Equity Snap: E.ON (EOAN GR) 1Q26 slight beat; guidance reaffirmed

Research evidence excerpt

Equity Snap: E.ON (EOAN GR) 1Q26 slight beat; guidance reaffirmed

13 May 2026

Equity Snap: E.ON (EOAN GR) Equities Multi-Utilities

1Q26 slight beat; guidance reaffirmed Germany

◆ 1Q26 results were slightly above expectations mainly driven Meike Becker*

by energy retail and EIS business Senior Global Utilities & Renewables Analyst HSBC Bank plc

meike.becker@hsbc.com

◆ FY26 and FY30 guidance reaffirmed +44 20 7991 6441

Charles Swabey*

Global Utilities & Renewables Analyst

E.ON (EOAN GR, EUR17.91, Buy, TP EUR22.20) HSBC Bank plc

(Priced as of 08 May 2026) charles.swabey@hsbc.com

+44 20 3268 3954

1Q26 results slightly above expectations: E.ON reported adj. EBITDA of Chandrahasan S*

EUR3,253m, which was slightly ahead of our expectations as well as consensus, Associate

Bangalore

driven by strong performance in energy retail and EIS. Adj. net income came in at

EUR1,300m and was also slightly above expectations mainly driven by the EBITDA

beat.

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Networks EBITDA at EUR2,091m was slightly below our expectations (-2% HSBCe) not registered/ qualified pursuant to FINRA regulations.

and remained relatively flat y-o-y as investments and RAB growth were offset by

deconsolidation of ENW in Germany, asset sales in CEE, and higher growth costs.

Retail EBITDA at EUR942m was above our expectation and relatively flat y-o-y as

the negative impact from UK B2B (roll-off of historically elevated margin contracts)

and deconsolidation of NEW was offset by price adjustment phasing effects in

Germany (which should normalise throughout 2026).

Energy infrastructure solutions EBITDA at EUR237m was slightly above our

expectations and grew by c16% y-o-y driven by growth through investments and