E.ON FY26 guidance well underpinned (1H26 Preview)

研报英文原文证据摘录

E.ON FY26 guidance well underpinned (1H26 Preview)

J P M O R G A N Europe Equity Research

29 July 2026

E.ON Overweight

EONGn.DE, EOAN GR

FY26 guidance well underpinned (1H26 Preview) Price (29 Jul 26):€18.72

Price Target (Dec-27):€21.70

We expect E.ON to report 1H26 Adjusted Net Income of €1,881m, implying a European Utilities & Clean Energy

AC2.7% decline y/y on a reported basis, or +3% adjusted for value-neutral timing Pavan Mahbubani, CFA

effects. We expect a broadly flat Networks result y/y on an adjusted basis, with (44-20) 7134-3056

organic RAB growth offset by costs for further growth. In Retail, we expect a 1.7% pavan.mahbubani@jpmorgan.com

decline y/y, reflecting the continued normalization in B2B. We expect EIS to J.P. Morgan Securities plc

increase 18% y/y. Overall, we expect 1H26 results to well underpin FY26 Javier Garrido

guidance. Our H1 EBITDA estimate of €5.4bn is ~57% of the mid-point of the FY (34-91) 516-1557

javier.x.garrido@jpmorgan.com

guidance range, while our €1.9bn Adj. NI estimate is consistent with 67% of the J.P. Morgan Securities plc

midpoint of the FY guidance range €2.7-2.9bn, which we see as consistent with

Alejandra Botbol

expectations. E.ON reports results on the 12th of August and we remain (44-20) 3493-8711

Overweight. alejandra.botbol@jpmorgan.com

J.P. Morgan Securities plc

Table 1: JPM estimates Samanvitha Theegela

(91-22) 6157-5846

Reported Estimated samanvitha.theegela@jpmchase.com

1H25 EURm 1H26E EURm y/y %

J.P. Morgan India Private Limited Energy Networks 3,963 3,810 (3.9)%

Energy Retail 1,294 1,271 (1.7)% Mukund Verma

Energy Infrastructure Solutions 326 383 17.6% (44-20) 7742-4181

Corporate Functions/Other/Consolidation (68) (81) 18.6%

mukund.verma@jpmorgan.com

Adj. Ebitda (EON Def) 5,515 5,384 (2.4)%