E.ON SE

our full year results. As with every occasion, we will leave enough room at the end for your questions. With that, over to you, Leo.

Good morning, everybody. Thank you, Iris, for the introduction, also from my side. The past financial year has once again proven one thing. We at E.ON deliver on our promises, and we at E.ON are exceptionally well-positioned to not only be the playmaker of the energy transition, but also a beneficiary of this transition. In a year that has been characterized by geopolitical instability and macroeconomical challenges, E.ON is a safe heaven. One has to admit that our business is facing a secular growth opportunity. It has no U.S. dollar exposure. It's largely inflation-protected. It's unaffected by U.S. tariff policy, and it's even largely shielded against the latest fear of an AI disruption. What more can you ask for in terms of resilience? But that doesn't mean that we are without challenges. And so let me now move to my four messages before handing over to Nadia. First, we have delivered strong financial results for the year 2025 again. Second, we have not only delivered financially, we have also delivered operationally. And our focus on outstanding operational excellence means that we are at the forefront of the energy transition. And this enables us to execute our growth plans successfully now and also in the future. Third. And fourth. We are committed to long-term shareholder value with a disciplined focus on value creation. We will grow our investments until 2030 and are ready to pursue further growth opportunities, but only once the parameters for RP5 in Germany are set. So on my first message, we have delivered on our financials with an adjusted EBITDA of 9.8 billion, an adjusted net income of 3 billion, both actually reaching the upper end of our guidance range. In 2025, we have on top executed, increased our group capex for the fifth consecutive year. And we have completed a record level of investments into energy networks, up to 20% up year over year, supported by successful project executions across Europe. And this demonstrates, again, the continuous progress of our growth strategy, driven primarily by our energy networks business. We are operationally well set up. Nadia will talk you through the details of the financial performance later. To my second message, we have not only delivered financially, we have also delivered operationally. In August 2025, we crossed a major milestone. Around 110 gigawatts of renewable energy resources are now connected directly to our grids in Germany. Let me just give you some perspective. We operate around one-third, if you calculate it in grid length, of the German grid. But we have 70% of Germany's total onshore wind power capacity and around 50% of its solar capacity. We have 58% of the installed battery capacity. You name it, it's like the energy transition is happening and taking place in our grids. At the end of January 2026, just last month, we hit another milestone. We connected the two millionth renewable energy source to our German grid. For perspective, we celebrated one million somewhere in October 2023. So it took us 15 plus years to reach, you know, to do the first million. It took us two and a half years to deliver the second million. The third million will happen in less than two years. That's the scale of acceleration that is currently just being driven by us. And in parallel, we are delivering on the smart meter rollout. All E.ON DSOs in Germany have met the mandatory 20% rollout target for smart meters with an increase of, on average, 60% in rollout volumes versus 2024. For us at E.ON, this makes one thing clear, the energy transition technology. is now an operational task on an industrial scale and aside from massive investments operational excellence is a prerequisite not only to scale the business but to stabilize also an increasingly complex system regarding operational excellence let me share a few highlights from 2025 regarding standardization and digital transformation as well as some innovation examples Within energy networks, we have successfully concluded our component standardization project in Germany. This gives our EU-based manufacturers visibility and builds the basis for long-term supply agreements on key components well into the 2030s. And it contains enough flexibility and scope to support a CAPEX envelope beyond what we have in place right now. We are now rolling out this approach across our European DSOs as well to further strengthen supply chain planning and improve component quality across all our DSOs. And in these less standardized markets, we have already achieved a 20% reduction in technical specifications across key categories. Beyond standardization, we actively push the digital energy transformation by embedding digital capabilities deeply into our operations. Obviously, you can't integrate 2 million feed-in points without digitization. So in energy networks, for example, our new field assistant app in Germany provides technicians real-time visibility of the power grid, real-time. I emphasize real-time visibility. Early results show up to 45% less effort for circuit planning, up to 40% less documentation, enhancing both safety and productivity. In energy retail, we continue to invest into digital capabilities that improve efficiency and performance. Based on that, our UK business was able to increase digital sales by 30% in Q4 2025 compared to the same period, 2024. And finally, as a playmaker, we do, as you would expect, also innovate. In energy networks, we are rethinking grid expansion. We develop a feed-in grid socket, as we call it, that bundles renewable energy sources at a single grid connection point. The simplicity, speed, and cost effectiveness of the feed-in grid socket means that developers can access capacity faster through online booking and achieve a quicker and cheaper route to grid connection. For our retail customers, we continue to rapidly expand our innovative offerings, and we now have around 16 flexible energy propositions across six markets, including the world's first bidirectional charging proposition launched with BMW in September 2025. So standardization, digitization, innovation, the message is clear. This is part of operational excellence, and this is how we deliver and build a foundation for future success. Let me get to my third message regarding the extremely robust secular growth trend that we are in. On our Capital Markets Day in 2021, which was the last one we did, we set a clear strategic course focusing the business on energy networks and investing decisively in grid infrastructure. Since then, we have continuously ramped up our investments. When we compare the year 2021 to 2025, the level of energy networks investments has doubled. And many of the emerging growth drivers have not yet reached their full potential. Let me touch upon a few ones. Continued grid expansion and modernization. It's clear that grid reinforcements are necessary to deal with the integration of renewable energy sources and the associated increase in volumes. But that's also true for other drivers like data centers. In the south of Frankfurt, for example, we planned upgrades to the high voltage lines and that will increase transmission capacity by 2.5 times, replacing 170 old mass with 135 new ones. In data centers, we have last year committed to connect an additional 12 gigawatt of data centers to our grid in future years. And just as one example, we will build the connection for 700 megawatt data center near Stein, close to Frankfurt, which will be one of the largest grid connections for a data center within Europe. E-trucks. Five years ago, when we did a capital market day, we were still assuming that hydrogen is going to take a large part of truck transportation. But right now, actually, this is not looking like it. We are moving towards electrification also here, and we are reaching the tipping point with the total cost of ownership approaching parity, if not having been already beyond parity. And the EU-wide CO2 fleet standards require manufacturers to reduce new fleet emissions. This is an emerging opportunity, but also a big commitment of E.ON for the green mobility transition. In Germany alone, we will be adding more than 160 new grid connections for high performance electric truck charging infrastructure. That represents roughly half of the nationwide fast charging network for electric trucks as initiated by the German government. So to summarize, our growth case is robust, supported by diverse growth drivers that accelerate well into the decade ahead. And if one driver turns out to be less, In the past, always others have turned out to overcompensate for that. So we are extremely confident on that trend. And that brings me to my final message for today, the further upgrade of our networks, investments that we will do. So we have rolled forward our guidance to 2030, and we will increase our five-year capex envelope from 43 billion to 48 billion for the years 2026 to 2030. We continue to invest at a run rate of close to 10 billion euros per year from 2027 onwards, which translates into a 10% power wrap growth in Germany. As said, we are operationally ready to invest more. Our processes and capabilities fully would support a higher investment pace that is also potentially really needed. As highlighted today, it is our continued operational excellence that enables us to capture and convert this growth into strength and value for our shareholders. And our attractive combination of organic growth with a continued dividend growth target of up to 5% per year offers attractive long-term value with an opportunity for more. Now, a successful energy transition requires significantly more network investments. They are essential from a macroeconomic perspective to avoid cost. They are good for our customers. They are politically supported in the business case in itself, crucial for industry. Therefore, our confidence that final RP5 package will be attractive enough to actually deliver on those CapEx envelopes remains unchanged. We need more infrastructure. More infrastructure is good for German customers. Therefore, we assume that the prerequisites will be in place. What we need as a prerequisite is the necessary regulation that gives us the long-term planning certainty and financial attractiveness to support this further expansion. With that, let me hand over to Nadia. Nadia.

Thank you, Leo, and a warm welcome to all of you from my side. I'm pleased to share with you the details of our 2025 financial performance and our new guidance for 2026 and outlook to 2030. My three key messages for today are, first, we delivered a strong performance in 2025. Once again, our steady execution translated into strong full-year results and record-high investments, providing growth despite ongoing geopolitical and macroeconomic uncertainty. We achieved an adjusted EBITDA of €9.8 billion and an adjusted net income of €3.0 billion, both reaching the upper end of our guidance range. Our investments increased by 13% year over year to €8.5 billion, supporting continued growth in our regulated asset base. Second. We introduce our 2026 guidance and provide an outlook to 2030. We expect to deliver more than 6% earnings growth, while shareholders continue to benefit from a reliable dividend growth commitment of up to 5% per year. This represents an attractive total shareholder return. We maintain strong investment momentum, increasing our five-year CapEx plan by over 10% to 48 billion euro, while strictly adhering to our value creation framework. And third, our strong balance sheet provides further opportunities to pursue additional investments beyond the current guidance once regulatory visibility on key RP5 parameters in Germany improves. At the same time, it provides us with a prudent buffer against potential risk. On my first message regarding our strong 2025 delivery. As we already anticipated earlier this year, our adjusted EBITDA came in at the upper end of our guidance range with €800 million year-over-year growth. We saw a significant EBITDA increase in our energy networks business through accelerated investments in our regulated asset base across all our regions. Our annual network investments increased to 7 billion euros in 2025. As is well known, the result was also driven by value-neutral timing effects. Further effects in Q4 bring the total amount to around 400 million euros. Most of the effects came from our energy networks euro business, driven by volume effects and recovery of network losses. The remainder is with our German networks business, where higher volumes and lower redispatch costs added a high double-digit million euro amount. Our energy infrastructure solution business grew by around 5% year-over-year to 588 million euro. The growth was driven by higher volumes compared to previous year and improved asset availability in the UK and Nordics. Additionally, we saw investment-driven organic growth as well as continued smart meter installations in the UK. Moving to energy retail business. Here we landed as expected at the midpoint of 1.8 billion euros. The earnings development in the UK progressed as anticipated, with the well-known effects continuing. In our B2C segment, customers continue to switch from SVT into fixed-term tariffs. In our B2B segment, contracts from previous years continue to roll off. Price adjustments in Germany from earlier in the year had a positive compensatory effect. Just for completeness, we had a negative high double-digit million euro one-off effect from efficiency programs in our energy, retail and ice business. This brings our total one-off effects to around 300 million euro, resulting in a total underlying EBITDA in 2025 of 9.5 billion euro. Our adjusted net income came in at 3.0 billion euro at the upper end of our guidance range. We continued to see slightly higher depreciation cost caused by the increased digital investments with shorter useful lifetimes. At the same time, our interest cost rose due to the higher net debt level compared to last year and the higher refinancing cost for maturing bonds. On an underlying basis, this converts into 2.84 billion euro of adjusted net income. We maintain a strong balance sheet. Economic net debt decreased by €200 million quarter over quarter to around €43.2 billion at full year 2025, despite the continued investments in Q4. Our investment increased by 13% year over year to €8.5 billion, extending our track record of five consecutive years of annual increases following our strategic repositioning in 2021. Our strong operating cash flow of 3.6 billion euro was the main driver of the debt reduction in line with the typical pattern. As a result, we closed the period with a comfortable debt factor of 4.4. This shows that we remain fully committed to a capital structure staying below our up to five times promise to maintain a strong BBAA rating. This balance sheet strength is further supported by 100% cash conversion rate, reflecting disciplined working capital management and the high quality of our earnings. Turning now to my second message, our new attractive guidance framework. For 2026, we are guiding an EBITDA of €9.4 to €9.6 billion and an adjusted net income of €2.7 to €2.9 billion. For 2026, we expect a broadly stable EBITDA development. In the energy network segment, continued investments into the regulated asset base will be largely offset by cost for further growth in our networks business. Our energy retail segment is expected to remain broadly stable at 1.6 to 1.8 billion euro, with operational improvements, including increased centralization of our procurement, largely offset by the structural deconsolidation of one of our participations, moving it to add equity accounting. In energy infrastructure solutions, continued investments are expected to drive earnings growth in 2026. This development feeds through into our adjusted net income. Looking out to 2030, we expect our underlying earnings to grow by more than 6% on average per year. In absolute terms, that means adjusted EBITDA increasing over €3 billion to around €13 billion by 2030. Over the same period, we expect our underlying adjusted net income to grow at the same pace by 6% per year on average. This takes us to around €3.8 billion by 2030, an increase of around €1 billion. Let me now outline how each of our three business segments contribute to our growth story. In energy networks, we are stepping up investments in all our markets, which translates into underlying EBITDA growth of around 6% per year to 2030. Germany is by far the largest contributor, driven by continued investments in the power wrap. In addition, Sweden and Czechia are key contributors. In energy infrastructure solutions, we expect to see a CAGR of 12% by 2030, turning into an EBITDA of approximately 1.1 billion euro. The largest business drivers are B2B solutions, including on-site generation, battery opportunities, and district heating and cooling. In energy retail, we expect to ramp up our EBITDA to 2.1 billion euro by 2030. The growth is primarily driven by innovative products such as flexibility and immobility offerings, as well as higher efficiencies stemming from the centralization of our procurement and further digitization. This sends late into exceedingly strong cash generation. By 2030, our energy retail business is expected to generate a cash contribution of around 7 billion euro, almost three times what we plan to invest. Therefore, energy retail plays an important role in funding our investment program. Let me now outline the CapEx envelope that underpins our growth story. Since our strategic repositioning in 2021, we have consistently increased our CapEx envelope. And we are doing so again. We raised our CapEx to 48 billion euro for the five-year period to 2030. We have rolled forward our capex for another two years. Our capex amounts to around 10 billion Euro per year in 2027 and 2028. We will maintain this level in 2029 and 2030. This translates into a 10% power-wrapped CAGR in Germany, reflecting investments of more than twice our depreciation. This also increases the power share of our total WAP from 88% in 2025 to 94% by 2030. This expansion is fully aligned with our strict value creation framework, ensuring that each segment delivers a business-specific value creation spread. By far the largest portion of the investment budget, around 40 billion euros allocated to our energy networks business. Most of this capital is allocated to power grids. In our energy infrastructure solution business, we plan to invest around 5 billion euros over the five-year horizon. These investments are mainly allocated to our district heating network, our industrial and commercial customers for decommunized energy and heating solutions, as well as to opportunities for data centers and batteries. Within energy retail, our investment focuses on innovative products and advancing our digital capabilities to services our customers in an efficient way. Let's move to our financing outlook. Our balance sheet capacity remains unchanged at 5 to 10 billion euro, even with a higher investment budget. We retain flexibility for selective value-equative portfolio opportunities while benefiting from high cash computing of our energy retail business. Hence, our strong balance sheet provides a solid foundation for additional investments while keeping a prudent risk buffer to preserve financial resilience. As Leo mentioned earlier today, the growth opportunities we have are robust and long-term, particularly for power grids. And we stand ready to invest more, considering what is still necessary for a successful energy transition. We are operationally and financially prepared to increase our capex run rate in the outer years and invest an additional 1.5 to 2 billion euro per year, considering what is still necessary for a successful energy transition. But for that, we first need the necessary regulatory visibility for improved RP5 parameters. This brings me to my final message. With our new attractive outlook to 2030, we are fully committed to deliver sustainable earnings growth of more than 6% per year and grow our dividend up to 5% per year. And we have optionality for more based on the structural growth of power grids that is still needed. Our combination of organic growth alongside growing dividends offers attractive long-term value for our shareholders with an opportunity for more. And with that, back to you, Iris.