E. On SE - ADR

Q1 2026 results: strong performance; guidance confirmed - Adjusted EBITDA: ~EUR 3.3bn; adjusted net income: ~EUR 1.3bn. - Management says Q1 delivered “fully in line” with expectations despite geopolitics and higher commodity volatility. - Full-year 2026 guidance and dividend policy reconfirmed; also reiterates 2030 outlook remains intact.

Growth & investment strategy: capex well ahead of depreciation (energy transition focus) - Investment trajectory remains on track; investments materially exceed depreciation. - Capex/investment focus primarily on German Power Networks to support electrification and grid expansion. - Sector/regional operational resilience: DSOs maintained full system stability during extreme solar output conditions (Germany peak solar ~46 GW vs holiday low demand ~43 GW, with power prices down to ~minus EUR 500/MWh at times).

Segment highlights / what drove earnings - Energy Networks: EBITDA broadly stable YoY, with regulated asset base supporting earnings; partially offset by structural effects (e.g., deconsolidation of NEW AG and sale of Czech gas networks) and higher support costs for network expansion. - Energy Infrastructure Solutions (EIS): positive effect from new project commissioning and pass-through of higher procurement costs from prior periods. - Energy Retail: slight earnings increase, but with temporary German phasing effects expected to normalize over the year; Q1 also reflects normalization in UK B2B as expected.