E.ON: 4 Key Takeaways from the 1Q26 Conference Call

研报英文原文证据摘录

E.ON: 4 Key Takeaways from the 1Q26 Conference Call

Update

May 13, 2026 10:32 AM GMT

Morgan Stanley & Co. International plc+ME.ON | Europe Robert Pulleyn

Equity Analyst and Commodity Strategist

4 Key Takeaways from the 1Q26 Robert.Pulleyn@morganstanley.comMorgan Stanley Europe S.E., Paris Branch+ +44 20 7425-4388

Arthur Sitbon, CFA

Equity AnalystConference Call Arthur.Sitbon@morganstanley.com +33 1 42 90 71-03

Morgan Stanley & Co. International plc+

Key Takeaways Sarah E Lester, CFA

Equity Analyst

We expect a neutral share price reaction following solid conference call. Sarah.Lester@morganstanley.com +44 20 7425-0551

Positive stock move most likely reflects FY26 net income guidance being well Marina Fuentes Juan

Research Associate

covered at 48% of FY26 consensus & above historical run-rate of 34% at this Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

stage.

E.ON (EONGn.DE, EOAN GY)

Q&A focus on small OVO deal & German regulatory outlook, with clarifications

Utilities | Germany

rather than material new information. Stock Rating Overweight

Industry View Attractive

We continue to see E.ON attractively valued for growth vs risk at 14x 2027e P/E, Price target €21.00

a discount to peers, with likely capex/EPS upgrades ahead via regulation. Shr price, close (May 12, 2026) €18.11

52-Week Range €20.39-14.55

Mkt cap, curr (mn) €47,300

Also see 1Q26 Results Pulse Net debt (12/26e) (mn)* €44,401

EV, curr (mn)* €97,109

1.) OVO acquisition: E.ON was confident in integration given prior experience with * = GAAP or approximated based on GAAP

Innogy N-Power post 2019 deal, and in improved consolidated market structure

given previous years. Management anticipates double-digit earnings impact from

2030 (MSe €90m = ~2% of group forecast), noting that "low-triple-digit"