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E.ON SE Interim / Quarterly Report 2026
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Interim / Quarterly Report
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e.on
Quarterly Statement January–March
2026
2
©
Contents
Highlights 3
Special Events 4
Segment Information 6
Energy Networks 7
Energy Infrastructure Solutions 9
Energy Retail 10
Corporate Functions/Other 12
Group Information 13
Earnings Situation 14
Financial Situation 19
Forecast Report 21
Risks and Opportunities Report 22
Selected Financial Information 24
E.ON SE and Subsidiaries Consolidated Statement of Income 24
E.ON SE and Subsidiaries Consolidated Statement of Recognized Income and Expenses 25
E.ON SE and Subsidiaries Balance Sheet 26
E.ON SE and Subsidiaries Consolidated Statement of Cash Flows 28
Segment Information 30
Financial Calendar 32
Imprint 32
E.ON Quarterly Statement I/2026
Highlights
Highlights
Adjusted EBITDA $2 \%$ above Q1 2025
Adjusted net income $7 \%$ above Q1 2025
Investments $7 \%$ below Q1 2025
Earnings per share from adjusted net income
1The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
Financial Key Performance Indicators
| € in millions | First quarter | ||
|---|---|---|---|
| 2026 | 2025 | +/- % | |
| Adjusted EBITDA1,2 | 3,253 | 3,181 | 2 |
| Investments | 1,364 | 1,463 | -7 |
| Adjusted net income2,3 | 1,341 | 1,255 | 7 |
| Earnings per share from adjusted net income (€)2,3,4 | 0.51 | 0.48 | 6 |
| Cash provided by operating activities before interest and taxes | -290 | -826 | 65 |
| Cash-conversion rate (%) | -3 | -18 | 83 |
| Economic net debt (March 31, 2026, and December 31, 2025) | 46,140 | 43,236 | 7 |
| External sales | 21,823 | 25,216 | -13 |
Operating Key Performance Indicators
| Power and gas customers5 (millions) | 33.1 | 33.3 | -1 |
|---|---|---|---|
| Power sales volume6 (billions kWh) | 33.0 | 34.4 | -4 |
| Gas sales volume6 (billions kWh) | 66.2 | 71.9 | -8 |
| Distributed power volume (billions kWh) | 80.2 | 79.4 | 1 |
| Distributed gas volume (billions kWh) | 74.9 | 78.3 | -4 |
| Energy sold: electricity, heat, cooling, steam (TWh) | 6.5 | 6.2 | 5 |
1Adjusted for non-operating effects.
2The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
Based on shares outstanding (weighted average).
Attributable to shareholders of E.ON SE.
3Excluding Türkiye and Slovakia.
These figures represent sales volumes for the Energy Retail business division, excluding the wholesales market.
Weighting of our key performance indicators: Leading Impact Insight
For more information on our key performance indicators, please refer to the 2025 Annual Report at www.eon.com/de
E.ON Quarterly Statement I/2026
Special Events
4
Special Events
Special Events in the Reporting Period
E.ON Successfully Concludes Various Financing Arrangements in the First Quarter
E.ON successfully issued two bonds totaling €1.6 billion in early January 2026:
- €750 million bond that matures in January 2034 and has a coupon of 3.448 percent.
- €850 million green bond that matures in January 2038 and has a coupon of 3.895 percent.
The green bond is E.ON's first issuance under the revised Green Financing Framework it published in November 2025.
In addition, on January 23, 2026, E.ON concluded a €300 million Schuldschein with a variable interest rate. The Schuldschein has a term of six years.
In March 2026 E.ON returned to the Swiss bond market, where its last transaction was in 2022, and issued two green bonds:
- CHF 250 million (roughly €277 million) green bond that matures in March 2034 and has a coupon of 1.3025 percent. Both the principal amount and coupon payments are fully hedged against interest-rate and currency risks.
- CHF 135 million (roughly €149 million) green bond that matures in March 2038 and has a coupon of 1.6174 percent. Both the principal amount and coupon payments are fully hedged against interest-rate and currency risks.
Sale of Gas Distribution Network in the Czech Republic Closed
In September 2025 E.ON concluded an agreement with GasNet s.r.o. (a ČEZ Group company) to sell its 100 percent stake in Gas Distribution s.r.o. The company was part of Energy Networks' Central Eastern Europe segment. The transaction was completed on January 15, 2026.
Cumulative income in conjunction with this disposal group, which is reported under other comprehensive income ("OCI"), amounted to €8 million. The disposal group, which was classified as such last year, was removed from the Consolidated Balance Sheets. This yielded a disposal gain in the low triple-digit million euro range. Disposal gains are generally recognized in other operating income.
Implications of the Middle East Conflict
The conflict in the Middle East escalated militarily in late February 2026, which has increased the volatility of wholesale energy prices and, due to the uncertainty surrounding the Strait of Hormuz's navigability, could in the long term lead to energy shortages. We continuously monitor, analyze, and assess current developments regarding their impact on the E.ON Group. A long-term procurement strategy can help mitigate short-term fluctuations on wholesale markets. How the geopolitical situation and wholesale market prices evolve will be crucial in the longer term. The fair values of commodity derivatives increased in the first quarter of 2026 as a result of rising commodity prices.
E.ON Quarterly Statement I/2026
Special Events
5
U
Subsequent Events
E.ON Further Diversifies Its Financing
In April 2026 E.ON concluded two additional Schuldscheine with variable interest rates:
- €150 million Schuldschein with a term of seven years.
- €500 million green Schuldschein with a term of five years. This is E.ON's first-ever green Schuldschein.
Since the beginning of the year, E.ON has obtained €1.4 billion of its €3.0 billion in total financing outside the eurobond market. This substantially diversifies its funding sources.
Syndicated Credit Facility Extended by One Year
In May 2025 E.ON concluded a €4.7 billion syndicated credit facility with a term of five years and two options to extend the term by one year each. Any term extension requires the participating banks' approval. In April 2026 the credit facility's term was for the first time extended by one year, until May 2031.
Agreement on the Acquisition of Shares in Ovo Energy Ltd.
In May 2026, E.ON UK reached an agreement with Ovo Group Ltd. under which E.ON will acquire 100 percent of the shares of Ovo Energy Ltd.
Ovo Energy Ltd. is a residential UK energy supplier. Together with E.ON Next, the Group's UK retail business, the planned acquisition of Ovo Energy Ltd. will strengthen E.ON's position in the UK retail market. E.ON currently serves around 5.6 million customers in the UK, with Ovo Energy Ltd. expected to add approximately a further four million.
The planned acquisition is subject to approval by the respective authorities. Closing of the transaction is expected in the second half of 2026.
E.ON Quarterly Statement I/2026
Segment Information
Segment Information
First Quarter 2026 Highlights
-
E.ON looks back on a successful first quarter of 2026
Adjusted EBITDA at the Energy Networks and Energy Retail business divisions was at the prior-year level, whereas it increased at the Energy Infrastructure Solutions business division and at Corporate Functions/Other. -
Investments in the energy transition lower year-over-year due to weather factors
Energy Networks' investments of €1,055 million were 9 percent below those of the first quarter of 2025 because of colder weather in Germany. Planned work to expand network infrastructure will be carried out in subsequent months. Energy Infrastructure Solutions invested €166 million (13 percent above the prior year). The increase resulted from growth investments in the Netherlands and Hungary.
Adjusted EBITDA by Business Division (€ in millions)
Q1 2025 figures in parentheses.
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
Investments by Business Division (€ in millions)
E.ON Quarterly Statement I/2026
Segment Information
7
Energy Networks
Distributed Power and Gas Volume
First-quarter distributed power volume of 80 billion kWh was slightly above the prior year (79 billion kWh), mainly because of lower temperatures at the start of the year, primarily in Sweden. NEW Group's deconsolidation was a countervailing factor. Distributed gas volume in the same period (75 billion kWh) declined moderately (prior year: 78 billion kWh). This is primarily attributable to the sale of the gas distribution network in Czechia.
Investments
Cooler weather, particularly in Germany, prevented some work on network infrastructure from being conducted on schedule. It will be carried out in the remainder of the year. This resulted in first-quarter investments of €1,055 million being €104 million below the prior-year quarter (€1,159 million). In all regions we invested primarily in new connections and network expansion in conjunction with the energy transition. This also includes modernization and digitalization measures that improve operating efficiency and network stability by enabling us to better monitor and take targeted action to balance out fluctuations in load and feed-in.
External Sales
Energy Networks' external sales declined by €414 million in the first quarter of 2026 to €5,452 million (prior year: €5,866 million). This was mainly due to lower power grid revenues in Germany as a result of the federal subsidy granted for transmission grid fees. This also led to lower expenditures for grid fees paid to transmission system operators. NEW Group's deconsolidation adversely affected external sales as well. Sales rose in all markets outside Germany. The factors included favorable tariff adjustments and weather-driven increases in the amount of distributed energy, particularly in Sweden and Czechia.
Adjusted EBITDA
Energy Networks' adjusted EBITDA of €2,091 million was almost unchanged (prior year: €2,100 million). A growing regulated asset base positively affected our earnings performance in all markets. Higher expenditures in Germany aimed at ensuring a sustainable growth trajectory were a countervailing factor. NEW Group's deconsolidation also had negative earnings effects.
An expanded regulated asset base along with a higher regulatory rate of return in Czechia had a positive impact at the Central Eastern Europe segment and helped it more than offset the decline in EBITDA resulting from the disposal of the gas business at the start of 2026.
Operating Cash Flow before Interest and Taxes
Energy Networks' operating cash flow before interest and taxes was roughly at the prior-year level.
E.ON Quarterly Statement I/2026
Segment Information
Energy Networks
| Germany | Sweden | Central Eastern Europe | South Eastern Europe | Consolidation | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € in millions | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| First quarter | ||||||||||||
| External sales | 4,306 | 4,821 | 406 | 348 | 260 | 223 | 480 | 474 | - | - | 5,452 | 5,866 |
| Adjusted EBITDA¹ | 1,333 | 1,452 | 263 | 216 | 208 | 202 | 287 | 230 | - | - | 2,091 | 2,100 |
| Operating cash flow before interest and taxes | 320 | 232 | 244 | 205 | 115 | 190 | 146 | 183 | - | -1 | 825 | 809 |
| Investments | 713 | 836 | 117 | 128 | 100 | 72 | 125 | 121 | - | 2 | 1,055 | 1,159 |
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Quarterly Statement I/2026
Segment Information
9
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Energy Infrastructure Solutions
Energy Sold
Energy Infrastructure Solutions sold 6.5 billion kWh of energy (heat, electricity, steam, and cooling) to third parties in the first quarter of 2026, 5 percent more than in the prior year (6.2 billion kWh). This increase is primarily attributable to a weather-driven rise in our customers' demand, particularly in Scandinavia.
Investments
Energy Infrastructure Solutions' investments climbed by 13 percent to €166 million (prior year: €147 million), chiefly because we expanded our business operations in the Netherlands and Hungary.
External Sales
Energy Infrastructure Solutions' external sales of €894 million in first quarter of 2026 surpassed the prior-year figure (€855 million). A slight increase in sales volume along with price effects in Scandinavia and Poland were the principal factors.
Adjusted EBITDA
Energy Infrastructure Solutions' first-quarter adjusted EBITDA of €237 million was €33 million above the prior-year figure (€204 million). This increase is particularly attributable to the delayed pass-through of higher procurement costs in Scandinavia and to weather-related effects in the heat business in Scandinavia, Poland, and Germany. The expansion of our industrial customer business in Germany contributed to the earnings increase as well.
Operating Cash Flow before Interest and Taxes
Energy Infrastructure Solutions' operating cash flow before interest and taxes increased, reflecting its adjusted EBITDA performance and positive temporary effects in working capital.
Energy Infrastructure Solutions
| € in millions | 2026 | 2025 |
|---|---|---|
| First quarter | ||
| External sales | 894 | 855 |
| Adjusted EBITDA | 237 | 204 |
| Operating cash flow before interest and taxes | 139 | 84 |
| Investments | 166 | 147 |
E.ON Quarterly Statement I/2026
Segment Information
10
III
Q
Energy Retail
Customer Numbers
The fully consolidated companies in Energy Retail had a total of 33.1 million customers at the end of the first quarter of 2026 (year-end 2025: 33.3 million). The slight decline is mainly due to our focus on a value-based approach to acquiring residential and SME customers and principally reflects Germany.
Power and Gas Sales Volume
Power sales volume¹ declined in the first quarter of 2026 by about 1.4 billion kWh to 33.0 billion kWh (prior year: 34.4 billion kWh), gas sales volume¹ by about 5.7 billion kWh to 66.2 billion kWh (prior year: 71.9 billion kWh).
Lower power and gas sales to residential and SME customers in Germany, particularly due to NEW Group's deconsolidation, were the main factor. Portfolio streamlining in line with our B2B strategy likewise resulted in lower energy sales to I&C customers and sales partners, primarily in the Netherlands and the United Kingdom.
Investments
Energy Retail's investments of €116 million were almost unchanged from the prior year (€118 million). Investments primarily went toward the Europe-wide expansion of charging infrastructure and digitalization.
External Sales
Energy Retail's external sales in the period under review declined by €3.0 billion to €15.4 billion (prior year: €18.4 billion). At the Other segment this performance mainly reflects negative volume effects resulting from portfolio streamlining which were partially offset by rising power and gas prices. The sales decline in Germany resulted primarily from NEW Group's deconsolidation and our sharper focus on a value-based approach to acquiring residential and SME customers in Germany. The pass-through to customers of lower procurement costs and grid fees was another factor in reduced sales in Germany. Sales decreased in the United Kingdom due to a decline in sales volume to I&C customers and to changes in the customer portfolio, which were due in part to a higher proportion of customers with fixed-price contracts. The sales decline in the Netherlands resulted primarily from the gradual phaseout of the B2B business.
¹ Power and natural gas sales include those to residential, commercial, and industrial customers as well as sales partners. Sales on the wholesale market are not included.
E.ON Quarterly Statement I/2026
Segment Information
Adjusted EBITDA
Energy Retail's adjusted EBITDA of €942 million was at the prior-year level (€933 million). Earnings improved year-over-year in Germany, the Netherlands, and the Other segment. The positive performance in Germany is primarily attributable to temporary price effects in the product portfolio and optimized customer-management processes. By contrast, earnings in Germany were adversely affected by structural items, such as NEW Group's deconsolidation. Earnings in the United Kingdom were lower than in the prior year because declines in the I&C business surpassed increases among residential and SME customers. The gradual expiration of old contracts with I&C customers along with earnings from other reporting periods were the main factors in this negative performance. A decrease in regulatory obligations for energy-efficiency measures at customers' premises had a positive impact on earnings in the United Kingdom. Our
performance in the Netherlands was generally positive, primarily because of temporary price effects, although earnings in the Netherlands were adversely affected by a year-over-year increase in expenditures for customer acquisition.
Operating Cash Flow before Interest and Taxes
Energy Retail's operating cash flow before interest and taxes increased year-over-year, mainly because of several non-recurring items that adversely affected working capital in the prior year and that had a positive impact this year.
Energy Retail
| € in millions | Germany | United Kingdom | The Netherlands | Other | Consolidation | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| First quarter | ||||||||||||
| External sales | 5,204 | 6,079 | 4,216 | 5,042 | 897 | 1,080 | 5,108 | 6,230 | - | - | 15,425 | 18,431 |
| Adjusted EBITDA | 350 | 319 | 288 | 333 | 112 | 97 | 192 | 184 | - | - | 942 | 933 |
| Operating cash flow before interest and taxes | -763 | -937 | -198 | -191 | -145 | -173 | 369 | -106 | -1 | - | -738 | -1,407 |
| Investments | 19 | 11 | 2 | 1 | 19 | 22 | 76 | 83 | - | 1 | 116 | 118 |
E.ON Quarterly Statement I/2026
Segment Information
12
© 2016
Corporate Functions/Other
External sales recorded at Corporate Functions/Other of €52 million were below the prior-year figure (€64 million).
Corporate Functions/Other's adjusted EBITDA of -€17 million in the period under review surpassed the prior-year figure of -€56 million. Improved equity earnings from the generation business in Türkiye constituted the key factor.
Investments at Corporate Functions/Other of €27 million in the first quarter of 2026 declined (prior year: €39 million) owing to lower investments in equity interests.
Operating cash flow before interest and taxes amounted to -€516 million (prior year: -€312 million). This is mainly attributable to the absence of positive non-recurring items recorded in the prior year.
Corporate Functions/Other
| € in millions | 2026 | 2025 |
|---|---|---|
| First quarter | ||
| External sales | 52 | 64 |
| Adjusted EBITDA | -17 | -56 |
| Operating cash flow before interest and taxes | -516 | -312 |
| Investments | 27 | 39 |
E.ON Quarterly Statement I/2026
Group Information
Group Information
First Quarter 2026 Highlights
-
Positive business performance in the first quarter of 2026
The E.ON Group's adjusted EBITDA for the first quarter of 2026 of €3,253 million was 2 percent above the first quarter of 2025. -
Adjusted net income above prior-year quarter
Adjusted net income for the first quarter of 2026 amounted to €1,341 million, yielding earnings per share ("EPS") of €0.51. -
As anticipated, economic net debt higher than at year-end 2025
Economic net debt at March 31, 2026, amounted to €46.1 billion (December 31, 2025: €43.2 billion). This change mainly reflects the increase in E.ON's net financial position resulting from negative operating cash flow due to seasonal factors and from investment expenditures. The increase in economic net debt was simultaneously the primary factor in a higher net interest expense and thus a deterioration of the operating interest result. -
Provisions for pensions lower
Provisions for pensions declined to €4.2 billion in the first quarter of 2026 owing to higher actuarial discount rates (prior year: €4.4 billion).
E.ON Group Adjusted EBITDA (€ in millions)
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Group Adjusted Net Income (€ in millions)
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Quarterly Statement I/2026
Group Information
Earnings Situation
External Sales
The E.ON Group's external sales in the first quarter of 2026 decreased by €3.4 billion to €21.8 billion (prior year: €25.2 billion). The Energy Retail business division was the main factor in the decline.
Segment Information → contains additional information about our business divisions' sales performance.
External Sales
| € in millions | 2026 | 2025 | First quarter +/- % |
|---|---|---|---|
| Energy Networks | 5,452 | 5,866 | -7 |
| Germany | 4,306 | 4,821 | -11 |
| Sweden | 406 | 348 | 17 |
| Central Eastern Europe | 260 | 223 | 17 |
| South Eastern Europe | 480 | 474 | 1 |
| Energy Infrastructure Solutions | 894 | 855 | 5 |
| Energy Retail | 15,425 | 18,431 | -16 |
| Germany | 5,204 | 6,079 | -14 |
| United Kingdom | 4,216 | 5,042 | -16 |
| The Netherlands | 897 | 1,080 | -17 |
| Other | 5,108 | 6,230 | -18 |
| Corporate Functions/Other | 52 | 64 | -19 |
| E.ON Group | 21,823 | 25,216 | -13 |
E.ON Quarterly Statement I/2026
Group Information
Adjusted EBITDA
E.ON's uniform Group-wide management control system is divided into three categories: leading key performance indicators ("KPIs"), impact KPIs, and insight KPIs. With our focus on long-term, sustainable, and value-oriented growth, leading KPIs are the main metrics for internal management control and the assessment of our business development. They represent the most significant KPIs pursuant to DRS 20 requirements. They are also the cornerstones of our forecast and strategic management. They include adjusted EBITDA, which 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, effects in conjunction with derivative financial instruments, value-neutral temporary effects in our network business, and other non-operating earnings.
The E.ON Group's adjusted EBITDA increased by €72 million in the first quarter of 2026 to €3,253 million (prior year: €3,181 million).
Segment Information → contains additional information about our business divisions' adjusted EBITDA performance.
Adjusted EBITDA
| € in millions | 2026 | 2025 | First quarter +/- % |
|---|---|---|---|
| Energy Networks^{1} | 2,091 | 2,100 | 0 |
| Germany | 1,333 | 1,452 | -8 |
| Sweden | 263 | 216 | 22 |
| Central Eastern Europe | 208 | 202 | 3 |
| South Eastern Europe | 287 | 230 | 25 |
| Consolidation | 0 | – | – |
| Energy Infrastructure Solutions | 237 | 204 | 16 |
| Energy Retail | 942 | 933 | 1 |
| Germany | 350 | 319 | 10 |
| United Kingdom | 288 | 333 | -14 |
| The Netherlands | 112 | 97 | 15 |
| Other | 192 | 184 | 4 |
| Consolidation | – | 0 | 0 |
| Corporate Functions/Other | -17 | -54 | 69 |
| Consolidation | – | -2 | 100 |
| E.ON Group^{1} | 3,253 | 3,181 | 2 |
1 The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Quarterly Statement I/2026
Group Information
Adjusted Net Income
Alongside adjusted EBITDA, we use adjusted net income and earnings per share from adjusted net income ("EPS") as additional leading KPIs for purposes of internal management control. EPS allows a holistic assessment of the earnings situation from the perspective of E.ON SE's shareholders. It is equal to adjusted net income divided by the weighted average number of shares outstanding in the fiscal year. In addition to operating earnings, EPS includes depreciation and amortization, tax and financial results as well as non-controlling interests, which are likewise adjusted to exclude non-operating effects.
Operating depreciation decreased year-over-year, from €832 million to €793 million. In contrast to an investment-driven increase in depreciation charges, depreciation charges on fixed assets declined following the annual review and the resulting new estimates of the useful lives of our power networks in Germany.
In the operating interest result, the net interest expense rose from €323 million to €357 million owing to an increase in economic net debt and higher refinancing costs.
The operating tax expense on continuing operations in the year under review was calculated using a sustainable operating tax rate of 25 percent (prior year: 25 percent). This is based on long-term corporate planning and reflects the anticipated long-term development of the tax expense on operating income. The operating tax expense increased from €506 million to €526 million owing to higher pretax operating earnings.
Non-controlling interests' share of operating earnings decreased from €265 million to €236 million, mainly because of lower operating earnings at some minority-owned companies. This principally reflected NEW Group's deconsolidation.
Adjusted net income rose by €86 million to €1,341 million (prior year: €1,255 million). Based on E.ON stock outstanding, adjusted earnings per share ("EPS") amounted to €0.51 (prior year: €0.48).
Adjusted Net Income¹
| € in millions | 2026 | 2025 | First quarter +/- % |
|---|---|---|---|
| Adjusted EBITDA | 3,253 | 3,181 | 2 |
| Operating depreciation | -793 | -832 | 5 |
| Adjusted EBIT | 2,460 | 2,349 | 5 |
| Operating interest earnings | -357 | -323 | -11 |
| Taxes on operating earnings | -526 | -506 | -4 |
| Operating earnings attributable to non-controlling interests | -236 | -265 | 11 |
| Adjusted net income | 1,341 | 1,255 | 7 |
| Adjusted net income per share | 0.51 | 0.48 | 6 |
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Quarterly Statement I/2026
Group Information
Reconciliation to Adjusted Earnings Metrics
In accordance with IFRS, earnings for the first quarter of 2026 also include 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.
Effective fiscal year 2026, these items for the first time include value-neutral temporary effects in our network business. These arise from temporal deviations between permissible and actual revenues that are offset in later periods. The timing of the offsets is determined by the country-specific regulatory scheme. The deviations result mainly from deviations in revenues related to sales volume, costs for upstream networks, costs for redispatch (when network operators selectively alter the operating schedules of power stations and other generating units when too much power is being produced in order to prevent network overload and to ensure network stability), and network losses. They also reflect certain additional personnel costs stemming from pension obligations in Germany.
Consequently, adjusted EBITDA is the indicator of sustainable earnings capacity and the appropriate KPI for determining the performance of our business. Adjusted EBITDA and adjusted net income, which are adjusted to exclude non-operating items, reflect the E.ON Group's long-term profitability.
Net book gains/losses resulted mainly from the deconsolidation of the gas distribution business in Czechia.
Earnings from the fair-value measurement of derivative financial instruments amounted to €1,550 million at the end of the first quarter of 2026 (prior year: -€979 million). This positive effect resulted mainly from the measurement of higher fair values due to higher commodity prices.
Temporary value-neutral regulatory effects of €114 million (prior year: €45 million) mainly reflected Germany and Hungary.
Other non-operating earnings consists mainly of expenditures in conjunction with the application of IAS 29 on an ownership interest in Türkiye that is accounted for using the equity method and PreussenElektra's earnings.
Reconciliation from IFRS figures to adjusted figures
| € in millions | 2026 | 2025 | First quarter +/- % |
|---|---|---|---|
| Adjusted EBITDA^{1} | 3,253 | 3,181 | 2 |
| Net book gains (+)/losses (-) | 122 | 41 | 198 |
| Effects from derivative financial instruments | 1,550 | -979 | 258 |
| Carryforward of hidden reserves (+) and liabilities (-) from the innogy transaction | -7 | -8 | 13 |
| Temporary value-neutral regulatory effects | 114 | 45 | 153 |
| Other non-operating earnings | -245 | -182 | -35 |
| Non-operating adjustments of EBITDA^{1} | 1,534 | -1,083 | 242 |
| Income/loss from continuing operations before depreciation, interest result, and income taxes | 4,787 | 2,098 | 128 |
| Scheduled depreciation/impairments and amortization/reversals | -875 | -957 | 9 |
| Income/loss from continuing operations before interest results and income taxes | 3,912 | 1,141 | 243 |
1The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Quarterly Statement I/2026
Group Information
In addition to the above-described non-operating earnings components of EBITDA, the adjustments of net income include the following items:
Reconciliation from IFRS figures to adjusted figures
| € in millions | 2026 | 2025 | +/− % |
|---|---|---|---|
| Adjusted net income^{1} | 1,341 | 1,255 | 7 |
| Operating earnings attributable to non-controlling interests^{1} | 236 | 265 | -11 |
| Non-operating adjustments of EBITDA^{1} | 1,534 | -1,083 | 242 |
| Depreciation of hidden reserves (-) and liabilities (+) from the innogy transaction | -69 | -92 | 25 |
| Other non-operating impairments/reversals | -13 | -34 | 62 |
| Non-operating interest expense (-)/income (+) | 73 | 129 | -43 |
| Non-operating taxes^{1} | -473 | 314 | -251 |
| Non-operating adjustments of net income/loss^{1} | 1,052 | -766 | 237 |
| Net income | 2,629 | 754 | 249 |
1 The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
Group adjusted net income amounted to €1,341 million in the first quarter of 2026 (prior year: €1,255 million).
Non-controlling interests' share of operating earnings decreased mainly because of lower operating earnings at some minority-owned companies. This principally reflected NEW Group's deconsolidation.
The non-operating earnings components of net income include income from value-neutral, temporary regulatory effects. This income rose from €18 million in the first quarter of 2025 to €58 million in the first quarter of 2026. It is disclosed in the table entitled "Reconciliation from IFRS figures to adjusted figures."
Depreciation charges on hidden reserves and liabilities from the innogy transaction decreased by €23 million, mainly because depreciation charges have been fully recognized as part of the purchase-price allocation to customer bases and customer contracts. The extended useful life of the power networks of our network business in Germany and NEW Group's deconsolidation last year affected depreciation charges as well.
The decline in other non-operating impairments/reversals from €34 million to €13 million resulted chiefly from the non-recurrence of impairment charges recorded on financial assets in
the prior year. Non-operating depreciation charges in the first quarter of 2026 consist mainly of depreciation charges on overhead rights and financial assets.
Non-operating interest expense/income declined by €58 million to €73 million, mainly because of lower positive effects from changes in actuarial discount rates on asset-retirement obligations for mining damage and nuclear energy.
The non-operating tax result in the period under review primarily reflects tax expenses from positive effects in conjunction with derivative financial instruments. In particular, negative effects from the fair-value measurement of derivatives led to tax income in the prior year.
E.ON Quarterly Statement I/2026
Financial Situation
Financial Situation
Economic net debt increased by €2.9 billion relative to year-end 2025 (€43.2 billion) to €46.1 billion.
E.ON's net financial position increased by €3.2 billion relative to year-end 2025, from -€32.5 billion to -€35.7 billion. The change resulted mainly from negative operating cash flow due to seasonal factors and from investment expenditures. This is reflected in particular in a further increase in financial liabilities.
Financial liabilities increased by €4.8 billion to €42.1 billion. They include the on-schedule repayment of bonds amounting to €0.5 billion in the current year as well as E.ON SE's issuance of bonds totaling €2.3 billion.
Discount Rates
| Percentages | March 31, 2026 | Dec. 31, 2025 |
|---|---|---|
| Germany | 4.36 | 4.15 |
| United Kingdom | 6.04 | 5.46 |
Provisions for pensions declined in the first quarter of 2026. The rise in actuarial discount rates served to decrease defined benefit obligations' present value. Asset-retirement obligations fell by around €0.2 billion owing to utilization and changes in interest rates.
Economic Net Debt
| € in millions | March 31, 2026 | Dec. 31, 2025 |
|---|---|---|
| Liquid funds | 5,780 | 4,352 |
| Non-current securities | 546 | 586 |
| Financial liabilities¹ | -42,078 | -37,295 |
| FX hedging adjustment | 50 | -110 |
| Net financial position | -35,702 | -32,467 |
| Provisions for pensions | -4,236 | -4,408 |
| Asset-retirement obligations | -6,202 | -6,361 |
| Economic net debt | -46,140 | -43,236 |
¹Bonds previously issued by innogy are recorded at their nominal value. The figure shown in the Consolidated Balance Sheets is €1.2 billion higher (year-end 2025: €1.2 billion higher).
E.ON's creditworthiness has been assessed by Standard & Poor's ("S&P"), Moody's, and Fitch Ratings with long-term ratings of BBB+, Baa2, and BBB+, respectively. 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 Ratings).
E.ON SE Ratings
| S&P | Moody's | Fitch | |
|---|---|---|---|
| Long-term | BBB+ | Baa2 | BBB+ |
| Outlook | Stable | Stable | Stable |
| Bonds | BBB+ | Baa2 | A- |
| Short-term | A-2 | P-2 | F1 |
E.ON Quarterly Statement I/2026
Financial Situation
Investments
The E.ON Group's cash-effective investments of €1,364 million in the first quarter of 2026 were 7 percent below the prior-year figure of €1,463 million. The E.ON Group invested €1,235 million in property, plant, and equipment and intangible assets (prior year: €1,349 million). Share investments totaled €129 million versus €114 million in the prior year.
Segment Information → contains more information about E.ON's investments.
Investments
| € in millions | 2026 | 2025 | First quarter +/- % |
|---|---|---|---|
| Energy Networks | 1,055 | 1,159 | -9 |
| Energy Infrastructure Solutions | 166 | 147 | 13 |
| Energy Retail | 116 | 118 | -2 |
| Corporate Functions/Other | 28 | 43 | -35 |
| Consolidation | -1 | -4 | 75 |
| E.ON Group | 1,364 | 1,463 | -7 |
Cash Flow
Cash provided by operating activities of continuing operations before interest and taxes of -€0.3 billion was above the prior-year level (-€0.8 billion). Energy Retail (+€0.7 billion) was mainly responsible for the increase.
Segment Information → contains more commentary about the business divisions' operating cash flow before interest and taxes.
Cash provided by operating activities of continuing operations was also affected by higher interest and tax payments. The increase in tax payments resulted mainly from back taxes for prior reporting periods. The increase in interest expense is attributable to the rise in financial liabilities and the refinancing of maturing bonds at higher interest rates.
Cash Flow
| € in millions | 2026 | 2025 |
|---|---|---|
| Operating cash flow before interest and taxes | -290 | -826 |
| Interest payments | -490 | -443 |
| Tax payments | -248 | -190 |
| Operating cash flow | -1,028 | -1,459 |
| Cash provided by (used for) investing activities | -901 | -1,321 |
| Cash provided by (used for) financing activities | 4,001 | 428 |
Cash provided by investing activities of continuing operations amounted to -€0.9 billion compared with -€1.3 billion in the prior-year period. This includes cash-effective investments, in particular at our network business in Germany, of €1.4 billion (prior year: about €1.5 billion). Higher divestments from consolidated affiliates (about +€0.2 billion) had a countervailing effect. Higher payments relating to initial margins constituted another factor. They were nearly offset by changes in bilateral collateral requirements and the sale of other securities.
Cash provided by financing activities of continuing operations of €4.0 billion was €3.6 billion above the prior-year figure of €0.4 billion. The increase resulted primarily from higher net borrowing by means of commercial paper and bonds less repayments made to meet financing needs. In addition, the net of cash in and out for variation margins in the first quarter of 2026 led to an improvement in cash provided by financing activities.
E.ON Quarterly Statement I/2026
Forecast Report
Forecast Report
The conflict in the Middle East escalated militarily in late February 2026, which has increased the volatility of wholesale energy prices. We continuously monitor, analyze, and assess current developments regarding their impact on the E.ON Group. Special Events → provides more information.
E.ON affirms its forecast for the current financial year.
Following the decision by the Annual Shareholders Meeting in April 2026 to pay a dividend of €0.57 per share for fiscal year 2025, the Management Board and Supervisory Board intend to continue achieving sustainable annual dividend growth of up to 5 percent.
| 2025¹ | 2026 forecast | May 2026 | |
|---|---|---|---|
| Adjusted EBITDA (€ in billions) | 9.4 | 9.4 to 9.6 | ✓ |
| Energy Networks | 7.3 | 7.2 to 7.4 | ✓ |
| Energy Infrastructure Solutions | 0.6 | 0.60 to 0.75 | ✓ |
| Energy Retail | 1.7 | 1.6 to 1.8 | ✓ |
| Corporate Functions/Other | -0.1 | – | ✓ |
| Adjusted net income (€ in billions) | 2.7 | 2.7 to 2.9 | ✓ |
| Adjusted net income per share (€) | 1.05 | 1.03 to 1.11 | ✓ |
| Investments (€ in billions) | 8.5 | -8.7 | ✓ |
| Energy Networks | 7.0 | -7.0 | ✓ |
| Energy Infrastructure Solutions | 0.9 | -1.0 | ✓ |
| Energy Retail | 0.5 | -0.6 | ✓ |
| Corporate Functions/Other | 0.1 | – | ✓ |
✓ Reaffirmation of the 2026 forecast.
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Group Adjusted EBITDA (€ in millions)
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Group Adjusted Net Income (€ in millions)
¹The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Quarterly Statement I/2026
Risks and Opportunities Report
Risks and Opportunities Report
Current Risk and Opportunity Situation
E.ON has established a comprehensive management system for the identification, assessment, and management of risks and opportunities. The system and the related risk-mitigation measures are described in detail in the 2025 Combined Group Management Report (contained in the Annual Report 2025 #).
We consolidated our risk and opportunity categories effective 2026. Two categories—strategic risks/opportunities and health, safety, and environmental protection ("HSE") risks/opportunities—have been eliminated. Strategic risks and opportunities are assigned to the remaining categories according to their primary impact; HSE risks and opportunities are reported under operational and IT risks/opportunities effective the first quarter of 2026.
This adjustment improves the clarity and transparency of our reporting because risks and opportunities are now consistently presented according to a uniform impact logic. Content, assessments, and management approaches remain unchanged. The actual risk situation likewise remains unchanged.
The table at right shows the maximum annual risk and opportunity situation for quantitative risks and opportunities (excluding tail risks/opportunities) based on adjusted EBITDA for all risk and opportunity categories. The classification of risk and opportunity categories has not changed relative to the end of the prior year. E.ON uses the 5 percent and 95 percent quantiles. Consequently, there is a 90 percent probability that the deviation from plan is within the specified range.
Group-wide Risks and Opportunities
Group-wide risks and opportunities increased slightly in the first quarter of 2026 relative to year-end 2025. Rising currency risks are having a negative medium-term impact on financial and treasury risks. By contrast, risks related to Group-wide provisions for pensions—which stem from changes in market interest rates and inflation rates—declined in the first quarter. This was mainly driven by a rise in actuarial discount rates, which reduced the valuation of pension obligations. Higher price levels and persistently high volatility on commodity markets resulting from the geopolitical escalation related to the Iran war could lead to increased liquidity requirements for
| Category of risks and opportunities | Classification | |
|---|---|---|
| 5-percent quantile | 95-percent quantile | |
| Market risks and opportunities: | ||
| • Commodity price risks and opportunities (energy procurement) | ||
| • Demand/volume fluctuations due to competition, weather, and economic cycle effects (energy sales) | Medium | |
| £200 – 600 mn | Moderate | |
| £50 – 200 mn | ||
| Finance and treasury risks and opportunities: | ||
| • Financing, interest rate¹, liquidity¹, and credit risks and opportunities | ||
| • Exchange rate and tax risks and opportunities | Material | |
| £500 – 2,000 mn | Medium | |
| £200 – 500 mn | ||
| Legal and regulatory risks and opportunities: | ||
| • Risks and opportunities arising from regulatory frameworks | ||
| • Risks and opportunities arising from legal disputes | Material | |
| £500 – 2,000 mn | Material | |
| £500 – 2,000 mn | ||
| Operational and IT risks and opportunities: | ||
| • Operational, technology, and project risks/opportunities | ||
| • Investment, earnings, HSE, and workforce risks/opportunities | Medium | |
| £500 – 600 mn | Moderate | |
| £50 – 200 mn | ||
| ¹Risks and opportunities that affect net income or other financials, but not EBITDA. |
collateral on exchanges. The decline in financing risk, which is attributable to financing transactions completed in the first quarter as well as a shorter risk period, is a countervailing factor.
E.ON Quarterly Statement I/2026
Risks and Opportunities Report
Energy Networks
This business division's risk and opportunity situation in the first quarter of 2026 was largely stable relative to year-end 2025.
Energy Infrastructure Solutions
This business division's risk and opportunity situation in the first quarter of 2026 was largely unchanged compared with year-end 2025.
Energy Retail
This business division's risk and opportunity position in the first quarter of 2026 was slightly above the prior-year level. Higher price levels and persistently high volatility resulting from the geopolitical escalation related to the Iran war pose increased market risks for commodity procurement. Higher legal and regulatory risks arise from a potential refund of collected proceeds under price-difference compensation mechanisms (discrepancy between the sales and purchase price). This is because interpretation and enforcement have become stricter under certain national regulatory schemes. The intense competitive environment and increased IT project risks are contributing to higher levels of operating and IT risks.
Corporate Functions/Other
The risk and opportunity situation in the first quarter of 2026 was slightly higher than at year-end 2025. Finance and treasury risks and opportunities primarily reflect increased credit risk related to energy procurement on wholesale markets due to significantly higher market prices—particularly for natural gas—in connection with the Iran war (tail risk: high).
Assessment of the Risk and Opportunity Situation
The E.ON Group's risk and opportunity situation is unchanged from year-end 2025. The Management Board has not identified any risk and opportunity profile that could jeopardize the existence of the Group or individual segments. The aggregated maximum risk for adjusted EBITDA is unchanged between €500 million and €2 billion.
E.ON Quarterly Statement I/2026
Selected Financial Information
Selected Financial Information
E.ON SE and Subsidiaries Consolidated Statement of Income
E.ON SE and Subsidiaries Consolidated Statement of Income
| First quarter | ||
|---|---|---|
| € in millions | 2026 | 2025 |
| Sales including electricity and energy taxes | 22,637 | 25,991 |
| Electricity and energy taxes | -814 | -775 |
| Sales | 21,823 | 25,216 |
| Changes in inventories (finished goods and work in progress) | 12 | 48 |
| Own work capitalized | 258 | 271 |
| Other operating income | 9,724 | 3,068 |
| Cost of materials | -16,681 | -20,070 |
| Personnel costs | -1,812 | -1,713 |
| Depreciation, amortization, and impairment charges | -866 | -932 |
| Other operating expenses | -8,529 | -4,646 |
| Thereof: impairments of financial assets | -183 | -202 |
| Income from companies accounted for under the equity method | -26 | -86 |
| Income/loss from equity investments | 9 | -15 |
| Income from continuing operations before interest results and income taxes | 3,912 | 1,141 |
| Interest results | -284 | -194 |
| Income from other securities, interest, and similar income | 338 | 367 |
| Interest and similar expenses | -622 | -561 |
| Income taxes | -999 | -193 |
| Income from continuing operations | 2,629 | 754 |
| Income/loss from discontinued operations, net | - | - |
| Net income | 2,629 | 754 |
| Attributable to shareholders of E.ON SE | 2,230 | 529 |
| Attributable to non-controlling interests | 399 | 225 |
| in € | ||
| Earnings per share (attributable to shareholders of E.ON SE)—basic and diluted¹ | ||
| from continuing operations | 0.85 | 0.20 |
| from discontinued operations | - | - |
| from net income | 0.85 | 0.20 |
| Weighted-average number of shares outstanding (in millions) | 2,614 | 2,613 |
¹Based on weighted-average number of shares outstanding.
E.ON Quarterly Statement I/2026
Selected Financial Information
E.ON SE and Subsidiaries Consolidated Statement of Recognized Income and Expenses
E.ON SE and Subsidiaries Consolidated Statement of Recognized Income and Expenses
| First quarter | ||
|---|---|---|
| € in millions | 2026 | 2025 |
| Net income | 2,629 | 754 |
| Remeasurements of defined benefit plans | 340 | 283 |
| Remeasurements of defined benefit plans of companies accounted for under the equity method | – | -1 |
| Income taxes | -111 | -152 |
| Items that will not be reclassified subsequently to the income statement | 229 | 130 |
| Cash flow hedges | 42 | 24 |
| Unrealized changes—hedging reserve | 93 | -2 |
| Unrealized changes—reserve for hedging costs | -8 | -3 |
| Reclassification adjustments recognized in income | -43 | 29 |
| Fair-value measurement of financial instruments | -5 | -1 |
| Unrealized changes | -6 | -1 |
| Reclassification adjustments recognized in income | 1 | – |
| Currency-translation adjustments | -59 | 150 |
| Unrealized changes—hedging reserve/other | -53 | 150 |
| Unrealized changes—reserve for hedging costs | 2 | – |
| Reclassification adjustments recognized in income | -8 | – |
| Companies accounted for under the equity method | 202 | 19 |
| Unrealized changes | 202 | 19 |
| Reclassification adjustments recognized in income | – | – |
| Income taxes | -16 | 42 |
| Items that might be reclassified subsequently to the income statement | 164 | 234 |
| Total income and expenses recognized directly in equity (other comprehensive income) | 393 | 364 |
| Total recognized income and expenses (total comprehensive income) | 3,022 | 1,118 |
| Attributable to shareholders of E.ON SE | 2,602 | 869 |
| Continuing operations | 2,602 | 869 |
| Discontinued operations | – | – |
| Attributable to non-controlling interests | 420 | 249 |
E.ON Quarterly Statement I/2026
Selected Financial Information
26
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E.ON SE and Subsidiaries Balance Sheet
E.ON SE and Subsidiaries Balance Sheet—Assets
| € in millions | March 31, 2026 | Dec. 31, 2025 |
|---|---|---|
| Goodwill | 15,983 | 15,978 |
| Intangible assets | 3,882 | 3,822 |
| Right-of-use assets | 2,911 | 2,807 |
| Property, plant, and equipment | 48,128 | 47,909 |
| Companies accounted for under the equity method | 7,476 | 7,361 |
| Other financial assets | 3,363 | 3,388 |
| Equity investments | 2,817 | 2,802 |
| Non-current securities | 546 | 586 |
| Financial receivables and other financial assets | 1,295 | 1,004 |
| Operating receivables and other operating assets | 4,762 | 4,197 |
| Deferred tax assets | 1,383 | 1,933 |
| Income tax assets | 8 | 8 |
| Non-current assets | 89,191 | 88,407 |
| Inventories | 1,248 | 1,457 |
| Financial receivables and other financial assets | 494 | 679 |
| Trade receivables and other operating assets | 19,307 | 14,382 |
| Income tax assets | 1,199 | 1,162 |
| Liquid funds | 5,780 | 4,352 |
| Securities and fixed-term deposits | 560 | 775 |
| Restricted liquid funds | 353 | 530 |
| Cash and cash equivalents | 4,867 | 3,047 |
| Assets held for sale | 0 | 246 |
| Current assets | 28,028 | 22,278 |
| Total assets | 117,219 | 110,685 |
E.ON Quarterly Statement I/2026
Selected Financial Information
E.ON SE and Subsidiaries Balance Sheet—Equity and Liabilities
| € in millions | March 31, 2026 | Dec. 31, 2025 |
|---|---|---|
| Capital stock | 2,641 | 2,641 |
| Additional paid-in capital | 13,311 | 13,311 |
| Retained earnings | 8,312 | 5,873 |
| Accumulated other comprehensive income | -1,412 | -1,575 |
| Treasury shares | -990 | -990 |
| Equity attributable to shareholders of E.ON SE | 21,862 | 19,260 |
| Non-controlling interests (before reclassification) | 7,627 | 7,234 |
| Reclassification related to IAS 32 | -661 | -661 |
| Non-controlling interests | 6,966 | 6,573 |
| Equity | 28,828 | 25,833 |
| Financial liabilities | 36,525 | 34,053 |
| Operating liabilities | 7,566 | 7,837 |
| Income tax liabilities | 329 | 332 |
| Provisions for pensions and similar obligations | 4,236 | 4,408 |
| Miscellaneous provisions | 7,755 | 7,927 |
| Deferred tax liabilities | 2,491 | 2,211 |
| Non-current liabilities | 58,902 | 56,768 |
| Financial liabilities | 6,724 | 4,445 |
| Trade payables and other operating liabilities | 17,430 | 18,864 |
| Income tax liabilities | 741 | 670 |
| Miscellaneous provisions | 4,594 | 4,040 |
| Liabilities associated with assets held for sale | – | 65 |
| Current liabilities | 29,489 | 28,084 |
| Total equity and liabilities | 117,219 | 110,685 |
E.ON Quarterly Statement I/2026
Selected Financial Information
E.ON SE and Subsidiaries Consolidated Statement of Cash Flows
E.ON SE and Subsidiaries Consolidated Statement of Cash Flows
| First quarter | ||
|---|---|---|
| € in millions | 2026 | 2025 |
| Net income | 2,629 | 754 |
| Income/loss from discontinued operations, net | - | - |
| Depreciation, amortization, and impairment of intangible assets and of property, plant, and equipment | 866 | 932 |
| Changes in provisions | 421 | -7 |
| Changes in deferred taxes | 720 | -162 |
| Other non-cash income and expenses | 701 | 438 |
| Gain/loss on disposal of intangible assets and property, plant, and equipment, equity investments, and securities (>3 months) | -133 | -59 |
| Changes in operating assets and liabilities and in income taxes | -6,232 | -3,355 |
| Cash provided by (used for) operating activities of continuing operations | -1,028 | -1,459 |
| Cash provided by (used for) operating activities of discontinued operations | - | - |
| Cash provided by (used for) operating activities (operating cash flow) | -1,028 | -1,459 |
| Proceeds from disposal of intangible assets and property, plant, and equipment | 41 | 57 |
| Proceeds from disposal of equity investments and loans | 363 | 98^{1} |
| Purchases of investments in intangible assets and property, plant, and equipment | -1,235 | -1,349 |
| Purchases of investments in equity investments and loans | -129 | -114^{1} |
| Changes in securities, financial receivables, and fixed-term deposits | -118 | 105^{1} |
| Changes in restricted liquid funds | 177 | -118 |
E.ON Quarterly Statement I/2026
Selected Financial Information
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E.ON SE and Subsidiaries Consolidated Statement of Cash Flows
| First quarter | ||
|---|---|---|
| € in millions | 2026 | 2025 |
| Cash provided by (used for) investing activities of continuing operations | -901 | -1,321 |
| Cash provided by (used for) investing activities of discontinued operations | – | – |
| Cash provided by (used for) investing activities | -901 | -1,321 |
| Payments received/made from changes in capital | -1 | – |
| Cash dividends paid to shareholders of E.ON SE | – | – |
| Cash dividends paid to non-controlling interests | -28 | -28 |
| Changes in financial liabilities | 4,030 | 456 |
| Cash provided by (used for) financing activities of continuing operations | 4,001 | 428 |
| Cash provided by (used for) financing activities of discontinued operations | – | – |
| Cash provided by (used for) financing activities | 4,001 | 428 |
| Net increase/decrease in cash and cash equivalents | 2,072 | -2,352 |
| Effect of foreign exchange rates on cash and cash equivalents | -4 | -8 |
| Cash and cash equivalents due to changes of scope of consolidation | 2 | 0 |
| Cash and cash equivalents at the beginning of the year^{1,2} | 2,797 | 5,762 |
| Cash and cash equivalents of discontinued operations at the beginning of the period | – | – |
| Cash and cash equivalents at the end of the period | 4,867 | 3,402 |
| 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^{3} | 4,867 | 3,402 |
1Cash and cash equivalents of continuing operations at the beginning of the period of the previous year also include €10 million attributable to the Romanian sales business that was reclassified as a disposal group in the third quarter of 2024.
2The initial application of the Amendments to the Classification and Measurement of Financial Instruments results, in accordance with IFRS 9.7.2.48, in an adjustment to the opening balance of approximately €250 million.
3Cash and cash equivalents of continuing operations at the end of the period of the previous year also include €17 million attributable to the Romanian sales business that was reclassified as a disposal group in the third quarter of 2024.
E.ON Quarterly Statement I/2026
Selected Financial Information
Segment Information
Financial Information by Business Division
| First quarter | Energy Networks | Energy Infrastructure Solutions | Energy Retail | Corporate Functions/Other | Consolidation | E.ON Group |
|---|---|---|---|---|---|---|
| € in millions | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| External sales | 5,452 | 5,866 | 894 | 855 | 15,425 | 18,431 |
| Intersegment sales | 1,478 | 1,738 | 290 | 303 | 504 | 546 |
| Sales | 6,930 | 7,604 | 1,184 | 1,158 | 15,929 | 18,977 |
| Adjusted EBITDA¹ | 2,091 | 2,100⁴ | 237 | 204 | 942 | 933 |
| Sales² | 6,816 | 7,558⁴ | 1,184 | 1,158 | 15,568 | 18,520 |
| Cost of material³ | -3,549 | -4,359 | -713 | -708 | -13,610 | -16,590 |
| Equity-method earnings⁴ | 109 | 83 | 1 | 2 | 3 | 1 |
| Operating cash flow before interest and taxes | 825 | 809 | 139 | 84 | -738 | -1,407 |
| Investments | 1,055 | 1,159 | 166 | 147 | 116 | 118 |
| Investments in intangible assets and property, plant, and equipment | 1,009 | 1,117 | 132 | 136 | 81 | 83 |
¹Adjusted for non-operating effects.
²Adjustment of sales (IFRS amount Q1 2026: €21,823 million; IFRS amount Q1 2025: €25,216 million) for non-operating effects amounting to -€483 million (Q1 2025: -€509 million), particularly due to realization effects from commodity derivatives.
³Adjustment of cost of material (IFRS amount Q1 2026: -€16,681 million; IFRS amount Q1 2025: -€20,070 million) for non-operating effects amounting to €836 million (Q1 2025: €723 million), particularly due to realization effects from commodity derivatives.
⁴Adjustment of equity method earnings (IFRS amount Q1 2026: -€26 million; IFRS amount Q1 2025: -€86 million) for non-operating effects to €186 million (Q1 2025: €179 million), particularly due to the application of IAS 29 in Turkey.
⁵The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
Financial Information for Energy Networks
| First quarter | Germany | Sweden | Central Eastern Europe¹ | South Eastern Europe¹ | Consolidation | Energy Networks | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € in millions | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| External sales | 4,306 | 4,821 | 406 | 348 | 260 | 223 | 480 | 474 | - | - | 5,452 | 5,866 |
| Intersegment sales | 1,182 | 1,426 | 2 | 2 | 111 | 135 | 185 | 177 | -2 | -2 | 1,478 | 1,738 |
| Sales | 5,488 | 6,247 | 408 | 350 | 371 | 358 | 665 | 651 | -2 | -2 | 6,930 | 7,604 |
| Adjusted EBITDA³,³ | 1,333 | 1,452 | 263 | 216 | 208 | 202 | 287 | 230 | - | - | 2,091 | 2,100 |
| Sales²,³ | 5,434 | 6,281 | 408 | 355 | 367 | 349 | 608 | 575 | -1 | -2 | 6,816 | 7,558 |
| Cost of material³ | -3,076 | -3,857 | -98 | -100 | -133 | -124 | -241 | -279 | -1 | 1 | -3,549 | -4,359 |
| Equity method earnings² | 62 | 45 | - | - | 24 | 25 | 24 | 14 | -1 | -1 | 109 | 83 |
| Operating cash flow before interest and taxes | 320 | 232 | 244 | 205 | 115 | 190 | 146 | 183 | - | -1 | 825 | 809 |
| Investments | 713 | 836 | 117 | 128 | 100 | 72 | 125 | 121 | - | 2 | 1,055 | 1,159 |
| Investments in intangible assets and property, plant, and equipment | 667 | 794 | 117 | 128 | 100 | 72 | 125 | 121 | - | 2 | 1,009 | 1,117 |
¹Aggregated and reportable segment.
²Adjusted for non-operating effects.
³The prior-year figure was adjusted owing to other adjustments to this key performance indicator. The section entitled "Reconciliation to Adjusted Earnings Metrics" provides additional commentary.
E.ON Quarterly Statement I/2026
Selected Financial Information
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Financial Information for Energy Retail
| First quarter | Germany | United Kingdom | The Netherlands | Other | Consolidation | Energy Retail | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| € in millions | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| External sales | 5,204 | 6,079 | 4,216 | 5,042 | 897 | 1,080 | 5,108 | 6,230 | - | - | 15,425 | 18,431 |
| Intersegment sales | 508 | 1,413 | 1,115 | 1,450 | 458 | 584 | 5,414 | 7,350 | -6,991 | -10,251 | 504 | 546 |
| Sales | 5,712 | 7,492 | 5,331 | 6,492 | 1,355 | 1,664 | 10,522 | 13,580 | -6,991 | -10,251 | 15,929 | 18,977 |
| Adjusted EBITDA¹ | 350 | 319 | 288 | 333 | 112 | 97 | 192 | 184 | - | - | 942 | 933 |
| Sales¹ | 5,696 | 7,466 | 5,331 | 6,492 | 1,341 | 1,626 | 10,191 | 13,188 | -6,991 | -10,252 | 15,568 | 18,520 |
| Cost of material¹ | -4,917 | -6,667 | -4,695 | -5,815 | -1,081 | -1,369 | -9,907 | -12,993 | 6,990 | 10,254 | -13,610 | -16,590 |
| Equity-method earnings¹ | - | - | - | - | - | - | 3 | 1 | - | - | 3 | 1 |
| Operating cash flow before interest and taxes | -763 | -937 | -198 | -191 | -145 | -173 | 369 | -106 | -1 | - | -738 | -1,407 |
| Investments | 19 | 11 | 2 | 1 | 19 | 22 | 76 | 83 | - | 1 | 116 | 118 |
| Investments in intangible assets and property, plant, and equipment | 9 | 11 | 2 | 1 | 19 | 22 | 51 | 48 | - | 1 | 81 | 83 |
¹Adjusted for non-operating effects.
E.ON Quarterly Statement I/2026
Financial Calendar and Imprint
Financial Calendar
August 12, 2026
November 11, 2026
Half-Year Financial Report: January–June 2026
Quarterly Statement: January–September 2026
Imprint
E.ON SE
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This document is a Quarterly Statement pursuant to Section 53 of the Exchange Regulations of the Frankfurt Stock Exchange (dated April 9, 2026) and is not a Quarterly Report within the meaning of International Accounting Standard 34.
Only the German version of this Quarterly Statement is legally binding.
This Quarterly Statement was published on May 13, 2026 and may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development, or performance of the Company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.
E.ON Quarterly Statement I/2026