Capital Markets Story - February 2021

 
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Capital Markets Story - February 2021
Capital
Markets
 Story
          February 2021
          incl. 9M 2020 financials
Capital Markets Story - February 2021
Our purpose

Energy fuels human progress. At E.ON, we’re doing everything
we can to make the future better and to enable our networks
and energy solutions to connect people with one another.
Capital Markets Story - February 2021
E.ON business model fully focused on the energy transition

    Non-core activities                                Core activities: Customer centric energy infrastructure

           Up-stream &                                                 Power & Gas                               Supply
           Power Generation                                            distribution                              business

                                                                    E.ON fully focusing on the energy transition

    Employees 2019                           Dividend per share 2019                  Group EBIT 20191                  Adj. Net Income 20191

    78,948                                   0.46€                                    ~€4.1bn                           ~€1.6bn
                                                                                                                                                3
 1. Adjusted for non-operating effects; pro-forma figures FY 2019, not audited
Capital Markets Story - February 2021
E.ON’s two core businesses

Energy Networks                                                                              Customer Solutions

~€33bn             Regulated Asset Base                                                      ~53m                customers across Europe2
                   Germany €21.9bn                                                                               Germany 13.9m
                   Sweden €3.8bn                                                                                 UK 10.5m3
                   CEE & Turkey €7.6bn1                                                                          Other ~28m4

~74 GW             renewables capacity                                                       ~30%                of adj. EBIT5 from decentral
                   connected to E.ON networks                                                                    energy infrastructure

~20%               of renewable assets in Europe                                             4x Top 1            market leading positions
                   connected to E.ON networks
                                                                                             6x Top 3

1. 100% view for Slovakia and Turkey 2. Including at-equity participations; earnings of Customer Solutions business of Croatia, Slovenia and VSEH allocated to Energy Networks
due to size 3. To standardize reporting, the definition of customers was adjusted 4. 2019 adjusted due to the disposal of EKER in Hungary and first-time consolidation of VSEH in 4
Slovakia 5. Adjusted for non-operating effects
Capital Markets Story - February 2021
Table of contents

1   9M 2020 Update ………………..……………..……………………………………………………… 6

2   Strategic Update ……………………………...……………………………………………………… 15

3   Financial Update ……………………………...……………………………………………………… 38

4   Appendix …………………………..……………..………………………………………………………… 53
Capital Markets Story - February 2021
9M 2020
 Update
Capital Markets Story - February 2021
9M 2020 results underpin confidence for                                                                           E.ON 9M 2020 results

remainder of the year
Highlights                                                                      Key financials1
                                                                                €bn

✓ Strong operational performance in Q3 2020
                                                                                  3,0                        -43.1
✓ 2020 EBIT guidance of €3.6 - 3.8bn confirmed                                          2,7

✓ Current selective lockdown measures in E.ON countries                                        1,3
                                                                                                                     -42.1
                                                                                                     1,1
  without significant impact on E.ON FY 2020

✓ Mid-term targets and dividend guidance confirmed
                                                                                 Adj. EBIT     Adj. Net
                                                                                                           Economic Net Debt
                                                                                               Income
✓ Integration of innogy and synergy delivery fully on track
                                                                                          9M 2019               30 Jun 2020
                                                                                          9M 2020               30 Sep 2020
1. Adjusted for non-operating effects; pro forma figures 9M 2019, not audited                                                        7
Capital Markets Story - February 2021
Almost €60bn of potential EU funding for E.ON markets                                                                                                                                                        E.ON 9M 2020 results

earmarked for climate – already 200 projects identified
Funding focus matching E.ON’s core activities in customer centric energy infrastructure1                                                                                                          €58.4bn
                                                                                                                                                                                                       climate
 Efficient and decarbonized district heating and cooling systems                                                       Storage infrastructure                                                     earmarking in
                                                                                                                                                                                                    E.ON markets2
 Energy efficiency in the industry sector and for SMEs                                                                 Infrastructure for renewable energy
                                                                                                                                                                                                                              €31.5bn
 Renovation of private and public buildings
  (focus on schools and hospitals)
                                                                                                                        Renewable hydrogen                                                         200                          digital
                                                                                                                                                                                                                              earmarking in
                                                                                                                                                                                                                              E.ON markets2
                                                                                                                                                                                                    potential
                                                                                                                        Smart and sustainable mobility                                              projects
 Smart grids                                                                                                                                                                                       identified

  Member States                    Preparation                                                     Application                                                     Expected funds allocation
  - Specific                       (Aug- Dec 2020)                                                 (Jan4-Apr 2021)                                                 (May-Jun 2021)
  investment                        Ongoing engagement of national                                  Submission of NRRPs3 by                                         Timeline and funding instruments
  areas and                         governments with the EU                                         Member States to EU                                             vary between Member States, e.g.
  instruments                       Commission to draft plans                                       Commission outlining national                                   lengthy and competitive bidding
                                                                                                    investment and reform agendas                                   procedures possible
1. Under political negotiation, list simplified and not-exhaustive 2. €312.5 bn under Recovery and Resilience Facility (RRF) of which €157.7bn are allocated to E.ON countries; climate earmarking rate of 37% resulting in              8
€58.4bn, digital earmarking of 20% resulting in €31.5bn 3. National Recovery and Resilience Plans 4 According to the draft Regulation, the NRRP submission started officially on Oct 15th, but we expect Member
States will submit after the EU legal framework is finalized, so likely starting in January. Source: European Commission
Capital Markets Story - February 2021
Covid-19 impact until year end in line with expectations                                                                                       E.ON 9M 2020 results

Power demand recovered faster than expected                                            Payment behavior and bad debt in line with
                                                                                       expectations; UK remains outlier
110%                      Germany relative to 20191
                                                                                                        Government             Change of           Day of
100%                                                                                                    intervention        payment behavior       sales
90%
                                                                          / -4%2
                                                                          ○                 GER
80%                                                                                         UK
                                                                                            NL
70%
         Mar     April   May       Jun      Jul       Aug   Sep    Oct                       unchanged/low             slight change/medium    worsened/high

• Customer Solutions: demand levels recovered above                                     • Payment behavior of customers remains unchanged
   expectations in Q3 leaving enough cushion. No need for                                  compared to pre Covid-19: UK only market with higher day of
   further sell-backs expected                                                             sales, but unchanged vs. H1 2020

• Energy Networks: volume related effects recoverable in                                • UK related working capital impact started to reverse from
   2022 – 20243                                                                           ~€100m to ~€50m
• Current selective lockdown measures in E.ON                                           • Bad debt: Covid-19 related total Group bad debt provision
  countries without significant impact on E.ON                                            slightly increased by ~€10m to ~€45m at the end of Q3
  FY 2020 financials                                                                      2020
1. Source: entso-e 2. Period 1 Jan 2020 – 26 Oct 2020 3. Period for recovery of lower revenues in 2020 in Germany                                                 9
Capital Markets Story - February 2021
Sound EBIT development despite Covid-19 impact and                                                                                       E.ON 9M 2020 results

mild weather
EBIT1 9M 2020 vs. 9M 2019 pro forma                                                                       Key drivers
€m
      9M 2019
      pro forma
                                                               2,987                                       –
                                                                                                           •    Covid-19-related lower volumes
                                                                                                Energy
                                                                           ~€-120m
                                                                        Covid-19 impact                    –
                                                                                                           •    Germany: weather-related lower volumes
         Energy                                                                               Networks
       Networks
                                              -223                         (volumes)
                                                                                                           –
                                                                                                           •    Sweden: lower WACC in new regulatory
                                                                                                                period
       Customer
                                                      -40
       Solutions                                                             ~€-130m
                                                                         Covid-19 impact
                                                                                                           –•   Covid-19: sell-back of volumes

Corp. Functions                                                        (sell-backs, volumes   Customer          (B2B) & bad debt

 & Other, Cons.
                                                     -8                     & bad debt)
                                                                                              Solutions    –
                                                                                                           •    Weather impact on volumes

                                                                                                           +
                                                                                                           •    UK: restructuring benefits
       Non-Core                              -28

                                                                                                          +/–
                                                                                                            •   PreussenElektra: higher achieved prices,
       9M 2020                       2,688         2,688         ~€2.9bn (excl. Covid-19)      Non-Core         higher depreciation from purchase of
                                                                                                                production rights
                                                                                                           –
                                                                                                           •    Turkey Generation: one-off effect in 9M 2020
1. Adjusted for non-operating effects; pro forma figures 9M 2019, not audited                                                                                  10
Adjusted Net Income in line with EBIT development                                                 E.ON 9M 2020 results

9M 2020
€m
 Group EBIT1                                                       2.688

    Economic
                                                           -836
interest result

        Profit
                                                       1.852
before Taxes1

Income taxes                                    -463                         Tax rate at   ~25%
    Minorities                          -300

                                                               0.42 EPS (€ per share)
    Adjusted
                                        1.089
 Net Income1

1. Adjusted for non-operating effects                                                                  11
Economic Net Debt (END) improved due to strong                                                                                                    E.ON 9M 2020 results

Operating Cash Flow in Q3 2020
 € bn
           -8.8                                                                                                                               -8.8

           -8.0
                                                                 Asset Retirement Obligations (ARO)
                                                                                                                                              -8.6
                                                                 Pension provisions
                                                                 Net financial position

                                                                                                                                              -24.6
          -26.2

                                                                   -1.0

                                       +2.4                                                                                +0.2
                                                                                               -0.6
                                                                                                                                              -42.1

          -43.1
          END                          OCF                  Net Investments                 Pensions2               Other (incl. AROs)        END
         H1 2020                     3Q 2020                   3Q 20201                                                                      9M 2020
1. Net of divestments; including disposal of EKER in Hungary 2. Actuarial interest rates for German pensions at 1.0% (vs. 1.2% @ H1 2020),             12
for UK pensions at 1.6% (vs. 1.6% @ H1 2020)
Group outlook 2020 and mid-term delivery plan                                                                                                                 E.ON 9M 2020 results

confirmed

Group Guidance 2020                                        2020 – 2022 delivery plan
EBITDA1: €6.8-7.0bn                        ✓
EBIT1: €3.6-3.8bn                          ✓                 Dividend per share (DPS) growth up to 5% p.a.
ANI1: €1.5-1.7bn                           ✓
Capex2: ~€4.2bn                            ✓
                                                                EBIT1 growth
                                                             Group                                                       EPS1 growth
                                                                                                                      Group

                                                             11-13% CAGR                                              17-22% CAGR
                                                                                                                           Capital structure with
                                                                  cash conversion strong BBB/Baa
                                                             Average

                                                             rate3of 95%          rating
1. Adjusted for non-operating effects; CAGR’s technically adjusted to new 2020 guidance, recovery of Covid-19 effects not yet reflected 2. Includes transaction related
effects; cash-effective capex outlook excluding transaction related effects amounts to ~€4.6bn 3. Excluding provision utilization for nuclear decommissioning, average for       13
2020-2022
Guidance overview                                                                                                                                           E.ON 9M 2020 results

 € bn                                                                                    2019 pro forma3                                 2020                       2020-2022
 EBITDA1                                                                                             6.904                            6.8-7.0                     5-6% CAGR
           Energy Networks                                                                            5.364                            5.0-5.2
           Customer Solutions                                                                         1.126                            1.0-1.2
           Non-Core                                                                                   0.617                            0.8-1.0
           Corporate Functions & Other                                                               -0.203                              ~-0.3
 EBIT1                                                                                               4.065                            3.6-3.8                 11-13% CAGR
           Energy Networks                                                                            3.499                            3.1-3.3
           Customer Solutions                                                                         0.541                            0.4-0.6
           Non-Core                                                                                   0.366                            0.3-0.5
           Corporate Functions & Other                                                               -0.341                              ~-0.4
 ANI1                                                                                                1.573                          1.5-1.7                   17-22% CAGR
 EPS1                                                                                                €0.60                     €0.58-0.65                     17-22% CAGR
 Dividend                                                                                            €0.46                    up to 5% p.a.                    up to 5% p.a.
 Capex2                                                                                              4.435                            ~4.24                            ~13
           Energy Networks                                                                            3.149                               ~3.4                             ~9.7
           Customer Solutions                                                                         1.008                               ~0.8                             ~2.7
 Leverage                                                                                              5.6x                                                                ~5x
1. Adjusted for non-operating effects 2. Cash-effective investments 3. Pro forma figures FY 2019, not audited, reflecting transaction adjustment 4. Includes transaction
                                                                                                                                                                                  14
related effects; capex outlook excluding transaction related effects amounts to ~€4.6bn
Strategic
  Update
Why invest in E.ON?

                                             1   We commit to a sustainable dividend per share
                                                 growth of up to 5% annually until 2022 and further
                                                 growth beyond

                    Dividend
                    growth
                                             2   We are the green investment opportunity and we
                                                 enable the energy transition

              Customer centric
                   energy
               infrastructure                3   We focus on customer centric energy infrastructure
                                                 which is the core of our resilient portfolio

   Sustainability              Performance
                                             4   Performance culture is part of our DNA and we
                                                 continuously deliver on operational excellence
                                                                                                      16
Why invest in E.ON?

                                       Dividend
                                       growth

                                   Customer centric
                                        energy
                                    infrastructure

                      Sustainability              Performance

                                                                17
Net zero is the new normal – E.ON is driving carbon reduction

Global challenges                                                           E.ON’s contribution                                                     Focus SDGs5

 IPCC1 long term goal to limit global                                         Avoided emissions together with our clients

 warming to        1.5°C                                                      2019:     >100m tons CO2
 German greenhouse gas emissions to be cut
                                                                              One out of five renewable
 by 55% by 2030
               2
                                                                              assets in Europe3 connected to E.ON’s grids

 Green Deal: The EU will be climate neutral                                   E.ON will become carbon neutral4

 by   2050                                                                    by   2040
1. Intergovernmental Panel on Climate Change 2. Pre Green Deal 3. Considering EU27 4. Carbon neutrality by 2040 (Scope 1 and 2), 75% carbon reduction by 2030         18
(Scope 1 and 2), 50% reduction of Scope 3 emissions by 2030, carbon neutrality by 2050 (including Scope 3). Base year: 2019 pro forma 5. UN Sustainable Development
Goals
Decarbonization means deep electrification

European1 energy demand 2015 vs. 2050…                                              … with huge impact on energy infrastructure
TWh
                                                                                      Increase of electricity demand (+90%)
         ~12,500                                                                      • Deep electrification of different sectors and
                           -40%                    ~7,000
                                                                                        decentral generation creates the need for
                                                                                        substantial grid investments
                                                                                      • Substitution of fossil fuel consumption through
                                                                                        green electricity

                           +90%
                                                    ~67%                              Reduction of total energy demand (-40%)
            ~20%
             2015                                    2050                             • Major decarbonization goals provide business
                                                                                        opportunities for energy efficiency products and
                                                                                        services
    Power       Other
1. Considering EU27, Source: https://www.eea.europa.eu/data-and-maps/figures/primary-and-final-energy-consumption (energy demand)/ http://inrestruct.com/wp-   19
content/uploads/2015/04/Practical-guide-to-a-low-carbon-Europe-2050.pdf (power demand)
Decentralization means digitalization and efficiency potential

The complexity within DSOs is increasing ...
Decentralization drives system complexity                                                               E.ON provides digital solutions to capitalize on it
                                       Energy Management System
                                                                        Regional Energy Market
                                                                                                        EnergieMonitor & Klima-Navi
    Customer                                   Smart Home                                               Transparency about CO2-footprint and
     interface        Storage
                                                                                        CO2 Footprint
                                                                                                        impact of energy transition to
                                                                                        App
   (data usage)
                                                                                                        municipalities and customers
                                Asset Control Systems      Local Energy System

                                         Predictive
                                         Maintenance
                                                                          System
                                                                          Flexibility
                                                                                                        Predictive Maintenance
    Network
    operation                                           Data, AI                        Control         Data-driven decisions with
                                                                                        Center
(data distribution)                                                                                     machine learning
                                         Asset                           Automated Grid
                                         Monitoring                      Planning

                          Generation                    Network                 Buildings               Grid Smartification
     Physical                                                                                           Intelligent substation collects real-time
       assets
 (data generation)                         E-mobility                                                   data from our networks to enhance grid
                                                            Broadband                                   management
                                                                                                                                                              20
Why invest in E.ON?

                                       Dividend
                                       growth

                                   Customer centric
                                        energy
                                    infrastructure

                      Sustainability              Performance

                                                                21
E.ON transformed into Europe’s energy infrastructure powerhouse

E.ON’s strategy implementation accelerated by innogy takeover

 Long-term                    2x                          2x                   ~80%                 Integration              ~€740m
 energy infrastructure        Regulated Asset     Base1   customer accounts    regulated earnings   bundling of synergies    delivery of annual net
 substitutes increasingly                                                      with benefits for    for the benefit of our   synergies by 2022
 merchant renewable                                                            credit   rating2     customers
 assets

1. German RAB 2. Based on 2020 EBIT, EBIT adjusted for non operating effects                                                                          22
Infrastructure is at the heart of E.ON’s capital allocation

                                                                                                                                                              ~10%
                                                                                   Energy                                                                     Retail
  Customer Solutions1                                                              retail2                                                                investments4
                                                                          Decentral energy
                                                                           infrastructure3

                                                                                                                                                       ~90%
                                                                                                                                               Infrastructure
  Energy Networks1                                                  Regulated energy networks                                                             investments4

1. IFRS segments used in external reporting 2. Includes Energy Sales and Services and New Solutions 3. Includes City Energy Solutions and B2B Solutions                  23
4. Excludes investments in Corporate Functions & Other and Non-Core
Energy transition driving multi-decade investment
opportunities
Industry investments in German power distribution networks excluding Green Deal upside
€ bn

          Drivers

                                                                                                        6.7
                                                               4.7
                      2.5

                      2010
                      2009                                     2020                                    2030                   2050
Source: Historic values: Bundesnetzagentur Monitoringbericht 2019. Future outlook: dena-Leitstudie Integrierte Energiewende          24
1. Assuming 2% inflation beyond 2020
E.ON is the leading energy network company in
Northern and Central Europe
E.ON Regulated Asset Base (RAB) – regional split
€ bn

     Total RAB1, 2

    33.2                               Sweden                                          Germany                                      CEE2 &Turkey2

    Power RAB           Gas RAB

                                       3.8                                             21.9                                                 7.6

1. RAB is the value of all distribution assets determined by the regulator. In general, RABs from different regulatory regimes are not directly comparable due to significant
                                                                                                                                                                                  25
methodical differences. These include for example different regulatory asset lifetimes, asset valuation methods or treatment of customer contributions for network connections.
Central Eastern Europe including: Czech Republic, Hungary, Poland, Romania, Slovakia 2. 100% view for Slovakia and Turkey
Long-term RAB growth with further upside potential

E.ON Regulated Asset Base1 growth
€ bn
                                                                                                                       Power
                         33.2                  4-5%                                                            • Multi-decade growth potential
                                                  CAGR2                                                          stemming from mega-trends

                                                                                                                       Gas
    Power                27.7
                                                                                                               • Optimizing our existing gas asset
                                                                                                                 base with limited investment needs
                                                                                                               • Future growth option from hydrogen
        Gas               5.5
                          2019                                                2022                                                         Beyond

1. RAB is the value of all distribution assets determined by the regulator. In general, RABs from different regulatory regimes are not directly comparable due to significant
                                                                                                                                                                                26
methodical differences. These include for example different regulatory asset lifetimes, asset valuation methods or treatment of customer contributions for network
connections, including 100% view for Turkey and Slovakia. Constant year-end 2019 FX-rates 2. Relates to power RAB
Gas distribution with stable earnings and limited capex

Gas activities closely coupled with power business                              Limited capex spent on gas

 ~90% of German gas network business is                                                         ~5% of Group capex is spent
                                                                                                                          1

 linked to electricity concessions                                                              on our gas business

The role of gas in German heating market2                                       Future potential for industry and transport

             37%                       37%
                                                             Other
      14%

             50%
                                       26%                   District heating
                                                             Gas
                                                                                    H2
                                       37%

     Existing connections           New-builds
1. Cash effective investments, average for 2020-2022 2. Source: BDEW 2020
                                                                                                                              27
Four years of regulatory stability

Regulatory periods per country
                       2020             2021             2022             2023             2024            2025              2026    2027      2028

 Germany (Gas)
Slovakia1
         Turkey
  Poland
Czech Republic1
        Hungary
       Romania

                                                                                                           70%2 of the Energy Networks
       Germany
        (Power)

                                                                                                           EBIT is highly visible until 2024

        Sweden

1. Length of upcoming regulatory period still under discussion 2. Based on 2019 pro forma EBIT, adjusted for non operating effects
                                                                                                                                                      28
Exemplary earnings components beyond allowed return

                           Opex efficiencies         Regulatory cost
                             Actual opex vs.
                              allowed opex
                                                       recognition                  Total
   Allowed      RAB
               growth
                                                                             =   regulated
   return
                          Capex efficiencies
                        Outperformance of standard
                                                     Special incentives
                                                      E.g. reliability and
                                                                                  earnings
                          prices set by regulator      network losses

    Allowed return       Additional earnings components in our markets

                                                                                             29
Leveraging strong partnerships and core competencies to
drive additional businesses
Long-term partnerships with municipalities …       … create a competitive edge for additional businesses

                                                     Technical grid services              Smart meters
   Non-concession-                   Concession-
   based RAB                          based RAB
                                                           e.g. O&M                      e.g. installation
   ~1/3                                    ~2/3
                            RAB
                                                           Broadband                Water and waste-water
                          €21.9bn1
                                                       e.g. new customer               e.g. supply and
                                                          connections                     operations

                      >9,000                       … including other areas benefitting from our partnerships

                concessions in Germany                           City Energy Solutions (CES)
                                                            Local heating and cooling solutions for
                                                            municipalities, districts and single sites

1. German power and gas RAB
                                                                                                               30
Earnings growth from reducing carbon emissions via
decentral energy infrastructure
Low temperature heating                                                        Large B2B solutions/district
and cooling grids                                                              heating grids

                                                                                                                                          Top 2
E.g. ectogrid: zero emission                                                   On-site generation solutions
energy hybrid system with up                                                   Average contract duration: 15-40 years
to 20% cost savings
                                                                                                                                          market position in
                                                                                                                                          Sweden and Germany1

                                                                                                                                          ~25%
City quarter solutions
Integrated energy concepts
                                                                            Single/multi-site solutions
                                                                            Decentralized sustainable local energy
                                                                                                                                          CAGR
                                                                                                                                          EBIT 2020-20222
e.g. Werksviertel Munich
                                                                            solutions (e.g. PV at Audi in Győr, Hungary)
Average contract duration: 20-40 years
1. City Energy Solutions, based on heating volumes sold 2. City Energy Solutions and B2B Solutions, EBIT adjusted for non operating effects
                                                                                                                                                                31
Customer numbers B2B & B2C                                                                                                                                  E.ON 9M 2020 results

Stable customer base (m)1                                                                Thereof: electricity customers (m)1
Customer accounts                                                                                                          -0.2%
                                -0.2%                                                                     41.5                               41.4
               52.7                                52.6                                                   11,6                               11,6
                                                                                                           6,6                               6,4
                                                                                                   2,6                                               2,5
               13,9                                13,9                                                   10,8                               10,9
                                                                                                           9,8                               10,0
               10,9                                10,5                                                  FY 2019                          9M 2020

                4,6                                4,6                                   Thereof: gas customers (m)1
                                                                                                          11.2            +0.0%             11.2
               13,5                                13,6                                                    2,3                               2,2
                                                                                                           4,2                               4,1
                9,8                                10,0                                            2,0                                               2,1
                                                                                                           2,7                               2,8
             FY 2019                            9M 2020
                                                                                                         FY 2019                          9M 2020
     Germany 2          UK3         Benelux4         Other5        Turkey

1. Including at-equity participations; earnings of Customer Solutions business of Croatia, Slovenia and VSEH allocated to Energy Networks due to size 2. 2019 adjusted due     32
to the disposal of substantial parts of the heating customer business 3. To standardize reporting, the definition of customers was adjusted 4. 2019 adjusted for the
acquisition of the Dutch energy utility VandeBron 5. 2019 adjusted due to the disposal of EKER in Hungary and first-time consolidation of VSEH in Slovakia
Why invest in E.ON?

                                       Dividend
                                       growth

                                   Customer centric
                                        energy
                                    infrastructure

                      Sustainability              Performance

                                                                33
Performance culture is part of our DNA

Transaction related synergies                             npower & E.ON customers migrated          Operational excellence
                                                          onto new platform E.ONnext
✓ Synergy delivery on track                               EBIT1 development                               Continuous improvement
                                                          GBP m
                                                                          ~100m

✓ 5% achieved in 2019
                                                                                                          Digitalization & innovation
                                                            2019              2022   2023   >2023

✓ Measures validated and                                    Earnings improvement: Combined
  delivery de-risked                                         EBIT1 of at least GBP100m in 2022            Regulatory outperformance
                                                             and improvement beyond

✓ €740m confirmed target                                    Free cash flow will be                       Customer satisfaction
    by 2022                                                  positive2 from 2023 onwards
                                               Top priorities                                            Performance culture
1. Adjusted for non operating effects 2. After smart meter investments
                                                                                                                                        34
Synergy delivery fully on track

Estimated transaction related net synergies1 of ~€740m                                                                     Synergy delivery by division

                                                                                                       ~100%
                                                                                                                                                                 27%
                                                                         ~45%
                                                                                                                                   53%
                                          ~20%
             5% ✓                                                                                                                                                20%

            2019                           2020                           2021                          2022

                                 1. Start of voluntary           1. Full integration of          1. Synergies in Energy                     Customer Solutions
                                    leave program                   headquarter                     Networks
                                                                                                                                            Energy Networks
                                 2. External budget cut          2. Organizational               2. Integration of
                                 3. Optimization of IT              integration of                  customer portfolios                     Central Functions, IT and Other
                                    services                        Customer Solutions           3. Consolidation of IT
                                                                    businesses                      landscape

1. Net accretive to EBIT, EBIT adjusted for non operating effects and before implementation costs (implementation costs not included in adjusted EBIT)
                                                                                                                                                                              35
Renewal of IT architecture to drive operational excellence
in Customer Solutions
Germany: Substantial ramp up of contracts to digital                                   UK: npower customer migration started in July 2020 as
platform                                                                               scheduled

million contracts                                                 All German           million contracts
                                                              contracts migrated1
                                                                                                                                                        All E.ON UK
                                                                                                                                                     contracts migrated
                                                                                                                                           All npower
                                                       ~4                                                                              contracts migrated
                     ~1                                                                      > 0.1          > 0.4             > 1.0

  Mar 20            Jun 20          Sep 20           Dec 20           Dec 22                Aug 20           Oct 20          Dec 20          Q2 21          H2 22

 • Already today at competitive Cost-to-Serve level
                                                                                       • Already surpassed the level of 1 million contracts by early
 • Ambition: reduction to market leading level at                                        November 2020
   low teens (€/customer)
                                                                                       • Over 250,000 first bills sent to customers via new platform

1. Compared to business plan announced in November 2019 2. After smart meter investments 3. Majority to be shown in non-operating result
                                                                                                                                                                          36
E.ON’s performance culture adds sustainable
value to businesses and customers
German power network efficiency scores                                     Sweden power network efficiency scores

      >€600m additional revenues                                            100%
      in regulatory period1                                                                           E.ON grids

          100%
                                                                                     Very efficient
                                                                             85%
                                   95%
                                              Industry average 94%

                                                                                     Efficient
                                                                             70%
     8/9 E.ON grids          1/9 E.ON grids

8/9 E.ON networks obtain a 100% efficiency score,                          All E.ON grids considered very efficient, with 2/3
with 3 obtaining a super efficiency bonus                                  being 100% efficient

1. Based on ~€4bn allowed power cost base relevant for efficiency factor
                                                                                                                                37
Financial
  Update
We commit to annually grow the dividend per share by up to 5%

Dividend per share (DPS)

                               €0.43       €0.46

                   €0.30
      €0.21

                                                                            Growth beyond
      2016
              ✓     2017
                           ✓   2018
                                       ✓   2019
                                                   ✓   2020   2021   2022

                                                                                            39
E.ON’s 2020-2022 delivery plan confirmed

                Dividend per share (DPS) growth up to 5% p.a.

                Group EBIT1 growth      Group EPS growth
                                                         1

                11-13% CAGR             17-22% CAGR
                Average cash conversion     Capital structure with strong

                rate2of 95%                 BBB/Baa rating
1. Adjusted for non-operating effects; CAGR’s technically adjusted to new 2020 guidance, recovery of Covid-19 effects not yet reflected 2. Excluding provision utilization for   40
nuclear decommissioning, average for 2020-2022
Strict capital allocation framework leads to sound
investment profile
Sustainability focus                                    Return framework                                 Capital allocation in line with business priorities

Sustainability criteria:                                  Hurdle rate composition:                       Indicative hurdle rates2:

✓    Enable energy transition                                     WACC
                                                      (country & technology specific)
     Supporting SDGs1
                                                                                                                       6-11%
✓
✓    Reduce customers‘ emissions                        Project specific risk premium                              4-9%
     Human rights violations
                                                     E.ON Group excess return target
     Carbon heavy generation
                                                                                                          3-8%

     Environmental degradation                                    Hurdle rate

1. UN Sustainable Development Goals 2. Illustrative hurdle rate ranges; post tax. Final hurdle is risk adjusted for each project and might vary 3. Includes New Solutions and
                                                                                                                                                                                41
Commodity Sales and Services 4. Includes City Energy Solutions and B2B Solutions 5. Excludes investments in Corporate Functions & Other and Non-Core
E.ON allocates ~75% of investments to Energy Networks

Investments 2020                                                                        Investments 2020-2022
€ bn                                                                                    € bn

                                                       ~90%2                                                                                           ~90%2
                                                       infrastructure                                                                                  infrastructure
                        ~4.21                                                                                       ~131

                                                     Energy Networks           Customer Solutions          Other3

1. Cash effective investments including Corporate Functions & Other and Non-Core, assuming no further severe lockdowns in our major markets, includes transaction related
                                                                                                                                                                            42
effects; Capex outlook excluding transaction related effects amounts to ~€4.6bn for 2020 2. Based on investments in Energy Networks and Customer Solutions 3. Corporate
Functions & Other and Non-Core
Investments with strong focus on infrastructure

Energy Networks 2020-2022                                                                  Customer Solutions 2020-2022
€ bn                                                                                       € bn

                                                           100%                                                                   ~65%
                      ~9.71                                infrastructure
                                                                                                            ~2.71                 infrastructure

                                                                                                   B2B Solutions             IT driven retail investments
                                                                                                   City Energy Solutions     New Solutions
                  Power          Gas        Other                                                  UK smart meter roll-out   E-mobility
1. Cash effective investments, assuming no further severe lockdowns in our major markets
                                                                                                                                                            43
Attractive Group earnings growth

EBITDA1                                                       EBIT1                                             Outlook1
€ bn                                                          € bn                                              CAGR

       0,6
               6.9
                1,1
                          6.8-7.0

                                                                              4.1
                                                                                                                      5-6%
                                                                                         3.6-3.8                               EBITDA
                                                                      0,4

                                                                                                            11-13%
                                                                      0,5

                5,4
                                                                               3,5
                                                                                                                                   EBIT
               2019          2020                                             2019          2020                           2020-2022
             pro forma                                                      pro forma

Guidance:          Energy Networks          Customer Solutions         Corporate Functions & Other   Non-Core
1. Adjusted for non operating effects; assuming no further severe lockdowns in our major markets
                                                                                                                                          44
Mid-term growth in Energy Networks earnings backed by
organic RAB growth
EBITDA1                                                       EBIT1                                Outlook1
€ bn                                                          € bn
              5.4
                          5.0-5.2
               1,0                                                           3.5
               0,7
                                                                                         3.1-3.3
                                                                              0,6
                                                                              0,5

               3,7
                                                                              2,4

             2019            2020                                           2019            2020              2020-2022
           pro forma                                                      pro forma

Guidance:          Germany          Sweden            CEE & Turkey
1. Adjusted for non operating effects; assuming no further severe lockdowns in our major markets
                                                                                                                          45
Customer Solutions earnings growth driven by digitalization and
UK turnaround
EBITDA1,2                                                     EBIT1                                                      Outlook1
€ bn                                                          € bn

                          1.0-1.2
              1.1
                                                                             0.5         0.4-0.6
               0,3
                                                                              0,1
               0,2                            Decentral energy                0,1
                                                infrastructure
               0,6                                       ~30%                 0,5

             2019            2020                                            -0,2           2020                                              2020-2022
           pro forma
                                                                             2019
                                                                           pro forma

Guidance:          Germany          UK         Benelux        Other
1. Adjusted for non operating effects; assuming no further severe lockdowns in our major markets 2. ~30% EBITDA share relating to decentral energy infrastructure
                                                                                                                                                                    46
Strong EPS growth of 17-22%

Adjusted Net Income1                                          Earnings per share1                  Outlook1
€ bn                                                          €                                    CAGR
                          1.5-1.7
              1.6

                                                                            0.60 0.58-0.65
                                                                            Payout
                                                                                                      17-22%
                                                                             ratio
                                                                             77%

             2019            2020                                           2019            2020              2020-2022
           pro forma                                                      pro forma

1. Adjusted for non-operating effects; assuming no further severe lockdowns in our major markets
                                                                                                                          47
Significant refinancing benefits over the next three years

Bond maturities as of end 9M 20201,2
€ bn
                                                                                           Refinancing benefits                                                17.1

     Volume
                                                                                                        until 2022 of up to
%    Coupon
                                1.7                                                                    ~€200m3
                                                             1.5
                               0.4%                                                                  1.3
                                                    1.1
                                         5.7%               0.0%                           1.1
                                                                                 5.9%               5.6%                                    0.9
                                                                                                                         0.8
  0.6                                             0.0%                                                                                              3.9%
                      0.6
                                                                                                                                  0.5
                               6.5%                                                       0.4%
           3.2%                                             0.8%                 0.3                0.0%               3.0%                0.0%
 3.2%                6.5%                         5.5%                                                                           0.9%
                                                                                5.5%
  Q4                  Q2        Q3                  Q3        Q4                 Q1        Q2        Q4                  Q1       Q2        Q3                >2024
 20202               2021      2021                2022      2022               2023      2023      2023                2024     2024      2024

1. Bonds issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE); bonds issued by innogy SE and innogy Finance B.V. (fully guaranteed by innogy SE)
                                                                                                                                                                                  48
2. Including innogy EIB-loan €645m 3. Amount of refinancing benefits depends largely on refinancing conditions at time of bond issuance
Green financing is an integral part of our funding strategy

Total investments 2020-2022                                                            To finance our investments we have tapped the
€ bn                                                                                   green bond market …
                                                  95%                                  €4.6bn outstanding
                                                  energy transition
                                                  investments2
                                                                                         … and intend to issue more:

                             131                                                       ~€1bn p.a.
                                                                                       Revolving credit facility linked to sustainability ratings:

                                                                                       €3.5bn
     Energy Networks           Customer Solutions          Other3

1. Cash effective investments including Corporate Functions & Other and Non-Core, assuming no further severe lockdowns in our major markets 2. Based on investments in
                                                                                                                                                                         49
Energy Networks and Customer Solutions 3. Corporate Functions & Other and Non-Core
E.ON’s approach to manage Economic Net Debt

Economic Net Debt
€ bn
     9M 2020

                        “Beat the        • 0% real discount rate floor reached: only upside
        -8.8
                        provisions”      • Further upside: outperforming provisions by operational excellence

                        “Focus on the • UK pension obligations largely funded
        -8.6            long end”     • Sensitivity GER pensions: -50bps +€1.6bn
                                      • Duration of pension obligation ~18 years
       -24.6
                        “Manage for      • Sound management of cash flow
                        cash”            • Re-financing benefits from lower interest rates
      -42.1
   Asset Retirement Obligations   Pensions   Net financial position
                                                                                                                50
Rating target re-confirmed, positive END effects above
initial expectations
Leverage factor1                                                                         Selected END effects 2020-20223
                                                                                         • 95% Cash conversion rate4
Strong      BBB/Baa rating target                                                      ↑•      Working Capital optimization program &
                                                                                               ARO5 reduction ~+€1.5bn (before: ~+€1bn)
              5.6x                                                                             (ARO reduction: ~€200m already achieved 2019)

                                                                                         • Nord Stream 1 transfer to pension fund executed ~+€1bn

                                              ~5x
                                                                                         • Transaction effects +/-€0bn (before: -€0.5bn)
                                                                                               Remedies, merger squeeze-out, locked box, restructuring Hungary

                                                                                         • Integration costs up to ~-€1bn

             2019                             2022
           pro forma2
1. Economic Net Debt/EBITDA, EBITDA adjusted for non-operating effects 2. Reflecting transaction adjustment (END FY 2019 reduced by ~€0.5bn) 3. Negative effect                51
indicates increase of Economic Net Debt and vice versa 4. Excluding provision utilization for nuclear decommissioning, average for 2020-2022 5. Asset Retirement Obligations
Dividend commitment fully in line with deleveraging

EPS1 above DPS growth…                                         …lowers payout ratio…                      … allowing deleveraging and
                                                                                                          sustainable dividend growth

                                                                                                            5.6x      Strong BBB/Baa rating
                                                                                                                              target
                                                                      77%
                                                                  Payout ratio
                                                                                                                              ~5x

   2019        2020         2021         2022                         2019                         2022     2019              2022
 pro forma                                                          pro forma                             pro forma

1. Adjusted for non operating effects; assuming no further severe lockdowns in our major markets
                                                                                                                                              52
Appendix
E.ON new segmentation from 2020 onwards

  IFRS reporting divisions
             Energy Networks                                       Customer Solutions                            Corporate                         Non-Core
                                                                                                                Functions &
        DE             SWE         CEE1 & TR               Benelux2        DE         UK       Other3                                          PE4            TR Gen5
                                                                                                                   Other

                    Power grid                                  City Energy                 Energy
                                                                 Solutions                 sales and
                     Gas grid                                      (CES)                    services
                                                                                             New
             Additional businesses                            B2B Solutions
                                                                                           Solutions

                  Regulated                           Decentral energy                   Energy
                  networks                             infrastructure                     retail

                                  Infrastructure
1. Central and Eastern Europe, including Czech Republic, Hungary, Poland, Romania, Slovakia, Croatia and Slovenia 2. Belgium, The Netherlands and Luxemburg             54
3. Including Czech Republic, Hungary, Italy, Poland, Romania, Sweden 4. PreussenElektra 5. Turkey Generation
E.ON’s strong ESG profile

Environmental                                             Social                                                     Governance

                Climate neutrality by 2040                                 Variety of nationalities, cultures,
                                                                           generations and genders                    Supervisory
                (Scope 1 & 2) & by 2050                     Diversity                                                                 Experienced, diverse and independent
                                                                           in management & workforce                  Board
                (including Scope 3)1

                Avoided emission together with              Health &       Creation of a work environment
                                                                                                                                      Efficient cooperation in Board
                our clients                                                that protects the health and safety
                                                            Safety                                                                    Committees
                2019: > 100mtons                                           of customers and employees
                                                                                                                      Supervisory
  Climate                                                                                                             Board
                                                                           Commitment to respect                      Committees
                Driving the energy transition
                through decentral & digital
                                                            Human          human rights, uphold labor                                 Creation of Innovation and
                                                            Rights         standards, and fight against                               Sustainability Committee
                local networks
                                                                           corruption

                                                            Security of
                                                                           Energy Networks: High                                  Remuneration system closely
                Energy efficiency solutions with our        energy
                clients to reduce carbon emissions          supply
                                                                           resilience due to high degree             Remuneration aligns management’s and
                                                                           of underground cabling                                 shareholder’s interest

1. Carbon neutrality by 2040 (Scope 1 and 2), 75% carbon reduction by 2030 (Scope 1 and 2), 50% reduction of Scope 3 emissions by 2030, carbon neutrality by 2050            55
(including Scope 3). Base year: 2019 pro forma
E.ON’s sustainability awards, ratings and rankings

                                                                         CDP Score: A
       Text 1                 Result: AA                        Text 1
                                                                         Sector Average: C

                              Overall ESG Risk Score = 81                Overall ESG Score: 3.2
       Text 1                 (Leader Group)                    Text 1   Sub Sector Average Multiutilities: 2.8
                              Relative Position 11 out of 192            Industry Average Utilities: 2.5

                              E.ON is index member1, i.e. one            E.ON ranks 4th in the Green Utilities
       Text 1                 of the advanced companies in      Text 1   Report from Energy Intelligence (EI)
                              Europe – score: 61/100                     Group

                              Rating: C+                        Text 1   E.ON ranks 6th out of 30

1. Vigeo/EIRIS has rebranded as V.E, affiliate of Moody’s                                                         56
Building blocks of allowed revenues in Germany

Schematic illustration for 2019 (power & gas)
€ bn
                    ~21.2
       Gas           ~1.1
     (New)                                                                                  Totex indexed to
      Gas            ~3.4                                                                   CPI and subject to            Thereof:                             Thereof:
      (Old)                                                                                 general and individual     ~4.0 power                            ~8.3 power
                                                                                            efficieny targets          ~0.7 gas                              ~1.2 gas

     Power          ~10.2
     (New)                                                                                                                                         ~9.5

                                                                                                     ~4.7
                     ~6.5                              40% Cap                       Opex            ~3.0
     Power
      (Old)
                                                                                                     ~1.7        Capital Costs

              Regulated asset            Debt   base2            Regulated equity             Total allowed             Adjustment of       Allowed revenues
                  base1                                               base                      cost base              revenues, lagged
                                        (related to actual
              Old assets: current                                (related to regulatory          (Totex)                recoveries and
              costs; new assets:        capital structure,          capital structure,
                                         minimum 60%)                                                                 pass-through items
                historic costs                                      maximum 40%)

1. Old assets are those capitalized before January 1, 2006. New assets are those capitalized after January 1, 2006. Old assets are indexed up to 40% with asset-specific indices to   57
determine the current costs. Relevant asset base for calculation of allowed return in 2019 is 2016 for power and 2015 for gas 2. Debt base consists of non-interest and interest
bearing capital
Energy Networks Germany - Earnings components

Illustrative average EBITDA1 split (2019-2020)                                                      Illustrative average EBIT1 split (2019-2020)

                             0%                                                                                                             0%

                                     ~5%
                                                                  Regulated return & depreciation2                                                     ~5%
                                           ~10%
                                                                  Operational efficiency                                                                  ~5%
                                                                  Other infrastructure business3
          ~60%                                ~10%                Additional network-related business4                  ~50%
                                                                                                                                                           ~15%
                                                                  Other regulated earnings/temporary effects
                                                                  Income from participations
                                           ~10%
                                                                                                                                                  ~15%

                               Income from participations portfolio is at-equity/at-cost consolidated
1. Adjusted for non operating effects 2. Includes return on RAB, difference between regulatory and IFRS D&A and revenues for grid expansion 3. Other infrastructure businesses   58
include e.g. water business 4. Additional network-related business includes broadband, smart meter and technical network services
Continuous improvement in operative
performance increases security of supply
SAIDI1,2 2014 vs. 2019                                                                  Power losses2 2014 vs. 2019
Germany                                                                                Germany

              48,0              -40%                                                                   4,4              -14%
                                                                                                                                              3,8
                                                     29,0

              2014                                   2019                                             2014                                  2019

Sweden                                                                                 Sweden
              144,0
                               +18%3                170,0                                              3,9              -23%                  3,0

              2014                                   2019                                             2014                                  2019

CEE4                                                                                   CEE4
              336,0             -36%                                                                   9,1              -22%                 7,1
                                                    214,0

              2014                                   2019                                             2014                                  2019
1. System Average Interruption Duration Index 2. E.ON stand-alone figures 3. SAIDI increase due to weather related effects in 2019 22 minutes of disturbances (2014-2019),   59
includes: weather effects and other system disturbances 4. Calculated as arithmetic average of respective countries
RAB growth further supported by local drivers

Power RAB development                                                                 Local drivers
€ bn
                   3-5% CAGR
                                                                                                               • Renewable connections
Germany1               17,3                                                                                    • Replacement
                                                                                                               • Digitalization
                      2019                                2022

                                  3-5% CAGR
                                                                                                                • Storm proofing
Sweden2                3,8                                                                                      • Renewable connections
                                                                                                                • Demand growth
                      2019                                2022
                                  4-6% CAGR
                                                                                                                • New connections of B2B customers
Czech
                       1,6                                                                                      • Reliability
Republic
                                                                                                                • Modernization
                      2019                                2022
1. Assuming constant number of network concessions 2. Excluding RAB re-evaluation following the beginning of new regulatory period                   60
Network charges are only a small portion of German power price

Composition of average electricity price        Decarbonization currently not optimally supported,
                                                electricity disadvantaged

                                                 • Renewables surcharge to be borne by more customers
                    Electricity Renewable
                                                 • Carbon minimum price or tax
                procurement, surcharge
                                                 • Electricity tax to be redesigned
                 retail margin

                                Further taxes
                 Network
                                and levies
                  charges                          German power price needs to be ‘cleaned up’
Only

23%
                                                                                                        61
EU financing successful for major growth projects across Europe
with up to ~€250 m funding grants

  • More than €500m investments planned                                       ACON2,3 1.0/ACON 2.0
  • Around 50% approved in EU grants                                          • Increasing cross-border power distribution capacity and
  • All projects included in EU PCI1 list                                       grid modernization through implementation of smart grids

                                                                              Danube InGrid3,4
                                                                              • Improved security of supply and capacity in the border regions
                                                                              • Implementation of smart grids

                                                                              Smart Border Initiative3 (SBI)
                                                                              • Commission a cross-border smart distribution grid at low cost
                                                                              • Solving network bottlenecks and voltage problems intelligently

1. Project of Common Interest (EU Horizon 2020) 2. Again Connected Networks 3. Projects are part of the 4 th PCI list of EU 4. Danube Intelligent Grid
                                                                                                                                                         62
City Energy Solutions selected projects

Key figures                                   Project examples
                             Countries with   Högbytorp
                             CES projects              • 50% increase of renewable/recovered energy
      >750k customers                                  • 99% efficiency of CHP
                                                       • 659 GWh total output
                                              Hanseviertel Lüneburg
      ~5k installations                                • 8,100t CO2 savings per year
      under management                                 • 90% CHP efficiency
                                                       • 88% of heat demand covered by bio natural gas
                                              Werksviertel München
      350 heating, cooling                             • 50% less CO2
      & steam networks                                 • 10% lower energy cost
                                                       • High level of energy self-sufficiency
                                              Elephant & Castle London
                                                       • Inhouse construction management
       €1.5bn revenue                                  • 100% renewable heating supply
                                                         from 2023 (biogas)
                                                                                                         63
39 TWh of production rights for PreussenElektra already
transferred - Terms challenged

                                                              Nuclear power plant Krümmel1
                                                           88 TWh of production rights (before transfer)

                                                               39 TWh                          ~€27.8/MWh preliminary price

                                                                         PreussenElektra
 Transferred
 production rights                   18 TWh                                               11 TWh                                               10 TWh

                 Grohnde plant                                                 Isar II plant                                            Brokdorf plant
Production rights secured until August 2021                 Production rights secured until August 2021                  Production rights secured until June 2021
   up to 4 TWh production rights required2                     10-15 TWh production rights required2                        4-6 TWh production rights required2

1. Krümmel OHG is a joint venture between E.ON and Vattenfall, each party owning 50% equity share 2. Volumes shown after transfer/purchase from Krümmel, excluding
                                                                                                                                                                     64
minority stakes (16.7% minorities in Grohnde, 20% in Brokdorf and 25% in Isar II), as of January 2021.
Regulated earnings split share

EBITDA 20201
€ bn
                                                                                                       regulated
                                                                                          • Regulated or quasi

                                                                                              Earnings share of ~75%
                                                      ~75%
                                                      (Quasi-)regulated
                                                      earnings
                                                                                                               strong
                                                                                          • Network operations in countries with
              6.8 – 7.0
                                                                                              regulatory frameworks
                                                                                          • Customer Solutions and Energy Networks

         Energy Networks           Customer Solutions          Other2
                                                                                              diversified across European countries
1. Adjusted for non operating effects; assuming no further severe lockdowns in our major markets 2. Other includes Corporate Functions & Other and Non-Core
                                                                                                                                                              65
Past delivery on guidance

EBIT1 vs. guidance                                        Adjusted Net Income1 vs. guidance
€ bn                                                      € bn

         3.1            3.1             3.0    3.2             0.9      1.4       1.5         1.5
         2016           2017            2018   2019            2016     2017     2018     2019
                                               reported                                   reported

       Guidance range
1. Adjusted for non operating effects
                                                                                                     66
Networks Capex breakdown 2020-2022

Germany                                                     Sweden                                             CEE
€ bn                                                        € bn                                               € bn

                     6.61                                                         1.11                                        2.01

 ~50%                                                         ~50%                                              ~60%
 investment in expansion                                      investment in expansion                           investment in expansion

                                                                 Maintenance          Grid expansion   Other
1. Cash effective investments; assuming no further severe lockdowns in our major markets
                                                                                                                                          67
Maintaining a substantial liquidity buffer is a cornerstone of
E.ON’s risk management

                                • €2.6bn in cash & equivalents                     Key takeaways
   Large volume of
                                • €1.1bn in short-term securities
   liquidity1
                                • €2.0bn of non-current securities
                                                                                   • Extensive liquidity buffer

                                                                                   • Back-up RCF undrawn and fully
                                • Early de-risking of refinancing needs for 2020     committed
   Bond refinancing             • €5bn bonds issued in January, April and May
                                  2020                                             • Liquidity risk minimized, even in
                                                                                     highly volatile capital markets

                                                                                   • Continuous market access
                      • Undrawn €3.5bn Revolving Credit Facility
                                                                                     remains key priority-
   Plus further back-   (RCF), fully committed by 21 banks, no
   up RCF available     MAC-clause2
                                • Extended by one more year in October 2020

1. As per September 2020 2. MAC = Material Adverse Change
                                                                                                                         68
Benchmark bonds of E.ON Group as of Nov. 11, 20201

                                    Volume in millions in                                                                     Volume in millions in
Issuer                               respective currency    Coupon        Maturity         Issuer                              respective currency     Coupon        Maturity
E.ON International Finance B.V.               570 GBP       6.500%         Apr-21          E.ON SE                                    1,000 EUR        0.375%         Sep-27
innogy Finance B.V.                         1,000 EUR       6.500%        Aug-21           E.ON International Finance B.V.              850 EUR        1.250%         Oct-27
E.ON SE                                       750 EUR       0.375%        Aug-21           E.ON SE                                      500 EUR        0.750%         Feb-28
E.ON International Finance B.V.               500 GBP       5.500%          Jul-22         E.ON SE                                      750 EUR        1.625%        May-29
E.ON SE                                       500 EUR       0.000%         Sep-22          E.ON International Finance B.V.            1,000 EUR        1.500%          Jul-29
E.ON SE                                       750 EUR       0.000%         Oct-22          E.ON SE                                      750 EUR        0.350%         Feb-30
E.ON International Finance B.V. 2             750 EUR       0.750%        Nov-22           E.ON International Finance B.V.              760 GBP        6.250%         Jun-30
E.ON SE                                     1,000 EUR       0.375%         Apr-23          E.ON SE                                      500 EUR        0.750%         Dec-30
E.ON International Finance B.V.               488 GBP       5.625%         Dec-23          E.ON SE                                      500 EUR        0.875%        Aug-31
E.ON SE                                       750 EUR       0.000%         Dec-23          E.ON SE                                      500 EUR        0.625%        Nov-31
E.ON International Finance B.V.               800 EUR       3.000%         Jan-24          E.ON International Finance B.V.3             975 GBP        6.375%         Jun-32
E.ON SE                                       500 EUR       0.875%        May-24           E.ON International Finance B.V.              600 EUR        5.750%         Feb-33
E.ON SE                                       750 EUR       0.000%        Aug-24           E.ON International Finance B.V.              600 GBP        4.750%         Jan-34
innogy Finance B.V.                           750 EUR       1.000%         Apr-25          E.ON International Finance B.V.              900 GBP        5.875%         Oct-37
E.ON SE                                       750 EUR       1.000%         Oct-25          E.ON International Finance B.V.4           1,000 USD        6.650%         Apr-38
E.ON International Finance B.V.               500 EUR       1.625%        May-26           E.ON International Finance B.V.              700 GBP        6.750%         Jan-39
E.ON SE                                       750 EUR       0.250%         Oct-26          E.ON International Finance B.V.            1,000 GBP        6.125%          Jul-39

1. All bonds ≥€500m equivalent, all bonds are listed in Luxemburg, with exception of the unlisted USD bond under 144A/Regulation S 2. The bond was increased from €500m to
                                                                                                                                                                                69
€750m 3. The bond was increased from £850m to £975m 4. Bond issued under rule 144A/Regulation S
Funding strategy

    Volumes
                      €2-4bn p.a.         • Bond refinancings
                                          • Cash utilization of asset retirement obligations

     Tenors
                   3-12 years preferred   • Optimize maturity profile & interest costs
                                          • Redemptions on any single day capped at €1bn

  Currencies
                       EUR preferred      • Predominantly Euro-based asset base

                                          • Regular & green bonds
                                          • Private placements & promissory notes

 Diversification
                   Instrument variety       (Schuldscheindarlehen)
                                          • Commercial paper
                                                                                               70
innogy bond transfer approaching 100%
Currency   Principle (m) Maturity %-Transfer                              Offer of bond transfer

                                               ✓
  EUR           468      2037       99%            Exchange offers
  JPY        20,000      2040      100%
                                                   settled                • Offer to innogy bondholders
  GBP           570      2021      100%                                     to switch to E.ON struck on
  GBP           500      2022      100%                                     highly positive investor
  EUR           750      2022      100%                                     reception: >97% votes in
  GBP           488      2023      100%
                                                                            favor of the change to E.ON
  EUR           800      2024      100%
  EUR           500      2026      100%
                                                                          • Two bonds fell slightly short
                                               ✓
  EUR           850      2027      100%            Consent received and
  EUR         1,000      2029      100%            transfer implemented     of the required 50% quorum
  GBP           760      2030      100%                                     but received consent in
  EUR           600      2033      100%
                                                                            adjourned meeting
  USD          17.4      2033      100%
  GBP           600      2034      100%
  GBP         1,000      2039      100%                                   • Exchange offers have already
  EUR           100      2042      100%                                     settled; implementation of the
  EUR           150      2043      100%                                     consent solicitations in Q4
  EUR
  EUR
              1,000
                750
                         2021
                         2025
                                   100%
                                   100%        6   Consent received in
                                                   adjourned meetings
                                                                                                             71
E.ON’s Green Bond Framework

                                            Evaluate &                      Management                                                External
       Use of proceeds                                                                                    Reporting
                                                                                                                                 +
                                          select projects                   of proceeds                                              verification
• Finance and/or                   • Project selection based         • E.ON will strive to       • Allocation and impact
  refinance eligible green           on eligibility criteria           maintain a portfolio        reporting after a year
  projects in the following        • Green bond committee:             matching/exceeding        • Renewal on an annual
  eligible categories:                •    Sustainability              outstanding green bonds     basis until full allocation
   •    Renewable energy              •    Energy Networks           • Projects will be added on   of proceeds
   •    Energy efficiency             •    Customer Solutions          an on-going basis
   •    Clean transportation          •    Group Finance

Aligned with the          ICMA Green Bond Principles1

1. https://www.icmagroup.org/green-social-and-sustainability-bonds/green-bond-principles-gbp/
                                                                                                                                                    72
PreussenElektra – Further ambition to ‘beat the provisions’

Solid track-record already until 2019                                                 Nuclear Asset Retirement Obligations1
• Bundling of decommissioning activities                                              € bn
                                                                                                    2016     2017    2018     2019
• Procurement successes by ‘convoy approach’
• Operational progress according to plan

Further optimization already planned and in execution                                                                          -9
                                                                                                             -10      -10
• Decommissioning preparations starting early
• Operational excellence lifting dismantling performance
  to next level (e.g. by increasing industrialization)

                                                                                                     -21

1. In 2017 implementation of KFK solution (transfer of ~€10bn to German government fund)
                                                                                                                                     73
9M 2020 Results
        Financial Appendix
Segment outlook 2020 remaining year                                                            E.ON 9M 2020 results

EBIT1 key drivers Q4 2020
   Energy Networks                         Customer Solutions      Non-Core
      Germany & CEE:                        All regions:            PreussenElektra:
      –
      •   Covid-19-related lower volumes    ––
                                            •    Covid-19-impact    •+ Higher hedged prices
      Germany:                                                      •– Higher depreciation from purchase of
                                                                        production rights
      + Organic RAB growth
      •

      Sweden:
     –
     •    Lower allowed WACC

      CEE & Turkey:
      + Hungary/Czech Republic: strong
      •
          operational performance

      +
      •   Slovakia: acquisition of VSE

1. Adjusted for non-operating effects
                                                                                                                  75
Financial highlights                                                                                                 E.ON 9M 2020 results

                                               9M 2019
     €m                                                                 9M 2020               % YoY
                                               pro forma
    Sales                                                  -              43,314                      -
    EBITDA1                                         5,004                   4,966                   -1

    EBIT1                                           2,987                   2,688                 -10
    Adjusted Net Income 1                           1,286                   1,089                 -15
    OCFbIT                                          2,860                   4,063                +42
    Investments                                     2,825                   2,374                 -16
    Economic Net Debt²                           -38,895                 -42,092                    -8

1. Adjusted for non-operating effects; pro forma figures 9M 2019, not audited 2. Economic Net Debt as per 30
September 2020 and 31 Dec 2019; Economic Net Debt definition takes into account the decommissioning provisions
calculated with a real discount rate of 0.0% as opposed to IFRS AROs; bonds issued by innogy are recorded at their                      76
nominal value: the amount in the consolidated balance sheets is €2.2 bn higher
Temporary Economic Net Debt (END) increase largely due                                                                                                       E.ON 9M 2020 results

to squeeze-out and pensions
 € bn
      -8.9                                                                                                                                                                  -8.8

      -7.2
                                                                            Asset Retirement Obligations (ARO)                                                              -8.6
                                                                            Pension provisions
                                                                            Net financial position

     -23,4
                                                                                                                                                                            -24,7

                                                       +3.5
                      +0.5                                                                              +1.1
                                                                       -2,6
     -39.4                            -38.9                                             -1,6                            -1,5
                                                                                                                                         -1,4            -0,7               -42.1
     END          Transaction         END             OCF              Net          Transaction Transfer of           Dividend        Pensions5         Other           END
   FY 2019        adjustment1       FY 2019         9M 20202       Investments        effects4  Nord Stream1                                         (incl. AROs)      9M 2020
                                    adjusted                        9M 20203                      into CTA

1. Adjustment of the underlying interest rate for selected leases 2. Excl. transactional effects 3. Net of divestments 4. Transaction effects include merger squeeze-out,           77
locked-box, sale of German heating customer business and of Hungarian non-regulated electricity retail business (EKER) 5. Actuarial interest rates for German pensions at
1.0% (vs. 1.3% @ FY 2019), for UK pensions at 1.6% (vs. 2.0% @ FY 2019)
Cash Conversion Rate1 in 9M 2020 at 87%                                                                                                                      E.ON 9M 2020 results

€ bn

                       87%              CCR1

       5.0
                                                0.1                4.1
                                                                                                            0.2                 3.7
                           -1.0
                                                                                       -0.6

                                                                                                                                                                        1.3
                                                                                                                                                   -2.4

     Group                Cash            Change in WC           OCFbIT              Interest         Tax payments             OCF                Capex                FCF
    EBITDA2           adjustments3                                                  payments

1. Cash Conversion Rate (CCR): (OCF bIT+ provision utilization nuclear) ÷ EBITDA 2. Adjusted for non-operating effects 3. Incl. non cash-effective EBITDA items, provision      78
utilizations and payments related to non operating earnings
Divisions: Energy Networks                                                                                                                                                  E.ON 9M 2020 results

EBIT1                                                                                               Drivers
€m
                                                                                                                                         –•
                                           –9%
                                                                                                                                               Covid-19-related lower volumes
                           2,554                                                                       Germany                           –•    Weather-related lower volumes
                                                                    2,331
CEE & Turkey                455
                                                                    500
       Sweden               394
                                                                                275
                                                                                                          Sweden                         –•    Lower WACC in new regulatory period

     Germany               1.705                                    1.556
                                                                                                                                         –•    Higher transmission charges

                                                                                                                                         +•    Strong operational performance
                        9M 2019                                    9M 2020                                        CEE                    –•    Covid-19-related lower volumes
                        pro forma
    €m                                           Germany                        Sweden                            CEE & Turkey                             Total
                                     9M 2019                        9M 2019                           9M 2019                                 9M 2019
                                                 9M 2020   % YoY                9M 2020     % YoY                  9M 2020       % YoY                    9M 2020   % YoY
                                     pro forma                      pro forma                         pro forma                               pro forma
   Revenue                                 -      10,461      -           -           649      -            -         1,922         -               -      13,032      -
           1
    EBITDA                             2,687       2,600     -3         509           392    -23          713           746        +5           3,909       3,738     -4
    EBIT1                              1,705       1,556     -9         394           275    -30          455           500       +10           2,554       2,331     -9
    thereof equity-method earnings         -         177      -           -             0      -            -           124         -               -         301      -
    OCFbIT                             2,049       3,082    +50         460           394    -14          762           737        -3           3,271       4,213    +29
   Investments                         1,315       1,352     +3         197           241    +22          371           446       +20           1,883       2,039     +8

1. Adjusted for non-operating effects; pro forma figures 9M 2019, not audited                                                                                                                  79
Divisions: Customer Solutions                                                                                                                                                 E.ON 9M 2020 results

 EBIT1                                                                                                 Drivers
 €m                                                                                                                                         –•       Weather impact on volumes

                                  418               -10%                     378
                                                                                                                           All              –•       Covid-19: sell-back of volumes (B2B) & bad
                                                                                                                                                     debt

        Germany                   312
                                                                             296                                        UK                  +•       Restructuring benefits
            Benelux
              Other               89
                                             65                                        45
                                                                              39
                 UK                          -48                                       -2
                          9M 2019                                        9M 2020
                          pro forma
 €m                                                 Germany                        Benelux                         UK                                   Other                         Total
                                        9M 2019                       9M 2019                        9M 2019                             9M 2019                         9M 2019
                                                    9M 2020   % YoY                9M 2020   % YoY               9M 2020         % YoY                 9M 2020   % YoY               9M 2020   % YoY
                                        pro forma                     pro forma                      pro forma                           pro forma                       pro forma
Revenue                                       -      15,881      -          -        2,019       -         -      10,076             -         -         6,370       -          -     34,346       -
        1
 EBITDA                                     407         392     -4        134          101     -25        72          97           +35       204           193      -5        817        783      -4
 EBIT1                                      312         296     -5         89           45     -49       -48          -2           +96        65            39     -40        418        378     -10
 thereof equity-method earnings               -           3      -          -            3       -         -           0             -         -             4       -          -         10       -
 OCFbIT                                     413         373    -10         60           41     -32       233        -253          -209       148           185     +25        854        346     -59
Investments                                 132         152    +15         32           28     -13       162          66           -59       381           254     -33        707        500     -29

 1. Adjusted for non-operating effects; pro forma figures 9M 2019, not audited                                                                                                                         80
Non-Core business                                                                                                                                                               E.ON 9M 2020 results

EBIT1                                                                                                                    Drivers
€m                                                                                                                                               +•    Higher achieved power prices

                                                        -9%                                                                                      +•
                                326                                                                                                                    Higher production volumes
                                                                                           298                                  Preussen
                                                                                                                                  Elektra        –•    Higher depreciation from purchase of
                                                                                                                                                       production rights
        Preussen
                                256
         Elektra                                                                           271                                                   –•    Transfer of minority stakes2 to RWE

     Generation                                                                                                                   Turkey         –•    One-off effect in 9M 2020
        Turkey                      70                                                             27                          Generation        –•    FX effects
                           9M 2019                                                  9M 2020
                           pro forma
                                                                                                                                                      PreussenElektra: Hedged Prices (€/MWh)
   €m                                                PreussenElektra                   Generation Turkey                        Total
                                                                                                                                                      as of 30 September 2020
                                         9M 2019                               9M 2019                             9M 2019
                                                        9M 2020        % YoY                9M 2020        % YoY               9M 2020   % YoY
                                         pro forma                             pro forma                           pro forma
  Revenue                                      -           1,028          -           -           -            -         -       1,028      -         2019             100%           33
   EBITDA1                                   423             642        +52          70          27          -61       493         669    +36
   EBIT
        1
                                             256             271         +6          70          27          -61       326         298     -9         2020              96%                   45
   thereof equity-method earnings              -              38          -           -          27            -         -          65      -
   OCFbIT                                     80             394       +393           -           -            -        80         394   +393         2021              84%                   44
  Investments                                148             159         +7           -           -            -       148         159     +7
                                                                                                                                                      2022              52%                   45
1. Adjusted for non-operating effects; pro forma figures 9M 2019, not audited 2. NPP Emsland & Gundremmingen C                                                                                     81
Adjusted Net Income                                                                              E.ON 9M 2020 results

                                                      9M 2019
 €m                                                                         9M 2020      % YoY
                                                     pro forma
 EBITDA1                                                 5,004                  4,966       -1

 Depreciation/amortization                              -2,017                  -2,278     -13
        1
 EBIT                                                    2,987                  2,688      -10

 Economic interest expense (net)                           -874                  -836       +4
       1
 EBT                                                     2,113                  1,852      -12
                          1
 Income Taxes on EBT                                       -553                  -463      +16
            1
 % of EBT                                                 -26%                  -25%         -
 Non-controlling interests                                 -274                  -300       -9
                          1
 Adjusted Net Income                                     1,286                  1,089      -15

1. Adjusted for non-operating effects; pro forma figures 9M 2019, not audited                                       82
Reconciliation of EBIT to                                                                  E.ON 9M 2020 results

IFRS Net Income
  €m                                                           9M 2019   9M 2020   % YoY
            1
 EBITDA                                                          3.742     4.966     +33
  Depreciation/Amortization/Impairments                         -1.534    -2.278     -49
        1
 EBIT                                                            2.208     2.688     +22
  Reclassified businesses of Renewables                           -300        0        -
  Interest result                                                 -583      -535      +8
  Net book gains                                                   -32      218     +781
  Restructuring                                                   -179      -390    -118
  Mark-to-market valuation of derivatives                          -74      330     +546
  Impairments (net)                                                 0        -84       -
  Other non-operating earnings                                    -140      -267     -91
  Income/Loss from continuing operations before income taxes      900      1.960    +118
  Income taxes                                                    -354      -712    -101
  Income/loss from continuing operations                          546      1.248    +129
  Income/loss from discontinued operations, net                  1.759       -38    -102
  Net income/loss                                                2.305     1.210     -48
  Non-controlling interests                                       -204      -208      -2
  Net income/loss attributable to shareholders of E.ON SE        2.101     1.002     -52

1. Adjusted for non-operating effects                                                                         83
Cash-effective investments1                                               E.ON 9M 2020 results

                                            9M 2019
  €m                                                    9M 2020   % YoY
                                            pro forma
  Energy Networks                              1,883      2,039      +8
  Customer Solutions                             707       500      -29
  Corporate Functions & Other                     87       -323    -471
  Consolidation                                    0         -1       -
  Non-Core                                       148       159       +7
  Investments                                  2,825      2,374     -16

1. Pro forma figures 9M 2019, not audited                                                    84
Economic Net Debt1                                                                                             E.ON 9M 2020 results

   €m                                                           31 Dec 2019                30 Sep 2020
  Liquid funds                                                            3,602                     4,512
  Non-current securities                                                  2,354                     2,005
  Financial liabilities                                                -28,947                   -31,380
  Adjustment FX hedging²                                                    166                       215
  Net Financial Position                                               -22,825                   -24,648
  Provisions for pensions                                               -7,201                     -8,616
  Asset retirement obligations                                          -8,869                     -8,828
  Economic Net Debt                                                    -38,895                   -42,092

1. Economic Net Debt definition takes into account the decommissioning provisions calculated with a real
discount rate of 0.0% as opposed to IFRS AROs; bonds issued by innogy are recorded at their nominal value:
the amount in the consolidated balance sheets is €2.2 bn higher 2. Net figure; does not include transactions                      85
relating to our operating business or asset management
Economic interest expense (net)2                                                                                        E.ON 9M 2020 results

                                                                              9M 2019                   Difference
  €m                                                                                     9M 2020
                                                                             pro forma                   (in € m)
  Interest from financial assets/liabilities                                     -756        -789             -33
  Interest cost from provisions for pensions and similar provisions               -95          -73            +22
  Accretion of provisions for retirement obligation and similar provisions        -57           -4            +53
  Construction period interests¹                                                   11            6             -5
  Others                                                                           23           24             +1
  Net interest result                                                            -874        -836             +38

1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset.
Borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds. (interest rate:
3,86%) 2. Pro forma figures 9M 2019, not audited                                                                                           86
E.ON’s Proforma
 Financials 2019
E.ON’s Proforma Financials1 — 2019

Adjusted EBITDA1                                                             Adjusted EBIT1

€m                                                                FY 20192   €m                          FY 20192
Energy Networks                                                      5,364   Energy Networks                3,499
 Germany                                                             3,721    Germany                       2,358
 Sweden                                                                692    Sweden                         539
 CEE & Turkey                                                          951    CEE & Turkey                   602
Customer Solutions                                                  1,126    Customer Solutions              541
 Benelux                                                              192     Benelux                        132
 Germany                                                              648     Germany                        487
 UK                                                                   -10     UK                             -180
 Other                                                                296     Other                          102
Corporate Functions/Other                                            -203    Corporate Functions/Other      -341
Non-Core business                                                     617    Non-Core business               366
Total                                                               6,904    Total                         4,065
1. Adjusted for non operating effects 2. Pro forma, not audited
                                                                                                                    88
E.ON’s Proforma Financials1 — 2019

OCFbIT                                                                       Investments (cash-effective)

€m                                                                FY 20192   €m                             FY 20192
Energy Networks                                                      4,255   Energy Networks                   3,149
 Germany                                                             2,455    Germany                          2,254
 Sweden                                                                718    Sweden                            313
 CEE & Turkey                                                        1,082    CEE & Turkey                      582
Customer Solutions                                                    378    Customer Solutions               1,008
 Benelux                                                               84     Benelux                            90
 Germany                                                               71     Germany                           226
 UK                                                                   128     UK                                211
 Other                                                                 95     Other                             481
Corporate Functions/Other                                            -657    Corporate Functions/Other          130
Non-Core business                                                     313    Non-Core business                  148
Total                                                               4,289    Total                            4,435
1. Adjusted for non operating effects 2. Pro forma, not audited
                                                                                                                       89
E.ON’s Proforma Financials1 — 2019

At-equity contribution to adjusted EBITDA/EBIT1                              E.ON Financials P&L

€m                                                                FY 20192    €m                                                 FY 20192
Energy Networks                                                        349   Adjusted EBITDA1                                       6,904
 Germany                                                              219
                                                                             Depreciation/amortization recognized in Adjusted
 Sweden                                                                 0                                                          -2,839
                                                                             EBIT
 CEE & Turkey                                                         130
                                                                             Adjusted EBIT1                                         4,065
Customer Solutions                                                     22
                                                                             Economic interest expense (net)                       -1,304
 Benelux                                                                4
 Germany                                                                6    Adjusted EBT1                                          2,761
 UK                                                                     0    Income Taxes on Adjusted EBT                            -724
 Other                                                                 12    % of Adjusted EBT                                       26%
Corporate Functions/Other                                              70    Non-controlling interest on results of operations       -464
Consolidation                                                           -1
                                                                             Adjusted Net Income1                                   1,573
Non-Core business                                                     125
Total                                                                 565
1. Adjusted for non operating effects 2. Pro forma, not audited
                                                                                                                                            90
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