FY 2021 results #StandWithUkraine - EON
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16th March 2022
#StandWithUkraine
FY 2021 results
Humanitarian crisis affects all of us - E.ON FY 2021 results
E.ON supporting with variety of measures
4 E.ON markets with borders to Ukraine
~€2 million
donation
Support and donations
E.ON supports affected regions and matches donations from
employees
PL
Regional support from E.ON entities
SK Ukraine
E.ON offers direct help for refugees and additional activities
especially in Poland, Slovakia, Hungary, Czech Republic and HU
Romania RO
Energy security in border areas
E.ON to maintain a reliable and affordable access to energy for
our customers in the affected regions
2
Time for action: multiple implications from the war for the E.ON FY 2021 results
European energy sector and it’s customers
Short-term Long-term
Access to gas in situation of shortages Reduce dependency from Russia through
Enough liquidity on European wholesale markets now but tighter diversification of fuel mix
situation expected during winter season 2022/2023 55% of German gas supplyPL
stemming from Russian imports
Stability of supply Import more Liquified Natural
SK Gas (LNG)
Maintain access to non-gas assets as feasible options to be LNG infrastructure needs to
HU
be ramped up and prepared to
discussed with politics also supply green hydrogen RO
Affordability of energy Accelerate energy transition
Ensuring protection of the customers to maintain affordability of Digitalization and modernization of energy network
energy. Germany: Abolishment of renewables surcharge is right infrastructure to absorb increasing demand for renewables
signal connections
3
Drastic short-term measures required to replace E.ON FY 2021 results
Russian gas supply next winter
Short-term measures to compensate Russian gas imports
TWh
>60 Annual demand
Supply structure Germany >35 ~870
1% Transport
20
~20
Consequence: 27% Industry
Incentives to
Loss of Production Reactivation Curtailment in
reduce
Russia ~55% Russian increase in of coal plants residential
Industry
supply Europe in reserve (national gas
demand
emergency plan)
43% Heating
Additional LNG
Norway & Storage
Withdrawals
29% Energy
LNG
Other
4
Source: AG Energiebilanzen 2020 and E.ON internal analysis
Sufficient options to replace Russian gas supply E.ON FY 2021 results
in the long run – but timely decisions required
Long-term measures to reduce German dependency on Russian gas
by start time and potential
2022 2025 2030 Potential
TWh
Delay of coal phase-out 25-150
Demand Accelerate RES expansion (additional 5 GW beyond already ambitious target) 5-90
reduction
Accelerate heat transition 5-50
Ramp-up of biomethane
2021 delivery above expectations despite operational E.ON FY 2021 results
challenges and volatile macro environment
We are the reliable partner for energy infrastructure and solutions 2021 with strong delivery
EBITDA
Covid-19
E.ON is the operator of system critical infrastructure and a €7.9bn
reliable energy supplier
Floods and storms
E.ON successfully executed disaster management in Germany,
Sweden and CEE with minimum power outages
Energy prices ANI DPS1
E.ON is the reliable supplier and partner for our customers €2.5bn €0.49
6
1. Subject to 2022 AGM approval
We successfully progress on our strategic priorities E.ON FY 2021 results
Growth Sustainability Digitalization
• ~€5.3bn investments in 2022 and • 107m tons avoided CO2 emissions in • 100,000 smart meters in Germany
~€27bn until 2026 2021 • Investments into digital start-ups to
• At least 6% power RAB growth p.a. • 97% EU taxonomy aligned capex 2021 broaden our digital ecosystem e.Hub
• Increasing demand for sustainable B2C • Major green gas activities initiated • Successful digitalization of German and
solutions in 2021: >125,000 PV, heating UK retail operations
and charging solutions installed (+25%
yoy)
7
We commit to annually grow the dividend - E.ON FY 2021 results
also beyond 2026
Dividend per share
€ up to 5%
DPS growth p.a.
until 2026
0.46 0.47 0.491
0.43
0.30
0.21
2016 2017 2018 2019 2020 2021 2026 Growth beyond
We delivered … … and will continue to deliver
8
1. Subject to 2022 AGM approval
Financial Update
Short-term impact on earnings from high energy prices E.ON FY 2021 results
Energy Networks
Temporary exposure to higher energy prices
Higher costs for network losses recoverable in the following years
Customer Solutions
Neutral exposure to higher energy prices
Fully hedged for 20221 - Higher costs for unhedged volumes sold to customers will be passed through
Non-Core
Positive exposure to higher energy prices
Higher achieved prices for unhedged volumes with positive impact on P&L
10
1. For volumes that are not following regulatory trackersEnergy Networks: only temporary impact from E.ON FY 2021 results
higher energy prices for network losses
Regulatory accepted Impact from Estimated 2022 net impact from Recovery
Countries procurement approach & network losses on network losses mechanism for
Scenario 1 Scenario 2
tariff reflection 2021 actuals network losses
(price view as of Jan) (price view as of Mar)
Early forward hedging & full ex-
Germany - - - -
ante reflection in tariffs
Early forward hedging & full ex-
Czech Rep. - - - -
ante reflection in tariffs
TSO costs: spot-price exposure
for network losses Mid to high
Mid double-digit Flexible between
Sweden Own network losses: early ~-€50 m double-digit
million t+1 and t+8
forward hedging & largely ex- million
ante tariff-reflection
Differing spot-price exposure & Mid to high
Very low
CEE ex. Czech Rep. partly ex-post reflection in ~-€100 m double-digit Mainly t+2
triple-digit million
tariffs (time-lag) million
Very low Low
triple-digit million triple-digit million
Total - ~-€150 m Middle of Energy Lower end of t+1 and later
Networks guidance Energy Networks
range guidance range
11Customer Solutions: Limited risk exposure from prudent E.ON FY 2021 results
sourcing and lower B2B volumes
FY 2021 gas volumes sold (B2C & SME, B2B)1 Volume sold to B2B customers (power and gas)
TWh p.a. TWh p.a.
300
~260
Sourcing:
Contracted wholesale gas volumes
2022 -2024 with Subsidiaries of 150
Gazprom in Europe
~16 TWh
2021 2020 2024
• 2022 volumes fully hedged for power and gas2 • Decreasing exposure to B2B volumes:
~10% reduction achieved in 2021
• No direct long-term contract exposure
• Business focus on B2C/SME customers
12
1. Net amount excluding inter company trading and sell backs 2. Excl. volumes for regulatory trackersCustomer Solutions: Limited liquidity exposure despite E.ON FY 2021 results
extreme prices
Limited liquidity impact from exchange margining Limited impact on working capital
Exchange margining development from energy sourcing1: Illustrative development of working capital (cash view):
Total margin
31 Dec 2021 FY 2021 FY 2022e
+€0.4bn
Working capital
impact
Variation Margin ~-€0.5bn ~+€0.5bn
Initial Margin Higher Settlement Higher receivables
receivables of 2021 following
H1 9M FY Jan-22 Feb-22
following receivables additional price
2021 2021 2021 price increase increases
• Sourcing via exchanges reduced since beginning • FY 2022 working capital impact resulting form opposing
of the year effects:
• Positive impact from settlement of receivables from 2021
• Variation margin to roll-off in 2022
• Negative impact from additional price increases
13
1. Reflected in Economic Net DebtStrong operations leading to significant growth E.ON FY 2021 results
FY 2021 key financials1 Highlights FY 2021
yoy +14% +52%
Strong performance
Beat on earnings guidance due to excellent operations
€7.9bn €0.96 5.9x
Synergy target
€6.9bn 4.9x Fully achieved synergy target of additional ~€180m
€0.63
Delivery of UK turnaround
EBIT target of £100m achieved despite challenging market
environment
Deleveraging target achieved ahead of plan
Debt factor of 4.9x already achieved
Adj. EBITDA EPS Debt Factor
Dividend growth
FY 2020 FY 2021 Confirmed dividend of €0.49 per share2
14
1. Adjusted for non-operating effects 2. Subject to 2022 AGM approvalEBITDA up 1-billion-euro year over year E.ON FY 2021 results
EBITDA1 Key drivers
€m
+• Covid-19 impact in 2020
FY 2020 6,905 Energy +/–• Germany: normalized weather/
regulatory cycle
Networks
Energy
–• Sweden /CEE & Turkey: higher costs for network
-198 losses
Networks
Customer +• UK: ongoing restructuring benefits
Solutions
+466 Customer +• Covid-19 impact in 2020
+984m Solutions +• Normalized weather
Corp. Functions
& Other, Cons.
+24 –• Higher energy prices
Corp. Functions &
Non-Core +692
Other, Cons.
+• Realization of synergies
+• PreussenElektra: nuclear production rights
FY 2021 7,889 agreement (~€0.5bn)
Non-Core
+• Higher realized market prices and volumes
15
1. Adjusted for non-operating effectsAdjusted Net Income following EBITDA development E.ON FY 2021 results
FY 2021
€m
vs. FY 2020: vs. FY 20202:
+14% +53%
7,889
0.96 EPS
Tax rate at ~23% (€ per share)
4,723
-3,166 3,779
-944 2,503
-880
-396
Group EBITDA1 D&A Group EBIT1 Economic Profit Income taxes Minorities Adjusted
interest result before Taxes1 Net Income1
16
1. Adjusted for non-operating effects 2. Adjusted Net IncomePositive debt factor development ahead of plan supports E.ON FY 2021 results
strong BBB/Baa rating
Economic net debt
€bn
Asset Retirement Obligations (ARO) -8.0
-8.7
Pension provisions
Net financial position -6.1
-8.1 Debt factor target3
4.8x -5.2x
-24.7
-24.0 +4.1
FY 2021: 4.9x
+2.0 +0.4 +0.7 +0.1
-1.5 -38.8
-40.7 -3.7
END OCF Net Pensions2 Collateral Dividends AROs Other END
FY 2020 FY 2021 Investments payments FY 2021
FY 20211
1. Net of divestments, incl. disposal proceeds from restructuring Hungarian network business: ca. €0.4bn 2. Actuarial interest rates for German pensions at 1.1% 17
(vs. 0.8% @ FY 2020), for UK pensions at 1.9% (vs. 1.4% @ FY 2020) 3. Economic Net Debt/EBITDA, EBITDA adjusted for non-operating effectsGuidance 2022 including substantial year over year E.ON FY 2021 results
growth in our core earnings
EBITDA1 EBITDA1 key drivers 2022
€bn
7.9 7.6-7.82 Core
Core +• Realization of synergies
+• Strong business growth
1.6
+• Increased power prices
6.9-7.12
Non-Core –• Phase out Brokdorf & Grohnde
–• Nuclear production rights agreement
6.3 2021 (~€0.5bn)
FY 2021 FY 2022
Guidance: Core Non-Core
1. Adjusted for non-operating effects 2. No earnings impact from potential portfolio optimization measures included; excluding potential political and/or regulatory 18
effects that could arise from the Russian Ukrainian crisisSubstantial Energy Networks earnings growth from E.ON FY 2021 results
increased efficiencies & capex driven growth
Energy Networks EBITDA1 EBITDA1 key drivers 2022
€bn
5.5-5.72 All
All +• Organic RAB growth
5.0
1.0
+• Realization of synergies
Germany
0.5 +• Increase in efficiencies
Sweden –• Higher costs for network losses
3.5
CEE &
Turkey
–• Higher costs for network losses
FY 2021 FY 2022
Guidance: Germany Sweden CEE & Turkey
1. Adjusted for non-operating effects 2. No earnings impact from potential portfolio optimization measures included, excluding potential political and/or regulatory 19
effects that could arise from the Russian Ukrainian crisisCustomer Solutions earnings growth despite adverse E.ON FY 2021 results
market environment
Customer Solutions EBITDA1 EBITDA1 key drivers 2022
€bn
+•Germany: operational improvements and
realization of synergies
1.5-1.72 • UK: ongoing restructuring benefits;
1.5 Energy +/-
Retail higher energy prices and market design
0.6 2
0.5-0.6
0.5 -• Other: higher energy prices
+• Operation of several new projects
1.0-1.22
1.0
EIS +• Organic growth
-• Sweden: one-off effect in 2021
FY 2021 FY 2022
Guidance: Energy Retail Energy Infrastructure Solutions
1. Adjusted for non-operating effects 2. No earnings impact from potential portfolio optimization measures included, excluding potential political and/or regulatory 20
effects that could arise from the Russian Ukrainian crisisStrong double digit Core EPS growth mainly driven by E.ON FY 2021 results
business growth
Group Adjusted Net Income1 Group Earnings per share1
€bn €
2.5 2.3-2.52
0.4
0.9 0.88-0.962
0.96
0.34 0.16
1.9-2.12
0.73-
1.6 0.802
0.62
FY 2021 FY 2022 FY 2021 FY 2022
Guidance: Core3 Non-Core
1. Adjusted for non-operating effects 2. No earnings impact from potential portfolio optimization measures included, excluding potential political and/or regulatory 21
effects that could arise from the Russian Ukrainian crisis 3. Core business only (segments: Energy Networks, Customer Solutions, Corporate Functions & Other)Investments 2022 in line with growth strategy E.ON FY 2021 results
Investments 2022 Investments 2022-2026
€bn €bn
~95% ~95%
~5.31 EU taxonomy
aligned2
~271 EU taxonomy
aligned2
Energy Networks Customer Solutions Corporate Functions & Other
1. Cash-effective investments including Corporate Functions & Other; excluding potential political and/or regulatory effects that could arise from the Russian 22
Ukrainian crisis 2. Based on EU taxonomy eligible capexWe are well on track to achieve our delivery plan until E.ON FY 2021 results
2026
Dividend per share (DPS) growth of up to 5% p.a. until 2026 €0.49 dividend for FY 20211
EBITDA2,3 2026: ~€7.8bn / 4-5% CAGR4
2022-2030: Average 5-year
EPS2,3 2026: ~€0.90 / 7-9% CAGR4 rolling5 EPS CAGR at least 5%
Total capex 2022-2026: ~€27bn
Capital structure with strong BBB/Baa rating6
Average ROCE of 7-8%7
1. Subject to 2022 AGM approval 2. Adjusted for non-operating effects 3. Core business only (segments: Energy Networks, Customer Solutions, Corporate Functions &
Other) 4. 2021-2026 CAGR, calculated on core earnings only (segments: Energy Networks, Customer Solutions, Corporate Functions & Other), CAGRs are adjusted to FY
23
2021 actuals 5. 5-year rolling period applies to every 5-year period between 2022 and 2030 6. Debt factor target: 4.8-5.2x 7. Average for period 2022-2026E.ON FY 2021 results
Financial Appendix
24Guidance overview E.ON FY 2021 results
2022-2030
€bn Actual FY 2021 FY 20225 FY 2026 CAGR 21-268
(5yr rolling)9
Core EBITDA1 6,272 6.9-7.1 ~7.8 4-5% -
Energy Networks 4,988 5.5-5.7 6.0-6.2 ~4% -
Customer Solutions 1,492 1.5-1.7 1.9-2.2 5-8% -
Energy Retail 1,013 1.0-1.2 1.2-1.4 3-6% -
Energy Infrastructure Solutions 0,479 0.5-0.6 0.7-0.8 8-11% -
Corporate Functions & Other -0,208 ~-0.2 - - -
Group EBITDA1 7,889 7.6-7.8 - - -
Non-Core 1,617 0.6-0.8 - - -
Core Adj. Net Income1 1,605 1.9-2.1 ~2.35 7-9% At least 5% CAGR9
Group Adj. Net Income1 2,503 2.3-2.5 - - -
Core EPS1 €0.62 € 0.73-0.80 ~€0.90 7-9% At least 5% CAGR9
Group EPS1 €0.96 € 0.88-0.96 - - -
Dividend €0.494 Up to 5% p.a. - Up to 5% p.a. Growth beyond 2026
Capex2 4,762 ~5.3 ~276 - -
Energy Networks 3,520 ~4.1 ~226 - -
Customer Solutions 0,710 ~1.1 ~56 - -
Capex EU Taxonomy aligned3 97% ~95%6 ~95%6 - -
ROCE 7.8% 7-8%7 7-8%7 - -
Debt factor 4.9x 4.8x-5.2x 4.8x-5.2x - -
1. Adjusted for non-operating effects 2. Cash-effective investments including Corporate Functions & Other and Non-Core 3. Based on EU taxonomy eligible capex 4. Subject to
2022 AGM approval 5. No earnings impact from potential portfolio optimization measures included, excluding potential political and/or regulatory effects that could arise from the
25
Russian Ukrainian crisis 6. 2022-2026 7. Average for period 2022-2026 8. CAGRs are adjusted to FY 2021 actuals 8. CAGRs are adjusted to FY 2021 actuals 9. 5-year rolling
period applies to every 5-year period between 2022 and 2030Segment outlook 2022 E.ON FY 2021 results
EBITDA1 key drivers 2022
Energy Networks Customer Solutions Non-Core
•+ Organic RAB growth Energy Retail: PreussenElektra:
Germany: +• Germany: operational improve- +• Increased power prices
ments and realization of synergies
•+ Realization of synergies –• Phase out Brokdorf & Grohnde
+/–• UK: restructuring benefits; higher
•+ Increase in efficiencies energy prices and market design –• Nuclear production rights
agreement 2021
–• Other: higher energy prices
Sweden: Energy Infrastructure Solutions:
•– Higher costs for network losses +• Organic growth
• Commercial operation of several
CEE & Turkey: + new projects
•– Higher costs for network losses
–• Sweden: one-off effect in 2021
26
1. Adjusted for non-operating effects, excluding potential political and/or regulatory effects that could arise from the Russian Ukrainian crisisWe put sustainability at the heart of everything we do E.ON FY 2021 results
Steering & Reporting
Decarbonization is key:
Base planning of CO2-footprint until 2030 and annual
tracking of CO2 reduction required by each Management
Units
Prepare for upcoming regulation:
Implement TCFD requirements in risk management and
strengthen reporting process
Continuation of leading green bond issuer
97% of our investments1 2021 are aligned with
Financing Investing the EU Taxonomy
27
1. Based on EU taxonomy eligible capexFinancial overview
€m FY 2020 FY 2021 % YoY
Sales 60,944 77,358 +27
EBITDA1 6,905 7,889 +14
1
EBIT 3,776 4,723 +25
Adjusted Net Income1 1,638 2,503 +53
OCFbIT 5,948 5,639 -5
Investments 4,171 4,762 +14
Economic Net Debt² -40,736 -38,773 +5
1. Adjusted for non-operating effects 2. Economic Net Debt as per 31 Dec 2021 and 31 Dec 2020; Economic Net
Debt definition considers the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to
IFRS AROs; bonds initially issued by innogy are recorded at their nominal value: the amount in the consolidated balance 28
sheets is €2.1bn (as of 31 Dec 2020) respectively €1.9bn (as of 31 Dec 2021) higherCash conversion rate1 of 80% in FY 2021 E.ON FY 2021 results
€bn
80% CCR1
7.9
-1.1 5.6
-1.2 4.1
-0.9
-0.7
-4.8 -0.7
Group Cash Change in WC OCFbIT Interest Tax payments OCF Capex FCF
EBITDA2 adjustments3 payments
1. Cash Conversion Rate (CCR): (OCF bIT + provision utilization nuclear) ÷ EBITDA 2. Adjusted for non-operating effects 3. Incl. non cash-effective EBITDA items, 29
provision utilizations and payments related to non-operating earningsEBIT growth above expectations E.ON FY 2021 results
EBIT1 Key drivers
€m +
• Covid-19 impact in 2020
Energy +/–
• Germany: normalized weather/
FY 2020 3,776 regulatory cycle
Networks –
• Sweden /CEE & Turkey: higher costs for
Energy network losses
-272
Networks
Customer +
• UK: restructuring benefits
Solutions
+448 Customer +
• Covid-19 impact in 2020
+947m Solutions +
• Normalized weather
Corp. Functions
& Other, Cons.
+40 –
• Higher energy prices
Corp. Functions &
Non-Core +731 +
• Realization of synergies
Other, Cons.
FY 2021 4,723
+
• PreussenElektra: nuclear production rights
Non-Core agreement (~€0.6bn)
+
• Higher realized market prices and volumes
30
1. Adjusted for non-operating effectsDivisions: Energy Networks E.ON FY 2021 results
EBITDA1 Drivers
€m
All
+
• Covid-19 impact in 2020
+
5,186
-4% 4,988
• Organic RAB growth
CEE & Turkey 1,029 Germany +
• Normalized weather (vs. FY 2020)
Sweden 529
1,023
507
–
• Regulatory cycle
Sweden –
• Higher costs for network losses
Germany 3,628 3,458
CEE & –
• Higher costs for network losses
FY 2020 FY 2021 Turkey +
• Slovakia: first time contribution of VSEH2
€m Germany Sweden CEE & Turkey Total
FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY
Revenue 14,563 14,661 +1 889 962 +8 2,484 2,650 +7 17,936 18,273 +2
EBITDA1 3,628 3,458 -5 529 507 -4 1,029 1,023 -1 5,186 4,988 -4
1
EBIT 2,182 1,961 -10 371 337 -9 689 672 -2 3,242 2,970 -8
thereof equity-method earnings 224 277 +24 0 0 - 142 151 +6 366 428 +17
OCFbIT 3,614 3,020 -16 612 602 -2 995 1,067 +7 5,221 4,689 -10
Investments 2,365 2,396 +1 353 407 +15 651 717 +10 3,369 3,520 +4
31
1. Adjusted for non-operating effects 2. Slovakian business acquired from RWE in Q3 2020Divisions: Customer Solutions E.ON FY 2021 results
EBITDA1 Drivers
€m
All
+
• Covid-19 impact in 2020
+
+45% 1,492
–
•
-•
Normalized weather (vs. FY 2020)
Higher energy prices
419 Germany
Other
1,026 +
• Realization of synergies
327 261
UK 1 152 UK +
• Ongoing restructuring benefits
Benelux
152
–
-• Supplier of last resort
546 660
Germany
Other +
• Strong operational performance
FY 2020 FY 2021 +
• Sweden: one-off effect
€m Germany Benelux UK Other Total
FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY
Revenue 22,550 28,475 +26 2,959 4,088 +38 13,993 17,870 +28 9,157 11,074 +21 48,659 61,507 +26
EBITDA1 546 660 +21 152 152 +0 1 261 +26,000 327 419 +28 1,026 1,492 +45
EBIT1 412 525 +27 80 90 +13 -129 121 +194 115 190 +65 478 926 +94
thereof equity-method earnings 4 4 - 5 7 +40 - - - 7 7 +0 16 18 +13
OCFbIT 581 551 -5 115 125 +9 -256 -276 -8 308 115 -63 748 515 -31
Investments 238 236 -1 40 47 +18 117 103 -12 408 324 -21 803 710 -12
32
1. Adjusted for non-operating effectsDivisions: Customer Solutions – EIS/Retail E.ON FY 2021 results
EBITDA1 Drivers
€m +• UK: ongoing restructuring benefits
+• Realization of synergies
1,492
+50% Energy +• Covid-19 impact in 2020
1,026 Retail +• Normalized weather (vs. FY 2020)
1,013 –• Higher energy prices
–• Supplier of last resort (UK)
Retail 675
+36%
EIS 351 479 +• High availability (vs. FY 2020)
FY 2020 FY 2021
+• Normalized weather (vs. FY 2020)
EIS
+• Optimization gains from generation
+• Organic growth
€m EIS Retail Total +• Sweden: one-off effect
1
FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY +• Cost-efficiency measures
EBITDA 351 479 +36 675 1,013 +50 1,026 1,492 +45
1
EBIT 145 237 +63 333 689 +107 478 926 +94
Investments 450 409 -9 353 301 -15 803 710 -12
33
1. Adjusted for non-operating effectsCustomer numbers B2B & B2C E.ON FY 2021 results
Customer accounts (m)1 Thereof: electricity customers (m)1
+3% +3% 39.9
38.8
49.9 51.3 11.7 12.0
6.2 6.3
2.1 2.2
13.9 14.4 8.6 9.1
10.1 10.3
10.3 10.5 FY 2020 FY 2021
4.1 4.1 Thereof: gas customers (m)1
11.1 +3% 11.4
11.5 12.1
2.2 2.3
4.1 4.2
10.1 10.3 1.9 1.9
2.9 3.0
FY 2020 FY 2021
FY 2020 FY 2021
Germany UK Benelux2 Other3, 4 Turkey
1. Including at-equity participations 2. 2020 adjusted due to the disposal of Essent BE 3. Incl. Sweden, Italy, Czech Republic, Hungary, Croatia, Romania, Poland, 34
Slovakia 2. 2020 adjusted due to the disposal of Essent BE 4. 2020 adjusted to disposal ELMŰ USP license (Hungary)Non-Core business E.ON FY 2021 results
EBITDA1 Drivers
€m +• Nuclear production rights agreement
+75% Preussen (~€500m)
1,617
Elektra +• Higher availability of plants and higher
market prices
925
Preussen 1,563
Turkey +• Higher achieved spark spreads
Elektra Generation –• FX effects
895
Generation
Turkey
30 54
FY 2020 FY 2021
€m PreussenElektra Generation Turkey Total
FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY FY 2020 FY 2021 % YoY PreussenElektra: Hedged Prices (€/MWh)
Revenue 1,388 1,632 +18 - - - 1,388 1,632 +18 as of 31 December 2021
EBITDA1 895 1,563 +75 30 54 +80 925 1,617 +75
EBIT1 383 1,090 +185 30 54 +80 413 1,144 +177 2021 100% 49
thereof equity-method earnings 75 51 -32 30 54 +80 105 105 +0
OCFbIT 489 1,010 +107 0 32 - 489 1,042 +113 2022 78% 56
Investments 275 298 +8 - - - 275 298 +8
69%
35
1. Adjusted for non-operating effectsAdjusted Net Income
€m FY 2020 FY 2021 % YoY
EBITDA1 6,905 7,889 +14
Depreciation/amortization -3,129 -3,166 -1
EBIT1 3,776 4,723 +25
Economic interest expense (net) -1,078 -944 +12
EBT1 2,698 3,779 +40
Income Taxes on EBT1 -653 -880 -35
% of EBT 1 -24% -23% +4
Non-controlling interests -407 -396 +3
1
Adjusted Net Income 1,638 2,503 +53
36
1. Adjusted for non-operating effectsReconciliation of EBITDA to
IFRS Net Income
€m FY 2020 FY 2021 % YoY
1
EBITDA 6,905 7,889 +14
Depreciation/Amortization/Impairments -3,129 -3,166 -1
1
EBIT 3,776 4,723 +25
Interest result -720 -553 +23
Net book gains 258 26 -90
Restructuring -656 -511 +22
Effects from derivative financial instruments 1,128 3,250 +188
Impairments (net) -557 -409 +27
Other non-operating earnings -1,048 -403 +62
Income/Loss from continuing operations before income taxes 2,181 6,123 +181
Income taxes -871 -818 +6
Income/loss from continuing operations 1,310 5,305 +305
Income/loss from discontinued operations, net -40 0 +100
Net income/loss 1,270 5,305 +318
Non-controlling interests -253 -614 -143
Net income/loss attributable to shareholders of E.ON SE 1,017 4,691 +361
37
1. Adjusted for non-operating effectsCash-effective investments
€m FY 2020 FY 2021 % YoY
Energy Networks 3,369 3,520 +4
Customer Solutions 803 710 -12
Corporate Functions & Other -273 238 +187
Consolidation -3 -4 -33
Non-Core 275 298 +8
Investments 4,171 4,762 +14
38Economic Net Debt1 €m 31 Dec 2020 31 Dec 2021 Liquid funds 4,795 5,965 Non-current securities 1,887 1,699 Financial liabilities -30,720 -32,730 Adjustment FX hedging2 82 391 Net Financial Position -23,956 -24,675 Provisions for pensions -8,088 -6,082 Asset retirement obligations -8,692 -8,016 Economic Net Debt -40,736 -38,773 1. Economic Net Debt definition considers the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs; bonds initially issued by innogy are recorded at their nominal value: the amount in the consolidated balance sheets is €2.1bn (as of 31 Dec 2020) respectively €1.9bn (as of 31 Dec 2021) higher 2. Net figure; does not include transactions relating to our 39 operating business or asset management
Economic interest expense (net) €m FY 2020 FY 2021 YoY Interest from financial assets/liabilities -1,012 -917 95 Interest cost from provisions for pensions and similar provisions -95 -63 31 Accretion of provisions for retirement obligation and similar provisions -9 -1 8 Construction period interests¹ 8 7 -1 Others 30 31 1 Net interest result -1,078 -944 135 1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing 40 cost are interest costs incurred by an entity in connection with the borrowing of funds (interest rate: 2.79%)
END increase by strong investments in core business E.ON FY 2021 results
Economic net debt – quarterly comparison
€bn
Asset Retirement Obligations (ARO) Pension provisions Net financial position
-8.1 -8.0
-6.1
-6.0
-23.1 +0.7
-24.7
-37.2
-1.6 +0.4
-38.8
-1.0
END OCF Net Investments Pensions2 Collateral payments Other (incl. AROs) END
Q3 2021 Q4 2021 Q4 20211 FY 2021
41
1. Net of divestments 2. Actuarial interest rates for German pensions at 1.1% (vs. 1.2% @ Q3 2021), for UK pensions at 1.9% (vs. 2.0% @ Q3 2021)Bond maturities E.ON FY 2021 results
Bond maturities as of end FY 20211
€bn 16.2
Volume
% Coupon
1.5
1.3
1.2
0.0% 1.1
5.9%
0.0% 0.0% 0.9
0.8 0.8 0.8 0.8
3.9%
5.7% 0.5 0.5
0.4%
0.8% 0.3 3.0% 0.0% 1.0% 1.0% 0.3%
5.5% 5.6% 0.9% 1.6%
5.5%
Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q2 Q4 Q2 Q4 >2026
2022 2022 2023 2023 2023 2024 2024 2024 2025 2025 2026 2026
42
1. Bonds issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE)Financial calendar & important links E.ON FY 2021 results
Financial calendar
May 11, 2022 Quarterly Statement: January – March 2022
May 12, 2022 2022 Annual Shareholder Meeting
August 10, 2022 Half-Year Financial Report: January – June 2022
November 9, 2022 Quarterly Statement: January – September 2022
Important links
Presentations https://www.eon.com/en/investor-relations/presentations.html
https://www.eon.com/content/dam/eon/eon-com/eon-com-assets/documents/investor-
Facts & Figures 2022 relations/en/presentations/220316-facts-and-figures-2022-final.pdf
Annual Reports https://www.eon.com/en/investor-relations/financial-publications/annual-report.html
Interim Reports https://www.eon.com/en/investor-relations/financial-publications/interim-report.html
Shareholder Meeting https://www.eon.com/en/investor-relations/shareholders-meeting.html
Green Bond Framework https://www.eon.com/en/investor-relations/bonds/green-bonds.html
Sustainability Report https://www.eon.com/en/ueber-uns/nachhaltigkeit/nachhaltigkeitsbericht.html
43E.ON‘s Investor Relations Team E.ON FY 2021 results
Analysts & Institutional Investors Event & Roadshow Management
Verena Nicolaus-Kronenberg Björn Siggemann Vanessa Brinkmann
Head of Investor Relations Manager Investor Relations Assistant Investor Relations
verena.nicolaus-kronenberg@eon.com bjoern.siggemann@eon.com vanessa.brinkmann@eon.com
+49 152 09331400 +49 175 1996123 +49 152 09340725
Martina Burger Andreas Thielen Jana Kleipsties
Manager Investor Relations Manager Investor Relations Junior Manager Investor Relations
martina.burger@eon.com andreas.thielen@eon.com jana.kleipsties@eon.com
+49 151 19773784 +49 151 67114918 +49 160 97802790
Martin Jäger Marisa Weiskirch
Manager Investor Relations Manager Investor Relations General Contact:
martin.jaeger@eon.com marisa.weiskirch@eon.com +49 201 184 2806
+49 162 2754355 +49 152 57938737 investorrelations@eon.com
Carmen Mombour Britta Wöhner
Manager Investor Relations Manager Investor Relations
carmen.mombour@eon.com britta.woehner@eon.com
+49 151 16310345 +49 152 54607527
Max Sadrina
Manager Investor Relations
max.sadrina@eon.com
+49 172 8344377
44Disclaimer
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This document is being presented solely for informational purposes. It should not be treated as giving investment advice, nor is it intended to provide the basis for any
evaluation or any securities and should not be considered as a recommendation that any person should purchase, hold or dispose of any shares or other securities.
The information contained in this presentation may comprise financial and similar information which is neither audited nor reviewed and should be considered
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Some of the information presented herein is based on statements by third parties. No representation or warranty, express or implied, is made as to, and no reliance
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This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON management and other information currently
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Neither E.ON nor any respective agents of E.ON undertake any obligation to provide the recipient with access to any additional information or to update this
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Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial
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