E.ON starts new financial year with robust earnings and accelerated
investments

EQS-News: E.ON SE / Key word(s): Quarter Results
E.ON starts new financial year with robust earnings and accelerated
investments

15.05.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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E.ON starts new financial year with robust earnings and accelerated
investments

  * E.ON continues to deliver on its growth strategy in the first quarter of
    2024 and increases investments by almost 25 percent year-over-year; the
    majority of the investments of around EUR1.3 billion were made in network
    infrastructure

  * Adjusted Group EBITDA of roughly EUR2.7 billion at the same level as prior
    year's quarter

* Guidance for full-year 2024 affirmed: E.ON anticipates adjusted Group
EBITDA of EUR8.8 to EUR9.0 billion and adjusted Group net income of EUR2.8 to EUR3.0 billion

E.ON starts the financial year 2024 with robust figures. In the first
quarter, both the Group's adjusted EBITDA and adjusted net income were at
the prior-year level. At the same time, E.ON again underscored its growth
strategy and significantly increased its investments year-over-year to
further propel the energy transition. Based on its good operating
performance and anticipated future development, the Group confirms its
guidance for full-year 2024.

E.ON CFO Marc Spieker said of the company's first-quarter results: "E.ON has
gotten off to a robust start in the new financial year. Three-month
operating earnings in all of our segments were in line with our
expectations. This again highlights the success of our investment and growth
strategy. E.ON therefore affirms its guidance for the current financial
year."

Earnings propelled by investments and strong operating performance

At about EUR2.7 billion, adjusted Group EBITDA in the first quarter of 2024
was slightly (EUR30 million) above the prior-year figure. This earnings
performance was mainly driven by investment-led growth and operating
improvements. This enabled E.ON to more than offset the nonrecurrence of
one-off effects recorded in the prior year's quarter. Adjusted Group net
income of around EUR1 billion was at roughly the prior-year level.

Adjusted EBITDA in the Energy Networks segment declined slightly
year-over-year to about EUR1.8 billion (Q1 2023: EUR1.9 billion) in the first
three months of 2024. Higher investments in its growing network
infrastructure were a particularly positive driver. This was more than
offset, however, by the absence of one-off effects that had a positive
impact on earnings in the prior-year period. E.ON continues to expect Energy
Networks' earnings for full-year 2024 to increase year-over-year, in
particular as a result of increased investments in the regulated grid
infrastructure.

First-quarter adjusted EBITDA in the Energy Retail segment, which
encompasses the sales business of electricity and gas as well as solutions
for residential customers, rose by about EUR240 million to more than EUR860
million. The positive operating performance was primarily influenced by the
good business development in the United Kingdom. By contrast, the absence of
positive one-off effects from the previous year had a negative impact on
earnings. On balance, E.ON expects this division's earnings to normalize in
the 2024 financial year owing to the absence of positive one-off effects.

As anticipated, earnings in the newly reported Energy Infrastructure
Solutions (EIS) segment, which comprises the Group's activities to
decarbonize the energy supply for business customers, cities, and
municipalities, declined by just under EUR50 million year-over-year to about
EUR160 million in the first three months. Earnings in the first quarter of the
previous year benefited from positive one-off effects. For full-year 2024,
E.ON continues to expect earnings in the EIS business to slightly increase
compared to 2023. This is mainly due to the increase in investment activity
and the associated commissioning of customer projects.

E.ON accelerates investments in network expansion and energy infrastructure
solutions

E.ON invested about EUR1.3 billion in Europe's energy transition just in the
first three months of the financial year. This represents an increase of
around 25 percent relative to the first quarter of 2023. Most
investments-just under EUR1 billion-went toward the company's Energy Networks
business. The focus was on new connections for renewable energy plants and
the modernization and digitalization of network infrastructure.

The Group confirmed its planned investments of about EUR7.2 billion for
full-year 2024; a significant increase compared to the total investments of
EUR6.4 billion in the financial year 2023. E.ON is planning to invest a total
of EUR42 billion across Europe through 2028. "We are massively expanding our
investments in the sustainable transformation of Europe's energy
infrastructure," Marc Spieker said. "Our networks play a key role and
promise to deliver long-term green growth in a regulated environment. Going
forward, we also want to benefit even more from the necessary
decarbonization of cities and industries with our energy infrastructure
solutions."

Outlook for the financial year 2024 affirmed

In view of its first-quarter earnings, E.ON affirms its outlook for
full-year 2024. The Group expects current-year adjusted EBITDA in a range of
EUR8.8 to EUR9.0 billion and adjusted net income of EUR2.8 to EUR3.0 billion. This
corresponds to earnings per share of EUR1.07 to EUR1.15.

Current photos and videos for media are available at:

https://www.eon.com/en/about-us/media/pictures.html

This press release 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 align them to future events or developments.


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   Language:       English
   Company:        E.ON SE
                   Brüsseler Platz 1
                   45131 Essen
                   Germany
   Phone:          +49 (0)201-184 00
   E-mail:         info@eon.com
   Internet:       www.eon.com
   ISIN:           DE000ENAG999
   WKN:            ENAG99
   Indices:        DAX, EURO STOXX 50
   Listed:         Regulated Market in Berlin, Dusseldorf, Frankfurt
                   (Prime Standard), Hamburg, Hanover, Munich, Stuttgart;
                   Regulated Unofficial Market in Tradegate Exchange
   EQS News ID:    1903259

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1903259 15.05.2024 CET/CEST