Capital Markets Story...pro forma 183 Preussen Elektra Q1 2020 Generation Turkey 164 PreussenElektra: Hedged Prices (€/MWh) as of 31 March 2020 1. Adjusted for non operating effects;

Capital Markets StoryMay 2020

Table of contents

E.ON’s Q1 2020 Update

Strategic Update

Financial Update

Appendix

1

2

3

4

E.ON’s Q1 2020 Update

Q1 2020: Solid financial and operational performance

innogy integration progressing as planned, synergy delivery on track

Virtual Annual General Meeting scheduled, dividend proposal of €0.46/share

Accelerated network investments feed RAB growth and better opportunities for customers

+150k customer accounts in Q1 2020

Q1 2020 financials in line with expectations,but impacted by warm weather

Group guidance for FY 2020 confirmed, reflection of Covid-19 impact as of 30th April

1,548

752

1,460

691

EBIT Adj. Net Income

Q1 2019 pro forma Q1 2020

€ m

1. Adjusted for non operating effects, pro forma figures Q1 2019, not audited 2. Economic Net Debt as per 31 Mar 2020 and 31 Dec 2019

39.440.2

Economic Net Debt2

€ bn

E.ON Q1 2020 results

Key Financials1

4

Energy Networks: ~90% of EBIT protected against volume variation

>100%

t+2

>100%

t+3 t+4t=0

expected

t=0

actual

t+1

100% <100% 100% >100%

Allowed revenue utilization (%)

Germany (schematic)

Unutilized allowedrevenue reversed1

Mechanisms in other main markets

• Sweden: Revenue cap, full flexibility of recovery• Czech Republic: Revenue cap, recovery in t+2 in

line with ‘modest’ price increases

1 2

1. Provided for in regulatory mechanisms

Investments3

• Investment program not impacted• Energy Networks Capex plan up for 2020,

now at ~€3.3bn (+€100m)Recovery of unutilized revenues 2020 via regulatory account between 2022 - 2024

5

Customer Solutions: proactive sell-back managementand focus on operational excellence in bad debt steering

Covid-19 related sell-back volumes as of 30th April

Key metrics for payment behavior as of 30th April

1

2

Share of 2020 volumes

exposed to demand fluctuation

… of which sold

back to the market

GER 16% 9%

UK 13% 9%

NL 10% 7%

unchanged/low slight change/medium worsened/high

• Total Group impact of Covid-19 related sell back volumes for 2020 currently at high double digit million € level.

• EBIT realization only with settlement of contract and thus only limited impact on Q1 earnings.

• Total Group write-offs for bad debt related to Covid-19 at a low double digit million euro level in Q1.

• No major change in payment behavior observed across E.ON markets

Government

intervention

Change of

payment behavior

Day of

sales

GER

UK

NL

6

EBIT development impacted by mild weather in Q1 2020

7

Key drivers

1. Adjusted for non operating effects; pro forma figures Q1 2019, not audited

EBIT1 Q1 2020 vs. Q1 2019 pro forma€ m

+34

+19Non-Core

Q1 2019

pro forma

-89Energy

Networks

-52Customer

Solutions

Corp. Functions

& Other, Cons.

Q1 2020 1,460

1,548

Energy Networks

• Germany: weather-related lower volumes

• Sweden: lower WACC in new regulatory period

––

Customer Solutions

• Weather impact on volumes

• UK: restructuring benefits+–

Non-Core• PreussenElektra: higher achieved prices,

higher depreciation from purchase of production rights

+/–


Adjusted Net Income in line with EBIT development E.ON Q1 2020 results

1,460

1,163

691

Minorities

Income taxes -291

Group EBIT1

Profitbefore Taxes1

AdjustedNet Income1

-297

-181

Economicinterest result

1. Adjusted for non operating effects

0.27 EPS (€ per share)

Q1 2020€ m

Tax rate at ~25%

8

Q1 2020 Economic Net Debt reconciliation E.ON Q1 2020 results

-0.9

-0.7

-0.7

-8.9

-7.2

ENDFY 2019

-6.8

-24.6

OCFQ1 2020

Net Investments Q1 20201

Pensions2

+1.1

-23.4

-39.4+0.3

Other (incl. AROs)

-8.8

ENDQ1 2020

-40.2

Transfer of Nord Stream 1 into CTA

€ bn

1. Net of divestments 2. w/o effects from CTA funding and pensions contributions; actuarial interest rates for German pensions at 1.7% (vs. 1.3% @ FY 2019), for UK pensions at 2.6% (vs. 2.0% @ FY 2019)

Asset Retirement Obligations (ARO)

Net financial position

Pension provisions

9

Strategic Update

Sustainability

Dividendgrowth

Performance

Customer centricenergy

infrastructure

We commit to a sustainable dividend per share growth of up to 5% annually until 2022 and further growth beyond

1We are the green investment opportunity and we enable the energy transition2We focus on customer centric energy infrastructure which is the core of our resilient portfolio3Performance culture is part of our DNA and we continuously deliver on operational excellence4

Why invest in E.ON?

11

Why invest in E.ON?

Sustainability

Dividendgrowth

Performance


infrastructure

12

Net zero is the new normal – E.ON is driving carbon reduction

One out of five renewable

assets in Europe3 connected to E.ON’s grids

IPCC1 long term goal to limit global

warming to 1.5°C

Green Deal: The EU will be climate neutral

by 2050

German greenhouse gas emissions to be cut

by 55% by 20302

Global challenges E.ON’s contribution

Avoided emissions together with our clients

2019: >100m tons CO2

E.ON will become carbon neutral4

by 2040

1. Intergovernmental Panel on Climate Change 2. Pre Green Deal 3. Considering EU27 4. Carbon neutrality by 2040 (Scope 1 and 2), 75% carbon reduction by 2030(Scope 1 and 2), 50% reduction of Scope 3 emissions by 2030, carbon neutrality by 2050 (including Scope 3). Base year: 2019 pro forma 5. UN Sustainable Development Goals

Focus SDGs5

13

Decarbonization means deep electrification

European1 energy demand 2015 vs. 2050…TWh

2050

~12,500

~7,000

2015

~20%~67%

+90%

-40%

… with huge impact on energy infrastructure

Increase of electricity demand (+90%)

• Deep electrification of different sectors and

decentral generation creates the need for

substantial grid investments

• Substitution of fossil fuel consumption through

green electricity

Reduction of total energy demand (-40%)

• Major decarbonization goals provide business opportunities for energy efficiency products and services

1. Considering EU27, Source: https://www.eea.europa.eu/data-and-maps/figures/primary-and-final-energy-consumption (energy demand)/ http://inrestruct.com/wp-content/uploads/2015/04/Practical-guide-to-a-low-carbon-Europe-2050.pdf (power demand)

Power Other

14

Decentralization means digitalization and efficiency potential

The complexity within DSOs is increasing ... Decentralization drives system complexity E.ON provides digital solutions to capitalize on it

Customerinterface

(data usage)

EnergieMonitor & Klima-Navi Transparency about CO2-footprint and impact of energy transition to municipalities and customers

Asset Control Systems Local Energy System

CO2 FootprintApp

Regional Energy Market

Energy Management System

Smart Home

Storage

Predictive Maintenance Data-driven decisions withmachine learning

Network operation

(data distribution)

SystemFlexibility

Control Center

Predictive Maintenance

Asset Monitoring

Data, AI

Automated Grid Planning

Physicalassets

(data generation)

Grid SmartificationIntelligent substation collects real-time data from our networks to enhance grid management

NetworkGeneration

E-mobility

Buildings

Broadband

Decentralization means digitalization and efficiency potential

15

Why invest in E.ON?

Sustainability

Dividendgrowth

Performance


infrastructure

16

E.ON transformed into Europe’s energy infrastructure powerhouse

2x

Regulated Asset Base1

2x

customer accounts

~€740m

delivery of annual net

synergies by 2022

~80%regulated earnings

with benefits for

credit rating2

Long-term

energy infrastructure

substitutes increasingly

merchant renewable

assets

Integrationbundling of synergies

for the benefit of our

customers

1. German RAB 2. Based on 2020 EBIT, EBIT adjusted for non operating effects

E.ON’s strategy implementation accelerated by innogy takeover

17

Infrastructure is at the heart of E.ON’s capital allocation

1. IFRS segments used in external reporting 2. Includes Energy Sales and Services and New Solutions 3. Includes City Energy Solutions and B2B Solutions4. Excludes investments in Corporate Functions & Other and Non-Core

Energy Networks1

Customer Solutions1

~10%Retail

investments4

~90% Infrastructure

investments4Regulated energy networks

Energyretail2

Decentral energyinfrastructure3

18

2010 2020 2030 2050

Energy transition driving multi-decade investment opportunities

Source: Historic values: Bundesnetzagentur Monitoringbericht 2019. Future outlook: dena-Leitstudie Integrierte Energiewende1. Assuming 2% inflation beyond 2020

Industry investments in German power distribution networks excluding Green Deal upside€ bn

2.5

4.7

6.7

2009

Drivers

19

Germany

E.ON is the leading energy network company inNorthern and Central Europe

Sweden

3.8 21.9 7.6

E.ON Regulated Asset Base (RAB) – regional split€ bn

1. RAB is the value of all distribution assets determined by the regulator. In general, RABs from different regulatory regimes are not directly comparable due to significant methodical differences. These include for example different regulatory asset lifetimes, asset valuation methods or treatment of customer contributions for network connections. Central Eastern Europe including: Czech Republic, Hungary, Poland, Romania, Slovakia 2. 100% view for Slovakia and Turkey

CEE2 &Turkey233.2

Total RAB1, 2

Power RAB Gas RAB

20

2022

Power 27.7

5.5Gas

2019

33.2 3-5%CAGR2

E.ON Regulated Asset Base1 growth€ bn

• Multi-decade growth potential stemming from mega-trends

• Optimizing our existing gas asset base with limited investment needs

• Future growth option from hydrogen

Power

Gas

Beyond

Long-term RAB growth with further upside potential

1. RAB is the value of all distribution assets determined by the regulator. In general, RABs from different regulatory regimes are not directly comparable due to significant methodical differences. These include for example different regulatory asset lifetimes, asset valuation methods or treatment of customer contributions for network connections, including 100% view for Turkey and Slovakia. Constant year-end 2019 FX-rates 2. Relates to power RAB

21

~90% of German gas network business is

linked to electricity concessions

Gas activities closely coupled with power business Limited capex spent on gas

~5% of Group capex1 is spent

on our gas business

37%

37%

26%

Existing connections

14%

37%

50%

New-builds

Other

Gas

District heating

Future potential for industry and transport

H2

1. Cash effective investments, average for 2020-2022 2. Source: BDEW 2020

The role of gas in German heating market2

Gas distribution with stable earnings and limited capexGas distribution with stable earnings and limited capex

22

Four years of regulatory stability

Regulatory periods per country

2024 2025 2026 20272020 2021 2022 2023

70%2of the Energy Networks

EBIT is highly visible until 2024

1. Length of upcoming regulatory period still under discussion 2. Based on 2019 pro forma EBIT, adjusted for non operating effects

2028

Germany(Power)

Sweden

Romania

Hungary

Czech Republic1

PolandTurkey

Slovakia1

Germany (Gas)

23

Exemplary earnings components beyond allowed return

Allowed

return

Opex efficiencies

Capex efficiencies

Regulatory cost recognition

Special incentives

Actual opex vs. allowed opex

Outperformance of standard prices set by regulator

E.g. reliability and network losses

RAB

growth

Total regulated earnings

=

Allowed return Additional earnings components in our markets

24

Leveraging strong partnerships and core competencies to drive additional businesses

… create a competitive edge for additional businessesLong-term partnerships with municipalities …

Concession-based RAB

~2/3

Non-concession-based RAB~1/3

RAB€21.9bn1

>9,000concessions in Germany

1. German power and gas RAB

Technical grid services e.g. O&M

Smart meterse.g. installation

Broadbande.g. new customer

connections

Water and waste-watere.g. supply and

operations

City Energy Solutions (CES)Local heating and cooling solutions formunicipalities, districts and single sites

… including other areas benefitting from our partnerships

25

Earnings growth from reducing carbon emissions viadecentral energy infrastructure

City quarter solutionsIntegrated energy conceptse.g. Werksviertel MunichAverage contract duration: 20-40 years

Low temperature heating and cooling gridsE.g. ectogrid: zero emission energy hybrid system with upto 20% cost savings Top 2

market position inSweden and Germany1

Large B2B solutions/district heating gridsOn-site generation solutionsAverage contract duration: 15-40 years

Single/multi-site solutionsDecentralized sustainable local energy solutions (e.g. PV at Audi in Győr, Hungary)

~25%CAGREBIT 2020-20222

1. City Energy Solutions, based on heating volumes sold 2. City Energy Solutions and B2B Solutions, EBIT adjusted for non operating effects26

Continuous customer growth outside the UK

13.0

26.1

10.2

2018

9.2

26.6

13.4

2019

49.3 49.2

B2C Customer accounts (m)

UKGermany Other1

~380k

~1m

~510k

Creating a future proof business

Loyalty through Bundling

Scaling bundles, value-added services and referral programs

>150k bundle contracts in Germany and >220k bundles in Czech Republic

Market Excellence Predictive churn management

Shift towards digital channels to reduce CtA2

and CtS3

Customer Experience

Digitalization of customer interactions

Data driven insights and personalized offers

1. Incl. Benelux, Poland, Sweden, Italy, Hungary, Czech Republic, Romania, Slovakia, Croatia, Slovenia, Turkey 2. Cost-to-Acquire 3. Cost-to-Serve 27

Why invest in E.ON?

Sustainability

Dividendgrowth

Performance


infrastructure

28

Performance culture is part of our DNA

Continuous improvement

Digitalization & innovation

Regulatory outperformance

Customer satisfaction

Transaction related synergies npower & E.ON customers migrated onto new platform E.ONnext

Operational excellence

EBIT1 developmentGBP m

✓ Synergy delivery on track

✓ 5% achieved in 2019

✓Measures validated and delivery de-risked

✓ €740m confirmed target

by 2022

Top priorities Performance culture1. Adjusted for non operating effects 2. After smart meter investments

20232019 >20232022

~100m

Earnings improvement: Combined EBIT1 of at least GBP100m in 2022 and improvement beyond

Free cash flow will be positive2 from 2023 onwards

29

Synergy delivery fully on track

2019 2020 2021 2022

~45%

~20%

~100%

Estimated transaction related net synergies1 of ~€740m

1. Start of voluntary leave program

2. External budget cut3. Optimization of IT

services

1. Full integration of headquarter

2. Organizational integration of Customer Solutions businesses

1. Synergies in Energy Networks

2. Integration of customer portfolios

3. Consolidation of IT landscape

5%✓

1. Net accretive to EBIT, EBIT adjusted for non operating effects and before implementation costs (implementation costs not included in adjusted EBIT)

Energy Networks

Customer Solutions

Central Functions, IT and Other

27%

20%

53%

Synergy delivery by division

30

Renewal of IT architecture to drive operational excellence in Customer Solutions

• Already today at competitive Cost-to-Serve level

• Ambition: reduction to market leading level at low teens (€/customer)

2020 2025

Continuous ramp up of contracts to new platform (schematic)

5m

10m

15m

Germany: Digital Attacker UK: Migration to new platform ensures higher profitability

• Combined EBIT of at least GBP100m in 2022

• Compared to previous plan: EBIT improvement 2023 by more than GBP50m and more than GBP100m beyond 20231

• Free cash flow positive from 2023 onwards2

• Total restructuring charges3 remain at up to GBP500m

1. Compared to business plan announced in November 2019 2. After smart meter investments 3. Majority to be shown in non operating result

Migration of npower’s B2C and SME customers onto E.ONnext

Step 1Migration of E.ON’s B2C andSME customers onto E.ONnext

Step 2

31

100%

85%

70%Efficient

Very efficient

E.ON’s performance culture adds sustainable value to businesses and customers

100%

95%Industry average 94%

8/9 E.ON networks obtain a 100% efficiency score, with 3 obtaining a super efficiency bonus

>€600m additional revenues in regulatory period1

1. Based on ~€4bn allowed power cost base relevant for efficiency factor

E.ON grids

All E.ON grids considered very efficient, with 2/3 being 100% efficient

8/9 E.ON grids 1/9 E.ON grids

German power network efficiency scores Sweden power network efficiency scores

32

Financial Update

€0.21

€0.30

€0.43 €0.46

2016 2017 2018 2019 2020 2021 2022 Growth beyond

We commit to annually grow the dividend per share by up to 5%

✓ ✓ ✓ ✓

Dividend per share (DPS)

34

We commit to our 2020-2022 delivery plan

Group EPS1 growth

10-15% CAGR

Dividend per share (DPS) growth up to 5% p.a.

Group EBIT1growth

7-9% CAGR

Average cash conversionrate2

of 95%Capital structure with strong BBB/Baa rating

1. Adjusted for non operating effects; reflection of Covid-19 impact as of 30th April 2020 2. Excluding provision utilization for nuclear decommissioning, average for 2020-2022 35

6-11%

3-8%

Strict capital allocation framework leads to sound investment profile

Sustainability focus Capital allocation in line with business priorities

Enable energy transition

Supporting SDGs1

Reduce customers‘ emissions

Human rights violations

Carbon heavy generation

Environmental degradation

Sustainability criteria:

Return framework

Hurdle rate

WACC (country & technology specific)

Project specific risk premium

E.ON Group excess return target

Hurdle rate composition: Indicative hurdle rates2:

1. UN Sustainable Development Goals 2. Illustrative hurdle rate ranges; post tax. Final hurdle is risk adjusted for each project and might vary 3. Includes New Solutions and Commodity Sales and Services 4. Includes City Energy Solutions and B2B Solutions 5. Excludes investments in Corporate Functions & Other and Non-Core

✓

✓

✓

4-9%

36

E.ON allocates ~75% of investments to Energy Networks

~4.51

Investments 2020€ bn

~131

1. Cash effective investments including Corporate Functions & Other and Non-Core, reflection of Covid-19 impact as of 30th April 2020 2. Based on investments in Energy Networks and Customer Solutions 3. Corporate Functions & Other and Non-Core

Investments 2020-2022 € bn

Energy Networks Other3Customer Solutions

~90%2

infrastructure

~90%2

infrastructure

37

Investments with strong focus on infrastructure

100%infrastructure

Energy Networks 2020-2022 € bn

~9.71

Power OtherGas

Customer Solutions 2020-2022 € bn

~65%infrastructure

UK smart meter roll-out

B2B Solutions

City Energy Solutions

IT driven retail investments

New Solutions

E-mobility

~2.71

1. Cash effective investments, reflection of Covid-19 impact as of 30th April 2020 38

7.1-7.3

3.9-4.1

Attractive Group earnings growth

1. Adjusted for non operating effects; reflection of Covid-19 impact as of 30th April 2020

5.4

1.10.6

6.9

Outlook1

CAGREBITDA1

€ bnEBIT1

€ bn

7-9%EBIT

3-4%EBITDA

Guidance:

3.6

0.5 0.4

4.1

Energy Networks Customer Solutions Corporate Functions & Other Non-Core

2020-20222019pro forma

2020 2019pro forma

2020

39

5.2-5.4

Mid-term growth in Energy Networks earnings backed byorganic RAB growth

3.7

0.7

1.0

5.4


2.4

0.5

0.6

3.6 3.3-3.5

Guidance:

Outlook1EBITDA1

€ bnEBIT1

€ bn

Germany Sweden CEE & Turkey

2020-20222019pro forma

2020 2019pro forma

2020

40

Customer Solutions earnings growth driven by digitalization and UK turnaround

1. Adjusted for non operating effects; reflection of Covid-19 impact as of 30th April 2020 2. ~30% EBITDA share relating to decentral energy infrastructure

EBITDA1,2

€ bn

1.0-1.2

0.4-0.6

0.6

0.2

0.3

1.1

0.5

0.10.1

-0.2

0.5

2019

pro forma

Decentral energy infrastructure

~30%

Guidance:

Outlook1EBIT1

€ bn

Germany UK Benelux Other

2020-20222019pro forma

2020 2020

Guidance as ofMay 2020

41

Strong EPS growth of 10-15%

Adjusted Net Income1

€ bn

1.6

1.7-1.9

10-15%

Earnings per share1

€


0.63 0.65-0.73

Payoutratio

73%

Outlook1

CAGR

2020-20222019pro forma

2020 2019pro forma

2020

42

Significant refinancing benefits over the next three years

1.1

0.0%

Q2

2023

Q4

2022

Q3

2022

0.0%

0.8%

5.5%

1.8

0.6

5.5%

Q1

2023

5.9% 5.6%

1.3

0.3

Q4

2023

3.0% 0.0%

Q1

2024

0.9%

Q2

2024

3.9%

6.5%0.4%

Q4

20202

Q2

2021

>2024

0.4%

0.9

3.2%

0.6

1.2

Q3

2024

0.8

0.5

17.2

6.5%

Q3

2021

0.0%

5.7%

1.5

1. Bonds issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE); bonds issued by innogy SE and innogy Finance B.V. (fully guaranteed by innogy SE) 2. Including innogy EIB-loan €645m 3. Amount of refinancing benefits depends largely on refinancing conditions at time of bond issuance.

Volume

% Coupon

Bond maturities as of May 20201,2

€ bnRefinancing benefits

until 2022 of up to

~€200m3

43

Green financing is an integral part of our funding strategy

€4.6bn outstanding4

1. Cash effective investments including Corporate Functions & Other and Non-Core, reflection of Covid-19 impact as of 30th April 2020 2. Based on investments in Energy Networks and Customer Solutions 3. Corporate Functions & Other and Non-Core 4. €3.75bn issued by E.ON SE and €0.85bn issued by innogy Finance B.V., including Green Bond issuance April and May 2020.

To finance our investments we have tapped the green bond market …

~€1bn p.a.

… and intend to issue more:

Total investments 2020-2022€ bn

95%energy transition investments2

131

Energy Networks Other3Customer Solutions

Revolving credit facility linked to sustainability ratings:

€3.5bn

44

E.ON’s approach to manage Economic Net Debt

Economic Net Debt

€ bn

-24.6

-8.8

-6.8

Q 1 2020

-40.2

AROs1 Net financial positionPensions

• 0% real discount rate floor reached: only upside

• Further upside: outperforming provisions by operational excellence

“Beat the provisions”

• Sound management of cash flow

• Re-financing benefits from lower interest rates

“Manage for cash”

• UK pension obligations largely funded

• Sensitivity GER pensions: -50bps +€1.6bn2

• Duration of pension obligation ~18 years

“Focus on thelong end”

45

Debt management to bring leverage down

Strong BBB/Baa rating target

Leverage factor1 Selected Economic Net Debt effects 2020-20222

• 95% Cash conversion rate3

• Working Capital optimization program & ARO4 reduction ~+€1bn(ARO reduction: ~€200m already achieved 2019)

• Nord Stream 1 transfer to pension fund ~+€1bn

• Transaction effects ~-€0.5bn Remedy proceeds, locked box settlement, merger squeeze out, restructuring Hungary

• Integration costs up to ~-€1bn

5.7x

2019

pro forma

2022

~5x

1. Economic Net Debt/EBITDA, EBITDA adjusted for non-operating effects 2. Negative effect indicates increase of Economic Net Debt and vice versa; reflection of Covid-19 impact as of 30th April 2020 3. Excluding provision utilization for nuclear decommissioning, average for 2020-2022 4. Asset Retirement Obligations

46

Dividend commitment fully in line with deleveraging

EPS1 above DPS growth… … allowing deleveraging and sustainable dividend growth

2019pro forma

2020 2021 2022

…lowers payout ratio…

Strong BBB/Baa rating

target

20222019

pro forma

5.7x

~5x

73% Payout ratio

2019 pro forma

2022

1. Adjusted for non operating effects; reflection of Covid-19 impact as of 30th April 2020 47

Appendix

Guidance overview as of May 2020

49

€ bn 2019 pro forma3 20204 2020-20224

EBITDA1 6.897 7.1-7.3 3-4% CAGREnergy Networks 5.359 5.2-5.4

Customer Solutions 1.124 1.0-1.2

Non-Core 0.617 0.8-1.0

Corporate Functions & Other -0.203 ~-0.3

EBIT1 4.134 3.9-4.1 7-9% CAGREnergy Networks 3.582 3.3-3.5

Customer Solutions 0.526 0.4-0.6

Non-Core 0.366 0.3-0.5

Corporate Functions & Other -0.340 ~-0.4

ANI1 1.638 1.7-1.9 10-15% CAGR

EPS1 €0.63 €0.65-0.73 10-15% CAGR

Dividend €0.46 up to 5% p.a. up to 5% p.a.

Capex2 4.435 ~4.5 ~13Energy Networks 3.149 ~3.3 ~9.7

Customer Solutions 1.008 ~0.8 ~2.7

Leverage 5.7x ~5x1. Adjusted for non operating effects 2. Cash effective investments 3. Pro forma figures FY 2019, not audited 4. Reflection of Covid-19 impact as of 30th April 2020

Change in guidance May 2020

IFRS reporting divisions

E.ON new segmentation from 2020 onwards

Infrastructure

Energy sales and services

New Solutions

B2B Solutions

City Energy Solutions

(CES)

Power grid

Gas grid

Additional businesses

Decentral energy infrastructure

Regulated networks

Energyretail

Energy Networks Customer Solutions

DE SWE CEE1 & TR Benelux2 DE UK Other3

1. Central and Eastern Europe, including Czech Republic, Hungary, Poland, Romania, Slovakia, Croatia and Slovenia 2. Belgium, The Netherlands and Luxemburg 3. Including Czech Republic, Hungary, Italy, Poland, Romania, Sweden 4. PreussenElektra 5. Turkey Generation

Non-CoreCorporate Functions &

OtherPE4 TR Gen5

50

E.ON’s strong ESG profile

Experienced, diverse and independent

Efficient cooperation in Board Committees

Creation of Innovation and Sustainability Committee

Remuneration system closelyaligns management’s andshareholder’s interest

Energy efficiency solutions with our clients to reduce carbon emissions

Variety of nationalities, cultures,generations and genders in management & workforce

Creation of a work environmentthat protects the health and safety of customers and employees

Commitment to respect human rights, uphold labor standards, and fight against corruption

Energy Networks: High resilience due to high degree of underground cabling

Driving the energy transition through decentral & digital local networks

Climate neutrality by 2040 (Scope 1 & 2) & by 2050 (including Scope 3)1

Environmental GovernanceSocial

Avoided emission together with our clients2019: > 100mtons

Climate

Diversity

Security of energy supply

Health & Safety

Human Rights

SupervisoryBoard

SupervisoryBoardCommittees

Remuneration

1. Carbon neutrality by 2040 (Scope 1 and 2), 75% carbon reduction by 2030 (Scope 1 and 2), 50% reduction of Scope 3 emissions by 2030, carbon neutrality by 2050 (including Scope 3). Base year: 2019 pro forma

51

E.ON’s sustainability awards, ratings and rankings

Text 1

Text 1

Text 1

Overall ESG Score = 81 (Leader Group)Relative Position 11 out of 192

E.ON is index member1, i.e. one of the 120 most advanced companies in Europe + Eurozone

Result: AA

Rating: C+

Text 1CDP Score: BSector Average: C

Text 1

Overall ESG Score: 3.2 Sub Sector Average Multiutilities: 2.8Industry Average Utilities: 2.7

Text 1 E.ON ranks 6th out of 30

Text 1

E.ON ranks 4th in the Green Utilities Report from Energy Intelligence (EI) Group

1. Vigeo/EIRIS was acquired by Moody’s in 2019 52

Building blocks of allowed revenues in Germany

1. Old assets are those capitalized before January 1, 2006. New assets are those capitalized after January 1, 2006. Old assets are indexed up to 40% with asset-specific indices to determine the current costs. Relevant asset base for calculation of allowed return in 2019 is 2016 for power and 2015 for gas 2. Debt base consists of non-interest and interest bearing capital

Totex indexed toCPI and subject togeneral and individualefficieny targets

Opex

Capital Costs

Regulated asset base1

Old assets: current costs; new assets:

historic costs

Debt base2

(related to actual capital structure, minimum 60%)

Regulated equity base

(related to regulatory capital structure, maximum 40%)

Total allowed cost base

(Totex)

Adjustment of revenues, lagged

recoveries and pass-through items

Allowed revenues

Power (Old)

~10.2

~3.4

~6.5

Power (New)

Gas (Old)

Gas(New)

~9.5

~1.7

~3.0

~4.7

Thereof:

~4.0 power~0.7 gas

40% Cap

Thereof:

~8.3 power~1.2 gas

Schematic illustration for 2019 (power & gas)€ bn

~21.2

~1.1

53

Energy Networks Germany - Earnings components

~60%

~10%

~10%

~10%

~5%

0%

~50%

~15%

~5%

~15%

~5%

0%

Income from participations portfolio is at-equity accounted

Operational efficiency

Other infrastructure business3

Additional network-related business4

Other regulated earnings/temporary effects

Income from participations

Regulated return & depreciation2

Illustrative average EBITDA1 split (2019-2020) Illustrative average EBIT1 split (2019-2020)

1. Adjusted for non operating effects 2. Includes return on RAB, difference between regulatory and IFRS D&A and revenues for grid expansion 3. Other infrastructure businesses include e.g. water business 4. Additional network-related business includes broadband, smart meter and technical network services

54

336.0214.0

Continuous improvement in operative performance increases security of supply

1. System Average Interruption Duration Index 2. E.ON stand-alone figures 3. SAIDI increase due to weather related effects in 2019 22 minutes of disturbances (2014-2019), includes: weather effects and other system disturbances 4. Calculated as arithmetic average of respective countries

Power losses2 2014 vs. 2019SAIDI1,2 2014 vs. 2019

48.029.0

Germany

144.0 170.0

Sweden

2014 2019

CEE4

2014 2019

CEE4

Germany

Sweden

4.4 3.8

3.93.0

9.17.1

-40%

-36%

+18%3

-14%

-23%

-22%

2014 2019 2014 2019

2014 2019 2014 2019

55

RAB growth further supported by local drivers

17.3

20222019

3.8

2019 2022

1.6

2019 2022

Local driversPower RAB development€ bn

CzechRepublic

Germany1

Sweden2

2-4% CAGR

3-5% CAGR

4-6% CAGR

• Storm proofing• Renewable connections• Demand growth

• Renewable connections• Replacement• Digitalization

• New connections of B2B customers• Reliability• Modernization

1. Assuming constant number of network concessions 2. Excluding RAB re-evaluation following the beginning of new regulatory period 56

Network charges are only a small portion of German power price

Only

23%

Network charges

Electricity procurement, retail margin

Further taxes and levies

Renewable surcharge

Decarbonization currently not optimally supported, electricity disadvantaged

Composition of average electricity price

• Renewables surcharge to be borne by more customers• Carbon minimum price or tax• Electricity tax to be redesigned

German power price needs to be ‘cleaned up’

57

EU financing successful for major growth projects across Europe with up to ~€250 m funding grants

Danube InGrid3,4

• Improved security of supply and capacity in the boarder regions• Implementation of smart grids

1. Project of Common Interest (EU Horizon 2020) 2. Again Connected Networks 3. Projects are part of the 4th PCI list of EU 4. Danube Intelligent Grid

Smart Border Initiative3 (SBI)

• Commission a cross-border smart distribution grid at low cost• Solving network bottlenecks and voltage problems intelligently

• More than €500m investments planned• Around 50% approved in EU grants• All projects included in EU PCI1 list

ACON2,3 1.0 / ACON 2.0

• Increasing cross-border power distribution capacity and grid modernization through implementation of smart grids

58

City Energy Solutions selected projects

Key figures Project examples

• 50% increase of renewable/recovered energy• 99% efficiency of CHP• 659 GWh total output

Högbytorp

• Inhouse construction management • 100% renewable heating supply

from 2023 (biogas)

Elephant & Castle London

• 50% less CO2

• 10% lower energy cost• High level of energy self-sufficiency

Werksviertel München

Countries with CES projects

>750k customers

~5k installations under management

350 heating, cooling& steam networks

€1.5bn revenue

• 8,100t CO2 savings per year • 90% CHP efficiency• 88% of heat demand covered by bio natural gas

Hanseviertel Lüneburg

59

Customer numbers B2B & B2C

9.8 9.9

13.0 13.1

4.3 4.3

9.6 9.6

14.2 14.3

Q1 2020FY 2019

51.0 51.1

Continued growth outside UK (in m)1

Customer accounts

Germany UK Benelux TurkeyOther

+0.2%

Thereof: electricity customers (in m) 1

Thereof: gas customers (in m) 1

9.8 9.9

10.5 10.52.3 2.3

5.9 5.9

11.9 12.0

FY 2019 Q1 2020

40.5 40.6

2.5 2.5

2.0 2.0

3.7 3.7

2.3 2.3

FY 2019

10.5

Q1 2020

10.5+0.0%

+0.3%

1. Including at-equity participations; Customer Solutions business of Croatia and Slovenia allocated to Energy Networks due to size 60

21 TWh of production rights for PreussenElektra already transferred - Terms challenged

Nuclear power plant Krümmel1

88 TWh of production rights (before transfer)

PreussenElektra

21 TWh ~€27.8/MWh preliminary price

10 TWh 6 TWh 5 TWhTransferred production rights

Grohnde plant

Production rights secured until Oct 2020

5-10 TWh production rights required2

Isar II plant

Production rights secured until Jan 2021


Brokdorf plant

Production rights secured until Jan 2021


1. Krümmel OHG is a joint venture between E.ON and Vattenfall, each party owning 50% equity share 2. Volumes shown after transfer/purchase from Krümmel, excluding minority stakes (16.7% minorities in Grohnde, 20% in Brokdorf and 25% in Isar II)

61

Regulated earnings split share

62

Customer SolutionsEnergy Networks Other2

EBITDA 20201

€ bn

7.1 – 7.3

~75% (Quasi-)regulated earnings

• Customer Solutions and Energy Networks

diversified across European countries

• Regulated or quasi regulated Earnings share of ~75%

• Network operations in countries with strong regulatory frameworks

1. Adjusted for non operating effects; reflection of Covid-19 impact as of 30th April 2020 2. Other includes Corporate Functions & Other and Non-Core

Past delivery on guidance


2016 2017 2018 2019reported

EBIT1 vs. guidance€ bn

Adjusted Net Income1 vs. guidance€ bn

3.1 3.1 3.0 3.2 0.9 1.4 1.5 1.5

Guidance range

2016 2017 2018 2019reported

63

Networks Capex breakdown 2020-2022

1.11 2.01

Germany€ bn

Sweden€ bn

CEE€ bn

OtherMaintenance Grid expansion

~50% investment in expansion



6.61

1. Cash effective investments; reflection of Covid-19 impact as of 30th April 2020 64

Maintaining a substantial liquidity buffer is a cornerstone of E.ON’s risk management

Squeeze-out funding need also secured

• Remaining funding need for squeeze-out largely covered by €1.75bn undrawn acquisition facility (no MAC-clause1)

Bond refinancing already covered

• Early de-risking of refinancing needs for 2020: All bond maturities covered in January 2020

• Well-filled liquidity buffer

• Funding needs for 2020 already covered by bonds and credit facilities

• Back-up RCF undrawn and fully committed

• Liquidity risk minimized, even in highly volatile capital markets

Large volume of liquidity1

• €1.9bn in cash & equivalents

• €1.2bn in short-term securities

• €2.4bn of non-current securities

Plus further back-up RCF available

• Undrawn €3.5bn Revolving Credit Facility (RCF), fully committed by 21 banks, no MAC-clause2

Key takeaways

1. As per December 2019 2. MAC = Material Adverse Change 65

Benchmark bonds of E.ON Group as of May 20201

IssuerVolume in millions in respective currency Coupon Maturity

innogy Finance B.V. 570 GBP 6.500% Apr-21

innogy Finance B.V. 1,000 EUR 6.500% Aug-21

E.ON SE 750 EUR 0.375% Aug-21

innogy Finance B.V. 500 GBP 5.500% Jul-22

E.ON SE 500 EUR 0.000% Sep-22

E.ON SE 750 EUR 0.000% Oct-22

innogy Finance B.V. 750 EUR 0.750% Nov-22

E.ON SE 1,000 EUR 0.375% Apr-23

innogy Finance B.V. 488 GBP 5.625% Dec-23

E.ON SE 750 EUR 0.000% Dec-23

innogy Finance B.V. 800 EUR 3.000% Jan-24

E.ON SE 500 EUR 0.875% May-24

E.ON SE 750 EUR 0.000% Aug-24

innogy Finance B.V. 750 EUR 1.000% Apr-25

E.ON SE 750 EUR 1.000% Oct-25

innogy Finance B.V. 500 EUR 1.625% May-26

E.ON SE 750 EUR 0.250% Oct-26

IssuerVolume in millions in respective currency Coupon Maturity

E.ON SE 1,000 EUR 0.375% Sep-27

innogy Finance B.V. 850 EUR 1.250% Oct-27

E.ON SE 500 EUR 0.750% Feb-28

E.ON SE 750 EUR 1.625% May-29

innogy Finance B.V. 1,000 EUR 1.500% Jul-29

E.ON SE 750 EUR 0.350% Feb-30

innogy Finance B.V. 760 GBP 6.250% Jun-30

E.ON SE 500 EUR 0.750% Dec-30

E.ON SE 500 EUR 0.875% Aug-31

E.ON SE 500 EUR 0.625% Nov-31

E.ON International Finance B.V.2 975 GBP 6.375% Jun-32

innogy Finance B.V. 600 EUR 5.750% Feb-33

innogy Finance B.V. 600 GBP 4.750% Jan-34

E.ON International Finance B.V. 900 GBP 5.875% Oct-37

E.ON International Finance B.V.3 1,000 USD 6.650% Apr-38

E.ON International Finance B.V. 700 GBP 6.750% Jan-39

innogy Finance B.V. 1,000 GBP 6.125% Jul-39

innogy also has a €645m, 3.23% coupon, Oct-20 maturity European Investment Bank loan outstanding 1. All bonds ≥€500m equivalent, all bonds are listed in Luxemburg, with exception of the unlisted USD bond under 144A/Regulation S 2. The bond was increased from £850m to £975m 3. Bond issued under rule 144A/Regulation S

66

Funding strategy

€2-4bn p.a.Volumes

• Bond refinancings• Cash utilization of asset retirement obligations

3-12 years preferredTenors

• Optimize maturity profile & interest costs• Redemptions on any single day capped at €1bn

EUR preferredCurrencies

• Predominantly Euro-based asset base

Instrument varietyDiversification

• Regular & green bonds• Private placements & promissory notes

(Schuldscheindarlehen)• Commercial paper

67

innogy’s bondholders will be offered to switch to E.ON

• innogy’s ratings will be cancelled in 2020 and innogy’sgroup financial reporting discontinued post squeeze-out1

• E.ON offers to move all innogy bonds to E.ON level and standards with ratings and transparent reporting

• Launch expected post squeeze-out1

• E.ON is and will be the only active issuer going forward

• Rating agencies have attested that the degree of structural subordination is not significant

1. Merger squeeze-out of the minority shareholders of innogy SE

Step 1 – Issuer Substitution in Q1 2020

innogy SE innogy Finance B.V.+ innogy SE guarantee

Step 2 – Offer of Bond Transfer in 2020

E.ONinnogy Finance B.V.+ innogy SE guarantee

68

Use of proceedsEvaluate &

select projectsManagement of proceeds

Reporting

• Finance and/or refinance eligible green projects in the following eligible categories:

• Renewable energy• Energy efficiency• Clean transportation

• Project selection based on eligibility criteria

• Green bond committee:• Sustainability• Energy Networks• Customer Solutions• Group Finance

• E.ON will strive to maintain a portfolio matching/exceeding outstanding green bonds

• Projects will be added on an on-going basis

• Allocation and impact reporting after a year

• Renewal on an annual basis until full allocation of proceeds

External verification

Aligned with the ICMA Green Bond Principles1

Eligible Green Projects are aligned with draft EU taxonomy

E.ON’s Green Bond Framework

+

1. https://www.icmagroup.org/green-social-and-sustainability-bonds/green-bond-principles-gbp/ 69

PreussenElektra – Further ambition to „beat the provisions“

Solid track-record already until 2019

• Bundling of decommissioning activities

• Procurement successes by „convoy approach“

• Operational progress according to plan

Further optimization already planned and in execution

• Decommissioning preparations starting early

• Operational excellence lifting dismantling performanceto next level (e.g. by increasing industrialization)

-21

-10 -10-9

2016 2017 2018 2019

1. In 2017 implementation of KFK solution (transfer of ~€10bn to German government fund)

Nuclear Asset Retirement Obligations1

€ bn

70

E.ON’s Q1 2020 ResultsFinancial Appendix

Segment outlook 2020 remaining year

72

Energy Networks

Germany:

• Organic RAB growth

• Lower volumes

Sweden:

• Lower allowed WACC

CEE & Turkey:

• Czech Republic: organic RAB growth

Customer Solutions

Germany/UK/Netherlands:• Weather impact

• Sell-back of volumes (B2B)

Germany: • Positive customer development and

transaction synergy delivery

UK:• Operational improvements

Other:• Growth in decentral energy infrastructure

and commodity sales & services Italy

Non-Core

PreussenElektra:

• Higher hedged prices

• Higher depreciation from purchase of production rights


1. Adjusted for non operating effectsNote: Reflection of Covid-19 impact as of 30th April 2020

+–

–

+

– +–

EBIT1 key drivers Q2 – Q4 2020

–

+

+

+

–

Financial highlights

1. Adjusted for non operating effects; pro forma figures Q1 2019, not audited 2. Economic Net Debt as per 31 Mar 2020 and 31 Dec 2019; Economic Net Debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs; bonds issued by innogy are recorded at their nominal value: the amount in the consolidated balance sheets is €2.4 bn higher

€ m Q1 2019

pro formaQ1 2020 % YoY

Sales - 17.665 -

EBITDA1 2.184 2.184 -

EBIT1 1.548 1.460 -6

Adjusted Net Income1 752 691 -8

OCFbIT - -400 -

Investments 678 918 +35

Economic Net Debt² -39.430 -40.249 -2


73

Cash conversion in Q1 seasonally low

0.5

-1.8

GroupEBITDA1

-0.9

-0.3

Tax paymentsInterest payments

Capex

-0.2

OCFOCFbITChange in WC

-3.0

Cash adjustments2

2.2

-0.4-0.9

FCF

1. Adjusted for non operating effects 2. Net non cash effective EBITDA items incl. provision utilizations and payments related to non operating earnings

Q1 2020€ bn


74

Divisions: Energy Networks

827 766

14397

180198

Q1 2019pro forma

1,150

Q1 2020

Germany

Sweden

CEE & Turkey1,061


EBIT1

€ m

–7%

Drivers


€ m

Q1 2019


Q1 2019


Q1 2019


Q1 2019


Revenue - 3.746 - - 235 - - 732 - - 4.713 -

EBITDA1 1.128 1.093 -3 184 136 -26 263 276 +5 1.575 1.505 -4

EBIT1 827 766 -7 143 97 -32 180 198 +10 1.150 1.061 -8

thereof equity-method earnings - 55 - - 0 - - 36 - - 91 -

OCFbIT - 372 - - 149 - - 206 - - 727 -

Investments 278 377 +35 56 66 +18 96 132 +37 431 575 +33

TotalGermany Sweden CEE & Turkey

Germany • Weather-related lower volumes–

Sweden• Lower WACC in new regulatory period• Higher transmission fees and grid losses

––

75

UK • Restructuring benefits+85 81

52 57

234175

Q1 2019pro forma

UKQ1 2020

Germany

Benelux

Other

352300


–15%

EBIT1

€ mDrivers


€ m

Q1 2019


Q1 2019


Q1 2019


Q1 2019


Q1 2019


Revenue - 6.151 - - 947 - - 4.574 - - 2.679 - - 14.351 -

EBITDA1 263 205 -22 68 74 +9 24 22 -8 127 130 +2 482 431 -11

EBIT1 234 175 -25 52 57 +10 -19 -13 +32 85 81 -5 352 300 -15

thereof equity-method earnings - 2 - - 1 - - 0 - - 1 - - 4 -

OCFbIT - -927 - - -107 - - 0 - - -43 - - -1.077 -

Investments 30 43 +45 9 11 +18 49 33 -32 111 68 -39 199 155 -22

Other TotalGermany Benelux UK

Germany • Growing customer numbers+

All • Weather impact on volumes–

Divisions: Customer Solutions

76

29 28

135 155

Q1 2019pro forma

183

PreussenElektra

Q1 2020

GenerationTurkey

164

PreussenElektra: Hedged Prices (€/MWh) as of 31 March 2020

1. Adjusted for non operating effects; pro forma figures Q1 2019, not audited 2. NPP Emsland & Gundremmingen C

EBIT1

€ mDrivers

+12%

33

46

46

46

2019

2022

2021

2020

65%

34%

86%

100%


€m

Q1 2019


Q1 2019


Q1 2019


Revenue - 386 - - 0 - - 386 -

EBITDA1 184 272 +48 29 28 -3 213 300 +41

EBIT1 135 155 +15 29 28 -3 164 183 +12

thereof equity-method earnings - 23 - - 28 - - 51 -

OCFbIT - 79 - - 0 - - 79 -

Investments 2 156 - 0 0 - 2 156 -

PreussenElektra Generation Turkey Total

Preussen Elektra

• Higher achieved power prices

• Higher depreciation from purchase of production rights

• Transfer of minority stakes2 to RWE

–

+

–

Non-Core business

77


€ m Q1 2019


EBITDA1 2.184 2.184 +0

Depreciation/amortization -636 -724 -14

EBIT1 1.548 1.460 -6

Economic interest expense (net) -294 -297 -1

EBT1 1.254 1.163 -7

Income Taxes on EBT1 -321 -291 +9

% of EBT1 -26% -25% -

Non-controlling interests -181 -181 +0

Adjusted Net Income1 752 691 -8

E.ON Q1 2020 resultsAdjusted Net Income

78



€ m Q1 2019 Q1 2020 % YoY

EBITDA1 1.671 2.184 +31

Depreciation/Amortization/Impairments -496 -724 -46

EBIT1 1.175 1.460 +24

Reclassified businesses of Renewables -204 0 +100

Interest result -261 -415 -59

Net book gains 12 5 -58

Restructuring -38 -93 -145

Mark-to-market valuation of derivatives -211 -590 -180

Impairments (net) 0 -17 -

Other non-operating earnings -9 -254 -2.722

Income/Loss from continuing operations before income taxes 464 96 -79

Income taxes -149 -197 -32

Income/loss from continuing operations 315 -101 -132

Income/loss from discontinued operations, net 172 -88 -151

Net income/loss 487 -189 -139

Reconciliation of EBIT to IFRS net income

79

€ m Q1 2019


Energy Networks 431 575 +33

Customer Solutions 199 155 -22

Corporate Functions & Other 46 33 -28

Consolidation 0 -1 -

Non-Core 2 156 -

Investments 678 918 +35

1. Pro forma figures Q1 2019, not audited

E.ON Q1 2020 resultsCash effective investments1

80

1. Economic Net Debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs; bonds issued by innogy are recorded at their nominal value: the amount in the consolidated balance sheets is €2.4 bn higher 2. Net figure; does not include transactions relating to our operating business or asset management

€ m 31 Dec 2019 31 Mar 2020

Liquid funds 3.602 3.629

Non-current securities 2.353 2.326

Financial liabilities -29.482 -30.783

Adjustment FX hedging² 167 261

Net Financial Position -23.360 -24.567

Provisions for pensions -7.201 -6.843

Asset retirement obligations -8.869 -8.839

Economic Net Debt -39.430 -40.249

E.ON Q1 2020 resultsEconomic Net Debt1

81

1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds (interest rate: 3.86%) 2. Pro forma figures Q1 2019, not audited

€ m Q1 2019

pro formaQ1 2020

Difference

(in € m)

Interest from financial assets/liabilities -252 -265 -13

Interest cost from provisions for pensions and similar provisions -31 -23 +8

Accretion of provisions for retirement obligations and similar provisions -20 -11 +9

Construction period interests¹ 3 3 +0

Others 6 -1 -7

Net interest result -294 -297 -3

E.ON Q1 2020 resultsEconomic interest expense (net)2

82

E.ON’s Proforma Financials 2019

E.ON’s Proforma Financials1 — 2019

Adjusted EBITDA1 Adjusted EBIT1

1. Adjusted for non operating effects 2. Pro forma

€ m FY 20192

Energy Networks 5,359

Germany 3,717

Sweden 692

CEE & Turkey 950

Customer Solutions 1,124

Benelux 192

Germany 646

UK -10

Other 296

Corporate Functions/Other -203

Non-Core business 617

Total 6,897

€ m FY 20192


Germany 2,438

Sweden 539

CEE & Turkey 605

Customer Solutions 526

Benelux 125

Germany 484

UK -180

Other 97



Total 4,134

84


OCFbIT Investments (cash-effective)


€ m FY 20192


Germany 2,254

Sweden 313

CEE & Turkey 582

Customer Solutions 1,008

Benelux 90

Germany 226

UK 211

Other 481

Corporate Functions/Other 130


Total 4,435

€ m FY 20192


Germany 2,455

Sweden 718

CEE & Turkey 1,082


Benelux 84

Germany 71

UK 128

Other 95



Total 4,289

85


At-equity contribution to adjusted EBITDA/EBIT1


E.ON Financials P&L

€ m FY 20192

Energy Networks 349

Germany 219

Sweden 0

CEE & Turkey 130


Benelux 4

Germany 6

UK 0

Other 12

Corporate Functions/Other 70

Consolidation -1


Total 565

€ m FY 20192

Adjusted EBITDA1 6,897

Depreciation/amortization recognized in Adjusted EBIT

-2,763

Adjusted EBIT1 4,134

Economic interest expense (net) -1,252

Adjusted EBT1 2,882

Income Taxes on Adjusted EBT -760

% of Adjusted EBT 26%

Non-controlling interest on results of operations -484

Adjusted Net Income1 1,638

86

Financial calendar

May 28, 2020 2020 Annual Shareholders Meeting (online)

June 2, 2020 Dividend Payment Day

August 12, 2020 Half-Year Financial Report: January – June 2020

November 11, 2020 Quarterly Statement: January – September 2020

March 24, 2021 Annual Report 2020

Important links

Presentations https://www.eon.com/en/investor-relations/presentations.html

Facts & Figures 2020 https://www.eon.com/content/.../presentations/facts-and-figures-2020.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

Financial calendar & important links

87

https://www.eon.com/en/investor-relations/presentations.html

https://www.eon.com/content/.../presentations/facts-and-figures-2019.pdf

https://www.eon.com/en/investor-relations/financial-publications/annual-report.html

https://www.eon.com/en/investor-relations/financial-publications/interim-report.html

https://www.eon.com/en/investor-relations/shareholders-meeting.html

https://www.eon.com/en/investor-relations/bonds/green-bonds.html

E.ON Group Investor Relations Contacts

Verena Nicolaus-KronenbergHead of Investor [email protected]+49 152 09331400

Sebastian GaßnerManager Investor [email protected]+49 171 3003753

Tobias HarburgManager Investor [email protected]+49 162 2969560

Andreas ThielenManager Investor [email protected]+49 151 67114918

Britta WöhnerManager Investor [email protected]+49 152 54607527

Martina BurgerManager Investor [email protected]+49 151 19773784

Martin JägerManager Investor [email protected]+49 162 2754355

Max SadrinaManager Investor [email protected]+49 152 59602298

General Contact:

+49 201 184 2806

[email protected]

Analysts & Institutional Investors

Sandra SchuckManager Investor [email protected]+49 172 2982483

Private Shareholders

Event & Roadshow Management

Lydia BeckAssistant Investor [email protected]+49 152 54310267

Carmen MombourAssistant Investor [email protected]+49 151 16310345

Vanessa BrinkmannAssistant Investor [email protected]+49 152 09340725

88

mailto:[email protected]













Disclaimer

89

This presentation contains information relating to E.ON Group ("E.ON") that must not be relied upon for any purpose and may not be redistributed, reproduced,published, or passed on to any other person or used in whole or in part for any other purpose. By accessing this document you agree to abide by the limitations set outin this document as well as any limitations set out on the webpage of E.ON SE on which this presentation has been made available.

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 anyevaluation 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 consideredpreliminary and subject to change.

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 relianceshould be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purposewhatsoever.

This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON management and other information currentlyavailable to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financialsituation, development or performance of the company and the estimates given here. E.ON does not intend, and does not assume any liability whatsoever, to updatethese forward-looking statements or to conform them to future events or developments.

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 thispresentation or any information or to correct any inaccuracies in any such information.

Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercialstandards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in allcases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, theserounded figures may not add up exactly to the totals contained in the respective tables and charts.

Documents

Capital Markets Story...pro forma 183 Preussen Elektra Q1 2020 Generation Turkey 164 PreussenElektra: Hedged Prices (€/MWh) as of 31 March 2020 1. Adjusted for non operating effects;