E.ON SE

Quarterly Report • May 17, 2022

Quarterly Statement January –March I/2022 #StandWithUkraine

E.ON Group at a Glance

Outlook for the 2022 financial year reaffirmed; rising investments in sustainable energy networks and customer solutions being implemented on schedule

Difficult market environment and high energy prices impact first-quarter adjusted EBITDA and earnings per share from adjusted net income ("EPS")

A total of €2.8 billion in bonds issued (of which €2.3 billion were green bonds), thereby already covering a majority of anticipated funding needs for 2022

Current interest-rate environment has positive effect on provisions for pensions; from today's perspective, debt factor at year-end at lower end of target range of 4.8 to 5.2 achieveable

Implementation of growth strategy on schedule; targets through 2026 reaffirmed

2022

This document is a Quarterly Statement pursuant to Section 53 of the Exchange Regulations of the Frankfurt Stock Exchange (dated April 1, 2022) and is not a Quarterly Report within the meaning of International Accounting Standard 34.

Business Performance

Earnings per share from adjusted net income ("EPS")

1Q 2021	€0.31	(€809 million)
1Q 2022	€0.26	(€679 million)
	-16%

Investments

1Q 2021	€971 million
1Q 2022	€790 million
	-19%

Adjusted EBITDA

Economic net debt

Cash provided by operating activities

1Q 2021	-€589 million
1Q 2022	-€644 million
	-9%

E.ON Group at a Glance Business Performance Risks and Chances Report Forecast Report Selected Financial Information Financial Calendar and Imprint

Special Events in the Reporting Period

Corporate Bonds Issued

E.ON issued several corporate bonds totaling €2.8 billion in the first quarter of 2022. This enabled E.ON to already meet a majority of its anticipated funding needs for 2022.

• • €500 million bond that matures in January 2026 and has a coupon of 0.125 percent (January 2022)
• • €800 million green bond that matures in October 2034 and has a coupon of 0.875 percent (January 2022)
• • €750 million green bond that matures in January 2025 and has a coupon of 0.875 percent (March 2022)
• • €750 million green bond that matures in March 2031 and has a coupon of 1.625 percent (March 2022).

Russia's Invasion of Ukraine Creates Significant Macroeconomic Uncertainty and Impacts the Energy Sector

On February 24, 2022, Russia launched a military attack on Ukraine. The invasion has already had far-reaching economic repercussions as well as direct impacts on the energy sector in particular. Wholesale electricity and gas prices in January and February 2022 were initially slightly lower than at the end of 2021 but quickly rose very sharply at the outbreak of the war. Electricity and gas prices then eased slightly in the second half of March. Nevertheless, energy prices remain significantly higher than in previous years.

European governments are united in the goal of becoming independent of Russian energy supplies. The EU has already decided to stop importing coal from Russia and is discussing additional energy embargoes. Policymakers are also discussing whether and when Russia could stop supplying gas. Possible consequences would be further increases in energy prices along with supply bottlenecks and production shortfalls in industry and commerce throughout Europe. Nevertheless, such assessments remain subject to a high degree of uncertainty, because the course of the conflict and its economic impact are difficult to predict.

E.ON welcomes the mechanisms adopted by the German federal government to ease the burden on consumers; nevertheless, the Company rejects regulatory intervention in the market, such as price caps. E.ON supports European coordination of measures against Russia and advocates accelerating the energy transition.

The war's repercussions also have implications for E.ON's business, in particular higher commodity prices. These implications are described in greater detail below in the sections entitled "Earnings Situation" and "Financial Situation." In addition, our 2021 Annual Report provides commentary on other possible risks for E.ON. One of them is a possible measurement risks for financial assets, including the investment in Nord Stream AG held in pension plan assets. Amid heightened uncertainty, measurement of this investment at March 31, 2022, resulted in a decline in the low three-digit million range. This decrease was recognized in equity in other non-operating income. The situation assessable at the balance-sheet date indicated no triggering events that would necessitate impairment charges on non-current assets.

Subsequent Events

Conclusion of a Future Consolidation Agreement with ZSE Shareholders

On April 8, 2022, the shareholders of Západoslovenská energetika a.s. ("ZSE") and of Východoslovenská energetika Holding a.s. ("VSEH"), E.ON SE, and the Slovak Republic concluded a Future Consolidation Agreement to combine ZSE and the VSEH Group.

The agreement provides, among other things, for 100 percent of VSEH shares to be transferred to ZSE, the sale of all or selected VSEH subsidiaries to ZSE, and the implementation of corporate law changes at VSEH.

The transfer of VSEH shares to ZSE will result in ZSE becoming VSEH's sole shareholder (and thus also shareholder of selected VSEH subsidiaries). The ownership interests in ZSE will remain unchanged; that is, E.ON will have a 49-percent stake in VSE and the Slovakian state a 51-percent stake. The new ZSE shareholders agreement, which has yet to be concluded, essentially corresponds to the current shareholders agreement. After the transaction ZSE will thus continue to be included in E.ON's Consolidated Financial Statements as a jointly owned company and accounted for using the equity method. After closing, the VSEH Group's business operations, which previously had been fully consolidated, will be accounted for using the equity method.

The transaction is planned to close by the end of 2022.

Disposal of Universal Service Provider Business in Hungary

On February 23, 2022, E.ON Hungária Zrt. signed an agreement with MVM Zrt. to sell 100 percent of its shares in E.ON Áramszolgáltató Kft. The transaction closed on April 14, 2022.

E.ON Group at a Glance Business Performance Risks and Chances Report Forecast Report Selected Financial Information Financial Calendar and Imprint

Earnings Situation

• Sales higher primarily at Customer Solutions due to price increases on commodity markets despite narrower margins
• The E.ON Group's adjusted EBITDA was 15 percent below the prior-year figure; at Customer Solutions this was due in part to higher procurement costs that can largely only be passed through to customers after the first quarter
• PreussenElektra benefited in part from higher sales prices

Sales

The E.ON Group's first-quarter sales rose by €11.1 billion year on year to €29.5 billion.

Energy Networks' sales increased by €0.3 billion relative to the prior year to €5 billion. Customer Solutions' sales rose by €9 billion to €23.8 billion. The increase was mainly due to higher prices on commodity markets and affected, in particular, the sales business in Germany, the United Kingdom, and the Netherlands.

Sales recorded at Corporate Functions/Other of €11.4 billion were €8.7 billion above the prior-year figure. The increase is mainly attributable to the business operations of E.ON Energy Markets, our central commodity procurement unit. It includes the settlement of derivatives (€2.3 billion) amid rising prices on commodity markets. The internal service relationships from central energy procurement are offset by corresponding consolidations.

Sales at Non-Core Business declined by €140 million year on year to €237 million, mainly because Brokdorf and Grohnde nuclear power plants were shut down as planned on December 31, 2021. The decrease was partially offset by higher sales prices for power from Isar 2 nuclear power plant.

Sales

			First quarter
€ in millions	2022	2021	+/- %
Energy Networks	5,043	4,780	6
Customer Solutions	23,822	14,829	61
Non-Core Business	237	377	-37
Corporate Functions/Other	11,363	2,654	328
Consolidation	-10,958	-4,238	-159
E.ON Group	29,507	18,402	60

Power passthrough
1Q 2022	87.2 billion kWh
1Q 2021	89.5 billion kWh
Power sales1
1Q 2022	54.1 billion kWh
1Q 2021	68.4 billion kWh

Gas passthrough

Gas passthrough
1Q 2022	84.4 billion kWh
1Q 2021	88.7 billion kWh
Gas sales1
1Q 2022	95.7 billion kWh

1Q 2021 114.5 billion kWh

1Customer Solutions' sales volume; does not include sales to the wholesale market.

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E.ON Group at a Glance	Business Performance	Risks and Chances Report
Forecast Report	Selected Financial Information	Financial Calendar and Imprint

Adjusted EBITDA

Effective January 1, 2022, we use earnings before interest, taxes, depreciation, and amortization adjusted to exclude extraordinary effects ("adjusted EBITDA") for the internal control of our intended growth and as an indicator of our business units' sustainable earnings strength.

The core business's first-quarter adjusted EBITDA declined by €340 million to €1,842 million.

Energy Networks' adjusted EBITDA decreased by €68 million year on year to €1,463 million. Its adjusted EBITDA in Germany improved primarily due to the reversal of negative earnings effects from previous years, the realization of synergies, and further growth in the regulated asset base due to additional investments. Warmer weather in Sweden in the first quarter of 2022 led to lower sales volume and, along with higher expenses for network losses and storm damage, to a decline in adjusted EBITDA. The earnings decline at East-Central Europe/Turkey is chiefly attributable to higher procurement costs for network losses, especially in Romania, Hungary, and Slovakia and to the disposal of two distribution system operators in Hungary in the third quarter of 2021. The adverse earnings effect of increased expenditures for network losses is only temporary. Existing regulatory mechanisms enable these expenditures to be recovered through higher income in subsequent periods.

Adjusted EBITDA

		First quarter
€ in millions	2022	2021	+/- %
Energy Networks	1,463	1,531	-4
Customer Solutions Thereof EIS Business	414 199	744 174	-44 15
Corporate Functions/Other	-35	-89	61
Consolidation	0	-4	100
Adjusted EBITDA from core business	1,842	2,182	-16
Non-Core Business	242	263	-8
E.ON Group adjusted EBITDA	2,084	2,445	-15

First-quarter adjusted EBITDA at Customer Solutions declined by €330 million to €414 million. Adverse effects in Germany resulting primarily from higher energy procurement costs that cannot be passed through to customers until after the first quarter were only partially offset by the realization of synergies, operating improvements, and positive weather effects. Adjusted EBITDA in the United Kingdom was almost unchanged relative to the prior year, whereas the weather had a positive impact on our earnings performance in the Netherlands. By contrast, several regions in East-Central Europe recorded a temporary decline in earnings that is primarily attributable to higher procurement costs, including in Romania, Hungary, and the Czech Republic.

Like in E.ON's core business, adjusted EBITDA at Non-Core Business decreased as well, falling by €21 million year on year to €242 million. The reason was a decline at PreussenElektra that is primarily attributable to the fact that Brokdorf and Grohnde nuclear power plants were shut down as planned on December 31, 2021. This was partially offset by higher sales prices.

The E.ON Group recorded adjusted EBITDA of €2,084 million, which was €361 million below the prior-year figure.

E.ON Group at a Glance	Business Performance	Risks and Chances Report
Forecast Report	Selected Financial Information	Financial Calendar and Imprint

Reconciliation to Adjusted Earnings Metrics

EBITDA is adjusted mainly for expenditures and income that are non-recurring or seldom in nature. The adjustments include effects resulting from the marking to market of derivative financial instruments at the balance-sheet date, certain restructuring expenses, net book gains, and other non-operating earnings. Adjusted EBITDA is independent of investment and depreciation cycles and simultaneously an indicator of cash-effective earnings and also facilitates the targeted management of our intended growth.

The disclosures in the Consolidated Statements of Income are reconciled to the adjusted earnings metrics below.

Reconciliation to Adjusted EBITDA

Net income attributable to shareholders of E.ON SE and corresponding earnings per share amounted to €0.8 billion or €0.32, respectively. In the prior-year period E.ON recorded net income of €0.8 billion and earnings per share of €0.31.

The tax expense from continuing operations declined from €340 million to €289 million. The tax rate in the first quarter of 2022 decreased to 23 percent (prior year: 25 percent).

Financial results improved relative to the prior-year period, mainly because of items in non-operating interest expense/income. Positive discounting effects on provisions along with the release of provisions for prior years were only partially offset by negative valuation effects on securities recognized at fair value.

The positive effect of €56 million (prior year: €77 million) from the difference between the nominal interest rate and the effective interest rate of former innogy bonds adjusted due to the purchaseprice allocation is likewise recorded under non-operating interest expense/income.

Reconciliation to Adjusted EBITDA

		First quarter
€ in millions	2022	2021
Net income/loss	969	1,019
Attributable to shareholders of E.ON SE	830	801
Attributable to non-controlling interests	139	218
Income/Loss from discontinued operations, net	–	–
Income/Loss from continuing operations	969	1,019
Income taxes	289	340
Financial results	11	148
Income/Loss from continuing operations before financial results and income taxes	1,269	1,507
Income/Loss from equity investments	-26	13
EBIT	1,243	1,520
Non-operating adjustments	149	135
Net book gains (-)/losses (+)	16	-1
Restructuring expenses	40	84
Effects from derivative financial instruments	-159	-37
Impairments (+)/Reversals (-)	22	-24
Carryforward of hidden reserves (+) and liabilities (-) from the innogy transaction	182	188
Other non-operating earnings	48	-75
Adjusted EBIT	1,392	1,655
Impairments (+)/Reversals (-)	9	–
Scheduled depreciation and amortization	683	790
Adjusted EBITDA	2,084	2,445

Restructuring expenses were significantly lower than in the 2021 reporting period and consisted primarily of expenditures in conjunction with the restructuring of the sales business in the United Kingdom.

Effects in conjunction with derivative financial instruments improved by €122 million year on year to €159 million. Higher commodity prices led to increases in the market value of unsettled sales and procurement transactions.

tormance	$\rightarrow$ Risks and Chances Report

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Non-operating impairment charges in the current year consist mainly of writedowns on a shareholding in Croatia and the subsequent valuation of activities in Slovakia pursuant to IFRS 5.

Value effects for, among other items, non-current provisions, bonds denominated in foreign currencies, and effects from subsequent adjustments to purchase prices are also disclosed in other nonoperating earnings on a regular basis.

Reconciliation to Adjusted Net Income

Derived from adjusted EBITDA, adjusted net income is an earnings figure after interest income, income taxes, and non-controlling interests that likewise has been adjusted to exclude non-operating effects. The adjustments include the aforementioned items as well as interest expense/income not affecting net income (after taxes and non-controlling interests).

Adjusted net income of €679 million was 16 percent below the prior-year figure of €809 million. Besides the above-described effects in the reconciliation to adjusted EBITDA, this reconciliation includes the following items.

Non-operating expense/income rose by €154 million relative to the 2021 reporting period. This is mainly attributable to the changes in financial results commented on above under "Reconciliation to Adjusted EBITDA" (see page 7 ).

Reconciliation to Adjusted Net Income

€ in millions 2022 Income/Loss from continuing operations before financial results and income taxes 1,269 Income/Loss from equity investments -26 EBIT 1,243 Non-operating adjustments 149 Adjusted EBIT 1,392 Net interest income/loss 15 Non-operating interest expense (+)/income (-) -253 Operating earnings before taxes 1,154 Taxes on operating earnings -289			First quarter
			2021
			1,507
			13
			1,520
			135
			1,655
			-161
			-99
			1,395
			-349
	Operating earnings attributable to non-controlling interests	-186	-237
Adjusted net income 679			809

The tax rate on operating earnings of continuing operations was 25 percent, unchanged from the prior-year period. The tax expense declined from €349 million to €289 million.

Non-controlling interests' share of operating earnings declined from €237 million to €186 million, principally because of lower operating earnings at companies with a significant proportion of non-controlling interests.

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Financial Situation

• Bond issuances strengthen liquidity position
• Economic net debt almost unchanged relative to year-end 2021
• Provisions for pensions declined significantly owing to higher actuarial discount
• Operating cash flow significantly below the prior-year period and, on balance, negative due to seasonal effects
• Investments at Energy Networks and Customer Solutions higher than in the prior-year period

Financial Position

Economic net debt increased by €0.1 billion relative to year-end 2021 (€38.8 billion) to €38.9 billion. E.ON's net financial position deteriorated by €1.5 billion relative to year-end 2021, from -€24.7 billion to -€26.2 billion.

The change in net financial position resulted mainly from negative operating cash flow due to seasonal factors and from investment expenditures.

Financial liabilities of €32.7 billion include E.ON SE's four issuances of bonds in the current year totaling €2.8 billion. Alongside these new issuances, short-term financing also caused the increase in financial liabilities. These funding measures significantly expanded the E.ON Group's liquidity position.

Actuarial discount rates higher E.ON's creditworthiness has been assessed by Standard & Poor's

	Germany	United Kindom
March 31, 2022	1.8%	2.7%
Dec. 31, 2021	1.1%	1.9%

The increase in actuarial discount rates for pensions, which led to a reduction in defined benefit obligations, more than offset the decline in the value of plan assets and had a positive impact on economic net debt and equity.

Economic Net Debt

€ in millions	March 31, 2022	Dec. 31, 2021
Liquid funds	8,988	5,965
Non-current securities	1,633	1,699
Financial liabilities1	-37,190	-32,730
FX hedging adjustment	337	391
Net financial position	-26,232	-24,675
Provisions for pensions	-4,720	-6,082
Asset-retirement obligations2	-7,905	-8,016
Economic net debt	-38,857	-38,773

1Bonds issued by innogy are recorded at their nominal value. The figure shown in the Consolidated Balance Sheets is €1.9 billion higher (year-end 2021: €1.9 billion higher).

2This figure is not the same as the asset-retirement obligations shown in the Consolidated Balance Sheets (€8,871 million at March 31, 2022; €9,230 million at December 31, 2021). This is because economic net debt is calculated in part based on the actual amount of E.ON's obligations.

("S&P") and Moody's with long-term ratings of BBB and Baa2, respectively. The outlook for both ratings is stable. Both S&P and Moody's anticipated that, over the near and medium term, E.ON will be able to maintain a debt ratio commensurate with these ratings. S&P's and Moody's short-term ratings are at A-2 and P-2, respectively.

Ratings

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Investments

The E.ON Group's cash-effective investments of €790 million in the first quarter of 2022 were below the prior-year figure of €971 million. The E.ON Group invested about €737 million in property, plant, and equipment and intangible assets (prior year: €840 million). Share investments totaled €53 million versus €131 million in the prior year.

Investments

First quarter
€ in millions	2022	2021	+/- %
Energy Networks	611	585	4
Customer Solutions Thereof EIS business	166 103	123 68	35 51
Corporate Functions/Other	11	121	-91
Consolidation	0	-1	100
Investments in core business	788	828	-5
Non-Core Business	2	143	-99
E.ON Group investments	790	971	-19

Special effects in the prior year resulted in investments at Corporate Functions/Other declining significantly to €11 million (prior year: €110 million). The reason is that the prior-year figure includes subsequent purchase-price payments in conjunction with the innogy acquisition.

Non-Core Business's investments decreased by €141 million year on year to €2 million, because PreussenElektra invested less to acquire residual power output rights.

By contrast, investments in our core business increased in accordance with our growth strategy. Energy Networks' investments of €611 million, which were slightly above the prior-year level (€585 million), went principally toward new connections and network expansion in conjunction with the energy transition.

Customer Solutions' investments increased by €43 million year on year to €166 million, mainly because of higher investments in projects relating to distributed energy generation at Energy Infrastructure Solutions ("EIS").

Cash Flow

Cash provided by operating activities of continuing operations before interest and taxes of -€0.5 billion was €0.3 billion below the prioryear level. Customer Solutions recorded a year-on-year decline of €0.8 billion in a quarter that is generally weak due to seasonal factors. This effect resulted mainly from higher procurement costs at sales companies. Energy Networks' operating cash flow before interest and taxes rose by about €0.6 billion and benefited in particular from positive changes in working capital at the network business in Germany. The on-schedule shutdown of nuclear power plants reduced Non-Core Business's operating cash flow by €0.3 billion.

Cash provided by operating activities of continuing operations benefited from lower interest and tax payments.

Cash Flow1

First quarter € in millions	2022	2021
Operating cash flow	-644	-589
Operating cash flow before interest and taxes	-476	-241
Cash provided by (used for) investing activities	564	-624
Cash provided by (used for) financing activities	3,494	854

1From continuing operations.

Cash provided by investing activities of continuing operations totaled +€0.6 billion versus -€0.6 billion in the prior-year period. This positive development is primarily attributable to higher margin payments from commodity futures transactions, whereas investments were nearly at the prior-year level.

Cash provided by financing activities of continuing operations of €3.5 billion was €2.6 billion above the prior-year figure of €0.9 billion and mainly reflected the balance between issuances and repayments of bonds and commercial paper in the reporting period. This was partially offset by effects from variation margin payments resulting from the settlement of derivative transactions.

E.ON Group at a Glance Business Performance Risks and Chances Report Forecast Report Selected Financial Information Financial Calendar and Imprint

The Combined Group Management Report contained in the 2021 Annual Report describes in detail E.ON's management system for assessing risks and chances and the measures it takes to limit risks.

Risks and Chances

In the normal course of business, E.ON is subject to a number of risks that are inseparably linked to the operation of its businesses. The resulting risks and chances are described in detail in the 2021 Combined Group Management Report. With regard to risk identification, the E.ON Group's risk and chance position described there remained essentially unchanged at the end of the first quarter of 2022. The further sharp increase in commodity prices in 2022 in conjunction with the war in Ukraine has significant implications for the assessment of individual risks and, on the positive side, individual chances. On the one hand, the increase has a positive effect on the marketing of PreussenElektra's remaining power generation

activities; on the other, it is a material risk factor for unplanned unavailability at PreussenElektra, for volume and price effects, and for possible bad debts in the sales business. Higher commodity prices also lead to a further increase in counterparty risks; however, our major suppliers' good credit ratings and system relevance continue to render the likelihood of occurrence very low.

In particular, the further sharp rise in commodity prices has changed the aggregated risk and chance profile of the Group as a whole from "major" to "high." This risk assessment is based on the current level of commodity prices. It does not factor in an embargo on Russian natural gas, which is under public discussion, and the associated impact on commodity prices and potential supply bottlenecks.

Assessment of the Risk Situation

From today's perspective, E.ON does not perceive any risks that could threaten the existence of E.ON SE, the E.ON Group, or individual segments.

E.ON Group at a Glance	Business Performance	Risks and Chances Report
Forecast Report	Selected Financial Information	Financial Calendar and Imprint

E.ON Group at a Glance	Business Performance	Risks and Chances Report
Forecast Report	Selected Financial Information	Financial Calendar and Imprint

	2021	2022 forecast	May, 2022
Adjusted EBITDA (€ in billions)	7.9	7.6 to 7.8
Energy Networks	5.0	5.5 to 5.7
Customer Solutions	1.5	1.5 to 1.7
Corporate Functions/Other	-0.2	roughly -0.2
Non-Core Business	1.6	0.6 to 0.8
Adjusted net income (€ in billions)	2.5	2.3 to 2.5
Adjusted net income per share (€)	0.96	0.88 to 0.96
Investments (€ in billions)	4.8	~5.3

Confirmation of the forecast 2022

• Forecast Report
• • Forecast for the current financial year reaffirmed
• • With regard to the war in Ukraine, the forecast includes effects that have been observable so far, such as the persistently high level of market prices in particular; it does not factor in other political or regulatory interventions, such as a gas embargo or a gas supply stop
• • Management to propose dividend of €0.49 per share for the 2021 financial year; continues to aim for annual growth of up to 5 percent including the dividend for the 2026 financial year

Information

Selected Financial

Contents Search Back Quarterly Statement I/2022 13

E.ON Group at a Glance Business Performance Risks and Chances Report Forecast Report Selected Financial Information Financial Calendar and Imprint

E.ON SE and Subsidiaries Consolidated Statements of Income

		First quarter
€ in millions	2022	2021
Sales including electricity and energy taxes	30,223	19,516
Electricity and energy taxes	-716	-1,114
Sales	29,507	18,402
Changes in inventories (finished goods and work in progress)	63	33
Own work capitalized	145	113
Other operating incomes	29,383	3,006
Cost of materials	-36,545	-14,582
Personnel costs	-1,321	-1,444
Depreciation, amortization and impairment charges	-828	-958
Other operating expenses Thereof: Impairments of financial assets	-19,256 -163	-3,175 -102
Income from companies accounted for under the equity method	121	112
Income from continuing operations before financial results and income taxes	1,269	1,507
Financial results Income/Loss from equity investments Income from other securities, interest and similar income Interest and similar expenses	-11 -26 454 -439	-148 13 144 -305
Income taxes	-289	-340
Income from continuing operations	969	1,019
Income/Loss from discontinued operations, net	–	–
Net income Attributable to shareholders of E.ON SE Attributable to non-controlling interests	969 830 139	1,019 801 218
in €
Earnings per share (attributable to shareholders of E.ON SE)—basic and diluted1
from continuing operations	0.32	0.31
from discontinued operations	–	–
from net income	0.32	0.31
Weighted-average number of shares outstanding (in millions)	2,609	2,607

1Based on weighted-average number of shares outstanding.

E.ON Group at a Glance Business Performance Risks and Chances Report Forecast Report Selected Financial Information Financial Calendar and Imprint

E.ON SE and Subsidiaries Consolidated Statements of Recognized Income and Expenses

		First quarter
€ in millions	2022	2021
Net income	969	1,019
Remeasurements of defined benefit plans	1,421	1,736
Remeasurements of defined benefit plans of companies accounted for under the equity method	1	-3
Income taxes	-187	-146
Items that will not be reclassified subsequently to the income statement	1,235	1,587
Cash flow hedges Unrealized changes—hedging reserve Unrealized changes—reserve for hedging costs Reclassification adjustments recognized in income	404 367 27 10	301 396 4 -99
Fair value measurement of financial instruments Unrealized changes Reclassification adjustments recognized in income	-71 -74 3	-34 -34 –
Currency-translation adjustments Unrealized changes—hedging reserve/other Unrealized changes—reserve for hedging costs Reclassification adjustments recognized in income	18 49 -27 -4	-74 -72 -2 –
Companies accounted for under the equity method Unrealized changes Reclassification adjustments recognized in income	-34 -34 –	-2 -2 –
Income taxes	20	38
Items that might be reclassified subsequently to the income statement	337	229
Total income and expenses recognized directly in equity (other comprehensive income)	1,572	1,816
Total recognized income and expenses (total comprehensive income) Attributable to shareholders of E.ON SE Continuing operations Discontinued operations Attributable to non-controlling interests	2,541 2,257 2,257 – 284	2,835 2,490 2,490 – 345

E.ON SE and Subsidiaries Balance Sheets—Assets

€ in millions	March 31, 2022	Dec.31, 2021
Goodwill	17,398	17,408
Intangible assets	3,469	3,553
Right-of-use assets	2,529	2,424
Property, plant and equipment	36,679	36,860
Companies accounted for under the equity method	4,143	4,083
Other financial assets Equity investments Non-current securities	3,819 2,186 1,633	3,846 2,147 1,699
Financial receivables and other financial assets	1,114	978
Operating receivables and other operating assets	15,052	9,810
Deferred tax assets	1,584	1,651
Income tax assets	23	24
Non-current assets	85,810	80,637
Inventories	1,005	1,051
Financial receivables and other financial assets	799	1,592
Trade receivables and other operating assets	40,048	28,111
Income tax assets	629	783
Liquid funds Securities and fixed-term deposits Restricted cash and cash equivalents Cash and cash equivalents	8,988 1,135 816 7,037	5,965 1,596 735 3,634
Assets held for sale	1,571	1,620
Current assets	53,040	39,122
Total assets	138,850	119,759

E.ON SE and Subsidiaries Balance Sheets—Equity and Liabilities

€ in millions	March 31, 2022	Dec.31, 2021
Capital stock	2,641	2,641
Additional paid-in capital	13,353	13,353
Retained earnings	3,130	1,228
Accumulated other comprehensive income	-3,725	-4,075
Treasury shares	-1,094	-1,094
Equity attributable to shareholders of E.ON SE	14,305	12,053
Non-controlling interests (before reclassification)	6,872	6,623
Reclassification related to IAS 32	-786	-787
Non-controlling interests	6,086	5,836
Equity	20,391	17,889
Financial liabilities	30,696	28,131
Operating liabilities	13,705	10,818
Income tax liabilities	326	312
Provisions for pensions and similar obligations	4,720	6,082
Miscellaneous provisions	15,353	13,367
Deferred tax liabilities	2,885	2,649
Non-current liabilities	67,685	61,359
Financial liabilities	8,362	6,530
Trade payables and other operating liabilities	25,653	20,955
Income tax liabilities	537	543
Miscellaneous provisions	15,438	11,782
Liabilities associated with assets held for sale	784	701
Current liabilities	50,774	40,511
Total equity and liabilities	138,850	119,759

E.ON Group at a Glance	Business Performance	Risks and Chances Report
Forecast Report	Selected Financial Information	Financial Calendar and Imprint

Consolidated Statements of Cash Flows

First quarter
€ in millions	2022	2021
Net income	969	1,019
Income/Loss from discontinued operations, net	–	–
Depreciation, amortization and impairment of intangible assets and of property, plant and equipment	828	958
Changes in provisions	5,796	76
Changes in deferred taxes	140	102
Other non-cash income and expenses	807	142
Gain/Loss on disposal of intangible assets and property, plant and equipment, equity investments and securities (>3 months)	-13	-29
Changes in operating assets and liabilities and in income taxes	-9,171	-2,857
Cash provided by (used for) operating activities of continuing operations	-644	-589
Cash provided by (used for) operating activities of discontinued operations	–	–
Cash provided by (used for) operating activities (operating cash flow)	-644	-589
Proceeds from disposal of intangible assets and property, plant and equipment	140	102
Proceeds from disposal of equity investments	48	38
Purchases of investments in intangible assets and property, plant and equipment	-737	-840
Purchases of investments in equity investments	-53	-131
Changes in securities, financial receivables and fixed-term deposits	1,248	-61
Changes in restricted cash and cash equivalents	-82	268

First quarter
€ in millions	2022	2021
Cash provided by (used for) investing activities of continuing operations	564	-624
Cash provided by (used for) investing activities of discontinued operations	–	–
Cash provided by (used for) investing activities	564	-624
Payments received/made from changes in capital	–	–
Cash dividends paid to shareholders of E.ON SE	–	–
Cash dividends paid to non-controlling interests	-35	-43
Changes in financial liabilities	3,529	897
Cash provided by (used for) financing activities of continuing operations	3,494	854
Cash provided by (used for) financing activities of discontinued operations	–	–
Cash provided by (used for) financing activities	3,494	854
Net increase/decrease in cash and cash equivalents	3,414	-359
Effect of foreign exchange rates on cash and cash equivalents	-5	13
Cash and cash equivalents at the beginning of the year1	3,642	2,668
Cash and cash equivalents of discontinued operations at the beginning of the period	–	–
Cash and cash equivalents at the end of the period	7,051	2,322
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, 3	7,051	2,322

1Cash and cash equivalents of continuing operations at the beginning of the period also include €8 million attributable to VSEH group that was reclassified as a disposal group in the fourth quarter of 2021.

2Cash and cash equivalents of continuing operations at the end of the period also include €14 million attributable to VSEH group that was reclassified as a disposal group in the fourth quarter of 2021.

3Cash and cash equivalents of continuing operations at the end of the period of the prior year also include €10 million attributable to the innogy sales operations in Hungary that were reclassified as a disposal group and €5 million attributable to the sales operations in Belgium which were also reclassified as a disposal group.

E.ON Group at a Glance Business Performance Risks and Chances Report Forecast Report Selected Financial Information Financial Calendar and Imprint

Financial Information by Business Segment 1

	Energy Networks							Customer Solutions
First quarter		Germany		Sweden		ECE/Turkey		Germany		United Kingdom		Netherlands		Other
€ in millions	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021
External sales	2,800	2,709	264	262	387	373	7,713	5,928	6,879	4,341	1,511	912	3,967	2,814
Intersegment sales	1,296	1,046	1	1	295	389	1,844	551	284	–	1,384	134	240	149
Sales	4,096	3,755	265	263	682	762	9,557	6,479	7,163	4,341	2,895	1,046	4,207	2,963
Adjusted EBITDA Equity-method earnings	1,196 52	1,071 51	117 –	147 –	150 13	313 38	92 1	296 1	118 –	111 –	122 2	85 2	82 1	252 2
Depreciation and amortization2	-371	-348	-43	-43	-81	-86	-32	-32	-28	-27	-16	-15	-60	-56
Operating cash flow before interest and taxes	797	-58	105	186	90	218	-762	-306	-281	-72	-110	-109	-42	109
Investments	389	352	70	81	152	152	43	46	13	6	9	9	101	62

				Non-Core Business
First quarter	PreussenElektra		Generation Turkey		Corporate Functions/Others		Consolidation		E.ON Group
€ in millions	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021
External sales	-21	176	–	–	6,008	888	-1	-1	29,507	18,402
Intersegment sales	258	201	–	–	5,355	1,766	-10,957	-4,237	–	–
Sales	237	377	–	–	11,363	2,654	-10,958	-4,238	29,507	18,402
Adjusted EBITDA Equity-method earnings	193 14	247 14	49 49	16 16	-35 –	-89 –	– –	-4 –	2,084 132	2,445 124
Depreciation and amortization2	-37	-158	–	–	-24	-27	–	2	-692	-790
Operating cash flow before interest and taxes	-105	152	30	32	-195	-393	-3	–	-476	-241
Investments	2	143	–	–	11	121	–	-1	790	971

1Because of changes in segment reporting, the prior-year figure was adjusted accordingly. 2Adjusted for non-operating effects.

Financial Calendar and Imprint

November 9, 2022 Quarterly Statement: January – September 2022

May 12, 2022 2022 Annual Shareholders Meeting

August 10, 2022 Half-Year Financial Report: January – June 2022

March 15, 2023	Release of the 2022 Annual Report
May 10, 2023	Quarterly Statement: January – March 2023
May 17, 2023	2023 Annual Shareholders Meeting
August 9, 2023	Half-Year Financial Report: January – June 2023
November 8, 2023	Quarterly Statement: January – September 2023

Contact

E.ON SE Brüsseler Platz 1 45131 Essen Germany

T +49 201-184-00 info@eon.com eon.com

Journalists T +49 201-184-4236 eon.com/en/about-us/media.html 18

Analysts, shareholders and bond investors T +49 201-184-2806 investorrelations@eon.com

Layout & Typesetting

Jung Produktion GmbH, Düsseldorf

This Quarterly Statement was published on May 11, 2022.

Only the German version of this Quarterly Statement is legally binding.

This Quarterly Statement 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.