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Creating the future of energy
May 2018
DisciplineFocusGrowth
http://www.energyfortomorrow.de/
• Focus: Europe’s first energy player with exclusive downstream focus
• Unique downstream footprint: RAB and customer numbers rise >60%1
• Earnings quality: network EBIT share rises to ~80%1
• Strong synergies: fading nuclear earnings overcompensated by €600-800m synergies
• Attractive dividends: aiming to deliver absolute annual dividend growth
• EPS accretion: from second year after closing
• Solid capital structure: high commitment to strong BBB rating
• Limited cash impact: acquisition of RWE‘s 76.8% in innogy via asset exchange; attractive offer to minority shareholders
FutureE.ON
~371, 3
EngieIberdrolaEnelNat. Grid
~501
IberdrolaEngieEnelFutureE.ON
Regulated Asset Base (RAB € bn)Regulated Asset Base (RAB € bn)
Customer Numbers (m)Customer Numbers (m)
Iberdrola2Nat. Grid2Engie2Enel2
~51
FutureE.ON
EBIT (€ bn)EBIT (€ bn)
Creating the future of energy
1. Future E.ON pro-forma EBIT 2017 (innogy data based on public information), 2. Bloomberg Data, 3. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
2
Creating two focused energy companies
E.ONE.ON RWERWE
Future E.ONFuture E.ON RWERWE16.67%
Target structureTarget structure
Structure todayStructure today~77% innogy~77% innogy
3
Acquisition of innogy via innovative asset exchange
innogy
76.8%(RWE)
23.2%(Min. share-
holders)
Total equity value: ~€22bn16.67% Stake in Future E.ON
(~€3.7bn)
E.ON & innogy Renewables&
Other Assets(~€13.5bn)1
Cash payment to E.ON (- €1.5bn)
Offer price and innogy dividend for 2017 and ’18 (~€5.2bn)
1. Acquisition of RWE‘s 76.8% stake in innogy via asset exchange
2. RWE to get in exchange:• 16.67% in new E.ON via 20% capital increase against
contribution in kind (authorized capital)• E.ON‘s and innogy‘s renewables businesses4
• Additional assets: E.ON’s minority stakes in two RWE operated nuclear power plants2, innogy’s gas storage business and minority participation in Kelag
3. RWE receives innogy dividends for 2017 and 20184. Net cash payment from RWE to E.ON of €1.5bn3
5. Attractive cash offer to minority shareholder in innogy with total value of €40.00 per share (offer price (€36.76) plus FY 2017 dividend of €1.60 per share, plus expected dividend of €1.64 per share for FY 2018)
Asset exchange (limited cash impact)
Cash element
1. Equity value for transfer perimeter, 2. Gundremmingen C (25% stake) and Emsland (12.5% stake), 3. Payment to balance asset valuation, 4. Excludes 20% in Rampion and certain onshore capacity indirectly held by E.ON and innogy.
Innogy dividends (~€1.4bn)
Renewables11x EV/EBITDA
4
Upper end of guidance
+58% YoY
Leverage target of 3.9x achievedbefore monetization of Uniper
Payout ratio increased 2x since start of new E.ON
3-4% EBIT CAGR3
5-10% EPS CAGR3
Transacting from a position of strength
EBIT€3.1bn1
EBIT€3.1bn1
ANI€1.4bn1
ANI€1.4bn1
END€19.2bn1
END€19.2bn1
DividendDividend
Mid-term Growth
Mid-term Growth
Group EBITDA
~€8bn2
Customer Solutions
>31mCustomers1
~50mCustomers2
Energy Networks
~€23bn RAB1, 4
~€37bn RAB2, 4
€5bn1
1. E.ON standalone 2017 reported, 2. Future E.ON pro-forma 2017 (innogy data based on public information), 3. 2018-2020 based on existing portfolio (E.ON standalone), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
Regulated Non-regulated
E.ON today Future E.ON (’17)E.ON today (’17)
E.ON standalone
5
Sweden1
~€4bn ~1m- ~7m1
NL/BE
- ~4m2
Germany3
~€20bn ~14m
CEE3
~€11bn4 ~13m
Turkey1
~€1bn ~9m
Unique downstream position across Europe
Energy Networks (RAB)
Customer Solutions (number of customers)
Southern Europe
- ~1m3
1. E.ON 2017 reported, 2. innogy2017 reported, 3. Future E.ON pro-forma 2017 (innogy data based on public information), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.
Excludes npower UK customers subject to transaction with SSE
UK
6
Focus, scale and efficiency pre-requisite for success
DigitizationElectrificationNew culture &
capabilities
Empoweredcustomers
De-carbonization
• Future E.ON’s unique downstream positioning fully captures benefits of energy mega trends
• Creating markets for customers through our products, services, technologies
• “Go to” partner for politicians and regulators in designing the energy transition
• Combining innovation power to enhance development of state-of-the-art products
• Synergies improve cost position and roll-out speed
• Innovative services levered on significantly higher customer number
Mega trends accelerate and reinforce each other Mega trends accelerate and reinforce each other
Focus, scale and efficiency needed in New Energy World
Focus, scale and efficiency needed in New Energy World
7
Spin-off Uniper& reset of E.ON
2016 2018 2020 and beyond
Position of strength Position of strength
• Robust portfolio
• Strong financial & operational delivery
• Balance sheet headroom
Transition yearTransition year
Acceleration of strategy executionUnique strategic positionUnique strategic position
• Focus on high-performance regulated networks and state-of-the-art customer solutions
• Reduction of portfolio complexity
• Enhanced earnings quality: ~80% of EBIT1 is regulated
• Aiming to deliver absolute annual dividend growth
• Focus on high-performance regulated networks and state-of-the-art customer solutions
• Reduction of portfolio complexity
• Enhanced earnings quality: ~80% of EBIT1 is regulated
• Aiming to deliver absolute annual dividend growth
1. Future E.ON pro-forma 2017 (innogy data based on public information). 8
Potential for premium valuation
Potential for premium valuation
3
4
5
6
7
8
9
10
11
12
Value creation for shareholders
Instant redeployment of
capital
Renewables1
Platformfor high
Synergies (€600-800m)
Platformfor high
Synergies (€600-800m)
Shareholder value
creation
1. Enterprise value (schematic)
Renewables11x EV/EBITDA
innogy acquisition at ~10x EV/EBITDA
Realization of valuation premium
9
Integration of innogy provides for strong synergy potential
2019 2020 2021 2022
Estimated synergies (€ m)2Estimated synergies (€ m)2 Synergy focus1, 2Synergy focus1, 2
€600-800m
~55%
~25%
~5%
• Strong synergy potential of €600-800m
• 10-15% of controllable costs
• ~5000 FTEs affected (~7% of employee base)
• Strong synergy potential of €600-800m
• 10-15% of controllable costs
• ~5000 FTEs affected (~7% of employee base)
Corporate Functions & IT
Energy Networks
Energy Sales & Customer Solutions
~100%
1. Synergy split (€ million), 2. Future E.ON pro-forma 2017 (innogy data based on public information). 10
~80%2
~65%1
Non-regulatedRegulated
E.ON today Future E.ON
Share of regulated network earnings (EBIT)Share of regulated network earnings (EBIT)
Attractive earnings & dividend profile secured long-term
Synergies to over-compensate fading nuclear earnings
Synergies to over-compensate fading nuclear earnings
0
1
2
3
4
5
6
E.ON stand-alone
EBIT development3
Enlarged E.ON
2018 2019 2020 2021 2022
1. E.ON 2017 reported, 2. Future E.ON pro-forma 2017 (innogy data based on public information), 3. Schematic illustration. 11
Future E.ON‘s key financials
EBITDAEBITDA
EPSEPS
EBITEBIT
~€8bn1
~€5bn1
EPS accretion from second year after completion
DividendDividendAiming to deliver absolute annual dividend growth
(fixed dividend for 2018: €0.433)
Customer Solutions
Energy Networks
Non-Core
~80% regulated2
1. Future E.ON pro-forma 2017 (innogy data based on public information), 2. Future E.ON pro-forma EBIT 2017 (innogy data based on public information), pie chart does not account for corporate functions & others, 3. Fixed for FY2018 (paid in 2019).
12
• Nuclear provisions: ~€0.9bn• AROs (Renewables): ~€0.9bn• Tax equity liabilities
(Renewables): ~€0.6bn• Pension provisions
(Renewables): ~€0.4bn
Pro forma economic net debt
Economic Net Debt 2017
~19.2
~10.6
~3.6
~5.0
E.ON today1 (€ bn)
Economic Net Debt 2017
~35
Asset-retirement obligationsProvisions for pensionsNet financial position
1. E.ON 2017 reported, 2. Future E.ON pro-forma 2017 (innogy data based on public information), 3. E.ON will address structural subordination post closing, 4. Nord Stream I stake.
~5+ Monetization of Uniper shares
+ Transfer of NS14 into CTA
( )Further deleveraging measures
to be realized in ‘18 (€ bn)
Includes:• Acquisition of 23.2% minority shares • €1.5bn cash payment from RWE
Future E.ON2, 3 (€ bn)
~€2.8bn debt transferred to RWE
~€2.8bn debt transferred to RWE
13
Investor agreement with RWE ensures equal treatment of shareholders
Preamble • RWE to act purely as financial investor
CorporateGovernance
Shareholder structure and rights
• Right to nominate one Supervisory Board member
• Not allowed to increase stake above 16.67%
• Not allowed to sell to an E.ON competitor
14
2019201920182018 2021202120202020
1. Payment to balance asset valuation, 2. Transfers of E.ON minority shares in the two RWE-operated nuclear power plants Gundremmingen (25% stake) and Emsland (12.5% stake) to RWE.
1st Closing• E.ON becomes ≥76.8%
shareholder in innogy• RWE becomes 16.67%
shareholder in E.ON (20% capital increase)
• €1.5bn cash payment to E.ON1
• Transfer of other assets2
1st Closing• E.ON becomes ≥76.8%
shareholder in innogy• RWE becomes 16.67%
shareholder in E.ON (20% capital increase)
• €1.5bn cash payment to E.ON1
• Transfer of other assets2
2nd Closing• Transfer of E.ON and innogy RES Assets• Transfer of Kelag participation and gas storage assets of
innogy
2nd Closing• Transfer of E.ON and innogy RES Assets• Transfer of Kelag participation and gas storage assets of
innogy
Voluntary public takeover offer (PTO)(late April – early July)
Extended offer period(mid July)
Voluntary public takeover offer (PTO)(late April – early July)
Extended offer period(mid July)
Clear path to obtain full control, irrespective of PTO acceptance rate
Antitrust approvalsFull legal integration
Integration & synergies
15
Transaction Update 1 – Official offer period has started
• Compensation payment based on IDW S11
valuation in case of DPLTA2 or squeeze-out or
• “Guaranteed dividend” in case of DPLTA or
• Shares in merged NewCo
Alternatives for innogy minority shareholders that do not tender Alternatives for innogy minority shareholders that do not tender
Compensation payment could be lower than offer value In DPLTA case synergy value will not be considered
Guaranteed dividend could be structured akin to a bond with yield reflecting current low interest rate environment
Shares in NewCo No cash compensation at all
E.ON will have control post closing,irrespective of offer acceptance rate
Incentive structure for high acceptance rate in place
Highly attractive offer for innogy minority shareholdersHighly attractive offer for innogy minority shareholders
• Total offer value €38.40 (= €40.00 pre 2017 dividend of €1.60 paid in April 2018)
• 28% premium to innogy’s last share priceunaffected by general takeover speculations(22 February 2018)
• 23% premium to average broker target price before announcement
• Offer value reflects value of innogy stand-alone andpart of the potential synergies resulting from full integration into E.ON
1. Valuation standard of the Institute of Public Auditors in Germany, 2. Domination and profit and loss transfer agreement 16
Transaction Update 2 – Merger control proceedings
Pre-notificationPre-notification
Simplified overview of process steps of EU merger control proceedings(possible (partial) referrals to national authorities not taken into account1)
PreparationsPreparationsPhase I
(25 working days)Phase I
(25 working days)Phase II
(90 working days + extensions)Phase II
(90 working days + extensions)
• Draftingnotificationdocuments
• Discussing draft notification, responding to information requests
• Finalizing notification
• Assessing notification
• Obtaining additional information requests
• Analyzing market segments in detail
• Negotiating potential conditions
≈ May 2018Not before mid-2019
Expected EU Commission clearance decision
Presentation of potential concerns regarding market segments
1. Federal Cartel Office Germany, CMA, CEE 17
Investment highlights
Starting from position of strength: Creating the future of energy
Unique downstream positioning with ~80% regulated earnings1Focus
Aiming to deliver absolute annual dividend growthGrowth
Renewables value crystallization and €600-800m synergiesHigh commitment to strong BBB rating Discipline
1. Future E.ON pro-forma 2017 (innogy data based on public information). 18
Q1 2018 Results
May 8th, 2018
DisciplineFocusGrowth
E.ON standalone
Strong Q1 2018
Strong EBIT development: +24% Q1 2018 vs.low base in Q1 2017
Adj. Net Income increased +38% YoY
FY 2018 guidance confirmed: EBIT €2.8-3.0 bn, Adj. Net Income €1.3-1.5 bn
Voluntary PTO2 to innogy minority shareholders formally launched
HighlightsHighlights
525
1,038
1,517
727
1,284
1,715
Adj. Net IncomeEBITDA EBIT
Q1 2018Q1 2017
Key Financials1Key Financials1
€ m
1. Adjusted for non operating effects, 2. Public Takeover Offer.
E.ON standalone
20
Operational update
1. Higher Regional Court of Düsseldorf (Oberlandesgericht – OLG), 2. Return on Equity, 3. German Federal Court of Justice (Bundesgerichtshof – BGH).
Customer Solutions Germany/UKEnergy Networks Germany
• OLG1 court decision on allowed RoE2
• Ruling: 6.91% set by BNetzA too low• Independent expert view: 7.7% adequate• BNetzA: appeal at last resort BGH3
• General efficiency factor gas• Reduction from 1.5% to 0.49%• However, E.ON filed legal complaint• Calculation method too unreliable
• General efficiency factor power• Decision by BNetzA in Q3 at the earliest
• Customer numbers continue to grow• More than 50,000 additional household customers
in Q1• Following gain of more than 100,000 in Q4 2017
and stabilization in Q2 & Q3 2017• Managed to reduce churn rate below market
average in UK• Strategy of innovative tariff offerings and focused
sales channels is bearing fruits
• UK political environment disappointing• Price cap still pending, many uncertainties remain
E.ON standalone
21
+ PreussenElektra: increased volumes due to plant outages in Q1 2017 (mainly Brokdorf), positive one-off effects
+ Turkey: omission of book loss from asset sale
+ Sweden: power tariff increase+ Turkey: regulatory improvements– Germany: reversal of regulatory effects,
concession loss Hamburg
+ Germany: price increases as per Q2 2017, lower gas procurement costs Q1 2018
– UK: competitive dynamics, restructuring costs overcomp. price increases as per Q2 2017
+ Onshore & Offshore: capacity additions (mainly Bruenning’s Breeze & Radford’s Run)
– Onshore: subsidy expiries
EBIT 24% above prior year
65
11
133
73
+246
Q1 2018 1,284
Non-core
Corp. Functions & Other,
Consolidation
Renewables
Customer Solutions
Energy Networks -36
Q1 2017 1,038
EBIT1 Q1 2018 vs. Q1 2017€ m
1. Adjusted for non operating effects
Energy Networks
Customer Solutions
Renewables
Key Q1 Effects
Non-Core
E.ON standalone
22
Adj. Net Income 38% above prior year
Q1 2018€ m
~€ 20m improvement yoy mainly due to refinancing benefits, partly compensated by lower interest income from asset portfolio
1. Adjusted for non operating effects, 2. Without interest accretion of nuclear provisions .
EPS (€ per share)
727
1,107
1,284Group EBIT1
Other interestexpenses
-156
-21
Interest on fin. assets/
liabilities2
AdjustedNet Income1
Minorities -103
Income Taxes -277
Profit before Taxes1
Tax rate of 25% (stable yoy)
€0.34
E.ON standalone
23
END impacted by seasonally low operating cash flow
-0.7
-0.1
-0.7
0.1
-10.6
OCF Investments
0.2
Divestments
0.7
Pensions Other (CTA2 Funding)
0.1
Other(Remainder)
-3.6
-10.7
-5.0
AROs
-2.9
-19.2
END FY 2017
-0.4
END Q1 2018
-19.7
-6.0
€ bnEND1 Q1 2018 vs. FY 2017
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, 2. Contractual Trust Arrangement.
AROs Net financial positionPension provisions
Liquidation of pension scheme results in reduction of pension provisions –limited effect on END
E.ON standalone
24
Outlook 2018 confirmed
EBIT1
Adj. Net Income1
Outlook 2018
1. Adjusted for non operating effects
€1.3-1.5 bn
Effects for the remainder of 2018
+ PreussenElektra: non-reoccurrence of one-off effects from 2017
– PreussenElektra: lower hedged prices
Energy Networks
Customer Solutions
Renewables
+ Sweden: power tariff increase– Germany: reversal of regulatory
effects, new regulatory period for gas,concession loss Hamburg
+ Germany: non-reoccurrence of a negative one-off effect in 2017
– Germany & UK: restructuring costs– UK: competitive dynamics
+ Offshore & Onshore: capacity additions (Bruenning’s Breeze, Radford’s Run, Rampion)
– Onshore: subsidy expiries
€2.8-3.0 bn
Non-Core+/–
E.ON standalone
25
Appendix
Energy Networks
DisciplineFocusGrowth
E.ON standalone
Energy Networks - The heart of E.ON
Power and gas business
Power business only
CEE &Turkey€8.5bn3
Sweden€4.0bn
Germany€10.7bn
~€23.1bn2
Regulated asset base 20171
CEE &Turkey€0.4bn
Sweden€0.5bn
~€1.9bn
Germany€1.1bn
EBIT4 2017
25 32
71
2719 12
CEE & Turkey5SwedenGermany
Market share (%)
349490
137 2
CEE & Turkey
45
SwedenGermany
60
GasPower
Grid length (‘000 km) 1
∑ Grid length: 976
∑ Grid length: 107
1. 100% view for Slovakia and Turkey, 2. Differences may occur due to rounding, 3. In Hungary the RAB has been increased in 2017 by €2.8bn due to a system change towards replacement costs. It was €1.5bn before, 4. Adjusted for non operating effects, 5. Arithmetic average.
~75% of group core
E.ON standalone
28
Energy Networks - Higher capex leads to power RAB growth
2017 2020 2017 2020 2017 2020
Czech RepublicSwedenGermany
+6-10% +11-15% +12-16%
~€1.4bn~€3.8bn~€8bn
Power RABPower RABPower RAB
E.ON standalone
29
Multi-decade RAB growth engine
• Main driver is additional replacement investments
• Conservative assumptions on Renewables and E-mobility roll-out
• Acceleration of Renewables build-out• Smart meter• E-mobility• Electrical heating• Digital layer & fully digital equipment
Cautious planningCautious planning
Potential upsides to “new normal”-levelPotential upsides to “new normal”-level
+€300m –€400m
€1.4bn
2016 2017
€1.4bn
€1.7 – 1.8bn
Beyond 2020“New normal”
Disciplined & gradual ramp-up
Disciplined & gradual ramp-up
Energy Networks capex1
1. Excluding Slovakia and Turkey.
E.ON standalone
30
Major transformation in Energy Networks
Single layer infrastructure (energy)
Physical linear network
Centralized system
Infrastructure ecosystem
Decentral, connected multi-layer infrastructure
More (semi-) autonomous local energy systems
Energy Network player
Energy network operatorFrom
Holistic system providerTo
Phys
ical
la
yer
Dig
ital l
ayer
Com
mun
i-ca
tion
laye
r
Data centerEMS Platforms
Network control center
Smart Home
Asset control systems
VPP
Local grid control
Smart Meter
Cloud
AntennaWifi
Block chain
Future energy network system will need to combine different layers of infrastructure
E.ON standalone
31
Turkey with extraordinary high RAB growth
Established in 3 high-growth regions
Leading electricity network operator: − 10.5 m connections− 220,000 km network length
(20% of market)
Constructive regulatory environment:− Allowed WACC for 2016-2020
regulatory period has been increased to 13.6% from 11.9% (pre-tax, real)
− Incentives to outperform capex, opex, and theft & loss allowances
High network investment due to:− Strong power demand growth of
>4% p.a.− Need for significant network
modernization
in bn TL, nominal
Regions
Target to more than double 2016 RAB by 2020
Target to more than double 2016 RAB by 2020
Downstream BusinessDownstream Business Market & RegulationMarket & Regulation RAB developmentRAB development
Strongly growing market with highly attractive returns
AnkaraIstanbul
Adana
>2x
3.8
5.3
2016 2017 2020
E.ON standalone
32
Operational excellence – digitization in practice
Transparent and effective capex allocation Providing a smooth user experience
Asset replacement decisions Asset replacement decisions Digital workforceDigital workforce
Data driven decisions to prioritize replacement
activities
Low double digit million € added value p.a. potential after full roll-out
Expert judgement and local experience
Predictive maintenance Predictive maintenance Conventional approachConventional approach
6-12 % productivity gains
Introduce digital application used by every field worker comprising all functionalities necessary in the daily work Introduce digital application used by every field worker
comprising all functionalities necessary in the daily work
Tool
Tool
Impa
ct
Impa
ct
E.ON standalone
33
Aspiration to develop the platform for energy transition
Further decentralization and
fragmentation lead to a need for
local rebalancing
Further decentralization and
fragmentation lead to a need for
local rebalancing
Transformative PlatformTransformative Platform
P2PTrading
Flex-Markets
LocalEnergy System
RegionalEnergySystem
Increasing system responsibility assumed by regional or local network operator
Increasing system responsibility assumed by regional or local network operator
Energy transition is and will be happening essentially at the DSO-level
E.ON standalone
34
Opportunities in adjacent businesses - Broadband
Growing from existing assetsGrowing from existing assets
E.ON's existing fiber-optic infrastructureE.ON's new fiber-optic infrastructure
A
Local transformer station
Fiber-optic cables in every street and to every household
Network operations center
Business building
Mobile cell tower
Telco X'sbackbone
Enterprise customer's data center
Point of Presence (Switch between backbone and access network)
Extension of existing businessExtension of existing business
Entering Fiber-to-the-Home (FttH) marketEntering Fiber-to-the-Home (FttH) marketB
New business concept in developmentNew business concept in development
E.ON standalone
35
• Lower allowed returns reflect lower bond yields
• Benefits from maturing legacy bonds to be attributed to Energy Networks driving EPS growth
• Lower allowed returns reflect lower bond yields
• Benefits from maturing legacy bonds to be attributed to Energy Networks driving EPS growth
EBIT outlook – Stability despite two major regulatory reviews
German pension cost pass through
Positive one-off
2017 2018 2019 2020
€1.9bn
Lower allowed returns
Higher RAB
+5-10% p.a.
€0.60 –0.70
2018 2020
EPS growth
E.ON standalone
36
Customer Solutions
DisciplineFocusGrowth
E.ON standalone
Energy sales is the anchor of customer solutions
1. Excluding Turkey, 2. Total Contract Value, 3. Adjusted for non operating effects, 4. B2C customers in Germany and UK.
E.ON’s market positionsE.ON’s market positions
Customer
B2B
B2C
B2M
Customer focused portfolioCustomer focused portfolio
EnergySales
Heat &New
Solutions
EBIT3 2017 €526m Energy Sales EBIT4
B2B~25%
B2C ~75%
Energy Sales is the anchor businessEnergy Sales is the anchor business
High customer loyaltyHigh customer loyalty
Customer tenure4
> 5y2-5y
< 2yB2M/Heat: 10% market share in Germany & Sweden
B2B Solutions: ~€1bn TCV2 in 2017
Top 3
Top 2
Top 3
Top 3Top 3
Top 3
Top 10
Top 3
Energy Sales: 22m1 customers in 8 countries
E.ON standalone
38
7
6
5
4
Q4 17Q3 17Q2 17Q1 17Q4 16Q3 16Q2 16Q1 16
UK B2C customersUK SVT customers
2013 2014 2015 2016 2017
6
8
4
2
UK
E.ON is leading the transformation of energy sales
Standard tariff customer numbers decliningStandard tariff customer numbers declining
Cust
omer
ac
coun
tsin
m
2016 year of peak margins12016 year of peak margins1
% m
argi
n Rigorous cost focusReduce cost to acquire and cost
to serve dramatically
Attractive productsInnovative and green tariffs
complemented by smart meter rollout
Focused sales channels
Protecting revenues
Turnaround in customer numbers
Increasing EBIT into
next decade
6.3m
1. Final figure for 2017 not yet available: ~5%.
E.ON standalone
39
Increase customer attraction while reducing cost to acquire
Physical channel Digital channel
Product offering and selection of sales channels lead to…Product offering and selection of sales channels lead to…
…at the same time reducing costs to acquire…at the same time reducing costs to acquire
…increase in customer numbers……increase in customer numbers…
20252017
Sale
s ch
anne
lsTa
riff i
nnov
atio
ns
200k innovative tariffs sold since June 2017
> 5,000 E.ON Plus products (devices as add-on to tariffs) sold
18% of our customer base with add-on services
+100% value-add services contracts in 2017
Scale sales cooperations with big retailers (e.g. Lidl) • Innovative tariff offering• Focus on earning customers’ loyalty
Sales push in digital• From broker site to own website e.g. GER, UK, SWE
Home move journey as acquisition channel
~22m
~24m
E.ON standalone
40
Closing the gap - Cost to serve to be reduced dramatically
Components of cost to serve1
Other
Metering & Installation
Debtresolution
Servicingand
Backoffice
SWAT
Fokus
Smart Meter Rollout
E.ON ambitionE.ON
~€120m savings~€120m savings
€/customer account
~£100m savings~£100m savings
Cost to serve ambitionEfficiency programsMeasures to reduce cost to serve
1. Example UK
Tackling cost to serve and overall cost efficiencies to support earnings
E.ON standalone
41
Re-inventing our customer business with the digital attacker
Cost efficiency
Cost efficiency
Superior servicesSuperior services
Innovative propositionInnovative proposition
<€ 10Market Leading
Cost to Serve
Synergiesacross regions
1-clickCustomer
journey
+50 NPS1
Quick response &
accurate billing
Singleplatform for
tariff innovations
Datadriven
propositions
Fasttime to market
Selflearning
functionality
Market leading
cost of change
Gradual replacement of legacy systems – customer focused with proven stability
1. Net Promoter Score
E.ON standalone
42
New Solutions - Strive for leadership with innovative products
1. Adjusted for non operating effects
B2BB2B B2MB2M B2CB2C
PV + battery
Smart home
Smart meter
PV + battery
Smart home
Smart meter
E-mobilityE-mobility
Prod
uct o
ffer
ing
Prod
uct o
ffer
ing
Am
bitio
n 20
25A
mbi
tion
2025
EBIT1 ~€250-300 mEBIT1 ~€250-300 m EBIT1 ~€200 mEBIT1 ~€200 m EBIT1 >~€50 mEBIT1 >~€50 m
EBIT margin > 10%EBIT margin > 10%
District heating
City quarter solutions
Integrated city energy solutions
District heating
City quarter solutions
Integrated city energy solutions
Decentral generation
Energy efficiency
Flexibility & storage
Digital energy solutions
Decentral generation
Energy efficiency
Flexibility & storage
Digital energy solutions
E.ON standalone
43
~>2 x
2025
~2 x
2016 2020…2017
Become a leading Energy Service Company
B2B - E.ON to become a leading Energy Service Company in Europe
Ambitious organic growth of TCV1 … Ambitious organic growth of TCV1 … …to translate into EBIT2 over time…to translate into EBIT2 over time
1. Total Contract Value, 2. Adjusted for non operating effects.
Decentral generationDecentral
generationEnergy
efficiencyEnergy
efficiencyFlexibility &
storageFlexibility &
storageDigital energy
solutionsDigital energy
solutions
~ €250-300m
2016 2017 2020 2025
~+25% CAGR
E.ON standalone
44
B2M – E.ON is a reliable partner for cities and communities
E.ON to benefit from market trends and investmentsE.ON to benefit from market trends and investments
1. Germany, Sweden, UK, 2. Capex net of divestments, including investments for Högbytorp, 3. Adjusted for non operating effects.
Investments with low risk and high returnInvestments with low risk and high return
Capex2 2018-2020ROCE > 10%
Stable (long-term) earnings
15-20 year contracts
2025
~€200m
2017
UKGermanySweden
Heat EBIT3 €m
~€ 800m
ectogrid™
Högbytorp, Stockholm
> €250m capex project close to Stockholm, COD 2019
100 MW CHP district heating network extension and biogas as part of a circular economy project
Can provide heating and cooling for an entire city, optimising excess heating and cooling
First ectogrid under construction in Lund, Sweden
Patented global solution - available to be sold and integrated in other cities
Project examplesProject examples
E.ON standalone
45
B2C - E.ON drives the electrification of the home and mobility
PV + batteryE.ON SolarCloud
E.ON Plus + smart meters
E-mobilitysolutions
Home heating
Example: PV + battery growth storyExample: PV + battery growth story
Translating into decent EBIT in the next decadeTranslating into decent EBIT in the next decade
~€50m
2017 beyond2025
E.ON product offering for the electrification of homeE.ON product offering for the electrification of home
~3x
~5x
201720162015 2025…
EBIT1 €m
PV + battery units sold
E.ON – the fastest growing solar
company in Germany
1. Adjusted for non operating effects
E.ON standalone
46
Temporary high investments for smart meter & ITTemporary high investments for smart meter & IT
Disciplined investment plan to support growth opportunities
Capex1 2018-2020 €2.4bn
1. Capex net of divestments, 2. Adjusted for non operating effects.
Heat & New
Solutions
2025…20202018
Restructuringcharges
2017
€526m
Customer Solutions EBIT2 2017-2020
Medium-term EBIT developmentMedium-term EBIT development
Energy Sales
Heat & B2B projects
Smartmeter
IT &efficiency
Other
E-mob
Partially temporary
Partially temporary
Asset-backedinvestments
Asset-backedinvestments
E.ON standalone
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Renewables
DisciplineFocusGrowth
E.ON standalone
Position of strength
~4 GW1 ~3 GW1
Arkona
Rampion
Morcone
Under construction:~ 1GW
1.4 GW1
0.6 GW1
0.3 GW1
0.2 GW1
0.2 GW1
0.2 GW1
Stella
€0.5bn EBIT 2017(~18% of core EBIT)
~95% Long-term contracted or hedged until 2020
Strong track record with ~7 GW1 delivered
Active in 3 technologies and batteries
1
HighlightsHighlights
1. Gross capacity
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Growth trend unbroken – RES to dominate global power generation
7 GW
Nuclear
17 GW
CCGTOnshore
44 GW
Offshore
38 GW
Utility-scale PV
59 GW
Capacity additions forecastAnnual build rate avg. 2018-’301Capacity additions forecastAnnual build rate avg. 2018-’301
~300 turbines per week~300 turbines per week
Strong cost decrease
Industry trendsIndustry trends Bid prices per technology(EUR/MWh)
Bid prices per technology(EUR/MWh)
55
103
201720162015
43
66
20162015
109
2017
Offshore Onshore
merchant2Decarbonization
1. Bloomberg New Energy Outlook 2017, 2. German Power Baseload forward 2019 (08.03.2018).
E.ON standalone
50
E.ON aims to grow at scale in Onshore
Onshore
+20-25%
Capitalize on attractive ~8 GW pipeline
~5 GW1
2017 2020
Onshore
+20-25%
Capitalize on attractive ~8 GW pipeline
~5 GW1
2017 2020
Offshore
+40%2
Leverage existing options in Europe
~1 GW1
1. Operated capacity, 2. ~400MW net capacity addition. Gross capacity addition: 800MW.
• From boutique to industrial
• Capex light
Solar PV
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High share of contracted revenues provides stability and visibility
20182017 20202019
• High earnings stability
• Secure long-term stable off-take agreements for new investments
• Revenue optimization for assets at the end of support scheme (rolling 3 year hedging)
• Active commercial risk management/value optimization incl. congestion hedging, day-ahead/intra-day optimization
Long-term contractedHedgedMerchant
High earnings stability and visibilityHigh earnings stability and visibility Clear guiding principles Clear guiding principles
~75% long-term contracted1
~95% hedged or long-term contracted1
1. Average 2017-2020
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Integral part of E.ON - Modular value crystallization
Develop & Sell & (Operate)Develop & Sell & (Operate) Build & Sell & OperateBuild & Sell & Operate Build & KeepBuild & Keep
• Rapid monetization of value• Capex light • Additional value from long-term
O&M services
• Rapid monetization of value• Capex light • Additional value from long-term
O&M services
• Reduce exposure in certain geographies
• Additional value from long-term O&M services
• Reduce exposure in certain geographies
• Additional value from long-term O&M services
• Resilient long-term cash flows• Strong operational capabilities ensure
E.ON being an efficient asset owner
• Resilient long-term cash flows• Strong operational capabilities ensure
E.ON being an efficient asset owner
AftonMagic Valley 12
Amrumbank
Deal value: ~$100m1
Year: 2016Sold: 100%Cap.: 50 MW
Deal value: ~$100m1
Year: 2016Sold: 100%Cap.: 50 MW
Deal value: ~$650mYear: 2014Sold: 80%Cap.: 405 MW
Deal value: ~$650mYear: 2014Sold: 80%Cap.: 405 MW
Capex: ~€1bnCOD: 2015Cap.: 302 MW
Capex: ~€1bnCOD: 2015Cap.: 302 MW
Case
stu
dies
Case
stu
dies
Wildcat 13
1. InfraRed Capital Partners, 2. Magic Valley 1: 203MW, 3. Wildcat 1: 202MW.
E.ON standalone
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Technical/digital excellence to drive down LCOE1
Extension of life-time
Improved load factors and availability
Transparent and effective capex and opex allocation
1
Predictive maintenance roll-outPredictive maintenance roll-out
2017 2018 2019 2020
10%60%
Self-learning algorithms to optimize
wind park layout in order to increase
production and reduce wake effects
Self-learning algorithms to optimize
wind park layout in order to increase
production and reduce wake effects
Array layout optimizerArray layout optimizer
Turbine selection tailored to site conditions
Data driven investment decision
Single digit yield increase
E.ON standalone
1. Levelized cost of electricity 54
Play at scale in Onshore - Attractive pipeline in Tier 1 geographies
Gross capacity additions 2018-2020 (MW)Gross capacity additions 2018-2020 (MW) Onshore pipeline Onshore pipeline
~5.9 GW
80% PTC
100% PTC
Other
Onshore pipelineOnshore pipeline
~1.8 GW
∑~2GW
Nordic
Other EU
UK
COD2016
COD2017
COD2018
COD2019
COD2020
Onshore Offshore1, 2 New Projects(Pre- FID pipeline)
1. 2018 COD: Rampion (Gross delivery: 400 MW, EU Offshore), Stella (Gross delivery: 201 MW, US Onshore), 2. 2019 COD: Arkona (Gross delivery: 385 MW, EU Offshore), Morcone (Gross delivery: 57 MW, EU Onshore).
E.ON standalone
55
Financial Appendix
DisciplineFocusGrowth
E.ON standalone
Highly stable business profile
Business profile
High share of regulated and long-term contracted earnings (~3/4 of EBITDA)
Predominantly quasi-regulated or contracted earnings in heat operations and RenewablesRemaining merchant exposure in Renewables and PreussenElektra largely hedged
Operations in Energy Networks under stable, well established frameworks in low risk markets with strong regulatory track record
FY EBITDA 20171
~3/4 from regulated/long-term contracted businesses2
1. Adjusted for non operating effects, representation in pie charts excluding Corporate Functions/Other; total figure including Corporate Functions/Other, 2. Including Energy Networks and a portion of Renewables and Heat.
15%
16%
56%
13%
Renewables
PreussenElektra (non-core)
Customer Solutions
Energy Networks
€5.0bn
E.ON standalone
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E.ON today – Regulated Energy Networks at the heart
Key financials2017
Group EBIT1
Adj. Net Income1
€1.4bn
€3.1bn
Customer Solutions
€1.9bn€1.9bn€0.5bn€0.5bn €0.5bn€0.5bn
1. Adjusted for non operating effects, 2. Percentage as of Group EBIT.
Core EBIT1 2017 Share of regulated/long-term contracted
businesses2
Energy Networks Renewables
Regulated/contracted
Merchant
Strong pillars with Customer Solutions and Renewables
E.ON standalone
58
2017 yet another year of strong delivery
HighlightsHighlights Key Financials1Key Financials1
€ m
1. Adjusted for non operating effects
EBIT Adj. Net Income
Economic Net Debt-7.1
FY 2017
19.2
FY 2016
26.3
EBIT and Adj. Net Income at the upper end of the guidance range
Adj. Net Income + 58% versus FY 2016
Economic net debt reduced to €19.2bn
Dividend 2017 of €0.30/share confirmed
€ m
€ bn
Guidance range EBITDA €2.8-3.1bn, Adj. Net Income 1.2-1.45bn
FY 2017
3,074
FY 2016
3,112+58%
FY 2017
1,427
FY 2016
904
E.ON standalone
59
Q1 2018 – Financial Appendix
DisciplineFocusGrowth
E.ON standalone
Financial Highlights
€m Q1 2017 Q1 2018 % YoY
Sales 10,480 9,330 -11
EBITDA 1 1,517 1,715 +13
EBIT 1 1,038 1,284 +24
Adjusted net income 1 525 727 +38
OCF bIT 1,027 359 -65
Investments 588 696 +18
Economic net debt ² -19,248 -19,658 -2
EBIT• Energy Networks: -5% YoY
Reversal of regulatory effects in Germany and tariff increases in Sweden
• Customer Solutions: +23% YoYPrice increases in Germany 2017, competitive dynamics in the UK
• Renewables: +7% YoYCapacity additions, partly offset by subsidy expiries
OCF bIT• Cash provided by operating
activities €0.7 bn below prior-year level
• Key driver: One-off effects in Working Capital
Adj. Net Income• Improves €202 m YoY
Driven by strong EBIT and profiting from refinancing benefits and stable tax rate (25%)
1. Adjusted for non operating effects, 2. Economic net debt as per 31 Dec 2017 and31 Mar 2018; Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs.
Investments• Energy Networks: €271 m
(vs. €260 m YoY)• Customer Solutions: €74
m (vs. €64 m YoY)• Renewables: €180 m
(vs. €251 m YoY )• Non-Core: €161 m
(vs. €5 m YoY)
E.ON standalone
61
-0.5Capex
-0.7
OCF
0.1
-1.3
EBITDA1 Change in WC
0.0
0.4
FCF
21%
Tax Payments
-0.1
Interest Payments
-0.1
OCF bIT
1.7
Cash Adjustments3
Seasonally low CCR2
Q1 2018€ bn
1. Adjusted for non operating effects, 2. Cash Conversion Rate: OCF bIT ÷ EBITDA, 3. Net non cash effective EBITDA items incl. provision utilizations.
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HighlightsHighlights
Segments: Energy Networks
• Germany– Reversal of regulatory effects – New regulatory period gas– Concession loss Hamburg
• Sweden+ Power tariff increase
• CEE & Turkey+ Regulatory improvements in Turkey
Energy NetworksEnergy Networks
138132 151
415 353
131
-5%
CEE & Turkey
Sweden
Germany
Q1 2018
642
Q1 2017
678
1. Adjusted for non operating effects
EBIT1 € m
€m Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY
Revenue 3,426 2,229 -35 298 293 -2 475 432 -9 4,199 2,954 -30
EBITDA 1 559 490 -12 173 190 +10 185 197 +6 917 877 -4
EBIT 1 415 353 -15 132 151 +14 131 138 +5 678 642 -5 thereof Equity-method earnings 16 16 +0 0 0 - 22 30 +36 38 46 +21 OCFbIT 720 23 -97 142 267 +88 152 164 +8 1,014 454 -55 Investments 98 108 +10 60 55 -8 102 108 +6 260 271 +4
TotalGermany Sweden CEE & Turkey
Det
ails
E.ON standalone
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Segments: Customer Solutions
Customer SolutionsCustomer Solutions HighlightsHighlights
• Germany Sales+ Price increases as per Q2 2017+ Lower gas procurement costs– Restructuring costs
• UK + Price increases as per Q2 2017– Competitive dynamics– Restructuring costs– Price caps (PPM2, vulnerable customers)
121 116
160 148
128
392
Q1 2017
31938
+23%
Other
UK
Germany Sales
Q1 2018
EBIT1 € m
1. Adjusted for non operating effects, 2. Prepayment Meter.
€m Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY
Revenue 2,155 2,013 -7 2,151 2,391 +11 2,244 2,341 +4 6,550 6,745 +3
EBITDA 1 44 135 +207 184 169 -8 167 159 -5 395 463 +17
EBIT 1 38 128 +237 160 148 -8 121 116 -4 319 392 +23 thereof Equity-method earnings 0 0 - 0 0 - 3 1 -67 3 1 -67 OCFbIT -178 -169 +5 9 -103 - 2 -76 - -167 -348 -108 Investments 3 4 +33 46 40 -13 15 30 +100 64 74 +16
TotalUKGermany Sales Other
Det
ails
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64
• Offshore/Other+ UK: Ramp-up capacity additions (Rampion)
• Onshore/Solar+ US: Capacity additions (Bruenning’s Breeze, Radford’s Run)– Subsidy expiries
Segments: Renewables
RenewablesRenewables HighlightsHighlights
61 58
99 113
+7%
Offshore/Other
Onshore/Solar
Q1 2018
171
Q1 2017
160
EBIT1 € m
1. Adjusted for non operating effects
€m Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY
Revenue 188 234 +24 188 167 -11 376 401 +7
EBITDA 1 113 97 -14 136 150 +10 249 247 -1
EBIT 1 61 58 -5 99 113 +14 160 171 +7 thereof Equity-method earnings 11 8 -27 OCFbit 187 228 +22 Investments 251 180 -28
Onshore Wind / Solar Offshore Wind / Others Total
Det
ails
E.ON standalone
65
Non-core business
Non-coreNon-core HighlightsHighlights
27
124
-15-51
+133
GenerationTurkey
PreussenElektra
Q1 2018
109
Q1 2017
-24
• PreussenElektra+ Higher volumes due to outages of all plants in Q1 2017+ Positive one-off effects in Q1 2018– Lower achieved power prices
• Generation Turkey+ Book loss from asset sale in Q1 2017
PreussenElektra: Hedged Prices (€/MWh) as of 31 March 2018
EBIT1 € m
1. Adjusted for non operating effects
29
29
26
32
2020
2019
2018
2017
80%
4%
99%
Det
ails
100% €m
Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Revenue 364 278 -24 0 0 - 364 278 -24
EBITDA 1 74 159 +115 -51 -15 +71 23 144 +526
EBIT 1 27 124 +359 -51 -15 +71 -24 109 +554 thereof Equity-method earnings 26 25 -4 -51 -15 +71 -25 10 +140 OCFbIT 207 112 -46 0 0 - 207 112 -46 Investments 5 7 +40 0 154 - 5 161 -
TotalPreussenElektra Generation Turkey
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Adjusted Net Income
€m Q1 2017 Q1 2018 % YoY
EBITDA 1 1,517 1,715 +13
Depreciation/amortization -479 -431 +10
EBIT 1 1,038 1,284 +24
Economic interest expense (net) -195 -177 +9
EBT 1 843 1,107 +31
Income Taxes on EBT 1 -210 -277 -32
% of EBT 1 -25% -25% -
Non-controlling interests -108 -103 +5
Adjusted net income 1 525 727 +38
1. Adjusted for non operating effects
E.ON standalone
67
Reconciliation of EBITto IFRS Net Income
€m Q1 2017 Q1 2018 % YoY
EBITDA 1 1,517 1,715 +13
Depreciation/Amortization/Impairments -479 -431 +10
EBIT 1 1,038 1,284 +24
Economic interest expense (net) -195 -177 +9
Net book gains 52 104 +100
Restructuring -94 -26 +72
Mark-to-market valuation of derivatives -308 191 +162
Impairments (net) 3 0 -100
Other non-operating earnings 394 -87 -122
Income/Loss from continuing operations before income taxes 890 1,289 +45
Income taxes -155 -256 -65
Income/loss from continuing operations 735 1,033 +41
Income/loss from discontinued operations, net 0 0 -
Net income/loss 735 1,033 +41
1. Adjusted for non operating effects
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68
Cash effective investments by unit
1. Adjusted for non operating effects
€m Q1 2017 Q1 2018 % YoY
Energy Networks 260 271 +4
Customer Solutions 64 74 +16
Renewables 251 180 -28
Corporate Functions & Other 8 9 +13
Consolidation 0 1 -
Non-Core 5 161 -
Investments 588 696 +18
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Economic Net Debt1
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, 2. Net figure; does not include transactions relating to our operating business or asset management.
€m 31 Dec 2017 31 Mar 2018
Liquid funds 5,160 4,108
Non-current securities 2,749 2,449
Financial liabilities -13,021 -12,736
Adjustment FX hedging ² 114 166
Net financial position -4,998 -6,013
Provisions for pensions -3,620 -2,924
Asset retirement obligations -10,630 -10,721
Economic net debt -19,248 -19,658
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Economic interest expense (net)
€m Q1 2017 Q1 2018 Difference
(in € m)
Interest from financial assets/liabilities -175 -156 +19
Interest cost from provisions for pensions and similar provisions -21 -16 +5
Accretion of provisions for retirement obligation and similar provisions -17 -20 -3
Construction period interests¹ 8 8 +0
Others 10 7 -3
Net interest result -195 -177 +18
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: 5.47%).
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71
2025
0.0
2024
0.6
2023
0.4
2022
0.1
2021
0.8
2020
1.4
2019
1.1
2018
2.0
4.8
≥2026
OtherJPYUSDGBPEUR
Financial Liabilities
Split Financial Liabilities€ bn
31 Mar 2018
Bonds -10.7
in EUR -4.0
in GBP -3.9
in USD -2.4
in JPY -0.2
in other denominations -0.2
Promissory notes -0.4 Commercial papers 0.0 Other liabilities -1.6
Total -12.7
Maturity profile (as of end Q1 2018)1
€ bn
1. Bonds and promissory notes issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE).
E.ON standalone
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E.ON Investor Relations contacts
T +49 (201) 184 2806investorrelations@eon.com
Alexander Karnick T +49 (201) 184 28 38Head of Investor Relations alexander.karnick@eon.com
Martina Burger T +49 (201) 184 28 07Manager Investor Relations martina.burger@eon.com
Dr. Stephan Schönefuß T +49 (201) 184 28 22Manager Investor Relations stephan.schoenefuss@eon.com
Andreas Thielen T +49 (201) 184 28 15Manager Investor Relations andreas.thielen@eon.com
73
Financial calendar & important links
Financial calendar
August 8, 2018 Half-Year Financial Report: January – June 2018
November 14, 2018 Quarterly Statement: January – September 2018
March 13, 2019 Annual Report 2018
May 13, 2019 Quarterly Statement: January – March 2019
Important links
Presentations https://www.eon.com/en/investor-relations/presentations.html
Facts & Figures 2018 https://www.eon.com/content/.../presentations/facts-and-figures-2018.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
Bonds / Creditor Relations https://www.eon.com/en/investor-relations/bonds.html
Transaction Website: http://www.energyfortomorrow.de/
74
Disclaimer
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.
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