ON has decided not only to focus on a sustainable business model, but also to conduct green and/or sustainable financing. This supports the energy transition and E.ON's business model, in particular by means of sustainable projects in energy networks, renewables, energy efficiency, and clean mobility.

We also use our ability to influence policies for and on these issues-in the interest of a sustainable, democratic energy system that gets people involved in the energy transition. We seek dialog with policymakers, government agencies, trade associations, and our customers with the aim of making a climate-friendly future a reality.
E.ON relies on its employees' support to bring about the energy transition and to work together for a sustainable energy world. The health and safety of our employees and our contractors is essential for us to achieve our ambitious goals, as is their innovativeness and professional expertise, for which we want to offer an attractive, modern work environment.

The Climate Protection, Occupational Health and Safety, Security of Supply, and Energy Affordability chapters in particular contain more detailed information on our main impacts, risks, and opportunities as well as a description of where they are located in our value chain. The Financial Situation chapter and the Forecast Report describe the investments we have made and plan to make in the expansion and digital transformation of our energy networks and in sustainable customer solutions.

We critically analyzed at the Group level the extent to which E.ON's material sustainability aspects have a potential impact on its business model's resilience and its corporate strategy. Material impacts, risks, and opportunities are already a comprehensive and integral part of E.ON's strategy. This ensures that we can adapt ourselves and our strategy to changes that may arise from our material sustainability issues in the short, medium, and long term in order to continue to be successful in the long term. The Climate Protection chapter in particular contains a detailed description of our business model's climate resilience.

The Business Model and Strategy chapters in the Corporate Profile section and the EU Taxonomy chapter contain more detailed information on E.ON's strategy, business model and value chain (ESRS 2 SBM-1). The Working Conditions and Employee Development and Human Rights and Supplier Management chapters provide an overview of our employees by region. The respective chapters on E.ON's material sustainability topics offer more information on how sustainability is integrated into our strategy (ESRS 2 SBM-3).

The Index to the Sustainability Statement in the Appendix to the Sustainability Statement contains a comprehensive overview of all ESRS disclosure requirements relevant to E.ON. The appendix also provides a list of all data points resulting from EU legislation listed in ESRS 2 Appendix B.

Stakeholder Engagement

Stakeholder engagement is a core corporate governance process at E.ON. We want to listen to, understand, and consider our stakeholders' views on an ongoing basis.

Stakeholder Groups

Depending on the stakeholder and topic, we organize this dialog differently and select a format suitable to all sides. The dialog formats this range from information campaigns and discussion forums with business associations and non-governmental organizations to personal discussions and public lobbying. The information is shared in-house with appropriate functions. This ensures that those responsible-from the administrative level to the Supervisory Board-are informed about our stakeholders' interests.

The purpose of this engagement is to be transparent about our business activities' potential short- and long-term impact. This is an important objective of our daily work at the local, national, and European level and ranges from project work to consideration in strategy development. Our materiality analysis therefore considered stakeholder interests. The section above that describes our materiality analysis contains more information.

Our strategy development is also founded on a trusting relationship with all our stakeholders. We regularly and continually factor stakeholder perspectives into the selection of strategic priorities and their development. We focus on topics that reflect market developments as well as the energy industry's supply triad-security of supply, sustainability, and energy affordability-in order to optimally integrate stakeholders' needs into the development of our corporate strategy. In 2024, for example, we conducted projects on affordability, flexibility, and the heating transition, which have direct implications for the material topics of affordable energy and security of supply. The social aspects identified as material and that relate to our employees, society in general, and our customers play a special role in stakeholder engagement:

Security of Supply: E.ON's regional network companies are responsible for the secure and reliable operation of its distribution network. The central network control center monitors and controls network operations to ensure a stable energy supply. Transparency and decisions based on responsibility and dialog for the common good are of particular importance. The Security of Supply chapter contains more information.

Energy Affordability: Alongside security of supply, affordability is a key topic of our strategic development. Transparent and regular s with our end customers is an important component of this. The Energy Affordability chapter provides more information.

Occupational Health and Safety: HR strategic development considers our employees' interests and perspectives. Occupational safety is a key issue. The Occupational Health and Safety chapter contains more information.

Generally, we set policies for regional business development based on stakeholders' needs. Our business units and regional companies implement these strategic policies so that local stakeholder interests, such as municipal management, are addressed as well.
E.ON is actively involved in the global investor initiative CDP (Carbon Disclosure Project), works with the United Nations Environment Programme ("UNEP"), and supports the UN Decade on Ecosystem Restoration. Furthermore, since 2021 E.ON has been part of the LEAF Coalition (Lowering Emissions by Accelerating Forest Finance), which is committed to biodiversity and the protection of tropical forests. More information on the CDP and the LEAF Coalition can be found in the Climate Protection chapter. E.ON is also a member of SolarPower Europe, a European association of energy suppliers and solar companies whose aims include creating more transparency for solar-power supply chains and ensuring the protection of human rights.

Fulfilling Our Due Diligence Obligation

It is important to have procedures in place for conducting due diligence in order to determine whether E.ON's plans and measures can mitigate or prevent its business activities' impact on the environment and society or the impact of parts of its upstream and downstream value chain. E.ON's management of sustainability aspects therefore considers various procedures. We review on a regular whether the measures we have developed are still fit for purpose and, if necessary, adjust them.

The respective sections of E.ON's Approach to Sustainability describes in detail the processes we use to conduct due diligence for that particular topic. We provide an overview of this in the Appendix to the Sustainability Statement.

Processes for Preparing the Sustainability Statement

The About This Report chapter provides information on the building blocks for preparing the Sustainability Statement (ESRS 2 BP-1) and information on specific circumstances (ESRS 2 BP-2). The Sustainability Statement does not contain classified, sensitive information within the meaning of ESRS 17.7.

The Internal Control System chapter describes our understanding of risk management and internal controls in the context of sustainability reporting.

In the ESRS's first clause, the European Commission establishes criteria that must be considered when preparing a Sustainability Statement pursuant to the CSRD. However, the interpretation of the ESRS's formulations and terms is subject to uncertainty. The relevant chapters of this Sustainability Statement present our interpretation of the criteria.

Climate Protection and Environmental Management

Climate Protection [+]

Climate change, which is becoming increasingly tangible, and associated environmental damage pose a serious threat to people and nature. The use of fossil energy results in the emission of greenhouse gases ("GHG"). Renewable and low-carbon energy generation along with efficient energy use play a key role in reducing emissions and thus limiting global warming. Ongoing geopolitical challenges to securing Europe's energy supply are not making this demanding task any easier. The transition to a low-carbon economy thus requires more joint efforts by all energy producers and consumers. But it also offers energy suppliers the prospect of expanding their business and adapting to this challenge. Many countries, communities, and companies are already focusing on climate-friendly energy generation and energy-efficiency measures to achieve their carbonreduction targets. E.ON's strategic focus on customer solutions for the
efficient use of energy and smart energy networks fully aligns its business model with these global demands.

E.ON's Approach

Distribution networks like E.ON's are the backbone of the energy transition: they integrate renewables, connect producers and consumers, and manage complex energy flows in line with demand. The solutions offered by our Energy Infrastructure Solutions and Energy Retail business divisions help customers of all kinds use energy more efficiently, produce their own renewable or low-carbon energy, and thus reduce their carbon footprint. In short, climate protection is an integral part of E.ON's business model. Our ambition is for our business activities to help promote a sustainable energy supply and shape a viable future for the energy world. For example, we support companies and communities in reducing their carbon emissions, connecting renewables to the network, and expanding their eMobility charging infrastructure. How E.ON's business model helps slow climate change is also confirmed by the fact that E.ON is eligible for inclusion in indices and investment funds that meet the requirements of Article 12 of EU Regulation 2020/1818 with regard to minimum standards for EU climate transition benchmarks and Paris-aligned EU benchmarks.
E.ON wants to reduce the size of its environmental footprint as well. Since 2004, the Company has disclosed the annual carbon emissions from its power and heat generation and from other business activities not directly related to generation. These include upstream and downstream emissions associated with E.ON's business activities. In 2024 the E.ON Management Board again updated the Company's climate targets, which had last been set in 2020. We have defined specific actions to reduce our Scope 1, 2, and 3 emissions (see the "Goals and Performance Review" section below). In addition, E.ON has included the achievement of its climate targets (Scope 1 and 2) in the Management Board's compensation system by means of the E.ON Sustainability Index.

Being climate-neutral means emitting almost nothing and offsetting residual, unavoidable emissions. The "Goals and Performance Review" section below provides an overview of E.ON's near-term climate targets validated by the Science Based Targets initiative ("SBTI") in line with the Paris Climate Agreement's 1.5-degree target. E.ON has defined a climate transition plan, which is described below under "Specific Actions," to achieve this and its other targets.

Guidelines and Policies

In 2022 the Group Sustainability department was incorporated into the Strategy, Sustainability, and Innovation division in order to integrate sustainability and climate protection even more closely into the Group's overall strategy. This sharpened our focus on environmental and climate protection as integral to E.ON's business operations and important management tasks. The policy statement obligates E.ON to consider

environmental and climate protection in all business decisions. E.ON's promise to use the best-possible technologies and procedures in its business processes highlights its ambition to reduce its environmental impact and enhance its energy efficiency. E.ON took the strategic step of extending climate protection to include the focus topics of ecosystems and resources, which are relevant for a holistic mapping of its interactions with nature (see the Environmental Management chapter). As part of this, E.ON intends to amend its existing HSE guidelines to create a functional policy for its central Sustainability department. This policy will define the roles, responsibilities, management approaches, tools, and minimum requirements for the entire organization. It will integrate key impacts, risks, and opportunities in conjunction with measures to mitigate climate change. Carbon management mechanisms can, for example, be combined with the promotion of renewables use. We expect to complete the policy for the next reporting cycle.

Organization and Responsibilities

The principles of corporate governance guide E.ON's responsible and value-oriented management. The clear organization of sustainability and climate activities promotes efficient collaboration of everyone involved and continual performance improvement. Information about E.ON's progress toward its climate targets is first presented to the CSO, who is also Chief Executive Officer, and the Sustainability Council for the latter's approval. The CSO, who chairs the council, reports to the E.ON Management Board about progress in carbon management on a regular basis.

The Group's central Sustainability department takes the lead in developing and monitoring E.ON's Group-wide climate targets. It is also responsible for the climate transition plan and the carbon management plan (see the "Goals and Performance Review" section below). The units are supported in their decarbonization efforts by their regional sustainability team. The central Sustainability department is involved as well. It tracks the implementation of climate-protection measures centrally, helps design energy-efficiency measures, and shares ideas and best practices. This setup has enabled E.ON to make progress toward its company-wide reduction targets for direct and indirect emissions since the targets were adopted.

The central teams of the Sustainability department and the Controlling \& Risk department have worked together to systematize the management of E.ON's climate-related risks as well. In 2020 this involved further embedding climate-risk reporting into Group-wide risk management. The "ESG Risks and Chances" section of the Risks and Chances Report provides additional information.

Specific Actions

E.ON's strategy update in 2021 included developing a Group-wide carbon management plan that breaks down the Group-wide climate targets to the

business units and covers significant emission categories for Scopes 1, 2, and 3. Like E.ON's climate targets, the plan is geared toward the periods 2025-2030 and 2030-2040. Its purpose is to measure progress toward these targets separately for each of E.ON's business units, factoring in the characteristics of their particular business, their strategic ambitions, and the climate policies of the country or countries where they operate. Examples include national targets for renewables growth, national climate neutrality targets, and support measures to achieve these targets The plan reflects E.ON's general management approach: the Group sets the strategic course and governance framework, while the units have broad operational decision-making authority.
E.ON has designed an overarching climate transition plan for achieving its climate targets. The plan describes the main levers for the three scopes of emissions. It takes into account currently known major sources of carbon emissions, and we do not expect to add any other sources in the future. Scope 1 includes all direct GHG emissions from fuels that are directly related to our business activities. The transition plan aims to reduce these emissions by substituting electricity and heat output from gas-fired power plants owned and controlled by us with output from renewable energy sources. Existing plants will therefore require significant conversion. We
will shut down our few remaining coal-fired heat generation plants by 2030 and, at the same time, decarbonize other types of fossil-fueled generation. Fugitive methane emissions from our gas distribution networks account for a large proportion of our Scope 1 emissions. We can minimize these emissions (by, for example, using innovative leak-detection technologies), but can never completely prevent them. We are gradually replacing other sources of fugitive emissions, such as the use of SF6 in switching equipment, with climate-friendly substitutes. We also aim to fully electrify our vehicle fleet (EV100) and make our buildings climaterneutral by 2030. Purchasing green electricity and gas is one aspect of this.

Scope 2 are indirect GHG emissions from the generation of electricity that the Company purchases to power its buildings, operations, and electric vehicles or that is classified as network losses in its power distribution networks. These emissions do not physically occur at E.ON's facilities but rather at an earlier link in the value chain where the electricity is generated. This is why power distribution losses are classified as Scope 2 emissions but gas distribution losses as Scope 1 emissions. Emissions attributable to network losses are lower in network segments with lots of renewables feed-in. Without market-based greening mechanisms recognized by regulatory agencies, we depend on the progressive decarbonization of the

various national energy generation mixes. In general, networks losses scale proportionally with the length of the grid. In Germany, for example, E.ON invests an average of $€ 400$ to $€ 500$ million annually to expand its electricity networks and thus to connect more renewable energy sources. This leads to an increased flow of green electricity and thus to a reduction in emissions from the compensation of electricity grid losses. In addition, we intend to purchase electricity and gas for use in our buildings from renewable energy sources or produced locally from green sources. A roadmap specifies other measures, such as energy-efficient building insulation designed to minimize E.ON buildings' energy consumption.

Scope 3 are indirect emissions that occur upstream and downstream along E.ON's value chain. They result primarily from the generation of the electricity the Company purchases and resells to its customers and the use of the gas sold to them. Consequently, the steadily increasing share of renewable energy sources in the various national electricity mixes contributes significantly to the reduction of our Scope 3 emissions. Scope 3 also includes additional emissions that arise, for example, during the production of goods procured by E.ON. Our transition plan foresees achieving our Scope 3 decarbonization targets in part by using sustainable products to transform our customers' energy requirements. We actively support our customers in switching from gas to green, energy-efficient solutions like heat pumps as well as solar and PV systems. We are also expanding our range of green energy contracts for our customers in order to reduce Scope 3 emissions.

In line with the GHG Protocol, since 2020 we generally divide our emissions from power and heat generation into emissions from "plants owned and operated" (Scope 1) and "plants owned but leased to and operated by lessee" (Scope 3) for increased transparency. The "Progress and Measures" section below provides a detailed description of our calculation methodology pursuant to the GHG Protocol.

We plan to invest a total of $€ 43$ billion in the energy transition from 2024 through 2028. This investment program is intended to accelerate the expansion and digitalization of our energy infrastructure and the development of decarbonization solutions. Around $€ 35$ billion of these investments is supposed to go toward our energy networks, $€ 5$ billion toward our energy infrastructure business, and $€ 2.5$ billion toward our energy retail business. No investments in coal- and oil-based activities are planned. Only limited funds will be invested in transitional technology for natural gas. Because 98 percent of our taxonomy-eligible investments and 97 percent of our operating expenses are already taxonomy-compliant, our transition plan foresees no specific measures to increase taxonomy compliance. In principle, E.ON aims to maintain over 95 percent taxonomy compliance, particularly with regard to its total investments. E.ON generates the majority of its external sales from the sale of power and gas to end-customers. The EU taxonomy does not cover these activities, and
we therefore do not place a strategic focus on them. The EU Taxonomy. Financial Situation, and Forecast Report chapters as well as Note 14 to the Consolidated Financial Statements contain more information about our investments and their development.

Under E.ON's holistic climate strategy, decarbonization measures follow a clear hierarchy: avoidance and reduction of emissions in our own value chain have the highest priority. E.ON funds measures to avoid or eliminate emissions outside its value chain by purchasing voluntary carbon certificates. Their purpose is to make a financial contribution to climate protection. The associated projects are often located in developing and emerging countries. E.ON currently uses emissions certificates to offset emissions at the product level and at the present time does not factor the amounts offset into its climate targets.

Given voluntary carbon markets' strategic importance, beginning in 2021 E.ON developed a comprehensive strategy for purchasing voluntary carbon certificates. It includes a minimum quality standard for certificates purchased, which we review and update on a regular basis. The standard contains guidelines for verification mechanisms, certificate age, and project types. E.ON sharpened its focus on certificate quality by beginning to work with Sylvera, a carbon data platform and due diligence provider, in 2024.

We are currently developing an approach to future certificate purchases that incorporates Sylvera's ratings.

Another element of this strategy is E.ON's partnership with the LEAF Coalition, which has been in place since 2021. LEAF, which stands for "Lowering Emissions by Accelerating Forest finance," is the largest publicprivate initiative against the deforestation of tropical rainforests.
Participants include the governments of Norway, the United Kingdom, the United States, and South Korea and more than 20 companies. LEAF's carbon offset certificates aim to finance the protection of these forests and to support sustainable management approaches that closely involve policymakers and local stakeholders. The "Progress and Measures" section below provides a comprehensive overview of our projects in the 2024 financial year.
E.ON has reported data on carbon emissions and climate action to CDP since 2004. CDP, a global non-profit organization that operates the world's leading environmental disclosure platform, recognizes E.ON as a pacesetter in climate protection and transparency.

Goals and Performance Review

E.ON's strategic transformation has led to a reorientation of its efforts to reduce emissions. In 2020 the E.ON Management Board therefore set climate targets In parallel, the Company developed KPIs that are relevant for management control purposes; they are used, among other purposes, to calculate the long-term compensation for Management Board members. In 2024 the E.ON Management Board again reviewed and affirmed the climate targets defined in 2020 and adjusted them to E.ON's near-term climate targets through 2030. ${ }^{2}$ Compared with the prior year, E.ON's nearterm climate target for Scope 1 and 2 emissions for 2030 was specified to be a target reduction of 50 percent relative to a 2019 baseline (instead of the previous target corridor of 50 to 75 percent). The reason for this change is to the absence of regulatory adjustments that would be necessary to address emissions resulting from power network losses by means of guarantees of origin in Germany.

In 2022 the Science Based Target initiative ("SBTi") confirmed that E.ON's current near-term 2030 climate targets are consistent with the Paris Agreement's 1.5°C target. This means that E.ON's planned Scope 1 and 2 emissions reductions accord with a global emission-reduction pathway that limits global warming to $1.5^{\circ} \mathrm{C}$ relative to preindustrial levels. The climate scenarios used for this assessment are global, sector-specific climate scenarios from the International Energy Agency (IEA, B2DS 2017) and the Intergovernmental Panel on Climate Change (IPCC, Global warming of $1.5^{\circ} \mathrm{C}, 2018$ ). We plan to reduce our Scope 1 and2 as well as our Scope 3 emissions by at least 50 percent (using the location-based approach) by 2030 relative to a 2019 baseline. In addition, we intend to reduce Scope 3 emissions from the resale of power to end-customers by 75 percent per kWh by 2030 (intensity target). E.ON defines its climate targets relative to 2019, the first year it had consolidated emissions figures for its Group setup following the innogy transaction. The year 2019 can be deemed representative of market and weather conditions (energy demand, average temperatures).

E.ON's additional long-term climate targets are geared toward the European Commission's climate-neutrality target, which can generally be assumed to be science-based because the EU has ratified the Paris Climate Agreement and aligned its climate targets with it. Accordingly, E.ON plans to reduce its GHG emissions over the long term and thus to achieve climate neutrality by in Scope 3 by 2050 and, furthermore, to achieve climate neutrality in Scopes 1 and 2 even earlier, namely in 2040. Consequently, our reduction pathway foresee reducing our Scope 1 and 2 emissions by at least 90 percent by 2040 and likewise our Scope 3 emissions by at least 90 percent by 2050. Both targets are relative to 2019 and provide for offsetting any residual emissions in the target year. We validate our
decarbonization pathway annually and publish the findings The baseline year for the annual validation of our 2040 climate targets is likewise 2019. Scope 3 emissions occur primarily during the generation of the power that E.ON purchases and resells and during the use of the gas that E.ON sells. We therefore quantify Scope 3 emissions from the generation of this power by using the official national emission factors of the countries in which we purchase the power that we resell to end-customers (see the "Progress and Measures" section below).

The adoption of our climate strategy initiated actions to help us achieve the aforementioned climate targets for 2030 and 2040, and thus to support Europe's energy transition. E.ON systematically monitors its progress toward these targets. It is important to remember that year-on-year comparisons of energy consumption can be affected by temporary fluctuations caused by weather patterns and other factors. A period of several years is necessary to determine whether E.ON's actions are effective and where we stand with regard to our targets. Since 2016 we therefore assess the trend in more detail every three years. The trend indicated that, so far, the reduction rate is in line with the forecasts. Along with the adoption of the carbon management plan in 2022 (see the "Specific Actions" section above) we refined this process by setting reduction rates for our individual business units as well. The units have to conduct controls on an annual basis so that we can see more exactly whether we are making progress along the prescribed path. In addition, each unit has the authority to pursue its own reduction targets that go beyond the target for E.ON as a whole. The Group provides strategic recommendations for action for this purpose.

We began the annual review of our qualitative scenario analysis in late 2023 (the "ESG Risks and Chances" section of the Risks and Chances Report contains detailed information on the scenarios analyzed). This involves carefully analyzing climate change's potential impact on our technical systems and identifying necessary adaptation measures. Weather extremes like strong winds, heavy snowfall, and lightning strikes can affect overhead lines in our electricity networks in particular. We minimize and counteract these risks by maintaining our infrastructure on ongoing basis. But we also have a crisis management plan in place to ensure our networks' operation and continually optimize network management. This includes measures to ensure security of supply as well as plans for disconnecting and reconnecting loads, emergency plans, and alternative sources of supply to protect our infrastructure. These measures ensure our distribution network's reliability even under extreme conditions; the Security of Supply chapter provides more detail. Our extensive investments through 2028 aim to modernize our networks and make them more resilient to climatic influences. Another way to protect against
weather impacts is to lay power lines underground; an example of this is the underground cable project being conducted by Bayernwerk Netz, an E.ON distribution system operator in southeast Germany.

Our scenario analysis relates to the period through 2050 in line with our climate targets that were valid at the beginning of the reporting yearnamely, to completely decarbonize our Scope 1-3 emissions by 2050. Its findings show that our statements from 2022 are still valid. The findings for our most important businesses are as follows:

• Our electricity network business can, to a certain extent, absorb weather-related risks while benefiting from the significant opportunities presented by massive electrification.
• Decarbonization increases risks for our gas network business; however, hydrogen may represent an opportunity to transform some parts of this business.
• Higher carbon prices on fossil fuels are accelerating the conversion from gas-based to electrified solutions, resulting in a greater reduction in carbon emissions
• The opportunities from electrification outweigh the risks for our gas commodity business, while volatility remains a source of risk in all three scenarios.
• The risks of a mismatch between our solutions portfolio and our customers' ESG needs are outweighed by the opportunities arising from the expansion of our current portfolio of decarbonization solutions.
• The electrification of transportation and the growth of solar energy offer significant opportunities, although a future shortage of raw materials could become an important problem.

The analysis indicates that the key value drivers of E.ON's core business remain unchanged. We identified minor adjustments in the updated underlying scenarios that lead to an even more positive outlook for electrification and decarbonization and offer significant opportunities for E.ON. The outlook for gas and hydrogen, by contrast, is less positive. Nevertheless, (regulated) electricity networks and decarbonization solutions make up a large part of our business. The updated analysis therefore shows that the advantages for E.ON's business opportunities outweigh the disadvantages.

The analysis's findings are in line with E.ON's strategy and investment planning. For example, E.ON intends to significantly accelerate the pace of growth of its businesses and digitalization. In view of future changes in reporting requirements and upcoming significant updates to the climate

[^0]
[^0]: ${ }^{2}$ In defining and evaluating its own climate targets, E.ON refers to current scientific findings on climate change scenarios and their methodological classification by recognized organizations such as the SBTi. Statements on achieving the $1.5^{\circ}$ target are subject to corresponding inherent uncertainties from future-oriented information and underlying assumptions.

and transition scenarios, we plan to fully update the analysis for future reporting cycles.

All of this makes it clear that E.ON's contribution to climate protection is not limited to reducing its direct or indirect emissions. E.ON's expansion and modernization of its electricity networks not only enable the integration and distribution of renewable energy, but generally help make the energy transition a success. Furthermore, E.ON's solutions for energy efficiency, renewables, and eMobility actively support its customers and municipalities in reducing their carbon missions. Our smart grids and customer solutions therefore not only help avoid emissions, but also make a contribution to society by enabling a sustainable and low-carbon energy supply outside our company.

The "Specific Actions" and "Goals and Performance Review" sections of the Sustainable Products and Services chapter describe other measures and targets relating to climate-friendly energy generation and energyefficiency measures.

Progress and Measures

In line with ESRS E1 requirements, E.ON calculates its emissions using the globally recognized WRI/WBCSD Greenhouse Gas Protocol Corporate Accounting and Reporting Standard ("GHG Protocol") for the now seven GHGs covered by the Kyoto Protocol: carbon dioxide (" $\mathrm{CO}{2}$ "), methane (" $\mathrm{CH}{4}$ "), nitrous oxide (" $\mathrm{N}{2} \mathrm{O}$ "), hydrofluorocarbons ("HFCs"), perfluorocarbons ("PFCs"), sulfur hexafluoride (" $\mathrm{SF}{6}$ ") and also nitrogen trifluoride (" $\mathrm{NF}{3}$ "). $\mathrm{CO}{2}$ is by far our biggest GHG. Other GHGs like $\mathrm{SF}{6}$ and $\mathrm{CH}{4}$ contribute to E.ON's climate impact. But they account for a much smaller share of our GHG emissions than $\mathrm{CO}{2}$. Global warming potential ("GWP") indicates how much GHGs affect global warming over a period of time compared with $\mathrm{CO}{2}$. All GHG emissions can be expressed as $\mathrm{CO}{2}$ equivalents (" $\mathrm{CO}{2} \mathrm{e}$ ") and therefore be accounted together.

We calculate Scope 2 emissions using a location-based method and a market-based method. For its own management decision-making, E.ON uses the figure determined by the location-based method, which is based on the respective national generation mix. The market-based method yields a different figure because it is based on the contractually attributable generation mix of the Company's electricity suppliers. However, the effort required to identify every single provider that feeds electricity into each of E.ON's networks would be considerable. We therefore use the emission factor of each country's residual generation mix. In most cases, this factor is significantly higher than the factor of the national generation mix.

Alongside ESRS E1 requirements, we use the Corporate Value Chain (Scope 3) Accounting and Reporting Standard to calculate Scope 3 emissions. It defines 15 Scope 3 categories. E.ON conducts an analysis to identify the Scope 3 categories that are significant for the Group. We

E.ON's Carbon Footprint

define as material those categories that account for more than 10 percent of E.ON's Scope 3 footprint. These are E.ON's emissions from the generation of electricity that the Company buys and resells to its customers (activities related to fuels and energy that are not included in Scope 1 or Scope 2) and from the use of gas sold by E.ON to its customers (use of products sold).

In addition, E.ON reports Scope 3 emissions from purchased goods and services including capital goods, downstream leased assets, business travel, employee commuting, and leased vehicles (upstream leased assets). These are below the materiality threshold set by E.ON and are also not considered for management purposes but are relevant for many stakeholders (such as our employees) and are therefore reported voluntarily. For the E.ON Group, the remaining seven categories-upstream transportation and distribution, waste generation in operations, downstream transportation, processing of sold products, end-of-life treatment of products, franchises, and investments-are below the materiality threshold due to E.ON's business model and are therefore not reported.

Since E.ON removed large-scale fossil-fueled power generation from its generation portfolio, it has procured power mainly from wholesale markets where the source of generation is often not traceable or information about the source is not reliable. When primary data are unavailable or of insufficient quality, the GHG Protocol recommends calculating emissions
by using secondary data, such as industry-average data or government statistics. We therefore calculate the Scope 3 emissions from the generation of this power by using the official national emission factors of the countries in which we purchase power resold to end-customers.

Furthermore, we also use market-based methods to calculate the emissions of power resold to end-customers. The Company can actively influence this figure by selling green power. This figure is therefore relevant for management control purposes.

The proportion of E.ON's market-based Scope 3 emissions calculated on the basis of primary data totaled almost 96 percent in 2024 (locationbased: 45 percent). As described above, emissions from power resold to end-customers calculated using the location-based approach are classified as a secondary source. By contrast, we classify the market-based calculation of emissions from power resold to end-customers as primary data.

We have not identified any non-fully consolidated entities that must be included in our GHG emissions reporting pursuant to ESRS requirements. Our carbon footprint therefore encompassed fully consolidated subsidiaries.

Our direct and indirect CO2e emissions totaled 65.71 million metric tons in 2024; of these, 3 percent were direct Scope 1 emissions, and 97 percent

were indirect Scope 2 and 3 emissions. Scope 1 emissions were at the prior-year level, whereas indirect emissions declined by around 7 percent. The emissions figures relevant for management control purposes were used for these calculations: location-based Scope 2 emissions and marketbased Scope 3 emissions.
E.ON's Scope 1 emissions amounted to 1.98 million metric tons of CO2e in 2024. They were thus slightly lower than the prior-year figure of 2.01 million metric tons of CO2e. The decrease is mainly attributable to the fact that owned generation declined year on year owing to a reduction in demand.

Emissions from power and heat generation were primarily due to our distributed combined heat and power ("CHP") plants. Our disclosure of Scope 1 emissions from power and heat generation at leased plants has been more transparent since 2020. We report emissions from downstream plants leased by us as Scope 3 emissions. These are plants that we installed at customers' premises and that they operate as lessees for their own needs. For heat, 63 percent of emissions come from owned generation plants and 37 percent from leased plants. For power, 40 percent of emissions come from owned power plants and 60 percent from leased plants.

• E.ON's own generation assets enabled it to produce a total of 13 million MWh of energy in 2024, of which 6 million MWh was renewable energy. 4

Fugitive emissions at E.ON consist predominantly of methane (CH4) from leaks in gas infrastructure as well as leaks of sulfur hexafluoride (SF6) and coolants used in energy distribution equipment.

We recorded location-based Scope 2 emissions of 3.66 million metric tons of CO2e in 2024. The higher figure compared with the previous year resulted from an increase in power transmission and distribution losses due to a rise in the amount of power fed back into higher network levels.

Renewables expansion and the increasing proportion of distributed generating units in E.ON's distribution networks are leading to higher transmission losses in these networks. By contrast, E.ON's investments to maintain its networks help reduce network losses. E.ON's approach depends on the type of loss. Technical losses can be reduced through network optimization. For this purpose, we are upgrading our networks using smart-grid technology (more information can be found in the Security of Supply chapter). This enables the lines and transformers to adapt-in many cases automatically-to the actual production and consumption in a given grid segment. However, technical losses can only be reduced to a certain extent owing to the physical attributes of power
grids. Alongside technical losses there are also commercial losses, which result primarily from theft. Network losses accounted for approximately 4 percent of the power E.ON distributed in 2024.
E.ON reduced its location-based Scope 3 emissions-which always account for the largest share of its total carbon footprint-to 64.97 million metric tons in 2024. We recorded a significant reduction of 8 percent year on year, mainly because of the power and gas E.ON sells to end-customers.

The main factor was portfolio streamlining as part of our B2B strategy. The market-based figure for Scope 3 emissions declined by about 5 million metric tons of CO2e for the same reason. The Sustainable Products and Services chapter contains more information about our green power products.

• The Annex to the Sustainability Statement contains more details on progress toward achieving our climate targets, in particular regarding application requirement 48 with relation to disclosure requirement E1-6. 4

Greenhouse Gas Emissions

Total $\mathrm{CO}_{2}$ equivalents in million metric tons ${ }^{1}$	2024	2023
Power and heat generation ${ }^{2,3}$	$1.84^{4}$	$1.87^{5}$
Fugitive emissions	0.05	0.05
Company-owned vehicles	0.05	0.05
Fuels combustion ${ }^{6}$	0.04	0.05
Scope 1 Total	1.98	2.01
Power distribution losses (location-based) ${ }^{7}$	3.38	3.19
Power distribution losses (market-based) ${ }^{8,9}$	6.16	5.85
Purchased power (location-based)	0.28	0.27
Purchased power (market-based)	0.26	0.32
Scope 2 Total (location-based)	3.66	3.46
Scope 2 Total (market-based)	6.41	6.17
Purchased power sold to end-customers (location-based) ${ }^{7,10,11}$	33.08	35.95
Purchased power sold to end-customers (market-based) ${ }^{10,11}$	28.17	30.48
Combustion of natural gas sold to end-customers ${ }^{10}$	27.84	30.12
Purchased goods and services ${ }^{12}$	2.54	2.92
Power and heat generation (leased assets) ${ }^{2}$	$1.42^{13}$	$1.61^{14}$
Employee commuting ${ }^{15}$	0.06	0.06
Upstream processes of leased assets (leased vehicles)	0.03	0.03
Business travel	$0.01^{16}$	$0.01^{17}$
Scope 3 Total (location-based)	64.97	70.69
Scope 3 Total (market-based)	60.06	65.23

${ }^{1}$ The Department for Energy Security and Net Zero (DESNZ, formerly DEFRA/RES), the Greenhouse Gas Protocol, the Överenskommetar Väsmetankreaktionmitteln and the IPCC AR6 report were used as external sources for the global warming potential (GWP). The figures for Power and Heat Generation (Scope 1 and 3), fuel combustion (Scope 1), and purchased power (Scope 2) are partially based on previous year values, which are used as approximations for the reporting year.
${ }^{2}$ In accordance with the GHG Protocol, emissions from power and heat generation are divided into emissions from plants owned and operated by E.ON (Scope 1) and emissions from plants leased to, and operated by, customers (Scope 3). This improves our ability to manage our emissions and make progress toward our targets more transparent.
${ }^{3}$ The Greenhouse Gas Protocol and the DESNZ do not attribute any direct $\mathrm{CO}{2}$ emissions to energy generated in renewable energy plants and nuclear power plants.
${ }^{4}$ This figure does not include 2,203 metric kilotons of $\mathrm{CO}{2}$ from biogenic emissions.
${ }^{5}$ This figure does not include 2,292 metric kilotons of $\mathrm{CO}{2}$ from biogenic emissions.
${ }^{6}$ To heat buildings.
${ }^{7}$ Based on the emission factors of the national electricity mixes for specific geographic regions (source: ICA).
${ }^{8}$ Based on the emission factors of the national residual mixes for specific geographic regions. A country's residual mix emission factor represents the emissions and generation that remain after certificates, contracts, and supplier-specific factors have been claimed and removed from the calculation (source: AIB).
${ }^{9}$ Power distribution losses in Sweden were almost completely offset by the purchase of green electricity.
${ }^{10}$ Scope 3 emissions from purchased power and the combustion of natural gas sold to end consumers (energy sold to our private and B2B customers) in accordance with the GHG Scope 3 Protocol. The emissions from the distribution losses of energy sold to distribution partners and the wholesale market are recorded accordingly under our Scope 1 and Scope 2 emissions.
${ }^{11}$ Includes the purchase of electricity at E.ON-owned and publicly accessible charging stations.
${ }^{12}$ Including capital goods. Figure is based on E.ON specific purchasing data as well as data from secondary sources.
${ }^{13}$ This figure does not include 4.4 kilotons of $\mathrm{CO}{2}$ from biogenic emissions.
${ }^{14}$ This figure does not include 3.8 kilotons of $\mathrm{CO}{2}$ from biogenic emissions.
${ }^{15}$ Based on internal assumptions, we estimate that approximately 40 percent of our employees have worked from home.
${ }^{16}$ This figure includes compensation of around $\$ 14$ tons of $\mathrm{CO}{2}$, which has not been deducted from the stated value.
${ }^{17}$ This figure includes compensation of around 780 tons of $\mathrm{CO}_{2}$, which has not been deducted from the stated value.

E.ON consumed 17 million MWh of energy in 2024, of which renewable energy accounted for 43 percent. In line with E.ON's business model, all Group activities are assigned to the energy supply sector, which the ESRS define as a sector with a high climate impact, because E.ON's three business divisions make it active in energy distribution, sales, and generation. In addition, E.ON has water-supply activities, which is also defined as a sector with a high climate impact. The ratio of E.ON's energy intensity to net revenues is 0.21 MWh per thousand $€$. 4

The ratio of location-based emission intensity to net revenues is 0.85 metric tons of $\mathrm{CO}{2}$ e per thousand $€$, the ratio of market-based emissions intensity is 0.88 metric tons of $\mathrm{CO}{2}$ e per thousand $€$. Revenues are equal to net sales excluding electricity and energy taxes as shown in the Consolidated Statement of Income.

Energy Consumption and Mix ${ }^{1}[\cdot]$
Megawatt hours in millions 2024
Fuel consumption from coal and coal products 0.43
Fuel consumption from crude oil and petroleum products 0.21
Fuel consumption from natural gas 6.02
Fuel consumption from other fossil sources 2.35
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 0.48
Total fossil energy consumption 9.49
Share of fossil sources in total energy consumption (\%) 57
Consumption from nuclear sources 0.03
Share of nuclear sources in total energy consumption (\%) 0
Fuel consumption for renewable sources, including biomass 6.94
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources 0.10
The consumption of self-generated non-fuel renewable energy 0.01
Total renewable energy consumption 7.05
Share of renewable sources in total energy consumption (\%) 43
Total energy consumption 16.56
${ }^{1}$ The figures are partially based on previous year values, which are used as approximations for the reporting year.
As already described, E.ON finances measures to avoid or remove emissions by purchasing voluntary carbon certificates. Current projects are shown in the table below. It provides an overview of carbon credits used in the reporting year ("carbon credits retired") and carbon credits to be used in the future that have already been purchased ("carbon credits still to be retired"). Retiring certificates means listing their use in the associated public carbon credit register.

In the case of retired credits, we also make transparent the type of project the credits are based on. We distinguish between reduction and removal projects: removal projects actively remove emissions from the atmosphere. Reduction projects, by contrast, avoid emissions compared with an alternative scenario in which the project is not conducted. Reduction projects, such as forest-protection projects, make up by far the largest share of the voluntary carbon credit market. E.ON currently procures a higher proportion of credits relating to reduction projects than to removal projects. Reduction projects are also subdivided according to the certification mechanisms on which they are based. The mechanisms apply different validation and certification standards for carbon credit projects.
E.ON purchases smaller quantities of removal credits and does not record any carbon removals from projects in its own value chain. In addition, carbon credits with a corresponding adjustment ("CA") label can be purchased on the market. A CA is a mechanism to prevent double counting of emission reductions and removals in international transfers of carbon credits in the accounts of the country of origin and the purchasing organization. The market for CA credits is still in its early stages, which is why E.ON has not yet purchased any carbon credits with a CA. E.ON is not aware of purchased projects that had reversals in the reporting year (cases in which a project's carbon sink becomes a source of emissions, such as through forest fires).

Carbon Credits [ $\square$

Total $\mathrm{CO}_{2}$ equivalents in metric tons	2024
Carbon credits retired in the reporting year	672.06
Share of removal credits in \%	0
Share of avoidance credits in \%	100
Share of Gold Standard in \%	82
Share of Plan Vivo in \%	0
Share of Vero in \%	18
Share of other certification mechanisms in \%	0
Share of projects in the EU in \%	0
Outlook
Carbon credits to be retired in the future	925.07
Carbon Removals
Nature-based removal credits (e.g. afforestation projects)	0.00
Technology-based removal credits (e.g. direct air capture projects ${ }^{1}$ )	0.00
Carbon Credits purchased in the reporting year ${ }^{2}$	0.00
Nature-based removal credits (e.g. afforestation projects)	0.00
Technology-based removal credits (e.g. direct air capture projects ${ }^{1}$ )	0.00
Carbon removal from projects in the own value chain	0.00
Reversals	0.00

${ }^{1}$ Direct Air Capture (DAC) is the name given to chemical-technical processes for extracting carbon dioxide (CO2) from the ambient air.
${ }^{2}$ Corresponds to Carbon Removal Credits in the upstream and downstream value chain

A monetary assessment of future GHG emissions or avoidance-known as internal carbon pricing ("ICP")-can be used to make business activities more sustainable and propel progress toward GHG neutrality. ICP can be used to assess future projects' financial impact on the goal of GHG neutrality and the promotion of sustainable measures. ICP includes the shadow price, carbon taxes, internal emissions trading, and the implicit price. This makes it possible to assess the costs associated with GHG emissions and the promotion of low-carbon alternatives.
E.ON does not use Group-wide ICP because of the diversity of its business models. The Energy Infrastructure Solutions business division, for example, uses a shadow price in investment decisions on new energy infrastructure assets. This relates to projects involving the construction and operation of power, heating, and cooling plants. Energy Infrastructure Solutions strives to be perceived as a pioneer for decarbonization solutions. Energy Infrastructure Solutions therefore invests primarily in sustainable new assets. Non-sustainable assets can pose a risk, because regulatory changes
or changes in demand may necessitate their decommissioning before the end of their technical or contractual life. Energy Infrastructure Solutions' investments must therefore meet certain sustainability criteria. If these criteria are not or only partially met, the division's Management Board must approve the investment.

Sustainability criteria play a decisive role in our calculation of capital costs and internal rate-of-return thresholds. Our prioritization logic gives preference to projects that use renewable or hybrid systems. Solutions with less sustainable characteristics are subject to higher minimum return thresholds, which are priced in using a mark-up factor. Such solutions fall in particular in the Scope 1 and 3 category "power and heat generation." They totaled 1.84 million metric tons of $\mathrm{CO}{2}$ e ( 93 percent of Scope 1 emissions) and 1.42 million metric tons of $\mathrm{CO}{2}$ e ( 2 percent of marketbased Scope 3 emissions), respectively, in the reporting year. $\boldsymbol{4}$

Our publication entitled "On course for net-zero: supporting paper for E.ON's decarbonization strategy and climate-related disclosures" explains E.ON's SBTI targets in detail. <

Environmental Management [ $\star$ ]

E.ON strives to assume responsibility for preserving the natural environment and to minimize its business activities' environmental impact. The Nature.ON nature strategy that E.ON adopted in 2024 gives it a pioneering strategic roadmap alongside climate protection.

The introduction of E.ON's new nature strategy establishes a holistic approach to the climate, ecosystems, biodiversity, resources, and waste and integrates our objectives of having a net-positive impact on nature.

Consequently, E.ON is committed not only to reducing carbon (the Climate Protection chapter provides details), but also strives to take specific steps and make specific commitments in order to minimize its negative impact on nature and to contribute to a net-positive impact on nature.

Our nature strategy will place our focus on three core areas: climate (which remains the new strategy's largest element), ecosystems and biodiversity, and resources and waste. In addition, we will establish flagship projects for each core area that demonstrate our commitment by means of specific measures. Environmental management is therefore a central component in achieving the objectives.
E.ON operates distribution networks in various European countries. Environmental management therefore places particular emphasis on protecting and promoting natural habitats and the diversity of ecosystems and species in the vicinity of this network equipment. Furthermore, we aim to address primarily these environmental aspects: conserving wastewater, water, and other resources, reducing emissions, and generating less waste

at our facilities and offices as well as enabling compliance with all international and national environmental laws and regulations at all times.

E.ON's Approach

Our nature strategy is based on the issues and criteria defined by frameworks such as the Science Based Targets Network ("SBTN") and the Taskforce on Nature-related Financial Disclosures ("TNFD"). We conducted a gap analysis to assess our business activities' impacts, dependencies, risks, and opportunities in relation to water and marine resources, biodiversity, ecosystems, and resource use. It included insights from existing processes-such as environmental management systems-used to analyze site-related environmental aspects across the life cycle and to engage with affected communities as well as insights from our risk management system and projects relating to identification and assessment. It did not involve conducting site-specific analysis within the meaning of ESRS E2, E3, and ES IRO-1. The "Specific Actions" section below contains more information on ESRS E4 IRO-1 under "Biodiversity and Ecosystems." Based on the findings, only the topic of climate protection was declared as material in the sense of the CSRD. In addition, in the years ahead we will focus more on individual sub-issues relating to environmental protection, because they fit with the objectives of our Environmental Protection Guideline, which we updated in 2024. It was published in the first quarter of 2024 and contains the following five commitments: "We protect ecosystems," "We steer our organization toward ecosystem protection," "We maximize our impact," "We set clear targets," and "We engage for environmental protection."

We use our energy management system to continually look for opportunities to optimize the Group's energy consumption and the energy efficiency of our processes. It enables us to reduce greenhouse gas ("GHG") emissions and thus also plays an important role in E.ON's environmental and sustainability management. Combining these topics underscores that E.ON is equally committed to protecting people and the environment.
E.ON is interested in business relationships solely with companies that share its commitment to environmental protection. Consequently, we strive for our suppliers and contractors to comply with our environmental standards, and to have a certified environmental management system in place.

Guidelines and Policies

Environmental Management Systems

All E.ON units-except for units with non-material environmental risksstrive to have an environmental management system that is certified to ISO 14001 or validated by means of the Eco-Management and Audit Scheme ("EMAS"), which identify and evaluate all relevant environmental aspects of our business activities across the life cycle. At year-end 2024,

81 percent of E.ON employees worked in business units that met this requirement.
E.ON uses the environmental management system it has deployed ISO 14001) to identify relevant facility-specific environmental aspects of the life cycle and to evaluate the resulting local opportunities and risks. In this context, E.ON uses consultation processes as an opportunity to exchange information with affected communities. The aim is for the Group to minimize and/or continually reduce its impact on the environment and communities.

Energy Management Systems ("EnMS")

ISO 50001 is an international standard whose purpose is to enable organizations to continually improve their energy efficiency.

In accordance with the German Energy Services Act (German abbreviation: "EDL-G"), E.ON has also introduced ISO 50001 certification in units that already have an HSE management system. At year-end 2024, 61 percent of E.ON employees worked in business units with ISO 50001 certification.
E.ON measures and analyzes the energy use of facilities, vehicle fleets, and buildings at all of these units. The data help us identify opportunities for energy conservation and take cost-effective measures to improve energy efficiency. All units in Germany without ISO 50001 certification conduct energy audits in accordance with DIN EN 16247 under the EDL-G. The Climate Protection and Occupational Health and Safety chapters contain more information about measures and guidelines.

As part of the EnMS, the energy teams at E.ON's matrix companies in Germany and its companies in other countries sets annual targets and conducts systematic audits to monitor the effectiveness of the measures taken to achieve them. It also conducts an annual management review, which is audited by an accredited certification organization. These mechanisms confirmed the EnMS's effectiveness.

Organization and Responsibilities

The Group's central Sustainability department played a leading role in developing company-wide climate protection targets and has since then been monitoring progress toward them. E.ON's units are responsible for taking steps to reduce their emissions, those caused by their business activities, and other environmental impacts. Effective March 2024, the central Sustainability department is responsible for the environmental issues (biodiversity, environmental management, waste, and energy management) that were previously part of the Health, Safety, and Environment ("HSE") division. On balance, this results in these issues receiving greater strategic significance, which our nature strategy will further substantiate starting in 2025. The business units are supported in their efforts by local sustainability and HSE teams, which, for example, help
design regional energy-efficiency measures and share ideas and best practices. The Climate Protection chapter contains information on E.ON's carbon management plan.

The E.ON Environmental Network ("EEN") is a forum for sharing information about business-related environmental issues, environmental management, sustainability, and related law. The EEN brings together experts from the Energy Networks and Customer Solutions segments and the HSE and Sustainability teams. They work together closely in the EEN, which meets on a quarterly basis, usually virtually. Since the EEN was founded, its reach in the Group has extended continually. Its existing working groups-commercial waste, ISO 14001 environmental assessment, and networking of biodiversity and environmental protection projects-were supplemented in 2024 by the launch of a circular economy working group. Besides the German EEN, E.ON also has an international EEN, which brings together E.ON colleagues outside Germany. Both forums met several times in 2024. We intend to expand these networks in the years ahead and transform them into Group-wide information-sharing platforms.

Specific Actions

E.ON employees and managers are required to report environmental incidents. They use an IT application called PRISMA (Platform for Reporting on Incident and Sustainability Management and Audits) for this purpose (the Occupational Health and Safety chapter contains more information on PRISMA and E.ON's incident management).

Energy Management

E.ON has taken several steps to improve the energy efficiency of its facilities in Germany. Its heat supply companies implement measures to optimize their networks. Its gas and power network companies conduct measures to improve the energy efficiency of network equipment. Other steps include installing sensor-controlled LED lighting in buildings and parking garages and reducing the energy consumption of ventilation and air-conditioning systems. We also adjust the heat in our buildings as needed (the Energy Affordability chapter contains more information about energy conservation).

eMobility

In 2017 E.ON began offering its employees in Germany incentives to embrace eMobility. They include discounted leasing contracts for electric vehicles ("EVs"), at-home charging points, and certified renewable power tariffs, which enable employees to charge their EVs with clean energy. E.ON's Car Policy for the procurement of company cars and leased vehicles unambiguously supports the use of all-electric and hybrid vehicles. More information on our eMobility efforts can be found in the Sustainable Products and Services chapter.

Environmental Impact Assessments

For projects to build new power lines, gas pipelines, and other large industrial facilities with a foreseeable environmental impact, E.ON conducts an environmental impact assessment during the development phase to obtain construction and operating permits. In addition, the operation of facilities is monitored to check whether the previous assessments were correct. In addition, E.ON maintains an ongoing dialogue with local stakeholders and interested parties on numerous environmental issues. Examples include G&A sessions for nearby residents and information events conducted jointly with municipal decision-makers.

Biodiversity and Ecosystems

In the preparatory phase of the nature strategy developed in 2024, E.ON began to analyze the extent to which its business model impacts biodiversity. The analysis took into account the frameworks of the Science Based Targets Network ("SBTN") and the Taskforce on Nature-related Financial Disclosures ("TNFD"). It included E.ON conducting a biodiversity impact assessment. We used standardized industry data from the ENCORE platform and geodata to assess more than 100 facilities and suppliers. The findings are divided into the dependencies of E.ON's business activities on ecosystem services and these activities' impacts on ecosystem services. Energy infrastructure unavoidably impacts surrounding ecosystems, particularly at facilities in or near areas whose biodiversity needs protection. This therefore also applies to the facilities of E.ON, Europe's largest distribution network operator. E.ON's highest dependency on ecosystem services is hydroelectricity. The most important ecosystem services for E.ON's overall business are flood and storm protection. The production processes with the highest impact are energy from biomass, hydropower, and heat plants. We continue to view our powerline corridors as a lever for enhancing biodiversity and are using ecological corridor management to address it.

As part of its new nature strategy, E.ON intends to further increase transparency about its impact on biodiversity and ecosystems and expand its biodiversity measures. E.ON also takes steps to protect natural habitats and to specifically promote biodiversity, such as bird safety at E.ON distribution system operators ("DSOs"). In addition, E.ON has set up a Group-wide digital platform for biodiversity and environmental protection projects to enhance this issue's visibility and the exchange of information about it.
E.ON has developed an approach for ecological corridor management ("ECM") and introduced it Group-wide in 2023 as a standard for vegetation management in all areas under and near 110 kV high-voltage overhead power lines where ECM is potentially practicable. We intend to extend the ECM rollout to all of the Group's DSOx in Europe by the end of the decade. ECM enables E.ON to make a contribution to creating and maintaining permanently stable biotopes and structures and to promoting species
protection, biodiversity, and the interlinking of valuable biospheres. Through 2029, we plan to invest a figure in the double-digit million range and to implement ECM along the 13,000 kilometers of our high-voltage lines. ECM was applied to 19 percent of relevant areas in 2024 (prior year: 12 percent). Our ECM approach has been acknowledged outside E.ON as well and received the Renewables Grid Initiative's ("RGI") 2023 Grid Award in the Environmental Protection category.

Waste Management and Circular Economy

E.ON periodically compiles environmental key performance indicators for waste. At the start of 2023, we began to catalog, in a structured way, our activities relating to a circular economy and to develop a circular economy strategy, which was further implemented in 2024 as part of our nature strategy. The new strategy commits E.ON to achieving "maximum circularity in the energy sector." We aim to achieve this by increasing the proportion of recycled content in newly purchased components, extending the average lifespan of existing assets, and reusing and refurbishing key components in the network business. In addition, E.ON has been involved in the BDI's Circular Economy Initiative since the beginning of 2024 and is also a member.

As part of this strategy, a cross-disciplinary team of employees drawn from the Strategy and Purchasing departments launched an in-house marketplace to establish a Group-wide secondhand market.

Sulphur hexafluoride $\left(\mathrm{SF}{6}\right)$ may be used in E.ON's Energy Networks business division to insulate medium and high-voltage switchgear. After assessing E.ON's impact on the environment and society, we do not consider $\mathrm{SF}{6}$, which is used in closed systems and is properly disposed of, to be a material substance of concern for environmental pollution due to the small quantities involved. However, we do of course take $\mathrm{SF}_{6}$ into account when calculating our greenhouse gas emissions; the Climate Protection contains more information about this.

Goals and Performance Review

The E.ON Management Board is informed about serious environmental incidents (category 3 in our Standard on Incident Management) by means of monthly reports from HSE and periodic consultations with the Senior Vice President for HSE. In the case of a major incident (category 4), the unit at which it occurred reports it directly to the E.ON Management Board member responsible for the respective unit and to Group HSE within 24 hours.

Progress and Measures

Circular Economy, Waste Avoidance, and Recycling

E.ON always tries to avoid creating waste and, when this is not feasible, to recover as much of it as possible. If neither avoidance nor recovery is
possible, we ensure, in accordance with legal requirements, that waste is disposed of correctly and responsibly. E.ON's operating business generates hazardous and non-hazardous waste, as does the retirement of some assets, such as the dismantling of the Company's nuclear power plants ("NPPs") in Germany.

E.ON's total amount of non-hazardous waste increased from 496.1 metric kilotons in 2023 to 652.7 metric kilotons in 2024. The increase in 2024was attributable to extensive construction activity at our network business and the associated increase in excavated soil. E.ON recycled 91 percent of its non-hazardous waste.
E.ON produced 196.1 metric kilotons of hazardous waste in 2024, about 9 metric kilotons less than in 2023. The year-on-year reduction in hazardous waste was due in part to volatility in dismantling projects to remove hazardous waste and also to improved data from waste-management companies. Of the total amount, 80 percent was recycled. <

Other Atmospheric Emissions ${ }^{1}$ [x]

Metric tons	2024	2023
NO $_{x}$ emissions	1,654	2,501
SO $_{x}$ emissions	519	828
Dust emissions	26	53

${ }^{1}$ For generation assets over 20 MW.

Fossil-fueled power plants emit nitric oxide (" $\mathrm{NO}{2}$ "), sulfur dioxide ("SO ${ }{4}$ "), and dust. This type of power generation is no longer a core E.ON business. It is therefore no longer considered a core KPI. E.ON now focuses on small-scale, embedded generation units. $\mathrm{NO}{x}, \mathrm{SO}{2}$, and dust emissions result mainly from small gas-fired CHP plants and larger plants for district heating networks. The year-on-year decline in other atmospheric emissions reflects in particular a reduction in the use of coal for power generation. <

Responsible Water Management

To ensure responsible water use, E.ON takes specific measures to identify and use water resources sustainably. The NPP operated by PreussenElektra withdrew cooling water for power generation for the last time in 2023; since then, only maintenance has been conducted. Consequently, E.ON's water-related activities currently relate to the withdrawal of fresh water by E.ON's water utility subsidiaries, RheinischWestfälische Wasserwerkgesellschaft ("RWW") and Avacon Wasser, as well as a small amount in conjunction with our decentralized heating business. In addition, LEW operates a number of small and medium-sized run-of-river power plants in Germany with an installed capacity of 0.5 to

12 MW per system, which only accounts for a small share of E.ON's electricity generation.

RWW and Avacon Wasser supply about 970,000 people, industrial enterprises, and businesses in Lower Saxony, North Rhine-Westphalia, and Saxony-Anhalt with roughly 97.1 million $\mathrm{m}^{3}$ of water annually, of which 45.8 million $\mathrm{m}^{3}$ is groundwater, 51.2 million $\mathrm{m}^{3}$ is surface water, and 0.2 million $\mathrm{m}^{3}$ is spring water. $<$

Accordingly, this business involves the extraction of water as a resource and its treatment as well as final distribution to end-users; it also includes the reuse of wastewater and thus the closing of the water cycle. Although water operations account for only a small proportion of the Group's total sales, we pay particular attention to the associated consequences from the perspective of resource conservation and supply security. We use two KPIs to assess the water utility business's risks: total withdrawal and distribution losses. Withdrawal is the amount of water supplied to endusers; that is, not water used in our own operations. The basis for a permanent supply of water is a climate with sufficient precipitation to allow surface and groundwater to reform. This can generally be anticipated in RWW's and Avacon Wasser's service regions. The regions' available surface water and groundwater reserves will secure drinking and process water requirements.

The purpose of recording total water withdrawal is to identify and assess water risks using WRI's Water Risk Atlas. E.ON consults with affected communities in Germany as part of the granting of rights to withdraw water for water suppliers on the basis of the Water Resources Act (German abbreviation: "WHG") and the respective state water laws. We measure infrastructure leakage index ("ILI") by monitoring our pipeline network on a regular basis and conducting leakage tests in accordance with international standards.

Based on available data, E.ON assesses the current, and the potential challenge of future, water scarcity in the relevant regions in which E.ON uses fresh water for its activities to be generally low. Additional disclosures on E.ON's water withdrawal and risks areas can be found in the ESG Figures.

Water and climate protection go hand in hand at E.ON's water utilities: we conduct a variety of projects to address both issues and are always looking for new, more environmentally compatible solutions for wastewater disposal, sewage sludge recycling, as well as service water and rainwater utilization. For example, we are designing plans for smart water use in new residential areas and working on flood-protection systems in municipalities. Conducting research and development projects enables us to investigate innovative solutions for qualitative and quantitative water protection, such as additional potential resources for irrigation.

In addition, RWW and Avacon Wasser provide information on the careful use of water as a resource. Important channels are the company websites and press releases. For example, during the summer months RWW gives its customers advice on the careful, appropriate use of fresh water. In addition, RWW has operated educational facilities-Aquarius and Haus Ruhmatur-since 1992, in which visitors can learn about topics related to water supply and preventive water protection. Museum educators at the two educational facilities offer various lessons on water and environmental protection to schools in RWW's service territory.

Infrastructure leakage index ("ILI") enables water utilities to measure and compare water losses. ILI is a KPI for assessing water losses that is widely used and recognized internationally. ILI factors in not only the amount of water loss, but also the relevant parameters (such as pipeline system length and pressure). Unlike the KPI commonly used in Germany (specific actual water loss, or $\mathrm{G}_{\mathrm{th}}$ ), ILI offers better comparability with structurally similar companies and better guidance for a company's own water management.

By international standards, E.ON's ILI of less than 1.5 puts it in the best leakage performance category of $A(\mathrm{ILI} \leq 2)$.
Drinking water reduction targets in our water utility business have to do with reducing leakages at water utility facilities. Pursuant to Technical Annex 5.1 of the EU taxonomy, E.ON has set a target of reaching and consistently maintaining an ILI of less than 1.5 (very efficient performance, target figure of low leakage). As in the prior year, we met this target for 2024. We do so by conducting targeted maintenance measures to minimize damage rates at water distribution facilities. In addition, continual network monitoring and water leakage analyses make it possible to recognize damage at water distribution facilities early and to actively eliminate it. We measure the amount of water delivered to our customers by using metrologically highly efficient water meters and thus by minimizing metering errors.
After PreussenElektra's Isar 2 NPP shut down in April 2023, PreussenElektra temporarily withdraws fresh water to ensure heat dissipation in the intercooling system. It withdrew a total of 132 million $\mathrm{m}^{3}$ (2023: 203 million $\mathrm{m}^{3}$ ). Of this, it consumed 1 million $\mathrm{m}^{3}$ of fresh water and discharged 131 million $\mathrm{m}^{3}$ (2023: consumed 13 million $\mathrm{m}^{3}$, discharged 191 million $\mathrm{m}^{3}$ ). <

Safe Handling of Radioactive Waste

PreussenElektra is responsible for the safe and reliable post-operation and dismantling of its nuclear power plants ("NPPs"). Both activities result in radioactive waste. E.ON is well aware of the high responsibility that is associated with both.

The Law on the Reorganization of Responsibility in Nuclear Waste Disposal (Entsorgungsübergangsgesetz, or "EntsÜG") and the contract to finance the costs of the nuclear energy phaseout between the German federal government and German NPP operators stipulate the division of responsibility for radioactive waste interim storage and final disposal and its financing.
E.ON aims to minimize the amount as well as the volume of radioactive waste. We do this in part by separating it from uncontaminated materials and by subjecting it to certain treatments that reduce its volume. The nuclear industry distinguishes between radioactive waste that generates negligible heat-low-level waste ("LLW") and intermediate-level waste ("ILW")-and waste that generates heat: high-level waste ("HLW"):

• LLW and ILW account for the largest amount of radioactive waste in terms of both weight and volume. Examples of LLW include protective clothing, cleaning equipment, tools, and building rubble from plant control areas. ILW includes, in particular, the reactor pressure vessel's near-core components. Together, the two waste categories contain less than 1 percent of an NPP's total radioactivity.
• HLW contains more than 99 percent of an NPP's total radioactivity and consists primarily of the fission products of uranium in the irradiated fuel assemblies.

NPP operators are obligated to package LLW and ILW safely and according to officially approved procedures. After conditioning and documentation are completed, official confirmation of "proper packaging" transfers ownership to the German federal government. The German federal government is then responsible for the interim and subsequent final disposal of LLW and ILW. The Law on the Reorganization of Responsibility in Nuclear Waste Disposal likewise transferred the responsibility for operating defined interim storage facilities for LLW and ILW. Pursuant to this law, the German federal government is the owner and therefore pursuant to nuclear law responsible for the following former PreussenElektra storage facilities effective January 1, 2020: Grafenheinfeld, Stade, Unterweser I and II, and Würgassen interim waste storage facilities.

The approved Konrad repository for LLW and ILW is currently being built by BGE, the German Federal Company for Radioactive Waste Disposal. BGE expects Konrad to be commissioned in 2029.

Under the Law on the Reorganization of Responsibility in Nuclear Waste Disposal, which took effect on January 1, 2019, the interim storage facilities and containers of irradiated fuel assemblies inside them have become the property and responsibility of the German federal government. HLW transport and storage containers will remain in the German federal

government's interim storage facilities until a final storage facility for this waste enters service in Germany.

For 2024 PreussenElektra submitted notification for 1,527 metric tons of LLW and ILW(2023: 1,374 metric tons). The amount of waste is subject to fluctuations, depending on the NPPs' dismantling activities. As in the prior year, HLW amounted to 0 metric tons due to the decommissioning of NPPs. New fuel rods were installed in Isar 2 NPP-which continued to operate temporarily until April 15, 2023-for the last time in October 2021. -

Sustainable Products and Services [ + ]

Greenhouse gas emissions cannot be limited only by the way energy is generated. Energy efficiency and other methods of reducing consumption as well as energy recovery can lower emissions, too. E.ON has a broad portfolio of such solutions, which it markets to residential customers and to industrial, commercial, and municipal customers. E.ON continually adjusts this portfolio to better meet its customers' needs, respond to market changes, and utilize new technologies.

E.ON's Approach

E.ON offers distributed energy systems for households under the brand name Future Energy Home. Customers can use a variety of solutions: solar modules for generating their own energy and battery systems for storing it as well as charging stations for electric vehicles ("EVs"), heat pumps, and other heating solutions. The devices are connected to E.ON Home, an energy-management app that was launched in 2018. Regardless of where they are, customers can use the app to view their home's energy output and consumption, control their devices, and reduce their energy use and carbon emissions. E.ON added new functions to the app in 2023, particularly for electromobility ("eMobility"). The aim is to enable customers to conveniently and automatically charge their EV when energy is cheaper and greener.

For digital energy-management solutions to function seamlessly, smart energy meters are essential. An EU Directive from 2021 stipulates that, to the degree technically and financially feasible, all customers should have a smart energy meter. Member states must transpose this directive into national law. For example, the German Metering Point Operation Act (Messstellenbetriebsgesetz) envisages the extensive installation of smart energy meters at all metering points by 2032.

Also, eMobility will play a significant role in the energy transition. Germany's transport sector emitted around 148 million metric tons of $\mathrm{CO}{2}$ equivalents (" $\mathrm{CO}{2} \mathrm{e}$ ") in 2021. The German Climate Protection Act, which was amended in 2021, calls for these emissions to be reduced to a maximum of 85 million metric tons of $\mathrm{CO}_{2}$ e per year by 2030. To achieve this, passenger car and road freight transport must be climate-neutral and
the range of alternative drivetrains and the infrastructure to supply them with energy must be massively expanded. One million publicly accessible charging points are to be installed in Germany alone by 2030. In addition, there will be charging points in eCar drivers' home and business environments and at the premises of EV fleet operators. E.ON's objective is to use its experience in the energy sector to enable EV charging in public places, at work, and at home.
E.ON offers comprehensive infrastructure solutions to make charging both economical and climate-friendly. Under its E.ON Drive brand, E.ON plans and installs charging stations and connects them to the power grid. E.ON is also responsible for supplying energy and operating the equipment. Our eMobility business continues to focus on three areas: E.ON Drive Solutions serves private and business users. Its focus is on offerings for charging at work, on the go, and at home, which include a variety of wall-mounted chargers as well as related installation and energy services. In addition, E.ON Drive eTransport is engaged in charging solutions for the electrification of commercial vehicles. E.ON Drive Infrastructure is a charge point operator ("CPO") and thus provides charging infrastructure in public places.

Distributed, flexible, and connected supply systems are crucial for the future energy world. E.ON wants to propel their development with its Energy Infrastructure Solutions ("EIS") business. This business develops energy units with the aim of sustainably supplying cities and municipalities, as well as commercial and industrial customers, with heat (steam), cooling, and electricity. Its portfolio includes district heating and cooling, distributed solutions for city districts and industrial and commercial customers as well as products and services for greater energy efficiency. EIS's offerings incorporate the latest technology, including large-scale heat pumps, combined-heat-and-power ("CHP") and energy-recovery plants as well as waste-heat recovery and low-temperature heating and cooling networks. Some solutions are complemented by software-based solutions and analytics that enable customers to reduce their energy consumption, costs, and greenhouse gas emissions by visualizing and optimizing their energy use.

Digital solutions along the entire energy value chain represent an important enabler for tackling the energy transition's challenges. E.ON One offers a portfolio of innovative digital solutions to accelerate the energy transition. Its product portfolio encompasses a broad spectrum of use cases and ranges from grid connection solutions (SNAP, One Portal), a cloud-based management system for active energy management (Optimum), intelligent heating control systems and intelligent data management tools (IHC), retrofit solutions for digitalizing existing energy and non-energy components (SMO), a digital twin for energy networks (enveilo), SaaS white-label eMobility solutions that offer electric charging solutions (elvah) as well as a digital platform that uses modern gateways (gridX) to manage
distributed energy resources (XENON). E.ON One contributes directly to reducing energy consumption and optimizing energy use for numerous customer groups.

Organization and Responsibilities

Our Chief Operating Officer-Commercial, who is a member of the E.ON Management Board, has overall responsibility for the entire customer business, including the Customer Solutions segment. E.ON Energy Infrastructure Solutions ("EIS") and Business-to-Customer ("B2C") work with various E.ON business units on a wide range of topics, such as product development, plant operation, and sustainability management. Responsibility for this lies with the regional units for their respective market (including Western, Central, and Eastern Europe, the United Kingdom, and Scandinavia).
E.ON's distribution system operators ("DSOs") across Europe, which are part of the Energy Networks segment, are responsible for installing smart energy meters in their service territories; the exception is the United Kingdom, where E.ON's retail organization provides them to its customers. German law created two roles for the provision of smart energy meters. The first role, the default metering provider, is responsible for the mass rollout of the standard smart energy meter mandated by German law. At E.ON, this role is performed by its DSOs. The second role, the competitive metering service provider, offers the standard smart energy meter as well as other metering solutions. At E.ON, this role is performed by its German retail sales unit. In addition, E.ON subsidiaries act as smart-meter service providers for municipal utilities and regional energy suppliers in Germany.

Specific Actions

Being an eMobility provider ("EMP") enables us to give eCar drivers access to our charging network. This network also includes charging points from other providers that are available to E.ON customers as roaming options. In addition, we offer residential customers innovative charging stations and specific electricity tariffs. We supply our commercial customers with both regular and fast-charging stations. Furthermore, we support them with solutions for EV fleet management.

On the commercial vehicle side, E.ON Drive aims to capitalize on growth in the market segments of electric road haulage and public passenger transport as well. Battery-powered commercial vehicles are still the exception, especially in the heavy-duty category. Unlike the passenger car market, the transportation sector is only at the beginning of its evolution toward zero-emission mobility. But interest among companies and municipalities in electrifying their truck, bus, and van fleets is growing. Climate targets, increasing freight transport, and the growth trajectory of electric drives in local and long-distance public transport will pose greater challenges for charging infrastructure, land use, and grid connections as well. E.ON wants to help fleet operators meet these challenges by

significantly expanding its portfolio of products and services for charging fleets of electric commercial vehicles.

EIS focuses on customer relationships to develop integrated energy solutions for heating, cooling, electricity, and steam. These solutions address different stakeholders' needs, like using waste heat from industrial processes for district heating. EIS has and will continue to enter into longterm energy partnerships with municipal, industrial, and real estate customers across Europe to support them in achieving sustainability goals.

In 2024, for example, EIS signed a partnership with Koelnmesse to realign and expand the trade fair operator's energy infrastructure cost-effectively and carbon-neutrally by 2035. This will involve replacing natural gas with renewable energy and using the district heating network as a virtual seasonal heat storage system in summer.

Goals and Performance Review

E.ON wants to offer its customers pioneering energy solutions for the energy world of today and tomorrow. We want our solutions to help them save money, use less energy where possible, and emit less carbon dioxide. E.ON has set a target for this: by 2030, the Company aims to reduce customers' carbon dioxide emissions by 50 percent relative to 2019 (the Climate Protection chapter contains more information about E.ON's climate targets).
E.ON's goal is to equip all its customers with a smart energy meter in the markets covered by the EU directive. However, regulatory delays in the certification of the communication units, known as smart energy meter gateways, prevented DSOs in Germany from starting to gradually rollout smart energy metering systems until February 2020. Until the responsible federal authority withdrew the market declaration in May 2022, the rollout of smart energy metering systems in Germany proceeded according to plan. Since then, it has continued on a reduced scale. A renewed ramp-up required an amended law that took effect in mid-2023.

The E.ON Drive Infrastructure team invests in, builds, and operates charging infrastructure at publicly accessible locations to support the development of a Europe-wide network. It aims to expand its network by 1,000 high-power charging points per year and is focusing on three key use cases to achieve this target: in the immediate vicinity of densely populated residential areas, city centers, and attractions; in partnership with high-traffic destinations, such as supermarkets, hotels and restaurants, and along freeways.

The impact that EIS's projects in the industrial sector have on our customers' sustainability can be measured by a variety of KPIs. These KPIs range from carbon-emissions savings to reductions in energy costs and consumption including reductions in final energy consumption (such as
electricity) as well as primary energy usage (for example, fuel consumption to generate electricity or heat). Due to country-specific standards and reporting obligations, however, these KPIs are not consistently consolidated Group-wide.

Depending on the project and customer requirements, we also use a variety of KPIs to evaluate the effectiveness of EIS solutions for customers in the real estate and housing sector. These KPIs include primary energy consumption (such as the use of gas to generate heat), avoided emissions (typically $\mathrm{CO}_{2}$ ), and the deployment of renewable generation technologies (such as geothermal energy and heat pumps) in new property developments. Targets for these KPIs differ based on customer demands and market standards. Teams from our regional units monitor these EIS projects on a regular basis.

Progress and Measures

Installed Smart Energy Meters by Country [•]

Thousand units	2024	2023
Rollout countries
United Kingdom	6,435	5,830
Germany ${ }^{1}$	6,909	5,824
Sweden	1,050	1,052
Pilot countries
Romania	545	451
Hungary	517	411
Czech Republic	36	25
Poland	361	211
Total	15,853	13,804

${ }^{1}$ Includes digital meters.

EU Taxonomy [•]

General Principles

The European Commission's action plan on financing sustainable growth defined a series of measures to channel capital toward environmentally sustainable activities and thus to help enable the European Union to become climate-neutral by 2050 as foreseen by the European Green Deal. The Commission laid the foundation for this in Regulation 2020/852, the EU Taxonomy Regulation, which describes what is considered an "environmentally sustainable activity", and which criteria are used to classify an economic activity as environmentally sustainable. The aim is to classify economic activities EU-wide on the basis of defined requirements with regard to their contribution to the six defined environmental objectives (Article 9 of the EU taxonomy) and thus to support the European

Proportion of renewables capacity to E.ON's electricity networks

$56,157,190 \mathrm{MWh}$ [4]

Green power sales.
$49 \%$
Share of green power sales.

22,765
Number of charging points sold by E.ON in Europe.
Ultra fast charging $>150$ kW: 1,921
Fast charging 43-149 KW: 318
Normal charging 0-42 KW: 20,526

89,612 t of $\mathrm{CO}_{2} \mathrm{e}$
The reduction in carbon dioxide emissions through year-end 2024 achieved by B2B customers in Germany through the use of large-scale CHP plants installed by E.ON.

Union's transformation to a climate and environmentally friendly economy. The six objectives are:

1. Climate change mitigation
2. Climate change adaptation
3. The sustainable use and protection of water and marine resources
4. The transition to a circular economy
5. Pollution prevention and control
6. The protection and restoration of biodiversity and ecosystems

Article 3 of the EU taxonomy defines economic activities as environmentally sustainable if they:

• contribute substantially to at least one of six environmental objectives (Articles 10 to 16)
• do no significant harm to any of the other five environmental objectives (Article 17)
• comply with minimum standards for occupational safety, human rights, anti-corruption, fair competition, and taxation (Article 18)
• comply with technical screening criteria defined by the European Commission.

Investments, revenues, and operating expenses are taxonomy-eligible if they are in conjunction with activities that are described in principle in Annexes I and II to the Delegated Act on environmental objectives and can be assigned, regardless of whether the corresponding TSC for environmentally sustainable activities are met.

Investments, revenues, and operating expenditures are taxonomy-aligned if the corresponding taxonomy-eligible activities also meet all the criteria in Article 3 of the EU Taxonomy.

The European Commission has defined taxonomy criteria for various economic activities under which conditions these activities make a substantial contribution to at least one of the environmental objectives and, at the same time, do not significantly harm the achievement of the EU's five other environmental objectives. However, the criteria's provisions, formulations, and terms are still subject to uncertainties of interpretation.

Of all activities relevant to E.ON, the following activities are of particular importance. By conducting them the Group makes a substantial contribution to climate change mitigation and/or to the sustainable use and protection of water and marine resources:

• Distribution of electricity
• Distribution networks for renewable and low-carbon gases
• Data-driven solutions for GHG emissions reductions
• Construction, extension and operation of water collection, treatment and supply systems
• Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings
• Cogeneration of heat/cool and power from bioenergy
• Power generation by means of photovoltaic technology
• District-heating distribution
• Infrastructure for personal mobility
• Generation of heat/cooling from renewable non-fossil gaseous and liquid fuels
  E.ON reports on activities that already contribute to the environmental objectives or are activities that enable climate protection or represent transition activities.
  E.ON's taxonomy-eligible and taxonomy-aligned economic activities are conducted predominantly at the Energy Networks, Energy Infrastructure Solutions, and Energy Retail business divisions. E.ON is an energy company, and thus, its activities in these business divisions are extensively covered by the economic activities listed in the EU taxonomy.

The figures for taxonomy-relevant economic activities were determined with reference to the FAQ documents published by the European Commission to date, which address questions of interpretation regarding Article 8 of the EU Taxonomy Regulation, and under application of the amendments to the Delegated Act on disclosure of taxonomy requirements published in 2023.

E.ON's Approach

E.ON has had a regular process in place since 2021 to ensure the appropriate assessment of all taxonomy requirements related to the EU's environmental objectives 1, "Climate change mitigation," and 2, "Climate change adaptation." The approach also applies to the taxonomy requirements to be considered for the first time in 2023 in relation to EU environmental objectives 3 to 6 ("Sustainable use and protection of water and marine resources," "Transition to a circular economy," "Pollution prevention and control," and "Protection and restoration of biodiversity and ecosystems"). E.ON's business activities are continually mapped to the relevant taxonomy criteria. We consider revenues to be the main criterion; that is, E.ON's activities are allocated to the taxonomy's economic activity with which revenues are or are supposed to be generated. The analysis's findings show that economic activities 5.1 (environmental objective 1, "Climate protection") and 2.1 (environmental objective "Sustainable use and protection of water and marine resources") partially overlap. The next step is an alignment check in which the mapping's findings are analyzed and checked in interviews, expert discussions, and workshops with the relevant operational contacts and experts from the specialist departments of the segments and business units as well as major Group companies to determine whether corresponding taxonomy criteria for the economic activities are actually met. The check's findings are documented for any taxonomy-eligible economic activities identified. This documentation is collated in an EU taxonomy manual that is binding for all E.ON companies. The companies use the manual's specifications to determine the extent to which their business activities actually meet the taxonomy's technical screening criteria and create suitable records for this purpose.
E.ON conducts the analysis of taxonomy-alignment in detail as follows:

Assessment of Substantial Contribution

Compliance with the technical screening criteria is generally assessed and documented individually for each economic activity and at the companies on a decentralized basis. If the criteria provide for simplifications that allow compliance with the criteria to be assessed at the level of the entire economic activity, an operating segment, or for the entire Group, E.ON makes use of them.

Assessment of Doing No Significant Harm ("DNSH")

The DNSH criteria mainly refer to compliance with legal requirements or, in the case of the "circular economy" objective, to fundamental aspects of the economic activity. DNSH conformity is therefore to be assessed at the level of an economic activity on a regular basis. DNSH conformity regarding EU environmental objective 2, "Climate change adaptation," is identified and assessed in E.ON's established risk management process. For this purpose, E.ON makes use of existing systems and processes for financial and nonfinancial risk management, which it has expanded to include EU taxonomy matters. Details can be found in the Risks and Chances Report.

Assessments of Minimum Safeguards

E.ON uses established processes and documentation at the Group level to assess and comply with the minimum safeguards. The Group ensures that the EU taxonomy's requirements are fully met in this regard by means of appropriate guidelines and related training and monitoring measures. E.ON companies are required to implement such policies and guidelines in a binding manner. Responsibility for compliance lies with the respective companies.

Taxonomy-Aligned Economic Activities

The assessment included a review of all activities relevant for E.ON to determine whether they make a substantial contribution to climate change mitigation (and/or to the sustainable use and protection of water and marine resources) and meet the criteria contained in Article 3 of the EU taxonomy. The review identified the following economic activities, which are assigned to environmental objective 1, Climate change mitigation, as taxonomy-aligned on a proportional basis:
4.1 Electricity generation using solar photovoltaic technology
4.3 Electricity generation from wind power
4.5 Electricity generation from hydropower
4.9 Transmission and distribution of electricity
4.10 Electricity storage
4.14 Transmission and distribution networks for renewable and lowcarbon gases
4.15 District heating/cooling distribution
4.16 Installation and operation of electric heat pumps
4.19 Cogeneration of heating/cooling and power from renewable nonfossil gaseous and liquid fuels

4.20 Cogeneration of heating/cooling and power from bioenergy
4.21 Production of heating/cooling from solar thermal energy
4.22 Production of heat/cooling from geothermal energy
4.23 Production of heating/cooling from renewable non-fossil gaseous and liquid fuels
4.24 Production of heating/cooling from bioenergy
4.25 Production of heat/cooling using waste heat
5.1 Construction, extension, and operation of water collection, treatment, and supply systems (as well as 2.1 water supply, which is an activity assigned to environmental objective 3)
6.13 Infrastructure for personal mobility, cycle logistics
6.15 Infrastructure enabling low-carbon road transport and public transport
7.4 Installation, maintenance, and repair of charging stations for electric vehicles in buildings
7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings
7.6 Installation, maintenance, and repair of renewable energy technologies
8.2 Data-driven solutions for GHG emissions reductions.
9.3 Professional services related to energy performance of buildings
E.ON identified no economic activities in 2024 that make a significant contribution to environmental objective 2, "Climate change adaptation," or to environmental objectives 4 to 6 . If economic activities make a significant contribution to environmental objective 1, "Climate change mitigation," as well as to environmental objective 3, "The sustainable use and protection of water and marine resources," in line with our business model we assign the significant contribution to climate change mitigation.

Substantial Contribution to Climate Change Mitigation

By definition, electricity generation from wind and solar as well as run-ofriver hydropower plants makes a substantial contribution to climate change mitigation within the meaning of the taxonomy. No other criteria for the assessment of their substantial contribution to climate protection need to be assessed. The same applies to the installation of devices such as solar panels, smart energy meters, and electric-vehicle charging stations in buildings.
E.ON's activities to establish infrastructure for personal eMobility meet the required criteria for creating low-carbon road transport.
E.ON's electricity networks make a substantial contribution to climate change mitigation within the meaning of the taxonomy, since they are downstream distribution networks, and thus part of the European interconnected system.
E.ON operates a large number of heating networks. Some of these heating networks are "efficient" within the meaning of the taxonomy's criteria. This means that they transmit at least 50 percent renewable heat, at least 50 percent waste heat, at least 75 percent CHP heat, or at least 50 percent of a combination of these energy sources. Such heating networks thus make a substantial contribution to climate protection.

In addition, E.ON operates water supply systems, the majority of which make a substantial contribution to climate change mitigation because they meet the energy-efficiency criterion (less than 0.5 kWh per meter ${ }^{2}$ of water) and/or the leakage threshold of 1.5. For water supply systems that do not meet these criteria, investments made in the financial year to improve their energy efficiency and/or leakage rate by at least 20 percent are classified as taxonomy-aligned investments. The significant contribution to the sustainable use and protection of marine resources is made through the operation of water supply systems that provide consumers with high water quality and at the same time contribute to the efficiency of water resources. These water supply systems revenues are classified as taxonomy-aligned if the investments enabled them to meet the aforementioned criteria for taxonomy-aligned water supply systems.

In the case of gas networks, in particular investments in existing infrastructure that increase the possibility of blending hydrogen and other low-carbon gases were classified as taxonomy-aligned. Pilot projects to establish dedicated hydrogen infrastructure were also assessed to be taxonomy-aligned. This also applies to investments and operating expenses related to the detection and/or prevention of methane leaks.
E.ON operates a large number of CHP and heat generation plants. Depending on the energy source used, there are various sets of criteria, some of which are met by E.ON plants. Plants fueled solely by natural gas will be classified as taxonomy-eligible under the new sets of criteria but are not classified as taxonomy-aligned at present.

Investments in the development of broadband data infrastructure are classified as taxonomy-aligned because the data and analyses provided by them lead directly to the reduction of GHG emissions at E.ON or its customers.

Do No Significant Harm

Protecting assets against the physical impacts of climate change ("Climate change adaptation") is economically relevant for E.ON and is therefore factored into investment decisions. Climate-related risks and opportunities are also recorded in E.ON's risk management system. The Risks and Chances Report contains more information.

The criteria for the EU's environmental objective 3, "sustainable use and protection of water and marine resources," mainly refer to legal and
regulatory requirements in the energy sector. Compliance with these requirements is a prerequisite for obtaining construction and operating permits. The same applies in principle to the criteria for the EU's environmental objective 5, "pollution prevention and control." Details can be found in the Environmental Management chapter.

There are general criteria for the environmental objective 4, "transition to a circular economy," such as long durability, easy disassembly, or reparability. Most components are designed for a very long lifespan, are recyclable, and still have economic value at the end of their useful life (such as steel, aluminum, and copper). Such components of assets can be recycled within the E.ON Group or sold to third parties for further use.

With regard to the EU's environmental objective 6, "protection and restoration of biodiversity and ecosystems," E.ON, where required, conducts environmental impact assessments and comparable assessments, which are a key prerequisite for obtaining permits to build and operate assets. Furthermore, one of E.ON's important ambitions is to conduct ecological corridor management or to convert to this approach.

Compliance with the Minimum Safeguards

Our corporate responsibility includes ensuring respect for human rights in all aspects of our own business as well as in our supply chain. E.ON takes its responsibility seriously and is therefore committed to conducting its business in accordance with compliance requirements. This includes respecting human rights, protecting the environment, and ensuring appropriate working conditions. To prevent human rights violations, E.ON adheres to external standards and defines its own principles and policies. E.ON's Human Rights Policy Statement explicitly acknowledges the United Nations' International Bill of Human Rights and the International Labour Organization's Declaration on Fundamental Principles and Rights at Work and the latter's fundamental conventions. The statement also makes reference to E.ON's own policies, such as the Supplier Code of Conduct and the Code of Conduct for employees. The standards for human rights, work conditions, environmental protection, and compliant business practices that E.ON requires its suppliers to meet are defined in the Supplier Code of Conduct.

Conducting a periodic risk assessment serves to indicate potential threats. E.ON promotes compliance with its standards and minimize potential threats by means of numerous measures and processes. The principle focus of these activities at E.ON's own business is on occupational safety and fair work conditions. The respective chapters contain additional information about ensuring a responsible supply chain as well as compliance and anti-corruption.

EU Taxonomy Key Figures

E.ON's reporting applies the indicators defined in Article 8 of the Taxonomy Regulation: taxonomy-eligible and taxonomy-aligned investments, revenues, and operating expenses. All business activities identified at E.ON are assigned to precisely one of the EU taxonomy's economic activities in order to prevent double counting, except in cases where the taxonomy requires business activities to be assigned to multiple environmental objectives (see information on double counting according to Annex II of the Amended Delegated Act on the disclosure of taxonomy requirements in the table "Taxonomy eligibility and alignment per environmental objective" in the Appendix to the Sustainability Statement).
E.ON reports the following three indicators for investments, revenues, and operating expenses:

1. Taxonomy-eligible activities as a ratio of the total amount shown in the E.ON Group's Consolidated Financial Statements prepared according to IFRS
2. Taxonomy-aligned activities as a ratio of the total amount shown in the E.ON Group's Consolidated Financial Statements prepared according to IFRS
3. Taxonomy-aligned activities as a ratio of taxonomy-eligible activities

Investments

Investments were calculated on a gross basis; that is, without taking into account revaluations or depreciation and amortization or impairment charges. They consist of investments in non-current tangible and intangible assets (fixed assets), including assets acquired in asset deals (recorded directly) and share deals (investment amount determined by the purchase-price allocation). More specifically:

• Property, plant, and equipment pursuant to IAS 16.73 (e) (i) and (ii)
• Intangible assets pursuant to IAS 38.118 (e) (i)
• Investment property pursuant to IAS 40.76 (a) and (b), IAS 40.79 (d) (i) and (ii)
• Agriculture pursuant to IAS 41.50 (b) and (e)
• Leasing pursuant to IFRS 16.53 (h)

Group investments (denominator) consist of additions to fixed assets plus additions to property, plant, and equipment, and intangible assets from business combinations, which are shown in Note 14 to the Consolidated Financial Statements. The numerator is equal to, respectively, taxonomyeligible, or taxonomy-aligned proportion of Group investments.

Of E.ON's taxonomy-eligible investments, property, plant, and equipment accounted for $€ 6,023$ million, intangible assets for $€ 428$ million, and right-of-use assets for $€ 300$ million. The numerator for taxonomy-eligible investments consists of the following:

Composition of the investments nominator

in Mio €	Economic activity 4.9	Other economic activities	Total
Property, plant and equipment	4,702	1,155	5,857
Intangible assets	284	144	428
Investment properties	-	-	-
Right-of-use assets	253	45	298
E.ON Group	5,239	1,344	6,583

In accordance with the taxonomy's specifications, E.ON also includes non-cash-effective investments, but not additions to financial assets. The taxonomy's definition of investments differs from E.ON's internal performance indicator for investments, namely cash-effective investments. E.ON therefore reconciles total investments pursuant to the taxonomy to the investments disclosed in the "Financial Situation" section of the Business Report:

Reconciliation to Cash-effective Investments

€ in millions
$01-042024$
EU taxonomy: total investments
8,280
J. Right-of-use assets
J. Non-cash-effective investments
-311
+ Cash-effective financial investments
528
J. Investment subsidies
-237
Cash-effective investments
7,499

At E.ON, all investments in the 2024 financial year fall under category a) of the Annex to the Taxonomy Regulation. An investment plan according to category b) or investments according to category c) do not exist at E.ON.

Revenues

Revenues correspond to net sales excluding electricity and energy taxes as shown in the Consolidated Income Statements of the Integrated Annual Report. These figures are included in the denominator, whereas the corresponding taxonomy-eligible and/or -aligned revenues are shown in the numerator.

Operating Expenses

The denominator for operating expenses is to be specified in accordance with the taxonomy requirements. Ecologically sustainable operating expenses are to include individually attributable, non-capitalized expenses for research and development, building renovations, short-term leasing,
maintenance and repairs, other direct expenses in connection with the maintenance of assets, and other expenses necessary for the maintenance of ecologically sustainable economic activities. At E.ON, this mainly includes expenditures for repair and maintenance performed by third parties, which are reported under cost of materials and other operating expenses. The numerator reflects, respectively, the taxonomy-eligible or taxonomy-aligned proportion of operating expenses.

Below we report on Group-wide EU taxonomy investments, operating expenses, and revenue. Details on the EU taxonomy key figures by economic activity are presented in detail under "EU Taxonomy Key Figures and Templates" in the Appendix to the Sustainability Statement.

Investments

In the 2024 financial year, 82 percent of the E.ON Group's investments were within the scope of the EU taxonomy (taxonomy-eligible). Taxonomyaligned activities accounted for 98 percent of taxonomy-eligible investments.

The Energy Networks business division made a significant contribution. About 90 percent of its investments were taxonomy-eligible; nearly all of them were taxonomy-aligned. At roughly $€ 5.2$ billion, the largest contribution came from E.ON's electricity distribution networks, which are part of the European interconnected system. They continually integrate renewable generating facilities, thereby propelling the energy transition in Europe and connecting customers to sustainable energy. E.ON again invested again significantly more in taxonomy-aligned electricity networks compared with the previous year. This trend is supported by the digitalization of E.ON's networks through the expansion of fiber-optics and broad-band technology. E.ON invested $€ 295$ million in this area in the year under review.

In addition, $€ 347$ million of investments in gas networks were taxonomyaligned and thus slightly decreased relative to the prior year. In Germany in particular, these investments serve to establish and expand hydrogen infrastructure or enable hydrogen to be admixed to E.ON's existing gas networks. $€ 97$ million of the investments in our water supply networks were taxonomy-aligned and thus also higher than in the previous year.

The Energy Infrastructure Solution business division's taxonomy-aligned investments totaled $€ 0.5$ billion. Its businesses that install, maintain, and devices for measuring, regulating, and controlling buildings' overall energy efficiency represented its main contributor to the EU taxonomy. The expansion of its assets for district heating distribution as well as its energyinfrastructure business, which encompasses biofuel-fired electricity and heat cogeneration, as well as investments in plants for heat production with combined feedstocks are likewise covered by the taxonomy. E.ON's

distributed solar generating facilities as well as the installation and operation of electric heat pumps contributed additional amounts.

The procurement and sale of power and gas are not covered by the taxonomy. The Energy Retail business division's focus on the sale of power and gas to end-customers means that it has no significant assets and therefore has comparatively few investments covered by the EU taxonomy. Corporate Functions/Other's investments did fall within the EU taxonomy's scope.

Overall, the proportion of the respective taxonomy-aligned as well as taxonomy-eligible investments by economic activity are at the prior-year level, whereas investments in absolute terms-and thus also taxonomyaligned and taxonomy-eligible investments in absolute terms-rose relative to 2023.
E.ON's Green Bond Framework-a framework for debt instruments whose issue proceeds are used to finance sustainable investment projects-has been aligned with the EU taxonomy, among other things, since 2021. The Sustainable Finance chapter contains detailed information. The green bonds E.ON issued in 2024 financed 54 percent of its taxonomy-aligned investment expenditures in that year.

Operating Expenses

In the 2024 financial year, E.ON had around $€ 1.4$ billion in operating expenses that meet the definitions of the EU taxonomy. $€ 476$ million of these expenses were not taxonomy-eligible, and $€ 940$ million were taxonomy-aligned. This corresponds to around 97 percent of taxonomyeligible expenses.

As with investments, the majority of aligned expenses resulted, as in the prior year, from maintenance activities for E.ON's electricity network (€807 million). Smaller amounts related to gas distribution networks, particularly to prevent or reduce methane leaks ( $€ 27$ million).

Energy Infrastructure Solutions' business with decentralized electricity and/or heat/cooling generation plants accounted for around $€ 20$ million. $€ 18$ million was related to the installation and maintenance of renewable technologies at the Energy Infrastructure Solutions division.

The proportion of the respective taxonomy-aligned as well as taxonomyeligible operating expenses by economic activity are therefore at the prioryear level.

Revenues

As in the prior year, in 2024 the Energy Retail business division again generated the majority of E.ON's external sales. However, revenues from the sale of electricity and gas to end-customers are not covered by the EU
taxonomy. As expected, therefore, only 27 percent of external sales were taxonomy-eligible.

Nearly all taxonomy-eligible revenues were also taxonomy-aligned, of which the vast majority- €19.8 billion-related to electricity transmission fees in E.ON's distribution networks. E.ON reports $€ 15.3$ billion as taxonomy-aligned external revenues in the Energy Networks business division and $€ 4.5$ billion in the Energy Retail business division from sales revenues for network charges insofar as these were attributable to E.ON's own distribution network territory.

The Energy Retail and Energy Infrastructure Solutions business divisions in particular generated additional taxonomy-aligned revenues of around $€ 0.6$ billion relating, as in the prior year, to the energy efficiency of buildings and renewable energy technologies, such as the installation, maintenance, and repair of photovoltaic systems, heat pumps, and solar-powered systems for water heating.

Our energy infrastructure business, which generates decentralized electricity and/or heat/cooling from a variety of sources as well as our district heating distribution generated around $€ 0.2$ billion in aligned revenues.

The proportions of the respective taxonomy-aligned as well as taxonomyeligible revenues by economic activity are therefore at the prior-year level.

Regarding ESRS 2 SBM-1 para. 40d i. reporting requirements, E.ON's business activities relating to gas distribution networks and gas sales generated total revenues of around $€ 19.9$ billion in 2024 (see also Note 34 to the Consolidated Financial Statements). E.ON does not report taxonomy-aligned revenues from fossil gas. "EU Taxonomy Key Figures and Templates" in the Appendix to the Sustainability Statement contains additional information.

Employees and Society

Occupational Health and Safety [+]
E.ON works continually to establish a caring culture. This encompasses ensuring our employees' safety in the workplace, promoting their health, and also supporting their mental well-being. Many of our employees as well as contractor employees perform high-risk work, such as on energy networks, gas pipelines, and other industrial facilities. There is a risk of electric shocks, falls, and other occupational risks that can lead to serious injuries and health problems. However, effects on health and occupational safety can also occur in less risky business areas. Stringent safety standards are therefore of particular importance to E.ON, because employees' health is E.ON's top priority.

E.ON's Approach

Health and safety ("H\&S") have long been firmly embedded in E.ON's Group-wide corporate culture and its organizational setup, policies, and procedures. E.ON's approach is proactive and preventive.

We are unambiguously committed to the principle of zero tolerance of accidents. E.ON's main objective is to prevent occupational accidents from the outset. This applies to E.ON employees as well as contractor employees who work on its behalf.
E.ON's ambition is to extensively promote employees' well-being and enable them to maintain their performance and employability. In particular, we try to prevent those health conditions that most frequently result in incapacity for work. E.ON's health management includes and providing health services (such as flu vaccinations) as well as target-group-specific individual measures to maintain health. It typically encompasses issues that are relevant for all employees or for certain target groups. Issues include general health maintenance, nutrition, exercise, mental health, stress management, and addiction prevention. E.ON promotes them by means of training sessions, information leaflets, presentations, and digital formats.
E.ON is aware of the safety risks associated with electricity and gas. We therefore inform the public about the dangers that can arise when handling electricity and gas. Examples include flyers, safety instructions, information on websites, and articles in trade journals. In addition, E.ON provides videos and a variety of teaching materials to schools to highlight the dangers of electricity. We also cooperate with local fire departments and technical aid organizations to train them in handling electrical systems in particular. Support is also provided for crisis exercises.

Guidelines and Policies

E.ON is committed to a Group-wide culture of prevention. We reaffirmed this in 2009 by signing the Düsseldorf Statement on the Seoul Declaration on Safety and Health at Work as well as the Luxembourg Declaration on Workplace Health Promotion.
E.ON's Human Rights Statement unambiguously acknowledges the International Bill of Human Rights and the Declaration on Fundamental Principles and Rights at Work of the International Labour Organization ("ILO") of the United Nations ("UN") and its fundamental conventions. It also refers to E.ON's own guidelines and policies, which are the responsibility of the individual departments and support the implementation of suitable preventive measures, including the H\&S division. The "Guidelines and Policies" section of the Human Rights and Supplier Management chapter describes additional content of our Human Rights Statement and provides an overview of our risks the measures we take to address them.

Many of the policies and guidelines described here-such as the Human Rights Statement and the E.ON Health, Safety, Environment \& Climate Protection Policy Statement-are signed jointly by the Management Board and the Group Works Council.
E.ON has had a Group Company Agreement on Health for all employees in Germany since 2015; it was last revised in 2018. Its purpose is to foster a healthy work environment and promote the health of all employees. It defines four action areas: occupational health management, addiction prevention and intervention, occupational integration management, and employee counseling.

The E.ON Health, Safety, Environment \& Climate Protection Policy Statement, which was originally published in 2018, was updated in 2021 to reflect E.ON's Vision Zero for safety targets as well as its climate and environmental targets in the context of the EU taxonomy. In addition, we simplified the document's language and eliminated redundancies.

A Group-wide standard for managing risks to health, safety, and the environment ("HSE") has applied in the Company since the start of 2021. It defines the minimum requirements for identifying, analyzing, evaluating, managing, and monitoring HSE and other sustainability-related dangers and opportunities. The standards' requirements are also supported by IT solutions, which are mainly used to create risk assessments and/or indices as well as activity-related danger evaluations. Our employees have the opportunity to view danger evaluations relevant to them and the resulting protection measures.

The Group HSE Function Policy defines roles, responsibilities, management expectations, and reporting channels in E.ON's H&S organization. It sets minimum requirements and defines management tools needed to prevent physical and mental harm in the workplace. It also requires all our operating units (except for very small ones and those with insignificant risks and potential impact) to have in place an occupational H\&S management system certified to international standards-such as ISO 45001 (which replaced OHSAS 18001)-and to improve the system on an ongoing basis.

At year-end 2024, 99 percent of our employees worked at a company with an H\&S management system. 80 percent of our employees work at business units certified to ISO 45001.
E.ON refined the Group HSE Function Policy in 2022. For example, we added or sharpened the definition of tasks and task areas and formulations, in part to better integrate sustainability aspects Group-wide, including task areas such as the environment and biodiversity, sustainability reporting, and supply chain.

In addition, the People Guideline on HSE communicates E.ON's H\&S aspirations and states the expectation that all employees embrace H\&S on the job. It also describes E.ON's Safety F1RST principles for the safety mindset and behaviors necessary to prevent accidents. The guideline contains extra tasks for managers because their responsibilities include leading by example with regard to H\&S.

The Group Standard for Incident Management, which applies to E.ON contractors as well, establishes consistent rules for classifying, investigating, analyzing, and reporting H\&S incidents and for sharing information. It complements PRISMA (Platform for Reporting on Incident and Sustainability Management and Audits), E.ON's IT solution for incident management, which is described below under "Specific Actions."

The Group Standard on H\&S Management Expectations, which took effect in 2022, defines expectations for 15 core elements. It addresses occupational safety and accident prevention as well as the safety of E.ON's technical facilities, products, and services over their entire life cycle, H\&S in project management. The Data Protection, Cybersecurity, and Product Safety chapter contains more information about product safety. This standard provides the foundation for all cascading H\&S rules and processes at E.ON, thereby supplementing the requirements of the relevant standards (including VDE, DVGW, DIN, and ISO). E.ON developed an Expectations Maturity Assessment Tool ("EMAT") to simplify implementation and assess the status of management systems and rolled it out beginning in April 2023. The tool is a specification of the aforementioned Group Standard on H\&S Management Expectations adopted in 2022. In addition, we opened and/or migrated two IT portals to support H\&S E compliance processes: Red-on-line (formerly known as Gutwin) for managing E.ON's legal obligations and eNorm for managing obligations from norms that E.ON must apply (such as Paragraph 49 of Germany's Energy Industry Act) and/or would like to apply (including, for example, ISO 45001 and ISO 50001).

In addition, the H\&S division works closely with the Human Rights Center of Expertise and Group Compliance with regard to Germany's Supply Chain Due Diligence Act to monitor compliance with procurement policies and standards and to ensure adherence to E.ON's minimum standards for H\&S. This collaboration likewise resulted in additional H\&S issues being embedded in procurement processes, such as dealing with smaller suppliers. Harmonized minimum H\&S requirements for contractors now apply at all E.ON companies in Germany; these requirements may be supplemented by additional requirements depending on the services the companies procure. The implementation of a Group-wide standard for contractor management continues at E.ON companies, and their processes for contractor management are being adjusted accordingly. This new standard defines minimum requirements and roles and responsibilities to ensure the consistent management and evaluation of H\&S issues and risks
in the collaboration with contractors. They are supported by a catalogue of contractor management measures, which also serves as an assessment tool for the implementation of the standard.

More than 50 E.ON companies in Germany are now certified to ISO 45001 (occupational safety), ISO 14001 (environmental protection), and ISO 50001 (energy management) by means of a multisite process called E.ON Matrix Certification. Most of these companies are network companies and their subsidiaries, sales companies, and companies that offer integrated energy infrastructure solutions. This is another step to manage these companies in terms of occupational health and safety and environmental protection, to leverage synergies, and to harmonize processes.

Organization and Responsibilities

E.ON is committed to protecting people and the environment. Because the approaches and systems for both are similar, H\&S functions in E.ON's business units are combined with environmental management in a single HSE organization. Due to the importance of H\&S, the department reports directly to the Chairman of the Management. At the Group level (E.ON headquarters), the Environment function was reassigned the Sustainability department. The E.ON Management Board and the management of our organizational units are responsible for E.ON's H\&S performance, which includes complying with and optimizing Group standards. They set strategic targets and update policies to foster continuous improvement. They are supported and advised by the H\&S department at Corporate Functions and the E.ON H\&S Council. The council is composed of senior executives from different business areas and countries in which E.ON is active. It meets at least two times a year and is chaired by the member of the E.ON Management Board responsible for H\&S. E.ON units also have committees similar to the H\&S Council and expert teams that likewise meet multiple times a year. They define the H\&S requirements for their unit and plans to implement them. Every unit must ensure that it meets E.ON's corporate and H\&S standards, designs and implements H\&S plans according to local needs, and integrates and implements E.ON's H\&S Strategy Roadmap for 2024-2026. To ensure this, over 400 employees in the E.ON Group work on HSE issues. Internal audits, annual meetings, and self-assessments are some of the ways we make sure the units implement the standards. In addition, works councils, the Group Works Council, the Group Works Council's HSE Committee, the E.ON Supervisory Board's Audit and Risk Committee, and the Supervisory Board itself are regularly informed about H\&S issues and involved in projects.
E.ON's International Health Experts team intensified its collaboration to foster health-related improvements and innovations and thus E.ON's health strategy. Since 2022 the team has again been sharing knowledge and experience between countries to identify and leverage collaboration synergies.

Specific Actions

The H\&S department oversees strategic H\&S training sessions. This includes the training provided to the E.ON Group's top 100 executives, programs for senior managers in the operating business, and training for staff who conduct incident investigations (such as root-cause analysis). With regard to the Group H\&S Strategy Roadmap, E.ON's units conduct their own operational H\&S training, programs to enhance H\&S culture, and training required by law that recurs annually or is conducted on an ad hoc basis.
E.ON managers in Germany can enroll in Healthy Leadership, a training module on how to address health issues and thereby promote health in their team. This training continued to be conducted digitally in 2024 and covered issues such as psychological security in teams, stress reduction, mental health, and tips for an ergonomic workplace. E.ON employees in Germany had free access to online ergonomics advisors, including for their home office.

We conducted a health management inventory in 2023/2024 at a large number of our companies in Germany and elsewhere in line with E.ON's H\&S vision. The purpose is to further advance our health strategy, address challenges, and improve Group-wide transparency on health and wellbeing. We used the inventory's findings to identify action areas and define specific future measures for them. The first specific measure, for example, was to expand our mental health offerings Group-wide by introducing mental health first aid ("MHFA") training. The training is part of our learning inventory and is available throughout the year.

MHFA training aims to identify mental health problems at an early stage, understand them, and respond appropriately. The 12-hour course provides knowledge about various mental disorders, such as depression, anxiety disorders, addiction, and suicidal tendencies. It also shows how to recognize warning signs, how to communicate with those affected, and how to offer them support and help. MHFA's aim is to reduce the stigma of mental illness, promote mental health awareness, and alert those affected to help options. Rollout took place at E.ON companies in Germany in the summer of 2024 and continued at companies in other countries beginning in the fall.

In addition, workshops for a common understanding of E.ON's caring culture were held for the top 100 executives and senior managers from operations and administration. The workshops' contents were adapted using the findings of a needs analysis (an employee survey and in-depth interviews with senior management).

Training content given a sharper focus included psychological safety, communications, and appreciation. This was accompanied by an
ambassador campaign in which selected top 100 personalities describe what caring culture means for their area of responsibility.
E.ON considers itself a learning company whose ambition is continuous improvement. This includes a constructive culture of failure as well. We thoroughly investigate incidents by conducting root-cause analyses ("RCA"). For this purpose, E.ON has introduced a specific Group standard and, in 2024, further expanded internationally the related training and continuing skills development offerings. The training courses on offer cover topics such as investigation methods and communication and, since 2024, a train-the-trainer program for employees outside Germany, in particular to train and manage RCA experts. Lessons learned from incident investigations are shared throughout the Group and are incorporated into the units' activities and into working groups. E.ON also uses the lessons learned to institute preventive measures. In 2024, for example, our network business made the use of electric field sensors (such as voltectors) for open, air-insulated, medium-voltage switchgear. These devices warn when approaching open medium-voltage switchgear could be lifethreatening.

PRISMA, an integrated IT solution, is the main component of E.ON's online H\&S incident management system and is used by all E.ON units. It enables us to reach many users, report and manage data, and ensure a high degree of transparency. Incident investigations are entered and stored directly in PRISMA, ensuring that all companies and Corporate Functions always work with the same database. Incident reporting is prompt, and the situation should be clear for everyone involved. All this is intended to help prevent incidents. E.ON has five categories of incidents. They range from 0 (low) to 4 (major). E.ON's H\&S Standard on Incident Management requires the units to use PRISMA to report category 4 incidents to the H\&S department at Corporate Functions within 24 hours; in addition, the units immediately forward the information to the Management Board. Employees must report all incidents, regardless of their severity, using PRISMA. No employee needs to fear any disadvantages. In addition, their personal data are always protected and can only be accessed by limited user groups. E.ON analyses all incidents. If employees or contractors who find themselves in a situation that they believe is potentially dangerous, they have clear instructions to suspend work immediately and, if necessary, leave the work area. They are also instructed to alert their colleagues to potentially dangerous situations.

We reviewed the specifications of our existing standard in early 2024 and set the goal of dramatically reducing the duration of incident investigations by 75 percent to a maximum of four weeks. Another goal was to make more efficient use of insights, improve follow-up, and to use AI support to become as digital as possible. All processes were reviewed for efficiency and benefits. Alongside adjustments to content, the main levers for reducing time are the commitment of everyone involved, clear guidelines,
and monitoring. Content changes included revising the list of causes using the systematic cause analysis technique (SCAT) and adding the human factor. A new process was set up in PRISMA to improve the tracking of findings. Finally, the definitions of potential incidents were adjusted so that in the future E.ON will focus more on accidents that could have ended much more seriously due to inadequate measures
E.ON's managers fulfil their responsibility as health and safety leaders in part by going on safety walks and engaging in dialogue with employees. During management visits, known as gemba walks, they can take a close look at workplaces, talk directly with employees, and deepen their understanding of H\&S issues, including risks.

The digitalization of H\&S processes continued in the 2024 reporting year. We simplified PRISMA, our H\&S data system, and improved its userfriendliness. In addition, innovation gained momentum with the use of AI in the first proof of concepts for analyzing H\&S data. E.ON intends to use these improved analyses to proactively avoid incidents in the future. The Group-wide H\&S app added or simplified functionalities, such as conducting inspections, reporting near misses, and automatically initiating the rescue chain in the event of incidents at E.ON's (main) facilities. All these functions aim to provide our employees with simple tools for daily H\&S processes in order to improve our overall H\&S performance.

The H\&E organization has conducted quick checks since August 2021. They involve an outside partner rating E.ON's safety culture on the Bradley Curve and identifying and minimizing risks. By year-end 2023r, 21 quick checks had been conducted at our operating units. In 2024 the task of continuing the quick checks and reviewing the findings from the first round of checks was put out to tender and awarded. The program began in the second half of 2024. Six operating units were assessed in 2024, with a total of 25 units to be assessed by the end of 2025. In addition to the quick checks through year-end 2023, all administrative employees will also be involved from 2024 onward, as will E.ON SE Group headquarters
E.ON runs an H\&S Community that extends across all regions and segments. It helps us be a learning company and serves in particular to share knowledge and experience. The community meets regularly and, as needed, in special expert groups. Experts work together to achieve improvements in key areas like incident prevention. The topics in 2024 included working in danger zones and cutting cables, H\&S in the installation business as well as H\&S in the networks business.

Uniform life-saving rules were introduced across the Group at the start of 2024. The rules are intended to raised awareness of the main risks faced by employees. Accident analyses show that many incidents are related to deviations from the rules. To counteract this, a Group-wide project is currently being carried out to deal with safety regulations.

Employees and managers who have questions or concerns about their physical or mental health can contact the Employee Assistance Program ("EAP"). The EAP is a free health-advisory and life-coaching service available in multiple languages to E.ON staff in Germany, the United Kingdom, Sweden, Italy, the Czech Republic, Slovakia, and Hungary. We have similar programs in other countries where we operate. Alongside the EAP, E.ON offers employees and managers one-on-one psycho-social counseling.

In addition, employees and people outside E.ON can use our whistleblower hotline to report potential violations of regulations and laws relating to occupational safety. The "Targets and Performance Review" section of the Human Rights and Supplier Management chapter provides additional information about the whistleblower hotline.

There are also supplementary functions and roles at E.ON, including social, addiction, and health counseling. Across the Company, these functions and roles are performed by employees alongside their regular duties. These employees are obliged to maintain confidentiality.
E.ON employees can also take advantage of specific preventive measures (for example, nutrition counseling and colon cancer screening), consult company physicians, and take advantage of EAP benefits as well as use company fitness facilities.

If E.ON employees are seriously or fatally injured, insurance policies provide initial coverage for ensuring recovery or supporting the bereaved. Unit-specific, individual measures may also be taken. For example, E.ON supports the transport of injured colleagues to other hospitals if necessary to ensure the best possible care. Another example is the provision of a savings fund to ensure the education of a deceased employee's children. Gradual reintegration into the workplace is possible after a long illnessrelated absence.

Goals and Performance Review

The E.ON Management Board is informed about category 3 and 4 incidents, developments relating to accidents, and related measures and programs by means of monthly reports from H\&S and regular consultations with the Senior Vice President Group H\&S. The units report fatal and life-threatening incidents directly to the Management Board within 24 hours.

Health and safety concerns have always been a high priority for the E.ON Management Board. For example, it comprehensively revised E.ON's H\&S strategy. E.ON did not set any quantitative targets. Nonetheless, the Management Board will review the strategy's effectiveness in discussions as well as its impact on H\&S key performance indicators. Quantitative targets will be introduced in 2025. For the purposes of the H\&S strategy,
the Management Board consulted with (business) stakeholders and H\&S managers to discuss and analyze in detail the business's challenges and drivers and the resulting core topics for the new 2024-2026 roadmap. The strategy was derived from this and endorsed by the H\&S Council at the beginning of 2024 for implementation in the units and in Group H\&S from 2024 onward. The H\&S strategy whose aim is to position E.ON as a leading H\&S company. The strategy contains underlying targets for the operating units, including H\&S, and their respective board members. In addition, the Management Board set personal H\&S targets for top executives. The targets for top executives and units are individual. Their purpose is to further reduce the frequency of serious incidents and fatalities ("SIF") so that in the long term serious incidents and fatalities no longer occur. The primary focus in 2024 was on contractor management, digitalization, the optimization of incident management. In addition, a task force was initiated to achieve visible results even faster in technical safety, contractor safety, and manager and employee engagement in E.ON's H\&S leadership ambitions, and to prevent serious accidents. In addition, a review program called DSS Quick Checks was used to design additional (in some cases company-specific) measures to improve H\&S processes that began to be implemented in 2024.
E.ON conducts thorough incident analyses to understand causes, take measures to prevent them, and identify risks. If accident data indicate that a unit does not meet E.ON standards, the H\&S department supports it in optimization. In addition, Group Audit may conduct an H\&S audit at the unit.

The findings of the incident investigations and H\&S audits completed in 2024 show that H\&S management systems are largely effective. The units have adopted the auditors' resulting recommendations and have generally used them to design corrective and preventive actions. It also became clear, however, that employees' safety awareness was not fully adequate in all teams. It therefore remains extremely important to continually point out to E.ON employees and contractor employees all the requirements of H\&S management and their own responsibility: they must look after themselves and their colleagues and speak up immediately if they detect a potential safety risk. Overall, E.ON has observed for several years that occupational safety in its units is improving continually.

The extent to which E.ON's health strategy is successful depends in part on whether employees receive information about health and prevention and whether this motivates them to participate in related programs. To increase willingness to participate, health programs are often tailored to the needs of specific target groups. E.ON's network operators in Germany, for example, target their employees aged 50 and over in particular as well as employees in their field offices. Actions include workshops on healthy living in older age and preparing for retirement. There are also special offers, for example, for operational employees such as fitters and
administrative staff. The return on investment ("ROI") of many health programs is calculated by comparing costs with avoided absenteeism based on research and statistics. So that all employees feel comfortable, valued, and supported in their work environment, E.ON places particular emphasis on mental health. We provide information on the importance of stress management and show how to recognize signs of mental health issues. In addition, E.ON has assistance and training on stress reduction, self-assessment tests, and a direct support offering, including through the EAP.

Progress and Measures

96.1 percent $[•]$

E.ON employees' health rate in 2024 (2023: 96.3 percent). It reflects the number of days actually worked in relation to agreed-on work time.

Accident Statistics

The reporting below on accident statistics distinguishes between employees and contractors, who together represent our own workforce within the meaning of the ESRS. We consider E.ON's employees to be onstaff personnel and contractors to be non-staff personnel.
E.ON uses serious incidents and fatalities ("SIF") to measure accidents and incidents that caused serious or fatal injuries and that surpass a predefined severity threshold. Just as in the prior, employee SIF was 0.03 .

Lost-time injury frequency ("LTIF") measures work-related accidents resulting in lost time per million hours of work. Employee LTIF was 2.46 (2023: 2.17).

Total recordable injury frequency ("TRIF") is one of E.ON's KPIs for safety. It measures the number of recorded work-related injuries and (acute) injuries per million hours of work. E.ON has calculated it since 2010 (employee TRIF) and included contractor employees in its safety performance since 2011 (combined TRIF). Employee TRIF was 3.24 in 2024 (2023:2.77).

All accidents were carefully examined, both individually and in comparison. In some cases, this enabled us to identify patterns or multiple predominant causes and respond directly to them, for example, by means of work groups. TRIF increased mainly because of the greater frequency of

accidents during routine work or activities with a low risk potential. Many of these accidents involved cut/puncture injuries as well as tripping, slipping, and falling accidents that generally result in brief lost time. $\varangle$

H\&S Key figures ${ }^{1}$

	2024	2023
SIF ${ }^{2}$ Employee	0.03 [+]	0.03 [+]
SIF ${ }^{2}$ Contractor	0.12 [+]	0.06 [s]
SIF ${ }^{2}$ combined	0.07 [+]	0.04 [s]
LTIF ${ }^{3}$ Employee	2.46 [+]	2.17 [+]
LTIF ${ }^{3}$ Contractor	1.76 [+]	1.62 [s]
LTIF ${ }^{3}$ combined	2.14 [+]	1.90 [s]
TRIF ${ }^{4}$ Employee	3.24 [+]	2.77 [+]
TRIF ${ }^{3}$ Contractor	2.08 [+]	1.98 [s]
TRIF ${ }^{4}$ combined	2.71 [+]	2.40 [s]
NMFR ${ }^{5}$ Employee	36.57 [+]	40.32 [+]
${ }^{2}$ Working hours (denominator) based on actual hours recorded and estrapolation for employee figures, estrapolation based on the order volume of contractors for contractor figures. ${ }^{3}$ Serious incidents and fatalities measures accidents and incidents per million hours of work that have caused serious or fatal injuries and that surpass a predefined severity threehold per million hours of work. ${ }^{4}$ Lost-time injury frequency measures work-related accidents resulting in lost time per million hours of work. ${ }^{5}$ TRIF measures the number of reported fatalities and occupational injuries and also includes injuries that occur during work-related travel that result in lost time or no lost time and/or that lead to medical treatment, restricted work, or work at a substitute work station. ${ }^{6}$ Near-miss frequency rate measures unplanned incidents that had the potential to result in an accident (but did not) per million hours of work.
- The number of work-related injuries among employees (TRI) amounted to 443 in 2024. E.ON does not have comprehensive data on employees' work-related illnesses. An in-house survey and a survey conducted by deutsche Berufsgenossenschaft, an accident insurer, show that we are aware of 47 work-related illnesses in 2024. We are not aware of any fatalities due to work-related illnesses.
Near-miss frequency rate ("NMFR") measures unplanned incidents that had the potential to result in an accident (but did not) per million hours of work. E.ON analyzes how and why near misses happened and then puts in place controls to minimize or completely eliminate similar risks in the future. We actively encourage employees to report near misses so that we can continually improve our safety performance. E.ON's NMFR was 36.57 in 2024 (2023: 40.32). $\varangle$

Fatal Accidents at Work

Regrettably, one employee died in 2024 due to an occupational accident. The employee suffered a fatal electric shock while rectifying a fault. Each fatal accident is thoroughly investigated so that we understand the exact course of events that led to it. Identifying root causes enables us to take the measures necessary to prevent similar accidents in future. Nevertheless, serious and even fatal accidents still occur. E.ON cannot and will not accept this. It has therefore further intensified its efforts to prevent accidents. Examples include the Group-wide introduction of life-saving rules and the mandator use of electric field sensors. No contractor employees had no fatal accidents.

Occupational Health and Safety at PreussenElektra

E.ON's subsidiary PreussenElektra ("PEL") is responsible for the operation, decommissioning, and dismantling of the Company's nuclear power plants ("NPPs"). Its top priorities in all these activities are the health and safety of employees-its own as well as contractors'-and environmental protection. PEL is fully integrated into E.ON's safety organization and is subject to its high standards. PEL's extensive experience in plant operations and decommissioning helps it continually optimize its H\&S processes and procedures and thus to minimize possible risks in conducting its activities. Special focus actions, practical training sessions, and health promotion measures foster and support the safe behavior of PEL and contractor employees. Together, the systematic application of safety standards, the conducting of various training and awareness-raising measures (including for contractors), and continual H\&S advice directly at the work site again helped prevent serious accidents in 2024.

Working Conditions and Employee Development [+]

We take responsibility for helping shape a green, digital, and decentralized energy world in Europe, and our strategic focus on growth, sustainability, and digitalization sets clear priorities. Our HR activities form an important basis for this strategy's successful implementation. We have defined overarching action areas for HR management that reflect the Company's strategic orientation. These People Priorities serve as a compass for E.ON's HR activities.

E.ON's Approach

Our People Priorities aim to put our employees at the center and create the environment they need to work successfully. This also includes the necessary resources and framework conditions for optimal professional and personal development. The People Priorities focus on five action areas: employer attractiveness and employee engagement, leadership and performance, learning and career development, digital transformation, and diversity, equity, \& inclusion and well-being.

Guidelines and Policies

E.ON's HR management has defined clear responsibilities to ensure efficiency, flexibility, and competitiveness in a complex, international environment. The central HR function (Group HR/Executive HR) is responsible for important Group-wide tools and binding policies. Examples include the central management of the entire life cycle of E.ON top executives and the interfaces with the Group's works councils. Our policy approach is closely linked to the management logic of HR topics with Group-wide significance as described in the "Organization and responsibilities" section below.

Compensation Structures

E.ON's compensation structures are clear and transparent. We place great emphasis to fair remuneration. The compensation principles for our employees are mainly governed by collective bargaining agreements, which cover 82 percent of our employees. Whenever possible, E.ON offers permanent employment, which applies to 94 percent of employees.

Total Workforce by Contract Type ${ }^{1}$ and Gender ${ }^{2}$
Headcount	Total	Male	Female	Other
Employees with permanent contracts	77,554	53,147	24,404	3
Employees with a fixed-term contract	5,353	3,022	2,331	0
Employees without guaranteed working hours	-	-	-	-
E.ON Group	82,907	56,169	26,735	3

${ }^{1}$ Total workforce including board members, managing directors, apprentices, interns and working students.
${ }^{2}$ Gender according to the employees' own information.

Organization and Responsibilities

We have continually refined our HR model to ensure effective management of our activities in line with our People Priorities. In order to jointly move forward with HR topics that are critical to success and add value for E.ON, we have:

• defined central HR topics of Group-wide strategic significance
• established clear collaboration principles for cooperation between Group HR and local HR departments
• agreed on clear roles and responsibilities between the main HR committees
• introduced target agreements on HR topics that are critical to success.

We specifically promote cooperation between Group and local HR in order to add value for our employees, our customers, and our shareholders. The

units play a special role by sharing local requirements and perspectives and by managing implementation locally.

Our management model is complemented by close and trusting collaboration with employee representatives. This is based on our declaration of principles on social partnership. Collaboration between the social partners is coordinated by the central HR function and supported by the local units. There are works councils or other forms of employee representation in almost all units and Group-wide. We work with them openly and constructively, always keeping the interests of our employees in mind and actively informing them of all relevant upcoming changes. Especially in times of change, we can build on the partnership with our employee representatives and together make a significant contribution to ensuring that E.ON is a successful and future-oriented company. Employee representatives are involved in employee-related issues in a timely manner in accordance with applicable national laws. We treat employee representatives as social partners and equals and attach great importance to their experience.

Specific Actions

Numerous projects and activities put our People Priorities into practice. The most important measures for 2024 are outlined below.

Employer Attractiveness and Employee Engagement

We offer our employees exciting tasks that enable them to actively help shape tomorrow's energy world. Apprenticeship has traditionally been the E.ON Group's main way to secure skilled labor. Over 100 training locations in 14 federal states and 2,582 apprentices give E.ON broad base across Germany. Our range of apprenticeships covers the industrial-technical, commercial and IT sectors and occasionally also includes professions in the catering field. We also offer a variety of dual study programs. We support young people in their professional orientation by offering career orientation days, student internships, and entry-level qualification training. Apprenticeship at E.ON is founded on diversity, equality, and inclusion. In addition to a Group-wide recommendation for integrating young people with disabilities into training, there are also local initiatives for integrating refugees.

Alongside apprenticeship, we also want to be the employer of choice for recent Bachelor's and Master's degree recipients. In 2022 we therefore launched the Group-wide E.ON International Graduate Program ("EIGP") to develop university graduates personally and professionally and to retain them at E.ON for the long term. In 2023 the EIGP was expanded to include specialist tracks for customer solutions, energy networks, finance, and digital. Cross-functional, national, and international assignments enable participants to get to know our business and network Group-wide. We support them with mentoring, coaching, and training. Entrants in 2024 consisted of 32 university graduates from 14 different countries. A study
published in 2024 rated our EIGP second best in Germany. We have already taken measures to further improve this ranking.

We view attractiveness not only in relation to the outside labor market, but also with regard to our current employees. We want to understand how they rate their personal work situation at E.ON, how strong their employee engagement is, and how it changes over time. This is part of promoting our active feedback culture. We introduced an employee engagement approach (YourVoice@E.ON) and rolled it out Group-wide in 2024. The survey is anonymous and voluntary and can be integrated into everyday working life with minimal effort. This continuous-feedback approach gives managers real-time access to results, which are displayed on a dashboard. This enables them to respond to individual issues or trends and initiate improvements together with their teams. The Group-wide engagement score, our central key performance indicator, was 8.2 in 2024, which means we achieved our benchmark target.

In addition to the engagement score, we also calculate Employee Net Promoter Score ("eNPS"), which measures employees' willingness to recommend E.ON as an employer. In 2024 eNPS improved by 7 points to 43 (2023: 36). $<$

Leadership and Performance

We expect our managers to act as role models. We value a clearly defined leadership philosophy that applies to all managers. My Skill Guide, our Group-wide skills model, is based on our strategic approach and our mission to actively propel the energy transition. It applies to all employees and describes how we act toward each other and our customers in order to successfully implement our strategy. We drew on this model to develop E.ON's leadership principles, which formulate clear expectations for managers regarding employee leadership, continuous individual development, change management, and strategic business development.

We use a standardized performance-oriented remuneration system for our executives. It is based on a pay-for-performance approach and includes performance-related compensation elements. Fringe benefits are offered on a country-specific basis and are also at an attractive level.

Learning and Career Development

To achieve our objectives, we need highly qualified employees. We can only meet the challenges of an evolving business environment by means of continuous learning and development. Our clear goal is to become a learning organization. Our leadership and management team plays a central role in this by exemplifying and promoting a learning culture. As we see it, a learning organization creates an environment of lifelong learning, promotes a strong feedback culture, and provides the necessary resources so that continuous learning becomes a habit. This enables our employees to develop their full potential. Promoting a culture of lifelong learning
enables us to ensure that the necessary skills are always available and can be deployed in a targeted manner.

The 70-20-10 learning principle is part of our efforts to become a learning organization. This model for effective learning and professional development shapes our understanding of learning at E.ON and guides our learning culture. The majority of learning ( 70 percent) ought to take place through practical experience on the job, such as new tasks, project work, and changing working methods. This is supplemented by practical learning opportunities outside daily work, such as filling in for someone else and job shadowing. Social interaction-such as dialoging with colleagues, customers, or experts-is supposed to account for about 20 percent of learning. We specifically promote this through measures like $360^{\circ}$ feedback, coaching, mentoring, and numerous in-house communities. The remaining roughly 10 percent happens in formal learning opportunities, such as courses, workshops, and training, both online and in person.

'The completeness of the reported data can only be guaranteed for companies with more than 150 full-time equivalents (FTE'). There is no reporting requirement for companies with fewer than 150 FTEs. However, this KPI is calculated based on the Group's total number of FTEs.

The 70-20-10 learning approach at E.ON is supported by digital applications. A Group-wide one-stop store (MyGenius) provides access to all formal learning content, while an opportunity marketplace (My Career Hub) facilitates project assignments and job rotations. Our employees can also benefit from more than 70 in-house coaches, whom they can access on a coaching platform. Going forward, a central portfolio management system for learning and development will ensure the availability of strategically important, high-quality, and personalized learning content and the avoidance of duplication in the portfolio.

Even a learning organization needs a certain system and structure. We create skill dashboards to visualize E.ON's existing and needed skills. These dashboards provide an overview of relevant skills and identify potential skill gaps. This information is incorporated into the targeted recruitment and development of employees to effectively close any gaps. Our employees' individual development process is therefore a key element of our approach to learning and development. All employees are to be regularly assessed and, together with their manager, design an individual development plan and discuss the status of their personal development in

periodic evaluations. This process, our end-to-end development journey, translates our strategy into individual learning and skills development.

Targeted activation measures are necessary to ensure that learning becomes an integral part of everyday working life. In 2024 we again successfully held Group-wide Learning Weeks. Over 110 in-house instructors offered 86 online learning events, in which over 18,000 employees registered. The feedback was consistently positive and underlined these events' high degree of relevance.
E.ON's comprehensive talent strategy is based on an open, flexible, and inclusive talent landscape. The focus is on development options for all employees and not just selected individuals. For example, all employees have the opportunity to nominate themselves for development measures and succession lists. Development is targeted and based on individual potential, which is identified using Group-wide criteria and tools, such as local and global people boards.

Our AI-based My Career Hub, which we rolled out in 2024, is an important component of our talent strategy. This platform suggests suitable development options, job offers, mentoring programs, and project assignments to employees based on their skills, interests, and career goals. A total of 18,890 employees were registered on the platform in 2024.

Digital Transformation

From an HR perspective, our Delphi HR program plays a significant role in promoting E.ON's digital transformation. Delphi's aim is to standardize, digitalize, and automate global HR processes and to harmonize role profiles. This will likely not only increase the efficiency and effectiveness of HR management, but also ensure the Company's attractiveness on the highly competitive job market. We will optimize our processes by introducing a standardized human capital management system as the Group's leading HR system. This system will enable automated data processing and offer an intuitive user experience that frees up time resources. Integrated AI functions will ensure the system's future viability and efficiency.

Beyond the process landscape, we are also propelling the digitalization of HR management by means of a proactive approach to people analytics. Our aim is to use data to answer HR-related questions and to support our corporate strategy. E.ON has therefore continuously expanded its peopleanalytics expertise and uses data science methods to analyze HR data. These investments provide valuable insights and make it possible to link other data sources. For example, we model diversity targets using predictive and prescriptive analytics to support targeted strategic interventions. The people-analytics approach also promotes a culture of fact-based decision-making.

Diversity, Equity, \& Inclusion and Well-being

As a global company, we face a wide variety of challenges every day. We overcome them by drawing on our workforce's diversity and employees' different skills, experiences, backgrounds, and perspectives. Our teams reflect this diversity and benefit from mutual enrichment. Promoting diversity is an important tool for increasing competitiveness in all parts of our company. We are aware that the collaboration of people with different backgrounds and perspectives yields innovations and new ideas. The Diversity, Equity, \& Inclusion ("DEt") chapter describes in detail our targeted measures to achieve our DEI targets.

Another key aspect of our commitment is our employees' well-being. We design working-hour models that respond flexibly to our workforce's needs. Hybrid work is now the Group-wide standard at E.ON. In addition, E.ON offers employees in Germany the option of workation. This means that, under certain conditions, they can work temporarily from another EU country.

To further promote our employees' physical and mental health, E.ON also offers support in special life situations, such as when a family member is ill. Furthermore we offer various additional company services ranging from stress and addiction counseling to support in caring for relatives.

Goals and Performance Review

There is a regular annual target-setting process for HR topics of Groupwide strategic importance. The HR Board, the E.ON HR organization's main decision-making panel, defines annual priorities and their performance indicators. They are reviewed on a regular basis to ensure that the targets are being achieved. This target-setting process involves all units that are managed by E.ON HR and for which the defined topics are relevant and add value.

In 2024 the HR priorities were integrated into the CEO target letters for the Energy Networks, Energy Infrastructure Solutions, and Energy Retail business divisions. E.ON SE coordinates and manages this centralized process.

Progress and Measures [+]

Core Workforce by Segment ${ }^{1}$

FTE $^{2}$	2024	2023
Energy Networks	42,421	39,435
Energy Infrastructure Solutions	7,801	8,152
Energy Retail	20,372	18,865
Corporate Functions/Other	5,972	5,790
E.ON Group	$\mathbf{7 6 , 5 6 6}$	$\mathbf{7 2 , 2 4 2}$

${ }^{1}$ Core workforce includes board members and managing directors but excludes apprentices, interns, and working students.
${ }^{2}$ FTE (Full-Time Equivalent) is the reporting figure for employee capacity, taking into account the contractually agreed level of employment and the normal weekly working hours in accordance with collective agreements or company practice. A full-time employee counts as $1 \mathrm{FTE}$.

At year-end 2024, the E.ON Group's core workforce had 76,566 employees. This figure includes part-time positions on a pro rata basis. The number of employees increased significantly-by 4,324 FTEs, or 6 percent-in 2024. The proportion of employees working outside Germany (35,780 FTEs) decreased slightly to 47 percent compared with year-end 2023 (48 percent).

The number of employees at Energy Networks rose significantly. This is mainly attributable to growth activities and the filling of vacancies in Germany.

The change at Energy Infrastructure Solutions mainly reflected the transfer of employees to Energy Retail due to E.ON's new segmentation. The addition of human resources, particularly in Germany, offset this increase slightly.

Similarly, Energy Retail's workforce increased, particularly in the United Kingdom, because of the aforementioned transfers from Energy Infrastructure Solutions. In addition, the acquisition of Solar Concept B.V. and increased customer requirements in the Netherlands along with increased staffing in energy trading led to an increase in this business division's core workforce.

The increase in the number of employees at Corporate Functions/Other resulted from hiring related to digitalization. This was partially offset by a decline in PreussenElektra's workforce due to the dismantling of its nuclear power plants.

The Diversity, Equity, \& Inclusion chapter provides information about the breakdown of employees by gender. Note 11 to the Consolidated Financial Statements contains more information about the average number of employees in the reporting year.

Core Workforce by Country ${ }^{1}$

	FTE $^{2}$			Headcount
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Germany	40,786	37,526	42,293	38,945
United Kingdom	9,757	9,420	10,069	9,742
Romania	6,935	6,861	7,073	7,028
Hungary	5,996	6,009	6,019	6,035
Czech Republic	3,402	3,250	3,426	3,271
The Netherlands	3,368	3,075	3,718	3,438
Sweden	2,840	2,580	2,866	2,607
Poland	1,863	1,879	1,871	1,890
Other	1,619	1,642	1,648	1,662
E.ON Group	76,566	72,242	78,983	74,618
${ }^{1}$ Core workforce includes board members and managing directors but excludes apprentices, interns, and working students. ${ }^{2}$ FTE (Full-Time Equivalent) is the reporting figure for employee capacity, taking into account the contractually agreed level of employment and the normal weekly working hours in accordance with collective agreements or company practice. A full-time employee counts as 1 FTE.
Apprentices in Germany
	Headcount		Percentages
	2024	2023	2024	2023
Energy Networks	2,420	2,208	7.3	7.3
Energy Infrastructure Solutions	34	29	1.8	1.8
Energy Retail	44	43	0.8	0.8
Corporate Functions/Other	84	85	1.6	1.7
E.ON Group	2,582	2,365	5.6	5.6

At the end of the year, E.ON had a total of 2,582 apprentices in Germany. This corresponds to an apprenticeship ratio of 5.6 percent. Of the 583 apprentices who completed their training in 2024, 537 were given a permanent or temporary employment contract. This is a very high takeover rate of 92 percent (2023: 538 of 587, or 92 percent). A consistently high takeover rate of apprentices is one of the ways E.ON is actively addressing the shortage of skilled workers.

Workforce Age Distribution

At year-end 2024, the average age of E.ON employees was 41. In 2024 around 22 percent of our employees were under the age of 31,50 percent between 31 and 50, and around 28 percent older than 50.

Workforce Age Distribution in $2024^{1}$

Percentage, as of December 31, 2024

${ }^{1}$ Total workforce includes board members, managing directors, apprentices, interns, and working students.

New Employee Hires and Turnover Rate

E.ON hired 11,189 new employees in the year under review. This reflects the systematic implementation of our strategy and the achievement of our growth targets. We had 8,199 departures in 2024, yielding a turnover rate of 10.1 percent. This rate is equal to employee-induced terminations (voluntary turnover), employer-induced terminations, retirements, expiring fixed-term contracts, and deaths as a percentage of the average number of employees. The voluntary turnover rate, which is the relevant key figure for us, was 3.7 percent in 2024 (2023: 4.6 percent), reflecting 3,016 voluntary departures.

Diversity, Equity \& Inclusion [+]

Society is diverse. So is our workforce. At E.ON, people work together who are diverse in many ways, including nationality, generation, gender, culture, religion, physical and mental abilities, sexual orientation and identity, as
well as ethnic and social background. E.ON encourages and utilizes this diversity, which is an important component of our corporate culture, and creates an inclusive environment, because the interaction of people with different backgrounds, abilities, and personalities results in good ideas.

E.ON's Approach

Diversity is one of the dimensions of E.ON's sustainability strategy and an essential aspect of our vision. Consequently, diversity, equity, and inclusion ("DEI") together comprise one of E.ON's five People Priorities (the Working Conditions and Employee Development chapter contains more information).

We want to ensure equal opportunity for all our employees. Diversity is a prerequisite for creativity and innovation, and we therefore would like to take a targeted approach to promoting it. E.ON signed the German Diversity Charter in 2008, publicly affirming its long-standing commitment to a tolerant and inclusive corporate culture. The Company has been an active member since 2020.

In 2024 we again participated in initiatives organized by the charter, such as those in conjunction with German Diversity Day. For two weeks, our company intranet offered a variety of formats and information on DEI on a daily basis. In addition to the many formats offered Group-wide, our business units conducted various events and offers at their facilities and/or digitally.

Guidelines and Policies

The E.ON Management Board and SE Works Council signed the Diversity and Inclusion Declaration in 2016. It pledges their commitment to creating a diverse and inclusive work environment that empowers all employees to realize their individual potential. Likewise in 2016, the Company, the SE Works Council, and the Group representation for severely disabled persons signed the Shared Understanding of Implementing Inclusion at E.ON.

Organization and Responsibilities

DEI is managed by Group HR/Executive HR together with a network of HR experts that meets regularly in person or virtually and shares information. The Management Board-with Group HR/Executive HR's support-sets the diversity targets for the company as a whole and for its business units. Some of these targets may also relate to country-specific legal requirements. In addition, the challenges vary by country, so each business unit addresses diversity in its own cultural context. This gives them the opportunity to develop targeted programs that reflect the country or regions in which we operate.

Specific Actions

E.ON promotes DEI through a variety of programs and networks. These include a mentoring program at E.ON companies in Germany to prepare female employees for management positions.

The Women@E.ON network aims to increase the visibility and influence of women at E.ON. The Group-wide LGBT+ \& Friends network promotes equality, diversity, and an inclusive work environment. In addition, E.ON is a member in various initiatives, such as the Initiative Women into Leadership ("IWIL") and the European Round Table ("ERT").

The E.ON Management Board continued its support for diversity networks in 2024. Currently, the following company networks are sponsored by Management Board members and receive financial support from E.ON SE.

• adaptABILITY, an initiative for disability and mental health. Sponsor: Chief Executive Officer ("CEO")
• LGBT+ \& Friends, the second-placed diversity initiative at the 2021 CEO Award for D\&I. Sponsor: formerly Chief Financial Officer ("CFO"), Chief Operating Officer-Commercial ("COO-C"), since June 2024
• Women@E.ON, an alliance of and for women, which won the 2020 CEO Award for D\&I as best network group. Sponsor: Chief Operating OfficerNetworks ("COO-N").

In 2024 the CEO Award for Diversity, Equity and Inclusion was conferred for the sixth time; the motto was "Accessibility." The awards pay tribute to individuals (category: Accessibility Hero) and initiatives (category: Best Diversity Campaign) at E.ON that strive to make a difference in diversity and inclusion. In 2024 the winners of the CEO Award for Diversity, Equity, and Inclusion were chosen in a Group-wide vote. Joanna Hammond was honored in the Accessibility Hero category. Joanna Hammond oversees the adaptABILITY network and actively promotes inclusion. The CEO Award for Diversity and Inclusion in the Best Diversity Campaign category went to envia TEL's workshop series entitled "Dealing with inappropriate behaviors." Its aim was to foster more sensitive and mindful interactions among employees.

A 15-month pilot project called Diversity Compass came to a successful conclusion in 2024. The project was initiated in 2023 by the Stifterverband and the Charta der Vielfalt (Diversity Charter). E.ON and five other companies participated. The pilot's aim was to design structures, tools, and measures to include diverse groups of people in everyday working life, to consider them in all Company areas and processes, and to firmly engrain DEI in corporate culture. The project was supported by an outside process consultant. As part of the project, E.ON formulated a DEI vision and mission in an international project group and developed a maturity approach for the continuous development of diversity activities.
E.ON's commitment to DEI was strengthened by the LGBT+ Roadmap. Launched in January 2024, the roadmap is an action plan to create a more inclusive workplace. This 18-month initiative, sponsored by an E.ON SE Management Board member, aims to increase visibility, support LGBT+ employees, and strengthen anti-discrimination measures.

In August 2024 E.ON was officially represented for the second time at the 21st Christopher Street Day in Essen, known as "Ruhr Pride." On this day, about 70 E.ON employees demonstrated our support for openness, diversity, and acceptance. Participation in Ruhr Pride was initiated by the LGBT+ \& Friends corporate network.

The first E.ON LGBT+ \& Friends Conference was held in Prague in November 2024, bringing together 100 participants from various Group units. The network sharpened E.ON's LGBT+ strategy and designed actions for the 2025 financial year.

The CEO Listening Tour, which was developed in 2021, continued in 2024 as well. This format is less about talking to employees and more about listening to them. The discussions focus on the work environment at E.ON, discrimination in the workplace, corporate networks, and many other topics. In 2024 the focus was on mental health and depression.
E.ON also introduced a pilot DEI survey as part of its commitment to promoting an inclusive work environment. This anonymous survey, which started in the fall of 2024, will help assess selected units' workforce diversity and inclusivity. The findings will contribute to targeted improvements in our DEI activities.

Goals and Performance Review

E.ON SE and E.ON companies in Germany must comply with the German Law for the Equal Participation of Women and Men in Leadership Positions in the Private Sector and the Public Sector, which took effect on May 1, 2015. In February 2022 the E.ON Management Board adopted new target quotas for E.ON SE for the new implementation period beginning on July 1, 2022. The target quotas are 36 percent for the proportion of women occupying both the first and the second levels of management below the Management Board. The targets are to be met by June 30, 2027.

The proportion of women occupying the first level of management below the Management Board was 28.0 percent at the end of the 2024 financial year, that of the second of management below the Management Board was 30.9 percent.

The E.ON SE Management Board has recommended to those E.ON Group companies that are legally obligated to set targets for the proportion of women on their supervisory board, management board, and the next two
levels of management that they select ambitious targets that likewise should be met by June 30, 2027.

In addition, it was recommended that other relevant E.ON Group companies set appropriate quota targets even if they are not legally obligated to do so. The companies of the E.ON Group have heeded this recommendation. In addition, in 2021 E.ON set a voluntary Company-wide target that goes beyond statutory requirements. The target is to increase the proportion of women in management positions in all business units in all countries to at least 32 percent by year-end 2031. This figure corresponds to the proportion of women in E.ON's workforce at year-end 2021. Group HR monitors progress toward the target once a year and reports the findings to the E.ON Management Board. E.ON discloses the respective figures at year-end for the E.ON Group as a whole. The development of the proportion of women in management positions in 2024 shows that the Group is well on the way toward achieving its 2031 target.

Share of Female Executives ${ }^{1}$
Percentages 20242023
E.ON Group 2624
${ }^{1}$ Against the total number of managers.

Progress and Measures

The proportion of female employees remained constant relative to the prior year. Women accounted for 32 percent of our workforce at year-end 2024.

Women's Quota by Segment ${ }^{1}$
Percentages 20242023
Energy Networks 2423
Energy Infrastructure Solutions 2628
Energy Retail 50
Corporate Functions/Other 40
E.ON Group 32

[^0]
[^0]: ${ }^{1}$ Total workforce: includes board members, managing directors, apprentices, interns, and working
students. Due to the changes in segment reporting, the previous year's figures have been adjusted
accordingly.

Employees by gender ${ }^{1,2}[+]$

Headcount	2024
Male	56,169
Female	26,735
Other	3
E.ON Group	$\mathbf{8 2 , 9 0 7}$

${ }^{1}$ Total workforce including board members, managing directors, apprentices, interns, and working students.
${ }^{2}$ Gender according to the employees' own information

Proportion of Severely Disabled Employees in

Germany ${ }^{1}[+]$

Percentages	2024	2023
Energy Networks	4.3	4.4
Energy Infrastructure Solutions	2.7	3.3
Energy Retail	3.8	4.5
Corporate Functions/Other	5.0	5.6
E.ON Group	4.2	4.5

${ }^{1}$ Total workforce: includes board members, managing directors, apprentices, interns, and working students. Due to the changes in segment reporting, the previous year's figures have been adjusted accordingly.

• At the end of 2024, 1,813 people with severe disabilities or equivalent were employed at E.ON companies in Germany (prior year: 1,775). 4

The Human Rights Policy Statement commits E.ON to freedom, equality, and respect for all people without distinction. The aim is to provide a fair and mutually trustful working environment to all employees. E.ON therefore does not ask for or collect information about employees' ethnicity, marital status, and so forth. In fact, the laws of some countries prohibit doing so. Germany, however, obliges companies to collect and publish data about the number of employees with severe disabilities at their operations.

The number of nationalities represented in our workforce in 2024 (2023: 115)

Security of Supply [+]

E.ON's objective as an energy company and distribution system operator is to ensure a secure supply of electricity and gas to its customers. E.ON is not only concerned with ensuring security of supply. Reducing the use of carbon-intensive fuels is important as well. An example of how to achieve this is by increasing biogas capacity and other low-carbon fuels.

Increasing the capacity of renewable energy systems ("RES") also helps decrease carbon-intensive energy. Investing in wind, solar, and other RES reduces the proportion of fossil fuels in the energy mix, which lowers greenhouse gas emissions and promotes a more sustainable energy supply

A reliable electricity and gas supply is essential for industrialized countries to be able to maintain their economy and meet their inhabitants' basic needs. Due to security of supply's social relevance, lawmakers serve as representatives of various groups' interests and exercise this function by enacting various regulatory requirements. Industrial customers that operate high-precision production facilities require a constant network frequency. If frequency fluctuates, machinery can break down, resulting in additional costs. A complete interruption of the electricity supply can have serious consequences, and not just for industrial customers. At companies, government agencies, and households, most processes are no longer possible without electricity. E.ON enters into dialog with local residents and customers in order to address their expectations as well as their concerns about risks relating to security of supply. One challenge in power supply is that energy is increasingly being generated decentrally and consequently fed into the E.ON network from many different points. Moreover, renewables feed-in fluctuates because it depends on the weather and other factors beyond E.ON's control.

E.ON's Approach

We continued the E.ON Lab in 2024 to study more potential innovations. In Arnsberg/Sundern and Lüneburg, Germany, E.ON is testing the extent to which various aspects of a future energy world are feasible, useful, and scalable. E.ON is expanding its digital equipment in these communities and assessing the value that such smart solutions add for customers and networks. We are also exploring whether and how current energy-market regulation can better reflect customer needs. E.ON's smart solutions promote secure and efficient network operation. This gives us a transparent view of the operating status of network equipment and energy flows and enables us to make targeted use of the flexibility available in our networks.
E.ON places great importance on ensuring that all customers and other affected stakeholders can make suggestions or express their needs quickly and easily. Numerous channels-such as mail, fax, telephone, our energy portal, social media, and branch offices-are available for this purpose. In
addition, all of our distribution assets have a sign displaying an outage hotline that can be used to report an outage.

Our network operators' websites have a form that can be used to make quick and easy written contact. The data entered are automatically forwarded to the correct department. Affected customers receive a response within 24 hours. Staff in our network operators' branch offices are happy to make an appointment to provide free, personal, expert, and comprehensive advice-if desired, outside normal opening hours. In addition, individual on-site appointments can be used to address concerns. At the request of a municipality in one of our network territories, we can hold a town hall information event at which one of our employees advises residents on all topics relating to energy supply.

Our application documents for planning approval procedures for network expansion projects are displayed for one month in the town halls of nearby towns and municipalities. This is announced publicly in advance. All citizens can use the public display as an opportunity to submit suggestions and concerns about specific aspects of the plan.

Guidelines and Policies

In 2021 E.ON adopted a strategy for deploying more smart technologysmartifying-in its low- and medium-voltage grids. The smartification strategy aims to prevent outages at an early stage and to reduce their duration through more intensive maintenance. The strategy's implementation has four expansion stages: controllable and observable local grid stations, observable low-voltage grids, controllable low-voltage grids, and digital excellence. The strategy applies in Germany and all other countries in Europe where the Company operates. E.ON's smart-tech deployment targets vary by country but generally far exceed those set by each country's regulatory agency. The "Progress and Measures" section below presents the strategy's progress using key performance indicators ("KPIs").

Various laws, such as the Energy Industry Act (German abbreviation: "EriWG"), ensure the security of Germany's electricity and gas supply. This law makes sure that sufficient generating capacity is available and that electricity and gas networks remain stable. The Federal Network Agency monitors compliance with these requirements. In emergency situations, the Energy Security Act (German abbreviation: "EriSIG") and the Gas Security Ordinance (German abbreviation: "GasSY") stipulate how vital gas requirements are to be met in order to ensure security of supply even in times of crisis.
E.ON has likewise pursued a growth strategy since 2021 to promote security of supply and cross-sector decarbonization. Central to this strategy is achieving a balance between sustainability, security of supply, and affordability. This is all the more important because our customers

continue to expect a secure energy supply at affordable prices. The Strategy chapter provides more information about our growth strategy.

Organization and Responsibilities

E.ON's regional network companies are responsible for the safe and reliable operation of its distribution networks. Network control centers manage network operations. They are also responsible for resolving unforeseeable outages in their service territory. E.ON's crisis management system defines the responsibilities and procedures for dealing with widespread disruptions. The Incident and Crisis Management policy provides guidelines for such situations. The Chief Operating OfficerNetworks ("COO-N") oversees the Energy Networks business division. Under his leadership, three departments (Energy Networks Europe, Energy Networks Germany, and Energy Networks Technology \& Innovation) at Corporate Functions manage the business division's regional units. These departments' tasks include strategic development, investment planning, and asset management.
E.ON attaches great importance to taking the views and concerns of affected communities into account in its decisions and activities. This takes place through various forms of cooperation, such as citizen dialogs, the sharing of views within our industry and with regulators, as well as discussions with Germany's Federal Network Agency (German acroynm: "BNetzA").

Affected communities are involved at different phases depending on the respective decision-making processes and activities. This can begin as early as the planning phase and extend through implementation and operation. The type and frequency of involvement reflect each community's particular needs and demands.

Certain functions at our distribution system operators have operational responsibility for community involvement. These functions have different places in each organization's setup. They ensure that the results of community involvement are incorporated into the business plan. This ensures that communities' concerns are adequately taken into account. An example of project-related communications is the public information campaign conducted by Westnetz to accompany the construction of a 110 kV high-voltage power line in Idar-Oberstein in southwest Germany.
E.ON and its network companies provide the necessary personnel, technical, and financial resources to manage the impact of network construction projects. Employees in regional Public Relations are responsible for all communications with all the stakeholders affected by, say, a network expansion project and support the projects with press releases where necessary and, where appropriate, with local media events as well. They have all the necessary technical resources, such as a fully equipped (mobile) workstation, to perform these tasks.

Specific Actions

E.ON wants to operate secure and stable networks in a future energy world as well and thus offer its customers a reliable electricity and gas supply at reasonable costs. That is why E.ON is upgrading to smart grids by equipping networks with sensors and control technology, increasing the level of automation, and adding a digital layer. This will enable us to manage energy flows in line with demand and to monitor our grids in real time and with much greater granularity than today. Additionally, smartgrid technology makes it possible for us to partially avoid or delay some grid expansion.

Going forward, smart grids will serve as the platform for the innovative technologies and new business models that contribute to the energy transition's success. Examples include:

• Flexible tariff models that use price incentives to influence demand and thus help stabilize networks
• The aggregation of multiple distributed power generating units into virtual power plants that respond dynamically to changes in consumption
• Peer-to-peer sharing solutions in the form of a local energy market place, such as for households and businesses
• Fluctuation-tolerant local energy systems that have battery, gas, or heat storage devices and mutually complementary generating units.
  E.ON has investment and maintenance programs under which it expands and maintains its networks in line with demand. E.ON will invest $€ 43$ billion from 2024 to 2028, of which $€ 35$ billion will go toward its Energy Networks business division and here, in particular, toward network expansion. This is intended to enable us to ensure that all our network customers are connected to the network and receive a reliable energy supply. In addition, E.ON invests an average of $€ 400$ to $€ 500$ million annually to expand its power networks to connect more renewables. The Sustainable Investments chapter contains more information about sustainable investing and E.ON's green bonds.

Our regional network companies are responsible for carrying out the measures, which are planned for one or more years. E.ON invested about $€ 5.8$ billion in network expansion in 2024. Part of the investment budget went toward the gradual expansion of smart grids: E.ON's network structure is being progressively equipped with sensors, control and relay technology, as well as being automated and digitally networked. The increasing use of smart-grid technology makes it possible to avoid or delay costly investments in network expansion, for example, by using new technology to make better use of existing overhead lines. Investment decisions always consider the efficiency of each measure alongside security of supply. This means that E.ON chooses those solutions that make the most sense from both a technical and business standpoint. The
introduction of ISO 55001 is a building block in the systematization of decision-making. The core objective is to make optimal use of existing resources (in particular budgets, materials and personnel). To this end, projects are evaluated according to criteria such as cost-effectiveness, feasibility, and impact on the environment and the community.
E.ON is a long-standing and reliable network operator throughout Germany. Its network customers therefore benefit from the strengths of the Group as a whole as well as from its regional presence at numerous locations across Germany. Our community ambassadors organize local information events to keep communities and interested parties up to date on current topics and developments in the energy sector. They strive to find swift solutions for suggestions and complaints and involve company experts in this process.

Goals and Performance Review

E.ON works closely with national government authorities-like Germany's Federal Network Agency (German abbreviation: "BNetzA")-to address the objective of security of supply. The BNetzA is the regulatory agency for Germany' electricity and gas markets and plays an important role in monitoring and ensuring network stability and security of supply. Regular dialog and cooperation with the BNetzA enable E.ON to ensure that its electricity and gas supply complies with legal requirements and meets the stakeholders' needs. Security of supply is heavily regulated, and E.ON does not set quantitative targets and focuses instead on meeting regulatory requirements.

Nevertheless, E.ON measures the quality of the electricity supply by means of key performance indicators ("KPIs") like system average interruption duration index ("SAIDI") and system average interruption frequency index ("SAIFI"). SAIDI measures the average duration of power interruptions per year, while SAIFI measures the average number of power interruptions per year. These KPIs serve as indicators of the electricity supply's reliability and enable E.ON to continually improve its performance and further increase security of supply. The next section contains more details about the KPIs.

In addition, we use Journey NPS to measure our performance when interacting with existing and potential customers who have had one or more interactions with E.ON. The Customer Satisfaction chapter provides more information about related KPIs.

Progress and Measures

E.ON's regional network companies record all planned and unplanned service interruptions in their distribution networks. The data collected are aggregated into SAIDI for power. As stated above, it indicates the average interruption duration per customer and year.
E.ON reports SAIDI-the overall figure and broken down into planned and unplanned service interruptions-of its fully consolidated network companies by country. The figures for Germany reflect the weighted average of its fully consolidated network companies there. They are calculated using the method prescribed by the BNetzA. The calculations are based on service interruptions that have been verified by the BNetzA. All other countries in which E.ON operates networks have similar quality standards. Their national regulatory agencies verify and validate network operators' reported service interruptions. SAIDI figures for each country therefore reflect the methodology prescribed by its regulatory agency.
$\cdot$ Our network companies also calculate the system average interruption frequency index ("SAIFI"). As stated above, this measures the average number of interruptions per customer and year. The data collection process for SAIFI is the same as for SAIDI. $\cdot$

By the end of the data collection period in 2024, no regulatory agency had completed the process of validating outages for 2024. This report is intended to contain final figures on the continuity of supply that have been officially validated. Consequently, the country-specific figures for the prior year are disclosed at right.

SAIDI and SAIFI provide important information on network service quality. At regular intervals, our network operators report them and other KPIs, such as network losses, to the E.ON Management Board member responsible for network operations for the purpose of managing supply reliability.

The following presentation of KPIs on service quality considers different causes when classifying disruption-related interruptions in individual countries because their respective national regulatory agencies use different methodologies. These KPIs are generally reported without interruptions due to force majeure; any exceptions are indicated.

SAIDI Power ${ }^{1,2}$

Minutes per customer	2024	2023
Germany	23	21
Scheduled	6	6
Unscheduled	17	15
Sweden ${ }^{3}$	138	156
Scheduled	43	33
Unscheduled	95	123
Hungary	149	151
Scheduled	92	94
Unscheduled	57	57
Czech Republic	309	253
Scheduled	163	154
Unscheduled	146	99
Romania	280	331
Scheduled	212	254
Unscheduled	68	76
Poland	47	71
Scheduled	8	7
Unscheduled	39	64

${ }^{1}$ Totals may deviate due to rounding.
${ }^{2}$ The figures are based on previous year values.
${ }^{3}$ Includes the impact of force majeure.

SAIFI Power ${ }^{1,2}[\mathrm{x}]$

Interruptions per customer	2024	2023
Germany	0.45	0.41
Scheduled	0.10	0.08
Unscheduled	0.35	0.32
Sweden ${ }^{3}$	1.86	1.67
Scheduled	0.68	0.47
Unscheduled	1.18	1.20
Hungary	1.08	1.12
Scheduled	0.34	0.33
Unscheduled	0.74	0.79
Czech Repbulic	2.10	1.77
Scheduled	0.60	0.59
Unscheduled	1.50	1.18
Romania	1.51	1.80
Scheduled	0.68	0.82
Unscheduled	0.83	0.98
Poland	0.99	1.05
Scheduled	0.16	0.14
Unscheduled	0.83	0.91

${ }^{1}$ The SAIFI is subject to the same definitions as the SAIDI and is determined on the basis of the same fault causes as the SAIDI.
${ }^{2}$ Totals may deviate due to rounding.

The table below provides information on our system lengths through the end of 2024.

System Length at Year-end [x]

	Power			Gas
Thousand kilometers	2024	2023	2024	2023
Germany ${ }^{1}$	692	694	98	99
Sweden	143	142	0	0
Hungary	80	85	18	18
Czech Republic	68	67	5	5
Romania	82	80	26	26
Slovakia	0	23	0	0
Poland	19	19	0	0
Croatia ${ }^{2}$	-	-	2	2
Total	$\mathbf{1 , 0 8 4}$	$\mathbf{1 , 1 1 0}$	$\mathbf{1 4 9}$	$\mathbf{1 4 9}$

${ }^{1}$ Figures for Germany are for the respective previous year: 2024 for 2023, 2023 for 2022.
${ }^{2}$ Gas grids only.

Customer Satisfaction [+]

Customers from different sectors-households and businesses, cities and government entities-understand that a digital and decarbonized future means that they will not only consume less energy, but also increasingly make and store their own clean energy. These customers are extremely knowledgeable and discerning. They expect E.ON not only to listen to and anticipate their needs, but also to design innovative and sustainable energy solutions, deliver best-in-class services, and provide a consistently good customer experience. Earning and retaining their trust and loyalty is very significant for us to sustainably grow our business. Satisfied customers tend to stay with us longer, to purchase additional products and services, and to recommend us to their family and friends.

E.ON's Approach

E.ON continually measures and improves the experience we offer our customers. It is essential for us to be systematically customer-centric. The E.ON brand promises to give our customers what they want in the future energy world: consistently positive experiences with our services and smart, sustainable solutions. Our new campaign in Germany positions E.ON as the playmaker of the energy transition and shows how energy gets from where it is produced to where it is needed. We work to empower people, companies, and cities across Europe to create the sustainable world that they want to live in. The purpose is to build energy communities in which everyone can do their part and meet these needs-from a household opting for green electricity to an entire city committing to sustainability. Delivering on this promise will make the E.ON brand distinctive and enable us to successfully expand our business. E.ON's objective is to become the number one energy-solutions company in all of its markets and thus to live up to its ambition of being the playmaker of the energy transition.

Organization and Responsibilities

The Chief Executive Officer ("CEO") coordinates, from Corporate Functions, our brand and marketing strategy with the aim of further developing and strengthening the E.ON brand. The Chief Operating Officer-Commercial ("COO-C") supports the Energy Retail and Energy Infrastructure Solutions businesses for all customer segments and in all E.ON markets. The regional units' Customer Experience teams are responsible for customer satisfaction. They carry out projects and measures in their respective sales territories and exchange information on successful approaches and progress on a monthly basis. There are Customer Experience teams in Germany, the United Kingdom, Italy, Romania, Sweden, the Czech Republic, Hungary, Poland, and the Netherlands.

The CCOs and COOs also hold quarterly meetings at the Management Board level. The aim is to improve customer orientation. The focus in 2024
was on creating a common operating model for successfully managing Net Promoter Score ("NPS").

The Customer and Market Insights team studies which trends shape our customers' attitudes and behaviors. For this purpose it conducts consumer studies on, for example, dynamic and flexible tariffs as well as innovative energy solutions.

Specific Actions

E.ON measures the loyalty and trust of its existing and potential customers by means of NPS, which was introduced in 2009 and became a Groupwide program in 2013. NPS indicates customers' willingness to recommend E.ON and its services. It also helps us identify which issues are currently of particular importance and thus to adapt our activities to current customer needs. E.ON measures two types of NPS:

• Strategic NPS ("sNPS") compares E.ON's performance with that of its competitors and is based on the feedback of customers regardless of whether they have had any interaction with E.ON.
• Journey NPS ("|NPS") measures the loyalty of current and potential customers who have completed one or more interactiona 6 with E.ON for example, if E.ON helped them transfer their energy service to their new residence when they move.

NPS is used by our regional units in Germany, the United Kingdom, Italy, Romania, Sweden, the Czech Republic, Hungary, Poland, and the Netherlands.

A methodology introduced in 2017 enables us to measure strategic NPS consistently across all markets. The methodology for sNPS and |NPS is based on an automated reporting process in order to avoid the errors of manual data entry and to improve data quality and verifiability. This allows us to identify and resolve customer issues experienced in multiple markets. It also makes it easier for us to recognize the areas in which useful innovations can be offered.

Goals and Performance Review

Every year, E.ON sets company-wide targets for strategic and journey NPS. E.ON uses both indicators at the segment and unit level for purposes of management control. Targets are set for each unit using a uniform approach and are based on the previous year's performance. Strategic NPS is highly relevant for management control because of the information it provides about competitors. The E.ON Management Board has received a monthly NPS report since September 2020. In addition, periodic market reports enable the Chief Operating Officer-Commercial and the CEOs of the regional units to exchange views on NPS issues and customer topics.

NPS also plays a role in executives' variable compensation. This consists of two components: one factor reflects an executive's individual performance, the other company performance. Progress in strategic and journey NPS has accounted for 20 percent of the calculation of company performance since 2020. The achievement of NPS targets is also factored into determining the E.ON Management Board's compensation.

Group-wide sNPS fell by 12 points to 89 percent in 2024. sNPS in the United Kingdom recovered after declining sharply during the energy crisis. Germany bucked the market trend and is almost on a par with the competition. The Netherlands (Essent) remains the sNPS market leader but was unable to pull further ahead of the competition. After performing well for years, the Czech Republic and Italy are still ahead of the competition, but both regions are finding it difficult to maintain their lead. Romania and Poland increased their scores more than the competition, thus enhancing their position.

Which operational |NPS data must be measured by all regions was, for the first time, defined centrally in 2024, namely: customer feedback on complaint management and the payment process. The other two journeys vary by region. The regional teams in the United Kingdom, Germany, the Czech Republic, Romania, and Hungary exceeded their |NPS performance targets in all four target-relevant journeys and achieved 150 percent. Poland and Italy achieved 100 percent. Sweden achieved the target in two journeys, the Netherlands in one. The expiration of government support for households' energy costs in Germany resulted in all of EDG's work capacity being occupied with translating the altered regulatory conditions into its systems. These circumstances made it impossible to further improve the customer experience in our payment processes.

Energy Affordability [+]

Geopolitical events like the ongoing war in Ukraine and political instability in the Middle East continue to impact energy prices. This presents E.ONas well as its customers-with more challenges alongside those posed by the energy transition. One thing is certain: the energy supply must remain reliable, secure, and affordable for industry and consumers.

Energy companies like E.ON play a central role in minimizing climate protection's social impact. E.ON's investments in modern infrastructure, innovative technologies, digitalization, and intelligent customer solutions enable it to enhance energy efficiency along the entire value chain. E.ON's long-standing approach is for its business to meet societal expectations regarding energy and also to make a positive contribution toward three objectives: climate protection, security of supply, and affordability.

E.ON's Approach

Prices on commodity markets constitute a major driver for the energy prices charged to our retail and industrial customers. E.ON's influence on customers' energy prices is limited. E.ON focuses on operating its networks efficiently and invests in network infrastructure to continually reduce maintenance costs in particular and thus to help lower end-customer prices. The "Specific Actions" section of the Security of Supply chapter describes such measures. To ensure fair prices for our customers and to be able to plan long term, we generally procure electricity and gas in advance. However, we cannot insulate ourselves from market developments and must factor in all cost components into our pricing-both when these components fall and when they rise. This affects our customers as well, who in some cases have to accept additional costs. Especially for vulnerable customers the situation can become challenging for a variety of personal circumstances. E.ON's approach to energy affordability therefore encompasses clearly defined guidelines and support programs.

Guidelines and Policies

Our corporate responsibility regarding energy affordability has two main aspects. We strive as an energy company to comply fully with all existing legal requirements and meet current standards and guidelines in our markets. In addition, energy affordability is an aspect of the fundamental right to be supplied with energy. This makes it part of the International Covenant on Economic, Social, and Cultural Rights and thus of the International Bill of Human Rights. E.ON is unequivocally committed to upholding these rights and has enshrined this in its Human Rights Statement. This statement obliges us not only with regard to our own business operations and our suppliers, but also to the customers to whom we supply our products and services. The "Guidelines and Policies" section of the Human Rights and Supply Chain Management chapter contains more information about the statement.

In October 2024 the Group Sustainability Council adopted the following Group-wide principles in order to place more emphasis on energy affordability and, in the future, to refine E.ON's approach to it:

• Support for vulnerable customers: we advocate for social policy solutions and reduced energy taxes and levies
• Support programs: we facilitate access to support for vulnerable customers through welfare organizations or our own programs-such as debt advice and energy-efficiency tips-that at a minimum meet legal requirements.
• Disconnection is the last resort: we engage with customers in a timely manner to avoid disconnects.

Organization and Responsibilities

Energy affordability is COO-C's responsibility. The Energy Retail division at E.ON SE's Corporate Functions is tasked with overall coordination and control. Our regional units are responsible for customer service in our markets. Each has established its own customer service organization. Ultimately, the regional units bear responsibility for supporting vulnerable customers. The units design individual, regional programs for vulnerable customers within a predefined framework. The Customer Satisfaction chapter contains more details on the organization of the regional units' customer areas.

Specific Actions

Our retail energy business prioritizes aims to create tailored solutions for our customers. We use transparency and open communications to help them make informed decisions-when they initially opt for a product and throughout a contract's term.

Loyal and satisfied customers are important to E.ON. We are committed to supporting households experiencing financial difficulties by offering them suitable and easily accessible programs so that we can continue to supply them with energy. We want to offer vulnerable customers effective and reliable support and help them overcome their challenges. Each case can be different. We therefore adapt our programs to customers' individual needs, the market situation, and government programs in different countries. Examples in our main markets include the following:

• Our sales units in Germany offer personalized advice via various channels (telephone, online, mail) and stay in contact with our customers. The energy-saving advice and tips we offer on our website and other channels are also important. Our customers can also contact the payment assistance team. It supports customers who are experiencing financial difficulties by working with them to find a suitable instalment payment plan.
• A team of trained specialists in the United Kingdom supports our most vulnerable customers there. In addition, all customer-facing employees receive extensive training on affordability. Eligible customers can benefit from the E.ON Next Energy Fund, which provides assistance in cases of financial hardship and, for example, can grant an award to clear any outstanding energy debt and provide replacement energy efficiency appliances. Customers can use the website to determine whether and to what extent they are eligible. In 2024 we also worked with charities like Citizens Advice, Stepchange, and Kidney Care UK and also supported these organizations financially. The support includes help accessing unused benefits, energy efficiency advice, prepaid meter vouchers, and financial grants.
• Our customer service in the Netherlands offers free advice over the phone and an online home scan to reduce energy consumption. Essent
  has worked closely with other major energy companies and the Dutch government to create "Noodfonds," an emergency fund for vulnerable households having difficulties paying their energy bills. Over 50,000 Dutch households received financial support in 2023. This number surpassed 110,000 households in 2024.

We only consider disconnection as a last resort. We therefore try to engage in a timely manner with customers who could potentially face a disconnection to prevent it from happening.

We ensure that the programs we offer actually help customers with payment difficulties by seeking direct contact with them. In the Netherlands, for example, we strive to proactively engage with such customers. Our approach is social collection: instead of simply offering payment options, we first try to understand why someone is unable to pay. Our employees speak with these people in order to identify the causes. We offer energy-saving advice and work with partners that offer independent payment advice and coaching.

Goals and Performance Review

Although E.ON has not set any measurable targets, it reviews the effectiveness of the above-described approach. E.ON first adopted guidelines for its approach to energy affordability in 2024. It therefore plans to fine-tune the evaluation and review process. COO-C will communicate the guidelines for energy affordability to the regional units to ensure that they understand them. We intend to do this in the first half of 2025. The topic will be included in the regional units' periodic performance reviews as well. We plan that in the future these reviews will include the regional units confirming their compliance with the guidelines and reporting on measures they have implemented regarding energy affordability. Net Promotor Score ("NPS"), however, already gives us a tool for measuring existing and potential customers' loyalty and trust against preset targets. The Customer Satisfaction chapter provides more information on NPS.
E.ON is convinced that it would be sensible to find a (social) policy solution to support vulnerable customers in crisis situations. Taxes, levies, and surcharges still account for a large portion of energy costs. Reducing energy taxes and levies for these customers would therefore be appropriate. Consequently, E.ON advocates reducing electricity taxes and levies, which account for a significant proportion of the final price. Reducing these costs would reduce the economic burden on endconsumers and companies.

Community Involvement [+]

E.ON's Approach

E.ON is part of the countries and regions where it does business and therefore feels obliged to make a contribution to their prosperity, economic development, sustainability, and quality of life. We do this primarily by creating jobs and by offering energy solutions that enhance our customers' sustainability and comfort. In addition, E.ON engages in community involvement and supports employee volunteering in all regions where it operates.
E.ON local representatives know their country's needs and challenges best. So E.ON lets them decide which projects and organizations to support. E.ON is convinced that local decision-making is more suitable than central directives for giving its community involvement activities a societal impact.

Our Community Investments

E.ON reports its corporate giving by the categories below.

Corporate Giving by Category

Alongside corporate giving, E.ON makes strategic investments in community involvement, which are typically more long-term in nature. In 2024 the financial resources for sponsorships went toward three focus areas: climate protection, access to energy, and support for the next generation.
E.ON's corporate giving and strategic community involvement totaled more than $€ 17$ million in 2024 (prior year: $€ 22$ million).

E.ON Foundation

The E.ON Foundation aims to promote a sustainable transformation of the energy system that reflects people and their social practices. Guided by the
conviction that a purely government-mandated, over-regulated energy transition will not succeed, it supports projects, events, and practical formats relating to energy and society. In 2024 the foundation provided $€ 2.4$ million in funding to the projects it supports. Because the foundation is independent, this funding is not included in E.ON's community investments.

In order to better coordinate Group-wide and regional activities as well as the E.ON Foundation's engagement and to increase its social impact, we bundled E.ON SE's and the E.ON Foundation's activities and linked them more closely. The aim is to ensure that responsibility for content coordination, decisions on projects, and process design lies in one hand.

Strategic Community Involvement

Corporate Volunteering

In 2024 employees were again actively involved in non-profit projects in all regions in which E.ON operates. In total, 3699 E.ON employees performed 25514 hours of volunteer work in 2024. This figure may include double counting of employees who volunteer more than once.

Data Protection, Cybersecurity, and Product Safety [+]

E.ON processes personal data of a variety of stakeholders, primarily customers, employees, enterprise partners, and suppliers. We have a Group-wide data protection organization, which we continually improve. E.ON evaluates its processing activities on an ongoing basis in order to comply with applicable regulations and to protect data subjects' rights and personal data. In addition, E.ON has a broad-based cybersecurity organization whose aim is to efficiently protect systems and data regardless of where they are accessed from, which devices are used, and where the data are processed. In particular, the expansion of digital systems in our critical infrastructure must be designed so that our in-house users as well as our customers and suppliers can trust them and so that
negative effects such as outages of any kind are avoided. Safeguarding all company information-in oral, written, and digital form-is crucial in order to prevent damage to E.ON's competitive position, brand, and reputation.
E.ON offers its customers digital solutions (like the E.ON Home app and the E.ON Drive app) as well as a steadily expanding range of products installed at their premises. This includes solar and battery storage systems, heating systems (including heat pumps and boilers), and electric vehicle charging points. The safety of these products is essential for E.ON to ensure that our customers can use them without concern, to retain customers' trust, and continue to serve them successfully.

E.ON's Approach

E.ON takes compliance with the General Data Protection Regulation ("GDPR") and national regulations seriously and aims to protect the rights of natural persons-above all customers, employees, suppliers, and other third parties-when processing their personal data. In principle, all natural persons may themselves determine the extent to which their personal data are processed. E.ON Group's Data Protection Management System ("DPMS"), which was established in reference to IDW PS 880, an audit standard for compliance management systems, describes the minimum standards for maintaining data protection in the E.ON Group. The DPMS is implemented by the individual units and, at the same time, serves to ensure a structured, coordinated, and consistent approach to data protection. The DSMS was extensively revised and was made available to E.ON employees through in-house channels.

In addition, the Group Data Protection Officer ("DPO") designed a data protection roadmap. The roadmap defines specific measures and tasks for each unit to implement for each of the DSMS's elements. These measures are derived from the findings of our data protection risk landscape (such as quarterly reporting), the type of operational business in question, and legal requirements and changes. The data protection roadmap's specific measures and tasks help ensure the DSMS's effectiveness, compliance with the GDPR, and a focus on current legal and factual developments and/or risks, even as framework conditions evolve.

Data protection is an ongoing task amid rapidly evolving technologies and practices. Using the plan-do-check-act ("PDCA") method enables E.ON to continually improve these processes (for more information, see "Goals and Performance Review" below). These improvement activities continued in 2024.

In 2024 E.ON began to fundamentally revise individual guidelines that are part of the DSMS as well as other handouts that serve to effectively implement data protection and to publish some of the revised versions.

To protect all company information, E.ON has in place an Information Security Management System ("ISMS") based on the standards of the ISO 2700x series, widely recognized international standards for information security. The ISMS is certified for those parts of the organization where it is required by law. E.ON works to ensure and maintain the confidentiality, availability, and integrity of its information resources. This includes monitoring infrastructure, vulnerabilities, and threats as well as detecting and responding to security events like cyberattacks. For this purpose, inhouse and outside experts conducted extensive security tests of the systems on a regular basis. In 2024 E.ON updated its cybersecurity strategy and fundamentally restructured and expanded its cybersecurity rules. The purpose of this expansion was also to counter cyber-attacks and the resulting adverse impact on systems, energy networks, and energy equipment. The scope of this new cybersecurity strategy-including all its policies, standards, directives, and local instructions-applies to the entire E.ON Group and thus covers all aspects of cybersecurity at E.ON. It starts with our mission statement and organizational setup, which are covered in our Cybersecurity Functional Policy, as well as our rules and regulations for all employees, which are described in the Cybersecurity People Guideline. Our Information Security Standards define more specific rules and requirements, and our Cybersecurity Guidelines explain in detail how these requirements are to be met. E.ON will address this by improving security awareness, identity and access management, cloud security, and new detection and prevention capabilities.
E.ON extend its standards for occupational health and safety to the products it offers customers. The Company sets uniform standards to ensure that its products are safe throughout their life cycle, from development to recycling. Our ambition is to comply fully with all existing laws and regulations. This applies likewise to applicable safety laws and regulations. Due to confidentiality constraints and the sensitivity of such data, E.ON cannot provide information about complaints concerning data breaches, regardless of whether these complaints were substantiated or not.

Guidelines and Policies

E.ON's DSMS defines roles and responsibilities in a uniform manner across the whole Group. The information security standards introduced in 2018, which are based on the ISO 2700x series of standards, apply to the entire Group as well. They enable E.ON employees to design and operate new solutions with the required level of cybersecurity. For E.ON it is important to protect technology, data as well as customers, critical infrastructure, and society from negative consequences. E.ON's People Guideline Cybersecurity summarizes the most important cybersecurity rules relevant for all employees and accessible in our intranet.

Organization and Responsibilities

Each unit in the Group is responsible for complying with data protection regulations, above all the GDPR, and implementing the DPMS. E.ON has established processes across the Group to comply with data protection requirements, for example to respond to data subject inquiries and report data protection breaches. This set of processes also provides guidance when individual units implement the necessary processes.

The units are responsible for responding to all requests from data subjects, such as access to information on data processing, rectification, erasure, and data portability. The units' systems and policies must also comply with their national data protection regulations and those of any other countries where they operate. Where required by law, the units have appointed Data Protection Officers ("DPOs"). The units' DPOs work closely together and share information with the Group DPO on a regular basis, in particular on information relating to legal and regulatory developments and fines, the protection of data subjects' rights, relations to third parties, fulfilment of documentation duties, and correspondence with supervisory authorities.
E.ON's Group DPO is responsible for higher-level data protection issues at the Group level. In addition, the Group DPO informs the units' DPOs on a regular basis about relevant developments relating to data protection by means of periodic information-sharing meetings. This and other information is disseminated by email and through internal communications channels, such as the corporate intranet. Furthermore, the Group DPO reports periodically to the Cybersecurity and Data Protection Council, which also includes Management Board members, and to the Supervisory Board's Audit and Risk Committee.

The Cybersecurity function prevents the danger that technology and information would have an adverse impact on E.ON's overall business or its customers' trust in E.ON's customer solutions like E.ON Home and Drive. This function's tasks include designing a Group-wide cybersecurity strategy, monitoring its implementation, and coordinating the cybersecurity organization across E.ON. E.ON's Chief Information Security Officer ("CISO") oversees the Group-wide cybersecurity organization and is assigned to the Management Board's digital remit. His responsibilities include formulating E.ON's cybersecurity strategy and monitoring its implementation. The Group-wide cybersecurity organization includes Information Security Officers ("ISOs") appointed by the business units. They report to the CISO as well as to their unit's board on all relevant matters arising in their organizations. The CISO reports on a regular basisas well as ad hoc in the event of serious security incidents-to the E.ON SE Management Board and the Supervisory Board. These vertical and horizontal reporting pathways ensure transparent and consistent reporting.
E.ON's regional units know their customers, their products, and the local market conditions and requirements. Consequently, their Product Development teams take the lead in product safety, supported by their unit's Health, Safety, and Environment ("HSE") department. They also work closely with several divisions and departments at Corporate Functions, primarily B2C/B2SME Solution Management, Innovation, HSE, and Sustainability.

Specific Actions

To the degree possible, all new E.ON Group employees receive data protection training during their first year as part of their onboarding process. In addition, E.ON conducts specific training for entities and departments-such as call centers and sales organizations-that process personal data on a bigger scale. In addition, employees use an eLearning module to refresh their data-protection knowledge annually. By the end of 2024, 86 percent of employees had completed the module.
E.ON uses eLearning, phishing simulations, and in-house workshops such as live hacking demonstrations to familiarize its employees with cybersecurity risks and their obligation to keep confidential company information secure. To enable its employees to handle information properly, E.ON uses a classification tool, including electronic document labelling, which was introduced in 2022. E.ON conducts an ongoing phishing awareness campaign that involves simulated phishing emails sent to employees several times a month. In addition, E.ON periodically performs penetration-testing for crucial services in order to further harden key services against cyberattacks. In addition to reinforcing employee awareness, cybersecurity is an essential part of our energy system, which is becoming more important as our infrastructure is digitalized and new innovative components are integrated into it. The more players that connect to our infrastructure and actively participate in the energy system, the more complex it becomes. If our customers want to connect their solar panels or heat pumps to the grid, for example, we need to ensure this connection's confidentiality, availability, and integrity. The next chapter describes other cybersecurity measures.
E.ON takes a variety of steps to address health and safety issues across the entire life cycle of its products. During product development, E.ON closely observes current standards and guidelines and monitors emerging issues. The regional units test all products, including eMobility solutions, for CE/UKCA conformity in their own test labs or have them tested in E.ON's test lab in Essen or by outside testing firms. Products that are CEcompliant meet EU-wide requirements for safety, health, and environmental protection, while UKCA-compliant products meet the British market's compliance requirements. This provides E.ON with a comprehensive assessment of risks, their likelihood, and other potential implications. Contractors who install and maintain products on E.ON's behalf must undergo prequalification prior to hiring to ensure that they

meet specific standards and values. In addition, E.ON engages in ongoing dialog with its contractors and trains them to ensure that they adhere to all requirements and the latest technical standards. Safety training, for example, is mandatory for all installers of solar and battery solutions in Germany. If a product has a safety-related issue, E.ON needs to be able to recall it immediately. E.ON therefore checks and tracks all hardware product changes so that it can contact customers immediately in the event of safety-related issues. We work to continually improve these processes.

Whenever E.ON is the product manufacturer or deemed to be such, the Company is legally obligated to comply with a number of requirements. These include establishing a local system to ensure product traceability and putting in place a plan for corrective measures. Other requirements include product certification, CE/UKCA labeling, the issuance of E.ON's own EU/UKCA Declaration of Conformity, and the creation and maintenance of a product's technical documentation. In the event of safety-related issues, E.ON immediately informs the appropriate market surveillance agency about the issue and the intended corrective measures, such as withdrawal, warning, and recall. E.ON is also obligated to take necessary corrective actions.

Goals and Performance Review

The recurring PDCA cycle results in the DPMS's processes being continually planned, implemented, managed, and improved. This enables E.ON to permanently monitor the DPMS's effectiveness, proactively and repeatedly look for potential blind spots, and take action if the need for improvement arises. E.ON units report on the status quo of their compliance with the GDPR on a quarterly basis. The review also includes regular assessments by Group Audit. The units implement Group Audit's recommendations in a timely manner.
E.ON assesses the maturity of its ISMS domains regularly and reports the findings to the Cyber Security and Data Protection Council on a quarterly basis. E.ON defined a minimum maturity level for all areas and units. If deficiencies or improvement potential are identified, E.ON adjusts its cybersecurity roadmaps accordingly. The purpose of these adjustments is principally to counter possible adverse impacts on systems, energy networks, and energy equipment.

Product safety incidents that occur are documented at the unit whose product was involved. The investigation and analysis of such incidents help us identify their causes and determine how to prevent them in the future.

Business Resilience and Security Management [+]

E.ON places great emphasis on the reliability of the energy supply. We work continually to ensure that our infrastructure and our customer solutions are safe, secure, and resilient to operational disruptions. In crises,
it is important for E.ON to respond swiftly and handle the situation professionally.

The repercussions of the war in Ukraine continued to present a challenge in 2024. We face, among other things, a generally abstract and increased hybrid threat.

E.ON's Approach

E.ON conducts comprehensive business resilience and security management and has minimum requirements for physical security as well as crisis and business continuity management. Despite all the measures taken, the Company cannot rule out the possibility of crises caused by natural disasters, human or technical failure, cyberattacks, or other incidents. That is why we have detailed emergency plans and a Group-wide crisis organization with specialized local and cross-divisional teams that conduct exercises on a regular basis. This approach has proven its worth in past crises.

Guidelines and Policies

E.ON's Business Resilience and Security function policy, which is approved by the E.ON SE Management Board, defines responsibilities and minimum requirements that are binding for all business units. It also provides recommendations for conducting effective business resilience and security management. The policy encompasses physical security, emergency and crisis management, business continuity management, and travel security. These requirements make it possible to swiftly recognize and manage unpredictable and complex situations that could have a significant impact on E.ON's business, assets, stakeholders, and/or reputation. If necessary, the central Business Resilience function supports the business units in meeting the defined minimum requirements and continually adjusts these requirements in line with the threat situation.

Organization and Responsibilities

Ultimate responsibility for preventing and managing crises lies with the E.ON SE Management Board. Strategic implementation of physical security as well as crisis and business continuity management is carried out by the Business Resilience \& Security function, which is part of the Legal, Compliance \& Security department. With the exception of travel security, operational implementation at the business units is conducted as decentrally as possible, namely by their respective business resilience organizations, which are responsible for meeting Group-wide minimum standards. E.ON also has a comprehensive crisis management organization. The central reporting office is the central reporting point for crises and emergencies.

Specific Actions

To be able to respond quickly and adequately to crises, E.ON conducts several realistic crisis simulations and training sessions each year. In 2024 E.ON conducted several Group-wide crisis simulations in national and international environments as well as a variety of local crisis exercises at the business units. This is supplemented by ongoing training and continuing education for designated crisis management teams. In addition to crisis management, the Business Resilience \& Security function takes a variety of steps to enhance E.ON's long-term operational resilience. The main activities in 2024 were to:

• further harmonize and update in-house guidelines, particularly those that interface with cybersecurity
• expand and further develop Business Continuity activities
• strengthen E.ON's security culture by conducting an awareness campaign that featured an eLearning module
• deploy and introduce central digital tools in line with the Group's digitalization strategy
• review our strategic orientation and focus, particularly amid the current security and regulatory environment.

Goals and Performance Review

E.ON relies on valuable security expertise-of its own experts as well as outside service providers-and has effective mechanisms and services to continually ensure and improve its operational resilience and security. E.ON has set the following objectives for this purpose:

• Proactive crisis management: identify crises at an early stage and respond to them effectively, conduct controlling and training sessions on a regular basis, use insights from crises.
• Business continuity management: deal with emergencies, ensure the continued operation of critical activities, conduct business impact analyses on a regular basis, update and test plans and measures.
• Travel security: minimize risks to employees when travelling and at a workplace, promote digital solutions.
• Physical security: protect employees and assets by analyzing security threats and sharing the findings and having up-to-date security plans and services.

The focus in 2024 was on sensitizing employees to business resilience and security issues and on collaboratively sharing information in E.ON's business resilience and security community. Cross-departmental involvement and engagement with business resilience raised the visibility and also helped sharpen the profile of the Business Resilience \& Security function.

Crisis Prevention at PreussenElektra

PreussenElektra ("PEL") is only allowed to operate a nuclear power plant ("NPP") if it can demonstrate that it has taken all practicable steps to prevent security- and safety-related incidents. PEL demonstrates its compliance on an ongoing basis to the relevant authorities.

In 2024 there were no incidents that adversely affected the security and safety level at PEL's NPPs. They remained at the normal security and safety level adjusted to reflect dismantling operations. On average, ten to 15 reportable events per year occur. PEL conducts periodic reviews in which it discusses the findings derived from incidents with the responsible parties of the NPPs being dismantled.

PEL communicates incidents and measures to state and federal authorities, regularly conducts statutory emergency and crisis exercises, and keeps the E.ON Group's Business Resilience \& Security function informed.

Governance

Compliance and Anticorruption [+]

Complying with the law and company rules as well as preventing, detecting, and immediately rectifying rule violations at our company is of crucial importance to E.ON. Customers, business partners and other stakeholders should not be deceived or deliberately harmed. We are committed to ensuring that laws and company rules are strictly observed and that compliance and integrity are systematically promoted as core elements of our corporate culture. This is the only way we can maintain and strengthen the trust of our stakeholders in the long term. E.ON therefore takes potential compliance violations very seriously. If they are substantiated, we systematically pursue and penalize them. E.ON's approach to compliance is applicable for all business units and Corporate Functions and extends to suppliers as well.

Information on compliance notices can be found in the "Progress and Measures" section below.

E.ON's Approach

E.ON is committed to combating corruption in all its manifestations and supports national and international efforts directed against it. The Company's participation in the United Nations Global Compact underscores its rejection of any form of corruption. The E.ON Management Board has the ultimate responsibility for ensuring that E.ON conducts its business legally and at all times refrains from criminal practices in achieving its business objectives. To ensure this for all business units, E.ON has established a central Compliance function. Its task is to support the E.ON Management Board in its responsibility to prevent, detect, and eliminate corporate crime.
E.ON has in place a compliance management system ("CMS") to mitigate the risk of compliance violations. The CMS enables E.ON to identify and analyze compliance risks, design a risk-adequate compliance program, and expand the Company's compliance organization.

Guidelines and Policies

Our Code of Conduct and our Supplier Code of Conduct (both of which are available in the languages of all countries in which we operate) focus on our guiding principle. "Doing the right thing." They provide easy-to-understand guidance for all areas that are relevant to E.ON. These include human rights, anticorruption, fair competition, and legally compliant relationships with business partners. The E.ON Code of Conduct also contains an integrity test that employees can use to check whether they are doing the right thing. All employees are obligated under their employment contract to act in accordance with the Code of Conduct's rules. In addition, ten People Guidelines, which apply to all business units, explain in detail how employees can be sure that they are doing things right. Our Code of Conduct is highly regarded by experts. The quarterly magazine published by the German Association of Compliance Managers (German abbreviation: "BCM") last reviewed our Code of Conduct in 2021 and awarded it the highest rating among all DAX companies.

An important People Guideline that supports the Code of Conduct addresses anticorruption. It contains a decision-making aid to indicate when accepting or granting offers or gifts is permissible, potentially problematic, or forbidden. If, for example, a gift's value exceeds a certain threshold, authorization is always required from the local Compliance Officer, who reviews the gift and decides whether it is permissible or not. Particularly strict requirements apply to invitations and gifts from public, elected, or government officials and their representatives. The Code of Conduct clearly states E.ON's prohibition against Company donations to political parties, political candidates, political officeholders, or representatives of public agencies.
E.ON's Compliance Function Policy defines basic compliance structures, roles, and responsibilities. All compliance policies are reviewed on a regular basis-at least every two years-to ensure that they are comprehensible, readable, and, in view of current legislation, up to date.

Organization and Responsibilities

E.ON refines and optimizes its CMS on an ongoing basis. Pursuant to the Compliance Function Policy, we have established a Group-wide organizational setup for this purpose. It consists of the Chief Compliance Officer ("CCO"), the Global Head of Compliance \& Data Protection along with his Group Compliance team, and the business units' compliance officers. The CCO reports on a quarterly basis to the E.ON Management Board and to the Supervisory Board's Audit and Risk Committee on the CMS's effectiveness and current developments and incidents. In the event
of serious incidents, the Management Board and the Audit and Risk Committee are informed without delay. Suspected fraudulent activities directed against the Company are investigated by Group Audit. The central Group Compliance and Data Protection function is responsible for investigating fraud within the Company.

Specific Actions

One focus in 2024 was to conduct confidence-building measures to remind E.ON managers of their function as role models. Throughout the E.ON Group, welcome talks were held with new managers within their first 100 days in order to build trust with their unit's compliance officers and to remind them of their responsibility to help create a culture of integrity. In addition, a discussion forum between top executives, which began with a welcome address from the EON SE Supervisory Board Chairman, gave employees the opportunity to ask specific questions and discuss dilemmas.

Furthermore, E.ON continues to use a variety of tools to identify the areas of activity where the risk for certain compliance breaches is particularly high. Such compliance risk assessments ("CRAs") are conducted on an ongoing basis and processed digitally. CRAs employ various methods, ranging from spreadsheet-style questionnaires to personal (and confidential, if applicable) discussions with executives and employees. Based on the findings, Group Compliance determines whether specific measures need to be taken to amend and refine the CRAs in order to appropriately address any (new) potential risks identified.

In addition, Group Compliance continually engages in dialog with the Compliance Officers appointed by local units' management and monitors their work. If employees suspect misconduct or a violation of laws or company policies, they are instructed to report it. For this purpose, they may use-if they prefer, anonymously-internal reporting channels or an IT-based whistleblower system. The system meets the requirements of Germany's Whistleblower Protection Act. It is available Group-wide and can be accessed via the E.ON website or by telephone. Not only E.ON employees, but also business partners, their employees, and other third parties can contact the hotline confidentially. Group Compliance forwards the information to the relevant department or unit.
E.ON wants to ensure that its compliance standards are adhered to in its supply chain as well. We therefore subject potential suppliers to a compliance check to assess whether they act in accordance with our values and principles. To ensure that they meet our compliance standards, we also conduct a prequalification process to verify potential suppliers' identity. This includes, for example, determining whether a supplier appears in the media in connection with compliance issues such as corruption or on official sanction and terrorism lists. Prequalification is mandatory for all new suppliers. The Human Rights and Supply Chain Management chapter provides more information on the supplier onboarding process.

Our Know Your Customer ("KYC") principle also defines minimum requirements for certain business partners and scenarios, other than suppliers. The KYC check, which is part of our large-scale digitalization strategy, is an IT-supported workflow that helps us assess counterparties' integrity and avoid legal, regulatory, and reputational risks related to compliance issues such as corruption, money-laundering, tax evasion, violation of economic sanctions, and terrorism financing. It is covered in our Know Your Counterparty People Guideline, which we again updated in 2024.

Goals and Performance Review

We continuously evaluate the CMS's effectiveness to ensure that E.ON is able to prevent, detect, and take appropriate remedial action against illegal or criminal conduct or other rule violations. The CMS's effectiveness is monitored by the E.ON Management Board and also Group Audit. The latter, an independent entity, is the third line of defense of E.ON's CMS.

The CMS's effectiveness depends on how serious and credible our compliance efforts within the Company are. This is reflected by, for example, the resources we devote to compliance as well as the quality, control, and monitoring of our measures. Evaluating E.ON's compliance culture and the perception of its compliance is also relevant for the CMS's effectiveness. Special consideration is given to violations that lead to an internal audit. The audit determines whether a violation resulted from negligence or misconduct by an individual or individuals or from shortcomings in the CMS. We use the findings to implement measures to avoid similar incidents in future. The Management Board and the Supervisory Board's Audit and Risk Committee are convinced that the CMS was again effective in 2024. Their assessment was based in part on audits as well as surveys of employees and stakeholders.
E.ON's CMS is structured and follows a uniform roadmap with defined steps for refining our business units' compliance measures. All Compliance Officers must present the status of their unit's compliance roadmap regularly to their board and to Group Compliance. The implementation of the compliance roadmap in 2024 proceeded as planned.

Progress and Measures $[x]$

Number of Notifications Received on Potential Compliance Violations
	2024	$2023^{1}$
Business integrity concerns ${ }^{2}$	61	18
Fraud against the Company concerns ${ }^{3}$	179	130
HR-related concerns ${ }^{3}$	224	125
Any other concerns ${ }^{3}$	107	193
Total	571	466

1. Previous year's figures have been adjusted due to a change in the data collection methodology.
   ${ }^{2}$ Such as potential illegal activity, violation of law and policy, corruption, antitrust, business partner compliance, and/or insider trading in E.ON shares
   ${ }^{3}$ Such as theft, embestement, and occupational fraud
   ${ }^{4}$ Conflict of interest, mobbing, sexual harassment, discrimination, unfair employment practices, and so forth
   ${ }^{5}$ Any other Code of Conduct-related topics
   E.ON divides compliance reports into four categories: business integrity concerns, fraud against the Company concerns, HR-related concerns, and other concerns related to the Code of Conduct. The resulting investigations found that none of the incidents reported was serious.

Fines for Non-compliance

E.ON paid a total of about $€ 687,512$ in fines for non-compliance with laws in 2024.

Human Rights and Supply Chain Management [+]

Our corporate responsibilities include respect for human rights in all areas of our business as well as in our supply chain. E.ON therefore expects its suppliers worldwide to meet minimum standards in their environmental, social, and governance ("ESG") performance, including in relation to human rights.

E.ON's Approach

E.ON takes its responsibilities seriously and is therefore committed to doing business in a compliant way, respecting human rights, protecting the environment, and ensuring proper work conditions. E.ON expects that its suppliers are likewise committed to high ESG standards and has processes in place to ensure that they do.
E.ON is convinced that good processes and measures can only be developed if different perspectives are considered. Engaging in dialogue with stakeholders and participating in industry initiatives help us pay particular attention to human rights issues. For example, E.ON is a member of econsense, a network of Germany-based multinational companies dedicated to promoting sustainable business development and respect for human rights. E.ON also participates in a working group at the German

Compliance Institute (German acronym: "DICO") focusing on the same objectives. E.ON has been participating in the German Energy Sector Dialog since January 2023. This multi-stakeholder dialog consists of relevant players in the energy industry, civil society organizations, and the German federal government and focuses on the German energy industry's human rights and environmental risks along its global supply and value chains in order to improve the human rights and environmental situation. Our participation in the dialog's working groups enables us to look at different priorities and have contact with local stakeholders and communities in selected supply chains

Guidelines and Policies

E.ON's Human Rights Statement acknowledges the International Bill of Human Rights and the Declaration on Fundamental Principles and Rights at Work of the International Labour Organization ("ILO") of the United Nations ("UN") and its fundamental conventions. The rules and regulations E.ON follows also include the European Convention for the Protection of Human Rights and the principles of the United Nations Global Compact ("UNGC"). E.ON's Human Rights Statement provides an overview of our risks and the measures taken to address them and refers to E.ON's own policies, such as the Code of Conduct for employees. The Code of Conduct (more information can be found in the Compliance and Anticorruption chapter) obliges all employees to contribute to a non-discriminatory and safe work environment and to respect human rights. Other guidelines and policies are the responsibility of the individual departments and support the implementation of suitable preventive measures. These are described in the chapters entitled Environmental Management, Occupational Health and Safety, and Compliance and Anticorruption. E.ON's Human Rights Statement is published on the E.ON website.

The Supplier Code of Conduct defines standards for human rights, working conditions, environmental protection, and legally compliant, honest business practices that E.ON requires its suppliers to meet.

The E.ON Supply Chain Function Policy describes the mandate and organizational setup of the Supply Chain function. The function encompasses the management of procurement processes, activities, policies, tools, and supplier relationships for all units to which the policy applies. In addition, the Function Policy (in conjunction with the Supply Chain Handbook) defines Group-wide principles, processes, and responsibilities for non-fuel procurement by the above-mentioned units. Excluded from this are the special cases on a specific list (for example energy and fuel procurement, financial and real estate transactions, and taxes), for which dedicated measures were implemented. These measures included formulating a Letter of Expectations, which is based on our Code of Conduct, that summarizes our expectations of certain business partners who are not part of our standard supply chain, such as in the banking and insurance sectors.

Combined Group Management Report $\rightarrow$ Sustainability Statement

Organization and Responsibilities

The role of Chief Human Rights Officer is held by E.ON's General Counsel and Chief Compliance Officer. He is responsible for monitoring our human rights risk management system and reports on it to the Management Board on a regular basis. He is also a permanent member of the Sustainability Council. Staff in the Sustainability department and the Legal Affairs, Compliance and Security division deal with human rights issues, such as changes in legislation. Depending on the issue, the Chief Human Rights Officer can involve the Sustainability Council or the E.ON Management Board.

The Human Rights Center of Expertise, which is part of the Sustainability \& Climate department, ensures that legal requirements are fulfilled across all divisions and units. Furthermore, it implements and maintains our human rights risk management system, conducts periodic risk analyses of our own business as well as our supply chain, and reports on them. It is also responsible for Group-wide complaints management and exchanges information with external stakeholders on topics relevant to human rights. In addition, it keeps the Chief Human Rights Officer informed about current developments and incidents and advises him on upcoming activities and decisions.

All employees of Group units are responsible for ensuring that requirements are met at our own company. The Supply Chain division deals with the full range of ESG aspects along the supply chain. It carries out the related tasks in observance of legal requirements as well as company policies, including HSE and sustainability standards.

Risk Management pursuant to the Supply Chain Due Diligence Act

We conduct periodic and ad hoc risk analyses for our own business and for our supply chain in order to identify human rights and environmental risks at an early stage. The analyses have two stages. First, we use publicly available indicators and sources to assess the human rights and environmental risks defined by the Supply Chain Due Diligence Act in line with country and industry risks. We also consider risks associated with specific procurement categories and use a digital solution for ongoing risk assessment of our own facilities as well as our suppliers. Our own facilities have been integrated into this digital solution since 2024. Information received through our complaints process is incorporated into risk analysis, as are our existing measures to reduce risk potential. For our own business, we have identified the gross risk of occupational health and safety as a risk inherent in our industry. The associated preventive measures are described in the Environmental Management and Occupational Health and Safety chapters. For our suppliers and our deeper value chain, we have additionally identified the gross risk of fair working conditions as a risk due to the complexity of our global supply chains. We have implemented numerous preventive measures both at our own business and in our supply chain to ensure that no high net risks arise. An example of one of these
measures is the establishment of a solar and batteries focus group. It consists of experts from the Procurement, Sales, and Sustainability departments and provides closer support for these supply chains. We also address the issue in industry initiatives like Solar Power Europe.

Supply Chain Management

Our upstream value chain encompasses goods and services for operating, maintaining, and expanding our power and gas distribution networks, dedicated customer solutions like smart meters and charging stations, as well as goods and services for our power, heat, and cooling generating units. We procure power and gas for our Energy Retail business mainly on energy wholesale markets, on energy exchanges, and over-the-counter from energy wholesalers.

Our supply chain management for non-fuel suppliers consists of preventive measures that are interlinked and accompany the supplier in the procurement process. They are fine-tuned on a regular basis and described below:

The onboarding process for suppliers is carried out before a contract is signed. Its steps include self-registration by the supplier, a formal pledge to comply with the E.ON Supplier Code of Conduct, and a compliance check. Every non-fuel supplier whose individual transaction volume exceeds $€ 25,000$ must complete this process. Non-fuel suppliers that are not subject to supplier onboarding must agree to E.ON's General Terms and Conditions for Purchase Contracts, which are legally binding. These oblige non-fuel suppliers, among other things, to comply with the minimum standards of our Supplier Code of Conduct. This approach's purpose is to minimize potential HSE and CSR risks. As of year-end 2024, 99.60 percent of non-fuel suppliers had completed the onboarding process.

Depending on the transaction volume and HSE risk, suppliers must complete additional steps, such as answering one or more questionnaires or completing a supplier audit to check whether the supplier complies with E.ON's standards for human rights, working conditions, and environmental protection. E.ON may also require a supplier to have in place a certified environmental management system or a health and safety management system. Suppliers that participate in tenders as part of a public procurement act do not use the above-described process but instead follow the qualification procedures required under their country's laws.

Alongside onboarding, E.ON determines annually which of its non-fuel suppliers it deems material; E.ON evaluates them on the basis of five KPIs: quality, commercial aspects, delivery, innovation, and corporate sustainability, including human rights. E.ON discusses the results with its suppliers in feedback meetings. During this meeting, E.ON also decides whether it will require a supplier to take specific improvement measures if the business relationship is to be maintained.

Our human rights due diligence check covers all of E.ON's procurement categories. Potentially risky suppliers must first pass additional checks, such as a more detailed questionnaire or audit, and agree to make improvements and provide evidence of their implementation. Through year-end 2024, more than 5,300 new and existing suppliers answered the questionnaire, including all high-risk suppliers. Suppliers that have difficulty answering the questionnaire or providing evidence of their measures are supported and closely monitored.
E.ON uses a digital solution for ongoing risk assessment of suppliers with medium and high human rights risk. They are assessed in a variety of categories, including sustainability, finance, cybersecurity, supply chain disruption, and compliance. Since the program's introduction, over 5,700 points of interest ("Pois") such as offices and facilities have been monitored on an ongoing basis, thereby covering 72 percent of E.ON's annual spend.

Specific Actions

Multistage Supplier Analysis

In 2023 we conducted a multistage analysis of certain product categories, including transformers, inverters, solar systems, batteries, and circuit breakers. The analysis was not only of end products, but also preliminary stages, including electronic components as well as chemicals and raw materials used. The findings indicated clear differences between product categories and thus provided important insights for future measures to improve sustainability at the product and supplier level. Sub-suppliers have been included in the digital solution and integrated into ongoing risk assessment since 2024.

Decarbonization

A first step toward decarbonizing supply chains is to make the current $\mathrm{CO}_{2}$ emissions of purchased goods and services more transparent. E.ON therefore conducts an annual heatmap analysis of the greenhouse gas emissions in its supply chains based on third-party emission factors and cost-based data. We will repeat the analysis on an annual basis. In 2024 we studied the categories with the highest climate impact so that we can work with suppliers to determine the actual carbon emissions associated with E.ON's purchases. We are also talking to our materials suppliers about switching to zero- SF6 products as early as possible. The Climate Protection chapter contains more information on our reduction efforts.

Training

E.ON continually improves its elearning tools for employees, such as the annual Web training module on human rights, compliance, antitrust law, and cyber and data security. More than 87 percent of employees had completed the module by the end of 2024.

In addition, E.ON trained about 467 Supply Chain employees on respect for human rights along the supply chain, new aspects of onboarding, and E.ON's risk matrix for human rights.

Goals and Performance Review

E.ON's objective is to avoid violations of human rights, environmental standards, and its corporate principles. For this purpose, E.ON endeavors to identify the relevant risks along its value chain. Periodic risk assessments can help E.ON detect actual or suspected violations. If violations occur, the Supply Chain Compliance Officer and the respective Supply Chain Director are notified immediately, and corrective measures are demanded of the supplier. Implementation is precisely monitored by E.ON. If the situation does not improve, E.ON terminates its business relationship with the supplier. No business relationships were terminated for this reason in 2024.

Employees can report possible violations of human rights through internal reporting channels and the E.ON whistleblowing channels. These consist of an E.ON whistleblowing system, a whistleblowing hotline, and an E.ON whistleblowing email address. They are published on our website. The E.ON whistleblowing system and the E.ON whistleblowing hotline can take calls and reports in the official languages of all countries in which E.ON operates. Not only E.ON employees, but also business partners, their employees, and other third parties can contact the hotline, anonymously if they wish. The E.ON Rules of Procedure Supply Chain Act, which are also published on the website, summarize the most important information on the complaints procedure for human rights and environmental complaints under the Supply Chain Due Diligence Act. Among other things, the rules explain that every whistleblower is protected from adverse consequences. The information is forwarded to the responsible department at Corporate Functions. Depending on the type and severity of the potential violation, the Compliance department immediately reports it to the E.ON Management Board, files criminal charges, initiates its own investigation, or takes other measures. We held an in-house workshop prior to implementation to ensure that the procedure is easily understandable and accessible for all stakeholders. At the workshop, experts from various functions presented their stakeholders' views, and access to the E.ON whistleblowing channels was discussed. We also conducted a Group-wide survey among our employees on their familiarity with the procedure and satisfaction with how it is handled. The survey showed that employees are familiar with and trust the complaints procedure and are satisfied with the way reports are handled.

The E.ON whistleblowing channels and other (local) reporting channels received 11 reports of potential human rights violations in 2024. These were submitted anonymously by employees in our supply chain and in our own Group. No violations were identified during the investigation of the reported suspected cases. A Human Resources investigation into a report
from 2023 resulted in the identification of a violation of the Supply Chain Due Diligence Act at a non-consolidated affiliated Group company. The misconduct was stopped in the course of the investigation, and the persons concerned were given individual support.

Excursus: Biomass

E.ON is committed to procuring the fuel for its biomass-fired assets responsibly and sustainably. Suppliers of solid biomass must, like non-fuel suppliers, contractually agree to comply with our Supplier Code of Conduct. A Biomass Policy defines the terms for the purchase of solid biomass for our Energy Infrastructure Solutions ("EIS") business. Its rules ensure that E.ON procures and uses solid biomass in accordance with applicable EU regulations and E.ON's sustainability standards. All biomass suppliers must pledge to respect human rights, safeguard the general living conditions of persons affected by biomass production, and protect biodiversity and the environment.

Political Dialog [+]

E.ON actively participates in political debates on issues that affect it. We use a variety of tools for this purpose, such as media interviews, public appearances by executives, and information events.

In the E.ON Group, the CEO in particular represents the Company and advocates its positions and interests to stakeholders. The Management Board is monitored by the Supervisory Board in accordance with the applicable legal regulations. The Communications and Political Affairs department, which is part of the CEO's area of responsibility, coordinates the CEO's policy-related activities. E.ON maintains offices in Berlin and Brussels for contacts with policymakers, trade associations, and other stakeholders. E.ON's policy-related activities are characterized by a high level of transparency; the individuals involved, topics, and financial resources are listed in the European Transparency Register under the identification number 72760517350-57 and in the German Bundestag's lobby register under the register number R002309. These entries transparently disclose the costs of policy-related activities. E.ON does not make direct or indirect payments to political parties or party-affiliated organizations.
E.ON is called upon by policymakers and regulatory authorities to contribute its technical and energy-policy expertise to decision-making processes. The Company also proactively offers its expertise. This form of representation of interests is important, because policy and regulatory decisions have a significant influence on the energy sector. In 2024 policy discussions on energy issues in Brussels and Berlin focused on the financial and regulatory conditions for the success and broad acceptance of the energy transition, its affordability for private consumers and industry, and the necessary expansion of infrastructure.

We compiled and published a manifesto describing our energy-policy orientation and positions on the key issues for us. In Germany, the discussion has begun on the electricity market design, which includes changes to renewables support, capacity mechanisms to secure the electricity supply and distributed sources of flexibility. In addition, we have long called for Germany's electricity tax for all consumers to be permanently reduced to the European minimum rate in order to give additional impetus to the electrification of as many sectors as possible and thus to enhance energy efficiency and help achieve climate protection.

To highlight flexibility's relevance for achieving climate targets, system security, and grid stability, E.ON launched a policy campaign that introduces positions into ongoing discussions in Berlin. It emphasizes the role of small-scale demand-side flexibility sources like heat pumps and electric car batteries. This directly benefits our customers financially and also enables them to contribute to the energy transition and the stability of the energy supply.

A key task in the context of the energy transition is to ensure that the expansion of electricity network infrastructure keeps pace with developments upstream and downstream. Examples of these developments include the aforementioned overall greater electrification of the transport, heating, and industrial sectors on the consumption side and robust renewables growth on the generation side. We attach great importance to anticipatory network expansion to enable us to address these future developments. The aim is to expand our networks in line with the 2045 target system, the year in which almost no more greenhouse gases may be emitted. This target-oriented network expansion currently lacks a sufficient regulatory framework. We are in discussions about this with political and regulatory decision-makers at both the European and national level. We assume that this will ultimately make the correctly dimensioned infrastructure available faster and more cost-effectivelywhich will mean an efficient use of resources by E.ON and ensure that consumers have a reasonably priced electricity supply.

In addition, E.ON participate in a number of discussion forums on energy, environmental, and climate policy. For example, Leonhard Birnbaum is part of the European CEO Alliance, an alliance of leading EU-wide business representatives who jointly discuss ways to further support the EU Green Deal. He has been a member of the Steering Committee of the European Round Table for Industry since 2024 and has been President of Eurelectric, the association of Europe's electricity industry, since 2023. Eurelectric is an umbrella organization that represents more than 3,500 European companies active in electricity generation, distribution, and supply. Eurelectric's direct members are national trade associations, including BDEW, Swedenergy, and Energy UK. Leonhard Birnbaum is a member of the BDEW Executive Committee and the BDI Executive Committee as well as Deputy Chairman of the World Energy Council.

• E.ON's Climate Advocacy and Associations Report provides an overview of its policy-related activities as well as the trade associations and initiatives to which the Company belongs and the key positions it occupies in them as part of its efforts to promote the energy transition. All of E.ON's activities and dialog formats are in line with applicable national and European laws and guidelines for the representation of corporate interests and responsible lobbying. 1

Sustainable Finance and Sustainable Investment

Sustainable Finance [+]

The ongoing decentralization, digitalization, and decarbonization of the energy world requires substantial investments. Debt capital represents an important financing source for the E.ON Group to implement its strategy. E.ON's systematic implementation of its strategy-whose key elements are sustainability, digitalization, and growth-aims to propel the energy transition and decarbonization in Europe. Sustainability aspects play an increasingly important role in many international investors' decision for or against a particular investment. Accordingly, E.ON has also systematically considered sustainability in the structuring of its financing as well.

E.ON's Approach

E.ON's sustainability efforts focus on decarbonizing its distribution networks and energy infrastructure around Europe. It has also set ambitious climate targets. E.ON wants to support its customers' decarbonization. It aims to achieve climate neutrality for Scope 1 and Scope 2 emissions by 2040 and to reduce its Scope 3 emissions by 50 percent by 2050. E.ON issues green bonds to finance or refinance activities that promote E.ON's contribution to climate protection. This highlights the connection between sustainability-oriented business and financing strategies.

E.ON recognizes the importance of stakeholder engagement and community involvement as part of its risk management strategy. E.ON's Sustainability Council works with outside stakeholders and seeks to forge partnerships with them. Stakeholders are invited to participate throughout the development process and E.ON strives to address its short- and longterm impacts on stakeholder groups. The Sustainability Council advises the Management Board on engagement with outside stakeholders and analyzes their trends and expectations. The Company adjusts its approaches to stakeholder engagement to its regional units' specific needs. The "Stakeholder Engagement" section of the E.ON's Approach to Sustainability chapter of this report provides a publicly accessible overview of company guidelines, principles, and procedures. Our guidelines for sustainable capital market financing-the Green Bond Framework described in the next section-are available to outside stakeholders in the Investors channel at www.eon.com. E.ON conducts ongoing dialog with its capital market investors, who represent a key outside stakeholder group
for sustainable financing. Their market overview provides E.ON with an important source of information for ensuring the Green Bond Framework's marketability.

Guidelines and Policies

E.ON presented its first Green Bond Framework in 2019 and has been issuing green bonds ever since.

E.ON's Green Bond Framework is closely aligned with its sustainability strategy. The proceeds from green bonds are invested in categories that help achieve UN Sustainable Development Goals ("SDGs") 7, 9, and 11. These categories include electricity networks, renewables, energy efficiency, and clean transportation. These correspond to the areas recognized by our Green Bond Principles.

Eligible projects comprise a green portfolio. They are selected on the basis of strict criteria defined in a framework agreement. We check their compliance with E.ON's strategic sustainability targets, EU's environmental targets, the EU taxonomy's thresholds and requirements. Projects must also comply with the do-no-significant-harm principle as well as national, European, and international environmental and social standards. E.ON's annual Green Bond Report, which is published on our website, discloses the use of funds and, where possible, the impact achieved. Reporting includes:

• Total investments by category
• Projects' assignment to EU environmental objectives
• Projects' geographic distribution
• Type of projects finances (examples: assets, investment expenditures)
• Balance of unallocated revenue (if any).

In addition, E.ON's Green Bond Framework aligned the ICMA Green Bond Principles and takes into account most of the aspects and requirements of the proposed version of the EU Green Bond Standard at the time of the last update of the E.ON Green Bond Framework (December 2021). We review the framework on an ongoing basis to ensure that it meets current market standards, capital market investors' requirements, and E.ON's current business profile.

E.ON strives to select projects that do more to address environmental and social concerns. The net proceeds from bonds go exclusively toward eligible projects that, pursuant to our Green Bond Principles, have a positive impact and help achieve global climate targets. It is important, however, to implement strict measures toward mitigating the potential environmental and social risks of infrastructure projects. These include occupational health and safety challenges, impacts on land use and biodiversity, and relations with nearby communities. E.ON has policies, procedures, and certifications in place to effectively manage these risks and ensure that projects meet both environmental and social standards.

Organization and Responsibilities

E.ON's Green Bond Committee assesses sustainability projects' eligibility using the defined sustainability criteria at least once a year. E.ON SE's Chief Financial Officer ("CFO") chairs the Green Bond Committee, which is composed of representatives from Sustainability, Energy Networks, Energy Retail, Energy Infrastructure Solutions, and Group Finance as well as other parties who are invited to serve as subject experts as required.

The committee reviews sustainable assets and investments in view of the Green Bond Framework's objectives and criteria. If it becomes necessary to exclude assets and investments because they no longer meet the eligibility criteria or have been sold, the committee is also responsible for discussing their best possible replacement.

Specific Actions

E.ON's Green Bond Portfolio, a portfolio of qualifying assets in line with the Green Bond Framework, consisted of assets worth $€ 26.5$ billion at yearend 2024. E.ON's electricity networks in Germany and Sweden account for the largest share. The portfolio is limited to certain eligible categories by our Green Bond Framework, Green Bond Principles, the EU Taxonomy, and the avoided-emissions methodology.

E.ON had $€ 12.95$ billion of green bonds outstanding at year-end 2024, making it Germany's second-largest issuer of green bonds. The green bonds issued in the year under review accounted for $€ 3.55$ billion of this amount. Our Green Bond Reporting in the Investor channel at eon.com contains a list of our green bonds outstanding at year-end 2024. E.ON will invest a total of about $€ 43$ billion to propel Europe's energy transition through 2028. Green bonds in particular are an important tool for this, and we will continue to use them for our financing in the future.

Alongside its focus on green bonds, E.ON's corporate financing includes a sustainability-linked $€ 3.5$ billion syndicated credit facility that was concluded in 2019. After two options to extend the facility were exercised, its term ends in October 2026. The facility's credit margin is linked, among other things, to the development of certain ESG ratings. This gives E.ON additional financial incentives to pursue a sustainable corporate strategy. The facility serves as a reliable and sustainable liquidity reserve for the E.ON Group and can be drawn on as needed.

Goals and Performance Review

E.ON's sustainable financing follows specific objectives and guidelines:

• Issuance of green bonds: E.ON intends to cover more than 50 percent of its annual financing requirements with green bonds and to steadily increase the proportion of its financing raised through green bonds. This includes all capital market financing (regardless of currency) that our Green Bond Framework designates as green. Beyond this declaration of

intent, E.ON has defined no specific targets within the meaning of the ESRS.

• Allocation of proceeds: Proceeds from green bonds are allocated to projects that meet the E.ON Green Bond Framework's eligibility criteria. The focus is on areas like electricity networks, renewables, energy efficiency, and clean transportation. E.ON's annual portfolio-based allocation reporting contains aggregated information on the use of the net proceeds from outstanding green bonds and any other green financing. Ongoing green bond reporting continues to be prepared according to our 2021 Green Bond Framework and Green Bond Principles.
• Impact measurement: Impact reporting published annually in the Green Bond Report on projects financed with green bonds measures the environmental impact of quantitative indicators like connected renewables capacity, avoided carbon emissions, installed smart grid components, and number of charging stations for electric vehicles. Projects financed by green bonds help achieve the long-term climate targets verified by the Science Based Targets initiative ("SBTi") measured by sustainability key performance indicators defined in impact reporting. The Sustainability section of the Corporate Profile along with the Climate Protection and Environmental Management chapters contain more detailed information.
• Taxonomy alignment: E.ON ensures that projects financed by the proceeds of the green bonds are aligned with the EU taxonomy for sustainable activities and with the taxonomy's technical evaluation criteria and do-no-significant-harm principles. Any project that is no longer aligned is removed from our green bond portfolio. Alignment was confirmed by a third-party audit, which strengthens the credibility of E.ON's sustainable finance initiatives. The auditor, Sustainalytics, is an independent third party that provides an independent assessment of our Green Bond Framework's alignment with current market standards, in particular the ICMA Green Bond Principles, and prepares our secondparty opinion regarding the EU taxonomy. The second-party opinion Sustainalytics issued in 2021 at the time of our Green Bond Framework's most recent update remains valid.

In addition, E.ON appoints an independent auditor annually to review the use of the net proceeds of the green bonds issued. This involves verifying these funds' allocation on an annual basis until they are fully allocated and, if applicable, describing any significant changes in the proceeds' allocation.

Three renowned agencies-ISS ESG, MSCI ESG Research, and Sustainalytics-decide with ESG ratings are linked to the above-mentioned sustainable syndicated credit facility. These agencies issue new ratings on an annual basis, which can lead to a contractually stipulated increase or decrease in the borrowing costs under the syndicated credit facility in the event of a deterioration or improvement.

ESG Ratings of E.ON [+]

E.ON has been included in numerous ESG ratings for years and has predominantly received good scores. E.ON strives to maintain this position by means of continual improvement but does not pursue any specific targets beyond this. ESG ratings are also a component of the E.ON Sustainability Index and factored into the Management Board's compensation system. The next section takes a closer look at four ratings that are relevant for E.ON. In addition, the Sustainability Channel at eon.com shows other ratings and ongoing results.

CDP Climate Change

In 2024 CDP placed E.ON on its A-List for environmental reporting. E.ON's current rating is in the Leadership Level.

ISS ESG

In the 2024 evaluation period International Shareholder Services ("ISS") rated E.ON C+, meaning we remain in Prime status with decile rank of 3.

MSCI ESG Research

In 2024 MSCI again gave E.ON a rating of AA, which makes us a Leader. E.ON's absolute weighted-average key issue score improved from 6.6 to 6.8 points year on year, its industry-adjusted score from 7.5 to 7.6 points.

Sustainalytics

In 2024 E.ON received a score of 20.1 points in the Sustainalytics ESG Risk Rating, putting it just above the 20-point threshold for medium risk. We ranked 20th of 105 in the multi-utilities sector.

ESG Asset Management and Pension Assets [+]

E.ON links the provision and investment of pension assets to sustainable purposes: by financing a company pension plan and by considering sustainability criteria when making decisions about how the plan's assets are invested. E.ON draws, for example, on the Norwegian State Pension Fund's research and embargo lists in order to avoid questionable investments. We also select asset managers whose investment processes systematically take ESG aspects into account. In addition, E.ON continually develops its own ESG approach to the investment process in order to adapt to the latest developments at the Company and in the market.

Business Report

Macroeconomic and Industry Environment

Macroeconomic Environment

Geopolitical and trade tensions and the associated uncertainties for the global economy continued in 2024 and were reflected in forecasts for global gross domestic product ("GDP") growth, which the OECD put at 3.2 percent in 2024, the same as in the prior year. Despite the aforementioned challenges, global growth remained stable, whereas inflation continued to fall, and global trade recovered somewhat.

GDP Growth in Real Terms in 2024

Annual change in percent

Source: OECD, December 2024.

Economic Developments in the Eurozone

The OECD predicts that the eurozone economy grew by 0.8 percent in 2024 (prior year: 0.5 percent), which was less than expected. This was due to uncertainties, which weighed on consumption and investment, and to weaker global demand for industrial goods. The restrictive monetary policy of recent years was another factor, even though the ECB cut its key interest rate four times in 2024 to 3.0 percent at year-end. The inflation rate at the end of 2024 was 2.4 percent.

Economic Developments in Germany

The Germany economy stagnated in 2024 according to the OECD (prior year: -0.1 percent). The causes are similar to those in the eurozone and are attributable to sluggish industry, high uncertainty regarding investments, restrictive financing conditions, and a decline in exports to China. The inflation rate at the end of the year was 2.4 percent, 0.6 percentage points
higher than the 1.8 percent forecast in September. The increase was due to higher prices for food, services, and other items.

Development of Energy Prices

Geopolitical events played a crucial role in the development and volatility of gas and power prices across Europe in 2024. This is of particular significance for E.ON and its procurement of power and gas on wholesale markets to serve its customer portfolio. The market experienced significant volatility due to increased risks to energy supplies from Russia and uncertainty relating to the transport and transit of residual Russian gas deliveries through Ukraine. Markets reacted to geopolitical tensions in the Middle East as well.

Energy prices at the beginning of the year continued their decline from the fourth quarter of 2023. In late February, year-ahead gas futures at the Title Transfer Facility ("TTF"), a virtual trading point for gas in the Netherlands, declined by $€ 6$ relative to the start of the year to $€ 27.4$ per MWh. German year-ahead baseload power futures fell by $€ 23$ over the same period to $€ 68.6$ per MWh. This ongoing decline was amplified by high inventory in Europe's gas storage facilities, which reached record-high levels of more than 58 percent at the end of the 2023-24 winter season. This downward trend began to reverse in late February and early March. In March energy prices were also supported by additional sanctions, which made it more difficult to export energy from Russian sources to the global market. This increased price risks, which was reflected in rising prices. In addition, the increase in Russia's attacks on Ukrainian energy infrastructure-including, for the first time, attacks on gas storage facilities-led to more volatility and risk mitigation in the form of price increases on energy markets.

Markets remained highly volatile in the second quarter due to more Russian attacks on Ukraine's energy infrastructure and speculation over the future of Ukrainian gas transit. Gas and power prices spiked in midMay. TTF year-ahead gas futures almost reached $€ 40$ per MWh, and German year-ahead baseload power futures exceeded $€ 100$ per MWh.

European energy markets are more dependent on LNG deliveries because of the significant decline in the supply of Russian pipeline gas over the last three years. They therefore now tend to react to global events much more than in the past. For example, the market also experienced greater volatility because of the uncertain LNG supply situation caused by developments in other basins like Malaysia and Australia. Moreover, the Atlantic hurricane season was particularly strong in 2024, although this did not lead to any major or prolonged disruptions to LNG deliveries from the Gulf of Mexico.

Following a brief stagnation in gas prices and a limited decline in forward power prices driven by weak carbon prices, in late July and early August geopolitical developments put even more upward pressure on prices. Anticipation of heavy fighting around the last remaining Ukrainian
interconnection point for Russian gas again pushed the prices of yearahead gas and power futures to 2024 highs again. TTF year-ahead gas futures traded at around $€ 42$ per MWh in mid-August, 50 percent higher compared with the low from February. German year-ahead baseload power futures again moved above $€ 100$ per MWh for a brief period.

Middle East tensions and the future of Russian gas transit through Ukraine remained the decisive issues for energy markets in the second half of 2024 as well. In addition, in the fourth quarter-and thus the start of the heating season-the weather was another determining topic on markets. Inventories in Europe's gas storage facilities were around 40 TWh, or 4 percent, lower at the end of October than at the same time in the prior year.

In summary, the development of gas and power prices in 2024 was driven by a combination of weather events, supply disruptions, and geopolitical events. Energy markets experienced significant fluctuations due to several factors, including unplanned outages, extended maintenance work, ongoing conflicts in the Middle East, and the war in Ukraine. These factors led a volatile energy market through the year, with prices movements responding to impulses and risks, even those that did not materialize. In principle, E.ON endeavors to procure energy with foresight in order to ensure fair prices for customers and avoid short-term price fluctuations.

Energy Policy Environment

Global

The questions of by what means and how fast climate change needs to be slowed shaped the global energy policy debate in 2024 as well.

At the UN Climate Change Conference COP29 in Baku, Azerbaijan, in November 2024, heads of state and government from almost 200 countries met and adopted a new framework for the international financing of climate protection and adaptation to the consequences of climate change. It calls for the annual contribution, primarily from industrialized countries, to be increased to at least $\$ 300$ billion by 2035. No progress was made on new resolutions for phasing out fossil fuels and reducing greenhouse gas ("GHG") emissions.

Europe

The current energy policy debate in Europe and Germany is shaped to a large extent by questions of affordability. Financing the energy transition requires considerable investments, whose financing is, however, not secured. Public funding is insufficient, and the energy industry's financial strength and debt capacity are limited in the current regulatory environment. Private investment can be mobilized if projects are economically viable and can deliver the necessary returns. This applies in particular to foresightful investments in network expansion and hydrogen

infrastructure. Access to capital must therefore be made easier, for example by means of a fully developed capital markets union.

Following the European elections in June 2024 and Ursula von der Leyen's reelection as Commission President, the EU's priorities are therefore also shifting toward competitiveness and market integration. A Clean Industrial Deal is intended to serve as a key lever and is likely to be considerably influenced by Mario Draghi's report on EU competitiveness, which advocates closing innovation gaps, reducing energy costs, and enhancing security of supply. Draghi's recommendations include striving to catch up with the United States and China technologically, combining decarbonization and competitiveness, and establishing a capital markets union to harness private capital. Although we share many of Draghi's assessments, we believe some proposals have potential complicationssuch as another review of the electricity market design-which could hamper rapid progress.

The EU Grid Action Plan presented by the Commission in November 2023 is a comprehensive package of measures to propel the modernization and expansion of Europe's energy infrastructure. The plan focuses on financing, optimizing the regulatory environment, and accelerating approval procedures for electricity network expansion. These are key points for implementing the energy transition while ensuring security of supply and network stability in Europe. On May 30 the EU Energy Council also adopted the European Council's conclusions for promoting sustainable electricity network infrastructure. In particular, the Council called on the Commission to promote a regulatory environment that is compatible with the requirements of the agreed-on decarbonization targets while also facilitating foresightful investments. An implementation agenda is to be developed as well. Its purpose is to support member states-in close collaboration with transmission and distribution system operators-in removing the main barriers to efficient use and in supporting the expansion of electricity infrastructure. We advocate a Power Infrastructure Deal to support urgently needed investments in network modernization. Such measures can create incentives to closely synchronize renewables growth and network expansion. In addition, lower taxes and a support scheme for electrification could help make energy more affordable in the long term.

In May 2024 the EU adopted a package of measures for hydrogen and a decarbonized gas market to support Europe's hydrogen ramp-up. The overarching goal is to create a common framework for decarbonizing the gas and hydrogen market and to adapt the legal framework to future gaseous energy mixes that contain less (fossil) natural gas and an increasing proportion of renewable and low-carbon gases. The package stipulates that most of the rules that apply to existing natural gas networks will remain largely unchanged for decarbonized gases and will be adopted for hydrogen networks. This concerns the ownership unbundling of transmission system operators, the unbundling of regulated facilities, and
third-party access to natural gas and hydrogen networks, including storage facilities and terminals. Member states transposed the regulation into national law by August 2024.

The EU adopted the Artificial Intelligence Act ("AI Act") and the Cyber Resilience Act in 2024 as part of its digital agenda. The former aims to ensure the responsible use of AI. Its requirements range from simple labeling to extensive documentation obligations for high-risk applications. We believe this places too much focus on minimizing risk in high-risk AI systems and advocate clearer requirements that balance innovation and regulation. The Cyber Resilience Act is intended to establish basic security requirements for digital products on the EU market. It focuses on cybersecurity along the entire supply chain, particularly amid growing risks and geopolitical challenges in IT procurement. Its security-by-design approach is of particular importance to E.ON in view of the growing cyber risks in the supply chain and the increasing geopolitical implications of procuring IT components. Cybersecurity requirements are therefore no longer limited to operators of critical infrastructures but extend to the entire supply chain.

Germany

Germany's Heat Planning Act (German abbreviation: "WPG") and Building Energy Act (German abbreviation: "GEG") took effect at the start of 2024. Both laws are intended to propel Germany's heating transition. The WPG regulates details on the mandatory introduction of municipal heat planning from 2026 or 2028 onward (the latter for municipalities with fewer than 100,000 inhabitants). The GEG regulates details on the implementation of the heating transition for owners of new and existing buildings. Although the two laws' contents are linked, in some cases this makes the situation complex and inconsistent. In addition, the heating plan foreseen by the WPG is not legally binding: being assigned to a specific heating network territory does not imply an obligation to use or offer a specific type of heat supply. This means that practically all infrastructure operators currently lack the necessary planning certainty. A lack of planning certainty, which can also result from the expiration of concession agreements before investments have been amortized, could delay decarbonization measures.

The massive expansion and decarbonization of the district heating supply are indispensable for the heating transition. In the summer of 2024, the German government presented draft legislation to regulate district heating. E.ON sees this as an opportunity to create planning and investment security as well as transparency for its customers. The reform must be designed so that it provides sufficient incentives for investments in decarbonization.

The German federal government published its power plant strategy on February 5, 2024. The strategy will use auctions to promote the immediate expansion of new, modern, highly flexible and climate-friendly ( $\mathrm{H}_{2}$-ready)
power plants that will be included in a capacity mechanism from 2028 onward. The strategy is a step in the right direction, but many important aspects remain undecided. These include the total capacity to be auctioned (currently only four auctions for 2.5 MW have been announced) and how this capacity will be integrated into a future capacity market (for which initial market designs were proposed in August). In addition, the strategy must be harmonized with state-aid guidelines, which require proof of a supply gap. The desired regional distribution of power plants puts bidding zoning back on the agenda as well. Another important issue is whether expanding capacity before Germany's planned coal phaseout in 2030 is possible. Nevertheless, we believe that the swift establishment of a market-based, technology-neutral capacity market is crucial.

The presentation of the power plant strategy on February 5, 2024, included the announcement that a capacity mechanism will be introduced by 2028. In August 2024 the German federal government published a paper with options for the electricity market design of the future. It included a proposal for a hybrid capacity market. This envisages dividing the market into two parts: a central capacity market for investments with longer refinancing periods and a decentralized market that gives balancing group managers access to capacity certificates and obliges them to ensure the respective maximum load at certain times of the year.

The challenge of the auction process for new power plants (see the power plant strategy above) will be to define, as quickly as possible, clear and comprehensive rules for capacity mechanisms so as to avoid unnecessary risk prices. The hybrid capacity market is intended to combine the advantages of a centralized and decentralized capacity market but also significantly increases the administrative burden. The objective should be to establish a capacity market that is as open as possible and thus liquid and that also encompasses load management and storage facilities. Belgium's capacity market could serve as a model, especially because the European Commission is already reviewing it.

The strategy also calls for the establishment of regional flexibility markets for network congestion and for renewables facilities (possibly including storage facilities and hydrogen sinks) to be assigned to them.

The law on the smart meter rollout in Germany (German abbreviation: "GNDEW") took effect on May 27, 2023. The law's aim is to accelerate the installation of smart energy meters across Germany. These meters are supposed to be in use in households and businesses nationwide by 2032. E.ON supports a pragmatic and rapid approach to the smart meter rollout in order to enable flexibility, which is essential for an efficient energy transition.

Shortly before the end of the 20th legislative period, the SPD, the Greens, and the CDU/CSU parliamentary group in the Bundestag agreed on an

energy policy package of laws that will facilitate the continuation of the energy transition. The package includes changes to the Energy Industry Act (German abbreviation: "EnWG"), the Renewable Energy Sources Act (German abbreviation: "EEG"), the Metering Point Operation Act (German abbreviation: "MsbG"), the Combined Heat and Power Act (German abbreviation: "KWKG") and the Greenhouse Gas Emissions Trading Act (German abbreviation: "TEHG"). From E.ON's viewpoint, the EnWG, EEG, and MsbG contain the most important changes. E.ON welcomes the fact that the EnWG, among other things, creates a legal basis for flexible grid connection contracts. However, the law also has a negative aspect in that it gives distribution system operators additional audit and reporting requirements that amount to complex additional tasks (Section 12 of the EnWG-E). In contrast, E.ON likewise takes a positive view of the MsbG's clarification of the mandatory smart meter rollout: that is, only for PV systems larger than 7 kW and customers that consume more than 6,000 kWh per year. We also consider constructive the EEG's creation of an option for flexible grid connection agreements, which, for example, give network operators the option of limiting PV units' active power during certain timeframes. Other amendments relate to the operation of biomass plants (EEG), combined heat and power (KWKG), and greenhouse gas trading (TEHG), but are only of limited relevance to E.ON. The draft laws passed the Bundestag in late January 2025.

Germany's fourth regulatory period for power began in 2024. The general productivity factor was set at the end of 2024. This means that all relevant major regulatory parameters for the fourth regulatory period for power have now been finalized. In December 2024 the Federal Court of Justice overturned the Düsseldorf Higher Regional Court's ruling regarding the setting of the regulatory return on equity for power and gas, a ruling that was appealed by the Federal Network Agency (German acronym: "BNetzA"). In August 2023 the Düsseldorf court had initially ruled in favor of network operators in their lawsuit. Consequently, the regulatory return on equity set for the fourth regulatory period is likewise legally binding.

On January 18, 2024, the BNetzA published a key elements paper entitled "Networks. Efficient. Secure. Transforming" ("NEST process"). It thereby launched a process to review its current regulatory framework with regard to the rapidly increasing demands on network operators as a result of the energy and climate transition. The process will affect the fifth regulatory period (gas from 2028 onward, power from 2029 onward). In refining the regulatory framework, the BNetzA must gradually replace existing legal ordinances by 2028-the Incentive Regulation Ordinance and the Network Charges and Network Connection Ordinances for Gas and Power-in order to comply with the ECJ's ruling from 2021. The NEST process has so far focused on possibly introducing weighted average cost of capital ("WACC") for determining regulated cost of capital. This determination would factor in the adjustment of the future determination of cost of equity and cost of debt, the consideration of operating costs that increase more rapidly during
the regulatory period because of the energy transition, the future application of general and individual efficiency targets, and the incentive regulation scheme for the gas transition. These aspects have been the subject of a lengthy discussion process involving the industry since the beginning of 2024 and are to culminate in a series of legislative acts, starting with framework determinations, which will then be converted into methodological determinations, which will finally be used to set individual determinations. The future regulatory framework from the fifth regulatory period onward will then consist primarily of purely regulatory determinations, reflecting the BNetzA's new political independence due to the ECJ's ruling. In early January 2025 the BNetzA published extensive interim results on this. However, these are only preliminary statements of the agency's considerations and not yet a formal consultation. According to the agency's current schedule, the framework determinations are expected to be initially established in the first half of 2025. Additional methodological provisions based on this framework are to follow by 2027 at the latest. Subsequent individual determinations for power are expected by the end of 2028. This is a staged and ongoing consultation process. Consequently, the resulting effects on E.ON still cannot be fully estimated at this time.

In September 2024 the BNetzA published its decision to adjust the imputed useful lives and depreciation modalities of natural gas pipeline infrastructure (KANU 2.0). The decision reflects the federal government's decarbonization targets-which call for net greenhouse gas neutrality to be achieved by 2045 (Section 3 of the Climate Protection Act)-and aims to solve the problem of full regulatory amortization of existing gas network assets, a problem that the industry has long pointed out. It allows for significantly shorter imputed useful lives: in exceptional cases by 2035 and generally by 2045 or 2040, depending on federal or state-specific climate protection laws. In addition, it permits degressive depreciation with a depreciation rate of up to 12 percent in order to better align capital costs with the use profile of natural gas infrastructure and to rein in network fees for the last customers still connected to the network. The new depreciation modalities should be able to be used to calculate revenue caps and network fees for 2025 to 2027. E.ON welcomes the new rule and will apply in stages starting in 2025/2028.

A core hydrogen network is a key prerequisite for Germany's hydrogen ramp-up. The BNetzA approved the applied-for core network in October 2024. The extent to which distribution networks will in the future function as transport grids for hydrogen from the core network will depend on how various customer groups embrace the hydrogen ramp-up. The yet-to-bedetermined financing framework for hydrogen networks outside the core network will-alongside distribution network infrastructure's proximity to the core network-be the primary influence on a possible transformation. The E.ON Group's network operators are monitoring developments closely.

United Kingdom

The new Labor government was elected in July 2024. It has a program of five main goals, including "clean energy by 2030." Since its election, the new government has focused on the energy transition. Initial measures to achieve the clean-energy target, which E.ON also welcomes, include eliminating the de facto ban on onshore wind turbines, pledging to reform planning and network connection procedures, conducting a successful contracts-for-difference ("CfD") auction for renewables, introducing the National Energy System Operator, and presenting legislative initiatives to establish Great British Energy, a new publicly owned energy company that will invest in national and community projects.

The government also made other announcements to accelerate the energy transition. These include reintroducing the ban on gasoline and diesel cars from 2030 onward, removing planning obstacles for certain heat-pump retrofits, increasing the heat-pump subsidy program, introducing a mechanism for a clean heating market in 2025 (which sets heat-pump sales targets for boiler manufacturers), and promising to raise the minimum energy efficiency standards for rental properties by 2030.

However, some policy gaps remain to achieving the clean-energy target and Britain's wider decarbonization targets. For example, with energy bills well above precrisis levels, energy affordability remains a big concern for consumers. The new government is therefore determined to work in partnership with industry to find long-term solutions for affordability and energy debt. The previous government's energy price cap remains in place. The current debate focuses on how this cap might evolve in the future, including the potential role of targeted support for vulnerable customers and the cap's interaction with other measures, such as a ban on tariffs that only apply to new customers.

Netherlands

The collapse of Mark Rutte government in 2023 reshaped the Dutch political landscape in 2024, leading to early parliamentary elections. A new coalition emerged that prioritized the energy transition to meet the EU targets of the Fit for 55 package and to achieve net-zero emissions by 2050. The centerpiece of the coalition's agenda was the adoption of a revised Energy Industry Act to simplify renewables projects and improve network capacity.

The netting system, which allows solar facility owners to offset the electricity they feed into the network against their consumption, is set to be eliminated at the start of 2027. This legislation was passed after parliament had previously rejected a gradual phaseout. Reforms to district heating under the proposed Heat Act aimed to increase access but were met with criticisms regarding their affordability for households and profitability for operators.

At the same time, network congestion became an urgent challenge as rapid renewables growth outpaced infrastructure development. The coalition promised to improve collaboration between public and private actors to expand network capacity and storage solutions. It also established an Emergency Energy Fund in 2024 to help vulnerable households keep their energy bills affordable.

Sweden

The Swedish government focused on developing new nuclear power stations. This included publishing a report on financing and risk sharing for such investments. The government also rejected 13 applications for offshore wind farms in the Baltic Sea for defense reasons, while approving one project on the west coast. District heating prices continued to rise sharply in 2024, owing mainly to higher demand for Nordic biomass as a result of lower imports from Russia. These price increases attracted attention, prompting the government to investigate the market and consumers' position in it. There remains little political interest in price regulation, however, not least because of the central role that district heating plays in Sweden's energy mix.

Romania

Romania's energy market was in transition in 2024, with full liberalization planned from April 2025 onward. This measure represents a reversal of the partial regulation introduced during the 2021-2023 energy crisis. Full liberalization includes the removal of price caps and other government controls to comply with EU market rules and promote competition. While liberalization is intended to improve market efficiency and attract foreign investment, the government is looking for solutions to protect vulnerable consumers from potentially rising energy prices and ensure fair access to energy. The government also introduced support measures and incentives to promote renewables projects, including a system of contracts for difference to encourage the production of renewable energy. In addition, the Romanian authorities changed their support policy for prosumers, focusing on integrating storage capacity with solar systems. Given the increasing decentralization of energy production and renewables' intermittency, the government sought to modernize electricity networks using smart technologies, with significant EU funding provided to network operators. Despite these positive developments, E.ON believes the regulatory framework still has room for improvement, particularly regarding incentives for network operators to support a just energy transition.

Slovakia

Slovakia experienced political and institutional turmoil in 2024, including an assassination attempt on Prime Minister Fico. Despite these challenges, it adopted a consolidation package, which included a three-percentagepoint VAT increase and the introduction of a new transaction tax. The government concluded strategic partnerships with China in renewables,
transport, and infrastructure projects. The Minister of Economy Affairs announced plans to conduct a public tender in 2025 for a new nuclear power station in Jaslovské Bohunice. The government reached an agreement to freeze household electricity prices at the current level of €61 per MWh in order to stabilize energy costs. It is also planning offset measures to cushion the impact of rising gas prices.

Czech Republic

New legislation took effect in 2024 that enables energy communities to be created and allows households, communities, and businesses to share electricity both locally and nationally. These communities are expected to be fully operational by 2026. The country introduced a new information system for public administration as part of its effort to digitalize construction procedures. The new system's numerous bugs, however, led to delays in many projects, including those for renewables. Demand for smaller renewable energy connections increased, which led to connection capacity being exhausted in many regions. In the ongoing tendering process for the construction of new nuclear power stations, the government decided to enter into negotiations with Korea Hydro \& Nuclear Power Company. Another wave of legislation currently under discussion aims to transition to a new market model that will enhance consumer protection, expand energy storage options, and enable end-users to provide and aggregate flexibility. Plans call for the transition to this model to take place by the end of 2027.

Hungary

At the beginning of 2024, the Hungarian government changed the rules for the procedure for allocating network capacity to ensure that the increased demand for capacity is handled efficiently and fairly. Network operators reject all applications for which the earliest possible connection cannot be guaranteed until after 2030. During the year, the government began to review this procedure together with network operators. The findings are not expected until sometime in 2025 at the earliest. Hungary submitted its revised National Energy and Climate Plan in October. The plan for the period through 2030 aims to enhance Hungary's energy sovereignty, to ensure security of supply, and also to preserve the results of reduced utility fees. The new regulatory period for power began in 2025. It replaced real with nominal rates of return on investment, which reduced the regulated asset base. This change makes Hungary's regulatory system less attractive.

Poland

The transition from a system of government-imposed price caps for retail energy to market-based prices shaped 2024 in Poland. Although in December 2023 parliament had extended the old price-cap system to the first half of 2024, in the second half of the year the new government began working on a timetable for eliminating price caps for power, natural gas, and district heating. The government also presented a more ambitious
draft of its National Energy and Climate Plan. Consultations on the plan were completed in early 2025.

Special Events in the Reporting Period

Significant Changes to the Management System and Business Model

On September 11, 2023, the Management Board approved a new management concept for the E.ON Group. The concept has been in effect since January 1, 2024, and entails a change in the definition of certain operating segments in accordance with IFRS 8.

Beginning January 1, 2024, the E.ON Group's business model consists of three business divisions: Energy Networks, Energy Infrastructure Solutions, and Energy Retail.

In addition, a number of regional markets at the Energy Networks business division were reassigned, likewise effective January 1, 2024. The reporting of our activities in East-Central Europe/Turkey is divided into two reporting segments: Central Eastern Europe (which includes the Czech Republic, Poland, and a shareholding accounted for using the equity method in Slovakia) and South Eastern Europe (which includes Hungary/Croatia, Romania, and our stake in Enerjisa Enerji in Turkey, which is accounted for using the equity method).

Furthermore, the E.ON Group's central commodity procurement entity, E.ON Energy Markets GmbH, is reported at Energy Retail-Other effective January 1, 2024. It was part of Corporate Functions/Other until December 31, 2023.

Impact on Goodwill Allocation

The change in the definition of E.ON's operating segments pursuant to IFRS 8 was accompanied by a reallocation-effective January 1, 2024-of existing goodwill amounts for all cash-generating units containing goodwill that were affected by the changes. Goodwill was reallocated on the basis of relative fair values in accordance with the requirements of IAS 36. Energy Infrastructure Solutions is significantly more asset-intensive than Energy Retail. As a result, its book value was high relative to its fair value. This necessitated a trigger-based impairment test at January 1, 2024. Including newly allocated goodwill, Energy Infrastructure Solutions' book value exceeded its recoverable amount. This required the recording of an impairment charge of originally $€ 624$ million on reallocated goodwill at Energy Infrastructure Solutions. This charge is recognized under depreciation and amortization. Exchange-rate developments resulted in the impairment charge on goodwill increasing by $€ 4$ million through the end of the third quarter of 2024. Following a total impairment charge of $€ 628$ million, goodwill at the Energy Infrastructure Solutions business division amounted to $€ 1,490$ million on December 31, 2024.

E.ON Successfully Issued $€ 4.95$ Billion in Bonds

E.ON successfully issued ten bonds totaling roughly $€ 4.95$ billion in 2024:

• €750 million green bond that matures in January 2031 and has a coupon of 3.375 percent
• €750 million green bond that matures in January 2036 and has a coupon of 3.750 percent
• €800 million bond that matures in March 2032 and has a coupon of 3.5 percent
• €1 billion green bond that matures in March 2044 and has a coupon of 4.125 percent
• €100 million green private placement that matures in June 2040 and has a coupon of 3.976 percent
• NOK 1 billion green private placement that matures in August 2034 and has a coupon of 4.4675 percent. It is fully hedged against interest-rate and currency risk. Including the hedging transaction, this yields a eurodenominated liability of roughly €86 million and an interest rate of 3.517 percent per year
• NOK 1.32 billion green private placement that matures in August 2034 and has a coupon of 4.4505 percent. It is fully hedged against interestrate and currency risk. Including the hedging transaction, this yields a euro-denominated liability of roughly €112 million and an interest rate of 3.535 percent per year
• €750 million green bond that matures in March 2030 and has a coupon of 3.125 percent
• €500 million bond that matures in September 2038 and has a coupon of 3.875 percent
• JPY 16 billion green private placement that matures in December 2030 and has a coupon of 1.223 percent. It is fully hedged against interestrate and currency risk. Including the hedging transaction, this yields a euro-denominated liability of roughly €100 million and an interest rate of 3.009 percent per year.

These bond transactions concluded from March onward enabled E.ON to begin securing a portion of its funding requirements for 2025 at an early stage. In addition, in March 2024 E.ON issued its first 20-year, eurodenominated bond. Lastly, E.ON was able to further diversify its investor base with the private placements issued in 2024.

Arbitration Proceedings in Spain

E.ON SE, E.ON Finanzanlagen GmbH, and E.ON Iberia Holding GmbH are plaintiffs in arbitration proceedings against the Kingdom of Spain. In the arbitration proceedings, the three companies are asserting claims for damages for changes to Spain's remuneration scheme for renewable energy. The arbitration proceedings have been pending at the International Center for Settlement of Investment Disputes ("CSID") since they were registered on August 10, 2015. On January 18, 2024, an arbitration tribunal awarded the companies damages totaling approximately €0.3
billion. Spain initiated an annulment procedure with a filing dated May 17, 2024. As the legal process has not yet been exhausted and there are therefore still uncertainties regarding the final outcome of the proceedings, E.ON is not reporting a receivable or any associated income at the end of Dezember 2024 either. Instead, it continues to disclose a contingent receivable.

Termination of the Operating Concession for a Wastewater Treatment Plant in Croatia

A concession agreement for the operation of a wastewater treatment plant existed between Zagrebacke otpadne vode d.o.o., a company consolidated in the E.ON Group using the equity method, and the City of Zagreb. By majority resolution of the city assembly on January 25, 2024, the City of Zagreb exercised its contractually agreed-on right to unilaterally terminate this concession. The six-month termination period expired in early August, and operational control of the asset passed to the City of Zagreb. Negotiations on the amount of the compensation payment are ongoing. In the 2024 financial year E.ON recorded an earnings contribution to net income in the single-digit million range and does not anticipate a significant disposal gain.

Changes on the Management Board

At the start of June, E.ON completed the changes to the Management Board it had announced in March. Marc Spieker, previously Chief Financial Officer of E.ON SE, succeeded Patrick Lammers as Chief Operating Officer-Commercial on June 1. His new responsibilities include the sales and customer solutions businesses at the Energy Retail and Energy Infrastructure Solutions business divisions as well as Commercial Programming, Hydrogen, Energy Management, and Marketing. Patrick Lammers left the Company to assume an executive position outside E.ON. Nadia Jakobi, previously CEO of the E.ON Group's central commodity procurement entity, E.ON Energy Markets GmbH, succeeded Marc Spieker as Chief Financial Officer on June 1.

German Regulatory Agency Affirms E.ON's Pacesetting Role in Electricity-Network Efficiency

In late April 2024, the Federal Network Agency's nationwide efficiency comparison for the fourth regulatory period rated the efficiency of the E.ON Group's power distribution networks at nearly 100 percent (weighted-value rating of 99.5 percent). E.ON's power distribution networks significantly outperform the industry average of 95.9 percent.

Disposal of a Joint Venture in the Netherlands

As of the reporting date, Essent Energy Next Solutions B.V. (Essent) held a 49 percent stake in a joint venture, Kemkens Groep B.V., which was consolidated at equity. The joint venture partner had a contractually agreed call option entitling them to acquire the 49 percent stake. In June 2024, Essent was notified in writing by the joint venture partner about the
intention to exercise this option. The closing of the transaction was expected in the second half of 2024. As a result, IFRS 5's criteria for a classification as held for sale were met for the first time as of June 30, 2024. The shareholdings at the Energy Retail-Netherlands segment was reported as an asset held for sale in the balance sheet in the second and third quarter of 2024. The transaction ultimately closed on October 8, 2024, yielding with a positive disposal gain in the low double-digit million range.

Agreement on the Sale of the Energy Retail Business in Romania

On December 16, 2024, E.ON entered into an agreement to sell its 68 percent stake in E.ON Energie România S.A. and its 98 percent stake in E.ON Asist Complet S.A. (both reported in the Energy Retail-Other segment) to the MVM Group. The transaction is subject to necessary approvals and is expected to close in the first half of 2025. Until the transaction closes, the business will continue to be classified as a disposal group in accordance with IFRS 5.

Subsequent Events

E.ON Successfully Issues Bonds at the Start of the Year

E.ON successfully issued two bonds totaling roughly $€ 1.75$ billion in early January 2025:

• €850 million bond that matures in April 2033 and has a coupon of 3.5 percent
• €900 million green bond that matures in January 2040 and has a coupon of 4.0 percent.

This-along with pre-financing conducted in 2024-enabled E.ON to secure, at the start of the year, a significant portion of its funding requirements for 2025.

Business Performance

E.ON's operating business performed in line with expectations in the 2024 financial year, and E.ON met its forecast for key performance indicators.

External sales in the 2024 financial year decreased by $€ 13.6$ billion to $€ 80.1$ billion. This performance is mainly attributable to lower price levels on wholesale markets and to a weather-driven decline in sales volume.

The E.ON Group's adjusted EBITDA of $€ 9.0$ billion was $€ 0.4$ billion below the prior-year figure of $€ 9.4$ billion but was at the upper end of the forecast range of $€ 8.8$ to $€ 9.0$ billion. Energy Networks recorded adjusted EBITDA of $€ 6.9$ billion, which was likewise at the upper end of the forecast range of $€ 6.7$ to $€ 6.9$ billion. Energy Infrastructure Solutions' adjusted EBITDA of $€ 0.56$ billion was at the lower end of the forecast range of $€ 0.55$ to $€ 0.65$ billion. Adjusted EBITDA at Energy Retail of $€ 1.8$ billion was at the upper end of the forecast range of $€ 1.6$ to $€ 1.8$ billion. Corporate Functions/Other's adjusted EBITDA of -€0.2 billion was in line with expectations.

Further growth in the regulated asset base due to additional investments was the main factor in Energy Networks' solid earnings contribution. In addition, the switch to the new regulatory period for power in Germany and Sweden resulted, among other things, in higher regulated revenues. Although Energy Infrastructure Solutions' adjusted EBITDA remained at the prior-year level, Energy Retail recorded a decline in earnings owing to the anticipated non-recurrence of positive one-off effects in the mid-tohigh triple-digit million range recorded in the prior year.

Adjusted net income of $€ 2.9$ billion (prior year: $€ 3.1$ billion) was in the middle of the forecast range of $€ 2.8$ to $€ 3.0$ billion. Earnings per share based on adjusted net income ("EPS") amounted to $€ 1.09$ in the year under review (prior year: $€ 1.18$ ) and were thus at the lower end of the forecast range of $€ 1.07$ to $€ 1.15$.

Cash-effective investments of $€ 7.5$ billion were significantly above the prior-year figure of $€ 6.5$ billion and also above the forecast target figure of roughly $€ 7.2$ billion. Energy Networks' investments of $€ 5.8$ billion surpassed the forecast figure of roughly €5.7 billion. They went mainly
toward network infrastructure projects. Energy Infrastructure Solutions invested $€ 1.0$ billion, which surpassed the forecast figure of roughly $€ 0.8$ billion. A large portion reflected investments in projects in the United Kingdom and Germany. Investments at Energy Retail ( $€ 0.5$ billion) and at Corporate Functions/Other ( $€ 0.2$ billion) were in line with the forecast figures.

Energy Networks

Power and Gas Wheeling Volume

On balance, power wheeling volume ( 307.2 billion kWh ) was unchanged from the prior year. Gas wheeling volume ( 195.9 billion kWh ) rose slightly over the same period, in particular because of lower gas prices, which stabilized again.

Wheeling Volume ${ }^{1}$

	Germany		Sweden	Central Eastern Europe		South Eastern Europe		Total
Billion kWh	2024	2023	2024	2023	2024	$2023^{2}$	2024	2023	2024
Fourth quarter
Power	62.0	61.1	9.5	9.9	5.4	6.1	8.1	7.9	85.0
Network loss, station use, etc.	1.9	2.0	0.3	0.3	0.2	0.3	0.5	0.4	2.9
Gas	51.1	44.1	0.0	0.0	1.1	0.9	14.3	12.2	66.5
Full year
Power	221.7	220.5	34.4	33.3	20.8	24.1	30.3	29.8	307.2
Network loss, station use, etc.	7.1	6.9	1.1	1.0	0.8	1.0	1.8	1.8	10.8
Gas	155.6	149.8	0.0	0.0	2.8	3.0	37.5	37.0	195.9
${ }^{2}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.

${ }^{2}$ VSEH of Slovakia is only included until its transfer to ZSE (end of November).

System Length and Network Customers

E.ON's power system in Germany was about 692,000 kilometers long, almost unchanged from the prior-year figure (about 694,000 kilometers). At year-end E.ON had about 14.8 million network customers for power in its service territory (prior year: 14.9 million). E.ON's gas system in Germany was almost unchanged at about 98,000 kilometers, as was the number of network customers, roughly 1.9 million.

The length of E.ON's power system in Sweden was 143,000 kilometers (prior year: about 142,000 kilometers). The number of customers in the power distribution system was about 1.1 million, unchanged from the prior year.
E.ON operates power networks in Central Eastern Europe with a total system length of roughly 87,000 kilometers (prior year: about 109,000 kilometers) and supplies about 2.7 million network customers (prior-year: 3.4 million). The changes result from the altered consolidated method for

Východoslovenská energetika Holding a.s. in Slovakia in late November 2023. Gas networks operated by E.ON were roughly 4,600 kilometers long (prior year: around 4,600 kilometers). As in the prior year, the number of gas network customers was about 0.1 million.
E.ON operates power networks in Southern Eastern Europe with a total system length of roughly 162,000 kilometers (prior year: about 165,000 kilometers) and, as in the prior year, supplies about 5.1 million network customers. Gas networks operated by E.ON were roughly 46,000 kilometers long (unchanged from the prior year). As in the prior year, there were about 2.7 million gas network customers.

Energy Infrastructure Solutions

Energy sold to third parties (heat, electricity, steam, and cooling) amounted to 16.8 billion kWh in the 2024 financial year, which was slightly below the prior year ( 17.7 billion kWh ). The decline in sales volume due to
weather and unscheduled maintenance work in the first half of 2024 was only partially offset in the second half.

Energy Retail

Power and Gas Sales Volume

Power sales in the 2024 financial year declined by 23.8 billion kWh year on year to 217.0 billion. Gas sales did as well by 3.6 billion kWh to 403.4 billion kWh.

The main reasons for the decline in power and gas sales in almost all of E.ON's regional markets were portfolio streamlining in line with our B2B strategy, mild weather, and the altered consolidated method for Východoslovenská energetika Holding a.s. in Slovakia in late November 2023.

Power Sales ${ }^{1}$

	Germany		United Kingdom		The Netherlands		Other		Total
Billion kWh	2024	2023	2024	2023	2024	2023	2024	2023	2024
Fourth quarter
Residential and SME	8.0	9.2	4.7	5.0	3.4	1.6	5.3	5.5	21.4
I&C	3.2	5.7	4.3	4.0	0.2	0.5	2.1	2.4	9.8
Sales partners	2.3	0.3	0.9	0.9	-	-	0.4	0.5	3.6
Customer groups	13.5	15.2	9.9	9.9	3.6	2.1	7.8	8.4	34.8
Wholesale market	2.6	2.5	1.4	1.7	0.2	0.9	19.9	22.0	24.1
Total	16.1	17.7	11.3	11.6	3.8	3.0	27.7	30.4	58.9
Full year
Residential and SME	30.4	31.9	17.5	18.3	6.1	4.4	18.8	20.2	72.8
I&C	15.1	19.9	18.2	18.9	0.8	1.6	7.8	10.0	41.9
Sales partners	7.4	7.9	3.1	2.9	-	-	1.2	2.5	11.7
Customer groups	52.9	59.7	38.8	40.1	6.9	6.0	27.8	32.7	126.4
Wholesale market	6.3	6.8	6.0	7.5	0.9	1.1	77.4	86.9	90.6
Total	59.2	66.5	44.8	47.6	7.8	7.1	105.2	119.6	217.0

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.

Gas Sales ${ }^{1}$
	Germany		United Kingdom		The Netherlands		Other		Total
Billion kWh	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Fourth quarter
Residential and SME	13.3	12.5	12.2	12.0	6.2	5.9	10.6	9.5	42.3	39.9
I&C	4.1	5.1	1.2	1.5	3.1	3.4	1.3	1.6	9.7	11.6
Sales partners	3.1	0.1	3.2	2.9	-	-	-	-	6.3	3.0
Customer groups	20.5	17.7	16.6	16.4	9.3	9.3	11.9	11.1	58.3	54.5
Wholesale market	1.0	0.5	4.8	1.8	0.1	0.2	49.6	60.9	55.5	63.4
Total	21.5	18.2	21.4	18.2	9.4	9.5	61.5	72.0	113.8	117.9
Full year
Residential and SME	38.4	36.3	36.2	36.0	16.6	17.0	26.4	28.5	117.6	117.8
I&C	15.0	18.1	4.4	6.2	10.5	12.2	4.0	6.3	33.9	42.8
Sales partners	8.8	8.3	9.1	8.3	-	-	-	0.1	17.9	16.7
Customer groups	62.2	62.7	49.7	50.5	27.1	29.2	30.4	34.9	169.4	177.3
Wholesale market	5.6	4.1	12.3	14.5	0.4	0.9	215.7	210.2	234.0	229.7
Total	67.8	66.8	62.0	65.0	27.5	30.1	246.1	245.1	403.4	407.0

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.

Customer Numbers

The fully consolidated companies in the Energy Retail business division had a total of about 34.6 million customers, which was at the prior-year level ( 34.7 million). The number of customers in Germany ( 14.1 million) and the Netherlands ( 4.0 million) was almost unchanged from the prior year. Our customer base in the United Kingdom declined to 8.5 million owing to portfolio streamlining to focus on value-oriented customers (prior year: 8.9 million). We recorded slight gains in the other regions (among which: Italy and Croatia), which increased the number of customers from 7.8 million to 8.0 million.

The development of customer numbers encompasses both power and gas customers.

Earnings Situation

External Sales

The E.ON Group's external sales declined by $€ 13.6$ billion in the 2024 financial year to $€ 80.1$ billion (prior year: $€ 93.7$ billion).

Energy Networks' sales rose by $€ 3.1$ billion year on year to $€ 20.7$ billion (prior year: $€ 17.6$ billion). One reason for this was continued growth in our regulated asset base, which had a positive impact on our sales performance in all regions. Developments in Germany, where wheeling volume was slightly lower, were attributable in particular to the discontinuation of government subsidies for transmission network tariffs, which contributed to an increase in network tariffs in 2024. Higher sales in Sweden resulted from an increase in wheeling volume along with network tariffs due to improved regulatory parameters. In the Central Eastern Europe segment the missing revenue from Východoslovenská energetika Holding a.s. in Slovakia, which was deconsolidated at the end of November 2023, was overcompensated by higher network tariffs in Poland. The decline in sales at South Eastern Europe was mainly related to a reduction in network tariffs in Hungary that reflect lower procurement costs for network losses due to reduced power prices.

Energy Infrastructure Solutions' sales of $€ 2.7$ billion were $€ 0.3$ billion below the prior-year figure ( $€ 3.0$ billion). This decline is principally attributable to a decline in sales volume and lower sales prices at the heating business in Germany resulting from the passthrough of decreased procurement costs.

Energy Retail's sales declined by $€ 16.3$ billion to $€ 56.5$ billion (prior year: $€ 72.8$ billion). This development is mainly attributable to lower commodity prices and was noticeable in nearly all E.ON regions. The price trend on commodity markets led to a significant drop in sales, particularly in the United Kingdom. Sales also declined owing to a reduction in sales volume that resulted from our ongoing focus on residential and smaller business customers as well as medium-sized business customers, primarily in Germany and the Netherlands. The sales-dampening effect from the settlement of derivatives declined year on year because the decrease in commodity prices was less pronounced.

Sales recorded at Corporate Functions/Other of $€ 0.2$ billion were equal to the prior-year figure.

External Sales ${ }^{1}$

	Fourth quarter					Full year
€ in millions	2024	2023	$+/-$	2024	2023	$+/-$
Energy Networks	5,973	4,987	20	20,691	17,607	18
Germany	4,807	3,905	23	16,905	13,599	24
Sweden	318	242	31	1,179	986	20
Central Eastern Europe	355	234	52	970	934	4
South Eastern Europe	493	606	$-19$	1,637	2,088	$-22$
Energy Infrastructure Solutions	852	805	6	2,677	3,003	$-11$
Energy Retail	16,966	18,588	$-9$	56,503	72,829	$-22$
Germany	5,875	6,626	$-11$	20,023	23,937	$-16$
United Kingdom	4,340	5,476	$-21$	16,476	23,432	$-30$
The Netherlands	888	1,036	$-14$	2,759	4,201	$-34$
Other	5,863	5,450	8	17,245	21,259	$-19$
Corporate Functions/Other	44	63	$-30$	248	247	0
E.ON Group	23,835	24,443	$-2$	80,119	93,686	$-14$

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.

Other Line Items from the Consolidated Statement of Income

The Consolidated Statement of Income can be found in the Consolidated Financial Statements.

Own work capitalized of $€ 1,596$ million was 20 percent above the prioryear level ( $€ 1,334$ million). It consisted predominantly of network investments as well as ongoing and completed IT projects.

Other operating income totaled $€ 11,739$ in 2024 (prior year: $€ 38,888$ million). Income from derivative financial instruments alone declined by $€ 27,078$ million year on year to $€ 10,195$ million, mainly because of the development of prices on commodity markets. Income from currencytranslation effects ( $€ 517$ million) was $€ 61$ million below the prior-year figure ( $€ 578$ million). Corresponding amounts resulting from currencytranslation effects and derivative financial instruments are recorded under other operating expenses. Income from the sale of fixed assets and securities amount to $€ 129$ million (prior year: $€ 151$ million).

Costs of materials of $€ 58,890$ million were significantly below the prioryear level ( $€ 64,228$ million). The sharp decline mainly reflects price developments on commodity markets. The downward price trend that began in the fall of 2023 reversed beginning in the second quarter of 2024. Nevertheless, prices in 2024 were significantly below 2023 levels, resulting in lower average procurement costs relative to the prior year. In addition, in the case of forward procurement contracts, which under IFRS are accounted for as derivative financial instruments, at the time of settlement the corresponding costs of materials are recorded at the market price at delivery. Countervailing effects from the fair-value measurement of commodity derivatives are recorded under other operating income. Furthermore, costs of materials include a change in provisions for pending transactions. These provisions were recorded mainly for contracted sales transactions that are not subject to IFRS 9 (failed own-use transactions) that are, however, commercially part of a portfolio that is partially offset by procurement transactions that are accounted for as derivative financial instruments.

Personnel costs of $€ 6,534$ million were $€ 524$ million above the prior-year figure ( $€ 6,010$ million). The change is mainly attributable to an increase in the number of employees and to pay increases under collective bargaining agreements.

Depreciation and amortization charges increased year on year, from $€ 3,514$ million to $€ 4,401$ million. This is mainly attributable to an impairment charge on goodwill at Energy Infrastructure Solutions. Higher depreciation charges on property, plant, and equipment due to additional investments in the network business constituted another factor.

Other operating expenses of $€ 15,384$ million were $€ 44,164$ million below the prior-year level ( $€ 59,548$ million), in particular because expenditures relating to derivative financial instruments (including currency-translation effects) declined by $€ 43,485$ million to $€ 9,860$ million. Expenditures relating to currency-translation effects rose by $€ 32$ million to $€ 750$ million.

Income from companies accounted for under the equity method of $€ 258$ million was significantly below the prior-year level ( $€ 478$ million). The decline resulted mainly from lower equity earnings from shareholdings in Turkey and from the network business in Slovakia.

Income taxes yielded a tax expense of $€ 1,769$ million in 2024 (prior year: tax income of $€ 598$ million). This resulted mainly from deferred tax expenses stemming from positive effects relating to derivative financial instruments. In the reporting period, countervailing effects resulted from tax income from prior years, including $€ 198$ million from a concluded redress procedure, and changes in value of deferred taxes. Negative effects from the measurement of derivatives and changes in the value of deferred taxes yielded, on balance, tax income in the prior year.

Adjusted EBITDA

The E.ON Group's adjusted EBITDA declined by $€ 321$ million in the 2024 financial year to $€ 9,049$ million (prior year: $€ 9,370$ million).

Energy Networks' adjusted EBITDA rose by $€ 251$ million to $€ 6,868$ million (prior year: $€ 6,617$ million). The start of the new regulatory period for power-due to our larger regulatory asset base, albeit with a simultaneous reduction in the rate of return on equity-led to an earnings increase in Germany. The non-recurrence of positive redispatch effects recorded in 2023 had a particularly negative effect. Slightly weaker-than-expected wheeling volume in 2024 resulting primarily from continued subdued economic activity in Germany was another adverse factor for earnings. Increased costs from upstream networks likewise had a negative impact on earnings. Adjusted EBITDA increased year on year in both Sweden and South Eastern Europe. The principal reasons were a higher regulatory rate of return in the fourth regulatory period that began in Sweden, higher wheeling volume as well as lower costs for network losses in Hungary, and higher tariffs in Romania. The deconsolidation of Východoslovenská energetika Holding a.s. in Slovakia in late November 2023 had an offsetting effect at Central Eastern Europe. Since this time, this company's results are recognized in the results of E.ON's 49-percent stake in Západoslovenská energetika a.s., which is accounted for using the equity method. In addition, continued growth in our regulated asset base had a positive impact on earnings performance in all regions.

Energy Infrastructure Solutions recorded adjusted EBITDA of $€ 558$ million in 2024, which was at the prior-year level ( $€ 565$ million). Investmentdriven growth, positive price effects, and higher asset availability in the United Kingdom were offset by an amount in the low double-digit millions because of a reduction in sales volume due to weather and asset availability and because of lower one-off effects than in the prior year.

Energy Retail's adjusted EBITDA declined by $€ 490$ million to $€ 1,813$ million (prior year: $€ 2,303$ million). Negative effects relative to the prior year resulted principally from the anticipated non-recurrence of positive one-off items in the medium to high triple-digit millions. In the United Kingdom this especially reflects effects relating to regulation. The anticipated more active market environment, particularly in Germany and the Netherlands, contributed to lower earnings as well. The Other segment's earnings declined principally because of the non-recurrence of positive one-off effects related to portfolio management as well as the change in consolidation method for Východoslovenská energetika Holding a.s. in Slovakia. By contrast, lower risk provisions for bad debts for residential and small business customers and for medium-sized business customers due to lower wholesale prices, predominantly in the United Kingdom, had a positive effect on earnings.

Adjusted EBITDA

	Fourth quarter					Full year
€ in millions	2024	2023	$+/-$	2024	2023	$+/-$
Energy Networks	2,081	1,776	17	6,868	6,617	4
Germany	1,544	1,348	15	5,008	5,010	0
Sweden	191	118	62	714	576	24
Central Eastern Europe	168	166	1	632	732	$-14$
South Eastern Europe	179	145	23	514	298	72
Consolidation	$-1$	$-1$	-	-	1	$-100$
Energy Infrastructure Solutions	212	160	33	558	565	$-1$
Energy Retail	99	$-330$	130	1,813	2,303	$-21$
Germany	112	$-127$	188	751	858	$-12$
United Kingdom	$-30$	$-189$	84	552	639	$-14$
The Netherlands	66	$-46$	243	192	234	$-18$
Other	$-49$	31	$-258$	318	571	$-44$
Consolidation	-	1	$-100$	-	1	$-100$
Corporate Functions/Other	$-26$	$-29$	10	$-183$	$-115$	$-59$
Consolidation	$-4$	4	$-200$	$-7$	-	-
E.ON Group	2,362	1,581	49	9,049	9,370	$-3$

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.

Adjusted EBITDA recorded at Corporate Functions/Other of -€183 million was $€ 68$ million below the prior year ( $€ 115$ million). This is mainly attributable to lower equity earnings from Enerjisa Üretim due to the normalization of commodity prices and to expenditures for E.ON's new brand positioning.
E.ON generates a large portion of its adjusted EBITDA in very stable businesses. Regulated, quasi-regulated, and long-term contracted businesses accounted for the overwhelming proportion of E.ON's adjusted EBITDA in 2024.
E.ON's regulated business consists, among other things, of operations in which revenues are largely set by law and based on approved costs. The earnings on these revenues are therefore extremely stable and predictable. E.ON's quasi-regulated and long-term contracted business consists of operations in which earnings have a high degree of predictability because key determinants (price and/or volume) are largely set for the medium to long term. Examples include the operation of industrial customer solutions with long-term supply agreements and the operation of heating networks.

Merchant activities are all those that cannot be subsumed under either of the other two categories.

Adjusted Net Income

Adjusted net income decreased from $€ 3,068$ million to $€ 2,856$ million This change mainly reflects our above-described adjusted EBITDA performance and is accentuated by an increase in operating depreciation charges. Based on E.ON stock outstanding, adjusted earnings per share ("EPS") amounted to $€ 1.09$ (prior year: $€ 1.18$ ).

Operating depreciation charges rose year on year from $€ 2,983$ million to $€ 3,287$ million. This is mainly attributable to an increase in operating depreciation charges on property, plant, and equipment resulting from additional investments in our network business and IT projects.

In the operating interest result, net interest expenses increased from $€ 1,082$ million to $€ 1,140$ million, primarily because of the increase in economic net debt.

Unlike in the prior year, the tax expense on continuing operations was calculated using an underlying tax rate on continued operations of 25 percent. The change in the calculation method, however, had no significant quantitative consequences. The prior-year tax rate on continuing operations was likewise 25 percent. The tax expense on continuing operations declined from $€ 1,325$ million to $€ 1,156$ million. The underlying tax rate on continued operations is based on long-term corporate planning and reflects the anticipated long-term development of the operating income tax expense.

Non-controlling interests' share of operating earnings decreased from $€ 912$ million to $€ 610$ million. The decline resulted mainly from lower operating earnings at some minority-owned companies, in particular at Energy Networks.

Adjusted Net Income

	Fourth quarter		Full year
$€$ in millions	2024	2023	$+/-$	2024	2023	$+/-$
Adjusted EBITDA	$\mathbf{2 , 3 6 2}$	$\mathbf{1 , 5 8 1}$	$\mathbf{4 9}$	$\mathbf{9 , 0 4 9}$	$\mathbf{9 , 3 7 0}$	$\mathbf{- 3}$
Operating depreciation	-966	-856	-13	-3,287	-2,983	-10
Adjusted EBIT	$\mathbf{1 , 3 9 6}$	$\mathbf{7 2 5}$	$\mathbf{9 3}$	$\mathbf{5 , 7 6 2}$	$\mathbf{6 , 3 8 7}$	$\mathbf{- 1 0}$
Operating interest earnings	-299	-243	-23	-1,140	-1,082	-5
Taxes on operating earnings	-262	-120	-118	-1,156	-1,325	13
Operating earnings attributable to non-controlling interests	-184	-235	22	-610	-912	33
Adjusted net income	$\mathbf{6 5 1}$	$\mathbf{1 2 7}$	$\mathbf{4 1 3}$	$\mathbf{2 , 8 5 6}$	$\mathbf{3 , 0 6 8}$	$\mathbf{- 7}$
Adjusted net income per share	$\mathbf{0 . 2 5}$	$\mathbf{0 . 0 5}$	$\mathbf{4 0 0}$	$\mathbf{1 . 0 9}$	$\mathbf{1 . 1 8}$	$\mathbf{- 8}$

Reconciliation to Adjusted Earnings Metrics

IFRS net income in 2024 also included earnings components that are not directly related to E.ON Group's ordinary business activities or that are non-recurring or rare in nature. These non-operating items are considered separately in internal management control. Adjusted EBITDA and adjusted net income reflect the E.ON Group's long-term profitability and, as metrics for internal management control, are adjusted to exclude such nonoperating items.

Net book gains/losses and restructuring expenses were minimal in 2024.
Effects in conjunction with derivative financial instruments changed by $€ 8,599$ million to $€ 4,366$ million. They resulted mainly from the settlement of sales and procurement transactions on derivatives that in the prior year had a negative fair value. The fair-value measurement of pending sales and procurement transactions had just a small countervailing effect because energy prices on commodity markets at December 31, 2024, were again roughly at the level of the start of the year.

Other non-operating expense/income consists mainly of expenditures in conjunction with the application of IAS 29 on ownership interests in Turkey that are accounted for using the equity method. The prior-year figure included the disclosure of the earnings contribution of PreussenElektra, whose commercial operations ended on April 15, 2023.

In addition, other non-operating expense/income components of EBITDA include expenditures for the amortization of hidden reserves and liabilities from the innogy transaction.

In the 2024 financial year, E.ON recorded depreciation and amortization charges in connection with the innogy purchase-price allocation, which are disclosed separately.

It also recorded in particular impairment charges of $€ 628$ million at Energy Infrastructure Solutions. See also "Special Events in the Reporting Period" regarding this matter.

Non-operating interest expense/income improved relative to the prior year. An increase in the discount rate led to income from the discounting of noncurrent provisions for asset-retirement obligations. By contrast, expenses were recorded in the previous year due to a decline in interest rates. The positive effect of $€ 147$ million (prior year: $€ 187$ million) from the difference between the nominal interest rate and the effective interest rate of former innogy bonds adjusted due to the purchase-price allocation is still recorded under non-operating interest expense/income.

Non-Operating Adjustments

	Fourth quarter		Full year
$€$ in millions	2024	2023	2024
Net book gains $(+) /$ losses $(-)$	3	12	-15
Restructuring expenses	-14	4	-20
Effects from derivative financial instruments	1,932	$-1,587$	4,366
Carryforward of hidden reserves $(+)$ and liabilities $(-)$ from the innogy transaction	-14	13	-56
Other non-operating earnings	25	-219	-509
Non-operating adjustments of EBITDA	$\mathbf{1 , 9 3 2}$	$\mathbf{- 1 , 7 7 7}$	$\mathbf{3 , 7 6 6}$
Depreciation of hidden reserves $(-)$ and liabilities $(+)$ from the innogy transaction	-95	-107	-413
Other non-operating impairments/reversals	-81	-112	-782
Non-operating interest expense $(-) /$ income $(+)$	55	-514	139
Non-operating taxes	-151	1,539	-614
Non-operating adjustments of net income/loss	$\mathbf{1 , 6 6 0}$	$\mathbf{- 9 7 1}$	$\mathbf{2 , 0 9 6}$

Reconciliation to Adjusted EBITDA

	Fourth quarter		Full year
$€$ in millions	2024	2023	2024
Adjusted EBITDA	$\mathbf{2 , 3 6 2}$	$\mathbf{1 , 5 8 1}$	$\mathbf{9 , 0 4 9}$
Non-operating adjustments of EBITDA	1,932	$-1,777$	3,766
Income/loss from continuing operations before depreciation, interest result and income taxes	$\mathbf{4 , 2 9 4}$	$\mathbf{- 1 9 6}$	$\mathbf{1 2 , 8 1 5}$
Scheduled depreciation/impairments and amortization/reversals	$-1,144$	$-1,076$	$-4,483$
Income/loss from continuing operations before interest results and income taxes	$\mathbf{3 , 1 5 0}$	$\mathbf{- 1 , 2 7 2}$	$\mathbf{8 , 3 3 2}$

The non-operating tax result in the period under review is primarily influenced by tax expenditures stemming from positive effects in conjunction with derivative financial instruments. In the reporting period, countervailing effects resulted from tax income from prior years, including $€ 198$ million from a concluded redress procedure, and changes in value of deferred taxes. In the prior-year period, negative items relating to the measurement of derivatives as well as changes in value of deferred tax liabilities led, on balance, to tax income.

Besides the above-described effects in the reconciliation to adjusted EBITDA, the reconciliation to adjusted net income includes the following items:

Non-controlling interests' share of operating earnings declined relative to the prior year. The decrease resulted mainly from lower operating earnings at some minority-owned companies, in particular at Energy Networks.

Income from discontinued operations resulted from a transaction already completed in 2005. In accordance with the purchase agreement, a onetime purchase-price adjustment was made in the prior year after an audit of the divested company was completed in the first quarter of 2023, and the contractual clause has now taken effect.

Group adjusted net income and earnings per share amounted to $€ 5,562$ million and $€ 1.73$, respectively, in 2024. The increase is mainly due to the general price trend on commodity markets. Prior-year Group adjusted net income and earnings per share were $€ 760$ million and $€ 0.20$, respectively.

Reconciliation of Adjusted Net Income

	Fourth quarter				Full year
$€$ in millions	2024	2023	$+/-$	2024	2023	$+/-$
Adjusted net income	651	127	413	$\mathbf{2 , 8 5 6}$	$\mathbf{3 , 0 6 8}$	$\mathbf{- 7}$
Operating earnings attributable to non-controlling interests	184	235	-22	610	912	-33
Non-operating adjustments of net income	1,660	-971	271	2,096	-3,281	164
Income from continuing operations	2,495	-609	510	5,562	699	696
Income/loss from discontinued operations, net	-	-	-	-	61	100
Net income	$\mathbf{2 , 4 9 5}$	$\mathbf{- 6 0 9}$	$\mathbf{5 1 0}$	$\mathbf{5 , 5 6 2}$	$\mathbf{7 6 0}$	$\mathbf{6 3 2}$

Financial Situation

Finance Strategy

With its target capital structure E.ON aims to sustainably secure a strong BBB/Baa rating.
E.ON manages its capital structure using debt factor, which is equal to economic net debt divided by adjusted EBITDA; it is therefore a dynamic debt metric. Economic net debt includes not only financial liabilities but also provisions for pensions and asset-retirement obligations.

Pursuant to IFRS valuation standards, innogy's financial liabilities at the time of initial consolidation were recorded at their fair value. This fair value is significantly higher than the original nominal value because interest-rate levels have declined since innogy's bonds were issued. The purchase-price allocation yielded a difference between the nominal value and the fair value, which results in additional liabilities of $€ 1.4$ billion at December 31, 2024 (at December 31, 2023: $€ 1.5$ billion). This amount will be recorded in financial earnings as a reduction in expenditures and spread out over the maturity period of the respective bonds (see Note 9 to the Consolidated Financial Statements). These balance-sheet and earnings effects do not alter the interest and principal payments. To manage economic net debt, E.ON continues to use the nominal amount of financial liabilities, which deviates from the figure shown in its balance sheets.
E.ON aims for a debt factor of up to 5.0. Debt factor at year-end 2024 of 4.5 (prior year: 4.0) was comfortably inside the target range of up to 5.0.

Economic Net Debt

Economic net debt increased by $€ 3.4$ billion relative to year-end 2023 ( $€ 37.7$ billion) to $€ 41.1$ billion at year-end 2024.

This increase is due to a $€ 3.9$ billion rise in E.ON's net financial position to $€ 29.2$ billion (prior year: $€ 25.3$ ). Investment expenditures and E.ON SE's dividend payout were the main factors. Specifically, this development was reflected in an increase in financial liabilities, which resulted primarily from the issuance of bonds totaling roughly $€ 4.95$ billion and countervailing redemptions of roughly $€ 2.1$ billion.

In addition, provisions for pensions rose relative to the prior year by $€ 0.2$ billion (see Note 24 to the Consolidated Financial Statements). A roughly $€ 0.7$ billion decline in asset-retirement obligations, resulting mainly from utilizations, had the opposite effect (see Note 25 to the Consolidated Financial Statements).

Economic Net Debt

	December 31
$€$ in millions	2024	2023
Liquid funds	7,280	7,412
Non-current securities	869	1,177
Financial liabilities ${ }^{1}$	$-37,677$	$-33,943$
FX hedging adjustment	316	11
Net financial position	$\mathbf{- 2 9 , 2 1 2}$	$\mathbf{- 2 5 , 3 4 3}$
Provisions for pensions	$-5,181$	$-4,985$
Asset retirement obligations ${ }^{2}$	$-6,674$	$-7,363$
Economic net debt	$\mathbf{- 4 1 , 0 6 7}$	$\mathbf{- 3 7 , 6 9 1}$

${ }^{1}$ Bonds previously issued by innogy are recorded at their nominal value. The figure shown in the Consolidated Balance Sheets is $€ 1.4$ billion higher (year-end 2023: $€ 1.5$ billion higher).
${ }^{2}$ The figure for asset-retirement obligations at December 31, 2024, again corresponds to the figure shown in the Consolidated Balance Sheets ( $€ 8,674$ million). The figure at December 31, 2023, did not fully correspond to the figure shown in the Consolidated Balance Sheets ( $€ 7,375$ million). This is because economic net debt is calculated in part based on the actual amount of obligations.

Funding Policy and Initiatives

The key objective of E.ON's funding policy is for the Company to have access to a variety of funding sources at all times. E.ON achieves this objective by using different markets and debt instruments to maximize the diversity of its investor base. E.ON issues bonds with tenors that give its debt portfolio a balanced maturity profile. Moreover, large-volume eurodenominated benchmark issues may in some cases be combined with bonds denominated in foreign currencies, smaller euro-denominated issues, private placements, and/or promissory notes. Furthermore, from 2019 onward E.ON has issued green bonds and has since established them in its funding mix. E.ON continues to intend to cover more than 50 percent of its annual long-term funding requirements with green bonds (the Sustainable Finance and Sustainable Investment chapter contains information about the E.ON Green Bond Framework).

External funding is generally carried out by E.ON SE, and the funds are subsequently on-lent in the Group. In the past, external funding was also carried out by the Company's Dutch finance subsidiary, E.ON International Finance B.V. ("EIF"), under guarantee of E.ON SE. In 2024 E.ON fully redeemed bonds totaling $€ 2.1$ billion. E.ON issued new debt totaling roughly $€ 4.95$ billion (see the chapter entitled Special Events in the Reporting Period), of which $€ 3.5$ billion were green bonds.

Breakdown of Bonds by Currency
at December 31, 2024

Small differences may occur due to rounding.

With the exception of a U.S.-dollar-denominated bond issued in 2008, all of E.ON SE and EIF's currently outstanding bonds were issued under a Debt Issuance Program ("DIP"). Similarly, innogy and innogy Finance B.V. bonds were formerly issued under the former innogy Group's DIP. A DIP simplifies a company's ability to issue debt to investors in public and private placements in flexible time frames. E.ON SE's DIP was last renewed in March 2024 with a total volume of $€ 35$ billion, of which about $€ 23.4$ billion was utilized at year-end 2024. E.ON SE intends to renew the DIP in 2025.

In addition to its DIP, E.ON has a $€ 10$ billion Commercial Paper ("CP") program and a US $\$ 10$ billion CP program, under which it can issue shortterm notes. $€ 0.2$ billion of CP was outstanding at year-end 2024 (prior year: $€ 0.2$ billion).
E.ON also has access to a $€ 3.5$ billion syndicated credit facility, which was concluded on October 24, 2019. It originally had a five-year term and includes two options to extend the facility, in each case for one year. After both options to extend the facility were exercised, the term of the credit facility ends on October 24, 2026. The credit margin is linked, among other things, to the development of certain ESG ratings, which gives E.ON financial incentives to pursue a sustainable corporate strategy. The ESG ratings are set by three well-known agencies: ISS ESG, MSCI ESG Research, and Sustainalytics. The facility serves as a reliable, ongoing general liquidity reserve for the E.ON Group and can be drawn on as needed. The credit facility is made available by 21 banks which constitute E.ON's core group of banks.

Financial Liabilities

	December 31
€ in billions	2024	2023
Bonds ${ }^{1}$	30.9	27.9
EUR	23.2	20.5
GBP	5.9	5.7
USD	0.8	0.9
JPY	0.4	0.3
Other currencies	0.7	0.6
Promissory notes	-	-
Commercial paper	0.2	0.2
Other liabilities	6.3	5.8
Total	37.4	33.9

${ }^{1}$ Includes private placements (after currency hedging).

Alongside financial liabilities, E.ON has, in the course of its business operations, entered into contingent liabilities and other financial obligations. These include, in particular, guarantees, obligations from legal disputes and damage claims, as well as short-term and long-term contractual, legal, and other obligations. Notes 26, 27, and 31 to the Consolidated Financial Statements contain more information about E.ON's bonds as well as liabilities, contingent liabilities, and other commitments.
E.ON's creditworthiness has been assessed by Moody's and Fitch with long-term ratings of Bax 2 and BBB+. Both ratings have a stable outlook. In March 2024 Standard \& Poor's ("S\&P") raised its long-term rating from BBB to BBB+ with a continued stable outlook. The ratings are based on the assumption that E.ON will be able to maintain a debt ratio commensurate with them. E.ON's short-term ratings are A-2 (S\&P), P-2 (Moody's), and F1 (Fitch).

E.ON SE Ratings

	S\&P	Moody's'	Fitch
Long term	BBB+	Bax 2	BBB+
Outlook	Stable	Stable	Stable
Bonds	BBB+	Bax 2	A-
Short term	A-2	P-2	F-1

E.ON will continue to strive to earn the trust of rating agencies, investors, and banks at all times by means of a clear strategy and transparent communications. Alongside the ongoing dialog with capital market investors (at roadshows, for example) and rating analysts, E.ON organizes events that include an annual informational meeting for its core group of banks.

Maturities of Bonds

Maturity Profile of Bonds Issued by E.ON SE and E.ON International Finance B.V.

202520262027202820292030203120322033 2034+

Investments

The E.ON Group's cash-effective investments of $€ 7.5$ billion in 2024 were significantly above the prior-year figure of $€ 6.5$ billion. $€ 7.0$ billion (prior year: $€ 6.0$ billion) went toward property, plant, and equipment and intangible assets, whereas share investments totaled about $€ 528$ million (prior year: $€ 454$ million).

Investments ${ }^{1,3}$

€ in millions	2024	2023
Energy Networks	5,834	5,158
Energy Infrastructure Solutions	969	715
Energy Retail	547	440
Corporate Functions/Other	152	152
Consolidation	-3	-2
E.ON Group	$\mathbf{7 , 4 9 9}$	$\mathbf{6 , 4 6 3}$

${ }^{3}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.
${ }^{4}$ Adjustment of the previous year's figures due to the expansion of investments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans.

The strategic focus of our investment activity is Energy Networks. This business division's investments rose by $€ 0.7$ billion to $€ 5.8$ billion (prior year: $€ 5.2$ billion). The main focus in all regions was on new connections and network expansion in conjunction with the energy transition.

Energy Infrastructure Solutions' investments of $€ 1.0$ billion were $€ 0.3$ billion higher than the prior-year figure ( $€ 0.7$ billion). This increase is due in particular to the acquisition of a stake in a large-scale battery storage project in Uskmouth in South Wales and this project's ongoing construction. E.ON's purpose here is to create flexibility options for the electricity network of the future. In addition, investments increased for the expansion of our smart energy meter business in the United Kingdom and for additional solutions to decarbonize the businesses of industrial and commercial customers in Germany.

Energy Retail's investments rose by $€ 0.1$ billion to $€ 0.5$ billion (prior year: $€ 0.4$ billion). This increase is mainly due to IT investments to further improve digital offerings to customers, regulatory requirements, and investments to expand E.ON's Europe-wide eMobility charging infrastructure.

Investments at Corporate Functions/Other of $€ 152$ million (prior year: $€ 152$ million) went especially toward intangible assets and other shareholdings.

Cash Flow

Cash provided by operating activities of continuing operations before interest and taxes of $€ 7.3$ billion was $€ 0.1$ billion above the prior-year figure ( $€ 7.2$ billion).

This resulted from an increase of $€ 0.3$ billion at Energy Networks in Germany, which is mainly attributable to positive changes in working capital. The 2023 financial year was characterized by temporary one-off effects and higher market prices, whereas the current development of receivables and liabilities led to a normalization of working capital and thus to a year-on-year improvement.

The $€ 0.2$ billion increase at Energy Retail is attributable to adverse changes in working capital in the prior year that did not recur in the 2024 financial year. The negative changes in working capital were mainly attributable to the timing difference between customer installment payments already received in 2022 and payments from government support measures and the related cash outflows from commodity procurement in 2023.

The shutdown of E.ON's last nuclear power plant in April of last year and the commencement of dismantling resulted in a $€ 0.2$ billion decline in operating cash flow at Corporate Functions/Other.

Cash provided by investing activities of continuing operations of - $€ 6.6$ billion was $€ 1.0$ billion below the prior-year figure of - $€ 5.6$ billion. This includes cash-effective investments of $€ 7.5$ billion (prior year: $€ 6.5$ billion). This development is primarily attributable to the planned increase in investments in property, plant, and equipment and intangible assets,

particularly at the network business Germany. In addition, the net of cash inflow and outflow from securities was higher than in the prior year.

Cash Flow
€ in millions	2024	2023
Operating cash flow	5,673	5,654
Operating cash flow before interest and	7,343	7,225
taxes	-6,626	-5,588
Cash provided by (used for) investing	1,106	-1,844
activities

Cash provided by financing activities of continuing operations of -€1.1 billion was about €3.0 billion above the prior-year figure of -€1.8 billion. The net of the issuance and repayment of bonds, commercial paper, and bank liabilities led to a year-on-year improvement in cash provided by financing activities. The effects relating to variation margins were lower in the year under review than in the prior year.

Cash-Conversion Rate

Cash-conversion rate ("CCR") indicates how much of the E.ON Group's earnings are transformed into cash flow. Adjusted CCR is equal to operating cash flow before interest and taxes-excluding cash flow in conjunction with the operating and dismantling activities of nuclear power plants up to April 15, 2023 (2023: €-271 million; 2024: €-844 million)divided by adjusted EBITDA. E.ON's CCR in 2024 was 90 percent (prior year: 80 percent).

Asset Situation

Total assets and liabilities of $€ 111.4$ billion were about $€ 2.1$ billion, or 2 percent, below the figure at year-end 2023. Non-current assets rose by $€ 2.3$ billion to $€ 85.3$ billion. This is mainly attributable to an increase in investments in property, plant, and equipment along with higher equity book values. The impairment charge on goodwill at Energy Infrastructure Solutions caused by reallocation and a decline in receivables relating to derivative financial instruments were countervailing factors. This relates in particular to the development of commodity derivatives. Deferred tax assets were lower as well owing to the development of derivatives.

Current assets decreased by 14 percent, from $€ 30.5$ billion to $€ 26.1$ billion. This likewise resulted mainly from a decline in receivables relating to derivative financial instruments due to the development of derivatives. Trade receivables decreased as well. The reclassification of the Energy Retail business in Romania to assets held for sale (IFRS 5) had a slight offsetting effect.

Equity attributable to E.ON SE shareholders was about $€ 17.8$ billion at December 31, 2024 (prior year: about $€ 14.1$ billion), whereas equity attributable to non-controlling interests was about $€ 6.3$ billion (prior year: about $€ 5.9$ billion). The equity ratio (including non-controlling interests) at December 31, 2024, was around 22 percent, which is 4 percentage points higher than at year-end 2023. The primary reason for the increase in equity was positive net income, which was only partially offset by the dividend payment. In addition, other income was higher due to currency-translation effects.

Non-current liabilities rose by $€ 1.3$ billion, or 2 percent, chiefly because of the net of the issuance of new bonds and the redemption of maturing bonds. This was partially offset by a decline in liabilities relating to derivative financial instruments and a decrease in other provisions because of the development of nuclear asset-retirement obligations.

Consolidated Assets, Liabilities, and Equity

$€$ in millions	Dec. 31, 2024	$\%$	Dec. 31, 2023	$\%$
Non-current assets	85,307	77	83,034	73
Current assets	26,054	23	30,472	27
Total assets	$\mathbf{1 1 1 , 3 6 1}$	$\mathbf{1 0 0}$	$\mathbf{1 1 3 , 5 0 6}$	$\mathbf{1 0 0}$
Equity	24,166	22	19,970	18
Non-current liabilities	57,218	51	55,923	49
Current liabilities	29,977	27	37,613	33
Total equity and liabilities	$\mathbf{1 1 1 , 3 6 1}$	$\mathbf{1 0 0}$	$\mathbf{1 1 3 , 5 0 6}$	$\mathbf{1 0 0}$

The Notes to the Consolidated Financial Statements contain more commentary on E.ON's asset situation.

E.ON SE's Earnings, Financial, and Asset Situation

The 2024 Financial Year

E.ON SE prepares its Financial Statements in accordance with the German Commercial Code, the Regulation on the Statute for a European Company ("SE") in conjunction with the German Stock Corporation Act, and the Electricity and Gas Supply Act (Energy Industry Act; German abbreviation: "EriWG").

Balance Sheet of E.ON SE (Summary)

	December 31
€ in millions	2024	2023
Intangible assets	0	0
Property, plant, and equipment	11	14
Financial assets	48,679	46,808
Non-current assets	48,690	46,822
Receivables from affiliated companies	12,526	15,156
Other receivables and assets	1,410	1,244
Liquid funds	4,473	4,642
Current assets	18,409	21,042
Accrued expenses	113	85
Asset surplus after offsetting of benefit obligations	23	16
Total assets	67,235	67,965
Equity	12,434	12,359
Provisions	3,640	3,912
Bonds	20,288	16,592
Liabilities to affiliated companies	29,944	34,385
Other liabilities	698	460
Deferred income	231	257
Total equity and liabilities	67,235	67,965

The increase in financial assets consists mainly of an increase in loans to affiliated companies ( $€ 2,038$ million) and a decline in other securities ( -€165 million). Loans were issued mainly to Westnetz GmbH ( $€ 1,100$ million), EG.D Holding, a.s. (formerly EG.D, a.s.) ( $€ 642$ million), and Bayernwerk AG ( $€ 500$ million). On the other hand, retired loans totaled $€ 607$ million and consisted principally of loans repaid by Westnetz GmbH ( $€ 250$ million), E.ON UK Holding Company Limited ( $€ 200$ million), and HanseWerk AG ( $€ 100$ million).

The decrease in receivables from affiliated companies is mainly attributable to lower receivables from profit-pooling agreements with subsidiaries ( $€ 2,119$ million) and to a decline in claims stemming from intra-Group
financing (-582 million). The increase in other receivables results mainly from higher income tax receivables plus interest ( $+€ 159$ million).

The change in equity reflects changes in treasury shares under the employee stock-purchase program conducted in 2024 ( $€ 17$ million) along with a $€ 58$ million increase in net income available for distribution.

The decrease in provisions results mainly from the fact that provisions for pensions declined by $€ 146$ million.
E.ON SE issued new bonds in the amount of $€ 4,949$ million in the 2024 financial year and repaid bonds in the amount of $€ 1,250$ million.

The decrease in liabilities to affiliated companies of $€ 4,422$ million reflects a decline in intra-Group financing.

Information on treasury shares can be found in Note 11 to the Financial Statements of E.ON SE and Note 19 to the Consolidated Financial Statements.

Income Statement of E.ON SE (Summary)

€ in millions	2024	2023
Income from equity interests	2,208	4,011
Financial result	-587	-743
Other expenditures and income	-440	-1,155
Taxes	262	-160
Net income	$\mathbf{1 , 4 4 3}$	$\mathbf{1 , 9 5 3}$
Profit carryforward from the prior year	1,412	1,494
Net income transferred to retained earnings	0	-650
Net income available for distribution	$\mathbf{2 , 8 5 5}$	$\mathbf{2 , 7 9 7}$

E.ON SE is the holding company of the E.ON Group. As such, its earnings situation is affected by income from equity interests. The main contributors to positive income from equity interests were income from the transfer of profits from E.ON Finanzanlagen GmbH in the amount of $€ 1,751$ million, E.ON Energie AG in the amount of $€ 352$ million, and E.ON Beteiligungen GmbH in the amount of $€ 52$ million. E.ON Beteiligungen GmbH's profit transfer in the 2024 financial year was reduced by $€ 1,722$ million from the merger loss resulting from an intra-Group structuring measure (merger of a subsidiary).

The financial result for 2024 includes a $€ 92$ million improvement in the net interest result. This reflects the above-described changes in the Balance

Sheets resulting from intra-Group and extra-Group financing that, on balance, led to an improvement in E.ON SE's net interest result.

The negative balance of other income and expenses in 2024 resulted primarily from $€ 246$ million in expenses for purchased third-party services, $€ 226$ million in personnel-related expenses, $€ 98$ million in auditing and consulting services, and $€ 2$ million in net expenses from currency effects. The prior-year figure includes $€ 489$ million in losses due to the transfer of MEON Pensions GmbH \& Co. KG to E.ON SE.

The activities of the company E.ON SE within the meaning of Section 6b (3) of the Energy Industry Act consist mainly of other activities outside the electricity and gas sector. In addition, E.ON SE provides a relatively limited degree of energy-specific services for network operations relating to electricity distribution and/or gas distribution and prepares activity statements for these services. The resulting earnings, individually and in total, are minimal (about - $€ 0.1$ million).

In the year under review, total tax income amounted to $€ 262$ million relating to taxes for the year under review as well as taxes for prior years. This consists of tax income for prior years of $€ 393$ million, a tax expense of $€ 24$ million for the year under review, and an expense from other taxes of $€ 7$ million. Tax income for prior years includes $€ 198$ million for a refund claim stemming from a concluded redress procedure.
E.ON SE functions as the E.ON Group's holding company. As such, it is largely dependent on E.ON Group's development in terms of business performance, situation, and anticipated development and the associated risks and chances. It is therefore generally subject to the same risks and chances as the E.ON Group as are described in the Risks and Chances Report.

The dividend and its development constitutes the most important key performance indicator for E.ON SE's Financial Statements. In line with the prior-year forecast of dividend growth of at least 5 percent annually, on the Annual Shareholders Meeting in 2025, the Management Board will propose that net income available for distribution be used to pay a dividend of $€ 0.55$ per ordinary share and the remaining amount of $€ 1,418$ million to be carried forward to the next financial year. Management's proposal for the use of net income available for distribution is based on the number of ordinary shares on February 19, 2025, the date the Financial Statements of E.ON SE were prepared.

The complete Financial Statements of E.ON SE, with an unqualified opinion issued by the auditor, KPMG AG, will be announced in the Federal Gazette (Bundesanzeiger).

Outlook

The E.ON SE Management Board reaffirmed its dividend policy that foresees annual growth in dividend per share of up to 5 percent through the dividend for the 2028 financial year. This also applies to dividend growth of up to 5 percent for the 2025 financial year. E.ON will aim for an annual increase in dividend per share after 2028 as well. In E.ON's strategy, sustainability with an emphasis on climate-neutral economic activities is a key growth factor that will enable E.ON to meet its dividend targets.

Forecast Report

Business Environment

Macroeconomic Situation

The ongoing geopolitical crises and associated uncertainties impact economic development as well and are thus factored into economic growth forecasts. The OECD expects the global economy to grow by 3.3 percent in 2025 and 2026.

These forecasts assume that inflation will continue to fall and that global trade will recover. An increase in trade tensions and protectionist tendencies, however, could affect supply chains and consumer prices and thus hinder economic growth.

The OECD forecasts that the eurozone economy will expand by 1.3 percent in 2025 and 1.5 percent in 2026. Europe's economy is expected to recover slowly, although individual countries will need to reduce their debt while stimulating growth.

The OECD anticipates that Germany's GDP will grow by 0.7 percent in 2025 and 1.2 percent in 2026. In mid-2024 experts expected slightly higher growth rates. The reasons for the lower expectations include the shortage of skilled workers and weak domestic consumption. The forecasts assume low inflation rates ( 2.0 percent in 2025 and 1.9 percent in 2026) and rising wages, which are expected to support real incomes and private consumption. Companies' high reserves and gradually declining interest rates are expected to boost private investment. Political uncertainties are likely to continue to weigh on the investment climate. It is also assumed that exports will gradually recover owing to rising demand from key trading partners.

General Statement on E.ON's Anticipated Development

The growth strategy adopted in 2021 as a continuation of the Group's farreaching transformation in the preceding years proved to be correct and resilient in 2024 as well. In our view, the strategic elements of sustainability and digitalization, which remain valid and underscore E.ON's growth ambitions, are precisely the success factors that will accelerate the energy system's transformation.

Anticipated Earnings and Financial Situation

Forecast Earnings Performance

The most important key performance indicators for managing the E.ON Group are adjusted EBITDA, investments, and earnings per share from adjusted net income ("EPS"). E.ON expects Group adjusted EBITDA of €9.6 to €9.8 billion in the 2025 financial year. It anticipates adjusted net income of €2.85 to €3.05 billion, or €1.09 to €1.17 per share in 2025 (based on around 2,612 million shares outstanding). The goal of our dividend policy is to offer our shareholdings attractive dividend growth of up to 5 percent annually. The E.ON SE's Earnings, Financial, and Asset Situation chapter contains additional information.

Forecast by segment

Adjusted EBITDA ${ }^{1} ; 2025$ Plan

€ in billions
Energy Networks
7.4 to 7.6

Energy Infrastructure Solutions
0.55 to 0.65

Energy Retail
1.6 to 1.8

Corporate Functions/Other
about -0.1
E.ON Group
9.6 to 9.8
${ }^{1}$ Adjusted for non-operating effects.
E.ON expects Energy Networks to record a significant earnings increase in 2025 compared with the past financial year. This performance will result mainly from further growth in the regulated asset base due to additional investments along with an anticipated normalization of wheeling volume in Germany. In addition, catch-up effects for costs incurred in prior years for network losses that were not fully covered are expected in Hungary.
E.ON anticipates that Energy Infrastructure Solutions' earnings will be higher in 2025 relative to the past financial year. We expect the commissioning of new customer projects to increase earnings streams and sales volume to normalize.

Energy Retail's earnings are expected to be slightly below the prior-year figure, mainly because earnings at the B2B business in the United Kingdom rose significantly in 2024.

Earnings at Corporate Functions/Other are expected to increase markedly relative to the past financial year. Higher earnings at our generation activities in Turkey and the non-recurrence of marketing expenditures to reposition the E.ON brand will have a positive impact.

Adjusted net income and earnings per share from adjusted net income ("EPS") are expected to be above the prior-year level. The positive EBITDA performance will be partially diminished by an increase in depreciation charges in the wake of higher investments as well as rising interest expenses.

Planned Investments

Investments in the sustainable expansion and digital transformation of energy networks and customer solutions operations form the basis for the value-driven growth E.ON aims to achieve. Investments of around €8.6 billion are therefore planned for the 2025 financial year.

Cash-Effective Investments: 2025 Plan

	€ in billions	Percentages
Energy Networks	-6.9	80
Energy Infrastructure Solutions	-1.0	12
Energy Retail	-0.6	7
Corporate Functions/Other	-0.1	1
E.ON Group	$\mathbf{- 8 . 6}$	$\mathbf{1 0 0}$

E.ON will make most of these investments in its Energy Networks segment, the backbone of a successful energy transition. Investments will go toward expanding, enhancing, and modernizing networks, switching equipment, and metering and control technology in order to ensure the reliable, uninterrupted, and sustainable distribution of electricity and to meet rising energy demand. In addition, E.ON will invest in the digitalization of network planning, monitoring, and control.

Investments at Energy Infrastructure Solutions will mainly go toward business expansion in our markets in Germany, the United Kingdom, and Sweden.

At Energy Retail, E.ON will invest in advanced IT platforms, smart charging solutions for eMobility, and integrated energy solutions.

Corporate Functions/Other's investments will go mainly toward Groupwide IT infrastructure and digital platforms for our three business divisions: Energy Networks, Energy Infrastructure Solutions, and Energy Retail.

Risks and Chances Report

E.ON's risk management system has three main components:

• an internal monitoring system
• a management information system
• the Enterprise Risk Management ("ERM") system.

The internal monitoring system consists of organizational and preventive measures (such as policies, work instructions, and approvals processes) as well as internal controls and audits.

Management information systems are used to provide meaningful information about the Company's risks and chances and enable potential risks to be identified at an early stage so that they can be addressed proactively. Reports from the business units and central corporate functions such as Controlling, Finance, Accounting, and Internal Audit play a key role in the early identification and management of risks.

Enterprise Risk Management is a risk management system in the narrower sense. It is based on a centralized governance approach and led by the Group Risk department.

The Objective of Enterprise Risk Management

The objective of Enterprise Risk Management is to enable management to make a well-founded and realistic assessment of both the risks and chances of planned business activities. It provides:

• a central overview of individual and aggregated risks and chances as well as
• transparency on E.ON's risk position in compliance with legal requirements including KonTraG, BilMoG, and BilReG.

Risk management is based on a centralized governance approach that has standardized processes for risk identification, evaluation, continual monitoring, detailed reporting, and the design of suitable countermeasures. Group Controlling \& Risk division's Group Risk department manages the entire process on behalf of the E.ON SE Risk Committee. All identified risks and chances are assigned to an accountable risk owner and periodically recorded in a structured bottom-up process.

The diagram illustrates the structure of E.ON's Risk Management system.

Risk Management System in the Narrow Sense

${ }^{1}$ Delegation of approval authority for market, credit and liquidity risk from Energy Retail and EIS business.

Enterprise Risk Management

E.ON's ERM has the following core components:

• systematic risk and chance identification
• risk and chance analysis and evaluation
• management and monitoring of risks and chances
• analysis of preventive measures and countermeasures
• documentation and reporting.

Internal Audit reviews E.ON's ERM's effectiveness on a regular basis. Risk Committees at the Group level and at the local units pursuant to the provisions of Section 91, Paragraph 2, of the German Stock Corporation Act relating to the establishment of a risk-monitoring and early warning system provide a comprehensive overview of risk positions and actively manage risks in line with E.ON's defined risk strategy.

The ERM applies to all fully consolidated E.ON Group companies and all companies valued at equity whose gross book value in the Consolidated Financial Statements is greater than $€ 50$ million. E.ON updates its inventory of risks and chances on a quarterly basis. E.ON has a standardized system in place for financial reporting that enables an automated risk reporting process in which company data are systematically collected and analyzed.

Risk and Chance Categories

E.ON's IT-based system for reporting risks and chances encompasses the following risk categories and examples:

Legal and regulatory risks

• Political and legal risks and chances
• Regulatory risks and chances
• Risks and chances from public consent processes

Operational and IT risks

• IT and process risks and chances
• Risks and chances relating to asset operations and new-build projects

HSE, HR, and other

• Health, safety, and environmental risks and chances

Market risks

• Risks and chances from the development of commodity prices and margins and from changes in market liquidity

Strategic risks

• Risks and chances from investments and disposals

Finance and treasury risks

• Credit, interest-rate, liquidity, and foreign-currency risks and chances
• Tax and asset-management risks and chances
  E.ON uses a multistep process to systematically identify, evaluate, and simulate risks and chances. Risks are generally evaluated objectively on the basis of estimates by in-house experts. The evaluation measures financial impact on the current earnings plan while factoring in risk-reducing countermeasures to yield a net risk assessment. For quantifiable risks, E.ON analyzes the likelihood of occurrence and the potential loss amount. Events whose likelihood of occurrence is 6 percent or less are classified as tail events. Tail events are not included in the quantitative simulation.
  E.ON's internal risk management system makes it possible to conduct a Monte Carlo simulation to produce a risk distribution that is quantified as the deviation from the earnings plan for adjusted EBITDA. E.ON uses the 5th and 95th percentiles as the worst-case and best-case scenarios. There is a 90 percent likelihood that the deviation from the Company's earnings plan for adjusted EBITDA will remain within these extremes.

The aggregated risk and chance distribution is assigned to impact classes according to their potential impact on planned adjusted EBITDA:

Impact Classes

Low	$x<€ 50$ million
Moderate	$€ 50$ million $\leq x<€ 200$ million
Medium	$€ 200$ million $\leq x<€ 500$ million
Major	$€ 500$ million $\leq x<€ 2$ billion
High	$x \geq € 2$ billion

Current Risk and Chances Situation

The table below shows the maximum annual aggregated risk and chance position (aggregated risk distribution) across the time horizon of the medium-term plan for quantifiable risks and chances (excluding tail events) for each risk category based on adjusted EBITDA.

Risk and Chance Position

	Worst case (5th percentile)	Best case (95th percentile)
Legal and regulatory risks	Medium	Medium
Operational and IT risks	Medium	Low
HSE, HR, and other	Low	Low
Market risks	Material	Medium
Strategic risks	Moderate	Moderate
Finance and treasury risks	Medium	Medium

The following description of risks and chances by category alludes to the aforementioned impact classes. It also addresses major/high tail events and major/high qualitative risks. In the case of qualitative risks (which by definition are more difficult to assess both in terms of their loss amount and their probability), a further distinction is made between risks with a low probability ( 6 percent $<x \leq 25$ percent) and a medium probability ( 26 percent $<x \leq 50$ percent).

Example: in category $x$, there is a risk $y$ (medium, high) and a risk $z$ (low, major).

In the case of tail events and qualitative risks, the focus is not only on E.ON's key performance indicator, adjusted EBITDA, but also on other indicators relating to its asset and financial position.

The E.ON Group has major risk positions in the category of market risks and chances. The categories finance and treasury risks and chances, legal and regulatory risks and chances, and operational and IT risks and chances have a medium risk position. As a result, the aggregate risk position of E.ON SE as a Group is major. In other words, the E.ON Group's maximum annual adjusted EBITDA risk ought not to exceed -€500 million to -€2 billion in 95 percent of all cases.

Commodity prices, which rose sharply in prior years in conjunction with the war in Ukraine, declined significantly in 2024. This has significant positive implications for the assessment of individual risks as well as, on the negative side, individual chances relative to the prior year. On the one hand,
commodity prices can affect sales volume and prices at the Energy Retail business division; on the other, they are a material risk factor for possible bad debts in the sales business. In addition, lower commodity prices serve to reduce counterparty risks. Moreover, our major suppliers' good credit ratings and systemic relevance continue to render the likelihood of occurrence very low (tail/major).

At the beginning of 2024, E.ON made its Energy Infrastructure Solutions business division, which was already established on the market, a separate reporting unit. Risks and opportunities arising in this business division are presented if they are at least material.

The energy network business could likewise experience a decline in wheeling volume, credit losses, price increases for energy to replace network losses, and redispatch expenditures that lead to lower earnings.

A distinctive feature of several regulatory jurisdictions in Europe in which we operate networks is that their regulatory mechanisms generally foresee that volume-driven declines in revenues and price-driven cost increases for energy to replace network losses can generally be recovered in subsequent years by corresponding adjustments to network tariffs.

Risks and Chances by Category

Below we present E.ON's major risks and chances by risk category and describe the general measures to limit risks. We also consider the abovedescribed tail risks as well as qualitative risks that could potentially impact adjusted EBITDA by more than $€ 500$ million. In addition, we list risks and

chances that could have similar effects on planned Group net income and/or cash flow.

Legal and Regulatory Risks

Energy policy decisions at the European and national level present both risks and chances that are decisive for the Group's strategic direction.

In the wake of the economic and financial crisis, many EU member states have introduced interventionist policies, additional taxes, and additional reporting requirements in recent years (for example, EMIR, MAR, REMIT, MiFID2). These legal requirements are subject to strict monitoring and pose potential risks for E.ON. In addition, price moratoriums, regulated price reductions, and changes to support schemes for renewables create challenges as well as growth opportunities.

The operation of energy networks is subject to a large degree of government regulation, which can lead to uncertainty. Laws such as Germany's Renewable Energy Sources Act (German abbreviation: "EEG") can cause temporary fluctuations in cash flow and adjusted EBITDA. Insolvencies of plant operators or incorrect feed-in tariffs pose additional legal and regulatory risks. They could lead to planning uncertainties and, in some cases, to impairment charge, but at the same time create changes for reorientation.

In addition, the decommissioning of gas networks and attendant possible asset-retirement obligations could pose significant risks for the Energy Networks business division (tail, high). Furthermore, there are increased risks from potentially higher transmission system fees (upstream network) in Germany relative to the beginning of the year.

The business operations of the E.ON Group's Energy Retail business division and to a lesser extent those of its Energy Infrastructure Solutions business division subject it to certain risks relating to legal proceedings, ongoing planning processes, and regulatory changes. But these risks also relate, in particular, to legal actions and proceedings concerning contract and price adjustments to reflect market dislocations or (including as a consequence of the energy transition) an altered business climate in the power and gas business, alleged price-rigging, and anticompetitive practices. This poses a major risk (tail/high).

Another significant risk results from the European Court of Justice's ruling requiring the establishment of an independent national regulatory agency, which could have an impact on E.ON's regulated businesses in Sweden (low/major).

PreussenElektra faces regulatory risks relating to the dismantling of decommissioned nuclear power plants.

Overall, this category has a medium risk position and a medium chance position.

General Measures to Limit Risks

E.ON engages in constructive dialog with government agencies in order to minimize policy and regulatory risks. It conducts comprehensive project management to identify early and minimize the risks attending major investments. E.ON attempts to significantly minimize the potential risks of legal proceedings by designing appropriate contracts beforehand.

Operational and IT Risks

The operational and strategic management of the E.ON Group relies heavily on complex information technology ("IT") and complex operational technology ("OT"). This dependence creates both risks and chances in conjunction with information security and operating processes.

Cybersecurity is a key element of E.ON's risk management, in particular to protect IT and OT systems against cyberattacks. The focus is on analyzing potential attacks, securing critical infrastructure, and protecting customer data and internal business processes. Proactive risk assessment by the operating units in close collaboration with the Cybersecurity and Enterprise Risk Management divisions is therefore essential.
E.ON engages with relevant EU member states' legislative plans to transpose the NIS 2 Directive into national law to the extent that these countries permit. It will implement-or already has implemented-the necessary measures to meet requirements and minimize risks.
E.ON's network business uses technologically complex production facilities that pose risks along the entire value chain-from procurement, logistics, and construction to operations and maintenance. E.ON's operations in and outside Germany face risks like power outages, unanticipated operational disruptions, and rising costs and investments. Such disruptions or extended downtimes can have a significant negative impact on earnings and costs. Overall, this category has a moderate risk position and a low chance position. General project risks include possible delays and unexpected additional costs.

In addition, extraordinary environmental events could significantly impair the operation of energy networks and equipment. This could pose an earnings and liquidity risk for E.ON (tail/major).

Potential environmental damage for which E.ON could be held liable also represents a risk and could place a financial burden on the Company. In addition, amendments to environmental laws and regulations may result in cost increases.

General Measures to Limit Risks

E.ON limits these risks by continually optimizing its network management and carrying out operational and infrastructure improvements ensure the reliability of its assets and distribution networks. In addition, E.ON has factored the operational and financial effects of environmental risks into its emergency plan. They are part of a catalog of crisis and system-failure scenarios prepared for the Group by its Incident and Crisis Management team. Furthermore, in-house and outside experts and advanced technological measures secure IT systems and prevent misuse of data and data loss.

HSE Risks

Health and occupational safety are important factors for E.ON. Risks in these areas can arise both from E.ON's operating business and from its social and ecological environment. They include potential risks resulting from human error and the challenge of managing employee turnover. Acting responsibly along the entire value chain, communicating with stakeholders clearly and consistently, and maintaining strong relationships with interest groups are essential.

Thanks to this holistic approach, the risk and chance position in this category is currently low.

In addition, E.ON continues to bear responsibility for the company's former mining activities in North Rhine-Westphalia and Bavaria, which result from the history of its predecessor entities. This gives rise to obligations that are classified as low or major depending on the region. As there are potential claims for damages, these are major individual risks that can only be assessed qualitatively. This risk is classified as low in terms of probability of occurrence and as major in terms of the potential amount of loss. There is also a risk that E.ON will be required to contribute to the costs of mine drainage (tail/major).

General Measures to Limit Risks

E.ON integrates environmental and social aspects as well as responsible corporate governance into all its business activities in order to minimize reputational risks and ensure social acceptance.
E.ON promote the safety and well-being of its employees by conducting comprehensive training and qualification programs. It also continually optimizes processes and inspects its equipment and networks on a regular basis. In addition, E.ON establishes guidelines, quality management systems, and emergency planning. The E.ON Group has a reasonable level of insurance coverage against damages.

Market Risks

E.ON's international market environment is characterized by general risks relating to the business cycle. E.ON's Energy Retail business division faces

increasing competition from new suppliers and more aggressive market participants, which could potentially put pressure on margins. However, market developments also create opportunities. For example, wholesale price developments along with changes in consumption behavior (due, for example, to milder temperatures in the winter) could affect E.ON's earnings situation. Overall, this results in a major risk position and a medium chance position.

The demand for electric power and natural gas is subject to seasonal fluctuations. Demand is higher during the cold-weather months of October through March and lower during the warm-weather months of April through September. Consequently, sales are higher in the first and fourth quarters and lower in the second and third quarters. E.ON uses advanced demand forecasts to optimally manage procurement. Nevertheless, actual customer demand may deviate owing to external factors, such as weather conditions and changes in economic activity. E.ON minimizes adverse business impact amid a volatile price environment by pursuing a prudent hedging strategy and continually adjusting its procurement programs.

Volatile commodity prices and the time lag between income and expenditure also create risks and opportunities regarding cash flow.
E.ON procures commodities like power and gas from a variety of sources. It obtains a considerable proportion on exchanges, which entails regular collateral payments (initial and variation margins). Price movements can lead to higher variation margins. There is therefore a significant risk that E.ON could be affected by high short-term liquidity requirements.

Our E.ON Energy Markets GmbH ("EEM") subsidiary plays a key role in risk management. It serves as a central interface to consolidate our commodity positions and actively manage market price risks as well as credit and margin (cash flow) risks in order to limit potential fluctuations.

General Measures to Limit Risks

E.ON engages in effective sales controlling and proactive customer management to limit market price risks. E.ON conducts systematic risk management to limit exposure to risks of price changes. It encompasses quantitative key figures, the limitation, pricing, and optimization of risks, and the strict separation of functions between departments. Furthermore, E.ON implements a hedging strategy that utilizes derivative financial instruments that are commonly used in the marketplace. These instruments are transacted with financial institutions, brokers, power exchanges, and third parties whose creditworthiness is monitored on an ongoing basis.

Strategic Risks

The implementation of E.ON's strategy mainly involves investments in its core business, but also encompasses targeted acquisitions and disposals. The success of acquisitions depends to a large degree on the ability to identify suitable companies, acquire them, and integrate them into the Group. To obtain approval for certain acquisitions, E.ON may in some cases be required to divest other businesses or to make concessions that could potentially influence its business performance. No guarantee can be given for the expected returns from these investments, which means that there is a risk that E.ON will not fully achieve its investment targets. This results in a moderate overall risk position and a moderate chance position

Investments in new geographic markets or businesses harbor the risk of dealing with new competitors and economic uncertainties, to address the attending business risks. Planned disposals face the possibility of delays or lower-than-anticipated disposal proceeds. In addition, after transactions close E.ON could face major liability risks resulting from contractual obligations (tail/major).

General Measures to Limit Risks

E.ON minimizes risks relating to acquisitions and investments by conducting comprehensive due diligence and concluding legally binding contracts. A multistage approvals process along with shareholding and/or project controlling support the successful integration of new businesses.

Finance and Treasury Risks

E.ON is exposed to credit risks from its operating activities and through the use of financial instruments. These risks arise when counterparties do not meet their obligations in full or only make partial advance payments (tail/major). E.ON's international business operations also expose it to risks from currency fluctuation, in particular for payments in foreign currencies (transaction risk) and for the translation of balance sheet items of subsidiaries outside the eurozone. However, positive developments in foreign-currency rates can also create chances for E.ON's operating business.
E.ON faces earnings risks from financial liabilities based on variable interest rates and from non-current asset-retirement obligations. Derivative transactions may result in short-term cash inflows or outflows. This relates in particular to margin and collateral payments that need to be factored into our financing strategy.

Non-current investments to cover obligations-particularly for pensions and asset retirement-are likewise subject price risks that can be
considerable. Tax risks and changes also play a significant role in the Company's financial planning.

Overall, this category has a medium risk and chance position. Changes in discount rates could increase or reduce provisions for pensions and noncurrent asset-retirement obligations (tail, major). This represents a balance-sheet risk. The Company's refinancing conditions depend heavily on rating agencies' credit ratings. A significant downgrade could result in additional liquidity requirements (tail/high), while a positive business performance could improve a rating and thus refinancing conditions.

General Measures to Limits Risks

E.ON conducts systematic risk management to control finance and treasury risks and chances. E.ON monitors its business partners' creditworthiness and manages its credit risk by obtaining suitable collateral and setting limits. The E.ON Group's Risk Committee is regularly informed about credit risks.

Another component of E.ON's risk management is a conservative investment strategy for financial funds and a broadly diversified portfolio. E.ON also uses derivative and non-derivative financial instruments to hedge, for example, currency-translation and interest-rate risks.

Notes 30 and 31 to the Consolidated Financial Statements contains detailed information about derivative financial instruments and hedging transactions as well as the general principles of E.ON's risk management and the quantification of risks relating to commodities, credit, liquidity, interest rates, and currency translation.

ESG Risks and Chances ${ }^{7}$

E.ON strives to operate responsibly at all times and therefore monitors its business activities' material impacts. Alongside financial aspects, E.ON also considers environmental, social, and governance ("ESG") aspects along its value chain. This encompasses monitoring and assessing ESG risks and chances as well as their possible impact on the E.ON Group, but also the impact of E.ON's business activities on the climate, the environment, employees, suppliers, and customers. The systematic consideration of these issues enables the Company to identify opportunities and risks for business development at an early stage.
E.ON integrate ESG risks and chances into its ERM by considering a variety of clusters and relevant thresholds. Similar risks are aggregated into group risks. Calculating the financial impact always factors in mitigation measures. Consequently, only net risks and changes are reported. ESG risks are considered as relevant factors in existing risk categories and can

[^0]
[^0]: ${ }^{7}$ This section is also part of the Sustainability Statement. It contains information on the ESRS disclosure requirements ESRS 2 SBM-3 in the context of ESRS E1 para. 18-19 and IRD-1 para. 53c iii. and e as well as in the context of ESRS E1 para. 20-21.

influence their materiality, such as an increase in the number and intensity of storms as a result of climate change, which in turn leads to a higher risk of network interruptions. Like the entire ERM process, the assessment of ESG risks and chances also refers to the three-year medium-term planning period. At year-end 2024, E.ON had not identified any material ESG risks within the meaning of Section 289c, Paragraph 3, Sentence 1, Items 3 and 4 of the German Commercial Code (German abbreviation: "HGB") that could have an impact on the E.ON Group.

• E.ON focuses in part on analyzing its risks and changes in the context of climate change and the energy transition aimed at slowing this change. E.ON does this in part because of its support of the recommendations of the Task Force on Climate-Related Financial Disclosures ("TCFD"). Safeguarding its assets against climate-change impacts and the climate resilience of its business model are economically relevant to E.ON. Our analysis therefore includes both physical risks (direct impacts of climate change, such as extreme weather and rising temperatures) and transitory risks resulting from the transition to a low-carbon and more climateresilient economy (such as changes in consumer preferences, the regulatory environment, and carbon pricing). We therefore also continually review a range of climate scenarios, including those that are compatible with the goal of keeping the global temperature rise well below $2^{\circ}$ Celsius. These include the IEA STEPS, IEA SDS, and IEA NZE 2050 transition scenarios as well as physical climate scenarios-namely Representative Concentration Pathway ("RCP") 4.5, RCP 2.6, RCP 1.9, and RCP 8.55-and a scenario developed by us.

Physical climate risks are also the focus of the EU Taxonomy Regulation's do-no-significant-harm ("DNSH") provisions (see the "EU Taxonomy" chapter). They are assigned to the EU environmental objective $2^{\circ}$ climate change adaptation." E.ON assesses DNSH compliance with climate change adaptation at the Group level. Each E.ON Group business unit is required to assess and record potential climate risks as part of its risk reporting. Climate risks are thus identified, assessed, and reported in line with E.ON's Enterprise Risk Management Function Policy. Any risks that significantly jeopardize climate change adaptation are identified in the risk management process. This basic approach to identifying any potential harm to climate change adaptation is verified in consultation with relevant specialist departments.

In addition, E.ON has developed a scenario analysis describing the impact of three different climate scenarios on E.ON and on individual E.ON business units through 2050. The scenario analysis is generally prepared using forward-looking information. Actual outcomes may differ from the analysis's findings. We defined three reference scenarios for the analysis. The conservative scenario foresees global warming of more than $2^{\circ}$ Celsius, the ambitious scenario less than $2^{\circ}$. The fully committed scenario limits warming to $1.5^{\circ}$. The analysis also involves assessing and identifying
the relevant business units on the basis of key value drivers and related key performance indicators ("KPIs"). The next step was to develop a scenario analysis. The analysis is based on the key value drivers identified by the business units, a risk assessment, and an evaluation of business impacts, such as seizing business opportunities. The purpose is to assess the Company's ability to ensure its long-term profitability by seizing business opportunities in the transition to a low-carbon future. The last step was to develop strategic recommendations, which are discussed in the "Goals and Performance Review" section of the Climate Protection chapter.

This scenario analysis was enlarged and applied to the climate risks defined in the EU taxonomy. First, E.ON's main EU taxonomy-aligned economic activities and its companies making the main contribution to the corresponding investments were identified. Next, these companies used a bottom-up process to determine the climate risks for the relevant economic activities or investments in accordance with the EU taxonomy catalog. These risks were then subjected to a scenario analysis. A qualitative risk assessment was performed for each identified climate risk and economic activity in line with the IPCC scenarios SSP1-2.6 and SSP5$8.5$ for the reference period 2041 to 2060 . We update the scenario analysis each year. The findings of this risk assessment do not differ in nature from the risks already reported and managed in the ERM.

Regarding the potential damages estimated in the scenario analysis, in 2024 there were again no significant deviations from the so-called "century events" relating to weather and climate risks already reported in the ERM.

Management Board's Evaluation of the Risk and Chances Situation

The E.ON Group's overall risk and chances situation at year-end 2024 had not changed significantly from a structural perspective. The maximum annual risk for adjusted EBITDA remains classified as major.

As of year-end 2024, the E.ON SE Management Board does not identify any risk profile that could jeopardize the existence of the Company, the E.ON Group, or individual segments. E.ON pursues a strong risk management strategy to identify potential risks early on, manage them carefully, and successfully safeguard the Company's continued existence.

Disclosures Pursuant to Section 289, Paragraph 4, and Section 315, Paragraph 4 of the German Commercial Code on the Internal Control System for the Accounting Process

General Principles

E.ON applies Section 315e, Paragraph 1, of the German Commercial Code (German abbreviation: "HGB") and prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") and the interpretations of the IFRS Interpretations Committee ("IFRSIC") that were adopted by the European Commission for use in the EU as of the end of the financial year and whose application was mandatory as of the balance-sheet date (see Note 1 to the Consolidated Financial Statements). Energy Networks (Germany, Sweden, East Central Europe, and South East Europe), Energy Infrastructure Solutions ("EIS"), and Energy Retail (Germany, United Kingdom, the Netherlands, Other), and Corporate Functions/Other are the Company's IFRS reportable segments.
E.ON SE prepares its Financial Statements in accordance with the German Commercial Code, the SE Ordinance (in conjunction with the German Stock Corporation Act; German abbreviation: "AktG"), and the German Energy Act (German abbreviation: "EriWG").
E.ON prepares a Combined Group Management Report which applies to both the E.ON Group and E.ON SE.

Accounting Process

All companies included in the Consolidated Financial Statements must comply with E.ON's uniform Accounting and Reporting Guidelines for the Annual Consolidated Financial Statements and the Interim Consolidated Financial Statements. These guidelines describe applicable IFRS accounting and valuation principles. They also explain accounting principles typical in the E.ON Group, such as those for provisions for nuclear-waste management, the treatment of financial instruments, the treatment of regulatory obligations, and deferrals of sales revenues. E.ON regularly analyzes amendments to laws, new or amended accounting standards, and other important pronouncements for their relevance to, and consequences for, the Consolidated Financial Statements and, if necessary, update its guidelines and systems accordingly.

Corporate Functions defines the roles and responsibilities of various Group entities in the preparation of E.ON SE's Financial Statements and the Consolidated Financial Statements. These roles and responsibilities are described in a Group Policy document.
E.ON Group companies are responsible for preparing their financial statements in a proper and timely manner. They receive substantial support from Business Service Centers in Regensburg, Germany, and Cluj, Romania. E.ON SE combines the financial statements of subsidiaries belonging to its scope of consolidation into its Consolidated Financial Statements using standard consolidation software. Group Accounting is responsible for conducting the consolidation and for monitoring adherence to the guidelines for scheduling, processes, and contents. Monitoring by means of system-based automated controls is supplemented by manual checks.

In conjunction with the year-end closing process, additional qualitative and quantitative information relevant for accounting is compiled. Furthermore, dedicated quality-control processes are in place for all relevant departments to discuss and ensure the completeness of important information on a regular basis.
E.ON SE's Financial Statements are prepared with SAP software. The accounting and preparation processes for the Financial Statements are divided into discrete functional steps. Bookkeeping processes have largely been outsourced to E.ON's Business Service Centers. Cluj has the primary responsibility for processes relating to subsidiary ledgers and several bank activities. Regensburg has the principal responsibility for processes relating to the general ledgers. Automated or manual controls are integrated into each step. Defined procedures ensure that all transactions and the preparation of E.ON SE's Financial Statements are recorded, processed, assigned on an accrual basis, and documented in a complete, timely, and accurate manner. Relevant data from E.ON SE's Financial Statements are, if necessary, adjusted to conform with IFRS and then transferred to the consolidation software system using SAP-supported transfer technology.

The following explanations about E.ON's internal control system ("ICS") and its general IT controls apply equally to the Consolidated Financial Statements and to E.ON SE's Financial Statements.

Internal Control System ${ }^{8}$

The purpose of the ICS framework and the annual ICS process is to provide sufficient assurance to prevent error or fraud from resulting in material misrepresentations in the Financial Statements, the Combined Group Management Report, the Half-Year Financial Report, the Quarterly Statements, as well as ESG reporting. Furthermore, they serve to assure compliance with significant internal and external regulations and to assure effectiveness and efficiency of business activities. The management of each unit in the E.ON Group is legally responsible for establishing and maintaining an adequate and effective internal control system ("ICS"). The

Corporate Governance Declaration can be found on the E.ON website, www.eon.com, in the Corporate Governance section under "Corporate Governance Declaration." Corporate Audit's ICS department is responsible for the oversight and coordination of the overall ICS process in order to ensure an effective ICS in the E.ON Group. For this purpose, Corporate Audit's ICS department provides the ICS framework and the necessary tools. An ICS Business Partner ("ICS BP") is assigned to each unit that is of importance to the E.ON Group and therefore in the ICS documentation scope. The ICS BP is responsible for coordinating and monitoring the unit's ICS activities and advises and supports management in implementing an effective internal control system. The unit's management remains responsible for the appropriateness and effectiveness of the implemented ICS. The ICS BP system ensures a uniform approach as well as consistent and efficient collaboration and fosters continuous improvement by means of extensive information-sharing among Group companies.

E.ON's ICS Framework

E.ON's ICS is based on the globally recognized COSO framework from May 2013 (COSO: The Committee of Sponsoring Organizations of the Treadway Commission).

The catalog of ICS principles, which defines the minimum requirements for an effective internal control system, is a key component of E.ON's ICS. It contains overarching principles (such as authorization, segregation of duties, and master data management) as well as specific requirements for managing potential risks in various areas and processes (such as supplier monitoring, project management, invoice verification, payments, and ESG reporting). All fully consolidated companies and majority-owned units are subject to the ICS principles.

In addition to the ICS principles, certain units of special importance to the E.ON Group's Consolidated Financial Statements must fulfill several additional ICS requirements for selected processes. These requirements relate to the documentation and assessment of the relevant processes and controls-the ICS model-as well as reporting to Corporate Audit. The ICS model defines potential risks for financial reporting, including ESG reporting, for compliance with important internal and external rules, and for the operating units' achievement of their operating targets. The ICS model also serves as a checklist and provides guidance for the establishment of internal controls as well as their documentation and implementation.

A functionally managed digital organization and third-party service providers provide IT and digital services for the E.ON Group. IT systems used for accounting as well as IT systems relevant for ESG reporting are subject to the ICS framework, which includes general IT controls, such as

access controls, segregation of duties, processing controls, measures to prevent the intentional and unintentional falsification of the programs, data, and documents as well as controls related to supplier monitoring.

Each year, qualitative criteria and quantitative materiality aspects (such as revenues) are used to determine which processes and controls must be documented and assessed by which E.ON units.
E.ON units in the ICS documentation scope use an ICS documentation system for this purpose.

The E.ON ICS framework and the E.ON ICS annual process apply to the Sustainability Statement as part of ESG reporting.

Management Self-Assessment and Control Tests

After E.ON units have documented their processes and controls, the individual process owners conduct an annual assessment of the design and the operational effectiveness of the controls embedded in these processes and the ICS principles. This is known as a management self-assessment. The assessment is supported by tests of control effectiveness for selective risk areas. Corporate Audit's ICS department defines the methodology for these tests, which are conducted by the process owners or employees assigned by them.

In addition, the effectiveness of the internal controls is audited by Internal Audit. These audits are conducted based on a risk-oriented audit plan. Any identified deficiencies are reported to the relevant companies.

Furthermore, the E.ON Group's general IT controls that are relevant for the Consolidated Balance Sheets are audited as part of the audit of the Group's Consolidated Financial Statements. Selected controls of the Business Service Centers in Regensburg and Cluj, the Human Resources Service Center in Germany (E.ON Country Hub Germany GmbH), and the pension service company in Germany (Energie Pensions-Management GmbH) are audited as part of ISAE 3402 audits. In addition, selected controls of the E.ON Group's ESG reporting are audited as part of the audit of the Sustainability Report

The findings of the management self-assessments and the audits are included in the integrated annual report on the effectiveness of the ICS of local companies and the entire E.ON Group and are reported to local management boards and the E.ON SE Management Board. Local companies must mitigate any reported ICS weaknesses. Corporate Audit monitors mitigation.

Sign-Off Process

Based on the self-assessment result and internal and external audit findings, the respective unit's management conducts the final Sign-Off. The final step of the internal evaluation process is the submission of a formal written declaration confirming the ICS's effectiveness ("Sign-Off"). The Sign-Off process is conducted at all levels of the Group companies before E.ON SE, as the final step, conducts it for the Group as a whole. The Chairman of the E.ON SE Management Board and the Chief Financial Officer perform the final Sign-Off for the E.ON Group.

Corporate Audit regularly informs the E.ON SE Supervisory Board's Audit \& Risk Committee about the ICS for financial reporting and, if necessary, about any significant deficiencies identified in the E.ON Group's various processes.

Statement on the E.ON Group's Internal Control System and Risk Management System in the Narrower Sense (Enterprise Risk Management) ${ }^{9}$

The entire E.ON SE Management Board affirms that it is aware of its responsibility to establish and maintain an appropriate and effective internal control system ("ICS") and enterprise risk management ("ERM") system for the E.ON Group. We work to continually enhance the ICS and ERM in order to eliminate identified weaknesses and ensure the ongoing improvement of processes and systems. The entire Management Board is not aware of any circumstances arising from its examination of the ICS and ERM system and the reporting of the Corporate Audit and Group Risk functions that speak against the appropriateness and effectiveness of these systems in all material respects.

Disclosures Regarding Takeovers: Disclosures Pursuant to Section 289a and Section 315a of the German Commercial Code and Explanatory Report

Composition of Share Capital

The share capital totals $€ 2,641,318,800$ and consists of $2,641,318,800$ registered shares without nominal value. Each share of stock grants the same rights and one vote at a Shareholders Meeting.

Restrictions on Voting Rights or the Transfer of Shares

An employee stock-purchase program was offered in 2023 and 2024. Shares acquired by employees under the employee stock-purchase program are subject to a blackout period that begins the day ownership of such shares is transferred to the employee and that ends on December 31 of the next calendar year plus one. As a rule, an employee may not sell such shares until the blackout period has expired.

Pursuant to Section 71b of the German Stock Corporation Act (German abbreviation: "AktG"), the Company's treasury shares give it no rights, including no voting rights.

Legal Provisions and Rules of the Company's Articles of Association Regarding the Appointment and Dismissal of Management Board Members and Amendments to the Articles of Association

Pursuant to the Company's Articles of Association, the Management Board consists of at least two members. The Supervisory Board decides on the number of members as well as on their appointment and dismissal.

The Supervisory Board appoints members to the Management Board for a term not exceeding five years; reappointment is permissible. If several persons are appointed as members of the Management Board, the Supervisory Board may appoint one of the members as Chairperson of the Management Board. If there is a vacancy on the Management Board for a required member, the court makes the necessary appointment upon petition by a concerned party in the event of an urgent matter. The Supervisory Board may revoke the appointment of a member of the Management Board and of the Chairperson of the Management Board for serious cause (for further details, see Sections B4 and B5 of the AktG).

Resolutions of the Shareholders Meeting require a majority of the valid votes cast unless mandatory law or the Articles of Association explicitly prescribe otherwise. An amendment to the Articles of Association requires a two-thirds majority of the votes cast or, in cases where at least half of
the share capital is represented, a simple majority of the votes cast unless mandatory law explicitly prescribes another type of majority.

The Supervisory Board is authorized to decide by resolution on amendments to the Articles of Association that affect only their wording (Section 10, Paragraph 7, of the Articles of Association). Furthermore, the Supervisory Board is authorized to revise the wording of Section 3 of the Articles of Association upon utilization of authorized or conditional capital.

Management Board's Power to Issue or Buy Back Shares

Pursuant to a resolution of the Shareholders Meeting of May 16, 2024, the Management Board is authorized, until May 15, 2029, to have the Company acquire treasury shares. The shares acquired and other treasury shares that are in possession of or to be attributed to the Company pursuant to Sections 71a et seq. of the AktG must altogether at no point account for more than 10 percent of the Company's share capital.

At the Management Board's discretion, the acquisition may be conducted:

• through a stock exchange
• by means of a public offer directed at all shareholders or a public solicitation to submit offers
• by means of a public offer or a public solicitation to submit offers for the exchange of liquid shares that are admitted to trading on an organized market, within the meaning of the German Securities Purchase and Takeover Law, for Company shares
• by the use of derivatives (put or call options or a combination of both), in this case by up to an amount equal to 5 percent of the Company's capital stock.

These authorizations may be utilized on one or several occasions, in whole or in partial amounts, in pursuit of one or more objectives by the Company and also by its affiliated companies or by third parties for the Company's account or one of its affiliates' accounts.

With regard to treasury shares that will be, or have been, acquired based on the aforementioned authorization and/or prior authorizations by the Shareholders Meeting, the Management Board is authorized, subject to the Supervisory Board's consent and excluding shareholder subscription rights, to use these shares-in addition to a disposal through a stock exchange or an offer granting a subscription right to all shareholders-as follows:

• to be sold and transferred against cash consideration
• to be sold and transferred against contributions in kind
• to be used in order to satisfy the rights of creditors of bonds with conversion or option rights or, respectively, conversion or option obligations issued by the Company or its Group companies
• to be offered, with or without consideration, for purchase and transferred to individuals who are or were employed by the Company or one of its affiliates as well as to board members of affiliates of the Company, in this case by up to an amount equal to 5 percent of the Company's capital stock
• to be used for the purpose of a scrip dividend where shareholders may choose to contribute their dividend entitlement to the Company in the form of a contribution in kind in exchange for new company shares.

In addition, the Management Board is authorized to cancel treasury shares, without such cancellation or its implementation requiring an additional resolution by the Shareholders Meeting.

These authorizations may be utilized on one or several occasions, in whole or in partial amounts, separately or collectively, including with respect to treasury shares acquired by affiliated companies or companies majorityowned by the Company or by third parties for their account or the Company's account.

In each case, the Management Board will inform the Shareholders Meeting about the utilization of the aforementioned authorization, in particular about the reasons for and the purpose of the acquisition of treasury shares, the number of treasury shares acquired, the amount of the registered share capital attributable to them, the portion of the registered share capital represented by them, and their equivalent value.

By shareholder resolution adopted at the Annual Shareholders Meeting of May 16, 2024, the Management Board was authorized, subject to the Supervisory Board's approval, to increase, until May 15, 2029, the Company's share capital by a total of up to $€ 528$ million through one or more issuances of new registered no-par-value shares against contributions in cash and/or in kind (authorized capital pursuant to Sections 202 et seq. of the AktG; "Authorized Capital 2024"). Subject to the Supervisory Board's approval, the Management Board is authorized to exclude shareholders' subscription rights.

At the Annual Shareholders Meeting of May 16, 2024, shareholders approved a conditional increase of the Company's share capital (with the option to exclude shareholders' subscription rights) up to the amount of $€ 264$ million ("Conditional Capital 2024"). Note 19 to the Consolidated Financial Statements contains more information about Conditional Capital 2024.

Significant Agreements to Which the Company Is a Party That Take Effect on a Change of Control of the Company Following a Takeover Bid

The underlying contracts of debt issued since 2007 contain change-ofcontrol clauses that give the creditor the right of cancellation. This applies, inter alia, to bonds issued by E.ON SE and E.ON International Finance B.V. and guaranteed by E.ON SE and other instruments such as credit contracts. Granting change-of-control rights to creditors is considered good corporate governance and has become standard market practice. More information about financial liabilities is contained in the chapter of the Combined Group Management Report entitled Financial Situation and in Note 26 to the Consolidated Financial Statements.

Settlement Agreements between the Company and Management Board Members or Employees in the Case of a Change-of-Control Event

In the event of a premature termination of a Management Board member's service agreement due to a change-of-control event, these agreements entitle Management Board members to severance and settlement payments. The entitlement exists if, within 12 months of the change of control, a Management Board member's service agreement is terminated by mutual consent, expires, or is terminated by the Management Board member; in the latter case, however, only if the member's Management Board position is materially affected by the change of control. Management Board members' severance payment consists of their base salary and target bonus plus fringe benefits for two years after termination of their service agreement. In accordance with the DCGK, these severance payments are limited to the amount of the annual compensation for the remaining term of the service agreement. Total compensation for the past financial year and the expected total compensation for the current financial year in which the service agreement ends prematurely are used to calculate the severance payment cap.

The purpose of these contractual agreements is to preserve the independence of Management Board members.

A change-of-control event would also result in the early payout of virtual shares under the E.ON Performance Plan.

Other Disclosures Regarding Takeovers

The Company has been notified about the following direct or indirect interests in its share capital that exceed 10 percent of the voting rights:

• notification on December 10, 2020, by RWE Aktiengesellschaft for 15 percent of total voting rights.

Stock with special rights granting power of control has not been issued. In the case of stock given by the Company to employees, employees exercise their rights of control directly and in accordance with legal provisions and the provisions of the Articles of Association, just like other shareholders.

Appendix to the Sustainability Statement

Index to the Sustainability Statement [+]

ESRS Disclosure Requirements

1. General Information

ESRS 2: General Disclosures

Basis for preparation

BP-1: General basis for preparation of sustainability statements

BP-2: Disclosures in relation to specific circumstances

Governance

GOV-1: The role of the administrative, management and supervisory bodies
GOV-2: Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies
GOV-3: Integration of sustainability-related performance in incentive schemes
GOV-4: Statement on due diligence

GOV-5: Risk management and internal controls over Sustainability Reporting

Strategy

SBM-1: Strategy, business model and value chain

B

SBM-2: Interests and views of stakeholders
SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model

References, links and comments

$\rightarrow$ E.ON's Approach to Sustainability: Processes for Preparing the Sustainability Statement
$\rightarrow$ About This Report: Sustainability Statement ${ }^{1}$ (ESRS BP-1 para. 5a-c)
$\rightarrow$ E.ON's Approach to Sustainability: Processes for Preparing the Sustainability Statement
$\rightarrow$ About This Report: Sustainability Statement ${ }^{1}$ (ESRS BP-2 para. 10-15)
$\rightarrow$ E.ON's Approach to Sustainability: Sustainability Governance and Management
$\rightarrow$ E.ON's Approach to Sustainability: Sustainability Governance and Management
$\rightarrow$ E.ON's Approach to Sustainability: Sustainability Governance and Management
$\rightarrow$ E.ON's Approach to Sustainability: Fulfilling Our Due Diligence Obligation
$\rightarrow$ Appendix to the Sustainability Statement: Information on due diligence obligations in accordance with ESRS 2 GOV-4
$\rightarrow$ E.ON's Approach to Sustainability: Processes for Preparing the Sustainability Statement
$\rightarrow$ Disclosures on the Internal Control System for the Accounting Process: Internal Control System ${ }^{1}$ (ESRS 2 GOV-5)
$\rightarrow$ E.ON's Approach to Sustainability: Sustainability: an Integral Component of E.ON's Business Model and Strategy
$\rightarrow$ Business Model ${ }^{1}$ (ESRS 2 SBM-1 para. 40a i. and ii. and para. 42)
$\rightarrow$ Strategy ${ }^{1}$ (ESRS 2 SBM-1 para. 40e-g)
$\rightarrow$ EU Taxonomy: Revenues
$\rightarrow$ Working Conditions and Employee Development: Progress and Measures
$\rightarrow$ Human Rights and Supply Chain Management: Supply Chain Management
$\rightarrow$ E.ON's Approach to Sustainability: Stakeholder Engagement
$\rightarrow$ E.ON's Approach to Sustainability: Sustainability: an Integral Component of E.ON's Business Model and Strategy: Double Materiality Analysis
$\rightarrow$ Strategy ${ }^{1}$ (SBM-3 para. 48b)
$\rightarrow$ Climate Protection: Specific Actions, Goals and Performance Review (ESRS E1 para. 18-19)
$\rightarrow$ Occupational Health and Safety: E.ON's Approach (ESRS S1 para. 13-16)
$\rightarrow$ Security of Supply: E.ON's Approach (ESRS S3 para. 8-11)
$\rightarrow$ Affordable Energy: E.ON's Approach (ESRS S4 para. 9-12)
$\rightarrow$ Risks and Chances Report ${ }^{1}$ : ESG Risks and Chances (ESRS E1 para. 18-19)
No disclosure on ESRS 2 SBM-3 para. 48e in 2024, use of phase-in regulation
${ }^{1}$ The following information is incorporated by reference into the Sustainability Statement. The ESRS disclosure requirements contained in this section are stated in brackets.

ESRS Disclosure Requirements

Impact, risk and opportunity management

Disclosures on the materiality assessment process

IRO-1: Description of the processes to identify and assess material impacts, risks and opportunities

IRO-2: Disclosure requirements in ESRS covered by the undertaking's sustainability statement

2. Environmental information

Disclosures in accordance with Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)

ESRS E1: Climate Change

Strategy

E1-1: Transition plan for climate change mitigation

Impact, risk and opportunity management

E1-2: Policies related to climate change mitigation and adaptation
E1-3: Actions and resources in relation to climate change policies

Metrics and targets

E1-4: Targets related to climate change mitigation and adaptation
E1-5: Energy consumption and mix
E1-6: Gross Scopes 1, 2, 3 and Total GHG emissions

E1-7: GHG removals and GHG mitigation projects financed through carbon credits
E1-8: Internal carbon pricing
E1-9: Anticipated financial effects from material physical and transition risks and potential climaterelated opportunities
${ }^{1}$ The following information is incorporated by reference into the Sustainability Statement. The ESRS disclosure requirements contained in this section are stated in brackets.

References, links and comments

$\rightarrow$ E.ON's Approach to Sustainability: Double Materiality Analysis (ESRS 2 IRO-1 and ESRS G1 para. 6) $\rightarrow$ Climate Protection: E.ON's Approach, Goals and Performance Review (ESRS E1 para. 20-21)
$\rightarrow$ Environmental Management: E.ON's Approach, Specific Actions (ESRS E2 para. 11, E3 para. 8, E4 para. 17 and 19, E5 para. 11)
$\rightarrow$ Risks and Chances Report: ESG Risks and Chances ${ }^{1}$ (ESRS 2 IRO-1 para. 53c iii. and e as well as in the context of ESRS E1 para. 20-21)
$\rightarrow$ E.ON's Approach to Sustainability: Double Materiality Analysis
$\rightarrow$ Appendix to the Sustainability Statement: Index to the Sustainability Statement
$\rightarrow$ Appendix to the Sustainability Statement: List of datapoints in cross-cutting and topical standards that derive from other EU legislation

$\rightarrow$ EU Taxonomy

Additional information on E.ON's Approach to compliance with the minimum safeguards can be found in the Compliance and Anticorruption and Human Rights and Supply Chain Management chapters. The section "ESG Risks and Chance" in the Risks and Chances Report contains further details on the approach to avoiding significant adverse effects in terms of Environmental Objective 2 "Climate change adaptation."

[^0]
[^0]: $\rightarrow$ Climate Protection: E.ON's Approach, Organization and Responsibilities, Specific Actions, Goals and Performance Review

$\rightarrow$ Climate Protection: Guidelines and Policies
$\rightarrow$ Climate Protection: Specific Actions, Goals and Performance Review, Progress and Measures

$\rightarrow$ Climate Protection: Goals and Performance Review, Specific Actions
$\rightarrow$ Climate Protection: Progress and Measures
$\rightarrow$ Climate Protection: Progress and Measures
$\rightarrow$ Appendix to the Sustainability Statement: Information in accordance with ESRS E1 Application Requirement 48
$\rightarrow$ Climate Protection: Progress and Measures
$\rightarrow$ Climate Protection: Progress and Measures
No reporting in 2024, use of the Phase-In Regulation

ESRS Disclosure Requirements

Policies MDR-P: Policies adopted to manage material sustainability matters
Actions MDR-A: Actions and resources in relation to material sustainability matters

Metrics MDR-M: Metrics in relation to material sustainability matters

Targets MDR-T: Tracking effectiveness of policies and actions through targets

3. Social information

ESRS S1: Own Workforce
Impact, risk and opportunity management
S1-1: Policies related to own workforce

S1-2: Processes for engaging with own workers and workers' representatives about impacts
S1-3: Processes to remediate negative impacts and channels for own workers to raise concerns

S1-4: Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

Metrics and targets

S1-5: Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

S1-6: Characteristics of the undertaking's employees

S1-14: Health and safety metrics

Policies MDR-P: Policies adopted to manage material sustainability matters

Actions MDR-A: Actions and resources in relation to material sustainability matters

Metrics MDR-M: Metrics in relation to material sustainability matters
Targets MDR-T: Tracking effectiveness of policies and actions through targets

References, links and comments

$\rightarrow$ Climate Protection: Guidelines and Policies, Organization and Responsibilities
$\rightarrow$ Climate Protection: Specific Actions
$\rightarrow$ Sustainable Products and Services: Specific Actions
$\rightarrow$ Climate Protection: Progress and Measures
$\rightarrow$ Sustainable Products and Services: Progress and Measures
$\rightarrow$ Climate Protection: Goals and Performance Review
$\rightarrow$ Sustainable Products and Services: Goals and Performance Review
$\rightarrow$ Occupational Health and Safety: Guidelines and Policies
$\rightarrow$ Human Rights and Supply Chain Management: Guidelines and Policies
$\rightarrow$ Occupational Health and Safety: Organization and Responsibilities, Specific Actions
$\rightarrow$ Occupational Health and Safety: Specific Actions
$\rightarrow$ Human Rights and Supply Chain Management: Goals and Performance Review
$\rightarrow$ Occupational Health and Safety: Specific Actions, Goals and Performance Review
$\rightarrow$ Occupational Health and Safety: Goals and Performance Review
$\rightarrow$ Working Conditions and Employee Development: Guidelines and Policies, Progress and Measures
$\rightarrow$ Diversity, Equity and Inclusion: Progress and Measures
$\rightarrow$ Occupational Health and Safety: Progress and Measures
Use of the Phase-In Regulation for number of days lost
$\rightarrow$ Occupational Health and Safety: E.ON's Approach, Guidelines and Policies, Organization and Responsibilities
$\rightarrow$ Human Rights and Supply Chain Management: Guidelines and Policies
$\rightarrow$ Occupational Health and Safety: Specific Actions
$\rightarrow$ Human Rights and Supply Chain Management: Goals and Performance Review
$\rightarrow$ Occupational Health and Safety: Progress and Measures
$\rightarrow$ Occupational Health and Safety: Goals and Performance Review

ESRS Disclosure Requirements

ESRS S3: Affected Communities

Impact, risk and opportunity management

S3-1: Policies related to affected communities
S3-2: Processes for engaging with affected communities about impacts
S3-3: Processes to remediate negative impacts and channels for affected communities to raise concerns

S3-4: Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions

Metrics and targets

S3-5: Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Policies MDR-P: Policies adopted to manage material sustainability matters
Actions MDR-A: Actions and resources in relation to material sustainability matters
Metrics MDR-M: Metrics in relation to material sustainability matters
Targets MDR-T: Tracking effectiveness of policies and actions through targets

ESRS S4: Consumers and end-users

Impact, risk and opportunity management

S4-1: Policies related to consumers and end-users

S4-2: Processes for engaging with consumers and end-users about impacts
S4-3: Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
S4-4: Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions

Metrics and targets

S4-5: Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Policies MDR-P: Policies adopted to manage material sustainability matters
Actions MDR-A: Actions and resources in relation to material sustainability matters

Metrics MDR-M: Metrics in relation to material sustainability matters

Targets MDR-T: Tracking effectiveness of policies and actions through targets

References, links and comments

$\rightarrow$ Security of Supply: Guidelines and Policies
$\rightarrow$ Security of Supply: Organization and Responsibilities
$\rightarrow$ Security of Supply: E.ON's Approach
$\rightarrow$ Security of Supply: Specific Actions
$\rightarrow$ Security of Supply: Goals and Performance Review
$\rightarrow$ Security of Supply: Guidelines and Policies, Organization and Responsibilities
$\rightarrow$ Security of Supply: Specific Actions
$\rightarrow$ Security of Supply: Progress and Measures
$\rightarrow$ Security of Supply: Goals and Performance Review
$\rightarrow$ Affordable Energy: E.ON's Approach, Guidelines and Policies
$\rightarrow$ Human Rights and Supply Chain Management: Guidelines and Policies
$\rightarrow$ Affordable Energy: Guidelines and Policies, Organization and Responsibilities, Specific Actions
$\rightarrow$ Affordable Energy: Specific Actions, Goals and Performance Review
$\rightarrow$ Customer Satisfaction: Goals and Performance Review
$\rightarrow$ Affordable Energy: Specific Actions, Goals and Performance Review
$\rightarrow$ Security of Supply: Specific Actions
Affordable Energy: Goals and Performance Review
$\rightarrow$ Customer Satisfaction: Goals and Performance Review
$\rightarrow$ Affordable Energy: Guidelines and Policies, Organization and Responsibilities
$\rightarrow$ Affordable Energy: Specific Actions
$\rightarrow$ Security of Supply: Specific Actions
Not applicable as no parameters are defined in ESRS S4 and E.ON does not report any entity-specific
metrics.
$\rightarrow$ Affordable Energy: Goals and Performance Review
$\rightarrow$ Customer Satisfaction: Goals and Performance Review

ESRS Disclosure Requirements

1. Governance information

ESRS G1: Business Conduct

Metrics and targets

G1-5: Political influence and lobbying activities

Metrics MDR-M: Metrics in relation to material sustainability matters

1. Entity-specific Information

Cybersecurity

Policies MDR-P: Policies adopted to manage material sustainability matters
Actions MDR-A: Actions and resources in relation to material sustainability matters
Metrics MDR-M: Metrics in relation to material sustainability matters
Targets MDR-T: Tracking effectiveness of policies and actions through targets

Sustainable Finance

Policies MDR-P: Policies adopted to manage material sustainability matters
Actions MDR-A: Actions and resources in relation to material sustainability matters

Metrics MDR-M: Metrics in relation to material sustainability matters
Targets MDR-T: Tracking effectiveness of policies and actions through targets

References, links and comments

$\rightarrow$ Political Dialog

$\rightarrow$ Political Dialog

$\rightarrow$ Data Protection, Cybersecurity, and Product Safety

$\rightarrow$ Data Protection, Cybersecurity, and Product Safety: E.ON's Approach, Guidelines and Policies, Organization and Responsibilities
$\rightarrow$ Data Protection, Cybersecurity, and Product Safety: Specific Actions
$\rightarrow$ Business Resilience Management: E.ON's Approach, Specific Actions
$\rightarrow$ Data Protection, Cybersecurity, and Product Safety: Specific Actions, Goals and Performance Review
$\rightarrow$ Data Protection, Cybersecurity, and Product Safety: Goals and Performance Review

$\rightarrow$ Sustainable Finance

$\rightarrow$ Sustainable Finance: Guidelines and Policies, Organization and Responsibilities
$\rightarrow$ E.ON's Approach to Sustainability: Stakeholder Engagement
$\rightarrow$ Sustainable Finance: Guidelines and Policies, Specific Actions
$\rightarrow$ ESO Asset Management and Pension Assets
$\rightarrow$ Sustainable Finance: Specific Actions
$\rightarrow$ Sustainable Finance: Organization and Responsibilities, Goals and Performance Review
$\rightarrow$ ESG Ratings of E.ON

List of datapoints in cross-cutting and topical standards that derive from other EU legislation [ $\star$ ]

Disclosure Requirement and related datapoint	SFDR reference ${ }^{1}$	Pillar 3 reference ${ }^{2}$	Benchmark Regulation reference ${ }^{3}$	EU Climate Law reference ${ }^{4}$	Reference
ESRSE1-4 GHG emission reduction targets paragraph 34	Indicator number 4 Table #2 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book - Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6		$\rightarrow$ Climate Protection: Goals and Performance Review, Specific Actions
ESRSE1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1				$\rightarrow$ Climate Protection: Progress and Measures
ESRSE1-5 Energy consumption and mix paragraph 37	Indicator number 5 Table #1 of Annex 1				$\rightarrow$ Climate Protection: Progress and Measures
ESRSE1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Indicator number 6 Table #1 of Annex 1				$\rightarrow$ Climate Protection: Progress and Measures
ESRSE1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	Indicators number 1 and 2 Table #1 of Annex 1	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book - Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)		$\rightarrow$ Climate Protection: Progress and Measures $\rightarrow$ Appendix to the Sustainability Statement: Information in accordance with ESRSE1 Application Requirement 48
ESRSE1-6 Gross GHG emissions intensity paragraphs 53 to 55	Indicators number 3 Table #1 of Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book - Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)		$\rightarrow$ Climate Protection: Progress and Measures
ESRSE1-7 GHG removals and carbon credits paragraph 56				Regulation (EU) 2021/1119, Article 2(1)	$\rightarrow$ Climate Protection: Progress and Measures
ESRSE1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II		No reporting in 2024, use of the PhaseIn Regulation
ESRSE1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRSE1-9 Location of significant assets at material physical risk paragraph 66 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book Climate change physical risk: Exposures subject to physical risk.			No reporting in 2024, use of the PhaseIn Regulation
ESRSE1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property Energy efficiency of the collateral.			No reporting in 2024, use of the PhaseIn Regulation
ESRSE1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69			Delegated Regulation (EU) 2020/1818, Annex II		No reporting in 2024, use of the PhaseIn Regulation

Disclosure Requirement and related datapoint	SFDR reference ${ }^{1}$	Pillar 3 reference ${ }^{2}$	Benchmark Regulation reference ${ }^{3}$	EU Climate Law reference ${ }^{4}$	Reference
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1				ESRS E2 was not identified as material. Disclosures on ESRS E2-4 are therefore not reported.
ESRS E3-1 Water and marine resources paragraph 9	Indicator number 7 Table #2 of Annex 1				ESRS E3 was not identified as material. Disclosures on ESRS E3-1 are therefore not reported.
ESRS E3-1 Dedicated policy paragraph 13	Indicator number 8 Table 2 of Annex 1				ESRS E3 was not identified as material. Disclosures on ESRS E3-1 are therefore not reported.
ESRS E3-1 Sustainable oceans and seas paragraph 14	Indicator number 12 Table #2 of Annex 1				ESRS E3 was not identified as material. Disclosures on ESRS E3-1 are therefore not reported.
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	Indicator number 6.2 Table #2 of Annex 1				ESRS E3 was not identified as material. Disclosures on ESRS E3-4 are therefore not reported.
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29	Indicator number 6.1 Table #2 of Annex 1				ESRS E3 was not identified as material. Disclosures on ESRS E3-4 are therefore not reported.
ESRS 2- SBM-3 - E4 paragraph 16 (a) i	Indicator number 7 Table #1 of Annex 1				ESRS E4 was not identified as material. Disclosures on ESRS E4 paragraph 16 (a) i are therefore not reported.
ESRS 2- SBM-3 - E4 paragraph 16 (b)	Indicator number 10 Table #2 of Annex 1				ESRS E4 was not identified as material. Disclosures on ESRS E4 paragraph 16 (b) are therefore not reported.
ESRS 2- SBM-3 - E4 paragraph 16 (c)	Indicator number 14 Table #2 of Annex 1				ESRS E4 was not identified as material. Disclosures on ESRS E4 paragraph 16 (c) are therefore not reported.
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Indicator number 11 Table #2 of Annex 1				ESRS E4 was not identified as material. Disclosures on ESRS E4-2 are therefore not reported.
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Indicator number 12 Table #2 of Annex 1				ESRS E4 was not identified as material. Disclosures on ESRS E4-2 are therefore not reported.
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	Indicator number 15 Table #2 of Annex 1				ESRS E4 was not identified as material. Disclosures on ESRS E4-2 are therefore not reported.
ESRS E5-5 Non-recycled waste paragraph 37 (d)	Indicator number 13 Table #2 of Annex 1				ESRS E5 was not identified as material. Disclosures on E5-5 are therefore not reported.
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Indicator number 9 Table #1 of Annex 1				ESRS E5 was not identified as material. Thus, disclosures on E5-5 are therefore not reported.

Disclosure Requirement and related datapoint	SFDR reference ${ }^{1}$	Pillar 3 reference ${ }^{2}$	Benchmark Regulation reference ${ }^{3}$	EU Climate Law reference ${ }^{4}$	Reference
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)	Indicator number 13 Table #3 of Annex I				ESRS S1 identified as material only in relation to occupational health and safety; disclosures on S1 paragraph 14(f) are therefore not reported.
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)	Indicator number 12 Table #3 of Annex I				ESRS S1 identified as material only in relation to occupational health and safety; disclosures on S1 paragraph 14(g) are therefore not reported.
ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I				ESRS S1 identified as material only in relation to occupational health and safety: $\rightarrow$ Occupational Health and Safety: Guidelines and Policies $\rightarrow$ Human Rights and Supply Chain Management: Guidelines and Policies
ESRS S1-1 Human rights policy commitments paragraph 20	Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I				ESRS S1 identified as material only in relation to occupational health and safety; $\rightarrow$ Occupational Health and Safety: Guidelines and Policies $\rightarrow$ Human Rights and Supply Chain Management: Guidelines and Policies
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21			Delegated Regulation (EU) 2020/1816, Annex II		ESRS S1 identified as material only in relation to occupational health and safety; $\rightarrow$ Occupational Health and Safety: Guidelines and Policies $\rightarrow$ Human Rights and Supply Chain Management: Guidelines and Policies
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Indicator number 11 Table #3 of Annex I				ESRS S1 identified as material only in relation to occupational health and safety; disclosures on S1 paragraph 22 are therefore not reported.
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Indicator number 1 Table #3 of Annex I				$\rightarrow$ Occupational Health and Safety: Guidelines and Policies
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)	Indicator number 5 Table #3 of Annex I				$\rightarrow$ Occupational Health and Safety: Specific Actions $\rightarrow$ Human Rights and Supply Chain Management: Goals and Performance Review
ESRS S1-14 Number of fatalities and number and rate of work- related accidents paragraph 88 (b) and (c)	Indicator number 2 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II		$\rightarrow$ Occupational Health and Safety: Progress and Measures
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	Indicator number 3 Table #3 of Annex I				No reporting in 2024, use of the Phase- In Regulation

Disclosure Requirement and related datapoint	SFDR reference ${ }^{1}$	Pillar 3 reference ${ }^{2}$	Benchmark Regulation reference ${ }^{3}$	EU Climate Law reference ${ }^{4}$	Reference
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	Indicator number 12 Table #1 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II		ESRS S1 identified as material only in relation to occupational health and safety; disclosures on ESRS S1-16 are therefore not reported.
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	Indicator number 8 Table #3 of Annex I				ESRS S1 identified as material only in relation to occupational health and safety; disclosures on ESRS S1-16 are therefore not reported.
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	Indicator number 7 Table #3 of Annex I				ESRS S1 identified as material only in relation to occupational health and safety; disclosures on ESRS S1-17 are therefore not reported.
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)	Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)		ESRS S1 identified as material only in relation to occupational health and safety; disclosures on ESRS S1-17 are therefore not reported.
ESRS 2- SBM3 - S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	Indicators number 12 and n. 13 Table #3 of Annex I				ESRS S2 was not identified as material. Disclosures on ESRS S2 paragraph 11 (b) are therefore not reported.
ESRS S2-1 Human rights policy commitments paragraph 17	Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1				ESRS S2 was not identified as material. Disclosures on ESRS S2-1 are therefore not reported.
ESRS S2-1 Policies related to value chain workers paragraph 18	Indicator number 11 and n. 4 Table #3 of Annex 1				ESRS S2 was not identified as material. Disclosures on ESRS S2-1 are therefore not reported.
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	Indicator number 10 Table #1 of Annex 1		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)		ESRS S2 was not identified as material. Disclosures on ESRS S2-1 are therefore not reported.
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19			Delegated Regulation (EU) 2020/1816, Annex II		ESRS S2 was not identified as material. Disclosures on ESRS S2-1 are therefore not reported.
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	Indicator number 14 Table #3 of Annex 1				ESRS S2 was not identified as material. Disclosures on ESRS S2-4 are therefore not reported.
ESRS S3-1 Human rights policy commitments paragraph 16	Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1				ESRS S3 identified as material only in relation to the topic "Security of Supply"; disclosures on ESRS S3-1 Human rights policy commitments not material and not reported

[^0]
[^0]: ${ }^{1}$ Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (GJ L 317, 9.12.2019, p. 1).
${ }^{2}$ Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation "CRR") (GJ L 176, 27.6.2013, p. 1).
${ }^{3}$ Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (GJ L 171, 29.6.2016, p. 1).
${ }^{4}$ Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 ('European Climate Law') (GJ L 243, 9.7.2021, p. 1).
${ }^{5}$ Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published (GJ L 406, 3.12.2020, p. 1).
${ }^{6}$ Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (GJ L 324.19.12.2022, p.1.)
${ }^{7}$ Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (GJ L 406, 3.12.2020, p. 17).

Information on due diligence obligations in accordance with ESRS 2 GOV-4 [•]

Core Elements Of Due Diligence	Section in the Sustainability Statement
Embedding due diligence in governance, strategy and business model	$\rightarrow$ E.ON's Approach to Sustainability: Sustainability Governance and Management, Sustainability: an Integral Component of E.ON's Business Model and Strategy
Engaging with affected stakeholders in all key steps of the due diligence	$\rightarrow$ E.ON's Approach to Sustainability: Sustainability Governance and Management, Double Materiality Analysis, Stakeholder Engagement $\rightarrow$ Climate Protection: Guidelines and Policies, Organization and Responsibilities, Specific Actions $\rightarrow$ Occupational Health and Safety: Guidelines and Policies, Organization and Responsibilities, Specific Actions $\rightarrow$ Security of Supply: Guidelines and Policies, Organization and Responsibilities, Specific Actions $\rightarrow$ Affordable Energy: Guidelines and Policies, Organization and Responsibilities, Specific Actions $\rightarrow$ Data Protection, Cybersecurity, and Product Safety: E.ON's Approach, Guidelines and Policies, Organization and Responsibilities, Specific Actions $\rightarrow$ Political Dialog $\rightarrow$ Sustainable Finance: Guidelines and Policies, Organization and Responsibilities, Specific Actions
Identifying and assessing adverse impacts	$\rightarrow$ E.ON's Approach to Sustainability: Double Materiality Analysis, Sustainability: an Integral Component of E.ON's Business Model and Strategy
Taking actions to address those adverse impacts	$\rightarrow$ Climate Protection: Specific Actions $\rightarrow$ Occupational Health and Safety: Specific Actions $\rightarrow$ Security of Supply: Specific Actions $\rightarrow$ Affordable Energy: Specific Actions $\rightarrow$ Data Protection, Cybersecurity, and Product Safety: Specific Actions $\rightarrow$ Political Dialog $\rightarrow$ Sustainable Finance: Specific Actions
Tracking the effectiveness of these efforts and communicating	$\rightarrow$ Climate Protection: Goals and Performance Review, Progress and Measures $\rightarrow$ Occupational Health and Safety: Goals and Performance Review, Progress and Measures $\rightarrow$ Security of Supply: Goals and Performance Review, Progress and Measures $\rightarrow$ Affordable Energy: Goals and Performance Review $\rightarrow$ Data Protection, Cybersecurity, and Product Safety: Goals and Performance Review $\rightarrow$ Political Dialog $\rightarrow$ Sustainable Finance: Goals and Performance Review

Information in accordance with ESRS E1 Application Requirement 48 [•]

Greenhouse Gas Emissions	Retroperspective							Milestones and target years
				2019 (Base Year)	2025	2030	2040	2050	Annual \% of target/base year
Total $\mathrm{CO}_{2}$ equivalents in million metric tons	2024	2023	Change (\%)
Scope 1
Scope 1 Total	1.98	2.01	$-2 \%$	3.98	$-3$	$-4$	$-4$	-	$-3$
Share from regulated emissions trading systems (in \%)	91	-	-	-	-	-	-	-	-
Scope 2
Scope 2 Total (location-based)	3.66	3.46	6\%	4.82	$-3$	$-4$	$-4$	-	$-3$
Scope 2 Total (market-based)	6.41	6.17	4\%	5.73	$-3$	$-4.5$	$-4.5$	-	$-3$
Scope $1 \div 2$ Total (location-based)	5.64	5.48	3\%	8.80	$-3$	$3.45^{6}$	$<0.69$	6	$-3$
Scope 3
Scope 3 Total (location-based)	64.97	70.69	$-8 \%$	120.27	$-3$	$<60.14$	-	$<12,03^{7}$	$-3$
Purchased power sold to end-customers (location-based) ${ }^{1}$	33.08	35.95	$-8 \%$	70.78	$-3$	$-4$	-	$-4$	$-3$
Combustion of natural gas sold to end-customers ${ }^{2}$	27.84	30.12	$-8 \%$	44.30	$-3$	$-4$	-	$-4$	$-3$
Scope 3 categories with low impact	4.05	4.62	$-12 \%$	5.19	-	$-4$	-	$-4$	$-3$
Scope 1-3 Total (location-based)	70.61	76.17	$-7 \%$	129.07	$-3$	$-4$	-	$-4$	$-3$

${ }^{1}$ Corresponds to the Scope 3 category Activities related to fuels and energy
${ }^{2}$ Corresponds to the Scope 3 category Use of products sold
${ }^{3}$ E.ON's climate targets relate to the years 2030, 2040 and 2050, therefore no further information is required
${ }^{4}$ E.ON's climate targets relate to the sum of Scope 1 and 2 emissions as well as for the sum of material Scope 3 emissions
${ }^{5}$ E.ON's climate targets relate to location-based emissions
${ }^{6}$ Absolute target value of the target was adjusted due to a reduction in Scope 1 emissions as a result of a more precise method for calculating fugitive emissions in connection with our gas distribution networks.
${ }^{7}$ Target corresponds to 10 percent of the base year

EU Taxonomy Key Figures and Templates [ $\square$ ]

EU Taxonomy Investments
Financial year 2024

A. Taxonomy eligible activities

A.L. Econometrically sustainable activities (taxonomy-aligned)
Electricity generation using solar-photocohole technology
Electrolyte generation from wind power Electricity generation from hydrogeose
Electrolyte generation from geothermal energy Electricity generation from biocides
Electrolyte generation from biotemporal
Industrial energy generation
Cigarette and cigarette of electric heat pumps
Industrial energy generation of electric heat pumps
Industrial energy generation of electric heat pump
Daytime and operation of electric heat pump
Daytime and operation of electric heat pump
Daytime and operation of electric heat pump
Dust and dust
Dust and dust
Dust and dust
Dust and dust
Dust and dust
All other functions
A.J. Taxonomy eligible for net environmentally sustainable activities (net Taxonomy-aligned activities)

Taxonomy eligibility and

alignment
per environmental
objective ${ }^{1}$

	Proportion of CapEx/Total CapEx		Proportion of OpEx/Total OpEx		Proportion of revenue/Total revenue
	Aligned per objective	Eligible per objective	Aligned per objective	Eligible per objective	Aligned per objective	Eligible per objective
CCM ${ }^{2}$	$80 \%$	$82 \%$	$65 \%$	$67 \%$	$26 \%$	$27 \%$
CCA ${ }^{3}$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$
WTR ${ }^{4}$	$1 \%$	$1 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$
CE ${ }^{5}$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$
PPC ${ }^{6}$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$
BIO $^{7}$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$	$0 \%$

${ }^{1}$ Disclosures according to Annex II Footnote c) of the amended version of the Delegated Regulation (EU) 2021/2178.
${ }^{2}$ Climate Change Mitigation: CCM.
${ }^{3}$ Climate Change Adaptation: CCA.
${ }^{4}$ Water: WTR.
${ }^{5}$ Circular Economy: CE.
${ }^{6}$ Pollution Prevention and Control: PPC.
${ }^{7}$ Biodiversity and ecosystems: BIO.

CapEx Template 1: Nuclear and fossil gas related activities

Row	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
Row	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	Yes
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	Yes

CapEx Template 2: Taxonomy-aligned economic activities (denominator)

Rew	Economic activities	Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)	Climate change adaptation (CCA)
		€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	6,583	80	6,583	80	-
8	Total applicable KPI	8,260	100	8,260	100	-

CapEx Template 3: Taxonomy-aligned economic activities (numerator)

Rew	Economic activities	Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)	Climate change adaptation (CCA)
		€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI	6,583	100	6,583	100	-
8	Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI	6,583	100	6,583	100	-

CapEx Template 4: Taxonomy-eligible but not taxonomy-aligned economic activities

		Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)		Climate change adaptation (CCA)
Row	Economic activities	€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	9	0	9	0	-
6	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	11	0	11	0	-
7	Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	148	2	148	2	-
8	Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI	168	2	168	2	-

CapEx Template 5: Taxonomy non-eligible economic activities

Row	Economic activities	€ in millions	in \%
1	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
2	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
3	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
4	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
5	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
6	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
7	Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	1,508	18
8	Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI	1,508	18

OpEx Template 1: Nuclear and fossil gas related activities

Row	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
Row	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

OpEx Template 2: Taxonomy-aligned economic activities (denominator)

		Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)		Climate change adaptation (CCA)
Row	Economic activities	€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	940	65	940	65	-
8	Total applicable KPI	1,442	100	1,442	100	-

OpEx Template 3: Taxonomy-aligned economic activities (numerator)

		Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)	Climate change adaptation (CCA)
Row	Economic activities	€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI	940	100	940	100	-
8	Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI	940	100	940	100	-

OpEx Template 4: Taxonomy-eligible but not taxonomy-aligned economic activities

		Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)	Climate change adaptation (CCA)
Row	Economic activities	€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	8	1	8	1	-
6	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	3	0	3	0	-
7	Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	15	1	15	1	-
8	Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI	26	2	26	2	-

OpEx Template 5: Taxonomy non-eligible economic activities

Row	Economic activities	€ in millions	in \%
1	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
2	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
3	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
4	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
5	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
6	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
7	Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	476	33
8	Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI	476	33

Revenue Template 1: Nuclear and fossil gas related activities

Row	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
Row	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

Revenue Template 2: Taxonomy-aligned economic activities (denominator)

		Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)	Climate change adaptation (CCA)
Row	Economic activities	€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	21,205	26	21,205	26	-
8	Total applicable KPI	80,119	100	80,119	100	-

Revenue Template 3: Taxonomy-aligned economic activities (numerator)

		Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)	Climate change adaptation (CCA)
Row	Economic activities	€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
6	Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	-	-	-	-	-
7	Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI	21,205	100	21,205	100	-
8	Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI	21,205	100	21,205	100	-

Revenue Template 4: Taxonomy-eligible but not taxonomy-aligned economic activities

		Amount and proportion (in monetary amounts and as percentages)
		CCM + CCA		Climate change mitigation (CCM)	Climate change adaptation (CCA)
Row	Economic activities	€ in millions	in \%	€ in millions	in \%	€ in millions
1	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
2	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
3	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
4	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
5	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	5	0	5	0	-
6	Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-	-	-	-
7	Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	132	0	132	0	-
8	Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI	137	0	137	0	-

Revenue Template 5: Taxonomy non-eligible economic activities

Row	Economic activities	€ in millions	in \%
1	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
2	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
3	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
4	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
5	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
6	Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	-	-
7	Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	58,777	73
8	Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI	58,777	73

Consolidated Financial Statements

Consolidated Statement of Income133
Consolidated Statement of Recognized Income andExpenses134
Consolidated Balance Sheets ..... 135
Consolidated Statement of Cash Flows ..... 137
Consolidated Statement of Changes in Equity ..... 139
Notes ..... 141
(1) Summary of Significant Accounting Policies ..... 141
(2) New Standards, Interpretations and Amendments ..... 149
(3) Scope of Consolidation ..... 151
(4) Material Acquisitions, Disposals and Disposal Groups in 2024 ..... 151
(5) Revenue ..... 151
(6) Own Work Capitalized ..... 151
(7) Other Operating Income and Expenses ..... 152
(8) Cost of Materials ..... 152
(9) Financial Result ..... 153
(10) Income Taxes ..... 154
(11) Personnel-Related Information ..... 157
(12) Other Information ..... 158
(13) Earnings per Share ..... 159
(14) Goodwill, Intangible Assets, Right-of-use Assets and Property, Plant and Equipment ..... 160
(15) Companies Accounted for under the Equity Method and Other Financial Assets ..... 165
(16) Inventories ..... 167
(17) Receivables and Other Assets ..... 167
(18) Liquid Funds ..... 168
(19) Capital Stock ..... 168
(20) Additional Paid-in Capital ..... 169
(21) Retained Earnings ..... 169
(22) Changes in Other Comprehensive Income ..... 169
(23) Non-Controlling Interests ..... 170
(24) Provisions for Pensions and Similar Obligations ..... 172
(25) Miscellaneous Provisions ..... 179
(26) Liabilities ..... 181
(27) Contingent Liabilities and Other Financial Obligations ..... 186
(28) Litigation and Claims ..... 187
(29) Supplemental Cash Flow Disclosures ..... 187
(30) Derivative Financial Instruments and Hedging Transactions ..... 188
(31) Additional Disclosures on Financial Instruments ..... 191
(32) Leasing ..... 201
(33) Transactions with Related Parties ..... 203
(34) Segment Reporting ..... 203
(35) Compensation of Supervisory Board and Management Board ..... 208
(36) Subsequent Events ..... 208

Consolidated Statement of Income

€ in millions	Note	2024	2023
Sales including electricity and energy taxes		81,841	95,404
Electricity and energy taxes		$-1,722$	$-1,718$
Sales	(5)	80,119	93,686
Changes in inventories (finished goods and work in progress)		$-90$	79
Own work capitalized	(6)	1,596	1,334
Other operating income	(7)	11,739	38,888
Cost of materials	(8)	$-58,990$	$-64,228$
Personnel costs	(11)	$-6,534$	$-6,010$
Depreciation, amortization and impairment charges	(14)	$-4,401$	$-3,514$
Other operating expenses	(7)	$-15,384$	$-59,548$
Thereof: Impairments of financial assets		$-558$	$-984$
Income from companies accounted for under the equity method		258	478
Income/loss from equity investments		19	30
Income from continuing operations before interest results and income taxes		8,332	1,195
Interest results	(9)	$-1,001$	$-1,094$
Income from other securities, interest and similar income		1,097	1,291
Interest and similar expenses		$-2,098$	$-2,385$
Income taxes	(10)	$-1,769$	598
Income from continuing operations		5,562	699
Income/loss from discontinued operations, net	(4)	-	61
Net income		5,562	760
Attributable to shareholders of E.ON SE		4,531	517
Attributable to non-controlling interests		1,031	243
in €
Earnings per share (attributable to shareholders of E.ON SE)-basic and diluted ${ }^{1}$	(13)
from continuing operations		1.73	0.18
from discontinued operations		-	0.02
from net income		1.73	0.20
Weighted-average number of shares outstanding (in millions)		2,612	2,611

${ }^{1}$ Based on weighted-average number of shares outstanding.

Consolidated Statement of Recognized Income and Expenses

€ in millions	2024	2023
Net income	5,562	760
Remeasurements of defined benefit plans	448	$-1,427$
Remeasurements of defined benefit plans of companies accounted for under the equity method	$-34$	149
Income taxes	$-283$	272
Items that will not be reclassified subsequently to the income statement	131	$-1,006$
Cash flow hedges	$-144$	$-675$
Unrealized changes-hedging reserve	$-33$	$-139$
Unrealized changes-reserve for hedging costs	27	13
Reclassification adjustments recognized in income	$-138$	$-549$
Fair value measurement of financial instruments	37	76
Unrealized changes	2	39
Reclassification adjustments recognized in income	35	37
Currency-translation adjustments	$-193$	$-15$
Unrealized changes-hedging reserve/other	$-193$	$-10$
Unrealized changes-reserve for hedging costs	-	2
Reclassification adjustments recognized in income	-	$-7$
Companies accounted for under the equity method	720	328
Unrealized changes	720	328
Reclassification adjustments recognized in income	-	-
Income taxes	25	217
Items that might be reclassified subsequently to the income statement	445	$-69$
Total income and expenses recognized directly in equity (other comprehensive income)	576	$-1,075$
Total recognized income and expenses (total comprehensive income)	6,138	$-315$
Attributable to shareholders of E.ON SE	5,095	$-445$
Continuing operations	5,095	$-506$
Discontinued operations	-	61
Attributable to non-controlling interests	1,043	130

Consolidated Balance Sheet-Assets

			December 31,
€ in millions	Note	2024	2023
Goodwill	(14)	16,573	17,126
Intangible assets	(14)	3,711	3,592
Right-of-use assets	(32)	2,943	2,710
Property, plant and equipment	(14)	44,269	40,749
Companies accounted for under the equity method	(15)	7,111	6,653
Other financial assets	(15)	3,621	3,738
Equity investments		2,752	2,561
Non-current securities		869	1,177
Financial receivables and other financial assets	(17)	1,107	1,079
Operating receivables and other operating assets	(17)	4,173	3,850
Deferred tax assets	(10)	1,763	3,505
Income tax assets	(10)	36	32
Non-current assets		85,307	83,034
Inventories	(16)	1,243	1,940
Financial receivables and other financial assets	(17)	543	1,085
Trade receivables and other operating assets	(17)	15,198	19,005
Income tax assets	(10)	1,093	1,030
Liquid funds	(18)	7,280	7,412
Securities and fixed-term deposits		1,273	1,375
Restricted liquid funds		255	452
Cash and cash equivalents		5,752	5,585
Assets held for sale	(4)	697	-
Current assets		26,054	30,472
Total assets		111,361	113,506

Consolidated Balance Sheet—Equity and Liabilities

			December 31,
€ in millions	Note	2024	2023
Capital stock	(19)	2,641	2,641
Additional paid-in capital	(20)	13,316	13,327
Retained earnings	(21)	4,751	1,491
Accumulated Other Comprehensive Income	(22)	$-1,853$	$-2,303$
Treasury shares	(19)	$-1,014$	$-1,042$
Equity attributable to shareholders of E.ON SE		17,841	14,114
Non-controlling interests (before reclassification)		7,510	7,024
Reclassification related to IAS 32		$-1,185$	$-1,168$
Non-controlling interests	(23)	6,325	5,856
Equity		24,166	19,970
Financial liabilities	(26)	34,100	30,823
Operating liabilities	(26)	7,151	8,316
Income tax liabilities	(10)	392	548
Provisions for pensions and similar obligations	(24)	5,181	4,985
Miscellaneous provisions	(25)	8,292	9,028
Deferred tax liabilities	(10)	2,102	2,223
Non-current liabilities	(26)	57,218	55,923
Financial liabilities	(26)	4,964	4,617
Trade payables and other operating liabilities	(26)	19,706	27,397
Income tax liabilities	(10)	615	733
Miscellaneous provisions	(25)	4,292	4,866
Liabilities associated with assets held for sale	(4)	400	-
Current liabilities		29,977	37,613
Total equity and liabilities		111,361	113,506

Consolidated Statement of Cash Flows

€ in millions	2024	2023
Net income	5,562	760
Income/loss from discontinued operations, net	-	$-61$
Depreciation, amortization and impairment of intangible assets and of property, plant and equipment	4,401	3,514
Changes in provisions	$-1,135$	$-2,704$
Changes in deferred taxes	1,379	$-1,546$
Other non-cash income and expenses	374	1,065
Gain/loss on disposal of intangible assets and property, plant and equipment, equity investments and securities ( $>3$ months)	23	7
Changes in operating assets and liabilities and in income taxes	$-4,931$	4,619
Inventories	173	266
Trade receivables	720	$-688$
Other operating receivables and income tax assets	2,857	22,917
Trade payables	$-728$	$-2,997$
Other operating liabilities and income taxes	$-7,953$	$-14,879$
Cash provided by (used for) operating activities of continuing operations	5,673	5,654
Cash provided by (used for) operating activities of discontinued operations	-	-
Cash provided by (used for) operating activities (operating cash flow)	5,673	5,654
Proceeds from disposal of intangible assets and property, plant and equipment	103	221
Proceeds from disposal of equity investments	168	$46^{1}$
Purchases of investments in intangible assets and property, plant and equipment	$-6,971$	$-6,010$
Purchases of investments in equity investments	$-528$	$-453^{1}$
Proceeds from disposal of securities ( $>3$ months) and of financial receivables and fixed-term deposits	2,532	2,636
Purchases of securities ( $>3$ months) and of financial receivables and fixed-term deposits	$-2,126$	$-2,026$
${ }^{1}$ Adjustment of the previous year's figures due to the expansion of investments and desinvestments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans.

Consolidated Statement of Cash Flows

€ in millions	2024	2023
Changes in restricted liquid funds	196	$-2$
Cash provided by (used for) investing activities of continuing operations	$-6,626$	$-5,588$
Cash provided by (used for) investing activities of discontinued operations	-	-
Cash provided by (used for) investing activities	$-6,626$	$-5,588$
Payments received/made from changes in capital	$-190$	30
Cash dividends paid to shareholders of E.ON SE	$-1,384$	$-1,331$
Cash dividends paid to non-controlling interests	$-321$	$-297$
Proceeds from financial liabilities	7,046	5,347
Repayments of financial liabilities	$-4,045$	$-5,593$
Cash provided by (used for) financing activities of continuing operations	1,106	$-1,844$
Cash provided by (used for) financing activities of discontinued operations	-	-
Cash provided by (used for) financing activities	1,106	$-1,844$
Net increase/decrease in cash and cash equivalents	153	$-1,778$
Effect of foreign exchange rates on cash and cash equivalents	24	27
Cash and cash equivalents at the beginning of the year ${ }^{1,2}$	5,585	7,336
Cash and cash equivalents of discontinued operations at the beginning of the period	-	-
Cash and cash equivalents at the end of the period	5,762	5,585
Less: Cash and cash equivalents of discontinued operations at the end of the period	-	-
Cash and cash equivalents of continuing operations at the end of the period ${ }^{2}$	5,762	5,585

${ }^{1}$ Cash and cash equivalents of continuing operations at the beginning of the period also include $€ 10$ million attributable to the Romanian sales business that was reclassified as a disposal group in the third quarter of 2024.
${ }^{2}$ Cash and cash equivalents of continuing operations at the beginning of the period of the previous year also include $€ 12$ million attributable to VSEH Group that was desconsolidated in the fourth quarter of 2023.

Consolidated Statement of Changes in Equity
€ in millions
Changes in accumulated other comprehensive income

	Capital stock	Additional paid-in capital	Retained earnings	$\begin{gathered} \text { Hedging } \ \text { reserve/ } \ \text { other } \end{gathered}$	Reserve for hedging costs	Fair value measurement of financial instruments	Hedging reserve	Reserve for hedging costs	$\begin{gathered} \text { Treasury } \ \text { shares } \end{gathered}$	Equity attributable to shareholders of E.ON SE	Non- controlling interests (before reclassi- fication)	Reclassifi- cation related to IAS 32	Non- controlling interests	Total
Balance as of January 1, 2023	2,641	13,338	3,217	$-2,436$	$-2$	$-60$	300	$-8$	$-1,067$	15,923	7,032	$-1,088$	5,944	21,867
Change in scope of consolidation			$-1$							$-1$	69		69	68
Treasury shares repurchased/sold		$-11$							25	14				14
Capital increase											21		21	21
Dividends			$-1,331$							$-1,331$	$-312$		$-312$	$-1,643$
Share additions/reductions			$-46$							$-46$	84		84	38
Net additions/disposals from reclassification related to IAS 32												$-80$	$-80$	$-80$
Total comprehensive income			$-348$	382	2	38	$-532$	13		$-445$	130		130	$-315$
Net income/loss			517							517	243		243	760
Other Comprehensive Income			$-865$	382	2	38	$-532$	13		$-962$	$-113$		$-113$	$-1,075$
Remeasurement of defined benefit plans			$-865$							$-865$	$-141$		$-141$	$-1,006$
Changes in accumulated other comprehensive income				382	2	38	$-532$	13		$-97$	28		28	$-69$
Balance as of December 31, 2023	2,641	13,327	1,491	$-2,054$	0	$-22$	$-232$	5	$-1,042$	14,114	7,024	$-1,168$	5,856	19,970

Consolidated Statement of Changes in Equity
€ in millions
Changes in accumulated other comprehensive income

	Capital stock	Additional paid-in capital	Retained earnings	$\begin{gathered} \text { Hedging } \ \text { reserve/ } \ \text { other } \end{gathered}$	Reserve for hedging costs	Fair value measurement of financial instruments	Hedging reserve	Reserve for hedging costs	$\begin{gathered} \text { Treasury } \ \text { shares } \end{gathered}$	Equity attributable to shareholders of E.ON SE	Non- controlling interests (before reclassi- fication)	Reclassifi- cation related to IAS 32	Non- controlling interests	Total
Balance as of January 1, 2024	2,641	13,327	1,491	$-2,054$	0	$-22$	$-232$	5	$-1,042$	14,114	7,024	$-1,168$	5,856	18,970
Change in scope of consolidation			1	$-10$		7	1			$-1$	$-8$		$-8$	$-9$
Treasury shares repurchased/sold		$-11$							28	17				17
Capital increase
Dividends			$-1,384$							$-1,384$	$-336$		$-336$	$-1,720$
Share additions/reductions											$-213$		$-213$	$-213$
Net additions/disposals from reclassification related to IAS 32												$-17$	$-17$	$-17$
Total comprehensive income			4,643	499		26	$-100$	27		5,095	1,043		1,043	6,138
Net income/loss			4,531							4,531	1,031		1,031	5,562
Other Comprehensive Income			112	499		26	$-100$	27		564	12		12	576
Remeasurement of defined benefit plans			112							112	19		19	131
Changes in accumulated other comprehensive income				499		26	$-100$	27		452	$-7$		$-7$	445
Balance as of December 31, 2024	2,641	13,316	4,751	$-1,565$	0	11	$-331$	32	$-1,014$	17,841	7,510	$-1,185$	6,325	24,166

(1) Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements of E.ON SE, Brüsseler Platz 1, 45131 Essen, Germany, registered in the Commercial Register of Essen District Court under number HRB 28196, have been prepared in accordance with Section 315e (1) of the German Commercial Code ("HGB") and with those International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee interpretations ("IFRS IC") that were adopted by the European Commission for use in the EU as of the end of the fiscal year, and whose application was mandatory as of December 31, 2024. On February 19, 2025, the Board of Management of E.ON SE approved the Consolidated Financial Statements as of December 31, 2024, for publication.

Principles

The Consolidated Financial Statements for the E.ON Group ("E.ON" or the "Group") were prepared in euros. Unless otherwise stated, all amounts are shown in millions of euros ( $€$ million). For accounting reasons, rounding differences may occur. These financial statements relate to the financial year from January 1 to December 31, 2024. In accordance with IAS 1, "Presentation of Financial Statements" ("IAS 1"), the Consolidated Balance Sheets have been prepared using a classified balance sheet structure. Assets that will be realized within 12 months of the reporting date, as well as liabilities that are due to be settled within one year of the reporting date, are generally classified as current. The Consolidated Statement of Income is classified using the nature of expense method, which is also applied for internal purposes.

Scope of Consolidation

The Consolidated Financial Statements incorporate the financial statements of E.ON SE and entities controlled by E.ON ("subsidiaries"). Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to influence those returns. Control is generally deemed established when a majority of the voting rights is held. An entity is a structured entity if control is based on contractual arrangements or other legal relationships and is not reflected in a majority of voting rights.

The results of the subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Income from the date of acquisition or until the date of their disposal, respectively.

If the issue of shares in subsidiaries or associates to third parties leads to a reduction in E.ON's ownership interest in these investees ("dilution"), and consequently to a loss of control, joint control or significant influence, gains
and losses from these dilutive transactions are included in the income statement under other operating income or expenses.

Where necessary, adjustments are made to the subsidiaries' financial statements to bring their accounting policies into line with those of the Group. Intercompany receivables, liabilities, expenses and income, and results are eliminated in the consolidation process.

Associated Companies

An associate is an investee over whose financial and operating policy decisions E.ON has significant influence and that is not controlled by E.ON or jointly controlled with E.ON. Significant influence is presumed if E.ON directly or indirectly holds at least 20 percent, but not more than 50 percent, of an entity's voting rights. Interests in associated companies are accounted for using the equity method.

Interests in associated companies accounted for using the equity method are reported on the balance sheet at cost, adjusted for changes in the Group's share of the net assets after the date of acquisition and for any impairment charges. Pro rata losses that might potentially exceed the Group's interest in an associated company when attributable long-term loans are taken into consideration are generally not recognized. Any difference between the cost of the investment and the pro rata remeasured value of its net assets is recognized in the Consolidated Financial Statements as part of the carrying amount.

Companies accounted for using the equity method are tested for impairment by comparing the carrying amount with its recoverable amount. If the carrying amount exceeds the recoverable amount, the carrying amount is adjusted for this difference. If the reasons for previously recognized impairment losses no longer exist, such impairment losses are reversed accordingly.

Joint Ventures

Joint ventures are also accounted for using the equity method. Unrealized gains and losses arising from transactions with joint-venture companies are eliminated within the consolidation process on a pro rata basis if they are material.

Joint Operations

A joint operation exists when E.ON and other investors jointly control an operation, but unlike a joint venture, they do not have a claim to the changes in net assets from the operation. Instead, they have direct rights to individual assets or direct obligations with respect to individual liabilities in connection with the operation. E.ON recognizes assets and liabilities as well as revenues and expenses in a joint operation pro rata according to the rights and obligations attributable to E.ON.

Business Combinations

Business combinations are accounted for using the purchase method, under which the purchase price is offset against the pro rata share in the acquired company's revalued net assets. The fair values are determined using published exchange or market prices at the time of acquisition in the case of marketable securities or commodities, for example, and in the case of land, buildings and major technical equipment, generally using independent expert reports that have been prepared by third parties. If exchange or market prices are unavailable for consideration, fair values are derived from market prices for comparable assets or comparable transactions. If these values are not directly observable, fair value is determined using appropriate valuation methods. In such cases, E.ON determines fair value using the discounted cash flow method by discounting estimated future cash flows by a weighted-average cost of capital.

Non-controlling interests can be measured either at cost (partial goodwill method) or at fair value (full goodwill method). The choice of method can be made on a case-by-case basis. The partial goodwill method is generally used within the E.ON Group.

Intangible assets must be recognized separately if they are clearly separable or if their recognition arises from a contractual or other legal right. Provisions for restructuring measures may not be recognized in a purchase price allocation. If the purchase price paid exceeds the proportional share in the revalued net assets at the time of acquisition, the positive difference is recognized as goodwill. No goodwill is recognized for positive differences attributable to non-controlling interests. After a repeated review, any negative difference is recognized in net income.

Foreign Currency Translation

The Company's transactions denominated in foreign currency are translated at the current exchange rate at the date of the transaction. At each balance sheet date monetary foreign currency items are adjusted to the exchange rate on the reporting date; any gains and losses resulting from fluctuations in the relevant currencies are recognized in net income and reported as other operating income and other operating expenses, respectively. Gains and losses from the translation of non-derivative financial instruments used in hedges of net investments in foreign operations are recognized in equity as a component of other comprehensive income. The ineffective portion of the hedging instrument is immediately recognized in net income.

The functional currency as well as the reporting currency of E.ON SE is the euro. The assets and liabilities of Group companies with a functional currency other than the euro are translated using the mid-market exchange rates applicable on the balance sheet date. The income statements of foreign Group companies with a functional currency other

than the euro are translated using annual average exchange rates. Differences arising from the application of both rates are recognized directly in equity as a component of other comprehensive income.

The following table depicts the movements in exchange rates for the periods indicated for major currencies of countries outside the European Monetary Union:

Currencies

	ISD	€1, rate at year-end		€1, annual average rate
	Code	2024	2023	2024	2023
British pound	GBP	0.83	0.87	0.85	0.87
Danish krone	DKK	7.46	7.45	7.46	7.45
Norwegian krone	NOK	11.80	11.24	11.63	11.42
Polish zloty	PLN	4.28	4.34	4.31	4.54
Romanian leu	RON	4.97	4.98	4.97	4.95
Swedish krona	SEK	11.46	11.10	11.43	11.48
Czech crown	CZK	25.19	24.72	25.12	24.00
Turkish lira	TRY	36.74	32.65	35.57	25.76
Hungarian forint	HUF	411.35	382.80	395.30	381.85
US dollar	USD	1.04	1.11	1.08	1.08

Countries classified as hyperinflationary are required by IAS 29 to express their financial statements in the functional currency of the hyperinflationary economy in terms of the measuring unit current at the balance sheet date to reflect current purchasing power. As a result, among other things, non-monetary assets and liabilities are generally adjusted using a general price index and a gain or loss on the net monetary position is recognized. For additional information on the application of IAS 29 in fiscal year 2024, please refer to Note 15.

Recognition of Income

a) Revenues

Revenues in the Energy Retail segment are generated primarily from the sale of electricity and gas (conventional and green) to retail customers, industrial and commercial customers and wholesale markets. For contracts that do not provide for defined purchase quantities, the performance obligation consists in particular in the provision and availability of energy on demand at any time (standing ready obligation). Revenues are also generated in the German district heating business and from the provision of sustainable solutions to customers to enhance energy efficiency, energy autonomy and electromobility.

In the Energy Infrastructure Solutions segment, E.ON offers integrated, sustainable energy solutions with the goal of sustainably supplying heating, electricity, steam, and cooling to cities and towns, as well as commercial and industrial customers. Revenues are mainly generated from the delivery of district heating and cooling, from the portfolio of decentralized services for neighborhoods, as well as industrial and commercial customers, and from products and services to enhance energy efficiency. This also includes the energy infrastructure sector, where the performance obligations mainly consist in the installation of block-type thermal power stations, photovoltaic systems, air-conditioning systems and heat pumps. This segment also includes the revenues generated from the smart energy meter business in the United Kingdom.

In the Energy Networks business, mainly earnings from the distribution of electricity and gas are included in revenues. E.ON makes the electricity and gas distribution network available to its customers. In the course of extending electricity and gas networks, E.ON also installs customer connections and connects renewable energy generating stations to the grid. In some cases, the fulfillment of performance obligations also entails construction work on non-owned land. Significant parts of the fees generated in the Energy Networks segment are regulated and are therefore subject to efficiency-based upper limits on revenue. Since the introduction of IFRS 15 with effect from January 1, 2018, revenues no longer include the fees for the promotion of Renewables because these revenues are netted with the corresponding cost of materials (net disclosure).

Revenues are generally recognized when E.ON fulfills its performance obligation by transferring a promised good or service to a customer. An asset is deemed to be transferred when the customer obtains control of the asset. The majority of the E.ON Group's revenues are recognized over time because customers use these services when they are provided. For all such revenues, progress is measured using output-based methods, e.g., through the measurement of services that have already been provided or units that have been produced or delivered. For construction contracts, the stage of completion for overtime revenue recognition can be determined using input-based methods, such as the cost-to-cost method. The methods used appropriately reflect the pattern of transfer of goods to customers or provision of services for customers. The relatively subordinate point-intime revenue recognition occurs, among other things, on the installation of solar panels or charging stations in the electromobility business, and for so-called linear products, where a fixed amount of energy is provided to commercial customers at a specific point in time. Revenue is recognized when control is transferred to the customer, which means that no significant discretionary decisions are required.

Revenues from the sale of goods and services are measured using the transaction prices allocated to these goods and services. They reflect the value of the volume supplied, including an estimated value of the volume
supplied to customers between the date of the last invoice and the end of the period. Monthly advance payments for B2C customers are generally determined on the basis of historical consumption data, taking into account current temperature effects. Peak payments are settled at the end of the settlement period. In B2B, a bottom-up approach is used to calculate individual rates. Contractually agreed variable consideration may be allocated to an entire contract or to specific components of a contract, which is the case with energy supply agreements with a base fee, for which the variable consideration is allocated in full to the actual supply of energy, but not to the fundamental willingness to supply the energy. E.ON's sales transactions generally are not based on any material finance components. The average target payment period is generally between 10 and 30 days, in exceptional cases longer. Refunds to customers are an exception and are granted if the customer is disconnected from the power supply for an extended period of time. Cash bonuses or bonus payments to customers are recognized as refund liabilities and presented as a decrease in revenues uniformly over the term of the contract. As a rule, no warranties are granted in the core business. Warranties are only granted in the "Build \& Sell" activities.

Revenues also include interest income from finance leases when the corresponding activities are part of E.ON's core business. This interest income is recognized on the basis of the effective interest method.

b) Interest Income

Interest income is recognized pro rata using the effective interest method.

c) Dividend Income

Dividend income is recognized when the right to receive the distribution payment arises.

Electricity and Energy Taxes

Electricity and energy taxes are levied on electricity and natural gas delivered to retail customers and are calculated on the basis of a fixed tax rate per kilowatt-hour ("kWh"). This rate varies between different classes of customers. Electricity and energy taxes payable are deducted from sales revenues on the face of the income statement if those taxes are levied upon delivery of energy to the retail customer.

Earnings per Share

Basic (undiluted) earnings per share is computed by dividing the consolidated net income attributable to the shareholders of the parent company by the weighted-average number of ordinary shares outstanding during the relevant period. At E.ON, the computation of diluted earnings per share is identical to that of basic earnings per share because E.ON SE has issued no potentially dilutive ordinary shares. The increase in the weighted-average number of shares outstanding resulted primarily from

the issue of treasury shares in E.ON SE under the voluntary employee stock purchase program.

Goodwill and Intangible Assets

Goodwill

Goodwill is not amortized, but rather tested for impairment at the cashgenerating unit level on at least an annual basis. The term cash-generating unit also always includes groups of cash-generating units and is referred to in simplified form as a cash-generating unit. Goodwill must also be tested for impairment, during the year, at the level of individual cash-generating units if events or changes in circumstances indicate that the recoverable amount of a particular cash-generating unit might be impaired, resulting in a shortfall in the carrying amount.

Newly created goodwill is allocated to those cash-generating units expected to benefit from the respective business combination. The cashgenerating units to which goodwill is allocated are generally equivalent to the operating segments. If goodwill cannot be allocated to individual cashgenerating units without arbitrariness but instead can only be allocated to groups of cash-generating units, the lowest level within the unit at which the goodwill is monitored for internal management purposes then includes several cash-generating units to which the goodwill relates but to which it cannot be allocated individually. Goodwill impairment testing is performed in euros, while the underlying goodwill is always carried in the functional currency.

In a first step, E.ON determines the recoverable amount of a cashgenerating unit on the basis of the fair value (less costs to sell) using generally accepted valuation procedures. This is based on the mid-term planning data of the respective cash-generating unit. Valuation is performed using the discounted cash flow method unless market transactions or valuations prepared by third parties for comparable assets which are higher-level in the fair value hierarchy according to IFRS 13 are available. If needed, a calculation of value in use is also performed.

If the carrying amount exceeds the recoverable amount, the goodwill allocated to that cash-generating unit is adjusted in the amount of this difference. Because E.ON generally applies the partial goodwill method, only that part of the difference that is attributable to the respective partial goodwill is recognized as an impairment.
E.ON performs the annual testing of goodwill for impairment at the cashgenerating unit level in the fourth quarter on October 1 of each fiscal year.

Impairment charges on the goodwill of a cash-generating unit and reported in the income statement under "Depreciation, amortization and impairment charges" may not be reversed in subsequent reporting periods.

Intangible Assets

IAS 38, "Intangible Assets" ("IAS 38"), requires that intangible assets be amortized over their expected useful lives unless their lives are considered to be indefinite. Factors such as typical product life cycles and legal or similar limits on use are taken into account in the classification.

Internally generated intangible assets subject to amortization are related to software and are recognized as development costs. Intangible assets subject to amortization are generally amortized using the straight-line method over their expected useful lives. The useful lives of customer relationships and similar assets range between 2 and 50 years, and between 3 and 50 years for concessions, industrial property rights, licenses and similar rights, unless depreciation based on consumption reflects an appropriate level of depletion. This latter category includes software in particular. Useful lives and amortization methods are subject to regular verification. Intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that such assets may be impaired.

Intangible assets whose use has not yet started are not amortized. An impairment test is carried out at least once a year as well as whenever there are indications of impairment, either for the individual asset or at the level of the cash-generating unit. The useful life of an intangible asset with an indefinite life is tested annually to determine whether the indefinite life assumption continues to be justified.

Both assets with definite and indefinite useful lives are impaired if the recoverable amount-the higher of fair value less costs to sell and value in usei-is lower than the carrying amount. If the reasons for the impairment losses previously recognized under "Depreciation, amortization and impairment charges" no longer apply, these assets are written up to a maximum of the value that would have resulted if no impairment losses had been recognized during the preceding periods, taking into account scheduled amortization.

See Note 14 for additional information about goodwill and intangible assets.

Research and Development Costs

Under IFRS, expenditure on research is expensed as incurred, while costs incurred during the development phase of new products, services and technologies are to be recognized as assets when the specific criteria for recognition specified in IAS 38 are present. In the 2023 and 2024 fiscal years, E.ON capitalized costs for internally generated software and other technologies in this context.

Property, Plant and Equipment

Property, plant and equipment is initially measured at acquisition or production cost, including decommissioning or restoration cost that must be capitalized, and is depreciated over the expected useful lives of the components, generally using the straight-line method, unless a different method of depreciation is deemed more suitable in certain exceptional cases. Useful lives are regularly tested for appropriateness and the underlying assumptions and estimates are updated, for example, in view of technical, economic or legal circumstances.

The useful lives of the most significant asset classes of material property, plant and equipment are presented below:

Useful Lives of Property, Plant and Equipment

Buildings	5 to 60 years
Technical equipment, plant and machinery	2 to 80 years
Other equipment, fixtures, furniture and office equipment	2 to 30 years

Property, plant and equipment is tested for impairment whenever events or changes in circumstances indicate that an asset may be impaired. In such a case, property, plant and equipment is tested for impairment according to the principles prescribed for intangible assets in IAS 36. If the reasons for the impairment losses previously recognized under "Depreciation, amortization and impairment charges" no longer exist, such impairment losses are reversed and recognized in income. Such reversal shall not cause the carrying amount to exceed the amount that would have resulted had no impairment taken place during the preceding periods.

Subsequent costs arising, for example, from additional or replacement capital expenditure are only recognized as part of the acquisition or production cost of the asset, or else-if relevant-recognized as a separate asset if it is probable that the Group will receive a future economic benefit and the cost can be determined reliably.

Repair and maintenance costs that do not constitute significant replacement capital expenditure are expensed as incurred.

Borrowing Costs

Borrowing costs that arise in connection with the acquisition, construction or production of a qualifying asset from the time of acquisition or from the beginning of construction or production until the conclusion of all material work required to prepare the qualifying asset for its intended use or sale are capitalized and subsequently amortized alongside the related asset. In the case of a specific financing arrangement, the respective borrowing costs incurred for that particular arrangement during the period are used. For non-specific financing arrangements, a financing rate uniform within

the Group of 3.00 percent was applied for 2024 (2023: 2.66 percent). Other borrowing costs are expensed.

Government Grants

The Group receives grants for assets and grants related to income.
Government investment subsidies do not reduce the acquisition and production costs of the respective assets; they are instead reported on the balance sheet as deferred income. They are recognized in income on a straight-line basis over the associated asset's expected useful life.

Grants related to income are also generally recognized as deferred income on the balance sheet. The liability item is reversed over the period necessary to match the corresponding income effects that are intended to compensate for the government grants. Grants are recognized in the same way as subsidized items.

Government grants are recognized at fair value if the Group satisfies the necessary conditions for receipt of the grant and if it is highly probable that the grant will be issued.

Leasing

Lease agreements are accounted for in accordance with IFRS 16, "Leases" ("IFRS 16"). A lease is an agreement that conveys the right to use an identified asset for a specified period in exchange for consideration. In certain cases, agreements that are not concluded in the form of a rental or lease agreement (e.g., physical power purchase agreements) are also reviewed to determine whether they contain a lease in accordance with IFRS 16. E.ON is party to some agreements in which it is the lessor and to others in which it is the lessee.

E.ON as Lessee

Transactions in which E.ON acts as a lessee are accounted for on the basis of the right-of-use model. The recognition exemption of IFRS 16.5 is used for low-value leases and for agreements with a lease term of less than 12 months (short-term leases). Accordingly, there is no recognition of the right-of-use asset and the lease liability. Instead, the payments are recognized on a straight-line basis as an expense. In line with internal management practice, intragroup leases are recognized as current expenses in the segment reporting.

A lease liability is recognized in the amount of the present value of the existing payment obligation. Where an arrangement provides for payments for lease components and non-lease components, the payments are not separated using the practical expedient under IFRS 16.15 (with the exception of real estate leases); the lease liability is measured taking into account the total amount of the payments. Present value is determined by discounting with an incremental borrowing rate that is equivalent in terms
of risk and term if the implicit interest rate cannot be determined. The liability is subsequently measured using the effective interest method. A right-of-use asset corresponding with the lease liability is recognized in the amount of the present value of the lease payments. The initial recognition amount of the right-of-use asset is increased by the amount of the initial direct costs, as well as expected costs for asset retirement obligations; prepayments made are included and lease incentives received are deducted from the initial recognition amount. A right-of-use asset is subsequently measured at amortized cost. Depreciation is carried out on a straight-line basis over the shorter of the lease term or the useful life of the identified asset. An impairment test is carried out in accordance with IAS 36 if events or changed circumstances indicate an impairment.
E.ON ensures its operational flexibility when concluding leasing agreements through the use of extension and termination options. In determining the lease term, E.ON considers all facts and circumstances that provide an economic incentive to exercise existing options. The lease term therefore also includes periods covered by extension options if it is assumed with reasonable certainty that they will be exercised.

E.ON as Lessor

Lease transactions in which E.ON acts as lessor are classified as operating or finance leases depending on the distribution of risks and rewards. If a lease is classified as an operating lease, E.ON recognizes the identified asset and recognizes the lease payments as other operating income on a straight-line basis over the lease term. For finance leases, the identified asset is derechoed and a receivable is recognized in the amount of the net investment value. Payments made by the lessee are treated as a reduction of the lease receivable or interest income, which is recognized over the term of the lease using the effective interest method. Interest income from customer contracts in the core business is presented separately under revenues. Subleases are classified based on the right-ofuse asset under the head lease.

Financial Instruments

Non-Derivative Financial Instruments

Non-derivative financial instruments are measured in accordance with IFRS 9, "Financial Instruments" ("IFRS 9"). They are recognized at fair value, including transaction costs, on the settlement date when acquired, provided they are not recognized at fair value through profit and loss.

Financial assets are classified as financial assets measured at amortized cost (AmC), financial assets measured at fair value through other comprehensive income (FVOCI), and financial assets measured at fair value through profit and loss (FVPL) based on the business model and the characteristics of the cash flows.

If a financial asset is held for the purpose of collecting contractual cash flows and the cash flows of the financial asset represent exclusively interest and principal payments, then the financial asset is measured at amortized cost (AmC).

A financial asset is measured at fair value through other comprehensive income (FVOCI) if it is used both to collect contractual cash flows and for sales purposes and the cash flows of the financial asset consist exclusively of interest and principal payments.

Unrealized gains and losses from financial assets measured at fair value through other comprehensive income (FVOCI), net of related deferred taxes, are reported as a component of equity (other comprehensive income) until realized. Realized gains and losses are determined by analyzing each transaction individually.

Debt instruments that do not exclusively serve to collect contractual cash flows or to both generate contractual cash flows and sales revenue, or whose cash flows do not exclusively consist of interest and principal payments are measured at fair value through profit and loss (FVPL). For equity instruments that are not held for trading purposes, E.ON does not exercise the FVOCI option.

Impairments of financial assets are both recognized for losses already incurred and for expected future credit defaults. The amount of the impairment loss calculated in the determination of expected credit losses is recognized on the income statement.

The expected future credit loss is calculated by multiplying the probability of default by the carrying amount of the financial asset (exposure at default) and the expected loss ratio (loss given default). For information on the treatment of impairments under IFRS 9, please see Note 31.

Non-derivative financial liabilities (including trade payables) within the scope of IFRS 9 are measured at amortized cost, using the effective interest method. Initial measurement takes place at fair value, with transaction costs included in the measurement. In the subsequent measurement, the residual carrying amount is adjusted by the amortization and accretion of any premium or discount remaining until maturity. The premium or discount is recognized in financial results over its term.

Derivative Financial Instruments and Hedging

Derivative financial instruments and separated embedded derivatives are measured at fair value as of the trading date at initial recognition. Under IFRS 9, they are classified as at fair value through profit and loss (FVPL) as long as they are not a component of a hedge accounting relationship. Gains and losses from changes in fair value are immediately recognized in net income.

The instruments primarily used are foreign currency forwards and crosscurrency interest rate swaps, as well as interest rate swaps. In commodities, the instruments used primarily include physically and financially settled forwards and options related to electricity and gas.

As part of fair value measurement in accordance with IFRS 13, the counterparty risk is also taken into account for derivative financial instruments. E.ON determines this risk based on a portfolio valuation in a bilateral approach for both own credit risk (debt value adjustment) and the credit risk of the corresponding counterparty (credit value adjustment). The counterparty risks thus determined are allocated to the individual financial instruments by applying the relative fair value method on a net basis.
E.ON has designated some of these derivatives as part of a hedging relationship. IFRS 9 sets requirements for the admissibility of hedging instruments and the underlyings, the formal designation and documentation of hedging relationships, the hedging strategy, as well as fulfilling requirements of effectiveness in order to qualify for hedge accounting. The designated hedged items and hedging instruments are subject to the same risk. This economic relationship ensures that the amounts of the hedged items and hedging instruments are offset against each other and that the hedging relationships are therefore effective. The hedge ratio of the hedges is 1:1. Ineffectiveness arises only if the measurement parameters of the hedged item and the hedging instrument differ from one another or in the case of subsequent designation of the hedging instrument. All components of derivative gains and losses from the measurement of hedge ineffectiveness are taken into consideration during recognition.

For qualifying fair value hedges, the change in the fair value of the derivative and the change in the fair value of the hedged item that is due to the hedged risk(s) are recognized in income.

If a derivative instrument qualifies as a cash flow hedge under IFRS 9, the effective portion of the hedging instrument's change in fair value is recognized in equity (as a component of other comprehensive income. In accordance with IFRS 9, the currency basis spread (hedging costs) will be separated from the hedging instrument and reported separately as an excluded component in accumulated other comprehensive income in the reserve for hedging costs as a component of equity.

The hedging result is reclassified into income during the period in which the cash flows of the hedged asset are recognized in income. The result is recognized immediately in income if it becomes probable that the hedged underlying transaction will no longer occur. For hedging instruments used to establish cash flow hedges, the change in fair value of the ineffective portion is recognized immediately in the income statement to the extent required.

To hedge the foreign currency risk arising from the Company's net investment in foreign operations, derivative as well as non-derivative financial instruments are used. Gains or losses due to changes in fair value and from foreign currency translation are recognized within equity, as a component of other comprehensive income, under currency translation adjustments.
E.ON currently uses hedges in the framework of cash flow hedges and hedges of a net investment.

Changes in fair value of derivative instruments that are recognized in income are presented as other operating income or expenses. Gains and losses from interest-rate derivatives are included in interest income.

Unrealized gains and losses resulting from the initial measurement of derivative financial instruments at the inception of the contract are not recognized in income. They are instead deferred and recognized in income systematically over the term of the derivative. An exception to the accrual principle applies if unrealized gains and losses from the initial measurement are verified by quoted market prices, observable prices of other current market transactions or other observable data supporting the valuation technique. In this case the gains and losses are recognized in income.
E.ON holds portfolios of sales and procurement contracts for electricity and gas supplies with various customer and supplier groups (commodity futures). Contracts (in particular sales and procurement contracts for electricity and gas) that are entered into for purposes of receiving or delivering non-financial items in accordance with E.ON's anticipated procurement, sale or use requirements, and held as such, are generally classified as own-use contracts.

They are not accounted for as derivative financial instruments at fair value through profit and loss (FVPL) in accordance with IFRS 9, but as pending transactions subject to the rules of IAS 37. Contracts that provide for net settlement and resales of the quantities to be delivered at a future date generally cannot, as a rule, be classified as own-use contracts. Based on forward-looking forecasts of delivery quantities specified by customer structure and portfolio management, contracts with physical settlement upon conclusion are recognized as derivatives for which settlement cannot be ensured within the scope of ordinary delivery. This "safety buffer" is reviewed on a regular basis and adjusted if necessary.

Embedded derivatives in own-use contracts must be separated from the host contract and accounted for as derivatives in accordance with IFRS 9 if the economic characteristics and risks of these derivatives are not closely related to those of the host contract. The contract is assessed upon conclusion to determine whether a derivative is required to be separated. A
reassessment must be carried out if there is a significant change in the terms of the contract or in the context of business combinations.

Agreements to buy or sell non-financial items that are not classified as own-use contracts under IFRS 9 and that are required to be accounted for as derivatives must be recognized in the balance sheet at their fair value until they are realized. At the time of physical settlement (delivery or feedin) of such energy delivery contracts, the electricity or gas volumes delivered are measured at the market price prevailing at this time. The difference between the contract price and the market price is recognized in other operating income. In exceptional cases, commodity derivatives are designated as hedging instruments of a cash flow hedge in accordance with IFRS 9, and the effective part of the value change is recognized in equity as a component of other comprehensive income.

IFRS 7, "Financial Instruments: Disclosures" ("IFRS 7"), and IFRS 13 both require comprehensive quantitative and qualitative disclosures about the extent of risks arising from financial instruments. Additional information on financial instruments is provided in Notes 30 and 31.

Non-derivative and derivative financial instruments are netted on the balance sheet if under IAS 32 E.ON has both an unconditional right-even in the event of the counterparty's insolvency-and the intention to settle offsetting positions simultaneously and/or on a net basis.

Inventories

Inventories are measured at the lower of acquisition or production cost and net realizable value. The cost of raw materials, finished products and goods purchased for resale is determined based on the average cost method. In addition to production materials and wages, production costs include material and production overheads based on normal capacity. The costs of general administration are not capitalized. Inventory risks resulting from excess and obsolescence are considered by using appropriate valuation allowances, whereby inventories are written down to net realizable value.

Emission Rights and Similar Certificates

Emission rights and similar certificates held under national and international emissions trading systems for the settlement of obligations are capitalized at cost at the date of acquisition and reported under current assets. Subsequent measurement is at amortized cost under IAS 38.

The obligation to submit emission rights and similar certificates to the relevant authorities is recognized as a liability as of the balance sheet date. Measurement is based on the best estimate of the future settlement amount.

Receivables, Contract Assets or Liabilities and Other Assets

A receivable is recognized under IFRS 15 when the goods or services are delivered, provided that the right to consideration is unconditional, i.e., is only related to the passage of time. However, if the right to receive the consideration is contingent upon conditions other than the passage of time, a contract asset is recognized. A contract liability under IFRS 15 is recognized when consideration has been received for an existing IFRS 15 contract and the right to receive the goods or services still exists in full or in part. The contractual liability is only reversed with an effect on revenue when E.ON has performed the corresponding service. An asset is recognized under other assets under IFRS 15 if the cost of obtaining the contract is expected to be recovered and the amortization period is longer than one year. Other assets are amortized over the estimated term of the contract depending on how the goods or services to which the costs relate are transferred to the customer. If the estimated term of the contract is less than one year, the costs are immediately recognized as an expense on the income statement. Trade receivables without a significant financial component are measured upon initial recognition at their transaction price. Valuation allowances, included in the reported net carrying amount, are provided for identifiable individual risks. If the loss of a certain part of the receivables is probable, valuation allowances are provided to cover the expected loss. Impairments are also recognized for expected future credit losses.

Liquid Funds

Liquid funds include checks, cash on hand, bank balances and current securities.

Liquid funds with an original maturity of more than three months are recognized under securities and fixed-term deposits provided that their maturities are not more than 12 months and therefore are recognized under non-current financial receivables and other financial assets.

Liquid funds with an original maturity of less than three months are considered to be cash and cash equivalents in accordance with IAS 7. This also applies if they are merely contractually restricted, in which case the funds can technically be disposed of at any time at E.ON's discretion. However, if, as a result of a restriction, liquid funds cannot technically be disposed of at any time at E.ON's discretion, they are reported separately as restricted liquid funds.

Assets Held for Sale and Liabilities Associated with Assets Held for Sale and Discontinued Operations

Non-current assets and any corresponding liabilities held for sale are recognized separately from other assets and liabilities in the balance sheet in the line items "Assets held for sale" and "Liabilities associated with assets held for sale" if they can be disposed of in their current condition and if there is sufficient probability of their disposal actually taking place. The
reclassification to the separate balance sheet items is shown in the fixed asset movement schedule under Disposals.

Discontinued operations are components of an entity that are either held for sale or have already been sold and can be clearly distinguished from other corporate operations, both operationally and for financial reporting purposes. Additionally, the component of the entity classified as a discontinued operation must represent a major business line or a specific material geographic business segment of the Group or a subsidiary acquired exclusively for resale.

Non-current assets that are held for sale either individually or collectively as part of a disposal group, or that belong to a discontinued operation, are no longer depreciated. They are instead accounted for at the lower of the carrying amount and the fair value less any remaining costs to sell. If this value is less than the carrying amount, an impairment loss is recognized in other operating expenses.

The income and losses resulting from the measurement of components held for sale as well as the gains and losses arising from the disposal of discontinued operations, are reported separately on the face of the income statement under income/loss from discontinued operations, net, as is the income from the ordinary operating activities of these divisions. Prior-year income statement figures are adjusted accordingly. The relevant assets and liabilities are reported in a separate line on the balance sheet. The cash flows of discontinued operations are reported separately in the cash flow statement, with prior-year figures adjusted accordingly. However, there is no reclassification of prior-year balance sheet line items attributable to discontinued operations.

Equity Instruments

E.ON has entered into purchase commitments to holders of noncontrolling interests in subsidiaries. By means of these agreements, the non-controlling shareholders have the right to require E.ON to purchase their shares on specified conditions. None of the contractual obligations has led to the transfer of substantially all of the risk and rewards to E.ON at the time of entering into the contract. Under the anticipated acquisition method, however, the right of tender is accounted for as if it had already been exercised. Accordingly, the minority interests are derecognizedirrespective of the probability of the option being exercised-and at the same time a liability is recognized in the amount of the present value of the repurchase amount in accordance with IAS 32, "Financial Instruments: Presentation" ("IAS 32"). The difference between this measurement and the carrying amount of the minority shareholders' equity to be derecognized is recognized in equity of E.ON SE shareholders. The accretion of the liability is recognized as interest expense. If a purchase commitment expires unexercised, the liability reverts to non-controlling
interests. Any remaining difference is then recognized directly in equity in retained earnings.

Where shareholders of entities own statutory, non-excludable rights of termination (as in the case of German partnerships, for example), such termination rights require the reclassification of non-controlling interests from equity into liabilities under IAS 32. The liability is recognized at the present value of the expected settlement amount irrespective of the probability of termination. Changes in the value of the liability are reported within other operating income. Accretion of the share of the results of the non-controlling shareholders' share in net income is recognized in Net interest income/expense. In the event that non-controlling shareholders are entitled to a guaranteed dividend, this entitlement is recognized as a liability through reclassification from non-controlling interests in equity.

If E.ON SE or a Group company buys treasury shares of E.ON SE, the value of the consideration paid, including directly attributable additional costs (net after income taxes), is deducted from E.ON SE's equity until the shares are retired, distributed or resold. If such treasury shares are subsequently distributed or sold, the consideration received, net of acquisition costs, any directly attributable additional transaction costs and associated income taxes, is recognized in additional paid-in capital.

Share-Based Payment

Share-based payment plans issued in the E.ON Group are accounted for in accordance with IFRS 2, "Share-Based Payment" ("IFRS 2").

In fiscal years 2017 to 2024, virtual shares were granted to members of the Management Board of E.ON SE and certain E.ON Group executives under the new E.ON Performance Plan. See the Compensation Report for more details on the structure of the plan.

The E.ON Performance Plan represents commitments of the Company which provide for cash compensation based on the share price performance at the end of the term. The compensation expense is measured taking into account the fair value of the virtual shares granted and recognized in personnel expense pro rata over the vesting period.

In 2024, as in 2023, employees of E.ON SE and participating subsidiaries once again had the opportunity to purchase E.ON shares at favorable conditions under the employee stock purchase program. The program includes a share-based payment settled in equity instruments (shares of E.ON SE) as consideration for services rendered or work performed. The corresponding compensation under IFRS 2 was recognized in personnel expense and the offsetting entry was made in equity.

Provisions for Pensions and Similar Obligations

Measurement of defined benefit obligations in accordance with IAS 19, "Employee Benefits," is based on actuarial computations using the projected unit credit method, with actuarial valuations performed at yearend. The valuation encompasses both pension obligations and pension entitlements that are known on the reporting date and economic trend assumptions such as assumptions on wage and salary growth rates and pension increase rates, among others, that are made in order to reflect realistic expectations, as well as variables specific to reporting dates such as discount rates, for example.

Included in gains and losses from the remeasurements of the net defined benefit liability or asset are actuarial gains and losses that may arise especially from differences between estimated and actual variations in underlying assumptions about demographic and financial variables. Additionally included is the difference between the actual return on plan assets and the expected interest income on plan assets included in the net interest result. Remeasurement effects are recognized in full in the period in which they occur and are not reported within the Consolidated Statement of Income, but are instead recognized within the Consolidated Statement of Recognized Income and Expenses as part of equity.

The employer service cost representing the additional benefits that employees earned under the benefit plan during the fiscal year is reported under personnel costs; the net interest on the net liability or asset from defined benefit pension plans determined based on the discount rate applicable at the start of the fiscal year is reported under financial results.

Past service cost, as well as gains and losses from settlements, are fully recognized in the income statement in the period in which the underlying plan amendment, curtailment or settlement takes place. They are reported under personnel costs.

The amount reported on the balance sheet represents the present value of the defined benefit obligations reduced by the fair value of plan assets. If a net asset position arises from this calculation, the amount is limited to the present value of available refunds and the reduction in future contributions and to the benefit from prepayments of minimum funding requirements. Such an asset position is recognized as an operating receivable.

Payments for defined contribution pension plans are expensed when due and reported under personnel costs. Contributions to state pension plans are treated like payments for defined contribution pension plans to the extent that the obligations under these pension plans generally correspond to those under defined contribution pension plans.

Provisions for Asset Retirement Obligations and Other Miscellaneous Provisions

In accordance with IAS 37, "Provisions, Contingent Liabilities and Contingent Assets" ("IAS 37"), provisions are recognized when E.ON has a legal or constructive present obligation towards third parties as a result of a past event, it is probable that E.ON will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The provision is recognized at the expected settlement amount. Long-term obligations are reported as liabilities at the present value of their expected settlement amounts if the interest rate effect (the difference between present value and repayment amount) resulting from discounting is material; future cost increases that are foreseeable and likely to occur on the balance sheet date at year-end must also be included in the measurement. Long-term obligations are generally discounted at the market interest rate applicable as of the respective balance sheet date, provided that it is not negative. The accretion amounts and the effects of changes in interest rates are generally presented as part of financial results. A reimbursement related to the provision that is virtually certain to be collected is capitalized as a separate asset. No offsetting within provisions is permitted. Advance payments remitted are deducted from the provisions.

Obligations arising from the decommissioning or dismantling of property, plant and equipment are recognized during the period of their occurrence at their discounted settlement amounts, provided that the obligation can be reliably estimated, whereby no negative discount rates are applied. The carrying amounts of the respective property, plant and equipment are increased by the same amounts. In subsequent periods, capitalized asset retirement costs are amortized over the expected remaining useful lives of the assets, and the provision is accreted to its present value on an annual basis. Advance payments remitted are deducted from the provisions.

Changes in estimates arise in particular from deviations from original cost estimates, from changes to the maturity or the scope of the relevant obligation, and also as a result of the regular adjustment of the discount rate to current market interest rates. The adjustment of provisions for the decommissioning and restoration of property, plant and equipment for changes to estimates is generally recognized by way of a corresponding adjustment to these assets, with no effect on income. As the property, plant and equipment concerned have, however, frequently already been fully depreciated, changes to estimates are primarily recognized within the income statement.

The estimates for nuclear decommissioning provisions are derived from studies, cost estimates, legally binding civil agreements and legal information. A material element in the estimates are the real interest rates applied (the applied discount rate, less the cost increase rate).

If onerous contracts exist in which the unavoidable costs of meeting a contractual obligation exceed the economic benefits expected to be received under the contract, provisions are established for losses from pending transactions. Such provisions are recognized at the lower of the excess obligation upon performance under the contract and any potential penalties or compensation arising in the event of non-performance. Obligations under an open contractual relationship are determined from a sales market perspective, in part on the basis of contract portfolios.

Provisions for pending sales transactions must also be recognized if these transactions are subject to the own-use exemption under IFRS 9 and if they are partially offset by transactions that are accounted for as derivative financial instruments measured at current market prices. As a result, provisions under IAS 37 are recognized for transactions actually subject to the own-use exemption, for the purpose of which the intrinsic values of the derivatives accounted for under IFRS 9 held in the procurement portfolio are taken into consideration in the calculation of the imputed performance costs. The book structure adopted under IFRS 9 therefore affects the accounting treatment of the corresponding provisions.

Contingent liabilities are possible obligations toward third parties arising from past events that are not wholly within the control of the entity, or else present obligations toward third parties arising from past events in which an outflow of resources embodying economic benefits is not probable or where the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized on the balance sheet.

A full disclosure of information is not provided for certain contingent liabilities, contingent receivables and provisions in connection with pending litigation if such disclosure could have a significant influence on further proceedings.

Provisions for restructuring costs are recognized at the present value of the future outflows of resources. Provisions are recognized once a detailed restructuring plan has been decided on by management and whose implementation has either already begun or which have been publicly announced or communicated to the employees or their representatives. Only those expenses that are directly attributable to the restructuring measures are used in measuring the amount of the provision. Expenses associated with the future operation are not taken into consideration.

Income Taxes

Under IAS 12, "Income Taxes" ("IAS 12"), deferred taxes are recognized on temporary differences arising between the carrying amounts of assets and liabilities on the balance sheet and their tax bases (balance sheet liability method). Deferred taxes are recognized for temporary differences that will result in taxable or deductible amounts when taxable income is calculated for future periods, unless those differences are the result of the initial

recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit/loss and does not generate any temporary differences in the same amount that are subject to tax or to deduction (initial differences). Uncertain tax positions are recognized at their most likely value or the expected value. IAS 12 further requires that deferred tax assets be recognized for unused tax loss carryforwards and unused tax credits. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and unused tax losses can be utilized. Each of the corporate entities is assessed individually with regard to the probability of a positive tax result in future years. The planning horizon is basically three to five years in this context. Any existing history of losses is incorporated in this assessment. For those tax assets to which these assumptions do not apply, the value of the deferred tax assets is reduced. Deferred taxes in connection with the global minimum tax ("Pillar II") are not recognized.

Deferred tax liabilities caused by temporary differences associated with investments in affiliated and associated companies are recognized unless the timing of the reversal of such temporary differences can be controlled within the Group and it is probable that, owing to this control, the differences will in fact not be reversed in the foreseeable future.

Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to be applicable for taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of changes in tax rates and tax law is recognized in net income unless the change affects deferred taxes that had previously been recognized directly in equity. The change is generally recognized in the period in which the material legislative process is completed. Income taxes for transaction costs of an equity transaction are recognized directly in equity.

Income tax items are regularly assessed, in particular against the backdrop of numerous changes in tax laws, tax regulations, legal decisions and ongoing tax audits. E.ON is responding to this circumstance, in particular through the application of IFRIC 23, by continuously identifying and assessing the tax environment and the resulting effects. The most current information is then incorporated into the estimate parameters necessary for measuring the tax provisions. Accordingly, related potential interest rate effects are also assessed, measured and reported separately.

Consolidated Statement of Cash Flows

In accordance with IAS 7, "Statement of Cash Flows," the Consolidated Statement of Cash Flows are classified in cash flows from operating, investing and financing activities.

Segment Information

In accordance with the so-called management approach required by IFRS 8, "Operating Segments," the internal reporting organization used by management for making decisions on operating matters is used to identify the Company's reportable segments. The internal performance measure used as the segment result is EBITDA adjusted to exclude certain nonoperating effects (see Note 34). Transactions between the reportable segments are recorded at arm's length transfer prices.

Structure of the Consolidated Balance Sheets and Statement of Income

In accordance with IAS 1, "Presentation of Financial Statements," the Consolidated Balance Sheets have been prepared using a classified balance sheet structure. Assets that will be realized within 12 months of the reporting date, as well as liabilities that are due to be settled within one year of the reporting date are generally classified as current.

The Consolidated Statement of Income is classified using the nature of expense method, which is also applied for internal purposes.

Critical Accounting Estimates and Assumptions; Critical Judgments in the Application of Accounting Policies

The preparation of the Consolidated Financial Statements requires management to make estimates and assumptions that may both influence the application of accounting principles within the Group and affect the measurement and presentation of reported figures. Actual amounts may differ from these estimates. Estimates are based on past experience and on current knowledge obtained on the transactions to be reported. The estimates and underlying assumptions are reviewed on an ongoing basis and are adjusted as necessary in the periods in which they were recognized.

Estimates are particularly necessary for the measurement of the value of property, plant and equipment and of intangible assets, specifically in connection with purchase price allocations and determining the useful life, the recognition and measurement of deferred tax assets (especially with regard to the future availability of taxable profits against which the deductible temporary differences and tax loss carryforwards can be applied), the accounting treatment of provisions for pensions and other provisions (in particular provisions for the decommissioning of nuclear power plants and provisions for onerous contracts from pending transactions involving the sale of electricity and gas), for impairment testing in accordance with IAS 36, as well as the determination of the fair value of certain financial instruments, as well as for the application of IFRS 15, and here in particular for the estimation of the value of electricity and gas units supplied, including the estimated values for units between the last settlement and the end of the period. The same applies to the estimation of outstanding performance obligations. This estimation is
performed on the basis of medium-term planning data. In a second step, this data is adjusted for expected new contracts and the renewal of existing contracts in the coming years. Estimates are also factored in when applying IFRS 16, namely in connection with the determination of lease terms and the calculation of the discount rate, and in part when applying IFRS 9 in connection with the determination of expected future credit losses.

The application of accounting policies requires judgments to be made that may affect the amounts recognized in the financial statements. Judgments are relevant, for example, when assessing whether an item is to be classified in accordance with IFRS 5. Here, management assesses whether a disposal is considered highly probable. Further judgments may be necessary in assessing whether E.ON controls, jointly controls with other investors, or can significantly influence an entity. Specifically, management assesses here what the significant activities of the Company are, i.e., which activities have a material impact on the returns of the investee. The list of shareholdings (see Note 12) provides information on the form of inclusion in the consolidated financial statements of certain investees whose share of voting rights indicates a different form of inclusion. The impairment tests to be conducted in accordance with IAS 36 are also based on various assumptions according to the discretionary judgment of the management. The assumptions applied for the impairment tests conducted in fiscal year 2024 are described in detail in Note 14. Critical judgment is also required in the recognition of risks arising from claims asserted by customers for the restitution of amounts collected through price adjustment measures (provisions in connection with price adjustments). Discretionary judgment is required in estimating the financial impacts of litigation, particularly the determination of whether assets or liabilities should be recognized and whether contingent assets or liabilities should be disclosed (see Note 28).

Estimates and judgments continue to be subject to increased uncertainty, in particular due to the significant volume and price volatilities on the energy markets (and due to the continuing war in Ukraine). The actual amounts may differ from the estimates and judgments made. Such changes may have a material impact on E.ON's net assets, financial position and results of operations. When the estimates and judgments were updated, all available information on expected economic developments and country-specific government measures was taken into account on the reporting date. It is still difficult to predict the duration and the extent of the impact on assets, liabilities, earnings and cash flows of the war in Ukraine.

The underlying principles used for estimates and judgments in the named topics and in additional relevant topics are outlined in the respective sections.

(2) New Standards, Interpretations and Amendments

Standards, Interpretations and Amendments Applicable for the First Time in Fiscal Year 2024

The EU has transposed these amendments into European law. The amendments will be applied for fiscal years beginning on or after January 1, 2024. The amendments have no material impact on E.ON's Consolidated Financial Statements.

IASB and IFRS IC Pronouncements	Explanation	To be applied by E.ON from	Expected impact on the presentation of E.ON's net assets, financial position and results of operations
Amendments to IFRS 16-Lease Liability in a Sale and Leaseback	Clarification that the seller-lessee determines the (modified) lease payments in the subsequent measurement of the lease liability in a way that prevents the recognition of a gain or loss for the right-of-use retained.	01/01/2024	No material impact.
Amendments to IAS 1-Classification of Liabilities as Current or Non- Current Amendments to IAS 1-Classification of Liabilities as Current or Non- Current-Deferral of Effective Date Amendments to IAS 1 -Non-Current Liabilities with Covenants	Clarification that the classification of liabilities as current or noncurrent is based on the existing rights of the entity at the reporting date. Clarification of how conditions with which an entity must comply within 12 months after the reporting period affect the classification of a liability.	01/01/2024	No material impact.
Amendments to IAS 7 and IFRS 7-Supplier Finance Arrangements	Additional disclosure requirements for companies to provide qualitative and quantitative information about supplier finance arrangements.	01/01/2024	No impact.

Standards, Interpretations and Amendments Issued But Not Yet Applicable

The IASB and the IFRS IC have issued the following additional standards and interpretations. E.ON does not apply these rules because their application is not yet mandatory. The table below shows whether these amendments are expected to have a material impact on E.ON's Consolidated Financial Statements:

IASB and IFRS IC Pronouncements	Explanation	Transposed into EU law	To be applied by E.ON from	Expected impact on the presentation of E.ON's net assets, financial position and results of operations
Amendments to IAS 21-Lack of Exchangeability	Specification of when a currency is exchangeable and how to determine the exchange rate when it is not.	No	01.01.2025	No impact.
Amendments to IFRS 7 and 9-Classification and Measurement of Financial Instruments	Amendment regarding derecognition of a financial liability settled through electronic transfer, classification of financial assets, and further disclosures.	No	01/01/2026*	No material impact.
Annual Improvements to IFRS	The IASB issued Annual Improvements to IFRS Accounting Standards (Volume 11) on July 18, 2024.	No	01/01/2026*	No material impact.
Amendments to IFRS 9 and IFRS 7-Contracts Referencing Nature-Dependent Electricity	Contracts referencing nature-dependent electricity help companies access electricity from sources such as wind or solar power. These contracts are often structured as Power Purchase Agreements. In order to provide better representation of these contracts in the financial statements of companies, the IASB has made the following amendments: - Clarification on the application of the own use exemption to these contracts; - Amendment of the hedge accounting for requirements to permit an entity to use such contracts as hedging instruments if certain conditions are met; - Introduction of additional disclosure requirements.	No	01/01/2026*	No material impact.
IFRS 19-Subsidiaries without Public Accountability: Disclosures	IFRS 19 establishes reduced disclosure requirements that an eligible entity may apply instead of the disclosure requirements in other IFRS financial reporting standards.	No	01/01/2027*	No impact.
IFRS 18-Presentation and Disclosures in Financial Statements	IFRS 18 contains requirements for the presentation and disclosure of information in IFRS financial statements. IFRS 18 will replace IAS 1 "Presentation of Financial Statements." The key changes introduced by IFRS 18 include: -In the statement of profit or loss: new requirements for the classification of income and expenses into categories and the disclosure of two newly defined subtotals; -In the notes: disclosure of management defined performance measures; -In primary statements and note disclosures: additional requirements for aggregation/disaggregation.	No	01/01/2027*	The initial application of IFRS 18 is expected to have significant impacts on the presentation of financial statements, the specific extent of which is currently being analyzed.

[^0]
[^0]: * If not yet endorsed by the EU the date of first-time adoption scheduled by the IASB is assumed to apply.

(3) Scope of Consolidation

The number of consolidated companies changed as follows in the 2024 fiscal year:

Scope of Consolidation

	Domestic	Foreign	Total
Consolidated companies as of January 1, 2023	166	143	309
Additions	5	4	9
Disposals/Mergers	7	18	25
Consolidated companies as of December 31, 2023	164	129	293
Additions	6	14	20
Disposals/Mergers	6	6	12
Consolidated companies as of December 31, 2024	164	137	301

In 2024, a total of 53 domestic and 8 foreign associated companies were consolidated under the equity method (2023: 53 domestic companies and 10 foreign companies). One domestic company reported as joint operations was presented pro rata on the Consolidated Financial Statements (2023: one domestic company).

(4) Material Acquisitions, Disposals and Disposal Groups in 2024

Termination of Operating Concession Wastewater Treatment Plant in Croatia

A concession agreement for the operation of a wastewater treatment plant existed between Zagrebacke otpadne vode d.o.o., a company consolidated at equity in the E.ON Group, and the City of Zagreb. By majority resolution of the City Assembly on January 25, 2024, the City of Zagreb exercised its contractually agreed right to unilaterally terminate this concession. The six-month period of notice expired at the beginning of August and the operating lead was transferred to the City of Zagreb. The negotiations regarding the amount of the compensation payment are still ongoing. E.ON obtained an earnings contribution in a single-digit million range for the fiscal year 2024. A material disposal result is not expected.

Disposal of a Joint Venture in the Netherlands

Essent Energy Next Solutions B.V. (Essent) held a 49 percent stake in a joint venture, Kemkens Groep B.V., which has been consolidated at equity.

The joint venture partner had a contractually agreed call option entitling them to acquire the 49 percent stake. In June 2024, Essent was notified in writing by the joint venture partner about the exercise of this option. The closing of the transaction was expected in the second half of 2024. As a result, the criteria of IFRS 5 for reporting as "held for sale" were met for the first time as of June 30, 2024. Therefore, the investment from the Energy Retail Netherlands segment has been reported as an "asset held for sale" in the balance sheet in the second and third quarter of 2024. The transaction was finally closed as of October 8, 2024, with a positive disposal gain in a lower double-digit million range.

Agreement Reached for Sale of Energy Retail Business in Romania

E.ON signed an agreement on December 16, 2024, to sell its 68 percent shareholding in E.ON Energie România S.A. and its 98 percent shareholding in E.ON Asist Complet S.A. (both reported in the Energy Retail Other operating segment) to MVM Group. The transaction is subject to necessary approvals and is expected to be completed in the first half of 2025. Until closing of the transaction, the business will be classified as a disposal group under IFRS 5.

Assets totaling $€ 684$ million and liabilities totaling $€ 400$ million were reclassified to the disposal group, and goodwill of $€ 12$ million was allocated. The assets primarily consist of current assets of $€ 651$ million, and of non-current assets of $€ 17$ million and deferred tax assets ( $€ 16$ million). The total liabilities consist of liabilities of $€ 386$ million, provisions of $€ 10$ million and deferred tax liabilities of $€ 4$ million. The accumulated expense recognized in other comprehensive income relating to the disposal group amounts to $€ 48$ million. As of December 31, 2024, no impairment loss for any write-down of the disposal group to fair value less costs to sell has been recognized.

Deconsolidation results are generally allocated to other operating income.

(5) Revenue

At $€ 80.1$ billion, revenues in 2024 were significantly lower (roughly $€ 13.6$ billion) than in the previous year.

Revenues in the Energy Networks business division increased compared to the prior year. In addition to the growing regulated asset base, which had a positive impact on revenue across all regions, the discontinuation of government subsidies for transmission system operators in Germany during the current reporting period led to a further increase in network tariffs. In contrast, and more than offsetting this development, there was a significant reduction in the Energy Retail business division due to price
developments on the commodity markets. The downward price trend that began in autumn 2023 reversed in the second quarter of 2024. Nevertheless, prices in 2024 remained well below 2023 levels, leading to lower revenue compared with the prior year. In addition to price trends, lower sales volumes due to weather conditions also contributed to the decline in revenue. Sales also declined owing to a reduction in sales volume that was due in part to our ongoing focus on residential and smaller business customers as well as medium-sized business customers. Furthermore, revenue from sales volumes contracted on a forward basis and accounted for as derivatives under IFRS 9 must be recognized at market prices at the time of physical delivery. The opposing effects of the market valuation of commodity derivatives are recorded under other operating income.

The decline in revenues in the Energy Infrastructure Solutions business division resulted particularly from the lower sales prices in the heating business in Germany determined by the passing on of lower procurement costs. Due to its business model, finance leases are an integral part of the core business in the Energy Infrastructure Solutions segment. The resulting interest income of $€ 17.5$ million was reported as revenue for the first time in the 2024 financial year (2023: $€ 0$ million).

Revenue realized in the current reporting period and resulting from performance obligations that had already been fulfilled in whole or in part in previous reporting periods amounted to $€ 0.4$ billion (2023: $€ 0.8$ billion). As of December 31, 2024, the total amount of performance obligations already contracted but still outstanding (excluding expected contract extensions and expected new contracts) amounted to $€ 34.7$ billion (December 31, 2023: $€ 30.8$ billion). We expect to fulfil outstanding performance obligations of $€ 13.1$ billion in 2025 and 2026. Additional performance obligations amounting to $€ 21.6$ billion are expected to be fulfilled from 2027 onwards. In the E.ON Group, revenues are mainly realized over time. Revenues that were not recognized under IFRS 15 but under other accounting standards totaled $€ 0.2$ billion in the 2024 fiscal year (2023: $€ 5.4$ billion). Of this, $€ 0.1$ billion was attributable to incomerelated government grants from the public sector (2023: $€ 5.2$ billion).

Revenues are broken down in detail into intragroup and external revenues in the segment information (Note 34). They are also broken down into key regions and products. The overview also shows the effect of revenues on operating cash flow before interest and taxes.

(6) Own Work Capitalized

Own work capitalized amounted to $€ 1,596$ million in 2024 (2023: $€ 1,334$ million) and resulted primarily from capitalized work performed in connection with ongoing and completed IT projects and network assets.

(7) Other Operating Income and Expenses

The table below provides details of other operating income for the periods indicated:

Other Operating Income

€ in millions	2024	2023
Income from exchange rate differences	517	578
Gain on derivative financial instruments (including currency derivatives)	10,195	37,273
Gain on disposal of non-current assets and securities	129	151
Gain on the reversal of provisions	30	29
Miscellaneous	868	857
Total	11,739	38,888

Other operating income decreased by $€ 27,149$ million to $€ 11,739$ million (2023: €38,888 million).

Income and expenses from derivative financial instruments (including currency derivatives) relate to fair value measurement under IFRS 9.

Income from derivative financial instruments decreased year-on-year by $€ 27,078$ million to $€ 10,195$ million (2023: $€ 37,273$ million). Income from commodity derivatives amounted to $€ 9,911$ million (2023: $€ 35,931$ million), mainly due to price developments on the commodity markets (see the comments on the development of commodity prices in Note 5). In addition, income from derivative financial instruments includes realized income from currency derivatives of $€ 84$ million (2023: $€ 1,174$ million).

Conversely, income from currency translation effects decreased by $€ 61$ million to $€ 517$ million. Corresponding items from derivative financial instruments (including currency derivatives) are included in other operating expenses. The effects of foreign currency translation within other operating income amounted to $€ 645$ million (2023: $€ 611$ million).

The gain on the disposal of property, plant and equipment and securities ( $€ 129$ million) was $€ 22$ million below prior year. Gains were realized on the sale of securities in the amount of $€ 33$ million (2023: $€ 51$ million).

Miscellaneous other operating income amounted to $€ 868$ million, remaining at the prior-year level ( $€ 857$ million).

Miscellaneous other operating income also includes items such as transactions other than ordinary business activities in the amount of
$€ 99$ million (2023: €105 million), income from contract penalties of $€ 76$ million (2023: $€ 67$ million), rental and lease income of $€ 69$ million (2023: $€ 59$ million) and income from the reversal of investment grants in the amount of $€ 48$ million (2023: $€ 25$ million).

The following table provides details of other operating expenses for the periods indicated:

Other Operating Expenses

€ in millions	2024	2023
Loss from exchange rate differences	750	718
Loss on derivative financial instruments (including currency derivatives)	9,860	53,345
Taxes other than income taxes	109	108
Loss on disposal of non-current assets and securities	155	159
Impairments of financial assets	558	984
Miscellaneous	3,952	4,234
Total	15,384	59,548

Other operating expenses of $€ 15,384$ million were $€ 44,164$ million lower than in the previous year (2023: $€ 59,548$ million). The decrease is due to the $€ 43,485$ million decline in expenses from derivative financial instruments (including currency derivatives) to $€ 9,860$ million (2023: $€ 53,345$ million).

Expenses from commodity derivatives amounted to $€ 9,702$ million in 2024 (2023: $€ 52,026$ million). Similar to the development in income from derivative financial instruments, this was mainly due to price developments on the commodity markets over the course of the year. In addition, expenses from derivative financial instruments (including currency derivatives) includes, among others, realized expenses from currency derivatives of $€ 123$ million (2023: $€ 1,312$ million).

Expenses from exchange rate differences in the amount of $€ 750$ million increased by $€ 32$ million compared with the previous year ( $€ 718$ million).

Foreign currency translation effects within other operating expenses amounted to $€ 757$ million (2023: $€ 707$ million).

Compared to the previous year, the impairment of financial assets reduced by - $€ 426$ million to $€ 558$ million. The reason for this is the included expected losses of $€ 18$ million which are - $€ 718$ million lower than the previous year ( $€ 736$ million). By contrast, both the reversal of impairments
as well as also individual value adjustments in the balance sheet increased by $€ 292$ million to $€ 540$ million.

Miscellaneous other operating expenses includes third-party services and passthrough charges in the amount of $€ 1,134$ million (2023: $€ 1,204$ million). Also included are IT expenses in the amount of $€ 759$ million (2023: $€ 654$ million), advertising and marketing expenses in the amount of $€ 336$ million (2023: $€ 279$ million), as well as consulting and audit fees in the amount of $€ 225$ million (2023: $€ 217$ million). Additionally reported under this item are repair expenses in the amount of $€ 146$ million (2023: $€ 110$ million), office expenses in the amount of $€ 121$ million (2023: $€ 121$ million), travel expenses in the amount of $€ 112$ million (2023: $€ 98$ million), contributions and fees in the amount of $€ 68$ million (2023: $€ 67$ million), insurance premiums in the amount of $€ 67$ million (2023: $€ 66$ million), and rents and leases in the amount of $€ 67$ million (2023: $€ 60$ million).

(8) Cost of Materials

The principal components of expenses for raw materials and supplies and for purchased goods are the purchase of gas and electricity. Fuel supply is also included in this line item to a lesser extent. Expenses for purchased services consist primarily of network usage charges and maintenance costs.

Cost of Materials

€ in millions	2024	2023
Expenses for raw materials and supplies and
for purchased goods	39,283	47,968
Expenses for purchased services	19,707	16,260
Total	$\mathbf{5 8 , 9 9 0}$	$\mathbf{6 4 , 2 2 8}$

Cost of materials of $€ 58,990$ million was significantly lower than the prioryear level of $€ 64,228$ million. This decrease was mainly due to energy price developments on the commodity markets. The downward price trend that began in autumn 2023 reversed again in the second quarter of 2024. Nevertheless, prices in 2024 remained well below 2023 levels, leading to lower procurement costs compared with the prior year. In addition, forward procurement contracts are recognized as derivative financial instruments in accordance with IFRS, and on recognition this requires adjustment to the market price at the time of delivery. The opposing effect from the market valuation of commodity derivatives is recognized in other operating income.

In addition, the change in provisions for contracted sales transactions reported that are not subject to IFRS 9 (so-called own-use contracts), which are economically part of a portfolio that is partly offset by procurement transactions to be accounted for as derivative financial instruments. While significant reversals were made in the prior year due to falling prices, there were no material changes to these provisions in the current reporting period.

Government subsidies received reduced the cost of materials by $€ 147$ million (2023: $€ 453$ million).

(9) Financial Result

The following table provides details of financial result for the periods indicated:

Financial Result

$€$ in millions	2024	2023
Income from companies in which equity investments are held	188	148
Fair value through P\&L	112	86
Other	76	62
Loss from companies in which equity investments are held	$-88$	$-56$
Impairment charges/reversals on other financial assets	$-81$	$-62$
Income/loss from equity investments	19	30
Income/loss from securities, interest and similar income	1,097	1,291
Amortized cost	223	238
Fair value through P\&L	674	877
Fair value through OCI	18	20
Other interest income	182	156
Interest and similar expenses	$-2,098$	$-2,385$
Amortized cost	$-883$	$-794$
Fair value through P\&L	$-570$	$-681$
Other interest expenses	$-645$	$-910$
Net interest income/loss	$-1,001$	$-1,094$
Financial result	$-982$	$-1,064$

The improvement in the financial result compared to the previous year resulted from an improvement in net interest income/loss, which more than offset the minor decrease in the income/loss from equity investments. In the previous year, the falling level of interest rates led to net interest
expenses from the discounting of provisions, whereas in the reporting period, higher interest rates led to net interest income.

Interest and similar income at amortized cost include positive effects from cash investments by E.ON SE in the amount of $€ 138$ million (2023: $€ 150$ million).

Interest and similar expenses at amortized cost includes the positive effect from the difference between the nominal interest rate and the effective interest rate of former innogy bonds, which was adjusted due to the purchase price allocation, in the amount of $€ 147$ million, which is $€ 40$ million lower than in the previous year. This item was also negatively impacted by the increased interest expense from the newly issued bonds.

The valuation effects of "Securities measured at fair value through P\&L" are included in both income and expenses at fair value through P\&L. These effects accounted for $€ 43$ million in the income (2023: $€ 86$ million) and -€12 million in the expenses (2023: -€35 million).

Other interest income includes interest income from the discounting of provisions for asset retirement obligations in the amount of $€ 110$ million (2023: $€ 0$ million) and other non-current provisions in the amount of $€ 43$ million (2023: $€ 31$ million).

Other interest expenses mainly relate to net interest expenses from pension provisions of $€ 138$ million (2023: $€ 114$ million), interest expenses from the regular compounding of other non-current provisions of $€ 206$ million (2023: $€ 245$ million), and interest expenses for lease liabilities of $€ 206$ million (2023: $€ 185$ million).

(10) Income Taxes

The following table provides details of income taxes, including deferred taxes, for the periods indicated:

Income Taxes
€ in millions	2024	2023
Current taxes	390	948
thereof previous years	$-323$	106
Deferred taxes	1,379	$-1,546$
on temporary differences	1,479	$-1,281$
on loss carryforwards	39	86
on tax interest carryforwards and other tax credits	$-90$	141
on valuation allowance	$-49$	$-492$
Total income taxes	1,769	$-598$

The income tax rate of 31 percent (2023: 31 percent) applicable in Germany is composed of corporate income tax (15 percent), trade tax (15 percent) and the solidarity surcharge (1 percent). The income tax rate of 31 percent corresponds to the tax rate applicable to E.ON SE for 2024. The differences from the effective tax rate are reconciled as follows:

Reconciliation to Effective Income Taxes/Tax Rate

		2024		2023
	€ in millions	in \%	€ in millions	in \%
Income/loss from continuing operations before taxes	7,331	100.0	101	100.0
Expected income taxes	2,273	31.0	31	31.0
Foreign tax rate differentials	$-202$	$-2.8$	$-203$	$-200.8$
Changes in tax rate/tax law	2	0.0	30	29.6
Tax effects on tax-free income	$-161$	$-2.2$	$-91$	$-90.4$
Tax effects of non-deductible expenses and permanent differences	307	4.2	234	232.2
Tax effects on income from companies accounted for under the equity method	$-43$	$-0.6$	$-102$	$-101.2$
Tax effects of changes in value and non-recognition of deferred taxes	$-81$	$-1.1$	$-618$	$-611.8$
Tax effects of other taxes on income	28	0.4	156	154.1
Tax effects of income taxes related to other periods	$-360$	$-4.9$	$-31$	$-31.0$
Other	6	0.1	$-4$	$-3.6$
Effective income taxes/tax rate	1,769	24.1	$-598$	$-591.9$

Continuing operations generated tax expenses of $€ 1,769$ million in the reporting year (2023: tax income of $€ 598$ million). This corresponds to a tax rate of 24 percent. The tax expenses mainly comprise deferred tax expenses on positive effects related to derivative financial instruments. In the reporting period, countervailing effects resulted from tax income from prior years, including €198 million from a concluded redress procedure, and changes in the value of deferred taxes. In the previous year, negative effects from the measurement of derivatives and changes in value of deferred taxes led to the recognition of tax income on a net basis.

Various temporary differences as well as various unused tax loss carryforwards and tax credits result in the following deferred tax assets and liabilities:

Deferred Tax Assets and Liabilities

	Dec. 31, 2024		Dec. 31, 2023
€ in millions	Tax assets	Tax liabilities	Tax assets	Tax liabilities
Intangible assets	299	832	108	535
Right-of-use assets	3	743	3	737
Property, plant and equipment	300	3,802	337	3,832
Financial assets	224	127	209	140
Inventories	154	3	148	13
Receivables (including derivative financial instruments)	599	3,564	1,076	5,673
Provisions for pensions and similar obligations	1,761	77	2,018	55
Miscellaneous provisions	1,162	187	1,326	247
Liabilities (including derivative financial instruments)	4,769	1,050	8,289	1,542
Loss carryforwards	523	-	598	-
Other	1,232	421	878	286
Subtotal	11,026	10,806	14,990	13,060
Changes in value	$-559$	-	$-648$	-
Deferred taxes (gross)	10,467	10,806	14,342	13,060
Netting	$-8,704$	$-8,704$	$-10,837$	$-10,837$
Deferred taxes (net)	1,763	2,102	3,505	2,223
Current	1,108	104	1,935	274

Income tax assets and liabilities consist primarily of income taxes for the respective current year and for prior-year periods that have not yet been definitively examined by the tax authorities. These items can be found in the balance sheet.

As of December 31, 2024, €28 million (2023: €16 million) in deferred tax liabilities were recognized for the differences between net assets and the tax bases of subsidiaries and associated companies (outside basis differences). Accordingly, deferred tax liabilities were not recognized for temporary differences of €2,404 million (2023: €2,062 million) at subsidiaries and associated companies, as E.ON is able to control the timing of their reversal and the temporary difference will not reverse in the foreseeable future.

No deferred tax assets were recognized, or were no longer recognized, on the following tax loss carryforwards, interest carryforwards and other deferred tax assets:

Tax Loss Carryforwards, Tax Interest Carryforwards and Other Tax Credits without Recognition of Deferred Tax Assets

	December 31, 2024		December 31, 2023
€ in millions	Tax loss carryforwards corporate tax	Tax loss carryforwards trade tax and local income taxes	Tax interest carryforwards and other tax credits	Tax loss carryforwards corporate tax	Tax loss carryforwards trade tax and local income taxes	Tax interest carryforwards and other tax credits
Amounts at the balance sheet date	10,232	2,158	2,767	10,349	2,214	2,837
of which amounts without recognition of deferred taxes	8,795	1,799	2,096	8,678	1,777	2,515
- unlimited duration	4,642	1,790	2,096	4,498	1,727	2,515
- limited duration	4,153	9	-	4,180	50	-
- of which up to 5 years	182	9	-	182	50	-
- of which up to 9 years	252	-	-	283	-	-
- of which 10 years or longer	3,719	-	-	3,715	-	-

The expiring tax loss carryforwards relate exclusively to countries other than Germany.

Deferred tax assets were not recognized, or are no longer recognized, in the amount of €352 million (2023: €776 million) for temporary differences which are recognized in income and equity.

Current tax expense was reduced by €40 million (2023: €26 million) due to the use of previously unrecognized tax losses. The change in previously unrecognized tax losses, interest carryforwards and temporary differences reduced deferred tax expense by €91 million (2023: €77 million).

As of December 31, 2024, E.ON reported deferred tax assets for companies that incurred losses in the current or the prior-year period that exceed the deferred tax liabilities by €672 million (2023: €2,028 million). Of this amount, €667 million (2023: €1,672 million) is attributable to companies in Germany. This amount mainly includes deductible temporary differences. Recognition is based, among other factors, on taxable profits realized in the current financial year and on sufficient taxable profits in subsequent fiscal years. These factors are based on scenario analyses as well as stable earnings contributions from the regulated area. When considered in the aggregate, the management has concluded that each company will generate sufficient taxable income against which the previously unused tax losses and deductible temporary differences can be offset.

Income taxes recognized in other comprehensive income break down as follows:

Income Taxes of Other Comprehensive Income

€ in millions	2024	2023
Deferred taxes within OCI	344	602
Current taxes within OCI	-2	-2
Total	$\mathbf{3 4 2}$	$\mathbf{6 0 0}$

Changes in income taxes recognized in other comprehensive income break down as follows:

Changes in Income Taxes of Other Comprehensive Income

	2024				2023
€ in millions	Before income taxes	Income taxes	After income taxes	Before income taxes	Income taxes	After income taxes
Cash flow hedges	$-144$	47	$-97$	$-675$	207	$-468$
Fair value measurement of financial instruments	37	$-10$	27	76	$-13$	63
Currency translation adjustments	$-193$	$-12$	$-205$	$-15$	23	8
Remeasurements of defined benefit plans	448	$-283$	165	$-1,427$	272	$-1,155$
Companies accounted for under the equity method	686	-	686	477	-	477
Total	834	$-258$	576	$-1,564$	489	$-1,075$

Additions and Disposals

Effects from additions and disposals and from discontinued operations resulted in changes in deferred taxes totaling $€ 18$ million (2023: $€ 27$ million).

Changes in deferred tax assets in the current year, with net disposals of $€ 16$ million, mainly relate to receivables ( $€ 13$ million). The change in deferred tax liabilities, with a net addition of $€ 2$ million, mainly relate to intangible assets ( $+€ 6$ million) and receivables ( $€ 8$ million).

In the previous year, changes in deferred taxes, with a net addition of $€ 38$ million, related mainly to liabilities ( $+€ 26$ million), property, plant and equipment ( $+€ 11$ million) and loss carryforwards ( $+€ 7$ million). Changes in deferred tax liabilities, with a net addition of $€ 65$ million, relate primarily to property, plant and equipment ( $+€ 39$ million), receivables ( $+€ 34$ million) and liabilities ( $€ 16$ million).

Global Minimum Tax

The E.ON Group is included in the scope of application of the OECD Model Rules of Pillar 2 for the national implementation of the global minimum tax. The Model Rules were transposed into German law through the introduction of a minimum tax law in December 2023, which applies to all fiscal years beginning after December 31, 2023. The E.ON Group applies the exemption in IAS 12 for the recognition and disclosure of information on deferred tax assets and liabilities in connection with income taxes from global minimum taxation.

The minimum tax legislation applicable from 2024 requires E.ON to determine the effective tax rate for each country in which business units as defined by the law exist and, if the effective tax rate determined is below the minimum tax rate of 15 percent, to pay a so-called supplementary tax equal to the difference between the effective tax rate and the minimum tax rate.

The E.ON Group carried out an analysis as of the reporting date to determine the impact and the jurisdictions in which the Group could be exposed to potential effects in connection with a Pillar 2 supplementary tax.

The first step was to determine whether the safe harbor regulations were applicable. None of the CbCR safe harbor tests is relevant for the United Kingdom and a simplified Pillar 2 calculation as of December 31, 2024 yielded a qualified domestic minimum top-up tax of $€ 7$ million, which is included in consolidated tax expenses.

(11) Personnel-Related Information

Personnel Costs

The following table provides details of personnel costs for the periods indicated:

Personnel Costs

$€$ in millions	2024	2023
Wages and salaries	5,339	4,908
Social security contributions	852	772
Pension costs and other employee benefits	343	330
Pension costs	321	304
Total	$\mathbf{6 , 5 3 4}$	$\mathbf{6 , 0 1 0}$

Personnel costs of $€ 6,534$ million were $€ 524$ million higher than the prioryear figure of $€ 6,010$ million. The change is primarily attributable to the higher headcount and tariff increases.

Share-Based Payment

The expenses for share-based payment in 2024 (the E.ON Performance Plan) amounted to $€ 69.7$ million (2023: $€ 93.3$ million).

Employee Stock Purchase Program

The voluntary employee stock purchase program took place again in 2024, giving employees in the German Group companies the opportunity once again to purchase E.ON shares at favorable conditions. The favorable pricing conditions granted within the framework of the employee stock purchase program (IFRS 2, "Share-based Payment") resulted in personnel expense of $€ 7.8$ million; the offsetting entry was made in equity in additional paid-in capital.

Long-term Variable Compensation

Members of the Management Board of E.ON SE and certain executives of the E.ON Group receive share-based payment as part of their voluntary long-term variable compensation. The purpose of such compensation is to reward their contribution to E.ON's growth and to further the long-term success of the Company. This variable compensation component, comprising a long-term incentive effect along with a certain element of risk, provides for a logical linking of the interests of shareholders and management.

The following discussion includes reports on the E.ON Performance Plan introduced in 2017.

E.ON Performance Plan (EPP)

In the years 2017 to 2024, E.ON granted the members of the Management Board of E.ON SE and certain executives of the E.ON Group virtual shares under the E.ON Performance Plan. The vesting period of each tranche is four years. Vesting periods start on January 1 of each year.

The beneficiary will receive virtual shares in the amount of the agreed target. The conversion into virtual shares will be based on the fair market value on the date when the shares are granted. The number of virtual shares allocated may change during the four-year vesting period. For tranches granted through 2021, the only relevant criterion was the total shareholder return ("TSR") of E.ON stock compared with the TSR of the companies in a peer group ("relative TSR"). The final number of virtual shares allocated in the 2022 tranche depends on three performance criteria, namely, relative TSR, ROCE, and the E.ON Sustainability Index.

The TSR is the return on E.ON stock, which takes into account the stock price plus the assumption of reinvested dividends, adjusted for changes in capital. The peer group used for relative TSR will be the other companies in E.ON's peer index, the STOXX ${ }^{\circledR}$ Europe 600 Utilities. During a tranche's vesting period, E.ON's TSR performance is measured once a year in comparison with the companies in the peer group and set for that year.

The E.ON Sustainability Index reflects the four most relevant ESG aspects (ESG = Environment, Social, Governance) at E.ON. In 2024 these aspects were: climate action, diversity, health and safety, and ESG ratings.

For the tranches granted up to and including 2021, the final number of virtual shares is determined as follows: E.ON's TSR performance in a given year determines the final number of one-fourth of the virtual shares

E.ON Performance Plan - Virtual Shares

Date of issuance	8th tranche	7th tranche	6th tranche	5th tranche
Term	Jan. 1, 2024	Jan. 1, 2023	Jan. 1, 2022	Jan. 1, 2021
Target value at issuance	4 years	4 years	4 years	4 years
	€ 11.92	€ 9.32	€ 12.76	€ 7.65

granted at the beginning of the vesting period. If target attainment in a year is below the threshold defined by the Supervisory Board upon allocation, the number of virtual shares is reduced by one-fourth. If E.ON's performance is at the upper cap or above, the fourth of the virtual shares allocated for the year in question will increase, but to a maximum of 150 percent.

For the tranche granted beginning in 2022, in addition to TSR (50 percent weighting), ROCE (25 percent weighting) and the E.ON Sustainability Index (25 percent weighting) are also taken into account as performance criteria.

The resulting number of virtual shares at the end of the vesting period is multiplied by the average price of E.ON stock in the final 60 days of the vesting period. This amount is increased by the dividends distributed on E.ON stock during the vesting period and then paid out. The sum of the payouts is capped at 200 percent of the agreed target.

The virtual shares are canceled if the employment relationship of the beneficiary ends before the end of the term for reasons within the control of the beneficiary. If the employment relationship of the beneficiary is terminated before retirement, through the end of a limited term or for operational reasons before the end of the term, the virtual shares do not expire but are settled at maturity.

If the employment relationship ends before maturity due to death or permanent invalidity, the virtual shares are settled before maturity. The same shall apply in the case of a change in control related to E.ON SE and also if the allocating company leaves the E.ON Group before maturity.

The following are the base parameters of the tranches of the E.ON Performance Plan active in 2024:

The provision for the fifth, sixth, seventh and eighth tranches of the E.ON Performance Plan as of the balance sheet date is $€ 163.5$ million (2023: $€ 165.0$ million). The expense for the fifth, sixth, seventh and eighth tranches amounted to $€ 69.7$ million in the 2024 fiscal year (2023: $€ 93.3$ million).

Employees

In 2024, E.ON employed an average personnel of 75,046 (2023: 71,629). Part-time employees were taken into account on a pro rata basis when this figure was calculated. In addition, an average of 2,249 apprentices were employed in the reporting year in Germany (2023: 2,064).

The breakdown by business division is shown in the following table:

Core Workforce ${ }^{1}$
FTE $^{2}$	2024	2023	$+/-$ in \%
Energy Networks	41,293	39,579	4
Energy Infrastructure
Solutions	7,729	7,752	0
Energy Retail	20,132	18,569	8
Corporate Functions/Other	5,892	5,729	3
E.ON Group	$\mathbf{7 5 , 0 4 6}$	$\mathbf{7 1 , 6 2 9}$	$\mathbf{5}$

${ }^{1}$ Excluding apprentices, interns and working students.
${ }^{2}$ Full-time equivalents.

(12) Other Information

German Corporate Governance Code

On December 17, 2024, the Management Board and the Supervisory Board of E.ON SE made a declaration of compliance pursuant to Section 161 of the German Stock Corporation Act ("AktG"). The declaration has been made permanently and publicly accessible to stockholders on the Company's website (www.eon.com).

Fees and Services of the Independent Auditor

During 2024, the following fees were recorded as expenses for the services provided by the independent auditor of the Consolidated Financial Statements, KPMG, and by companies of the international KPMG network:

Independent Auditor Fees

€ in millions	2024	2023
Financial statement audits	36	34
Domestic	25	25
Other attestation services	8	7
Domestic	8	7
Tax advisory services	0	0
Domestic	0	0
Other services	0	0
Domestic	0	0
Total	44	41
Domestic	33	32

The fees for financial statement audits relate to the audit of the Consolidated Financial Statements and the legally mandated financial statements of E.ON SE and its affiliates. They also include the fees for auditing reviews of the IFRS interim financial statements and other audit services directly required by the audit of the financial statements.

The fees for other attestation services include all attestation services that are not auditing services and are not used in connection with the audit of the Consolidated Financial Statements. These fees are for legally required attestation services and for other voluntary attestation services (e.g., the audit of the sustainability reporting, Renewable Energy Sources Act (EEG) and the Act on Combined Heat and Power Generation (KWKG) and audit services in connection with new IT systems).

List of Shareholdings

Details of the companies included in the consolidated financial statements, the subsidiaries and affiliated companies of the E.ON Group pursuant to Section 313 (2) HGB as well as a list of domestic subsidiaries that availed themselves in 2024 of certain exemptions granted under Section 264 (3), and Section 264b HGB, are included in the audited consolidated financial statements that have been sent for entry in the Commercial Register. This information can also be accessed at www.eon.com/shareownership2024.

(13) Earnings per Share

The computation of basic and diluted earnings per share for the periods indicated is shown below:

Earnings per Share

€ in millions	2024	2023
Income/loss from continuing operations	5,562	699
Less: Non-controlling interests	$-1,031$	$-243$
Income/loss from continuing operations (attributable to shareholders of E.ON SE)	4,531	456
Income/loss from discontinued operations, net	-	61
Less: Non-controlling interests	-	-
Income/loss from discontinued operations, net (attributable to shareholders of E.ON SE)	-	61
Net income/loss attributable to shareholders of E.ON SE	4,531	517
in $€$
Earnings per share (attributable to shareholders of E.ON SE)
from continuing operations	1.73	0.18
from discontinued operations	-	0.02
from net income/loss	1.73	0.20
Weighted-average number of shares outstanding (in millions)	2,612	2,611

The computation of diluted earnings per share is identical to that of basic earnings per share because E.ON SE has issued no potentially dilutive ordinary shares. The slight increase in the weighted-average number of shares outstanding resulted primarily from the issue of treasury shares in E.ON SE under the voluntary employee stock purchase program.

(14) Goodwill, Intangible Assets, Right-of-use Assets and Property, Plant and Equipment

The changes in goodwill and intangible assets, in right-of-use assets, and in property, plant and equipment, are presented in the tables on the following pages:

Goodwill, Intangible Assets, Right-of-use Assets and Property, Plant and
Equipment

[^0]
[^0]: *Includes reclassifications to assets/disposal groups held for sale (see (box 4).

Changes in Goodwill and in Other Reversals and Impairment Charges by Segment from January 1, 2024

€ in millions	Germany	Sweden	ECE/Turkey ${ }^{1}$	Energy Infrastructure Solutions	Customer Solutions ${ }^{2}$
								The Nether- lands	Sonstige	Corporate Functions/ Other	E.ON Group
Net carrying amount of goodwill as of December 31, 2023	7,651	83	245	-	6,752	1,886	81	428	-	17,126
Reallocation EIS ${ }^{2}$ as of January 1, 2024	$-50$	-	-	2,103	$-1,269$	$-615$	-	$-169$	-	-
€ in millions	Energy Networks				Energy Retail ${ }^{3}$
	Germany	Sweden	Central Eastern Europe ${ }^{1}$	South Eastern Europe ${ }^{1}$					Corporate Functions/ Other
Net carrying amount of goodwill as of January 1, 2024	7,601	83	43	202	2,103	5,483	1,271	81	259	-	17,126
Changes resulting from acquisitions and disposals	-	-	-	-	-	-	-	-	-	-	-
Impairment charges	-	-	-	-	$-628$	-	-	-	-	-	$-628$
Other changes ${ }^{3}$	-	$-2$	$-1$	$-14$	15	-	61	36	$-20$	-	75
Net carrying amount of goodwill as of December 31, 2024	7,601	81	42	188	1,490	5,483	1,332	117	239	-	16,573
Growth rate (in \%) ${ }^{4}$	1.25	-	-	-	1.25	1.25	1.25	-	-	-	-
Cost of capital (in \%) ${ }^{4}$	4.2	-	-	-	$5.0-6.6$	6.3	6.7	-	-	-	-
Other non-current assets ${ }^{6}$
Impairment	$-5$	$-1$	-	-	$-74$	$-10$	-	-	$-5$	$-1$	$-96$
Reversals	5	-	-	5	9	-	-	-	$-1$	-	18

${ }^{1}$ Effective January 1, 2024, the Energy Networks business unit in East-Central Europe/Turkey (ECE/Turkey) has been divided into Central Eastern Europe and South Eastern Europe.
${ }^{2}$ Since January 1, 2024, the Energy Infrastructure Solutions business unit has been added to the Energy Networks and Customer Solutions (now Energy Retail) business units, primarily spun off from the Customer Solutions segment. The Customer Solutions business unit has been renamed to Energy Retail.
${ }^{3}$ Other changes include effects from intragroup restructuring (excluding the reallocation of EIS), transfers, exchange rate differences and reclassifications to assets held for sale.
${ }^{4}$ Presented here are the growth rates and cost of capital for selected cash-generating units whose respective goodwill is material when compared with the carrying amount of all goodwill.
${ }^{5}$ Other non-current assets consist of intangible assets, right-of-use assets and of property, plant and equipment.

Goodwill, Intangible Assets, Right-of-use Assets and Property, Plant and Equipment

€ in millions	Acquisition and production costs														Accumulated depreciation		Net carrying amounts
	Jan. 1, 2023	Exchange rate differences	Addition s in scope of consolidation ${ }^{1}$	Additions	Disposals ${ }^{1}$	Transfers ${ }^{1}$	Dec. 31, 2023	Jan. 1, 2023	Exchange rate differences	Changes in scope of consolidation ${ }^{1}$	Additions	Disposals ${ }^{1}$	Transfers ${ }^{1}$	Impairment	Reversals	Dec. 31, 2023	Dec. 31, 2023
Goodwill	18,799	50	62	-	-	-	18,911	$-1,782$	$-3$	-	-	-	-	-	-	$-1,785$	17,126
Customer relationships and similar items	2,077	12	43	-	$-15$	$-10$	2,107	$-1,389$	$-9$	$-9$	$-177$	11	12	-	-	$-1,561$	546
Concessions, commercial property rights, licenses, and similar rights	3,394	1	23	374	$-204$	132	3,720	$-1,485$	$-2$	$-17$	$-294$	180	$-6$	$-2$	30	$-1,596$	2,124
Development expenditures	1,023	7	-	47	$-257$	98	918	$-624$	$-6$	-	$-135$	256	-	$-57$	-	$-566$	352
Advance payments	469	$-1$	-	343	$-15$	$-211$	585	$-12$	1	-	-	-	-	$-4$	-	$-15$	570
Intangible assets	6,963	19	66	764	$-491$	9	7,330	$-3,510$	$-16$	$-26$	$-606$	447	6	$-63$	30	$-3,738$	3,592
Land and buildings	826	9	9	177	$-76$	5	950	$-345$	$-2$	$-5$	$-110$	55	7	$-2$	-	$-402$	548
Networks	2,438	-	-	489	$-50$	1	2,878	$-669$	-	-	$-248$	14	$-1$	-	-	$-904$	1,974
Storage, e-charging and production capacities	3	-	-	1	-	-	4	$-1$	-	-	$-1$	-	-	-	-	$-2$	2
Technical equipment and machine	43	$-1$	-	44	$-1$	-	85	$-12$	-	-	$-5$	1	-	-	-	$-16$	69
Fleet, office and business equipment	193	2	10	82	$-56$	$-4$	227	$-99$	-	$-5$	$-53$	44	3	-	-	$-110$	117
Right-of-use assets	3,503	10	19	793	$-183$	2	4,144	$-1,126$	$-2$	$-10$	$-417$	114	9	$-2$	-	$-1,434$	2,710
Real estate and leasehold rights	1,172	2	4	29	$-30$	$-43$	1,134	$-75$	-	-	$-2$	17	-	$-5$	-	$-65$	1,069
Buildings	4,118	29	59	95	$-137$	$-643$	3,521	$-1,613$	$-8$	$-19$	$-111$	125	133	$-2$	1	$-1,494$	2,027
Technical equipment, plant and machinery	58,556	138	624	2,701	$-531$	2,176	63,664	$-28,561$	$-51$	$-370$	$-2,050$	315	$-330$	$-52$	2	$-31,097$	32,567
Other equipment, fixtures, furniture and office equipment	1,395	$-2$	109	211	$-137$	83	1,659	$-837$	1	$-79$	$-150$	97	$-13$	$-1$	-	$-982$	677
Advance payments and construction in progress	3,327	13	24	2,570	$-45$	$-1,362$	4,527	$-63$	$-1$				-	$-54$	-	$-118$	4,409
Property, plant and equipment	68,568	180	820	5,606	$-880$	211	74,505	$-31,149$	$-59$	$-468$	$-2,313$	554	$-210$	$-114$	3	$-33,756$	40,749

[^0]
[^0]: ${ }^{1}$ Adjustment of the previous year's figures due to adjustments in the column presentation. The reclassifications to assets/disposal groups held for sale (FRS 5) are now shown under disposals and no longer under changes in scope of consolidation (now called: additionsin scope of consolidation). Internal transactions are now shown under reclassifications and no longer under changes in scope of consolidation (now called: additions in scope of consolidation).

Changes in Goodwill and in Other Reversals and Impairment Charges by Segment from January 1, 2023

€ in millions	Energy Networks				Customer Solutions			Corporate Functions/ Other	E.ON Group
	Germany	Sweden	ECE/Turkey	Germany	UK	The Netherlands	Other
Net carrying amount of goodwill as of January 1, 2023	7,597	83	236	6,752	1,848	73	428	-	17,017
Changes resulting from acquisitions and disposals	-	-	-	-	-	-	-	-	-
Impairment charges	-	-	-	-	-	-	-	-	-
Other changes ${ }^{1}$	54	-	9	-	38	8	-	-	109
Net carrying amount of goodwill as of December 31, 2023	7,651	83	245	6,752	1,886	81	428	-	17,126
Growth rate (in \%) ${ }^{2,3}$	1.25	-	-	1.25	1.25	-	-	-	-
Cost of capital (in \%) ${ }^{2,3}$	4.3	-	-	6.0	6.4	-	-	-	-
Other non-current assets ${ }^{4}$
Impairment	$-6$	-	-	$-124$	$-37$	-	$-11$	-	$-178$
Reversals	1	-	30	2	-	-	-	-	33
${ }^{1}$ Other changes include effects from intragroup restructuring, transfers, exchange rate differences and reclassifications to assets held for sale. ${ }^{2}$ Presented here are the growth rates and cost of capital for selected cash-generating units whose respective goodwill is material when compared with the carrying amount of all goodwill. ${ }^{3}$ Other non-current assets consist of intangible assets, right-of-use assets and of property, plant and equipment.

Goodwill and Intangible Assets

The changes in goodwill within the segments, as well as the allocation of impairments and their reversals to each reportable segment, are presented in the tables above.

Impairments

To perform the impairment tests, E.ON first determines the fair values less costs of disposal of its cash-generating units. Because there were no binding sales transactions or market prices for the respective cashgenerating units in 2024, fair values were calculated based on discounted cash flow methods.

Valuations are based on the medium-term corporate planning authorized by the Management Board. The calculations for impairment-testing purposes are generally based on the five planning years of the mediumterm plan plus two additional detailed planning years. Deviations from this are made in certain justified exceptional cases. The cash flow assumptions extending beyond the detailed planning period are determined using sustainable, business and currency-specific growth rates based on the analysis of past years and predictions for the future. In fiscal year 2024, the sustainable, currency-specific inflation rate used for the euro area was 1.25 percent (2023: 1.25 percent). The discount rates after taxes used for discounting cash flows in the annual impairment test are calculated using market data for each cash-generating unit, and as of the valuation date, ranged between 4.2 and 11.6 percent after taxes (2023: between 4.3 and 12.6 percent).

The principal assumptions underlying the determination by management of recoverable amount are the respective forecasts of the growth rates and the cost of capital, and specifically of revenue and EBITDA margin (in the Energy Retail business), of Regulated Asset Base and regulatory return (in the Energy Networks business), and of non-current assets and long-term project returns (in the Energy Infrastructure Solutions business). The assumptions used in these forecasts regarding the development of commodity market prices, future electricity and gas prices in the wholesale and retail markets are based on external market data from reputable suppliers as well as internal assessments and also appropriately take into account climate-related impacts on market conditions and macroeconomic linkages as well as the sustainability targets anchored in the Group strategy, such as the reduction of Scope 3 emissions by 100 percent by 2050. For example, impacts of climate targets on $\mathrm{CO}_{2}$ prices and changing weather conditions (temperature, wind, etc.) are included. The assumed development of all of the key influencing factors mentioned here corresponds to the expectations set out in the forecast report.

Overall, medium-term planning assumes that the regulatory environment will remain stable.

Against the backdrop of the expansion of the network, which is key to achieving climate protection targets, the detailed planning period provides for a significant increase in investments in the Energy Networks Germany segment, with a corresponding increase in the regulated asset base. We expect regulatory returns to remain stable.

In the Energy Retail Germany and UK segments, we anticipate a modestly lower sales revenue during our detailed planning period compared to the 2024 financial year. The decline in revenues in spite of a comparable number of customers is due to the assumption that prices on the commodity markets will normalize. We expect a moderate increase in estimated EBITDA margins in the detailed planning period in the Energy Retail UK and Germany segments due to the planned portfolio optimization and the expansion of our growth business areas.

In the Energy Infrastructure Solutions segment, we anticipate an increase in investments during our detailed planning period compared to the 2024 financial year. These investments are primarily growth investments given that the original baseline for capital expenditures in the past few years was considerably lower. We also expect that long-term project returns will exceed the capital costs.

The above discussion applies accordingly to the testing for impairment of e.g. intangible assets and property, plant and equipment under IAS 36 as well as of equity investments, which are subject to the application of the equity method (IAS 28), and of groups of assets. If the goodwill of a cashgenerating unit is combined with assets or groups of assets for impairment testing, the assets must be tested first.

Goodwill

On September 11, 2023, the Board of Management of E.ON SE adopted a new management concept for the Group, which took effect as of January 1, 2024, and due to the concept in IFRS 8, requires a change in the

definition of the operating segments and thus also a reallocation of the existing goodwill of all segments affected by the changes as of January 1, 2024.

The goodwill reallocation was conducted on the basis of relative values in accordance with the requirements of IAS 36. The Energy Infrastructure Solutions business is much more capital-intensive than the Energy Retail business and therefore the carrying amount of the Energy Infrastructure Solutions segment was high in comparison to the recoverable amount. This circumstance triggered an ad-hoc impairment test as of January 1, 2024. Including the newly allocated goodwill, the carrying amount in the Energy Infrastructure Solutions segment exceeded the recoverable amount, necessitating a reallocation-induced impairment charge of originally $€ 624$ million on the newly allocated goodwill in the Energy Infrastructure Solutions segment, which is presented within the item of "Depreciation, amortization and impairment charges." The recoverable amount of the cash-generating unit Energy Infrastructure Solutions amounted to $€ 6,017$ million on January 1, 2024. Due to exchange rate movements and the application of IAS 21.BC32, the goodwill impairment increased by another $€ 4$ million as of December 31, 2024. Thus, the goodwill in the Energy Infrastructure Solutions segment as of December 31, 2024 amounted to $€ 1,490$ million after the total impairment charge of $€ 628$ million.

The fair value less costs of disposal, which was underlying in the course of the goodwill reallocation and which determined the recoverable amount for the trigger-based impairment test as of January 1, 2024, was calculated on the basis of a discounted cash flow method, which corresponds to Level 3 in the IFRS 13 hierarchy. The valuation was generally based on the medium-term planning authorized by the Management Board, which covered three planning years plus two additional detailed planning years. The cash flow assumptions extending beyond the detailed planning period were determined using a sustainable, business- and currency-specific growth rate of 1.25 percent based on the analysis of past years and predictions for the future. Other key assumptions underlying the determination by management of recoverable amount were forecasts of company-specific investment activity, costs of capital, revenue and EBITDA margin. In the Energy Infrastructure Solutions segment, substantially higher investments and revenues were anticipated during the detailed planning period. In addition, a moderate increase in assumed EBITDA margins during the detailed planning period was anticipated in the Energy Infrastructure Solutions segment due to portfolio optimization and the expansion of growth business areas. The country-specific, after-tax interest rates applied for discounting purposes in the Energy Infrastructure Solutions segment were determined on the basis of market data and ranged from 5.4 to 7.3 percent as of the valuation date of January 1, 2024. All other things being equal, the worsening of any key valuation parameter would have lowered the fair value less costs of disposal of the Energy

Infrastructure Solutions segment and would have necessitated an additional impairment charge.

The performance of the annual goodwill impairment tests in the 2024 financial year did not result in any impairments under IAS 36 as of October 1. The determination of a value in use was not necessary for any cash generating unit.

Of all the cash-generating units whose respective goodwill as of the balance sheet date is material in relation to the total carrying amount of all goodwill, the Energy Infrastructure Solutions cash-generating unit showed the lowest headroom of recoverable amount over carrying amount ( $€ 255$ million). This surplus would be depleted if the after-tax interest rate applied for discounting purposes (see table Changes in Goodwill and in Other Reversals and Impairment Charges by Segment from January 1, 2024) were 5.6 percent higher or if the long-term project returns were 2.6 percent lower. The long-term project return used in the valuation for impairment test purposes was 6.9 percent on average. For the other material valuation parameters, only a significant change that is not considered realistic would necessitate the recognition of goodwill impairment.

The tested goodwill of all other cash-generating units whose respective goodwill is material shows a surplus of recoverable amounts over the respective carrying amounts and, therefore, based on current assessment of the economic situation, likewise only a significant change in the material valuation parameters that is not considered realistic would necessitate the recognition of goodwill impairment in these cash-generating units.

Intangible Assets

In 2024, approximately $€ 19$ million of impairments were recognized on intangible assets. In terms of amount, the largest impairment loss occurred in the Energy Retail Germany segment. The German Sales Technology Platform, a platform for technological solutions in German sales, was again written down by a further amount of $€ 7$ million in the reporting period (2023: $€ 44$ million). The main reason for this latest impairment was the planned reorganization of the billing system within the sales group: The Powercloud software program will be replaced ahead of schedule due to technical problems that prevent the realization of the system's full potential. As of December 31, 2024, the new carrying amount of the sales platform, which consists of several assets and sub-assets, amounts to $€ 64$ million. The other impairments recognized in the reporting period consist of various insignificant amounts.

Reversals of impairments on intangible assets amounted to around $€ 5$ million in the current year. A write-up of $€ 5$ million was recognized on the Delgaz power grid in the cash generating unit Energy Networks Romania, bringing the new carrying amount to $€ 582$ million. The main
reasons for this write-up are the more stable market environment compared to the prior years with a functioning allocation mechanism, including a price cap for energy procurement for the distribution system operator's technological consumption, as well as the positive development of the regulated asset base.

In 2024, the Company recorded an amortization expense on intangible assets of $€ 735$ million (2023: $€ 606$ million).

As of December 31, 2024, the closing balance of intangible assets with an indefinite useful life amounted to $€ 85$ million (2023: $€ 82$ million). These assets are mainly attributable to concession rights from the Swedish energy grid with a value of $€ 36$ million.

In the year under review, $€ 156$ million (2023: $€ 104$ million) of research and development costs within the meaning of IAS 38 were recognized as expenses.

Rights of Use

In 2024, the Company recorded an amortization expense of $€ 445$ million (2023: $€ 417$ million). Impairment charges on rights of use amounted to $€ 1$ million (2023: $€ 2$ million).

Property, Plant and Equipment

Impairments on property, plant and equipment amounted to $€ 76$ million in 2024.

The largest impairment charge recognized in the reporting period was taken on a biomass power plant under construction in Germany, which belongs to the cash generating unit Energy Infrastructure Solutions. Whereas the project had already been negatively affected in the past by construction delays and rising procurement costs, as well as financial and quality-related challenges on the part of technical suppliers, the latest impairment loss of $€ 30$ million (2023: $€ 28$ million) was recognized to account for newer developments (including substantially higher fuel costs and the decision of a major customer of steam deliveries to close its production site). The new carrying amount as of December 31, 2024 is $€ 113$ million. In the United Kingdom, impairments totaling $€ 18$ million (2023: $€ 14$ million) were recognized in the cash generating unit Energy Infrastructure Solutions, due to the full write-off of conventional meters that were no longer needed and which have been replaced by smart energy meters. The other impairments recognized in the reporting period consist of various insignificant amounts.

Reversals of impairments on property, plant and equipment amounted to around $€ 13$ million in the current year (2023: $€ 3$ million). A district heating and power generating plant in the cash generating unit Energy Infrastructure Solutions (specifically in the German operations) was written

up by $€ 8$ million to the current fair value of $€ 54$ million. The main reasons for this write-up were the improved profit outlook due to the imminent termination of a less advantageous contract and the conclusion of an agreement with a customer on the subject of natural gas costs for operating the turbine. In addition, the carrying amount of a gas storage facility in the cash generating unit Energy Networks Germany was written up by $€ 4$ million to the new carrying amount of $€ 10$ million. The main reasons for this write-up were the substantially improved economic conditions and the attendant increase in profit expectations.

Depreciation amounted to $€ 2,498$ million in 2024 (2023: $€ 2,313$ million).
In 2024, land and buildings as well as technical equipment and machinery in the amount of $€ 345$ million (2023: $€ 173$ million) were subject to restrictions on disposal.

Borrowing costs in the amount of $€ 15$ million were capitalized in 2024 (2023: $€ 8$ million) as part of the historical cost of property, plant and equipment.

(15) Companies Accounted for under the Equity Method and Other Financial Assets

The following table shows the structure of the companies accounted for under the equity method and the other financial assets as of the dates indicated:

Companies Accounted for under the Equity Method and Other Financial Assets

	December 31, 2024			December 31, 2023
€ in millions	E.ON Group	Associates $^{1}$	Joint Ventures $^{1}$	E.ON Group	Associates $^{1}$
Companies accounted for under the equity method	7,111	2,927	4,184	6,653	2,923
Equity investments	2,752	834	311	2,561	803
Non-current securities	869	-	-	1,177	-
Total	10,732	3,761	4,495	10,391	3,726

${ }^{1}$ The associates and joint ventures presented as equity investments are associated companies and joint ventures accounted for at cost on materiality grounds.

Companies accounted for under the equity method consist solely of associates and joint ventures.

The €458 million increase in the carrying amounts of companies measured at equity compared with December 31, 2023, was mainly due to the increase in the carrying amount of the application of IAS 29 in Turkey.

The net income from companies measured at equity of €258 million includes impairments of $€ 448$ million (2023: $€ 237$ million) and reversals of impairment losses of €195 million (2023: €7 million). These impairments and reversals primarily relate to the application of IAS 29 in Turkey.

In April 2022, Turkey was classified as a hyperinflationary economy. Consequently, since the second quarter of 2022, the financial statements prepared on the basis of historical cost have been adjusted in accordance with IAS 29 for the first time for two Turkish investees included in the Group using the equity method (joint ventures). Under IAS 29, financial statements in the functional currency of a hyperinflationary economy must be expressed in terms of the measuring unit current at the balance sheet date in order to reflect the current purchasing power. As a result, nonmonetary assets and liabilities, among other things, are generally adjusted using a general price index and a gain or loss on the net monetary position is recognized. The adjustment under IAS 29 is made on the basis of the consumer price index published by the Turkish Statistical Institute.

As of December 31, 2024, this consumer price index amounted to 2,684.55 index points (December 31, 2023: 1,859.38).

The transition effect as of January 1, 2022, amounted to $€ 612$ million (in foreign currency OCI ), partially offset by a write-down in accumulated retained earnings ( $€ 381$ million).

The amount shown for non-current securities relates primarily to fixedincome securities.

Impairments on other financial assets amounted to $€ 84$ million (2023: $€ 63$ million). Write-ups totaled $€ 3$ million (2023: $€ 1$ million). The carrying amount of other financial assets with impairment losses was $€ 73$ million as of the end of the fiscal year (2023: $€ 42$ million); the carrying amount of the other financial assets written up amounts to $€ 12$ million (2023: $€ 6$ million).

Shares in Companies Accounted for under the Equity Method

The carrying amounts of the associates accounted for under the equity method totaled $€ 2,927$ million (2023: $€ 2,923$ million), and those of the joint ventures totaled $€ 4,184$ million (2023: $€ 3,730$ million).

Investment income generated from companies accounted for under the equity method amounted to $€ 466$ million in 2024 (2023: $€ 443$ million).

The following table provides an overview of material items in the aggregated consolidated statements of comprehensive income of the associates and joint ventures accounted for using the equity method:

Summarized Financial Information for Associates and Joint Ventures Accounted for under the Equity Method ${ }^{1}$

	Associates		Joint ventures		Total
€ in millions	2024	2023	2024	2023	2024	2023
Proportional share of net income from continuing operations	278	304	-20	174	258	478
Proportional share of other comprehensive income	13	80	673	397	686	477
Proportional share of total comprehensive income	$\mathbf{2 9 1}$	$\mathbf{3 8 4}$	$\mathbf{6 5 3}$	$\mathbf{5 7 1}$	$\mathbf{9 4 4}$	$\mathbf{9 5 5}$

${ }^{1}$ The review of materiality in the 2024 financial year revealed that none of the equity-accounted companies individually have significant importance for the E.ON Group. As a result, the previous year's figures were adjusted.

The materiality review conducted in the 2024 fiscal year showed that no single company accounted for under the equity method is in itself materially significant for the E.ON Group.

Disclosures of company names, registered offices and equity interests as required by IFRS 12 for material joint arrangements and associates can be found in the list of shareholdings pursuant to Section 313 (2) HGB (see Note 12).

As of December 31, 2024, the investment in Enerjisa Enerji A.Ş. remains marketable. The pro rata market value amounted to $€ 757$ million as of December 31, 2024 (2023: €659 million). The carrying amount is $€ 757$ million as of December 31, 2024. The free float in the company totals 20 percent, with E.ON and Haci Ömer Sabanci Holding A.Ş. holding half of the remaining shares; from E.ON's perspective, Enerjisa Enerji A.Ş. is therefore a joint venture.

Of investments in companies accounted for under the equity method, the shareholdings in companies with a carrying amount of $€ 736$ million (2023: $€ 709$ million) are restricted because they were pledged as collateral for financing as of the balance sheet date.

There are no further material restrictions apart from those contained in standard legal and contractual provisions.

(16) Inventories

The following table provides a breakdown of inventories as of December 31, 2024 and 2023, respectively:

Inventories

	December 31,
€ in millions	2024	2023
Raw materials and supplies	820	750
Goods purchased for resale	361	640
Work in progress and finished products	62	550
Total	$\mathbf{1 , 2 4 3}$	$\mathbf{1 , 9 4 0}$

The cost of raw materials, goods purchased for resale and finished products is primarily determined based on the average cost method.

Write-downs totaled -€18 million in 2024 (2023: -€97 million). Reversals of write-downs amounted to €91 million in 2024 (2023: €16 million).

The reason for the significantly lower stock of inventories compared to the previous year is the increased reference to the realization of sales over time deriving from construction work on third-party land. Whereas in the past, point-in-time revenue recognition led to the capitalization of work in progress and finished products in inventories, revenue recognition over time requires the capitalization of contract assets instead. In addition, the decline in stored natural gas reserves compared to December 31, 2023 led to a reduction of inventories.

No inventories have been pledged as collateral.

(17) Receivables and Other Assets

The following table lists receivables and other assets by remaining time to maturity as of the dates indicated:

Receivables and Other Assets

	December 31, 2024		December 31, 2023
€ in millions	Current	Non-current	Current	Non-current
Receivables from finance leases ${ }^{1}$	29	213	29	223
Other financial receivables and financial assets	514	894	1,056	856
Financial receivables and other financial assets	543	1,107	1,085	1,079
Trade receivables	9,318	-	10,404	-
Receivables from derivative financial instruments	2,064	2,211	5,364	2,621
Contract assets (IFRS 15)	539	39	34	15
Other assets	152	492	120	303
Other operating assets	3,125	1,431	3,083	911
Trade receivables and other operating assets	15,198	4,173	19,005	3,850
Total	15,741	5,280	20,090	4,929

${ }^{1}$ See also note 32 .

As of the reporting date, other financial assets include receivables from interests in jointly owned power plants of €34 million (2023: €65 million).

Receivables from derivative financial instruments amounted to $€ 4,275$ million at the balance sheet date (2023: €7,985 million). Of this amount, $€ 2,955$ million (2023: $€ 6,709$ million) is attributable to forward commodity contracts. The decrease is primarily due to price developments on the commodity markets during the course of the year.

Receivables within the scope of IFRS 15 mainly comprise trade receivables. Value adjustments recognized in profit or loss on receivables within the scope of IFRS 15 totaled -€0.5 billion in 2024 (2023: -€1.0 billion).

The following table presents the changes in other assets under IFRS 15:

Other Assets

€ in millions	2024	2023
Amortization and impairment	577	251
Balance as of December 31	$\mathbf{6 4 4}$	$\mathbf{4 2 3}$

The following table shows the opening and closing balances of contractual assets within the meaning of IFRS 15:

Contract Assets

€ in millions	2024	2023
Balance as of January 1	49	57
Balance as of December 31	$\mathbf{5 7 8}$	$\mathbf{4 9}$

Contract assets have risen sharply since December 31, 2023 (€49 million) to reach $€ 578$ million in total as of December 31, 2024 (see also the comments in Note 16).

In addition, the E.ON Group had contingent assets in the amount of about $€ 0.3$ billion as of December 31, 2024 (2023: €0.3 billion) due to pending legal proceedings.

(18) Liquid Funds

The following table provides a breakdown of liquid funds by original maturity as of the dates indicated:

Liquid Funds
	December 31,
€ in millions	2024	2023
Securities and fixed-term deposits	1,273	1,375
Current securities with an original maturity greater than 3 months	1,273	1,375
Restricted liquid funds	255	452
Cash and cash equivalents	5,752	5,585
thereof subject to an only contractual restriction	6	33
Total	7,280	7,412

Cash and cash equivalents include €5,230 million (2023: €5,096 million) in cash, checks, cash on hand and balances at financial institutions with an original maturity of less than three months. Cash and cash equivalents also include, in particular, money market funds in the amount of €382 million (2023: €358 million) which meet the definition of cash and cash equivalents. Cash and cash equivalents in the amount of €6 million (2023: €33 million) which are subject to an only contractual restriction comprise mainly advance payments in connection with government intervention measures.

(19) Capital Stock

The capital stock is subdivided into 2,641,318,800 registered shares with no par value (no-par-value shares) and amounts to €2,641,318,800 (2023: $€ 2,641,318,800$ ). The capital stock of the Company was provided by way of conversion of E.ON AG into a European Company (SE) and through a capital increase carried out on March 20, 2017, partially using the Authorized Capital 2012, which expired on May 2, 2017, and through a capital increase entered in the Commercial Register of the Company on September 19, 2019, making extensive use of the Authorized Capital 2017.

Pursuant to a resolution by the Annual Shareholders Meeting of May 16, 2024, the Management Board is authorized to purchase own shares until May 15, 2029. The shares purchased, combined with other treasury shares in the possession of the Company, or attributable to the Company pursuant to Sections 71a et seq. AktG, may at no time exceed 10 percent of its capital stock. The Management Board was authorized at
the aforementioned Annual Shareholders Meeting to cancel any shares thus acquired without requiring a separate shareholder resolution for the cancellation or its implementation. The total number of outstanding shares as of December 31, 2024, was 2,613,077,958 (December 31, 2023: 2,611,658,485). As of December 31, 2024, E.ON SE held a total of 28,240,842 treasury shares (December 31, 2023: 29,660,315) having a book value of $€ 1,015$ million (equivalent to approximately 1.07 percent or $€ 28,240,842$ of the capital stock).

The Management Board has further been authorized by the Annual Shareholders Meeting of May 16, 2024, also to buy shares using derivatives (put or call options, or a combination of both). When derivatives in the form of put or call options, or a combination of both, are used to acquire shares, the option transactions must be conducted with a credit institution or investment firm or a company operating in accordance with Section 53 (1) sentence 1 or Section 53b (1) sentence 1 or (7) of the German Banking Act (KWG), or with a consortium of such institutions or firms, or at market terms on the stock exchange. No shares were acquired in the reporting year using this purchase model.

In the 2024 fiscal year, employees of German E.ON Group companies had the opportunity to purchase E.ON shares at favorable conditions under a voluntary employee stock purchase program. The employees received a grant of $€ 360$ on the shares subscribed by them in the period from September 1 to September 30, 2024. The applicable issue price of the E.ON share was $€ 11,625$. A total of 1,419,473 shares, or 0.05 percent of the share capital of E.ON SE, were used and issued to employees with a weighted-average purchase price of $€ 19.59$ per share.

No scrip dividend was offered in the 2024 fiscal year.

Authorized Capital

By shareholder resolution adopted at the Annual Shareholders Meeting of May 16, 2024, the Management Board was authorized, subject to the Supervisory Board's approval, to increase until May 15, 2029, the Company's capital stock by a total of up to $€ 528,000,000$ through one or more issuances of new registered no-par-value shares against contributions in cash and/or in kind (authorized capital pursuant to Sections 202 et seq. AktG, Authorized Capital 2024).

Subject to the Supervisory Board's approval, the Management Board is authorized to exclude shareholders' subscription rights.

The Authorized Capital 2024 was not used.

Conditional Capital

At the Annual Shareholders Meeting of May 16, 2024, shareholders approved a conditional increase of the capital stock (with the option to exclude shareholders' subscription rights) in the amount of up to $€ 264$ million (Conditional Capital 2024).

The conditional capital increase will be used to grant registered no-parvalue shares to the holders of convertible bonds or bonds with warrants, profit participation rights or income bonds (or combinations of these instruments), in each case with option rights, conversion rights, option obligations and/or conversion obligations, which are issued by the Company or a Group company of the Company as defined by Section 18 of the German Stock Corporation Act (AktG), under the authorization approved by the Annual Shareholders Meeting on May 16, 2024, under agenda item 9, through May 15, 2029. The new shares will be issued at the conversion or option price to be determined in accordance with the authorization resolution.

The conditional capital increase is to be implemented only to the extent that holders of option or conversion rights exercise these rights, or to the extent that holders of mandatory conversion or option rights fulfill their obligation to exercise these rights, or to the extent that the Company exercises its right to grant shares in the Company in whole or in part in lieu of payment of the cash amount due.

The Conditional Capital 2024 was not used.

Voting Rights
The following notices pursuant to Section 33 (1) of the German Securities Trading Act ("WpHG") concerning changes in voting rights have been received:

Information on Stockholders of E.ON SE

	Date of notice	Threshold	Achieved, over or under threshold	Gained voting rights on	Allocation	Voting rights
The Capital Group Companies Inc., Los Angeles, USA ${ }^{1}$	Dec. 19, 2024	$3 \%$	Under	Dec. 18, 2024	indirect	2.94	77,661,948
BlackRock Inc., Wilmington, Delaware, USA	Dec. 10, 2024	$5 \%$	Over ${ }^{2}$	Dec. 5, 2024	indirect	$5.40^{3}$	$142,538,046^{3}$
RWE Aktiengesellschaft, Essen, Germany ${ }^{4}$	Dec. 10, 2020	$15 \%$	Achieved	Dec. 8, 2020	indirect	15.00	396,197,820
DWS Investment GmbH, Frankfurt am Main, Germany	Aug. 2, 2024	$3 \%$	Under	Jul. 30, 2024	indirect	2.98	78,783,238
Canada Pension Plan Investment Board, Toronto, Canada	Oct. 28, 2024	$3 \%$	Under	Oct. 25, 2024	direct/indirect	2.99	$78,994,750^{5}$

${ }^{1}$ Name of shareholder holding 3.0 percent or more of voting rights according to the notice received: Capital Research and Management Company.
${ }^{2}$ Voluntary Group notification with triggered threshold on subsidiary level without specific information about threshold crossing.
${ }^{3}$ Includes voting rights pursuant to Sec. 34 and instruments pursuant to Sec. 38 (1) No. 1 and 2 WpHG.
${ }^{4}$ Name of shareholder holding 3.0 percent or more of voting rights according to the notice received: GBV Zweiunddreißigste Gesellschaft für Beteiligungsverwaltung mbH.
${ }^{5}$ Includes voting rights pursuant to Sec. 33 and instruments pursuant to Sec. 38 (1) No. 2 WpHG.

(20) Additional Paid-in Capital

Additional paid-in capital decreased by $€ 11$ million to $€ 13,316$ million in 2024 (2023: $€ 13,327$ million). The reduction in additional paid-in capital is attributable to the issuance of employee shares to eligible employees of the E.ON Group.

(21) Retained Earnings

The following table breaks down the E.ON Group's retained earnings as of the dates indicated:

Retained Earnings

	December 31,
$€$ in millions	2024	2023
Legal reserves	45	45
Other retained earnings	4,706	1,446
Total	$\mathbf{4 , 7 5 1}$	$\mathbf{1 , 4 9 1}$

As of December 31, 2024, these IFRS retained earnings totaled $€ 4,751$ million (2023: $€ 1,491$ million). The total change of $€ 3,260$ million is primarily due to the positive consolidated net income. In addition, actuarial income from pensions led to a change in retained earnings. This was partially offset by E.ON SE's distribution to shareholders.

Under German securities law, E.ON SE shareholders may receive distributions from E.ON SE's income available for distribution in accordance with the German Commercial Code (German GAAP).

As of December 31, 2024, these German-GAAP retained earnings totaled $€ 3,309$ million (2023: $€ 3,294$ million). Of this amount, legal reserves of $€ 45$ million (2023: $€ 45$ million) are restricted pursuant to Section 150 (3) and (4) AktG. The increase in retained earnings is due to the sale of treasury shares under the employee stock purchase program in 2024. In addition, amounts of $€ 76.3$ million (2023: $€ 102.9$ million) are restricted from distribution under German commercial law as a result of the surplus of plan assets and the difference between the recognition of provisions for retirement benefit obligations based on the corresponding average market interest rate over the past ten fiscal years and the recognition of these provisions based on the corresponding average market interest rate over the past seven fiscal years. The dividend-restricted amounts are fully covered by a sufficient amount of available reserves.

The amount of retained earnings available for distribution is $€ 3,188$ million (2023: $€ 3,146$ million).

A proposal to distribute a cash dividend for 2024 of $€ 0.55$ per share will be submitted to the Annual Shareholders Meeting. For 2023, shareholders at the May 16, 2024, Annual Shareholders Meeting voted to distribute a dividend of $€ 0.53$ for each dividend-paying ordinary share. Based on a $€ 0.55$ dividend, the total profit distribution is $€ 1,437$ million (2023: $€ 1,384$ million).

(22) Changes in Other Comprehensive Income

The change in other comprehensive income is primarily the result of exchange rate differences recognized on the balance sheet, indexation effects from the application of IAS 29 (hyperinflationary accounting) in Turkey, effects from cash flow hedges, and the recognition of actuarial gains and losses.

The table below illustrates the share of OCI attributable to companies accounted for under the equity method.

Share of OCI Attributable to Companies Accounted for under the Equity Method

€ in millions	2024	2023
Balance as of December 31 (before taxes)	274	$-412$
Taxes	-	-
Balance as of December 31 (after taxes)	274	$-412$

(23) Non-Controlling Interests

Non-controlling interests by segment as of the dates indicated are shown in the following table:

Non-Controlling Interests

	December 31,
€ in millions	2024	2023
Energy Networks	5,153	4,973
Germany	4,730	4,574
Sweden	-	-
Central Eastern Europe	-	-
South Eastern Europe	423	399
Energy Infrastructure Solutions	22	36
Energy Retail	888	589
Germany	621	351
United Kingdom	-	-
The Netherlands	2	-
Other	265	238
Corporate Functions/Other	262	258
E.ON Group	$\mathbf{6 , 3 2 5}$	$\mathbf{5 , 8 5 6}$

The table below illustrates the share of OCI that is attributable to noncontrolling interests:

Share of OCI Attributable to Non-Controlling Interests

€ in millions	Cash flow hedges	Available-for- sale securities	Currency translation adjustments	$\begin{gathered} \text { Remeasure- } \ \text { ments of } \ \text { defined } \ \text { benefit plans } \end{gathered}$
Balance as of January 1, 2023	1	$-27$	$-222$	229
Changes	$-1$	15	12	$-139$
Balance as of December 31, 2023	-	$-11$	$-210$	90
Changes	-	6	$-10$	22
Balance as of December 31, 2024	-	$-5$	$-220$	112

In compliance with IFRS 12, the following tables include subsidiaries with significant non-controlling interests and provide an overview of significant items on the aggregated balance sheet and on the aggregated income statement, and significant cash flow items. The list of shareholdings pursuant to Section 313 (2) HGB (see Note 12) contains information on the registered office of the company and disclosures on equity interests.

Subsidiaries with Material Non-Controlling Interests-Balance Sheet Data as of December 31

€ in millions	rhenag Rheinische Energie AG			envia		E.DIS AG ${ }^{1}$		Avacon AG ${ }^{1}$
	2024	2023		2024	2023	2024	2023	2024	2023
Non-controlling interests in equity	495	448	1,253	1,156	641	564	569	538
Non-controlling interests in equity (in \%) ${ }^{2}$	54	54	42	42	33	33	39	39
Dividends paid out to non-controlling interests	30	18	70	68	30	30	50	50
Operating cash flow	21	52	$-30$	135	$-20$	$-11$	$-67$	$-44$
Non-current assets	489	466	3,708	3,719	1,851	1,826	2,507	2,175
Current assets	258	266	501	710	459	226	234	433
Non-current liabilities	37	36	564	842	7	6	900	729
Current liabilities	126	136	691	823	257	302	152	295
${ }^{1}$ Holding companies without operational business ${ }^{2}$ Calculated share ratio.

Subsidiaries with Material Non-Controlling Interests-Earnings Data

€ in millions	rhenag Rheinische Energie AG			envia		E.DIS AG ${ }^{1}$		Avacon AG ${ }^{1}$
	2024	2023		2024	2023	2024	2023	2024	2023
Share of earnings attributable to non-controlling interests	33	25		137	$-17$	105	52	81	84
Sales	247	288		392	349	5	4	14	13
Net income/loss	63	40		356	39	320	153	233	239
Comprehensive income	63	40		356	39	319	153	233	239

There are no major restrictions beyond those under customary corporate or contractual provisions. The amount of $€ 17$ million (2023: $€ 80$ million) was reclassified from non-controlling interests to liabilities in connection with guaranteed dividends.

(24) Provisions for Pensions and Similar Obligations

The retirement benefit obligations toward the active and former employees of the E.ON Group, which amounted to $€ 20.9$ billion, were covered by plan assets having a fair value of $€ 16.8$ billion as of December 31, 2024. This corresponds to a funded status of 80 percent.

Provisions for Pensions and Similar Obligations

	December 31,
€ in millions	2024	2023
Present value of all defined benefit
obligations
Germany	17,256	17,811
United Kingdom	3,582	3,858
Other countries	40	41
Total	$\mathbf{2 0 , 8 7 8}$	$\mathbf{2 1 , 7 1 0}$
Fair value of plan assets
Germany	13,092	13,347
United Kingdom	3,693	3,914
Other countries	9	8
Total	$\mathbf{1 6 , 7 9 4}$	$\mathbf{1 7 , 2 6 9}$
Net defined benefit liability/asset (r)
Germany	4,164	4,464
United Kingdom	-111	-56
Other countries	31	33
Total	$\mathbf{4 , 0 8 4}$	$\mathbf{4 , 4 4 1}$
Presented as operating receivables	$-1,097$	$-544$
Presented as provisions for pensions and
similar obligations	5,181	4,985

Description of the Benefit Plans

In addition to their entitlements under government retirement systems and the income from private retirement planning, most active and former E.ON Group employees are also covered by occupational benefit plans. Both defined benefit plans and defined contribution plans are in place. Benefits under defined benefit plans are generally paid upon reaching retirement age, or in the event of disability or death.
E.ON regularly reviews the pension plans in place within the Group for financial risks. Typical risk factors for defined benefit plans are longevity and changes in nominal interest rates, as well as inflation developments and rising wages and salaries.

The features and risks of defined benefit plans are shaped by the general legal, tax and regulatory conditions prevailing in the respective country. The configurations of the major defined benefit and defined contribution plans within the E.ON Group are described in the following discussion.

Germany

Active employees at the German Group companies are covered by both cash balance plans and pension plans based on final salary. Pension plans based on final salary are closed to new hires. All new hires will receive cash balance plans in accordance with a capital or pension module system, which, depending on the pension plan, can provide for alternative payout options of a prorated single payment and payments of installments in addition to the payment of a regular pension. The cash balance plans used different interest rules until December 31, 2021. Depending on the underlying pension plan, either interest rates adjusted to market developments with a fixed lower limit or guaranteed interest rates were used to determine the capital or pension modules. The majority of pension commitments still with a fixed guaranteed interest rate were modified as of January 1, 2022, in that the pension modules acquired from January 1, 2022, onwards now also bear interest at a rate adjusted to market developments and protected by a fixed lower limit. The benefit expense for the cash balance plans is determined at different percentage rates based on the ratio between compensation and the contribution limit in the statutory retirement pension system in Germany. Employees can additionally choose to defer compensation.

Future pension adjustments are either guaranteed at 1 percent per annum or largely track the development of the inflation rate, usually in a threeyear cycle.

To fund the pension plans for the German Group companies, plan assets were established. The major part of these plan assets is administered in the form of Contractual Trust Arrangements ("CTAs") in accordance with specified investment principles. There are additional plan assets available through the implementation channels of the pension fund ("Pensionsfonds") and smaller German pension vehicles ("Pensions- und Unterstützungskassen"). Only the pension fund and the "Pensionskassen" vehicles are subject to regulatory provisions in relation to the investment of capital and funding requirements.

United Kingdom

In the United Kingdom, there are various pension plans. In the past, employees were covered by defined benefit plans, which for the most part were final-pay plans and make up the majority of the pension obligations currently reported for the United Kingdom. Benefit payments to the beneficiaries are adjusted for inflation on a limited basis. These pension plans were closed to new hires. Since then, new hires are offered a defined
contribution plan. Aside from the payment of contributions, this plan entails no additional risks for the employer.

Plan assets in the United Kingdom are administered by trustees in independent special-purpose vehicles, most of which are a separate section of the Electricity Supply Pension Scheme (ESPS). The trustees are selected by the members of the plan or appointed by the entity. In that capacity, the trustees are particularly responsible for the investment of the plan assets.

The Pensions Regulator in the United Kingdom requires that a so-called "technical valuation" of the plan's funding status be performed every three years. The actuarial assumptions underlying the valuation are agreed upon by the trustees and E.ON UK plc. They include presumed life expectancy, wage and salary growth rates, investment returns, inflationary assumptions and interest rate levels. The most recent technical valuation of the financing status of the "E.ON UK Section" was completed as of the reporting date of March 31, 2024, and no technical funding deficit was identified. The "Npower Section" was merged into the "E.ON UK Section" as of March 31, 2024. The "Npower Section" is already included in the valuation result of the financing status of the "E.ON UK Section".

Other Countries

The remaining pension obligations are divided between the Netherlands, Luxembourg, Sweden, Italy, Poland, Romania, the Czech Republic and the USA.

The defined benefit plan in the Netherlands consists of commitments made by various employers within the framework of a sector-specific fund and does not permit a pro rata allocation of the obligations, plan assets and service cost. The E.ON Group accordingly accounts for this obligation as a defined contribution plan. There are no minimum funding requirements in this respect. Benefits may be reduced or contributions increased if there is insufficient funding.

From the perspective of the Group, however, the benefit plans are relatively insignificant in the above-mentioned countries.

Description of the Benefit Obligations

The following table shows the changes in the present value of the defined benefit obligations for the periods indicated:

Changes in the Defined Benefit Obligations

€ in millions	2024						2023
	Total	Germany	United Kingdom	Other countries	Total	Germany	United Kingdom	Other countries
Defined benefit obligations as of January 1	21,710	17,811	3,858	41	19,897	16,028	3,832	37
Employer service cost for benefits earned during the year	215	201	12	2	164	151	11	2
Past service cost	$-28$	$-28$	-	-	16	20	$-4$	-
Gains (-) and losses (+) on settlements	-	-	-	-	1	-	1	-
Interest cost on the present value of the defined benefit obligations	736	556	178	2	778	582	194	2
Remeasurements	$-818$	$-429$	$-388$	$-1$	1,856	1,862	$-12$	6
Actuarial gains (-)/losses (+) arising from changes in demographic assumptions	$-19$	-	$-19$	-	$-104$	-	$-104$	-
Actuarial gains (-)/losses (+) arising from changes in financial assumptions	$-947$	$-573$	$-373$	$-1$	1,518	1,451	63	4
Actuarial gains (-)/losses (+) arising from experience adjustments	148	144	4	-	442	411	29	2
Employee contributions	4	3	1	-	3	2	1	-
Benefit payments	$-1,128$	$-872$	$-254$	$-2$	$-1,101$	$-853$	$-244$	$-4$
Changes in scope of consolidation	-	-	-	-	20	21	-	$-1$
Exchange rate differences	175	-	175	-	79	-	79	-
Other	12	14	-	$-2$	$-3$	$-2$	-	$-1$
Defined benefit obligations as of December 31	20,878	17,256	3,582	40	21,710	17,811	3,858	41

The actuarial gains shown in the table for the development of the present value of the defined benefit obligations are primarily attributable to an increase in the discount rates used.

The present value is attributable to retirees and their beneficiaries in the amount of $€ 13.4$ billion (2023: $€ 13.5$ billion), to former employees with vested entitlements in the amount of $€ 2.5$ billion (2023: $€ 2.8$ billion) and to active employees in the amount of $€ 5$ billion (2023: $€ 5.4$ billion).

The actuarial assumptions used to measure the defined benefit obligations and to compute the net periodic pension cost at E.ON's German and UK subsidiaries as of the respective balance sheet date are as follows:

Actuarial Assumptions

	December 31,
Percentages	2024	2023	2022
Discount rate ${ }^{1}$
Germany	3.41	3.16	3.71
United Kingdom	5.45	4.50	4.80
Wage and salary growth rate
Germany	2.95	2.95	2.75
United Kingdom ${ }^{2}$	2.20/2.70	2.10/2.50	2.20/2.70
Pension increase rate
Germany ${ }^{3}$	2.20	2.20	2.00
United Kingdom	3.00	2.90	3.10
${ }^{1}$ The discount rates used to determine service cost were 3.12 percent (2023: 3.59 percent) in Germany and 4.53 percent (2023: 4.78 percent) in the UK. ${ }^{2}$ Different salary growth rates due to different benefit plans (E.ON: 2.20 percent (2023: 2.10 percent); Npower: 2.70 percent (2023: 2.50 percent)). ${ }^{3}$ The pension increase rate for Germany applies to eligible individuals not subject to an agreed guarantee adjustment.

The IAS 19 discount rates for the EUR and GBP currency areas are determined on the basis of the single equivalent discount rate method. The full yield curve is used to determine the present value of the defined benefit obligations, and the IAS 19 discount rate disclosed is determined retrospectively as the discount rate that leads to the identical present value of the defined benefit obligations when applied uniformly. The yield curve "RATE:Link" from provider WTW is used to determine the present value.

To measure the E.ON Group's occupational pension obligations for accounting purposes, the Company has employed the current versions of the biometric tables recognized in each respective country for the calculation of pension obligations:

Actuarial Assumptions (Mortality Tables)

	2018 G versions of the Heubeck biometric tables
Germany	(2018)
United Kingdom	"S4" series base mortality tables with the CMI 2023
	projection model for future improvements

Changes in the actuarial assumptions described previously would lead to the following changes in the present value of the defined benefit obligations:

Sensitivities

	Change in the present value of the defined benefit obligations
Change in the discount rate by (basis points)	December 31, 2024
Change in percent	$+50$	$-50$	$+50$
Change in the wage and salary growth rate by (basis points)	$-5.93$	6.62	$-6.30$
Change in percent	$+25$	$-25$	$+25$
Change in the pension increase rate by (basis points)	0.23	$-0.22$	0.26
Change in percent	$+25$	$-25$	$+25$
Change in mortality by (percent)	1.79	$-1.72$	1.88
Change in percent	$+10$	$-10$	$+10$
	$-2.03$	2.27	$-2.11$

The sensitivities indicated are computed based on the same methods and assumptions used to determine the present value of the defined benefit obligations. If one of the actuarial assumptions is changed for the purpose of computing the sensitivity of results to changes in that assumption, all other actuarial assumptions are included in the computation unchanged.

When considering sensitivities, it must be noted that the change in the present value of the defined benefit obligations resulting from changing multiple actuarial assumptions simultaneously is not necessarily equivalent to the cumulative effect of the individual sensitivities.

Description of Plan Assets and the Investment Policy

The defined benefit plans are funded by plan assets held in specially created pension vehicles that legally are distinct from the Company. The fair value of these plan assets changed as follows:

Changes in the Fair Value of Plan Assets

	2024						2023
$€$ in millions	Total	Germany	United Kingdom	Other countries	Total	Germany	United Kingdom	Other countries
Fair value of plan assets as of January 1	17,269	13,347	3,914	8	16,787	12,863	3,915	9
Interest income on plan assets	598	414	184	-	664	465	199	-
Remeasurements	$-370$	$-19$	$-352$	1	429	491	$-62$	-
Return on plan assets recognized in equity, not including amounts contained in the interest income on plan assets	$-370$	$-19$	$-352$	1	429	491	$-62$	-
Employee contributions	4	3	1	-	3	2	1	-
Employer contributions	175	154	21	-	339	314	25	-
Benefit payments	$-1,061$	$-807$	$-254$	-	$-1,041$	$-796$	$-244$	$-1$
Changes in scope of consolidation	-	-	-	-	6	6	-	-
Exchange rate differences	179	-	179	-	81	-	81	-
Other	-	-	-	-	1	2	$-1$	-
Fair value of plan assets as of December 31	16,794	13,092	3,693	9	17,269	13,347	3,914	8

The plan assets include virtually no owner-occupied real estate or equity and debt instruments issued by E.ON Group companies. Each of the individual plan asset components has been allocated to an asset class based on its substance.

The plan assets thus classified break down as shown in the following table:

Classification of Plan Assets

	December 31, 2024						December 31, 2023
	Total	Germany	United Kingdom	Other countries	Total	Germany	United Kingdom	Other countries
Plan assets listed in an active market
Equity securities (stocks)	20	23	10	$-$	18	21	8	$-$
Debt securities	47	44	57	$-$	45	43	52	$-$
thereof Government bonds	32	26	52	$-$	28	22	47	$-$
thereof Corporate bonds	15	18	5	$-$	17	21	5	$-$
Other investment funds	6	$-$	25	$-$	7	$-$	30	$-$
Total listed plan assets	73	67	92	-	70	64	90	-
Plan assets net listed in an active market
Equity securities not traded on an exchange	6	6	6	$-$	6	6	6	$-$
Debt securities	$-$	$-$	$-$	$-$	1	1	$-$	$-$
Real estate	9	12	$-$	$-$	11	14	$-$	$-$
Qualifying insurance policies	2	2	1	100	2	2	1	100
Cash and cash equivalents	1	1	1	$-$	3	3	1	$-$
Other	9	12	$-$	$-$	7	10	2	$-$
Total unlisted plan assets	27	33	8	100	30	36	10	100
Total	100	100	100	100	100	100	100	100

The fundamental investment objective for the plan assets is to provide full coverage of benefit obligations at all times for the payments due under the corresponding benefit plans. This investment policy stems from the corresponding governance guidelines of the Group. An increase in the net defined benefit liability or a deterioration in the funded status following an unfavorable development in plan assets or in the present value of the defined benefit obligations is identified in these guidelines as a risk. E.ON therefore regularly reviews the development of the funded status in order to monitor this risk.

To implement the investment objective, the E.ON Group primarily pursues an investment approach that takes into account the structure of the benefit obligations. This long-term investment strategy seeks to manage the funded status, with the result that any changes in the defined benefit obligations, especially those caused by fluctuating inflation and interest rates are, to a certain degree, offset by simultaneous corresponding changes in the fair value of plan assets. The investment strategy may also involve the use of derivatives (for example, interest rate swaps and inflation swaps, as well as currency hedging instruments) to facilitate the control of specific risk factors of pension liabilities. In the table above, derivatives have been allocated, based on their substance, to the respective asset classes.

In order to improve the funded status of the E.ON Group as a whole, a portion of the plan assets will also be invested in a diversified portfolio of asset classes that are expected to provide for long-term returns in excess of those of fixed-income investments and the discount rate.

The determination of the target portfolio structure for the individual plan assets is based on regular asset-liability studies. In these studies, the target portfolio structure is reviewed in a comprehensive approach against the backdrop of existing investment principles, the current funded status, the condition of the capital markets and the structure of the benefit obligations, and is adjusted as necessary. The parameters used in the studies are additionally reviewed regularly. Asset managers are tasked with implementing the target portfolio structure. They are monitored for target achievement on a regular basis.

Description of the Pension Cost
The net periodic pension cost for defined benefit plans included in the provisions for pensions and similar obligations and in operating receivables is shown in the table below.

Net Periodic Pension Cost

€ in millions	Total	Germany	United Kingdom	2024				2023
				Other countries	Total	Germany	United Kingdom	Other countries
Employer service cost for benefits earned during the year	215	201	12	2	164	151	11	2
Past service cost	$-28$	$-28$	-	-	16	20	$-4$	-
Gains (-) and losses (+) on settlements	-	-	-	-	1	-	1	-
Net interest cost (+)/interest income (-) on the net defined benefit liability/asset	138	142	$-6$	2	114	117	$-5$	2
Total	325	315	6	4	295	288	3	4

In addition to the total net periodic pension cost for defined benefit plans, an amount of $€ 122$ million in contributions to external insurers or similar institutions was paid in 2024 (2023: $€ 104$ million) for defined contribution plans.

Contributions to state plans totaled $€ 0.4$ billion (2023: $€ 0.4$ billion).

Description of Contributions and Benefit Payments

Prospective benefit payments under the defined benefit plans existing as of December 31, 2024, for the next ten years are shown in the following table:

Prospective Benefit Payments

€ in millions	Total	Germany	United Kingdom	Other countries
2025	1,162	922	237	3
2026	1,156	915	238	3
2027	1,171	929	239	3
2028	1,175	933	239	3
2029	1,182	942	237	3
2030-2034	5,938	4,746	1,166	26
Total	11,784	9,387	2,356	41

For the following fiscal year, it is expected that employer contributions to plan assets will amount to a total of $€ 181$ million.

The weighted-average duration of the defined benefit obligations measured within the E.ON Group was 12.7 years as of December 31, 2024 (2023: 13.5 years).

Description of the Net Defined Benefit Liability
The recognized net liability from the E.ON Group's defined benefit plans results from the difference between the present value of the defined benefit obligations and the fair value of plan assets:

Changes in the Net Defined Benefit Liability

$€$ in millions	Total	Germany	United Kingdom	Other countries	Total	Germany	United Kingdom	Other countries
Net liability as of January 1	4,441	4,464	$-56$	33	3,110	3,165	$-83$	28
Net periodic pension cost	325	315	6	4	295	288	3	4
Changes from remeasurements	$-448$	$-410$	$-36$	$-2$	1,427	1,371	50	6
Employer contributions to plan assets	$-175$	$-154$	$-21$	-	$-339$	$-314$	$-25$	-
Net benefit payments	$-67$	$-65$	-	$-2$	$-60$	$-57$	-	$-3$
Changes in scope of consolidation	-	-	-	-	14	15	-	$-1$
Exchange rate differences	$-4$	-	$-4$	-	$-2$	-	$-2$	-
Other	12	14	-	$-2$	$-4$	$-4$	1	$-1$
Net liability as of December 31	4,084	4,164	$-111$	31	4,441	4,464	$-56$	33
thereof net liability	5,181	5,117	31	33	4,985	4,917	33	35
thereof net asset	$-1,097$	$-953$	$-142$	$-2$	$-544$	$-453$	$-89$	$-2$

(25) Miscellaneous Provisions

The following table lists the miscellaneous provisions as of the dates indicated:

Miscellaneous Provisions

	December 31, 2024		December 31, 2023
€ in millions	Current	Non-current	Current	Non-current
Nuclear-waste management obligations	684	5,219	713	5,840
Personnel obligations	425	741	465	796
Obligations from green certificates	860	30	812	43
Other asset retirement obligations	64	708	109	713
Supplier-related and customer-related obligations	930	119	976	167
Environmental remediation and similar obligations	47	296	79	323
Other	1,282	1,179	1,712	1,146
Total	4,292	8,292	4,866	9,028

The changes in the miscellaneous provisions are shown in the table below:

Changes in Miscellaneous Provisions

	January 1, 2024	Exchange rate differences	Changes in scope of consolidation	Unwinding of discounts	Additions	Utilization	Reclassifi- cations	Reversals	Changes in estimates	December 31, 2024
Nuclear-waste management obligations	6,553	-	-	136	-	-686	-	-	-100	5,903
Personnel obligations	1,261	1	-	23	435	-411	-35	-108	-	1,166
Obligations from green certificates	855	41	-	1	1,352	-1,342	-	-17	-	890
Other asset retirement obligations	822	-	-	14	16	-31	4	-12	-41	772
Supplier-related and customer-related obligations	1,143	3	1	4	371	-290	2	-185	-	1,049
Environmental remediation and similar obligations	402	-1	-	-	21	-39	-	-40	-	343
Other	2,858	9	-7	59	803	-816	-31	-414	-	2,461
Total	$\mathbf{1 3 , 8 9 4}$	$\mathbf{5 3}$	$\mathbf{- 6}$	$\mathbf{2 3 7}$	$\mathbf{2 , 9 9 8}$	$\mathbf{- 3 , 6 1 5}$	$\mathbf{- 6 0}$	$\mathbf{- 7 7 6}$	$\mathbf{- 1 4 1}$	$\mathbf{1 2 , 5 8 4}$

The accretion expense resulting from the changes in provisions is shown in the financial result (see Note 9). The provision items are discounted in accordance with the maturities with interest rates of between 1.9 and 7.3 percent.

As per the previous year, as of December 31, 2024, provisions for nuclearwaste management obligations exclusively relate to Germany; other provisions mainly relate to eurozone countries and the United Kingdom.

Provisions for Nuclear-Waste Management Obligations

The provisions for nuclear-waste management obligations as of December 31, 2024, in the amount of $€ 5.9$ billion exclusively relate to nuclear power activities in Germany.

The provisions for nuclear waste management based on nuclear power legislation comprise all those nuclear obligations relating to the disposal of spent nuclear-fuel rods and low-level nuclear waste and to the retirement and decommissioning of nuclear power plant components that are determined on the basis of external studies, external and internal cost estimates and contractual agreements, as well as the supplementary provisions of the German Act Transferring Responsibility for Nuclear Waste Storage and the German Disposal Fund Act.

The asset retirement obligations recognized include the anticipated costs of post- and residual operation of the facility, dismantling costs, and the cost of removal and disposal of the nuclear components of the nuclear power plant.

Provisions for the disposal of spent nuclear fuel rods also comprise the contractual costs of the return of waste from reprocessing in France and England to interim storage, as well as costs incurred for expert handling, including the necessary interim storage containers and transport to interim storage.

The cost estimates used to determine the provision amounts are based on studies and analyses performed by external specialists and are updated annually, provided that the cost estimates are not based on contractual agreements.

In the following, the provision items after deduction of advance payments are classified based on technical criteria:

Nuclear Waste Management Obligations in Germany (Less Advance Payments)

	December 31,
$€$ in millions	2024	2023
Retirement and decomissioning	5,605	6,167
Containers, transports, other	298	386
Total	$\mathbf{5 , 9 0 3}$	$\mathbf{6 , 5 5 3}$

Provisions, if they are non-current, are measured at their settlement amounts, discounted to the balance sheet date.

A risk-free discount rate of an average of about 2.3 percent is used for the measurement of E.ON's disposal obligations (previous year: about 2.0 percent). As in the prior year, E.ON assumes a 2 percent increase in costs when estimating annual payments. A change in the discount rate or in the cost increase rate of 0.1 percentage points would change the amount of the provision recognized on the balance sheet by approximately $€ 40$ million.

Excluding the effects of discounting and cost increases, the amounts for disposal obligations would be $€ 5,979$ million with average credit terms of approximately five years.

There were changes in estimates for the nuclear power business in 2024 in the amount of - $€ 100$ million (2023: $€ 266$ million). This mainly includes the discounting effect in the amount of about - $€ 93$ million resulting from the increase in interest rates. Increases from cost adjustments were largely offset by countervailing effects from the optimization of decommissioning and disposal services in the amount of around $€ 114$ million. $€ 686$ million (2023: $€ 686$ million) of this was used, of which $€ 616$ million (2023: $€ 592$ million) related to decommissioning nuclear power plants based on circumstances for which decommissioning and dismantling costs were capitalized.

Personnel Obligations

Provisions for personnel costs primarily cover provisions for early retirement benefits, performance-based compensation components, restructuring and other deferred personnel costs. Restructuring provisions, which totaled $€ 597$ million at December 31, 2024 (2023: $€ 641$ million), were made especially in Germany for various restructuring projects.

Obligations from Green Certificates

Renewables Obligation Certificates (ROCs or Green Certificates) are an important mechanism for promoting renewable energies, especially in the UK. The ROCs represent a fixed share of Renewables in power sales and can be acquired either from renewable sources or on the market. During a 12-month ROC period, the obligations recognized as a provision for this purpose are offset against the acquired certificates and used.

Provisions for Other Asset Retirement Obligations

The provisions for other asset retirement obligations consist of obligations for renewable energy power plants and infrastructure. In addition, the provisions for dismantling conventional plant components in the nuclear power segment, which are based on legally binding civil law agreements and public requirements in the amount of $€ 360$ million (2023: $€ 375$ million) are taken into account here. The change in this item is mainly due to the increase in interest rates. Excluding discounting and costincrease effects, the amount for these disposal obligations with an average payment term of about 13 years would be $€ 379$ million.

The other asset retirement obligations disclosed under economic net debt, not including the provisions for dismantling conventional plant components in the nuclear power segment, amount to $€ 412$ million (2023: $€ 447$ million).

Sales and Supplier-Related Obligations

Provisions for supplier-related obligations consist of provisions for potential losses on open purchase contracts.

Provisions for sales market-oriented obligations include provisions for price reductions, discounts and rebates in the amount of $€ 554$ million (2023: $€ 557$ million).

Environmental Remediation and Similar Obligations

Provisions for environmental remediation refer primarily to redevelopment protection measures and the rehabilitation of contaminated sites.

Other

The other miscellaneous provisions consist of obligations for a possible insolvency payment in the amount of $€ 140$ million (2023: $€ 120$ million), litigation cost risks in the amount of $€ 99$ million (2023: $€ 114$ million), emissions allowanes of $€ 73$ million (2023: $€ 108$ million), possible obligations from tax-related interest expense in the amount of $€ 46$ million (2023: $€ 58$ million) and miscellaneous taxes in the amount of $€ 46$ million (2023: $€ 65$ million).

(26) Liabilities

The following table provides a breakdown of liabilities:

Liabilities

	December 31, 2024		December 31, 2023
$€$ in millions	Current	Non-current	Current	Non-current
Financial liabilities	4,964	34,100	4,617	30,823
Trade payables	10,870	-	11,580	-
Capital expenditure grants	617	538	395	357
Liabilities from derivatives	1,962	2,108	8,727	3,713
Advance payments	280	21	358	33
Contract liabilities (IFRS 15)	687	3,904	699	3,693
Other operating liabilities	5,290	580	5,638	520
Trade payables and other operating liabilities	19,706	7,151	27,397	8,316
Total	24,670	41,251	32,014	39,139

Financial Liabilities

The following tables present the changes to financial liabilities in fiscal years 2024 and 2023:

Financial Liabilities

| € in millions | Jan. 1, 2024 | Cash flows | Cash-
effective | Non-cash-effective | | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | | | Exchange rate differences | Changes in scope of consolidation | Compounding effect | Other | Dec. 31, 2024 |
| Bonds | 29,426 | 2,935 | 154 | - | 19 | $-148$ | 32,386 |
| Commercial paper | 214 | 6 | - | - | - | - | 220 |
| Bank loans/liabilities to banks | 1,671 | 418 | $-35$ | - | - | $-163$ | 1,891 |
| Lease obligations ${ }^{1}$ | 2,874 | $-377$ | $-1$ | 2 | - | 693 | 3,191 |
| Other financial liabilities | 1,255 | 19 | $-2$ | 38 | - | 66 | 1,376 |
| Financial liabilities | 35,440 | 3,001 | 116 | 40 | 19 | 448 | 39,064 |

${ }^{1}$ For more information see Note 32.

Financial Liabilities

€ in millions	Jan. 1, 2023	Cash flows	Exchange rate differences	Changes in scope of consolidation	Compounding effect	Other	Dec. 31, 2023
Bonds	28,897	641	53	-	22	$-187$	29,426
Commercial paper	767	$-553$	-	-	-	-	214
Bank loans/liabilities to banks	921	643	$-4$	109	-	2	1,671
Lease obligations ${ }^{1}$	2,512	$-383$	8	-	-	737	2,874
Other financial liabilities	1,054	$-594$	2	8	-	785	1,255
Financial liabilities	34,151	$-246$	59	117	22	1,337	35,440

Liabilities to financial institutions include, among other items, collateral received, measured at a fair value of $€ 81$ million (2023: $€ 27$ million). This collateral relates to amounts pledged by banks to limit the utilization of credit lines in connection with the fair value measurement of derivative transactions. The other financial liabilities include, inter alia, financial guarantees totaling $€ 8$ million (2023: $€ 8$ million). Also included is collateral received in connection with goods and services in the amount of $€ 13$ million (2023: $€ 17$ million). E.ON can use this collateral without restriction.

The financial liabilities of innogy recognized at the date of initial consolidation were marked to market under IFRS. This market value was considerably higher than the nominal value because market interest rates had fallen since the bonds were issued. The difference between the nominal value and the market value calculated during the purchase price allocation totaled $€ 1,388$ million as of December 31, 2024 (as of December 31, 2023: $€ 1,496$ million) and will be reversed over the term of each bond and recognized as an expense in the financial result (see Note 9). This difference is not taken into account in the economic net debt.

The following is a description of the E.ON Group's significant credit arrangements and debt issuance programs.

€35 Billion Debt Issuance Program

A Debt Issuance Program simplifies the flexible issuance of debt instruments through public and private placements to investors. The Debt Issuance Program of E.ON SE was most recently renewed in March 2024, with a total amount of $€ 35$ billion. E.ON SE plans to renew the program and re-admit E.ON International Finance B.V. as a possible issuer in 2025.

At year-end 2024, the following E.ON SE and E.ON International Finance B.V. bonds were outstanding:

Major Bond Issues of E.ON SE and E.ON International Finance B.V. ${ }^{1}$

Issuer	Volume in the respective currency	Initial term	Repayment	Coupon
E.ON SE	EUR 750 million	2.8 years	Jan 2025	0.875\%
E.ON International Finance B.V.	EUR 750 million	8 years	Apr 2025	1.000\%
E.ON SE	EUR 750 million	5.5 years	Oct 2025	1.000\%
E.ON SE	EUR 500 million	4 years	Jan 2026	0.125\%
E.ON International Finance B.V.	EUR 500 million	8 years	May 2026	1.625\%
E.ON SE	EUR 750 million	7 years	Oct 2026	0.250\%
E.ON SE	EUR 1,000 million	7.7 years	Sep 2027	0.375\%
E.ON International Finance B.V.	EUR 850 million	10 years	Oct 2027	1.250\%
E.ON SE	EUR 800 million	5 years	Jan 2028	3.500\%
E.ON SE	EUR 500 million	7.8 years	Feb 2028	0.750\%
E.ON SE	EUR 600 million	6 years	Aug 2028	2.875\%
E.ON SE	EUR 600 million	7.9 years	Dec 2028	0.100\%
E.ON SE	EUR 750 million	5.5 years	Mar 2029	3.750\%
E.ON SE	EUR 750 million	12 years	May 2029	1.625\%
E.ON International Finance B.V.	EUR 1,000 million	11.5 years	Jul 2029	1.500\%
E.ON SE	EUR 750 million	10.5 years	Feb 2030	0.350\%
E.ON SE	EUR 750 million	5.5 years	Mar 2030	3.125\%
E.ON International Finance B.V.	GBP 760 million	28.1 years	Jun 2030	6.250\%
E.ON SE	EUR 500 million	10.9 years	Dec 2030	0.750\%

${ }^{1}$ Listing: All bonds $\pm$ EUR 500 million are listed in Luxembourg with the exception of the Rule 144A/Regulation 5 USD bond, which is unlisted.

Major Bond Issues of E.ON SE and E.ON International Finance B.V. ${ }^{1}$

Issuer	Volume in the respective currency	Initial term	Repayment	Coupon
E.ON SE	EUR 750 million	7 years	Jan 2031	$3.375 \%$
E.ON SE	EUR 750 million	9 years	Mar 2031	$1.625 \%$
E.ON SE	EUR 500 million	11.3 years	Aug 2031	$0.875 \%$
E.ON SE	EUR 500 million	12 years	Nov 2031	$0.625 \%$
E.ON SE	EUR 800 million	8 years	Mar 2032	$3.500 \%$
E.ON International Finance B.V. ${ }^{2}$	GBP 975 million	30 years	Jun 2032	$6.375 \%$
E.ON SE	EUR 750 million	11.5 years	Oct 2032	$0.600 \%$
E.ON International Finance B.V.	EUR 600 million	30 years	Feb 2033	$5.750 \%$
E.ON SE	EUR 750 million	10 years	Aug 2033	$4.000 \%$
E.ON International Finance B.V.	GBP 600 million	22 years	Jan 2034	$4.750 \%$
E.ON SE	EUR 800 million	12.8 years	Oct 2034	$0.875 \%$
E.ON SE	EUR 1,000 million	12 years	Jan 2035	$3.875 \%$
E.ON SE	EUR 750 million	12 years	Jan 2036	$3.750 \%$
E.ON International Finance B.V.	GBP 900 million	30 years	Oct 2037	$5.875 \%$
E.ON International Finance B.V. ${ }^{3}$	USD 1,000 million	30 years	Apr 2038	$6.650 \%$
E.ON SE	EUR 500 million	14 years	Sep 2038	$3.875 \%$
E.ON International Finance B.V.	GBP 700 million	30 years	Jan 2039	$6.750 \%$
E.ON International Finance B.V.	GBP 1,000 million	30 years	Jul 2039	$6.125 \%$
E.ON SE	EUR 1,000 million	20 years	Mar 2044	$4.125 \%$

${ }^{1}$ Listing: All bonds $\in$ EUR 500 million are listed in Luxembourg with the exception of the Rule 144A/Regulation 5 USD bond, which is unlisted.
${ }^{2}$ The volume of this issue was raised from originally GBP 850 million to GBP 975 million.
${ }^{3}$ Rule 144A/Regulation 5 bond.

Additionally outstanding as of December 31, 2024, were private placements with a total volume of approximately $€ 1.7$ billion (2023: $€ 1.4$ billion). As of December 31, 2024, there were bilateral credit facilities in the amount of $€ 1.0$ billion (2023: $€ 2.3$ billion), with original maturities of up to 1.5 years. These facilities were agreed with a share of E.ON's core banking group and were not drawn on during the reporting year.

€3.5 Billion Syndicated Revolving Credit Facility

Effective October 24, 2019, E.ON arranged a syndicated revolving credit facility in the amount of $€ 3.5$ billion over an original term of five years, with two extension options for one year each. Taking into account the two already exercised options, the credit line will mature on October 24, 2026. The credit margin is linked, among other things, to the development of certain ESG ratings, which gives E.ON financial incentives to pursue a sustainable corporate strategy. The ESG ratings are set by three prominent agencies: ISS ESG, MSCI ESG Research, and Sustainalytics. The facility serves as the Group's reliable, long-term liquidity reserve, one purpose of which is to function as a backup facility for the commercial paper programs. The facility was granted by 21 banks, which make up E.ON's core banking group. The facility has not been drawn in the reporting year.

€10 Billion and $\$ 10$ Billion Commercial Paper Programs

The euro commercial paper program in the amount of $€ 10$ billion allows E.ON SE to issue from time to time commercial paper with maturities of up to two years less one day to investors. The US commercial paper program in the amount of $\$ 10$ billion allows E.ON SE to issue from time to time commercial paper with maturities of up to 366 days to investors. As of December 31, 2024, €0 million was outstanding under the euro commercial paper program (2023: €44 million) and the equivalent of $€ 221$ million (prior year: $€ 170$ million) under the US commercial paper program.

The bonds issued by E.ON SE and E.ON International Finance B.V.
(guaranteed by E.ON SE) have the maturities presented in the table below.
Liabilities denominated in foreign currency include the effects of economic hedges, and the amounts shown here may therefore vary from the amounts presented on the balance sheet

Bonds Issued by E.ON SE and E.ON International Finance B.V.

					Due between 2027 and 2033	Due after 2033
€ in millions	Total	2024	2025	2026
December 31, 2024	30,920	-	2,408	1,750	16,690	10,072
December 31, 2023	28,461	2,139	2,408	1,750	14,678	7,485

Financial Liabilities by Segment

The following table breaks down the financial liabilities by segment:
Financial Liabilities by Segment as of December $31^{1}$

	Bonds		Commercial paper		Bank loans/Liabilities to banks		Lease obligations		Other financial liabilities		Financial liabilities
€ in millions	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Energy Networks	-	-	-	-	1,109	905	2,664	2,385	813	693	4,586	3,983
Germany	-	-	-	-	571	454	2,560	2,285	811	692	3,942	3,431
Sweden	-	-	-	-	-	-	15	15	-	1	15	16
Central Eastern Europe	-	-	-	-	-	-	76	71	2	1	78	72
South Eastern Europe	-	-	-	-	538	451	13	14	$-1$	$-1$	550	464
Consolidation	-	-	-	-	-	-	-	-	1	-	1	-
Energy Infrastructure Solutions	-	-	-	-	9	12	145	118	48	44	202	174
Energy Retail	-	-	-	-	693	725	279	261	261	179	1,233	1,165
Germany	-	-	-	-	80	76	21	21	37	25	138	122
United Kingdom	-	-	-	-	$-4$	$-4$	28	33	1	2	25	31
The Netherlands	-	-	-	-	1	1	90	80	4	34	95	115
Other	-	-	-	-	616	651	140	126	219	120	975	897
Consolidation	-	-	-	-	-	1	-	1	-	$-2$	-	-
Corporate Functions/Other	32,386	29,426	220	214	80	29	103	110	254	339	33,043	30,118
E.ON Group	32,386	29,426	220	214	1,891	1,671	3,191	2,874	1,376	1,255	39,064	35,440

${ }^{1}$ Because of changes in segment reporting, the prior-year figure was adjusted accordingly.

Trade Payables and Other Operating Liabilities

Trade payables totaled $€ 10,870$ million as of December 31, 2024 (2023: $€ 11,580$ million).

Capital expenditure grants of $€ 1,155$ million (2023: $€ 752$ million) have not yet been recognized as revenue. As in the prior year, the majority of these were government grants, in particular for the Energy Networks business. The E.ON Group retains ownership of the assets. The grants are nonrefundable and are recognized in other operating income over the period of the depreciable lives of the related assets.

Derivative liabilities totaled $€ 4,069$ million as of December 31, 2024 (2023: $€ 12,440$ million). Of this amount, $€ 2,645$ million (2023: $€ 10,832$ million) is attributable to forward commodity contracts. The change compared with the previous year is mainly due to the market valuation of commodity derivatives.

Contract liabilities under IFRS 15 in the amount of $€ 4,591$ million (2023: $€ 4,392$ million) consist primarily of construction grants that were paid by customers for the cost of new gas and electricity connections in accordance with the generally binding terms governing such new connections. These grants are customary in the industry, are usually nonrefundable, and are generally reversed and recognized as revenue over the regulatory period in question. This effect increased revenue by $€ 319$ million in 2024 (2023: $€ 314$ million).

Other operating liabilities consist primarily of other tax liabilities in the amount of $€ 860$ million (2023: $€ 950$ million) and interest payable in the amount of $€ 562$ million (2023: $€ 441$ million). This item also includes other liabilities to our customers from overpayments and refund claims of $€ 1,676$ million (2023: $€ 1,765$ million) and current personnel liabilities of $€ 523$ million (2023: $€ 503$ million). Also included in other operating liabilities are carryforwards of counterparty obligations to acquire additional shares in already consolidated subsidiaries as well as noncontrolling interests in fully consolidated partnerships with legal structures that give their shareholders a statutory right of withdrawal combined with a compensation claim, in the amount of $€ 314$ million (2023: $€ 563$ million).

(27) Contingent Liabilities and Other Financial Obligations

As part of its business activities, E.ON is subject to contingent liabilities and other financial obligations involving a variety of underlying matters. These primarily include guarantees, obligations from litigation and claims (as discussed in more detail in Note 28), short- and long-term contractual, legal and other obligations and commitments.

Contingent Liabilities

The contingent liabilities of the E.ON Group amounted to $€ 0.3$ billion as of December 31, 2024 (December 31, 2023: $€ 0.3$ billion) and primarily include contingent liabilities in connection with potential long-term environmental remediation measures and legal disputes. This value represents the best estimate of the expenditure required to settle the present obligation as of the reporting date.
E.ON has also issued direct and indirect guarantees and surety bonds to third parties in connection with its own operations or the operations of affiliated companies, which may trigger payment obligations based on the occurrence of certain events. These instruments include both financial guarantees as well as operational guarantees, which primarily secure contractual obligations as well as benefit obligations for active and former employees.

In addition, E.ON has entered into indemnification agreements, which as a rule are incorporated in agreements concerning the disposal of shareholdings and, above all, affect the customary representations and warranties with relation to liability risks for environmental damage and contingent tax risks. In some cases, obligations are covered in the first instance by provisions of the disposed companies before E.ON itself is required to make any payments. Guarantees issued by companies that were later sold by E.ON SE or its legal predecessors are usually included in the respective final sales contracts in the form of indemnities.

Moreover, E.ON has commitments under which it assumes joint and several liability arising from its interests in civil-law companies ("GbR"), non-corporate commercial partnerships and consortia in which it participates.

The guarantees of E.ON also include items related to the operation of nuclear power plants. Under the German Nuclear Energy Act ("Atomgesetz" or "AtG") and the ordinance regulating the provision for coverage under the Atomgesetz ("Atomrechtliche DeckungsvorsorgeVerordnung" or "AtDeckV") of April 27, 2002, German nuclear power plant operators are required to provide nuclear accident liability coverage of up to $€ 2.5$ billion per incident.

The coverage requirement is satisfied in part by a standardized insurance facility in the amount of $€ 255.6$ million. The institution Nuklear Haftpflicht Gesellschaft bürgerlichen Rechts ("Nuklear Haftpflicht GbR") now only covers costs between $€ 0.5$ million and $€ 15$ million for claims related to officially ordered evacuation measures. Group companies have agreed to place their subsidiaries operating nuclear power plants in a position to maintain a level of liquidity that will enable them at all times to meet their obligations as members of the Nuklear Haftpflicht GbR, in proportion to their shareholdings in nuclear power plants.

To provide liability coverage for the additional $€ 2,244.4$ million per incident required by the above-mentioned amendments, E.ON Energie AG ("E.ON Energie") and the other parent companies of German nuclear power plant operators reached a Solidarity Agreement ("Solidarvereinbarung") on July 11, July 27, August 21, and August 28, 2001, extended by agreement dated March 25, April 18, April 28, and June 1, 2011, and with agreement of November 17, November 29, December 2, and December 6, 2021. If an accident occurs, the Solidarity Agreement calls for the nuclear power plant operator liable for the damages to receive-after the operator's own resources and those of its parent companies are exhausted-financing sufficient for the operator to meet its financial obligations. Under the Solidarity Agreement, E.ON Energie's share of the liability coverage on December 31, 2024, was 43.3 percent (prior year: 43.3 percent), plus an additional 5.0 percent charge for the administrative costs of processing damage claims. The contract does not provide for a change in share for the 2024 calendar year. Sufficient liquidity has been provided for and is included within the liquidity plan.

Furthermore, as of December 31, 2024, E.ON is continuing to provide collateral in the amount of $€ 477.5$ million (2023: $€ 454.2$ million) for the former Group companies transferred to RWE which are to be repaid or assumed by RWE Group companies.

Other Financial Obligations

In addition to provisions and liabilities carried on the balance sheet and to reported contingent liabilities, there also are other financial obligations arising mainly from contracts entered into with third parties, or on the basis of legal requirements.

As of December 31, 2024, purchase commitments for investments in property, plant and equipment amounted to $€ 4.5$ billion (2023: $€ 2.9$ billion). Of these commitments, $€ 2.6$ billion are due within one year (2023: $€ 2.4$ billion). $€ 2.8$ billion of the purchase commitment at December 31, 2024 (2023: $€ 2.3$ billion) relates to the segments Energy Networks Germany and Sweden.

Additional contractual obligations in place at the E.ON Group as of December 31, 2024, relate primarily to the purchase of electricity and natural gas. Fixed financial obligations under electricity purchase contracts amount to $€ 4.0$ billion on December 31, 2024 (2023: $€ 6.7$ billion), of which $€ 2.8$ billion (2023: $€ 5.0$ billion) is due within one year. Financial obligations under fixed gas purchase contracts amount to approximately $€ 3.2$ billion on December 31, 2024 (2023: $€ 3.9$ billion). Of this amount, $€ 2.0$ billion (2023: $€ 2.8$ billion) is due within one year. Additional fixed

purchase commitments as of December 31, 2024, amount to $€ 0.7$ billion (2023: €0.8 billion). They essentially include long-term contractual commitments to purchase heat and alternative fuels. Of these commitments, $€ 0.2$ billion (2023: $€ 0.2$ billion) are due within one year. There are also additional purchase commitments whose amount is not fixed yet.

Other financial obligations exist only to an insignificant extent. These include capital commitments in connection with joint ventures, obligations concerning the acquisition of financial assets, and obligations arising from capital measures.

(28) Litigation and Claims

A number of different court actions, governmental investigations and proceedings, and other claims are currently pending or may be instituted or asserted in the future against companies of the E.ON Group. This in particular includes an increased number of legal actions and proceedings relating to contract amendments and price adjustments initiated in response to market upheavals and the changed economic and geopolitical situation in the electricity, gas and heat sectors (also as a consequence of the energy transition and the energy crisis) and concerning price increases and anticompetitive practices. The courts and authorities are also subjecting competitive practices to stricter reviews. Where appropriate, Group companies have recognized corresponding contingent assets (see Note 17), provisions (see Note 25) or contingent liabilities (see Note 27).

In the Energy Networks business division, Group companies are involved in proceedings for the award of concessions and in connection with grid connections and the calculation of the grid fee. Official regulations, approvals and changes in regulatory practice have given rise to legal disputes. Of particular note here are effects in connection with the regulatory treatment of capital costs, return on equity and other key regulatory parameters. The national legal framework conditions within Europe are subject to changes, some of which have a significant impact on network operations. Owing to a number of factors, including regulatory and legal decisions, the regulatory framework has increased here. However, these regulatory interventions are not restricted to the Energy Networks business division; distribution activities in the Energy Infrastructure Solutions and Energy Retail business divisions have also been affected by regulatory measures.

There are also legal disputes in connection with completed M\&A activities, in particular as a result of the acquisition of innogy SE. With regard to the latter, all legal actions brought against the European Commission's merger control approval decision were dismissed by the European General Court (ECG); the not yet finally adjudicated actions are now pending before the Court of Justice of the European Union (CJEU) as the court of final appeal. E.ON SE intervenes on the side of the European Commission in these proceedings.

(29) Supplemental Cash Flow Disclosures

In the current fiscal year, E.ON made external payments for additions to consolidated shareholdings and activities in the amount of $€ 46$ million (2023: $€ 14$ million). Cash and cash equivalents in the amount of $€ 4$ million were also acquired. The purchases also resulted in the acquisition of assets in the amount of $€ 41$ million and liabilities in the amount of $€ 18$ million.

The total consideration received by E.ON in the reporting year on the disposal of consolidated equity interests and activities generated cash inflows of $€ 0$ million (2023: $€ 1$ million). Cash and cash equivalents disposed of amounted to $€ 0$ million (2023: $€ 0$ million). The sale of the consolidated activities led to reductions of $€ 0$ million (2023: $€ 1$ million) in assets and $€ 0$ million (2023: $€ 1$ million) in provisions and liabilities.

Cash provided by operating activities of continuing operations before interest and taxes of $€ 7.3$ billion was $€ 0.1$ billion above the prior-year figure ( $€ 7.2$ billion). This resulted from an increase of $€ 0.3$ billion at Energy Networks in Germany, which is mainly attributable to positive changes in working capital. The 2023 financial year was characterized by temporary one-off effects and higher market prices, whereas the current development of receivables and liabilities led to a normalization of working capital and thus to a year-on-year improvement. The $€ 0.2$ billion increase at Energy Retail is attributable to adverse changes in working capital in the prior year that did not recur in the 2024 financial year. The negative changes in working capital in 2023 were mainly attributable to the timing difference between customer installment payments already received in 2022 and payments from government support measures and the related cash outflows from commodity procurement in 2023. The shutdown of E.ON's last nuclear power plant in April of last year and the commencement of dismantling resulted in a $€ 0.2$ billion decline in operating cash flow at Corporate Functions/Other.

Cash provided by investing activities of continuing operations of -€6.6 billion was $€ 1.0$ billion below the prior-year figure of -€5.6 billion. This includes cash-effective investments of $€ 7.5$ billion (prior year: $€ 6.5$ billion). This development is primarily attributable to the planned increase in investments in property, plant, and equipment and intangible assets, particularly at the network business Germany. In addition, the net of cash inflow and outflow from securities was higher than in the prior year.

Cash provided by financing activities of continuing operations of $€ 1.1$ billion was about $€ 3.0$ billion above the prior-year figure of -€1.8 billion. The net of the issuance and repayment of bonds, commercial paper, and bank liabilities led to a year-on-year improvement in cash provided by financing activities. The effects relating to variation margins were lower in the year under review than in the prior year.

Supplemental Information on Cash Flows from Operating

Activities

$€$ in millions	2024	2023
Income taxes paid (less refunds)	-742	-716
Interest paid	-1,210	-1,203
Interest received	282	348
Dividends received	581	571

(30) Derivative Financial Instruments and Hedging Transactions

Strategy and Objectives

E.ON's policies permit the use of derivatives if they are based on underlying assets or liabilities, contractual rights and obligations, or planned transactions.

At the E.ON Group, hedge accounting in accordance with IFRS 9 is employed primarily in connection with hedging long-term liabilities and future financing via interest-rate derivatives and for hedging long-term foreign currency receivables and payables via currency derivatives. E.ON also hedges net investments in foreign operations against foreign currency risks on a case-by-case basis.

In the commodity sector, fluctuations in future cash flows from procurement and sales transactions are economically hedged by offsetting transactions. Hedge accounting was applied in individual cases with regard to hedging electricity and gas price change risks.

To hedge currency risk, E.ON held hedging transactions in the reporting year in pounds sterling at an average hedging rate of $£ 0.90 / €$ (2023: $£ 0.90 / €$ ) and in US dollars at an average hedging rate of US $\$ 1.36 / €$ (2023: US $\$ 1.36 / €$ ). Hedging transactions existed at an average interest rate of 3.12 percent (2023: 2.80 percent) to hedge the interest rate risk in the eurozone. To hedge commodity price risk, E.ON held hedging transactions with an average hedged price of $€ 37 / \mathrm{MWh}$ (2023: $€ 30 / \mathrm{MWh}$ ) for gas and an average hedged price of $€ 122 / \mathrm{MWh}$ (2023: $€ 115 / \mathrm{MWh})$ for electricity.

Fair Value Hedges

Fair value hedges are used to protect against the risk from changes in market values. Gains and losses on these hedges are generally reported in that line item of the income statement which also includes the respective hedged items.

Cash Flow Hedges

Cash flow hedges are used to protect against the risk arising from variable cash flows. Interest rate swaps and cross-currency interest rate swaps are the principal instruments used to limit interest rate and currency risks. The

Carrying Amount

	Receivables from derivative financial instruments		Liabilities from derivative financial instruments		Change in the fair value of the designated portion of hedging instruments		Change in the fair value of hedged items
€ in millions	2024	2023	2024	2023	2024	2023	2024	2023
Currency risk	332	325	212	165	$-12$	$-141$	12	140
Interest-rate risk	-	1	226	327	101	72	$-127$	7
Commodity price change risk	15	0	3	3	13	$-3$	113	520

The total amount of ineffectiveness for cash flow hedges recorded for the year ended December 31, 2024, produced income of €9 million (2023: income of €6 million) mainly resulting from exchange rate hedging.

Gains and losses from the ineffective portions of cash flow hedges are classified as other operating income or other operating expenses.

The development of OCI arising from cash flow hedges, broken down by hedged risk type, is as follows:

Changes in OCI Arising from Cash Flow Hedges

	Total	Currency risk	Interest-rate risk	Commodity price change risk
$€$ in millions	292
Balance as of January 1, 2023	-139	-58	-77	-4
Unrealized changes--hedging reserve	13	13	-	-
Unrealized changes--reserve for hedging costs	-549	32	-65	-516
Reclassification adjustments recognized in income	-	-	-	-
Change in scope of consolidation	207	-	-	-
Income taxes	-51	-	-	-
Companies accounted for under the equity method	-227
Balance as of December 31, 2023
Balance as of January 1, 2024
Unrealized changes--hedging reserve	-33	-112	71	8
Unrealized changes--reserve for hedging costs	27	27	-	-
Reclassification adjustments recognized in income	-138	-7	-5	-126
Change in scope of consolidation	1	-	-	-
Income taxes	47	-	-	-
Companies accounted for under the equity method	24	-	-	-
Balance as of December 31, 2024	-209	-	-	-
1As of December 31, 2024, includes: €206 million (2023: -€141 million) from terminated cash flow hedges.
${ }^{2}$ Of this amount, $€ 0$ million (previous year: - $€ 116$ million) relates to hedged cash flows that are no longer expected to occur.

The balance of the OCI arising from cash flow hedges as of December 31, 2024, contains $€ 0.2$ billion relating to hedging of interestrate risk (2023: $€ 0.4$ billion).

Reclassifications recognized in income are generally reported in that line item of the income statement which also includes the respective hedged item.

The nominal volume of the hedging instruments is presented in the following table:

Nominal Values of Hedging Instruments in Connection with Cash Flow Hedges (Fiscal Year)

			Maturity	Total
€ in millions	$<1$ year	$1-5$ years	$>5$ years	2024
Currency risk	225	213	2,473	2,911
Interest-rate risk	0	1,500	1,500	3,000
Commodity price change risk	226	6	$-$	232

Nominal Values of Hedging Instruments in Connection with Cash Flow Hedges (Prior Year)

€ in millions	$<1$ year	$1-5$ years	$>5$ years	2023
Currency risk	158	290	2,200	2,648
Interest-rate risk	1,000	1,500	3,000	5,500
Commodity price change risk	52	9	$-$	61

Net Investment Hedges

The Company uses foreign currency forwards, foreign currency swaps and foreign currency loans to protect the value of its net investments in its foreign operations denominated in foreign currency.

The carrying amount of the assets used as hedging instruments as of December 31, 2024, was $€ 19$ million (2023: $€ 2$ million) and the carrying amount of the liabilities used as hedging instruments was $€ 1,208$ million (2023: $€ 1,241$ million). The fair values of the designated portion of the hedging instruments changed by $+€ 40$ million in the reporting period (2023: -€110 million).

As in the previous year, no ineffectiveness resulted from net investment hedges in 2024.

The development of OCI arising from net investment hedges is as follows:

Changes in OCI Arising from Net Investment Hedges

€ in millions	Currency risk
Balance as of January 1, 2023	$\mathbf{3 5 4}$
Unrealized changes-hedging reserve	-113
Unrealized changes-reserve for hedging costs	2
Reclassification adjustments recognized in income	-
Change in scope of consolidation	-
Income taxes	23
Balance as of December 31, 2023 ${ }^{1}$	$\mathbf{2 6 6}$
Balance as of January 1, 2024	$\mathbf{2 6 6}$
Unrealized changes-hedging reserve	40
Unrealized changes-reserve for hedging costs	-
Reclassification adjustments recognized in income	-
Change in scope of consolidation	-
Income taxes	-12
Balance as of December 31, 2024 ${ }^{1}$	$\mathbf{2 9 4}$

${ }^{1}$ As of December 31, 2024, includes -€71 million (2023: -€71 million) from terminated net investment hedges.

As a rule, reclassification adjustments recognized in income are reported under other operating income and expenses. The nominal volume of hedging instruments in net investment hedges amounted to $€ 4,668$ million as of December 31, 2024 (2023: €4,613 million). Since the currency risk of net investment hedges is hedged through the ongoing rollover of the hedging instruments, the majority are concluded with a remaining term of less than one year.

Valuation of Derivative Instruments

The fair value of derivative financial instruments depends on movements in underlying market factors. The Company assesses and monitors the fair value of derivative instruments on a periodic basis. The fair value to be determined for each derivative instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (exit price). E.ON also takes into account the counterparty credit risk for both own credit risk (debt value adjustment) and the risk of the corresponding counterparty (credit value adjustment) when determining fair value. The fair values of derivative instruments are calculated using common market valuation methods with reference to available market data on the measurement date.

The following is a summary of the methods and assumptions for the valuation of utilized derivative financial instruments in the Consolidated Financial Statements:

• Currency, electricity and gas forward contracts, swaps, and emissionsrelated derivatives are valued separately at their forward rates and prices as of the balance sheet date. Whenever possible, forward rates and prices are based on market quotations, with any applicable forward premiums and discounts taken into consideration.
• Market prices for commodity options are valued using standard option pricing models commonly used in the market.

• The fair values of existing instruments to hedge interest risk are determined by discounting future cash flows using market interest rates over the remaining term of the instrument. Present values are determined for interest rate, currency and cross-currency interest rate swaps for each individual transaction as of the balance sheet date. Interest income and expenses are recognized in income at the date of payment or accrual.

• Equity forwards are valued on the basis of the stock prices of the underlying equities, taking into consideration any timing components.

• Exchange-traded futures and option contracts are valued individually at daily settlement prices determined on the futures markets that are published by their respective clearing houses. Paid initial margins are disclosed under other assets. Variation margins received or paid during the term of such contracts are stated under other liabilities or other assets, respectively, unless they are offset against the recognized market values of the commodity derivatives, as the offsetting criteria of IAS 32.42 are met.
• Certain long-term energy contracts are valued with the aid of valuation models that use internal data if market prices are not available. A hypothetical 10 percent increase or decrease in these internal valuation parameters as of the balance sheet date would lead to a theoretical increase in market values of $€ 7$ million or a decrease of $€ 9$ million.

(31) Additional Disclosures on Financial Instruments

The carrying amounts of the financial instruments, their grouping into IFRS 9 measurement categories, their fair values and their measurement sources by class are presented in the following table:

Carrying Amounts, Fair Values and Measurement Categories by Class within the Scope of IFRS 7 as of December 31, 2024

€ in millions	Carrying amounts	Carrying amounts within the scope of IFRS 7	Measurement categories under IFRS 91	Fair value	Determined using market prices (Level 1)	Derived from active market prices (Level 2)	Determined by valuation methods (Level 3)
Equity investments	2,752	509	FVPL	509	60	2	447
Financial receivables and other financial assets	1,650	714
Receivables from finance leases	242	242	n/a	242
Other financial receivables and financial assets	1,408	472		469
		393	$A m C$	390	-	161	229
		79	FVPL	79	-	-	79
Trade receivables and other operating assets	19,371	14,081
Trade receivables	9,318	9,226	$A m C$
Derivatives with no hedging relationships	3,909	3,908	FVPL	3,908	39	3,387	482
Derivatives with hedging relationships	366	366	n/a	366	-	366	-
Other operating assets	5,778	581	$A m C$	619	-	225	394
Securities and fixed-term deposits	2,142	2,142		2,142	1,069	1,073	-
		1,541	FVPL	1,541	1,069	472	-
		601	FVOCl	601		601	-
Cash and cash equivalents	5,746	5,746
		382	FVPL	382	-	382	-
		5,364	$A m C$
Restricted liquid funds	255	255	$A m C$
Assets held for sale	697	502		-	-	-	-
		501	$A m C$	501	-	501	-
		1	FVPL	1	-	1	-
Total assets	32,613	23,949
Financial liabilities	39,064	38,484
Bands	32,386	32,386	$A m C$	30,735	29,117	1,618	-
Commercial paper	220	220	$A m C$	220	-	220	-
Bank loans/liabilities to banks	1,891	1,891	$A m C$	1,837	-	628	1,209
Lease obligations	3,191	3,140	n/a	3,108
Other financial liabilities	1,376	847	$A m C$	836	-	$-24$	860
Trade payables and other operating liabilities	26,856	17,932
Trade payables	10,870	10,742	$A m C$
Derivatives with no hedging relationships	2,420	2,420	FVPL	2,420	4	1,922	494
Derivatives with hedging relationships	1,649	1,649	n/a	1,649	-	1,649	-
Liabilities related to IAS 322	314	314	$A m C$	312	-	-	312
Other operating liabilities	11,603	2,807	$A m C$	2,368	-	1,309	1,059
Liabilities associated with assets held for sale	400	348		-
		348	$A m C$	348	-	348	-
			FVPL	-	-	-	-
Total liabilities	66,320	58,764

${ }^{1}$ FVPL: Fair Value through P&L; FVOCl: Fair Value through OO; AmC: Amortized Cost. The measurement categories are described in detail in Note 1. The amounts determined using valuation techniques with unobservable inputs (Level 3 of the fair value hierarchy) correspond to the difference between the total fair values of the two hierarchy levels listed.
${ }^{2}$ The liabilities from put options include counterparty obligations and non-controlling interests in fully consolidated partnerships (see Note 26).

Carrying Amounts, Fair Values and Measurement Categories by Class within the Scope of IFRS 7 as of December 31, 2023

€ in millions	Carrying amounts	Carrying amounts within the scope of IFRS 7	Measurement categories under IFRS 9 ${ }^{1}$	Fair value	Determined using market prices (Level 1)	Derived from active market prices (Level 2)	Determined by valuation methods (Level 3)
Equity investments	2,561	507	FVPL	507	71	-	436
Financial receivables and other financial assets	2,164	849
Receivables from finance leases	252	252	n/a	222
Other financial receivables and financial assets	1,912	597		596
		496	AmC	495	85	145	265
		101	FVPL	101	-	-	101
Trade receivables and other operating assets	22,855	18,861
Trade receivables	10,404	10,243	AmC
Derivatives with no hedging relationships	7,657	7,657	FVPL	7,657	1	7,124	532
Derivatives with hedging relationships	328	328	n/a	328	-	328	-
Other operating assets	4,466	633	AmC	626	112	132	382
Securities and fixed-term deposits	2,552	2,552		2,552	1,371	1,181	-
		1,644	FVPL	1,644	1,149	495	-
		908	FVOCl	908	222	686	-
Cash and cash equivalents	5,585	5,585	-
		358	FVPL	358	-	358	-
		5,227	AmC
Restricted liquid funds	452	452	AmC
Assets held for sale	-	-
		-	AmC	-	-	-	-
			FVPL	-	-	-	-
Total assets	36,169	28,806
Financial liabilities	35,440	34,923
Bands	29,426	29,426	AmC	27,728	26,330	1,398	-
Commercial paper	214	214	AmC	217	-	217	-
Bank loans/liabilities to banks	1,671	1,671	AmC	1,331	-	480	851
Lease obligations	2,874	2,822	n/a	2,720
Other financial liabilities	1,255	790	AmC	770	-	$-8$	778
Trade payables and other operating liabilities	35,714	27,471
Trade payables	11,580	11,476	AmC
Derivatives with no hedging relationships	10,704	10,704	FVPL	10,704	-	10,154	550
Derivatives with hedging relationships	1,736	1,736	n/a	1,736	-	1,736	-
Liabilities related to IAS 32 ${ }^{2}$	563	563	AmC	88	-	-	88
Other operating liabilities	11,131	2,992	AmC	2,722	182	1,335	1,205
Liabilities associated with assets held for sale	-	-
		-	AmC	-	-	-	-
			FVPL	-	-	-	-
Total liabilities	71,154	62,394

${ }^{1}$ FVPL: Fair Value through P&L; FVOCl: Fair Value through OO; AmC: Amortized Cost. The measurement categories are described in detail in Note 1. The amounts determined using valuation techniques with unobservable inputs (Level 3 of the fair value hierarchy) correspond to the difference between the total fair values of the two hierarchy levels listed.
${ }^{2}$ The liabilities from put options include counterparty obligations and non-controlling interests in fully consolidated partnerships (see Note 26).

The carrying amounts of cash and cash equivalents and of trade receivables and trade payables are considered reasonable estimates of their fair values because of their short maturity.

Where the fair value of a financial instrument can be derived from an active market without the need for an adjustment, that value is used as the fair value. This applies in particular to equities held and to bonds held and issued.

The fair value of shareholdings in unlisted companies and of debt instruments that are not actively traded, such as loans received, loans granted and financial liabilities, is determined by discounting future cash flows. Any necessary discounting takes place using current market interest
rates over the remaining terms of the financial instruments. The determination of the fair value of derivative financial instruments is discussed in Note 30.

At the end of each reporting period, E.ON assesses whether there might be reasons for reclassification between hierarchy levels. In 2024, there was no reclassification between hierarchy level 1 to hierarchy level 2. The input parameters of Level 3 of the fair value hierarchy for equity investments are specified taking into account economic developments and available industry and corporate data (see also Note 1). A hypothetical change of +10 percent or -10 percent in these key internal valuation parameters as of the balance sheet date would lead to a theoretical increase in the market values of $+€ 31$ million or a decrease of -€31 million, respectively. Certain
long-term energy contracts are measured using valuation models based on internal fundamental data if market prices are not available. A hypothetical change of $\pm 10$ percent in the internal valuation parameters as of the balance sheet date would result in a theoretical increase in fair values of $+€ 7$ million or a decrease of $€ 9$ million. A change of +10 percent or -10 percent in the key internal valuation parameters of financial receivables and other financial assets as of the balance sheet date would result in a theoretical increase in fair values of $€ 1$ million or a decrease of -€2 million. The fair values determined using valuation techniques for financial instruments carried at fair value are reconciled as shown in the following table:

Fair Value Hierarchy Level 3 Reconciliation

			Transfers
€ in millions	Jan. 1, 2024	Purchases (including additions)	Sales (including disposals)	Settlements	Gains/losses in income statement	into Level 3	out of Level 3	Exchange rate differences
Equity investments	436	26	$-14$	-	$-4$	-	-	4
Derivative financial instruments	$-18$	$-6$	-	-	12	-	-	-
Financial receivables and other financial assets	101	-	-	$-23$	2	-	-	-
Total	519	20	$-14$	$-23$	10	-	-	4

The extent to which the offsetting of financial assets and financial liabilities is covered by netting agreements is presented in the following tables.

Compulsory netting is carried out if the netting criteria pursuant to IAS 32.42 are met cumulatively.

Transactions and business relationships resulting in the financial assets and liabilities presented are regularly concluded on the basis of standard contracts that permit the conditional netting of open transactions in the event that a counterparty becomes insolvent. If there is also currently a legal right to set off and the intention is to settle on a net basis, offsetting is mandatory in accordance with IAS 32.

The netting agreements are derived from netting clauses contained in master agreements including those of the International Swaps and Derivatives Association (ISDA), the German Master Agreement for Financial Derivatives Transactions (DRV), the European Federation of Energy Traders (EFET) and the Financial Energy Master Agreement (FEMA).

Collateral pledged to and received from financial institutions in relation to these liabilities and assets limits the utilization of credit lines in the fair value measurement of interest rate and currency derivatives, and is shown in the table.

Netting Agreements for Financial Assets and Liabilities as of December 31, 2024

	Gross amount	Amount offset	Carrying amount	Conditional netting amount (netting agreements)	Financial collateral received/ pledged	Net value
€ in millions
Financial assets
Trade receivables	10,650	1,425	9,225	138	2	9,085
Commodity derivatives	2,955	-	2,955	1,542	-	1,413
Interest-rate and currency derivatives	1,320	-	1,320	-	81	1,239
Total	14,925	1,425	13,500	1,680	83	11,737
Financial liabilities
Trade payables	12,295	1,425	10,870	541	-	10,329
Commodity derivatives	2,645	-	2,645	1,139	-	1,506
Interest-rate and currency derivatives	1,424	-	1,424	-	197	1,227
Total	16,364	1,425	14,939	1,680	197	13,062

Netting Agreements for Financial Assets and Liabilities as of December 31, 2023

	Gross amount	Amount offset	Carrying amount	Conditional netting amount (netting agreements)	Financial collateral received/ pledged	Net value
€ in millions
Financial assets
Trade receivables	14,172	3,912	10,260	192	6	10,062
Commodity derivatives	6,712	3	6,709	4,049	-	2,660
Interest-rate and currency derivatives	1,276	-	1,276	-	27	1,249
Total	22,160	3,915	18,245	4,241	33	13,971
Financial liabilities
Trade payables	15,492	3,912	11,580	294	1	11,285
Commodity derivatives	10,835	3	10,832	3,948	-	6,884
Interest-rate and currency derivatives	1,608	-	1,608	-	388	1,220
Total	27,935	3,915	24,020	4,242	389	19,389

The following two tables illustrate the contractually agreed (undiscounted) cash outflows arising from the liabilities included in the scope of IFRS 7:

Cash Flow Analysis as of December 31, 2024

Cash outflows	Cash outflows	Cash outflows	Cash outflows	Cash outflows
€ in millions	2025	2026	2027-2029	from 2030
Bonds	3,339	2,664	9,661	25,729
Commercial paper	220	-	-	-
Bank loans/liabilities to banks	852	564	149	453
Lease obligations	636	499	1,300	1,965
Other financial liabilities	1,269	98	220	26
Financial guarantees	1	-	-	7
Cash outflows for financial liabilities	$\mathbf{6 , 3 1 7}$	$\mathbf{3 , 8 2 5}$	$\mathbf{1 1 , 3 3 0}$	$\mathbf{2 8 , 1 8 0}$
Trade payables	10,938	-	-	-
Derivatives (with/without hedging relationships)	9,793	2,237	3,910	8,222
Put option liabilities under IAS 32	58	15	198	84
Other operating liabilities	3,206	52	41	70
Cash outflows for trade payables and other operating liabilities	$\mathbf{2 3 , 9 9 5}$	$\mathbf{2 , 3 0 4}$	$\mathbf{4 , 1 4 9}$	$\mathbf{8 , 3 7 6}$
Cash outflows for liabilities within the scope of IFRS 7	$\mathbf{3 0 , 3 1 2}$	$\mathbf{6 , 1 2 9}$	$\mathbf{1 5 , 4 7 9}$	$\mathbf{3 6 , 5 5 6}$

Cash Flow Analysis as of December 31, 2023

Cash outflows	Cash outflows	Cash outflows	Cash outflows	Cash outflows
€ in millions	2024	2025	2026-2028	from 2029
Bonds	2,910	3,159	7,264	19,578
Commercial paper	214	-	-	-
Bank loans/liabilities to banks	776	58	555	373
Lease obligations	590	469	1,054	2,031
Other financial liabilities	1,382	62	187	22
Financial guarantees	-	1	-	7
Cash outflows for financial liabilities	$\mathbf{5 , 8 7 2}$	$\mathbf{3 , 7 4 9}$	$\mathbf{9 , 0 6 0}$	$\mathbf{2 2 , 0 1 1}$
Trade payables	11,580	-	-	-
Derivatives (with/without hedging relationships)	16,788	3,781	2,269	9,682
Put option liabilities under IAS 32	447	34	-	88
Other operating liabilities	3,070	61	16	6
Cash outflows for trade payables and other operating liabilities	$\mathbf{3 1 , 8 8 5}$	$\mathbf{3 , 8 7 6}$	$\mathbf{2 , 2 8 5}$	$\mathbf{9 , 7 7 6}$
Cash outflows for liabilities within the scope of IFRS 7	$\mathbf{3 7 , 7 5 7}$	$\mathbf{7 , 6 2 5}$	$\mathbf{1 1 , 3 4 5}$	$\mathbf{3 1 , 7 8 7}$

Financial guarantees with a total nominal volume of $€ 21$ million (2023: $€ 15$ million) were issued to companies outside of the Group. This amount is the maximum amount that E.ON would have to pay in the event of claims on the guarantees. E.ON has recognized a liability for this in the amount of $€ 8$ million (2023: $€ 8$ million).

For financial liabilities that bear floating interest rates, the rates that were fixed on the balance sheet date are used to calculate future interest payments for subsequent periods as well. Financial liabilities that can be terminated at any time are assigned to the earliest maturity band in the same way as put options that are exercisable at any time.

In gross-settled derivatives (usually currency derivatives and commodity derivatives), outflows are accompanied by related inflows of funds or commodities.

The net gains and losses from financial instruments by IFRS 9 category are shown in the following table:

Net Gains and Losses by Category
$€$ in millions	2024	2023
Financial assets Amortized Cost	-339	-748
Financial liabilities Amortized Cost	-1,132	-899
Fair Value through P\&L	529	-15,810
Fair Value through OCI	35	52
Total	$\mathbf{- 9 0 7}$	$\mathbf{- 1 7 , 4 0 5}$

The net result of the category fair value through OCI results in particular from currency translation effects, interest results and income from the sale of fair value through OCI securities.

In addition to impairments of financial assets, net gains and losses in the amortized cost category are due primarily to interest income or expenses from financial assets and liabilities and effects from the currency translation of financial liabilities.

The net gains and losses in the fair value through profit or loss measurement category encompass both the changes in fair value from derivative financial instruments and from equity instruments, and gains and losses on realization. The increase in net results was due in particular to reduced income from the valuation and realization of commodity derivatives.

Impairments of Financial Assets

Impairment losses on financial assets must be recognized not only for losses already incurred but also for expected future credit losses. E.ON takes into account expected future credit losses of financial assets carried at amortized cost, financial assets measured at fair value through other comprehensive income, and receivables from finance leases.

For trade receivables, expected credit losses are recognized over their entire residual term using the simplified method (lifetime expected credit loss (ECL) trade receivables). For other financial assets, E.ON first determines the credit loss expected within the first 12 months (stage 112 month ECL). In derogation of this, in the event of a significant increase in the default risk, the expected credit loss over the entire residual term of the respective instrument is recognized (stage 2-lifetime ECL). Whether the default risk has increased significantly depends largely on the counterparty risk as calculated internally on initial recognition. E.ON uses an 18-point internal rating scale to monitor counterparty risk. A significant increase in the default risk is assumed at the earliest after a three-level decline in the rating (since initial recognition). If there are objective indications of an actual default, an individual impairment loss must be recognized on the income statement (stage 3-losses already incurred).
E.ON distinguishes between two approaches when calculating expected future credit losses. If external or internal rating information is available, the expected credit loss for trade receivables and other financial assets is determined on the basis of this data. If no rating information is available, E.ON determines default ratios for trade receivables on the basis of historical default rates, taking into account forward-looking information on economic developments. In the E.ON Group, a default or the classification of a receivable as uncollectable is assumed after 180, 270 or 360 days, depending on the region.

In 2024, valuation allowances for trade receivables changed as shown in the following table:

Valuation Allowances for Trade Receivables
$€$ in millions	2024	2023
Balance as of January 1	$-2,491$	$-1,612$
Disposals	595	121
Impairments	-539	-983
Other ${ }^{1}$	-64	-17
Balance as of December 31	$-2,499$	$-2,491$

${ }^{1}$ The item "Other" includes currency translation differences.

There were no significant changes in valuation allowances for other financial assets measured at amortized cost or at fair value through other comprehensive income, or for receivables from finance leases in 2024.

The default risks for financial assets for which rating information is available can be found in the following table for each rating grade and separately according to the stages of impairment existing in 2024:

Credit Risk Exposure for Financial Assets for Which Rating Information is Available

	Stage 1 financial assets		Trade receivables
€ in millions	2024	2023	2024	2023
Gross carrying amount investment grade	6,498	6,886	1,323	1,455
Gross carrying amount non-investment grade	14	36	630	848
Gross carrying amount default grade	-	-	252	313
Total	$\mathbf{6 , 5 1 2}$	$\mathbf{6 , 9 2 2}$	$\mathbf{2 , 2 0 5}$	$\mathbf{2 , 6 1 6}$

The default risks for trade receivables for which no rating information is available and the amount of expected credit losses over the remaining term are shown in the following matrix for each maturity class:

Credit Risk Exposure for Trade Receivables for Which No Rating Information is Available

	Gross carrying amount			Lifetime ECL
€ in millions	2024	2023	2024	2023
Net past due	4,879	5,980	95	110
Past due by	4,190	3,757	2,180	2,163
up to 30 days	761	632	57	45
31 to 60 days	315	380	48	49
61 to 90 days	269	232	49	38
91 to 180 days	447	512	147	160
more than 180 days incl. specific valuation allowances	2,399	2,001	1,879	1,871
Total	9,069	9,737	2,275	2,273

Risk Management

Principles

The prescribed processes, responsibilities and actions concerning financial and risk management are described in detail in internal risk management guidelines applicable throughout the Group. The units have developed additional guidelines of their own within the confines of the Group's overall guidelines. To ensure efficient risk management at the E.ON Group, the Trading (Front Office), Finance Controlling (Middle Office) and Financial Settlement (Back Office) departments are organized as strictly separate units. Risk steering and reporting in the areas of interest rates, currencies and credit for banks and liquidity management is performed by the Finance Controlling department (in the credit area, also in part by Counterparty Risk Management), while risk steering and reporting in the area of commodities and in the credit area for industrial enterprises is performed at Group level by a separate department.
E.ON uses a Group-wide treasury, risk management and reporting system. This system is a standard information technology solution that is fully integrated and is continuously updated. The system is designed to provide for the analysis and monitoring of the E.ON Group's exposure to liquidity, foreign exchange and interest risks. On a Group-wide basis, Finance Controlling/Counterparty Risk Management monitors and steers credit risks for banks, and Counterparty Risk Management monitors and steers corporates of a certain materiality. These activities are carried out each using a standard software package.

Separate Risk Committees/Steering Groups are responsible for the maintenance and further development of the strategy set by the Management Board of E.ON SE with regard to commodity, treasury and credit risk management policies.

1. Liquidity Management

The primary objectives of liquidity management at E.ON consist of ensuring the ability to pay at all times, the timely satisfaction of contractual payment obligations and the optimization of costs within the E.ON Group.

Cash pooling and external financing are largely centralized at E.ON SE and certain financing companies. Funds are provided to the other Group companies as needed on the basis of an "in-house banking" solution.
E.ON SE determines the Group's financing requirements on the basis of short- and medium-term liquidity planning. The financing of the Group is controlled and implemented on a forward-looking basis in accordance with the planned liquidity requirement or surplus. Relevant planning factors taken into consideration include operating cash flow, capital expenditures, divestments, margin payments and the maturity of bonds and commercial paper.

2. Price Risks

In the normal course of business, the E.ON Group is exposed to risks arising from price changes in foreign exchange, interest rates, commodities and asset management. These risks create volatility in earnings, equity, debt and cash flows from period to period. E.ON has developed a variety of strategies to limit or eliminate these risks, including the use of derivative financial instruments, among others.

3. Credit Risks

E.ON is exposed to credit risk in its operating activities and through the use of financial instruments. Uniform credit risk management procedures are in place throughout the Group to identify, measure and steer credit risks.

The following discussion of E.ON's risk management activities and the estimated amounts generated from value-at-risk ("VaR") and sensitivity analyses are "forward-looking statements" that involve risks and uncertainties. Actual results could differ materially from those projected due to actual, unforeseeable developments in the global financial markets. The methods used by the Company to analyze risks should not be considered forecasts of future events or losses. For example, E.ON faces certain risks that are either non-financial or non-quantifiable. Such risks principally include country risk, operational risk, regulatory risk and legal risk, which are not represented in the following analyses.

Foreign Exchange Risk Management

E.ON SE is responsible for steering the currency risks to which the E.ON Group is exposed.

Because it holds interests in businesses outside of the eurozone, currency translation risks arise within the E.ON Group. Fluctuations in exchange rates produce accounting effects attributable to the translation of the balance sheet and income statement items of the foreign consolidated Group companies included in the Consolidated Financial Statements. Translation risks are hedged through borrowing in the corresponding local currency, which may also include shareholder loans in foreign currency. In addition, derivative and non-derivative financial instruments are employed as needed. The hedges qualify for hedge accounting under IFRS as hedges of net investments in foreign operations. The Group's translation risks are reviewed at regular intervals and the level of hedging is adjusted whenever necessary. The respective debt factor, net assets and the enterprise value denominated in the foreign currency are the principal criteria governing the level of hedging.

The E.ON Group is also exposed to operating and financial transaction risks attributable to foreign currency transactions. The subsidiaries are responsible for managing their operating currency risks and are generally required to hedge their currency risks through E.ON SE. E.ON SE coordinates hedging throughout the Group companies and makes use of
external derivatives as needed. It may either directly close out foreign currency positions that have been tendered, in whole or in part, through external transactions, or keep the position open within approved limits. The one-day value-at-risk ( 95 percent confidence) for transactional foreign currency positions totaled $€ 0.3$ million as of December 31, 2024 (2023: $€ 0.2$ million) and is mainly determined by the currencies Swedish krona, Danish krone and Polish zloty.

Financial transaction risks result from payments originating from financial receivables and payables. They are generated both by external financing in a variety of foreign currencies, and by shareholder loans from within the Group denominated in foreign currency. Financial transaction risks are generally hedged.

Interest Rate Risk Management

E.ON is exposed to profit risks arising from floating-rate financial liabilities and future (re)financing needs. Positions based on fixed interest rates, on the other hand, are subject to changes in fair value resulting from the volatility of market interest rates. E.ON seeks a balanced maturity profile. This is influenced, among other factors, by the type of business model, existing liabilities as well as the regulatory framework in which E.ON operates. Interest rate derivatives are also used to manage interest rate risk.

With interest rate derivatives and cash on hand included, the share of financial liabilities with floating interest rates or with maturities of less than 12 months was 0 percent as of December 31, 2024 (2023: 0 percent). The volume-weighted average interest rate of the financial liabilities, including interest rate derivatives, was 3.0 percent as of December 31, 2024 (2023: 2.8 percent).

As of December 31, 2024, the E.ON Group held interest rate derivatives with a nominal value of $€ 3,872$ million (2023: $€ 5,512$ million).

A sensitivity analysis was performed on the Group's floating-rate borrowings and planned financing, including interest rate risk hedges. This measure is used for internal risk controlling and reflects the economic position of the E.ON Group. A one-percentage-point upward or downward change in interest rates (across all currencies) would raise or lower interest charges by $\pm € 23$ million (2023: $\pm € 15$ million) in the subsequent fiscal year.

Commodity Price Risk Management

The E.ON portfolio of physical assets, long-term contracts and endcustomer sales is exposed to substantial risks from fluctuations in commodity prices. The principal commodity prices to which E.ON is exposed relate, in particular, to electricity, gas, guarantees of origin, and emissions certificates.

The objective of commodity risk management is to transact through physical and financial contracts to optimize the value of the portfolio while reducing the potential negative deviation from target EBITDA and OCF.

In the normal course of business of the underlying energy production and retail sales activities, E.ON's individual management units are exposed to uncertain commodity market prices, which impacts operating results. The external trading on commodity markets contributes to reducing open commodity positions driven by sales and is undertaken in strict accordance with approved commodity hedging strategies.

A small number of proprietary trading transactions are entered into in separate trading books, which are subject to strict monitoring and limits based on risk metrics and governance. The processes and operational management models within the trading system are monitored by the local market risk teams and centrally managed by the Risk Management department.

The subsidiary, E.ON Energy Markets GmbH (EEM), acts as a central interface to the wholesale markets. The main function of EEM is to consolidate E.ON's commodity positions, to reduce price risks from the distribution business and to diversify and reduce credit and margin risks.

As of December 31, 2024, the E.ON Group primarily held electricity and gas derivatives with a nominal value of $€ 49,242$ million (2023: $€ 125,767$ million). Electricity derivatives account for $€ 15,398$ million (2023: $€ 45,418$ million) of this amount and gas derivatives for $€ 33,692$ million (2023: $€ 80,268$ million).

A key foundation of the commodity risk management system is the Groupwide Commodity Risk Policy and the corresponding internal policies of the units. These specify the control principles for commodity risk management, minimum required standards and clear management and operational responsibilities.

Commodity exposures and risks are reported across the Group on a quarterly basis to the members of the Risk Committee.

A hypothetical change in market prices at the reporting date of +10 percent or -10 percent would result in a theoretical increase in fair value and recognition in income in the amount of $€ 751$ million, or a decrease in fair value and recognition in expense in the amount of $€ 771$ million for the electricity derivatives (2023: recognition in income of $€ 767$ million or recognition in expense of $€ 768$ million). A corresponding hypothetical change would result in a theoretical increase in fair value and recognition in income in the amount of $€ 376$ million or a decrease in fair value and recognition in expense in the amount of $€ 376$ million for gas derivatives (2023: $\pm € 279$ million). For electricity derivatives subject to

hedge accounting a hypothetical change in market prices of +10 percent or -10 percent would result in a theoretical increase in fair value and recognition in income in the amount of €8 million through OCI, or a decrease in fair value and recognition in expense in the amount of €7 million through OCI. For gas derivatives subject to hedge accounting a hypothetical change in market prices of +10 percent or -10 percent would result in a theoretical increase in fair value and recognition in income in the amount of €5 million through OCI, or a decrease in fair value and recognition in expense in the amount of €5 million through OCI.

Credit Risk Management

In order to minimize credit risk arising from operating activities and from the use of financial instruments, the Company enters into transactions only with counterparties that satisfy the Company's internally established minimum requirements. Maximum credit risk is confined by credit limits based on internal and (where available) external credit ratings. The setting and monitoring of credit limits is subject to certain minimum requirements, which are based on Group-wide credit risk management guidelines. Longterm operating contracts and asset management transactions are not comprehensively included in this process. They are monitored separately at the level of the responsible units.

In principle, each Group company is responsible for managing credit risk in its operating activities. Depending on the nature of the operating activities and the level of credit risk, additional credit risk monitoring and controls are performed both by the units and by Corporate Headquarters. Regular reports on credit limits, including their utilization, are submitted to the Risk Committee. Intensive, standardized monitoring of quantitative and qualitative early-warning indicators, as well as close monitoring of the credit quality of counterparties, enable E.ON to act early in order to minimize risk.

To the extent possible, collateral is negotiated with counterparties for the purpose of reducing credit risk. Accepted as collateral are primarily guarantees issued by the respective parent companies, letters of comfort or evidence of profit and loss transfer agreements in combination with letters of awareness. To a lesser extent, the Company also requires bank guarantees and deposits of cash and securities as collateral to reduce credit risk. Risk management collateral in the forms mentioned above totaling $€ 4.7$ billion (2023: €10.3 billion) was used for setting limits. The continued stable price level in the wholesale markets throughout 2024, as well as a reduced limit allocation, led to a further decrease in the collateral to be accounted for and accordingly considered for some parent companies of the Company's counterparties.

Derivative transactions are generally executed on the basis of standard agreements that allow for the netting of all open transactions with individual counterparties. To further reduce credit risk, bilateral margining
agreements are entered into with selected banks. Limits, which are regularly monitored, are imposed on the credit and liquidity risk resulting from bilateral margining agreements and exchange clearing. The systematic management of liquidity risk remains an important component of risk management at E.ON, particularly against the backdrop of the continued possibility of energy price volatility.

There is no credit risk with respect to the exchange-traded forward and option contracts with an aggregate nominal value of $€ 22,764$ million (2023: €21,979 million). For the remaining financial instruments, the maximum risk of default is equal to their nominal amounts.

At E.ON, liquid funds are normally invested at banks with good credit ratings, in money market funds with first-class ratings or in short-term securities (for example, commercial paper) of issuers with strong credit ratings. Bonds of public and private issuers are also selected for investment. Group companies that for legal reasons are not included in the cash pool invest money at leading local banks. Standardized credit assessment and limit-setting is complemented by daily monitoring of CDS levels at the banks and at other significant counterparties.

Asset Management

For the purpose of financing long-term payment obligations, including those relating to asset retirement obligations (see Note 25) and cash investments, financial investments totaling $€ 2.1$ billion (2023: $€ 2.3$ billion) were held predominantly by German E.ON Group companies as of December 31, 2024.

These financial assets are invested on the basis of an accumulation strategy (total-return approach), with investments broadly diversified across the various asset classes, for example the money market, bond and equity asset classes, as well as alternative asset classes like real estate. The majority of the assets are held in investment funds managed by external fund managers. Corporate Asset Management at E.ON SE, which is part of the Company's Finance Department, is responsible for continuous monitoring of overall risks and those concerning individual fund managers. The three-month VaR with a 98 percent confidence interval for these financial assets was $€ 29$ million (2023: $€ 78$ million). The decline in the VaR compared to the previous year is due to a significant reallocation in less volatile asset classes (money market funds).

The liquidation of Versorgungskasse Energie VVaG (VKE i. L.) was completed as of December 31, 2024. The financial investments under management were liquidated.

(32) Leasing

E.ON as Lessee

E.ON operates as a lessee especially in the areas of networks, land and buildings, and vehicle fleets. Leases are recognized in accordance with the right-of-use model as set out in IFRS 16. The tables in Note 14 present the development of the right-of-use assets by asset class. The net carrying amount of the rights-of-use assets at the balance sheet date of December 31, 2024, in the amount of $€ 2,943$ million (2023: $€ 2,710$ million) increased year-on-year by $€ 233$ million (2023: $€ 333$ million). The increase is primarily attributable to the networks area. Depreciation of right-of-use assets in the amount of $€ 445$ million (2023: $€ 417$ million) showed a slight increase compared with the prior year.

To ensure operational flexibility, in particular for real estate leases as well as in the area of wastewater disposal, extension and termination options are included in the agreements. In determining the lease term, all facts and circumstances that influence the exercise of an extension option or the non-exercise of a termination option are considered. In the determination of the lease liability, and correspondingly of the right-of-use assets, all reasonably certain cash outflows are taken into consideration. As of December 31, 2024, potential future cash outflows in the amount of $€ 193$ million (2023: $€ 304$ million) were not included in the lease liability as it is not reasonably certain that the leases will be renewed or not terminated. Possible future cash outflows for lease agreements that can be terminated without penalty by either party, subject to certain deadlines, are not included in this amount due to higher levels of uncertainty. Variable lease payments occur in only immaterial amounts and E.ON generally does not issue residual value guarantees. Leases not yet commenced to which E.ON as a lessee is committed result in potential future cash outflows over the expected lease terms of $€ 55$ million (2023: $€ 26$ million). ). Most of this amount relates to Energy Networks Germany. The existing lease liabilities do not contain any covenant clauses that are linked to financial ratios.

As of the balance sheet date of December 31, 2024, right-of-use assets are offset by lease liabilities with a present value of $€ 3,191$ million (2023: $€ 2,874$ million). These lease liabilities are presented under financial liabilities (see Note 26); the short-term portion of the lease liabilities totals $€ 386$ million (2023: $€ 371$ million). The maturity structure of the future payment obligations from leases is presented in Note 31. Due to the practical expedients used, the recognition of a right-of-use asset is not necessary for low-value leases and leases with a lease term of less than 12 months. Instead, a lease expense is recognized in these cases. The following amounts are recognized in the income statement in connection with leases in the fiscal year:

E.ON as Lessee-Effects within the Income Statement

$€$ in millions	2024	2023
Expenses from short-term leases (< 12 months)	15	37
Expense for low-value leases not included in short-term leases	15	18
Expense from variable lease payments	10	11
Interest expenses on lease liabilities	206	185
Income from subleases	1	-
Gain/loss from sale and leaseback transactions	-	-3

The liabilities from short-term agreements with a term of less than 12 months entered into for the next fiscal year do not vary materially from the expenses of the current fiscal year.

Cash outflows from lease agreements totaled $€ 623$ million (2023: $€ 634$ million) in the fiscal year and are allocated to operating cash flow in the amount of $€ 247$ million (2023: $€ 251$ million). This includes the lease expense for short-term and low-value leases as well as the expense from variable lease payments and interest expense for the period. Payments allocated to the amortization of the lease liability are recognized in cash flows from financing activities in the amount of $€ 377$ million (2023: $€ 383$ million).

E.ON as Lessor

E.ON enters into lease agreements as a lessor to a limited extent. Technical equipment and machinery, in particular generation plants, have been transferred to customers for use under finance leases. Operating leases include assets that have been transferred for use, in particular real estate, heat and electricity generation plants and transmission lines. There are no material risks in connection with rights retained to the assets temporarily transferred for use, with the result that risk management strategies, in particular, are not necessary. Residual-value guarantees are only entered into on an individual basis for purposes of additional hedging.

The present value of minimum lease payments is presented under receivables from finance leases (see Note 17). The current portion totals $€ 29$ million (2023: $€ 29$ million). There were no material changes to net investments in the period under review.

The nominal and present values of the lease payments had the following maturities:

E.ON as Lessor-Finance Leases

	Undiscounted lease payments		Not yet realized interest income		Discounted non-guaranteed residual value		Present value of minimum lease payments
€ in millions	2024	2023	2024	2023	2024	2023	2024	2023
Due within 1 year	48	46	18	17	-	-	29	29
Due in 1 to 2 years	41	49	16	18	-	-	26	32
Due in 2 to 3 years	37	38	14	14	8	-	30	23
Due in 3 to 4 years	36	33	13	13	-	8	23	28
Due in 4 to 5 years	32	32	12	12	9	-	30	20
Due in more than 5 years	134	141	32	33	3	12	104	120
Total	328	339	105	107	20	20	242	252

The following effects from activity as lessor are recognized for the period under review:

E.ON as Lessor-Effects within the Income Statement

€ in millions	2024	2023
Finance lease
Gain/loss from the disposal of assets	-	1
Financial income from net investments	18	20
Income from variable lease payments	4	2
Operating lease
Income from leasing	95	87
thereof income from variable lease
payments	1	-

Cash flows from operating leases are allocated to operating cash flow before interest and taxes. This also applies to cash inflows from finance leases with variable lease payments. Payments recognized as financing income from net investments increase the operating cash flow.

The following future cash inflows are expected from existing operating leases:

E.ON as Lessor-Operating Leases

	Undiscounted lease payments
€ in millions	2024	2023
Due within 1 year	87	79
Due in 1 to 2 years	74	66
Due in 2 to 3 years	69	61
Due in 3 to 4 years	69	58
Due in 4 to 5 years	65	61
Due in more than 5 years	122	101
Total	486	426

(33) Transactions with Related Parties

E.ON exchanges goods and services with a large number of companies as part of its continuing operations. Some of these companies are related parties, including associated companies accounted for under the equity method and their subsidiaries. Receivables and payables consist primarily of lease obligations from leaseback models and trade receivables. Joint ventures and subsidiaries that are not fully consolidated continue to be accounted for as associated companies. Transactions with related parties in the reporting year and in the previous year are summarized as follows:

Related-Party Transactions
€ in millions	2024	2023
Income	2,262	2,232
Associated companies	1,382	1,587
Joint ventures	600	365
Other related parties	280	280
Expenses	1,465	1,510
Associated companies	635	678
Joint ventures	167	161
Other related parties	663	671
Receivables	847	1,007
Associated companies	352	437
Joint ventures	66	83
Other related parties	428	487
Liabilities	2,481	2,494
Associated companies	1,077	1,090
Joint ventures	799	755
Other related parties	606	648
Provisions	7	7
Associated companies	4	4
Joint ventures	3	3
Other related parties	-	-

In 2024, E.ON generated income from transactions with related companies through the delivery of gas and electricity to distributors and municipal entities, especially municipal utilities. The relationships with these entities do not generally differ from those that exist with municipal entities in which E.ON does not have an interest. Expenses from transactions with related companies are generated mainly through electricity and gas deliveries as well as through management fees, IT services and third-party services.

Liabilities of E.ON payable to related companies as of December 31, 2024, include €51 million (2023: €60 million) in trade payables and shareholder loans to operators of jointly owned nuclear power plants. These shareholder loans bear interest at 1.0 percent (2023: 1.0 percent) and have no fixed maturity. E.ON continues to have in place with these power plants a cost-transfer agreement and a cost-plus-fee agreement for the procurement of electricity. The settlement of such liabilities occurs mainly through clearing accounts.

Under IAS 24, compensation paid to key management personnel (members of the Management Board and of the Supervisory Board of E.ON SE) in the reporting year must be disclosed.

The total expense for members of the Management Board in 2024 amounted to €23.0 million (2023: €25.5 million).

The service costs comprised an expense of €11.6 million (2023: €14.2 million ${ }^{10}$ ) for short-term benefits and an expense of €0.1 million (2023: €0.2 million) for post-employment benefits.

The expense determined in accordance with IFRS 2 for existing commitments for share-based payment in 2024 was €11.3 million (2023: €11.0 million).

Provisions for these commitments amounted to €24.3 million as of December 31, 2024 (2023: €18.0 million).

The members of the Supervisory Board received a compensation of €4.2 million for their activity in 2024 (2023: €4.6 million).

(34) Segment Reporting

Segment Information

On September 11, 2023, the Management Board approved a new management concept for the E.ON Group. This concept took effect on January 1, 2024, and requires a change in the definition of operating segments in accordance with IFRS 8. The E.ON Group, which is managed by Group Management in Essen, is divided into the following reporting segments, which are reported in accordance with IFRS 8. Additionally, as of January 1, 2024, some regional markets in Energy Networks have been reorganized. Central Europe East/Turkey is now divided into Central Eastern Europe and South Eastern Europe. These combined segments are not separately reportable, are of minor importance, have similar economic characteristics and are comparable in terms of customer structure,
products and sales channels. Moreover, the central commodity procurement unit of the E.ON Group, E.ON Energy Markets GmbH, has been reported in Energy Retail since January 1, 2024. Prior to December 31, 2023, it was included in Corporate Functions/Other.

Energy Networks

Germany

This segment combines the electricity and gas distribution networks and all related activities in Germany.

Sweden

This segment comprises the electricity networks businesses in Sweden.

Central Eastern Europe

This segment combines the distribution network activities in the Czech Republic and Poland and the at-equity investment Východoslovenská energetika Holding a.s. in Slovakia.

South Eastern Europe

This segment combines the distribution network activities in Hungary, Croatia and Romania and the at-equity investment Enerjisa Enerji in Turkey.

Energy Infrastructure Solutions

This segment combines the development of energy solutions for customers in Germany, the UK, Sweden, Denmark, Italy, the Czech Republic, Hungary, Poland, the Netherlands, Croatia and Slovenia. The Energy Infrastructure Solutions segment develops integrated, sustainable energy solutions to sustainably provide heating, electricity, steam, and cooling to cities and towns, as well as commercial customers and industrial customers.

Energy Retail

Germany

This segment consists of activities that supply our customers in Germany with electricity and gas and the distribution of specific products and services in areas for improving energy efficiency and energy independence as well as the heating distribution business in Germany.

United Kingdom

The segment presents sales activities and Customer Solutions in the UK.

The Netherlands

The segment includes the distribution of electricity and gas as well as Customer Solutions in the Netherlands.

[^0]
[^0]: ${ }^{10}$ The expense incurred for short-term benefits in 2023 was adjusted by €1.7 million from €12.5 million to €14.2 million in accordance with IAS 8.41 et seq.

Other

This segment combines sales activities in Sweden, Italy, the Czech Republic, Hungary, Croatia, Romania, and Poland. The E.ON Group's central commodity procurement unit, E.ON Energy Markets GmbH, is also included here.

Corporate Functions/Other

Corporate Functions/Other contains E.ON SE itself and the interests held directly by E.ON SE. The main task of Corporate Functions is to manage the E.ON Group. This includes the strategic development of the Group and the management and financing of the existing business portfolio. It also includes the E.ON Group's internal service providers. In addition, the Non-

Core Business is disclosed under Corporate Functions/Other. The Non-Core Business includes the non-strategic activities of the E.ON Group. This includes the operation of German nuclear power plants until April 15, 2023, and their decommissioning, which are managed by the PreussenElektra operating unit, and the electricity generation business in Turkey.

Financial Information by Business Segment ${ }^{1}$

	Energy Netw orks		Energy Infrastructure Solutions		Energy Retail		Corporate Functions/Other		Consolidation		E.ON Group
€ in millions	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
External sales	20,691	17,607	2,677	3,003	56,503	72,829	248	247	-	-	80,119	93,686
Intersegment sales	6,256	6,365	1,098	1,049	2,356	3,292	1,043	1,377	$-10,753$	$-12,083$	0	0
Sales	26,947	23,972	3,775	4,052	58,859	76,121	1,291	1,624	$-10,753$	$-12,083$	80,119	93,686
Adjusted EBITDA	6,868	6,617	558	565	1,813	2,303	$-183$	$-115$	$-7$	-	9,049	9,370
Equity-method earnings	514	528	17	6	9	16	130	179	-	-	670	729
Depreciation and amortization ${ }^{1}$	$-2,510$	$-2,236$	$-352$	$-380$	$-336$	$-279$	$-89$	$-88$	-	-	$-3,287$	$-2,983$
Operating cash flow before interest and taxes	6,379	6,063	405	606	1,397	1,154	$-841$	$-598$	3	-	7,343	7,225
Investments ${ }^{1}$	5,834	5,158	969	715	547	440	152	152	$-3$	$-2$	7,499	6,463
investments in intangible assets and property, plant and equipment	5,738	5,021	788	609	380	299	68	81	$-3$	$-1$	6,971	6,009

${ }^{1}$ Because of changes in segment reporting, the prior-year figure was adjusted accordingly.
${ }^{2}$ Adjusted for non-operating effects.
${ }^{3}$ Adjustment of the previous year's figures due to the expansion of investments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans.

Financial Information Energy Networks ${ }^{1}$

	Germany		Sweden	Central Eastern Europe ${ }^{2}$		South Eastern Europe ${ }^{2}$		Consolidation		Energy Networks
€ in millions	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
External sales	16,905	13,599	1,179	986	970	934	1,637	2,088	-	-	20,691
Intersegment sales	5,333	5,478	7	5	461	427	457	466	$-2$	$-11$	6,256
Sales	22,238	19,077	1,186	991	1,431	1,361	2,094	2,554	$-2$	$-11$	26,947
Adjusted EBITDA	5,008	5,010	714	576	632	732	514	298	-	1	6,868
Equity method earnings	341	343	-	-	82	127	91	59	-	$-1$	514
Depreciation and amortization ${ }^{1}$	$-1,933$	$-1,695$	$-194$	$-185$	$-178$	$-168$	$-206$	$-188$	1	-	$-2,510$
Operating cash flow before interest and taxes	4,717	4,450	737	648	597	625	329	341	$-1$	$-1$	6,379
Investments ${ }^{4}$	4,361	3,752	520	510	463	517	489	379	1	-	5,834
Investments in intangible assets and property, plant, and equipment	4,266	3,617	519	510	463	516	489	378	1	-	5,738

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.
${ }^{2}$ Aggregated and Reportable Segment.
${ }^{3}$ Adjusted for non-operating effects.
${ }^{4}$ Adjustment of the previous year's figures due to the expansion of investments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans.

Financial Information Energy Retail ${ }^{1}$

	Germany	United Kingdom	The Netherlands	Other	Consolidation	Energy Retail
€ in millions	2024	2023	2024	2023	2024	2023
External sales	20,023	23,937	16,476	23,432	2,759	4,201
Intersegment sales	7,702	11,157	4,174	8,988	2,960	6,796
Sales	27,725	35,094	20,650	32,420	5,719	10,997
Adjusted EBITDA	751	858	552	639	192	234
Equity method earnings	-		1	-	5	7
Depreciation and amortization ${ }^{2}$	$-101$	$-79$	$-28$	$-33$	$-89$	$-71$
Operating cash flow before interest and taxes	230	1,226	243	765	74	378
Investments ${ }^{2}$	123	127	10	21	129	86
Investments in intangible assets and property, plant, and equipment	84	85	10	13	94	55

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.
${ }^{2}$ Adjusted for non-operating effects.
${ }^{3}$ Adjustment of the previous year's figures due to the expansion of investments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans.

The following table shows the reconciliation of operating cash flow before interest and taxes to operating cash flow from continuing operations:

Reconciliation of Operating Cash Flow ${ }^{1}$

€ in millions	2024	2023
Operating cash flow before interest and taxes	7,343	7,225
Interest payments	-928	-855
Tax payments	-741	-716
Operating cash flow	5,673	5,654

${ }^{1}$ Operating cash flow from continuing operations.

Reconciliation of Adjusted EBITDA

In 2024, adjusted EBITDA, a measure of earnings before interest, taxes, depreciation and amortization adjusted to exclude extraordinary effects ("adjusted EBITDA"), was used at E.ON for purposes of internal management control and as the most important indicator of a business's sustainable earnings power.

The E.ON Management Board is convinced that adjusted EBITDA is the most suitable key figure for assessing operating performance because it presents E.ON's operating earnings independently of non-operating factors, interest, taxes and amortization.

Adjusted EBITDA is a non-IFRS measure that must be reconciled to an IFRS measure in accordance with IFRS 8 .

Unadjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") represents the Group's income/loss reported in accordance with IFRS corrected by net interest income, income taxes and impairment charges and reversals of impairment charges. To improve its meaningfulness as an indicator of the sustainable earnings power of the E.ON Group's business, unadjusted EBITDA is adjusted for certain nonoperating effects.

Operating earnings also include income from investment subsidies for which liabilities are recognized.

The non-operating earnings effects for which EBITDA is adjusted include, in particular, non-operating interest expense/income, income and expenses from the marking to market on the reporting date of unrealized commodity derivatives and related provisions for contingent losses, where material, book gains/losses, certain restructuring expenses, impairment charges and reversals recognized on equity investments in affiliated or associated companies, and other contributions to non-operating earnings. IAS 29 was applied for the first time in 2022 because of the hyperinflation in Turkey and the effects recognized in income are also presented in other nonoperating earnings.

In addition, effects from the valuation of certain provisions on the balance sheet date are disclosed in non-operating earnings. In addition, effects that are to be initially recognized from the subsequent measurement of hidden reserves and charges in connection with the innogy purchase price allocation are included.

Net book gains/losses and restructuring expenses were minimal in 2024.
Effects in conjunction with derivative financial instruments changed by $€ 8,599$ million to $€ 4,366$ million. They resulted mainly from the settlement of sales and procurement transactions on derivatives that in the prior year had a negative fair value. The fair-value measurement of pending sales and procurement transactions had just a small countervailing effect because energy prices on commodity markets at December 31, 2024, were again roughly at the level of the start of the year.

Other non-operating expense/income consists mainly of expenditures in conjunction with the application of IAS 29 on ownership interests in Turkey that are accounted for using the equity method. The prior-year figure included the disclosure of the earnings contribution of PreussenElektra, whose commercial operations ended on April 15, 2023. In addition, other non-operating expense/income components of EBITDA include expenditures for the amortization of hidden reserves and liabilities from the innogy transaction.

In the 2024 financial year, E.ON recorded depreciation and amortization charges in connection with the innogy purchase-price allocation, which are disclosed separately.

It also recorded in particular impairment charges of $€ 628$ million at Energy Infrastructure Solutions. See also "Special Events in the Reporting Period" regarding this matter.

Non-operating interest expense/income improved relative to the prior year. An increase in the discount rate led to income from the discounting of non-

current provisions for asset-retirement obligations. By contrast, expenses were recorded in the previous year due to a decline in interest rates. The positive effect of $€ 147$ million (prior year: $€ 187$ million) from the difference between the nominal interest rate and the effective interest rate of former innogy bonds adjusted due to the purchase-price allocation is still recorded under non-operating interest expense/income.

The non-operating tax result in the period under review is primarily influenced by tax expenditures stemming from positive effects in conjunction with derivative financial instruments. In the reporting period, countervailing effects resulted from tax income from prior years, including $€ 198$ million from a concluded redress procedure, and changes in value of deferred taxes. In the prior-year period, negative items relating to the measurement of derivatives as well as changes in value of deferred tax liabilities led, on balance, to tax income.

Non-controlling interests' share of operating earnings declined relative to the prior year. The decrease resulted mainly from lower operating earnings at some minority-owned companies, in particular at Energy Networks.

Income from discontinued operations resulted from a transaction already completed in 2005. In accordance with the purchase agreement, a onetime purchase-price adjustment was made in the prior year after an audit of the divested company was completed in the first quarter of 2023, and the contractual clause has now taken effect.

The following table shows the reconciliation of earnings before financial results and taxes to adjusted EBITDA:

Non-Operating Adjustments

	Fourth quarter		Full year
$€$ in millions	2024	2023	2024
Net book gains $(+)$ /losses $(-)$	3	12	-15
Restructuring expenses	-14	4	-20
Effects from derivative financial instruments	1,932	$-1,587$	4,366
Carryforward of hidden reserves $(+)$ and liabilities $(-)$ from the innogy transaction	-14	13	-56
Other non-operating earnings	25	-219	-509
Non-operating adjustments of EBITDA	$\mathbf{1 , 9 3 2}$	$\mathbf{- 1 , 7 7 7}$	$\mathbf{3 , 7 6 6}$
Depreciation of hidden reserves $(-)$ and liabilities $(+)$ from the innogy transaction	-95	-107	-413
Other non-operating impairments/reversals	-81	-112	-782
Non-operating interest expense $(-) /$ Income $(+)$	55	-514	139
Non-operating taxes	-151	1,539	-614
Non-operating adjustments of net income/loss	$\mathbf{1 , 6 6 0}$	$\mathbf{- 9 7 1}$	$\mathbf{2 , 0 9 6}$

Reconciliation to Adjusted EBITDA

	Fourth quarter		Full year
$€$ in millions	2024	2023	2024
Adjusted EBITDA	$\mathbf{2 , 3 6 2}$	$\mathbf{1 , 5 8 1}$	$\mathbf{9 , 0 4 9}$
Non-operating adjustments of EBITDA	1,932	-1,777	3,766
Income/loss from continuing operations before depreciation, interest result and income taxes	$\mathbf{4 , 2 9 4}$	$\mathbf{- 1 9 6}$	$\mathbf{1 2 , 8 1 5}$
Scheduled depreciation/impariments and amortization/reversals	-1,144	-1,076	-4,483
Income/loss from continuing operations before interest results and income taxes	$\mathbf{3 , 1 5 0}$	$\mathbf{- 1 , 2 7 2}$	$\mathbf{8 , 3 3 2}$

$€$ in millions

2024	2023	2024	2023
3	12	9,049	9,370
-15	4	-20	-22
4,366	-4,233
-56	-100
-237
3,766	-4,587
-413	-448
-782	-156
-12	-12
-614	1,922
-3,281

$€$ in millions

2024	2023	2024	2023
3,362	1,581	9,049	9,370
3,766	-4,587
12,815	4,783
-4,483	-3,588
1,195

Additional Entity-Level Disclosures

External sales by product break down as follows:

Segment Information by Product
€ in millions	2024	2023
Electricity	53,501	57,791
Gas	19,888	23,977
Other	6,730	11,918
Total	$\mathbf{8 0 , 1 1 9}$	$\mathbf{9 3 , 6 8 6}$

The "Other" item consists in particular of revenues generated from services.

External sales of the products electricity and gas recognized under IFRS 15 are broken down by reportable segment as follows:

Electricity ${ }^{1}$

€ in millions	2024	2023
Energy Networks	16,025	12,855
Germany	12,630	8,491
Sweden	1,179	985
Central Eastern Europe	911	762
South Eastern Europe	1,305	1,617
Energy Infrastructure Solutions	383	514
Energy Retail	37,093	44,324
Germany	14,335	15,645
United Kingdom	12,304	14,732
The Netherlands	986	1,324
Other	9,468	12,623
Corporate Functions/Other	-	98
E.ON Group	$\mathbf{5 3 , 5 0 1}$	$\mathbf{5 7 , 7 9 1}$

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.

Gas $^{1}$

€ in millions	2024	2023
Energy Networks	1,773	2,199
Germany	1,583	2,038
Sweden	-	-
Central Eastern Europe	27	23
South Eastern Europe	163	138
Energy Infrastructure Solutions	82	124
Energy Retail	18,033	21,654
Germany	5,337	7,704
United Kingdom	4,072	4,846
The Netherlands	1,365	1,640
Other	7,259	7,464
Corporate Functions/Other	-	-
E.ON Group	19,888	23,977

${ }^{1}$ Because of changes in segment reporting, prior-year figures were adjusted accordingly.

The following table breaks down external sales (by customer and seller location), intangible assets and property, plant and equipment, as well as companies accounted for under the equity method, by geographic area:

Geographic Segment Information

	Germany	United Kingdom		Sweden	The Netherlands ${ }^{1}$	Europe (other)		Other		Total
€ in millions	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
External sales by location of customer	41,456	37,497	16,593	33,145	2,238	2,191	2,746	1,365	16,992	19,389	94	99	80,119
External sales by location of seller	47,242	50,142	17,020	24,054	2,284	2,246	2,785	4,201	10,694	12,944	94	99	80,119
Intangible assets	1,471	1,497	140	137	205	193	197	177	1,698	1,588	-	-	3,711
Right-of-use assets	2,494	2,301	107	96	87	92	88	79	163	137	4	5	2,943
Property, plant and equipment	31,145	28,545	1,027	796	5,581	5,453	138	80	6,369	5,867	9	8	44,269
Companies accounted for under the equity method	4,394	4,284	6	4	65	71	-	55	1,889	2,238	757	-	7,111

${ }^{1}$ Belgium included in Europe (other) segment.
E.ON's customer structure resulted in a focus on the Germany region. Aside from that, there was no major concentration in any given geographical region or business area. Due to the large number of customers the Company serves and the variety of its business activities, there are no individual customers whose business volume is material compared with the Company's total business volume.

(35) Compensation of Supervisory Board and Management Board

Supervisory Board

Total remuneration to members of the Supervisory Board in 2024 amounted to $€ 4.2$ million (2023: $€ 4.6$ million).

There were no loans to members of the Supervisory Board in 2024.

Management Board

The compensation of the Management Board according to Section 314 (1) No. 6 HGB combined with Section 315 e HGB in 2024 amounted to $€ 19.3$ million (2023: $€ 22.0$ million ${ }^{11}$ ).

In 2024, the members of the Management Board were granted eighthtranche virtual shares under the E.ON Performance Plan (2023: seventh tranche of the E.ON Performance Plan) with a value of $€ 7.8$ million (2023: $€ 7.8$ million) and a total number of shares of 650,587 (2023: 832,082) as part of their total compensation.

The total payments to former members of the Management Board and their beneficiaries amounted to $€ 13.0$ million (2023: $€ 12.9$ million ${ }^{12}$ ). Provisions of $€ 162.4$ million (2023: $€ 170.6$ million) have been established for the pension obligations to former members of the Management Board and their beneficiaries.

There were no loans to members of the Management Board in 2024.

(36) Subsequent Events

Corporate Bonds Issued

E.ON issued two corporate bonds in January 2025. One bond has a volume of $€ 850$ million due in April 2033 with a 3.5 percent coupon; the other green bond has a volume of $€ 900$ million due in January 2040 with a 4.0 percent coupon.

[^0]
[^0]: ${ }^{11}$ The total compensation granted to the Management Board for 2023 was adjusted by $€ 1.8$ million from $€ 20.2$ million to $€ 22.0$ million in accordance with IAS 8.41 et seq.
${ }^{12}$ The total payments to former members of the Management Board and their beneficiaries for 2023 was adjusted by $€ 3.4$ million from $€ 16.3$ million to $€ 12.9$ million in accordance with IAS 8.41 et seq.

Other Information

Declaration of the Board of Management ..... 210
Independent auditor's report ..... 211
Assurance Report in Relation to the Group Sustainability Report ..... 216
Boards ..... 219
Supervisory Board
(and Information on Other Directorships) ..... 219
Management Board
(and Information on Other Directorships) ..... 221
Task Force on Climate-related Financial Disclosures ("TCFD") ..... 224
ESG Figures ..... 225
Sustainable Development Goals ("SDGs") Index ..... 230
Financial Calendar and Imprint ..... 230

Declaration of the Board of Management

To the best of our knowledge, we declare that, in accordance with applicable financial reporting principles, the Annual Financial Statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company, and the Management Report of the Company, which is combined with the Group Management Report, provides a fair review of the development and performance of the business and the position of the Company, together with a description of the principal opportunities and risks associated with the expected development of the Company.

Essen, Germany, February 19, 2025
The Management Board

Birnbaum

Jakobi

König

Eulins

Spieker

Independent auditor's report

To E.ON SE, Essen

Report on the Audit of the Consolidated Financial Statements and the Combined Group Management Report

Opinions

We have audited the consolidated financial statements of E.ON SE, Essen, and its subsidiaries (the Group), which comprise the statement of income, the statement of recognised income and expenses, the balance sheet, the statement of cash flows and the statement of changes in equity for the financial year from 1 January to 31 December 2024, and notes to the consolidated financial statements, including significant information on the accounting policies. In addition, we have audited the management report of the Company and the Group (hereinafter referred to as "combined management report") of E.ON SE for the financial year from 1 January to 31 December 2024.

In accordance with German legal requirements, we have not audited the content of those components of the combined management report specified in the "Other Information" section of our auditor's report.

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) (hereinafter referred to as "IFRS Accounting Standards") as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at 31 December 2024, and of its financial performance for the financial year from 1 January to 31 December 2024, and
• the accompanying combined management report as a whole provides an appropriate view of the Group's position. In all material respects, this combined management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our opinion on the combined management report does not cover the content of those components of the combined management report specified in the "Other Information" section of the auditor's report.

Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the
consolidated financial statements and of the combined management report.

Basis for the Opinions

We conducted our audit of the consolidated financial statements and of the combined management report in accordance with Section 317 HGB and the EU Audit Regulation No 537/2014 (referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management Report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the combined management report.

Key Audit Matters in the Audit of the Consolidated Financial Statements

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 January to 31 December 2024 These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.

Accounting for derivatives relating to sales and procurement

contracts for electricity and gas supplies (commodity forward transactions) and provisions for sales-related onerous contracts Please refer to note [1] in the notes to the consolidated financial statements for information on the accounting policies applied. The disclosures on accounting for derivatives relating to sales and procurement contracts for electricity and gas supplies (commodity forward transactions) and provisions for sales-related onerous contracts are presented in the notes to the consolidated financial statements under notes [8], [17], [25] and [26].

THE FINANCIAL STATEMENT RISK

In the consolidated financial statements as at 31 December 2024, E.ON SE recognised market values for derivatives in connection with commodity forward transactions of EUR 3.0 billion in the other operating assets, and
market values of EUR 2.6 billion in the non-current and current (other) operating liabilities for procurement and sales transactions that are accounted for at fair value in accordance with the provisions of IFRS 9: Financial Instruments. Provisions for onerous contracts were reported in the amount of EUR 0.1 billion.
E.ON maintains portfolios of sales and procurement contracts for electricity and gas supplies with various customer and supplier groups (commodity forward transactions), of which some are recognised as executory contracts pursuant to the own-use provisions of IFRS 9 in accordance with the provisions of IAS 37 and some are recognised as financial instruments at fair value. The contracts in these portfolios are predominantly recorded and processed by way of mass processes.

Discretion is required when determining whether a commodity forward transaction was concluded to satisfy own requirements and continues to be held for this purpose and therefore fulfils the own-use criteria on initial and subsequent recognition. In compliance with the requirements of IFRS 9, the underlying contracts are to be classified as "own use" contracts or as derivative financial instruments and monitored on an ongoing basis. With regard to the consolidated financial statements, there is a risk that these may be incompletely or incorrectly recognised and/or incorrectly classified. There is also the risk that a change in purpose at a later date will not be recognised and the contracts will not be properly accounted for.

Fair values are to be determined for the commodity forward transactions classified as derivative financial instruments. Provided that no market prices are observable, the fair values are to be determined on the basis of recognised valuation methods. The methods, assumptions and data used for this purpose require judgement. There is a risk for the financial statements that the other operating assets, the (other) operating liabilities and the other operating income will not be measured or determined in line with the accounting requirements.

In the context of its business activities, E.ON fulfils its sales obligations towards customers through commodity forward transactions. If there is a risk of losses from sales obligations, provisions for onerous contracts must be recognised. The amount of the provisions is determined based on the best possible estimate of the amount by which the unavoidable costs of fulfilling the contract will exceed the expected economic benefit of the contract, i.e. generally the agreed sales price for sales transactions. A direct allocation of procurement transactions to individual sales obligations is generally not possible for electricity and gas supply companies and thus also not possible within the E.ON Group. The recognition and measurement of recognised provisions for onerous contracts from pending sales transactions - in due consideration of the various procurement transactions of the E.ON Group - are consequently based on complex allocations and calculations for the sales portfolios of the E.ON Group as

well as estimates requiring judgement by the Management Board, for example, the future expected contribution margins of the sales portfolios. There is the risk for the consolidated financial statements that provisions are not recognised or not in the amount required.

OUR AUDIT APPROACH

In the course of our audit, we obtained a comprehensive insight into the development of commodity forward transactions and the associated risks as well as an understanding of E.ON's process to record and classify these transactions and to recognise and assess sales from the portfolio in terms of the permissibility of the own-use criteria.

For the IT and individual data processing systems deployed, with the involvement of our IT specialists, we evaluated the effectiveness of the rules and procedures relating to a large number of IT applications and which support the effectiveness of the application controls.

With the involvement of our specialists for financial instruments, we assessed the appropriateness, implementation and effectiveness of the internal controls established by E.ON to recognise and classify commodity forward transactions and to completely and accurately recognise and assess sales from the portfolio in terms of the permissibility of the own-use criteria.

We used analyses to satisfy ourselves that the commodity forward transactions were properly recognised and classified. In the case of sales, we assessed whether there was a change in purpose and whether it was recognised in the balance sheet appropriately.

Furthermore, with regard to the measurement of commodity forward transactions for which no market prices are observable, we made enquiries with the involvement of our valuation specialists and gained insight into the relevant documents and, in doing so, assessed the selection of methods, data and assumptions used for measurement. To assess the methodically and mathematically correct implementation of the valuation method, we - together with the involvement of our valuation experts - verified E.ON's measurement using our own calculations and analysed deviations for a risk-based selection. Price and market information observable in the market were used where possible.

In addition, we assessed the appropriateness of the key data and assumptions as well as the method used by E.ON in relation to the recognition of provisions for onerous contracts for sales portfolios. To this end, we verified the allocations of the procurement transactions to the sales portfolios and also discussed the expected future contribution margins in the various sales portfolios of the E.ON Group with those responsible for planning. To ensure the computational accuracy of the
method used, we verified the Company's calculations on the basis of selected risk-based elements.

OUR OBSERVATIONS

The recognition, classification and ongoing monitoring of commodity forward transactions has been carried out appropriately. The methods, assumptions and data used to measure commodity forward transactions and provisions for onerous contracts are appropriate.

Recoverability of goodwill

Please refer to note [1] of the notes to the consolidated financial statements for information on the accounting policies applied. Disclosures on the assumptions made and the amount of goodwill can be found under note [14] of the notes to the consolidated financial statements and disclosures on the financial performance of the operating segments in section [34] of the combined management report.

THE FINANCIAL STATEMENT RISK

Goodwill amounts to EUR 16.6 billion as at 31 December 2024 and, at $69 \%$ of consolidated equity, constitutes a significant proportion of the assets.

Goodwill is tested for impairment annually, irrespective of any indication of impairment, as at 1 October. If impairment triggers arise during the year, an event-driven goodwill impairment test is carried out during the year. The goodwill is allocated to the cash-generating units or groups of cashgenerating units, which essentially correspond to the operating segments at the E.ON Group. For the goodwill impairment test, the carrying amount is compared with the recoverable amount of the relevant cash-generating units or groups of cash-generating units. If the carrying amount exceeds the recoverable amount, an impairment loss is recognised. At E.ON, the recoverable amount is initially calculated as the fair value less costs to sell.

The change in the management concept adopted by E.ON's Management Board in the previous year took effect on 1 January 2024 and goodwill was reallocated for the affected operating segments. As the Energy Infrastructure Solutions operating segment is significantly more capitalintensive than the Energy Retail operating segment, the recoverable amount of the Energy Infrastructure Solutions operating segment was offset by a high carrying amount basis. As a result, in addition to the annual goodwill impairment test, the company also carried out an event-driven impairment test as at 1 January 2024 following the goodwill reallocation.

The goodwill impairment test is complex and based on a number of assumptions requiring judgement. These include the estimate of future cash flows, the assumed long-term growth rates and the discount rate used. This also affects the reallocation of goodwill as at 1 January 2024, as this was carried out on the basis of fair value less costs to sell.

As a result of the event-driven impairment test carried out, the Company identified a need to recognise impairment in the amount of EUR 0.6 billion for goodwill in the Energy Infrastructure Solutions operating segment. No further requirement to recognise an impairment loss was identified in the course of the annual impairment testing.

There is the risk for the consolidated financial statements that the impairment loss identified in the Energy Infrastructure Solutions operating segment is not recognised in the proper amount or that an additional impairment was not identified. There is also the risk that the related disclosures in the notes are not appropriate.

OUR AUDIT APPROACH

First, we obtained an understanding of the process for impairment testing and reallocation of goodwill through explanations provided by staff of the finance organisation and by evaluating the Company's documentation. With the involvement of our valuation experts, we assessed (among other things) the appropriateness of the significant assumptions and the Company's calculation method for both the reallocation of goodwill as well as the event-driven and the annual impairment testing. For this purpose, we discussed the expected cash flows and the assumed long-term growth rates with those responsible for planning. We also carried out reconciliations with the budget drawn up by the Management Board and approved by the Supervisory Board and the medium-term planning, including the projected development for the next three to five years, drawn up by the Management Board and acknowledged by the Supervisory Board. In addition, we assessed the consistency of the assumptions with external market forecasts.

We also confirmed the accuracy of the Company's previous forecasts by comparing the budgets of previous financial years with actual results and by analysing deviations. In addition, we compared the assumptions and data underlying the weighted average cost of capital, especially the riskfree interest rate, the market risk premium, country risk premium and the beta factor, with our own assumptions and publicly available data.

To assess the methodically and mathematically correct implementation of the valuation method, we selected risk-based valuations performed by the Company and verified them using our own calculations and analysed deviations.

In order to take account of the existing forecast uncertainty and the early cut-off date for annual impairment testing, we investigated the impact of possible changes in the discount rate, earnings performance and the longterm growth rate on the recoverable amount by calculating alternative scenarios and comparing them with the values stated by the Company (sensitivity analysis).

Finally, we assessed whether the disclosures in the notes regarding recoverability of goodwill are appropriate. This also included an assessment of the appropriateness of disclosures in the notes according to IAS 36.134(f) on sensitivity in the event of a reasonably possible change in the key assumptions used for measurement.

OUR OBSERVATIONS

The reallocation of goodwill to the Energy Infrastructure Solutions operating segment was carried out properly.

The calculation model underlying both the events-driven and the annual impairment testing of goodwill is appropriate and consistent with the applicable measurement principles.

The Company's assumptions and data underlying the measurement are appropriate.

The disclosures in the notes on the recoverability of goodwill are appropriate.

Other Information

The Management Board and/or the Supervisory Board are/is responsible for the other information. The other information comprises the following components of the combined management report, whose content was not audited:

• the sustainability report, including the Group's non-financial statement, contained in the combined management report,
• the combined corporate governance statement for the Company and the Group referred to in the combined management report, and
• information extraneous to management reports and marked as unaudited.

The other information also includes the remaining parts of the annual report. The other information does not include the consolidated financial statements, the combined management report information audited for content and our auditor's report thereon.

Our opinions on the consolidated financial statements and on the combined management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information

• is materially inconsistent with the consolidated financial statements, with the combined group management report information audited for content or our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.
  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibility of the Management Board and Supervisory Board for the Consolidated Financial Statements and the Combined Management Report

The Management Board is responsible for the preparation of consolidated financial statements that comply, in all material respects, with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition, the Management Board is responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, the Management Board is responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, the Management Board is responsible for the preparation of the combined management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the Management Board is responsible for such arrangements and measures (systems) as it has considered necessary to enable the preparation of a combined management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.

The Supervisory Board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the combined management report.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management Report

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the consolidated financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this combined management report.

We exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control or of these arrangements and measures.

• Evaluate the appropriateness of accounting policies used by the Management Board and the reasonableness of estimates made by the Management Board and related disclosures.

• Conclude on the appropriateness of the Management Board's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB.
• Plan and perform the audit of the consolidated financial statements to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business segments within the Group to provide a basis for our opinions on the consolidated financial statements and on the combined management report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our opinions.
• Evaluate the consistency of the combined management report with the consolidated financial statements, its conformity with [German] law, and the view of the Group's position it provides.
• Perform audit procedures on the prospective information presented by the Board of Management in the combined group management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the Board of Management as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the actions taken or safeguards applied to eliminate independence threats.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

Other Legal and Regulatory Requirements

Report on the Assurance of the Electronic Rendering of the Consolidated Financial Statements and the Combined Management Report Prepared for Publication Purposes in Accordance with Section 317 (3a) HGB

We have performed assurance work in accordance with Section 317 (3a) HGB to obtain reasonable assurance about whether the rendering of the consolidated financial statements and the combined management report (hereinafter the "ESEF documents") contained in the electronic files „eonse-2024-12-31-de.zip" (SHA256-hash value: 39083eced63beec2d5f4aa2d3a0fa98ab1ed3675a53d44912557e069e9 6cb4a5) and „EON_Zusammengefasster Lagebericht_2024.xhtml" (SHA256-hash value: 23749379c02ce86b9972778de876d476b0dc5bf6e6fa0558ab9771cc5 bb2358f) made available and prepared for publication purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic reporting format ("ESEF format"). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the combined management report into the ESEF format and therefore relates neither to the information contained in these renderings nor to any other information contained in the file identified above.

In our opinion, the rendering of the consolidated financial statements and the combined management report contained in the electronic file made available, identified above and prepared for publication purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated financial statements and the accompanying combined management report for the financial year from 1 January to 31 December 2024 contained in the "Report on the

Audit of the Consolidated Financial Statements and the Combined Management Report" above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the file identified above.

We conducted our assurance work on the rendering of the consolidated financial statements and the combined management report contained in the file made available and identified above in accordance with Section 317 (3a) HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication Purposes in Accordance with Section 317 (3a) HGB (IDW AsS 410 (06.2022)). Our responsibility in accordance therewith is further described below. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)).

The Company's Management Board is responsible for the preparation of the ESEF documents including the electronic rendering of the consolidated financial statements and the combined management report in accordance with Section 328 (1) sentence 4 item 1 HGB and for the tagging of the consolidated financial statements in accordance with Section 328 (1) sentence 4 item 2 HGB.

In addition, the Company's Management Board is responsible for such internal control as it has considered necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB for the electronic reporting format.

The Supervisory Board is responsible for overseeing the process of preparing the ESEF documents as part of the financial reporting process.

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional noncompliance with the requirements of Section 328 (1) HGB. We exercise professional judgement and maintain professional scepticism throughout the assurance work. We also:

• Identify and assess the risks of material intentional or unintentional noncompliance with the requirements of Section 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.

• Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.

• Evaluate the technical validity of the ESEF documents, i.e. whether the file made available containing the ESEF documents meets the requirements of the Commission Delegated Regulation (EU) 2019/815, as amended as at the reporting date, on the technical specification for this electronic file.

• Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated financial statements and the audited combined management report.
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (IXBRL) in accordance with the requirements of Articles 4 and 6 of the Commission Delegated Regulation (EU) 2019/815, as amended as at the reporting date, enables an appropriate and complete machine-readable XBRL copy of the XHTML rendering.

Further Information pursuant to Article 10 of the EU Audit Regulation

We were elected as auditor of the consolidated financial statements at the Annual General Meeting on 16 May 2024. We were engaged by the Audit and Risk Committee of the Supervisory Board on 17 December 2024. We have been the auditor of the consolidated financial statements of E.ON SE without interruption since financial year 2021.

We declare that the opinions expressed in this auditor's report are consistent with the additional report to the Audit Committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

Other Matter - Use of the Auditor's Report

Our auditor's report must always be read together with the audited consolidated financial statements and the audited combined management report as well as the examined ESEF documents. The consolidated financial statements and combined management report converted to the ESEF format - including the versions to be entered in the German Company Register [Unternehmensregister] - are merely electronic renderings of the audited consolidated financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the examined ESEF documents provided in electronic form.

German Public Auditor Responsible for the Engagement

The German Public Auditor responsible for the engagement is Alexander Bock.

Essen, 24 February 2025

KPMG AG

Wirtschaftsprüfungsgesellschaft
[signature] Kneisel
Wirtschaftsprüfer
[German Public Auditor]
[signature] Bock
Wirtschaftsprüfer
[German Public Auditor]

Assurance Report in Relation to the Group Sustainability Report

Assurance report of the independent German Public Auditor on an assurance engagement to obtain limited and reasonable assurance in relation to the Group Sustainability Report ${ }^{13}$

To the E.ON SE, Essen

Assurance Conclusion and Opinion

We have conducted a limited assurance engagement on the Group Sustainability Report (hereinafter: "Sustainability Report") included in section "Sustainability Report" of the combined management report, of E.ON SE (hereinafter: "E.ON SE" or "the Company") for the financial year from January 1 to December 31, 2024, taking into account, as set forth in the subsequent paragraph, the reasonable assurance engagement on disclosures marked with [ $\star$ ] in the Group Sustainability Report. The Group Sustainability Report was prepared to fulfil the requirements of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 (Corporate Sustainability Reporting Directive, CSRD) and Article 8 of Regulation (EU) 2020/852 as well as Articles 315b and 315c of the HGB [Handelsgesetzbuch: German Commercial Code] for a group nonfinancial statement and Articles 289b until 289e of the HGB for a nonfinancial statement of the parent.

Based on our engagement, we have conducted a reasonable assurance engagement on the disclosures marked with [ $\star$ ] in the Group Sustainability Report. A reasonable assurance engagement on these disclosures fulfils the requirements for a limited assurance engagement and, in accordance with paragraph 60 of the preamble to the CSRD, thereby complies with the requirements of the CSRD relating to assurance of the Group Sustainability Report.

Based on the procedures performed and the evidence obtained as part of our limited assurance engagement, nothing has come to our attention that causes us to believe that the accompanying Group Sustainability Report, taking into account the disclosures in the Group Sustainability Report marked with [ $\star$ ] and subject to a reasonable assurance engagement, is not prepared, in all material respects, in accordance with the requirements of the CSRD and Article 8 of Regulation (EU) 2020/852, Articles 315b and 315c HGB for a group non-financial statement, Articles 289b until 289e of the HGB for a non-financial statement of the parent, as well as with the supplementary criteria presented by the executive directors of the

Company. This assurance conclusion includes that no matters have come to our attention that cause us to believe that:

• that the accompanying Group Sustainability Report does not comply, in all material respects, with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the entity to identify information to be included in the Group Sustainability Report (the materiality assessment) is not, in all material respects, in accordance with the description set out in section "E.ONs Approach to Sustainability" of the Group Sustainability Report, or
• that the disclosures in the Group Sustainability Report in section "EUTaxonomy" do not comply, in all material respects, with Article 8 of Regulation (EU) 2020/852.

In our opinion, on the basis of our reasonable assurance engagement, the disclosures marked with [ $\star$ ] in the Group Sustainability Report were prepared, in all material respects, in accordance with the requirements applicable to these disclosures and the supplementary criteria presented by the executive directors of the Company.

Basis for the Assurance Conclusion and Opinion

We conducted our assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our responsibilities under ISAE 3000 (Revised) are further described in the section "German Public Auditor's Responsibilities for the Assurance Engagement on the Group Sustainability Report".

We are independent of the entity in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. Our audit firm has applied the requirements for a system of quality control as set forth in the IDW Quality Management Standard issued by the Institut der Wirtschaftsprüfer [Institute of Public

Auditors in Germany] (IDW): Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)).

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our assurance conclusion and opinion.

Responsibility of the Executive Directors and the Supervisory Board for the Group Sustainability Report

The executive directors are responsible for the preparation of the Group Sustainability Report in accordance with the requirements of the CSRD and the applicable German legal and other European requirements as well as with the supplementary criteria presented by the executive directors of the Company and for the design, implementation and maintenance of such internal control that they have considered necessary to enable the preparation of the Group Sustainability Report in accordance with these requirements that is free from material misstatement, whether due to fraud (i.e., fraudulent sustainability reporting of the Sustainability Report) or error.

This responsibility of the executive directors includes establishing and maintaining the materiality assessment process, selecting and applying appropriate reporting policies for preparing the Group Sustainability Report, as well as making assumptions and estimates and ascertaining forward-looking information for individual sustainability-related disclosures.

The Supervisory Board is responsible for monitoring the process for the preparation of the Group Sustainability Report.

Inherent Limitations in the Preparation of the Group Sustainability Report

The CSRD and the applicable German statutory and other European requirements contain wording and terms that are still subject to considerable interpretation uncertainties and for which no authoritative, comprehensive interpretations have yet been published. Therefore, the executive directors have disclosed their interpretations of such wording and terms in section "E.ON's Approach to Sustainability" and the following sections of the Group Sustainability Report. The executive directors are responsible for the reasonableness of these interpretations. As such wording and terms may be interpreted differently by regulators or courts, the legality of measurements or evaluations of sustainability matters based on these interpretations is uncertain. As further set forth in the Group Sustainability Report, the quantification of the non-financial performance

[^0]
[^0]: ${ }^{13}$ The English language text below is a translation provided for information purposes only. The original German text shall prevail in the event of any discrepancies between the English translation and the German original. We do not accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstanding that may arise from the translation.

indicators mentioned there is also subject to inherent uncertainties due to significant estimations and measurement uncertainties.

These inherent limitations also affect the assurance engagement of the Group Sustainability Report.

German Public Auditor's Responsibility for the Assurance Engagement on the Group Sustainability Report

Our objective is
a) to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether any matters have come to our attention that cause us to believe that the Group Sustainability Report, taking into account the disclosures in the Group Sustainability Report marked with [ $\star$ ] and subject to a reasonable assurance engagement, has not been prepared, in all material respects, in accordance with the CSRD and the applicable German legal and other European requirements and the supplementary criteria presented by the company's executive directors and to issue an assurance report that includes our assurance conclusion on the Group Sustainability Report, taking into account the disclosures in the Group Sustainability Report marked with $[ \neq]$ and subject to a reasonable assurance engagement.
b) to express a reasonable assurance opinion based on the assurance engagement we have conducted, as to whether the disclosures marked with [ $\star$ ] Group Sustainability Report are prepared, in all material respects, in accordance with the requirements applicable to these disclosures and the supplementary criteria presented by the executive directors of the Company.

As part of an assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgment and maintain professional skepticism.

In addition we:
a) for the limited assurance engagement

• obtain an understanding of the process used to prepare the Group Sustainability Report, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the Group Sustainability Report,
• identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misleading representations or the override of internal control. In addition, the risk of not detecting a
  material misstatement in information obtained from sources in the value chain not within control of the entity (value chain information) is ordinarily higher than the risk of not detecting a material misstatement in information obtained from sources within the control of the entity, as both entity management and we as practitioners are ordinarily subject to restrictions on direct access to the sources of the value chain information,
• consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial unavoidable risk that future events will differ materially from the forward-looking information.
  b) for the reasonable assurance engagement
• perform risk assessment procedures, including obtaining an understanding of the internal controls that are relevant to the assurance engagement on the disclosures marked [+] the Group Sustainability Report in order to identify and assess the risks of material misstatement at the assertion level due to fraud or error, but not for the purpose of expressing an assurance opinion on the effectiveness of these internal controls of the company. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or override of internal controls. In addition, the risk of not detecting a material misstatement in information obtained from sources in the value chain not within control of the entity (value chain information) is ordinarily higher than the risk of not detecting a material misstatement in information obtained from sources within the control of the entity, as both entity management and we as practitioners are ordinarily subject to restrictions on direct access to the sources of the value chain information,
• evaluate the appropriate derivation of the forward-looking disclosures from the significant assumptions and the appropriateness of these assumptions. We do not express any assurance either on the forwardlooking disclosures nor on the assumptions on which they are based. There is a significant unavoidable substantial risk that future events will vary substantially in relation to the forward-looking disclosures.

Summary of the Procedures Performed for the Limited Assurance Engagement by the German Public Auditor

A limited assurance engagement involves the performance of procedures to obtain evidence about the sustainability information. The nature, timing and extent of the selected procedures are subject to our professional judgment.

In performing our limited assurance engagement, we:

• evaluated the suitability of the criteria as a whole presented by the executive directors in the Group Sustainability Report,
• inquired of the executive directors and relevant employees involved in the preparation of the Group Sustainability Report about the preparation process, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the Group Sustainability Report, and about the internal controls relating to this process,
• evaluated the reporting policies used by the executive directors to prepare the Group Sustainability Report,
• evaluated the reasonableness of the estimates and related information provided by the executive directors. If, in accordance with the ESRS, the executive directors estimate the value chain information to be reported for a case in which the executive directors are unable to obtain the information from the value chain despite making reasonable efforts, our assurance engagement is limited to evaluating whether the executive directors have undertaken these estimates in accordance with the ESRS and assessing the reasonableness of these estimates, but does not include identifying information in the value chain that the executive directors have been unable to obtain,
• performed analytical procedures and made inquiries in relation to selected information in the Group Sustainability Report,
• performed site visits,
• considered the presentation of the information in the Group Sustainability Report,
• considered the process for identifying taxonomy-eligible and taxonomyaligned economic activities and the corresponding disclosures in the Group Sustainability Report.

Restriction of Use / Clause on General Engagement Term

This assurance report is solely addressed to E.ON SE, Essen.
Our assignment for E.ON SE and professional liability is governed by the General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer (German Public Auditors) and Wirtschaftsprüfungsgesellschaften (German Public Audit Firms) (Allgemeine Auftragsbedingungen für Wirtschaftsprüferinnen, Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) in the version dated January 1, 2024 (www.kpmg.de/AAB_2024). By reading and using the information contained in this assurance report, each recipient confirms having taken note of provisions of the General Engagement Terms (including the limitation of our liability for negligence to EUR 4 million as stipulated in No. 9 of the General Engagement Terms) and accepts the validity of the attached General Engagement Terms with respect to us.

Duesseldorf, February 24, 2025

KPMG AG
Wirtschaftsprüfungsgesellschaft
[Original German version signed by:]
Bock
Krause
Wirtschaftsprüfer
[German Public Auditor]

Boards

Supervisory Board (and Information on Other Directorships)

Erich Clementi

Chairman of the Supervisory Board, E.ON SE
$\rightarrow$ Deutsche Lufthansa AG ${ }^{1}$

Ulrich Grillo

Deputy Chairman of the Supervisory Board, E.ON SE
Chief Executive Officer, Grillo-Werke AG
$\rightarrow$ Rheinmetall AG ${ }^{1}$ (Chair)

Frank Werneke (since January 1, 2024)

Deputy Chairman of the Supervisory Board, E.ON SE (since January 16, 2024);

Chairman of the United Services Trade Union (ver.di)
$\rightarrow$ ZDF Studios GmbH

Katja Bauer

Deputy Chairman of the Supervisory Board, E.ON Energie Deutschland GmbH
Chairman of the Works Council, Wunstorf/Osnabrück/Kassel of E.ON Energie Deutschland GmbH
Member of the Group Works Council, E.ON SE
$\rightarrow$ E.ON Energie Deutschland GmbH ${ }^{2}$

Klaus Fröhlich

Chartered engineer, former member of the Management Board, Bayerische Motoren Werke AG

Anke Groth

Member of the Supervisory Board
$\rightarrow$ DKV Mobility Group SE
$\rightarrow$ Mondi plc (since April 1, 2023)

Eugen-Gheorghe Luha

Chairman of the Gaz România gas trade union federation;
Chairman of the Employees' Representatives of Romania;
Member of the SE-Works Council, E.ON SE

Stefan May

Deputy Chairman of the Group Works Council, E.ON SE; Member of the SE-Works Council, E.ON SE
Chairman of the General Works Council, Westenergie AG Gruppe;
Chairman of the Works Council of the Münster Region, Westnetz GmbH
$\rightarrow$ Westenergie AG ${ }^{3}$

Szilvia Pinczésné Márton

Chairwoman of the Works Council, E.ON Dél-dunántúli Áramhálózati Zrt.; Member of the SE-Works Council, E.ON SE

Nadège Petit

Chief Innovation Officer, Executive Vice President, of Schneider Electric Industries SAS

René Pöhls

Chairman of the SE-Works Council, E.ON SE;
Deputy Chairman of the Group Works Council, E.ON SE; Chairman of the Group Works Council, envia Mitteldeutsche Energie AG;
Chairman of the joint General Works Council and the joint
Halle/Kabelsketal Works Council, envia Mitteldeutsche Energie AG,
MITGAS Mitteldeutsche Gasbedarf GmbH, Mitteldeutsche
Netzgesellschaft Strom mbH and Mitteldeutsche Netzgesellschaft Gas $\mathrm{mbH}^{4}$
$\rightarrow$ envia Mitteldeutsche Energie AG ${ }^{2}$

Andreas Schmitz

Management consultant
$\rightarrow$ Scheidt \& Bachmann GmbH (Chairman)
$\rightarrow$ Webasto SE (since July 2024)

Dr. Rolf Martin Schmitz

Former Chief Executive Officer RWE AG
$\rightarrow$ TÜV Rheinland AG
$\rightarrow$ Encavis AG ${ }^{1}$ (Chairman)
$\rightarrow$ Kärntner Energieholding Beteiligungs GmbH
$\rightarrow$ KELAG-Kärntner Elektrizitäts-AG

Elisabeth Wallbaum

Expert, SE Works Council E.ON SE and E.ON Group Works Council

Deborah Wilkens

Management consultant

Axel Winterwerber

Chairman of the Works Council Frankfurt region and
chairman of the Group General Works Council, Süwag Gruppe;
Deputy Chairman of the SE-Works Council, E.ON SE,
Chairman of the Works Council, E.ON SE;
$\rightarrow$ E.ON Pensionsfonds AG ${ }^{2}$
$\rightarrow$ Süwag AG ${ }^{3}$
$\rightarrow$ Syna GmbH ${ }^{2}$

[^0]
[^0]: Unless otherwise indicated, information is as of December 31, 2024, or as of the date on which membership in the E.ON SE Supervisory Board ended.
$\rightarrow$ Directorships/memberships in other statutory supervisory boards.
$\rightarrow$ Directorships/memberships in comparable domestic and foreign supervisory bodies of commercial enterprises.
${ }^{1}$ Listed company.
${ }^{2}$ E.ON Group directorships/memberships.

Supervisory Board Committees

Executive Committee

Erich Clementi, Chairman

Frank Werneke (since January 16, 2024), Deputy Chairman
Ulrich Grillo
René Pöhls
Dr. Rolf Martin Schmitz
Axel Winterwerber

Audit and Risk Committee

Andreas Schmitz, Chairman
René Pöhls, Deputy Chairman
Katja Bauer
Anke Groth
Elisabeth Wallbaum
Deborah Wilkens

Innovation and Sustainability Committee

Klaus Fröhlich, Chairman
Stefan May, Deputy Chairman
Nadège Petit
Axel Winterwerber

Nomination Committee

Erich Clementi, Chairman
Ulrich Grillo, Deputy Chairman
Andreas Schmitz

[^0]
[^0]: Unless otherwise indicated, information is as of December 31, 2024, or as of the date on which membership in the E.ON SE Supervisory Board ended.
$\rightarrow$ Directorships/memberships in other statutory supervisory boards.
$\rightarrow$ Directorships/memberships in comparable domestic and foreign supervisory bodies of commercial enterprises.
${ }^{1}$ Listed company.
${ }^{2}$ E.ON Group directorships/memberships.

Management Board (and Information on Other Directorships)

Dr.-Ing. Leonhard Birnbaum

Born in 1967 in Ludwigshafen, Germany
Chief Executive Officer of the Management Board since 2021
Member of the Management Board since 2013
Communication \& Policy, Auditing, Strategy, Human Ressources,
Occupational Safety \& Environmental Protection, Law \& Compliance and
PreussenElektra GmbH
$\rightarrow$ Georgsmarienhütte Holding GmbH (Chairman)
$\rightarrow$ Nord Stream AG
Nadia Jakobi (since June 1st, 2024)
Born in 1977 in Brilon, Germany
Member of the Management Board since 2024
Since June 1 ${ }^{\text {st }}, 2024$ : Finance, Investor Relations, Mergers \& Acquisitions,
Accounting, Controlling, Risk Management, Tax, Finance and S4
Transformation
$\rightarrow$ E.ON Energie Deutschland GmbH² (until Mai 31, 2024)
$\rightarrow$ Essent N.V. ${ }^{2}$ (until Mai 31, 2024)
$\rightarrow$ E.ON Sverige $\mathrm{AB}^{2}$ (until June 25, 2024)

Dr. Thomas König

Born in 1965 in Finnentrop, Germany
Member of the Management Board since 2018
Energy Networks (including Turkey), Procurement
$\rightarrow$ Avacon $\mathrm{AG}^{2}$ (Chairman)
$\rightarrow$ RheinEnergie AG
$\rightarrow$ Stadtwerke Essen AG
$\rightarrow$ Westenergie $\mathrm{AG}^{3}$
$\rightarrow$ E.ON Hungária Zrt. ${ }^{2}$ (Chairman)
$\rightarrow$ E.ON Česká republika s.r.o. ${ }^{2}$ (Chairman)
$\rightarrow$ EG.D Holding a.s. ${ }^{2}$ (Chairman, former EG.D a.s.)
$\rightarrow$ Essener Wirtschaftsförderungsgesellschaft mbH

Patrick Lammers (until May 31, 2024)
Born in 1964 in Rotterdam, Netherlands
Member of the Management Board since 2021
Until May 31, 2024: Retail and Customer Solutions, Commercial
Programming, Hydrogen, Energy Management, Marketing
$\rightarrow$ E.ON Energie Deutschland GmbH ${ }^{2}$ (Chairman) (until Mai 31, 2024)
$\rightarrow$ E.ON Energie A.S. ${ }^{2}$ (Chairman) (until Mai 31, 2024)
$\rightarrow$ E.ON Italia S.p.A. ${ }^{2}$ (until Mai 31, 2024)
$\rightarrow$ Essent N.V. ${ }^{2}$ (Chairman) (until Mai 31, 2024)
$\rightarrow$ E.ON Romania S.R.L. ${ }^{2}$ (Chairman) (until Mai 31, 2024)
$\rightarrow$ Zuid Nederlandse Theatermaatschappij B.V. (Chairman) (until March
1st, 2024)

Dr. Victoria Ossadnik

Born in 1968 in Frankfurt am Main, Germany
Member of the Management Board since 2021
Digital Technology, Consulting, Cyber Security, Innovation
$\rightarrow$ E.ON Digital Technology GmbH² (Chairman)
$\rightarrow$ Linde plc. ${ }^{1}$
$\rightarrow$ Münchener Rückversicherungs-Gesellschaft $\mathrm{AG}^{1}$ (since April 25, 2024)

Dr. Marc Spieker

Born in 1975 in Essen, Germany
Member of the Management Board since 2017
Until May 31, 2024: Finance, Investor Relations, Mergers \& Acquisitions,
Accounting, Controlling, Risk Management, Tax, Finance and S4
Transformation
Since Juni 1st, 2024: Retail and Customer Solutions, Commercial
Programming, Hydrogen, Energy Management, Marketing
$\rightarrow$ Süwag Energie $\mathrm{AG}^{3}$
$\rightarrow$ Westenergie $\mathrm{AG}^{2}$ (until September 30, 2024)
$\rightarrow$ Nord Stream AG
$\rightarrow$ E.ON Energie Deutschland GmbH ${ }^{2}$ (Chairman) (since June 1st, 2024)
$\rightarrow$ E.ON Energie A.S. ${ }^{2}$ (Chairman) (since July 1st, 2024)
$\rightarrow$ E.ON Italia S.p.A. ${ }^{2}$ (since June 1st, 2024)
$\rightarrow$ Essent N.V. ${ }^{2}$ (Chairman) (since June 1st, 2024)

Unless otherwise indicated, information is as of December 31, 2024, or as of the date on which membership in the E.ON SE Supervisory Board ended.
$\rightarrow$ Directorships/memberships in other statutory supervisory boards.
$\rightarrow$ Directorships/memberships in comparable domestic and foreign supervisory bodies of commercial enterprises.
${ }^{1}$ Listed company.
${ }^{2}$ E.ON Group directorships/memberships.

Summary of Financial Highlights ${ }^{1}$

€ in millions	2020	2021	2022	2023	2024
Sales and earnings
Sales	60,944	77,358	115,660	93,686	80,119
Adjusted EBITDA ${ }^{2}$	6,905	7,889	8,059	9,370	9,049
Adjusted EBIT ${ }^{2}$	3,776	4,723	5,197	6,387	5,762
Net income/Net loss	1,270	5,305	2,242	760	5,562
Net income/Net loss attributable to shareholders of E.ON SE	1,017	4,691	1,831	517	4,531
Adjusted net income ${ }^{2}$	1,638	2,503	2,728	3,068	2,856
Value measures
ROCE (\%)	6,2	7,8	8,8	10,7	8.8
Asset and capital structure
Non-current assets	75,484	80,637	81,769	83,034	85,307
Current assets	19,901	39,122	52,240	30,472	26,054
Total assets	95,385	119,759	134,009	113,506	111,361
Equity	9,055	17,889	21,867	19,970	24,166
Capital stock	2,641	2,641	2,641	2,641	2,641
Minority interests without controlling influence	4,130	5,836	5,944	5,856	6,325
Non-current liabilities	61,761	61,359	57,934	55,923	57,218
Provisions	21,384	19,449	14,968	14,013	13,473
Financial liabilities	29,423	28,131	28,965	30,823	34,100
Other liabilities and other	10,954	13,779	14,001	11,087	9,645
Current liabilities	24,569	40,511	54,208	37,613	29,977
Provisions	3,904	11,782	5,528	4,866	4,292
Financial liabilities	3,418	6,530	5,186	4,617	4,964
Other liabilities and other	17,247	22,199	43,494	28,130	20,721
Total assets and liabilities	95,385	119,759	134,009	113,506	111,361

${ }^{1}$ Adjusted for discontinued operations.
${ }^{2}$ Adjusted for non-operating effects.
${ }^{3}$ The presentation of the maturities of liabilities from derivative financial instruments was adjusted by €16.7 billion as of December 31, 2022, from non-current to current within the meaning of IAS B.41.ff. This relates to energy procurement and sales contracts that are not classified as own-use contracts under IFRS 9 and are accounted for as commodity derivatives.

Summary of Financial Highlights ${ }^{1}$

€ in millions	2020	2021	2022	2023	2024
Cash flow, investments, and financial ratios
Cash provided by operating activities of continuing operations ${ }^{3}$	5,313	4,069	10,045	5,654	5,712
Cash-effective investments	4,171	4,762	4,753	$6,463 *$	7,499
Equity ratio (\%)	9	15	16	18	22
Economic net debt (at year-end)	40,736	38,773	32,742	37,691	41,067
Cash provided by operating activities of continuing operations as a percentage of sales	8,7	5,3	8,7	6.0	7.1
Stock and E.ON SE long-term ratings
Earnings per share attributable to shareholders of E.ON SE (€)	0,4	1.80	0.70	0.20	1.77
Dividend per share ${ }^{4}$ (€)	0,47	0,49	0,51	0,53	0,55
Dividend payout ${ }^{5}$	1,225	1,278	1,331	1,384	1,437
Moody's	Baa2	Baa2	Baa2	Baa2	Baa2
Standard \& Poor's	888	888	888	888	888+
Fitch			$888+$	$888+$	$888+$
Employees
Employees (at year-end) ${ }^{7}$	74,866	69,733	69,378	72,242	76,566

${ }^{1}$ Adjusted for discontinued operations.
${ }^{2}$ Adjusted for non-operating effects.
${ }^{3}$ The presentation of the maturities of liabilities from derivative financial instruments was adjusted by €16.7 billion as of December 31, 2022, from non-current to current within the meaning of IAS 8.41.ff. This relates to energy procurement and sales contracts that are not classified as own-use contracts under IFRS 9 and are accounted for as commodity derivatives.
${ }^{4}$ Adjustment of the previous year's figures due to the expansion of investments to include cash inflows and outflows for loans to affiliated non-consolidated companies as well as other loans.
${ }^{5}$ Fully includes the Renewables segment from January 1, 2018, to September 18, 2019, and innogy's business in the Czech Republic from September 18, 2019, to October 30, 2020.
${ }^{6}$ For the respective financial year: the 2024 figure is management's proposed dividend.
${ }^{7}$ Core workforce does not include apprentices, working students, or interns. This figure reports full-time equivalents ("FTE").

Task Force on Climate-related Financial Disclosures ("TCFD")

E.ON aims for its business to become continually more sustainable. This includes making steady progress toward our climate targets, effectively managing climate-related risks, seizing climate-related opportunities that fit with our corporate strategy, and reporting transparently on all these matters. To ensure that we do so, we have put in place a highly effective governance structure.

The TCFD's recommendations provide important guidance for reporting. Established in 2015, the TCFD aims to develop consistent, comparable, and accurate climate-related financial risk disclosures that companies can use to provide information to investors, lenders, insurers, and other stakeholders.

In addition, the TCFD reporting is supported by additional detailed information in the publication "On course for net zero-Supporting paper for E.ON's decarbonization strategy and climate-related disclosures."

TCFD-Recommendation	Annual Report 2024
Steering	$\begin{aligned} & \text { E.ON's Approach to Sustainability } \ & \text { Climate Protection } \end{aligned}$
Strategy	$\begin{aligned} & \text { Strategy } \ & \text { E.ON's Approach to Sustainability } \ & \text { Climate Protection } \ & \text { Political Dialog } \ & \text { Sustainable Finance } \end{aligned}$
Risik management	$\begin{aligned} & \text { E.ON's Approach to Sustainability } \ & \text { Climate Protection } \ & \text { Risks and Chances Report } \end{aligned}$
Climate indicators and targets	$\begin{aligned} & \text { Climate Protection } \ & \text { EU/ Taxonomy } \ & \text { Sustainable Finance } \end{aligned}$

ESG Figures

We assess the effectiveness of our sustainability strategy and initiatives by monitoring key performance indicators ("KPIs"). Capital markets in particular want standardized ESG KPIs. Consequently, this report discloses KPIs on our ESG performance over three years.

In addition, since 2010 we have reported our KPIs in accordance with standards of the German Association for Financial Analysis and Asset Management (German abbreviation: "DVFA") and the European Federation of Financial Analysts Societies ("EFFAS"). KPIs that reflect these standards are indicated by the DVFA/EFFAS ID. KPIs that are particularly important to us are highlighted.

The audit levels of the KPIs that were part of the independent Sustainability Assurance or the audit of the consolidated financial statements can be found in the Combined Group Management Report as well as the Annexes to the Combined Group Management Report. The About This Report chapter explains how the respective KPIs are marked and with which audit level they were audited.

Environment

Climate protection ${ }^{1}$

	DVFA/EFFAS	2024	2023
Greenhouse gas emissions (total $\mathrm{CO}_{2}$ equivalents in million metric tons, location-based)	E03-01	70.61	76.17
Greenhouse gas emissions (total $\mathrm{CO}_{2}$ equivalents in million metric tons, market-based)	E03-01	68.45	73.41
Scope $1^{2,3}$	E02-01	1.98	2.01
Scope 2 (location-based) ${ }^{4}$	E02-01	3.66	3.46
Scope 2 (market-based) ${ }^{5}$	E02-01	6.41	6.17
Scope 3 (location-based) ${ }^{6,8,9}$	E02-01	64.97	70.69
Scope 3 (market-based)	E02-01	60.06	65.23

${ }^{1}$ For reasons of materiality, this figure includes all subsidiaries and generation facilities that are fully consolidated in E.ON's financial statement. Companies with fewer than ten employees do not have to be included if their activities have no material impact on the various Scope 1 to Scope 3 categories.
${ }^{2}$ The external global warming potential ("GWP") sources used are the Department for Energy Security and Net Zero (DESNZ, formerly DEFRA/BDS), the Greenhouse Gas Protocol, the Överenskommetse Värmemarknadskommittén, and the IPCC AR6 report.
${ }^{3}$ Emissions from power and heat generation are divided into emissions from plants owned and operated by E.ON (Scope 1) and emissions from plants leased to, and operated by, customers (Scope 3).
${ }^{4}$ The external global warming potential ("GWP") source used is the International Energy Agency ("IEA").
${ }^{5}$ The external global warming potential ("GWP") sources used are the International Energy Agency ("IEA") and the Association of Issuing Bodies ("AIB").
${ }^{6}$ The external global warming potential ("GWP") sources used include the International Energy Agency ("IEA"), the IPCC AR6 report, Department for Energy Security and Net Zero (DESNZ, formerly DEFRA/BDS), the Greenhouse Gas Protocol, and the Överenskommetse Värmemarknadskommittén. Furthermore, primary data from external travel service providers was used for the calculation.
${ }^{7}$ Scope 3 emissions from purchased electricity and the combustion of natural gas sold to end consumers (energy sold to our private and B2B customers) in accordance with the GHG Scope 3 Protocol. The emissions from the distribution losses of energy sold to distribution partners and the wholesale market are recorded accordingly under our Scope 1 and Scope 2 emissions.

The Climate Protection chapter contains more information.

The Environmental Management contains more information.

E.ON's Water Withdrawal and Water Risk Areas ${ }^{1}$

${ }^{1}$ Areas accounting for less than 1 percent of total withdrawal are not displayed.
${ }^{2}$ Proportion of E.ON's total water withdrawal.
${ }^{3}$ PreussenDoktra's bar 2 NPP operated until April 15, 2023, due to political decisions made in 2022, after which it ceased power production.
${ }^{4}$ Based on the current overall water risks (baseline) of the Aqueduct 4.0 Water Risk Atlas from the World Resource Institute (WRI), query in November 2024.
${ }^{5}$ Based on the pessimistic scenario for 2030 of the Aqueduct 4.0 Water Risk Atlas from the WRI.
The Environmental Management chapter contains more information.

Waste

	DVFA/EFFAS	2024	2023
Non-hazardous waste (metric kilotons)		652.6	496.1
Recovered		591.6	467.0
Disposed		61.1	29.1
Hazardous waste (metric kilotons)	E06-01	196.1	205.4
Recovered		156.2	170.7
Disposed		39.9	34.7
Total waste (metric kilotons) ${ }^{1}$	E04-01	848.8	701.5
Total amount of waste recycled (percentages) ${ }^{2}$	E05-01	88.0	91.0
Low and intermediate-level radioactive waste (metric tons)	E08-01/ E08-02	1,526.9	1,374.1
High-level radioactive waste (metric tons)	E08-03	0.0	0.0
${ }^{1}$ Hazardous and non-hazardous waste. ${ }^{2}$ Percentage of recycled hazardous and non-hazardous waste.
The Environmental Management chapter contains more information.
Power generation
	DVFA/EFFAS	2024	2023
Owned generation by energy source (percentages)	E26-01
Natural gas/oil ${ }^{3}$		24.0	15.0
Nuclear ${ }^{3}$		0.0	42.0
Coal ${ }^{3}$		0.0	1.0
Other (includes biomass, wind and solar)		75.0	42.0

${ }^{1}$ Attributable share of electricity from combined heat and power plants for E.ON's district heating networks
${ }^{2}$ E.ON's nuclear generation ended in 2023 due to Germany's phaseout of nuclear power.

The Climate Protection and Sustainable Products and Services chapters contain more information.

Social

Employee Matters

	DVFA/EFFAS	2024	2023
Group employees (FTE) ${ }^{1}$		76,566	72,242
New hires ${ }^{3}$
Full-time equivalent (FTE)		10,400	10,546
Headcounts		11,189	11,308
Permanent employment contracts (percentages)		68	70
Employees with full-time contracts (percentages) ${ }^{2}$		89	88
Employees with permanent employment contracts (percentages) ${ }^{2}$		94	94
Employees with collective bargaining agreements (percentages) ${ }^{2}$		82	82
Employees with part-time contracts ${ }^{3}$		9,480	9,092
Average length of service (years) ${ }^{3}$		12	13
Voluntary turnover rate (percentages) ${ }^{2}$	S01-01	3.7	4.6
Apprentices in Germany (headcount)		2,582	2,365
Apprentice ratio in Germany (percentages)		5.6	5.6
Female workforce (percentages) ${ }^{2}$	S10-01	32	32
Female executives (percentages) ${ }^{3}$	S10-01	26	24
Severely disabled employees in Germany (percentages) ${ }^{2}$		4.2	4.5
Severely disabled employees in Germany (headcount) ${ }^{2}$		1,813	1,775
Nationalities (number) ${ }^{2}$		114	115
Average age (in years) ${ }^{2}$		41	42
Age distribution (percentages) ${ }^{2}$	S03-01
$<31$ years		22	22
$31-50$ years		50	49
$>50$ years		28	29

${ }^{1}$ Core workforce; includes board members, and managing directors but excludes apprentices, interns, and working students.
${ }^{2}$ Total workforce; includes board members, managing directors, apprentices, interns and working students.
${ }^{3}$ Compared to the total number of executives.
The Working Conditions and Employee Development chapter contains more information.

Occupational Health and Safety

	DVFA/EFFAS	2024	2023
SIF ${ }^{1}$ combined		0.07	0.04
SIF ${ }^{1}$ Employee		0.03	0.03
SIF ${ }^{1}$ Contractor		0.12	0.06
LTIF ${ }^{2}$ combined		2.14	1.90
LTIF ${ }^{2}$ Em		2.46	2.17
LTIF ${ }^{2}$ Contractor		1.76	1.62
TRIF ${ }^{3}$ Combined		2.71	2.40
TRIF ${ }^{3}$ Employee		3.24	2.77
TRIF ${ }^{3}$ Contractor		2.08	1.98
NMFR ${ }^{4}$ Employee		36.57	40.32
Share of employees working at business units certified by ISO 45001 (percentages)		80.0	83.0
Number of days lost with regard to employees ${ }^{5}$		7,061
Employee and contractor fatal accidents		1	1
Employee health rate (percentages) ${ }^{6}$		96.1	96.3
${ }^{1}$ Serious incidents and fatalities measures accidents and incidents per million hours of work that have caused serious or fatal injuries and that surpass a predefined severity threshold per million hours of work. ${ }^{2}$ Lost-time injury frequency measures work-related accidents resulting in lost time per million hours of work. ${ }^{3}$ TRIF measures the number of reported fatalities and occupational injuries and also includes injuries that occur during work-related travel that result in lost time or no lost time and/or that lead to medical treatment, restricted work, or work at a substitute work station. ${ }^{4}$ Near-miss frequency rate measures unplanned incidents that had the potential to result in an accident (but did not) per million hours of work. ${ }^{5}$ Number of days lost to work-related injuries and fatalities from work-related accidents (7.051), work-related ill health (10) and fatalities from ill health (0) ${ }^{6}$ Includes board members, managing directors, and apprentices.
The Occupational Health and Safety chapter contains more information.
Community involvement
	DVFA/EFFAS	2024	2023
Corporate giving (€ in millions)		12.7	12.2
Strategic community involvement (€ in millions)		4.2	10.2
Total community investments (€ in millions)		16.9	22.3
Volunteer activities of E.ON employees (number of volunteer hours)		25,514	22,129

The Community Involvement chapter contains more information.

Customers

	DVFA/EFFAS	2024	2023
Number of power and gas customers (millions)		34.6	34.7
Installed smart energy meters (millions)	V11-02	15.9	13.6
Installed smart heat meters (thousands)		128.4	94.4
Customer loyalty development	V06-01	Visit the Customer Satisfaction chapter.
Reduction of $\mathrm{CO}{2} \mathrm{e}$ emissions at commercial and industrial customers in Germany (metric tonnes of $\mathrm{CO}{2} \mathrm{e}$ )		89,612	375,879

The Customer Satisfaction and Sustainable Products and Services chapters contain more information.

Energy networks

	DVFA/EFFAS	2024	2023
Power system length (thousand kilometers)		1,084	1,110
Gas system length (thousand kilometers)		149	149
Power distribution losses (percentage)		3.5	3.5

The Energy Networks chapter contains more information.

CAIDI Power ${ }^{1,2}$

	2024
Interruptions per minute	Scheduled	Un- scheduled	Total
Germany	61.2	46.6	49.7
Sweden ${ }^{3}$	63.3	80.7	74.3
Hungary	271.9	76.5	137.6
Czech Republic ${ }^{3}$	273.1	97.0	147.1
Romania	313.2	82.2	186.1
Poland	50.3	46.9	47.4

${ }^{1}$ Totals may deviate due to rounding.
${ }^{2}$ The key figures are based on the previous year's figures and are standardised with regard to the definition of SAIDI and SAIFL.
${ }^{3}$ Including influence of force majeure.

The Security of Supply chapter contains more information.

Governance

Compliance

DVFA/EFFAS	2024	2023
Number of notifications received on potential compliance violations ${ }^{1}$	571	466
Contributions to political parties (percentages) ${ }^{2}$	0	0

${ }^{1}$ Cases recorded at Corporate Functions that resulted in investigations and were not subsequently found to be false reports.
${ }^{2}$ The E.ON Code of Conduct forbids donations to political parties, candidates, and incumbents.

The Compliance and Anticorruption chapter contains more information.

Supplier Management

DVFA/ EFFAS	2024	2023
Supply chain: key performance narrative	Visit the Human Rights and Supply Chain
	V28-04	Management chapter

The Human Rights and Supply Chain Management chapter contains more information.

Sustainable Development Goals ("SDGs") Index

E.ON is committed to the ten principles of the United Nations Global Compact (UNGC) and supports the United Nations Sustainable Development Goals (SDGs). The SDGs adopted in 2015 are a blueprint for a better and more sustainable future. We recognize the importance of the SDGs. Our Board of Management underlined this in 2018 by making a voluntary commitment to the SDGs. With its business activities, E.ON can make a significant contribution to SDGs 7 "Affordable and Clean Energy", 11 "Sustainable Cities and Communities" and 13 "Climate Protection". The following index presents E.ON's sustainability activities reported in the 2024 Annual Report in the context of the SDGs.

Contribution to UN Sustainable Development Goals

Financial Calendar

May 14, 2025

May 15, 2025
August 13, 2025
November 12, 2025

Quarterly Statement: January - March 2025

2025 Annual Shareholders Meeting

Half-Year Financial Report: January - June 2025

Quarterly Statement: January - September 2025

This Integrated Annual Report was published on February 28, 2025.
Only the German version of this Integrated Annual Report is legally binding.
This Integrated Annual Report contains certain forward-looking statements based on E.ON management's current assumptions and forecasts and other currently available information. Various known and unknown risks, uncertainties, and other factors could lead to material differences between E.ON's actual future results, financial situation, development, or performance and the estimates given here. E.ON assumes no liability whatsoever to update these forward-looking statements or to confirm them to future events or developments.

Imprint

Imprint

E.ON SE

Brüsseler Platz 1
45131 Essen
Germany
T +49 201-184-00
info@ean.com
www.eon.com
Journalists
eon.com/en/about-us/media.html
Analysts, shareholders and bond investors
investorrelations@eon.com