E.ON: Good start to the year with 1Q26 beat

Research evidence excerpt

E.ON: Good start to the year with 1Q26 beat

Equity Research

European Utilities & Clean Energy

13 May 2026

E.ON

Good start to the year with 1Q26

beat

In our view E.ON’s 1Q26 beat supports a small share EONGn.DE/EOAN GY EQUAL WEIGHT

POSITIVEoutperformance vs. SX6P today. Strong 1Q26 adj. EBITDA and EuropeanEnergy Utilities & Clean

adj. net income, plus 1Q adj. net income already at ~48% of Price Target EUR 19.00

FY26 guidance mid-point, should reinforce investor views that Price (12-May-26) EUR 18.11 Potential Upside/Downside +4.9%

Source: Bloomberg, Barclays Research2026 guidance looks conservative.

E.ON reported a decent set of 1Q26 results today: 1Q26 adj. EBITDA came in at €3,253m (~2% European Utilities & Clean Energy

above Vara company-collected consensus of €3,186m), adj. net income was €1,341m (~4% Peter Crampton

+44 (0)20 3555 0125above consensus of €1,284m), and 1Q26 economic net debt was ~€46.1bn, broadly in line with

peter.crampton2@barclays.com

company-collected consensus of ~€46.0bn. At the divisional level, Energy Retail was ahead of

Barclays, UK

expectations, while Energy Networks and Corporate Functions/Other were also slightly better

than expected. The adj. net income beat was mainly driven by the stronger EBITDA outturn, Dominic Nash, PhD

+44 (0)20 3134 2364combined with lower below-the-line items. E.ON also reiterated its 2026/30 financial guidance

dominic.nash@barclays.com

and recapped Monday’s comments on the OVO transaction, highlighting that the deal is

expected to be earnings and cash flow accretive, with a short payback period.

Laura Marconi

We see a small outperformance of E.ON shares versus the European utility sector (SX6P) as +44 (0)20 3555 0762

justified today. This reflects the meaningful beats on both adj. EBITDA and adj. net income.