E. On SE - ADR

Strong first-half performance; full-year outlook reaffirmed - Adjusted group EBITDA: EUR 5.4bn, +1% YoY (in line with expectations) - Adjusted group net income: EUR 1.9bn, +5% YoY - Guidance for FY 2026 reaffirmed: - Adjusted EBITDA: EUR 9.4–9.6bn - Adjusted net income: EUR 2.7–2.9bn - Adjusted EPS: EUR 1.03–1.11 - Management message: performance is “fully on track” despite ongoing geopolitical/market volatility.

Investment pace remains high; heavy capex focus on grids + flexibility - H1 2026 capex: EUR 3.0bn (networks, customer solutions, future grid system) - FY 2026 plan: ~EUR 8.7bn - Networks capex split/tilt: in Energy Networks ~EUR 2.3bn for H1; expects catch-up later in the year - 2026–2030 plan: EUR 48bn total, of which ~EUR 40bn in Energy Networks (large private infrastructure program) - Opportunity signal: E.ON is positioning for the “second half” of the energy transition—system integration and grid capacity for renewables, batteries, data centers, EV charging.

Business division trends: mostly on plan; some margin pressure from structural items - Energy Networks: adjusted EBITDA > EUR 3.8bn (slight YoY increase) - Positives: benefits from substantial grid investments; smart meter rollout support - Negatives: sustainable growth expenditure and deconsolidation of NEW Group weighed - Energy Infrastructure Solutions: ~EUR 390m, +19% YoY (strong H1) - Drivers mentioned: German industrial customer projects commissioned; pass-through of higher procurement costs; also operational timing effects - Energy Retail: EUR 1.2bn, slightly below prior year - Pressure: structural Germany effects incl. NEW Group deconsolidation and roll-off of legacy contracts - Offsetting positives: UK residential improvements + energy efficiency measures; process optimizations