E.ON 2025 performance: growth targets fully achieved
- Growth strategy continues: adjusted Group EBITDA reached €9.8 billion and adjusted Group net income €3.0 billion.
- Investments increased further: total investments amounted to €8.5 billion, of which €7.0 billion were allocated to the Energy Networks division.
- Medium-term growth trajectory: adjusted Group EBITDA is expected to rise to around €13 billion by 2030, with adjusted Group net income reaching approximately €3.8 billion.
- New investment plan: an increase from €43 billion for the 2024–2028 period to €48 billion for 2026–2030, subject to the existence of an appropriate regulatory framework.
E.ON closed the 2025 financial year with a solid financial and operational performance, fully achieving its growth targets. This development was driven primarily by the company’s rapid expansion and modernisation of Europe’s energy infrastructure. As a playmaker of the energy transition, E.ON once again significantly increased its year-on-year investments, thereby systematically advancing the transformation of the European energy system.
CEO: strong execution in a volatile environment
Chief Executive Officer Leonhard Birnbaum commented: “E.ON delivered an exceptionally strong operational performance in 2025. We are accelerating the expansion of our networks, consistently digitalising the energy system and rapidly launching new solutions for our customers. This momentum is not a given, it is the result of clear priorities and outstanding execution across all markets. In a volatile environment, our business model has once again proven robust and attractive for our shareholders. Building on this strong foundation, we continue expanding the infrastructure Europe needs for a secure, sustainable and affordable energy future.”
Group earnings increase thanks to higher investments and operational progress
In the 2025 financial year, E.ON generated adjusted Group EBITDA of €9.8 billion. This result was at the upper end of the company’s guidance range of €9.6–9.8 billion and exceeded the previous year’s figure by 9% (2024: €9.0 billion). E.ON benefited in particular from growth in the Energy Networks division, driven by substantial investments.
Adjusted Group net income increased to €3.0 billion (2024: €2.9 billion), placing it in the upper part of the forecast range of €2.85–3.05 billion. This corresponds to adjusted earnings per share of €1.16 (2024: €1.09).
Energy Networks: backbone of the transition
Within the Energy Networks division, adjusted EBITDA increased by 12% to €7.7 billion, compared with €6.9 billion in 2024. Investments rose by 20% year on year to €7.0 billion.
These investments were mainly directed towards new grid connections, as well as the modernisation and digitalisation of network infrastructure, contributing to further growth of E.ON’s regulated asset base.
Energy Retail: focus on flexible solutions
The Energy Retail business generated adjusted EBITDA of €1.7 billion in 2025, compared with €1.8 billion in 2024, in line with expectations. The 6% decline was mainly linked to portfolio effects in the United Kingdom, driven by a higher share of fixed-price contracts.
In Germany, earnings rose slightly due to price effects within the product portfolio. Digitalisation and customer management costs weighed on performance.
E.ON invested €480 million in Energy Retail, primarily to expand charging infrastructure across Europe, enhance digital platforms and develop new customer solutions.
In partnership with BMW Group, E.ON launched Germany’s first commercial bidirectional charging offer integrated into the public grid, enabling electric vehicles to function as active storage assets within the energy market.
Energy Infrastructure Solutions: steady decarbonisation growth
Energy Infrastructure Solutions increased adjusted EBITDA by 5% to around €590 million in 2025, compared with approximately €560 million in 2024.
This performance was driven by higher asset availability in Scandinavia and the United Kingdom, climate-related factors boosting heating volumes in Germany, and continued progress in smart meter rollouts in the UK.
Investments remained high at around €900 million, following an exceptionally elevated level in 2024 due to one-off effects.
Outlook for 2026
From the 2026 financial year onwards, E.ON will adjust for temporary regulatory effects in the Energy Networks business within both adjusted EBITDA and adjusted net income.
On this basis, the company expects stable earnings development in 2026, forecasting adjusted Group EBITDA between €9.4 billion and €9.6 billion.
Adjusted net income is projected between €2.7 billion and €2.9 billion, corresponding to adjusted earnings per share of €1.03 to €1.11.