E.ON (EOAN GR)

Research evidence excerpt

E.ON (EOAN GR)

31 July 2026

E.ON (EOAN GR) EquitiesMulti-Utilities

Buy: Compounding visible growth; expect solid 1H26 Germany

◆ Expect EUR5.31bn H126 EBITDA and EUR1.90bn net

MAINTAIN BUY

income (66% of FY26e net income on typical seasonality)

◆ For E.ON, regulatory updates in Germany across 2026-28, TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

coupled with financial headroom, unlock growth step by step 22.20 22.20

◆ Maintain Buy rating with unchanged TP of EUR22.20 SHARE PRICE (EUR) UPSIDE/DOWNSIDE

18.71 +18.7%

H126 results expectations: We expect H1 26 EBITDA of EUR5.31bn with (as of 29 Jul 2026)

EUR3.74bn from networks and EUR1.60bn from the EIS and Retail segments MARKET DATA

combined. We forecast H126 net income of EUR1.90bn, representing c66% of our Market cap (EURm) 49,419 Free float 80%

Market cap (USDm) 56,671 BBG EOAN GR

FY 2026 estimates due to seasonally high H1 numbers. During Q1 2026 results, 3m ADTV (USDm) 94 RIC EONGn.DE

E.ON guided to EBITDA in the range of EUR9.4-9.6bn and a net income range of

EUR2.7-2.9bn for 2026. Our EBITDA estimate is in the middle of company guidance FINANCIALS AND RATIOS (EUR)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

while our net income estimate is at the top end. HSBC EPS 1.16 1.10 1.26 1.34

HSBC EPS (prev) 1.16 1.10 1.26 1.34

Positive policy environment: We see the Ovo acquisition, increased European Change (%) 0.0 0.0 0.0 0.0

Consensus EPS 1.12 1.09 1.24 1.31

focus on energy independence and electricity demand growth as well as Germany’s PE (x) 16.2 17.0 14.8 14.0

reform package from early July as incrementally positive background for the stock, Dividend yield (%) 3.0 3.2 3.4 3.5

EV/EBITDA (x) 10.1 10.5 9.3 8.7

yet not quite large or specific enough to expect imminent upgrades to E.ON’s 2030 ROE (%) 16.3 14.5 15.4 15.1