E.ON Roadshow Delivering step by step H1 2017

Transcription

1 E.ON Roadshow Delivering step by step H1 2017

2 Delivering step by step Highlights Raising payout ratio to a minimum of 65% 1 (specification of exact range with FY 2017 results) Striving for payout ratio in line with peers and absolute dividend growth Nuclear fuel tax refund paves way to potential over-achievement of leverage target De-risking completed: transfer of ~ 10 bn to government fund finalizes KFK solution Strong Q results FY 2017 guidance confirmed 1. Based on Adjusted Net Income, from FY 2018 (payable in 2019) onwards 2

3 Potential over-achievement of deleveraging could create balance sheet head room Economic net debt bn 26.3 ~5.3x EBITDA NFT 3 ~ 2.85bn ABB 4 ~ 1.35bn 21.5 ~4.5x EBITDA Debt Reduction ~4.0x EBITDA Debt reduction measures + Monetization of Uniper shares + Transfer of NS1 2 into CTA + Nuc. decommissioning cost savings + Additional measures (mainly non-core disposals excl. Urenco) 1 ~3.1 ~1.0 ~1.0 ~1.0 FY 2016 H post deleveraging potential balance sheet head room mid term target No hybrid issuance necessary 1. Based on share price of (as of August 7, 2017), 2. Nordstream 1 stake, 3. Nuclear Fuel Tax, 4. Accelerated Book Build 3

4 Raising payout and striving for dividend growth Payout ratios by E.ON and peers Dividend policy: 80% Raising payout ratio to a minimum of 65% 2 Peer group 1 Striving for payout ratio in line with peers 65% 60% 50% E.ON target Previous payout E.ON 50% - 60% Specification of exact range with full year 2017 results Targeting absolute dividend growth (base year 2017) Strong alignment of management and investors through E.ON Focus 1. Peer group: Centrica, Enel, EDP, Iberdrola, innogy, SSE, 2. Based on Adjusted Net Income, from FY 2018 (payable in 2019) onwards 4

5 Energy Networks: multi-decade growth Regulations and mega trends support multi decade growth RAB growth: potential for higher replacement capex on top of continuing network extensions Additional replacement and reinforcement investments Example: Power RAB in Germany Renewables build out bn +3-4% p.a. Smart meter roll-out E-mobility Sector coupling % p.a m p.a. add. capex potential on back of improved regulation >2020 5

6 CS: very good progress and growth also from asset-backed solutions District Heating / B2M Strong district heating business in Sweden, Germany, UK with yearly EBIT of ~ 130m Stable and resilient earnings profile often based on network assets New 250m capex project in Högbytorp close to Stockholm to be finalized in 2019; 100 MW CHP plus district heating network extension Heat contributes ~20% of Customer Solutions EBIT 130m ROCE: >10% Energy Solutions B2B Focus on industrial generation (6-120 MW CHPs), on-site generation solutions (small/medium CHPs, PV), energy and CO 2 efficiency and flexibility Order intake 1 YTD of ~ 0.4bn on track to double order intake to > 1bn yoy in 2017 E-Mobility Leading E-Mobility player in Denmark (>50% market share) Established strong partnerships (e.g. Clever and Sixt) Roll-out of service offerings to other E.ON markets Aim for leading role in developing role in developing Europe s charging infrastructure 1. TCV: Total contract value Order intake to pick up significantly > 1bn

7 Renewables: risk & return focus Focus on PPA and FiT secured pipeline US onshore Safe-harbored pipeline of > 3,000MW with 100% PTC support New project Stella (201MW) with FID expected in Q3-17 ~500 MW on track for completion in 2017 Europe onshore Opportunistic approach Recent example: FID on Morcone in Italy (57 MW, FiT of 66 /MWh for 20 years) Several hundred MW potential (e.g. in Scotland and Sweden) Offshore Stringent risk & return discipline ~800MW on schedule to be operational in 2018/19 7

8 Embedding operational excellence Phoenix ahead of schedule 400m ~ 300m Beyond Phoenix Performance Culture to be sustainably embedded across all functions ~ 30m H ~ 70m H Total Focus on operational excellence Improve customer centricity Digitization to improve processes and customer experiences Phoenix targets predominantly central overhead & support functions Earlier achievement of Phoenix targets currently expected 8

9 H1 results & FY 2017guidance

10 Strong Q but H EBIT still below prior year EBIT 1 H vs. H m H Divested Operations H w/o div. operations Energy Networks Customer Solutions Renewables Corp. Functions & Other, Consolidation Preussen Elektra H Adjusted for non operating effects 10

11 Adjusted Net Income supported by lower accretion and taxes H m Group EBIT 1 Interest on fin. assets/ liabilities Other interest expenses ~ 40m deterioration YoY due to lower interest income ~ 450m improvement mainly due to significant lower accretion of nuclear provisions and other interest expenses Profit before Taxes Income Taxes -347 Tax rate of 25% (vs. 38% in H1 2016) Minorities -156 Adjusted Net Income Adjusted net income up 46% over prior year EPS ( per share) 1. Adjusted for non operating effects, 2. Without accretion of nuclear provisions 11

12 END improves significantly due to high cash flow and capital increase END 1 H vs. FY 2016 bn AROs Pension provisions Net financial position END FY 2016 OCF Investments ABB 2 Dividend Divest incl. B&S Pensions AROs Others END H Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS ARO s. 2. Accelerated Book Build 12

13 Nuclear decommissioning is no limitation for dividends or capex bn Current EBITDA 1 ~ Utilization of nuclear provisions OCF bit Current approach Nuclear decommissioning provisions are part of E.ON s economic net debt (END) Utilization of nuclear provisions is currently part of operating cash flow and thus implies a burden for the financial leeway Economic view EBITDA 1 OCF bit Economic view However, economically the utilization is comparable to a redemption of debt and thus has features of financing cash flow Nuclear decommissioning could therefore be paid and replaced with financial debt (END neutral) and is thus no limitation for dividend or capex 1. Adjusted for non operating effects 13

14 Outlook 2017 confirmed Outlook 2017 EBIT bn Effects for H Energy Networks Customer Solutions + Regulatory effects (e.g. pensions), lower maintenance costs + Tariff increase in Sweden + Positive development in CZ, HU + Price increases in Germany & UK, focus on efficiency Adj. Net Income bn Renewables + Normalizing wind yields + Omission of nuclear fuel tax payments + Operational improvements Lower hedging prices Asset retirement cost (ARC) effect 1. Adjusted for non operating effects 14

15 E.ON Focus Our basis for steering the company Update of E.ON Focus with FY 2017 results Increased payout ratio to minimum of 65% 4 Striving for payout ratio in line with peers (specification of exact range with FY 2017 results) Target of absolute dividend growth (base year 2017) Strong alignment of management and investors E.ON KPIs without Uniper contribution, 1. Adjusted for extraordinary effects and divested operations, FY 2017 guidance range as basis for medium-term outlook, 2. OCFbIT divided by EBITDA, 3. Based on EBIT (= pre-tax), 4. Based on Adjusted Net Income, from FY 2018 (payable in 2019) onwards, 5. Total Shareholder Return 15

16 Appendix: H1 results & FY 2017guidance

17 Segments: Energy Networks Energy Networks EBIT 1 m +18% Highlights Germany: Germany Sweden CEE & Turkey 1, Regulatory effects + Lower maintenance costs Sweden: + Tariff increases CEE & Turkey: + Positive effects in Czech Republic, Hungary H H m Germany Sweden CEE & Turkey Total H H % YoY H H % YoY H H % YoY H H % YoY Revenue 7,002 7, ,322 8, EBITDA ,358 1, EBIT , thereof Equity-method earnings OCFbIT 929 1, ,509 1, Investments Adjusted for non operating effects 17

18 Segments: Customer Solutions Customer Solutions EBIT 1 m Germany UK Other % H Adjusted for non operating effects H Highlights Germany: Lower power margins due to increased TSO fees Lower gas margin due to price decrease in Nov Price increases in Q UK: + Stabilizing customer numbers & price increases in Q FX weakening after Brexit decision & price cap on PPM customers Other: Energy procurement crisis in Romania in Q Higher gas procurement costs in Eastern Europe m Germany UK Other Total H H % YoY H H % YoY H H % YoY H H % YoY Revenue 4,150 3, ,356 3, ,491 3, ,997 11,195-7 EBITDA EBIT thereof Equity-method earnings OCFbIT Investments

19 Segments: Renewables Renewables EBIT 1 m Offshore/Other Onshore/Solar -19% Highlights Offshore: Arkona book gain in Q Low wind conditions in UK Onshore: + COD of Colbeck s Corner in May Higher production of US wind farms & better wind conditions in Europe H H m Onshore Wind / Solar Offshore Wind / Others Total H H % YoY H H % YoY H H % YoY Revenue EBITDA EBIT thereof Equity-method earnings OCFbit Investments Adjusted for non operating effects 19

20 Segments: PreussenElektra PreussenElektra EBIT 1 m 283-4% 271 Highlights + Non-reoccurrence of nuclear fuel tax payments in Q One-off effect from court case Lower volumes due to outages Lower achieved power prices ARC Depreciation m H H PreussenElektra H H % YoY Revenue EBITDA EBIT thereof Equity-method earnings OCFbIT 361 3, Investments Hedged Prices Germany ( /MWh) as of 30 June % % % 42% Adjusted for non operating effects 20

21 Adjusted Net Income m H H % YoY EBITDA 1 2,901 2,715-6 Depreciation/amortization EBIT 1 2,001 1, Economic interest expense (net) EBT 1 1,191 1, Income Taxes on EBT % of EBT 1-38% -25% - Non-controlling interests Adjusted net income Adjusted for non operating effects 21

22 From EBITDA to Net Income m H H % YoY EBITDA 1 2,901 2,715-6 Depreciation/Amortization/Impairments EBIT 1 2,001 1, Economic interest expense (net) Net book gains ,192 Restructuring Mark-to-market valuation of derivatives Impairments (net) Other non-operating earnings -23 3, ,922 Income/Loss from continuing operations before income taxes 1,522 4, Income taxes Income/loss from discontinued operations, net -3, Non-controlling interests Net income/loss attributable to shareholders of E.ON SE -3,034 3, Adjusted for non operating effects 22

23 Cash effective investments by unit m H H % YoY Energy Networks Customer Solutions Renewables Corporate Functions & Other Consolidation PreussenElektra Investments 1,323 1, Adjusted for non operating effects 23

24 Economic Net Debt 1 m 31 Dec June 2017 Liquid funds 8,573 14,252 Non-current securities 4,327 3,850 Financial liabilities -14,227-14,691 Adjustment FX hedging ² Net financial position ,722 Provisions for pensions -4,009-3,748 Asset retirement obligations -21,374-21,459 Economic net debt -26,320-21,485 Schematic END split after KFK payments Amount of END unchanged Nuclear ARO s and NFP are decreased by KFK payment Pension provisions and non nuclear AROs unchanged Lower by KFK payment Lower by KFK payment Financial Assets Financial Liabilities Pension provisions Non Nuclear ARO s bn Nuclear ARO s 30 June 2017 after KFK Payment 1. Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS ARO s, 2. Net figure; does not include transactions relating to our operating business or asset management 24

25 Economic interest expense (net) m H H Difference (in m) Interest from financial assets/liabilities Interest cost from provisions for pensions and similar provisions Accretion of provisions for retirement obligation and similar provisions Construction period interests¹ Other² net interest result Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing cost are (virtual) interest costs incurred by an entity in connection with the borrowing of funds. (interest rate: 5.6%), 2. Includes mainly effects from tax related interest (in 2016) and interest rate changes of other long term provisions 25

26 Cash conversion rate 2 at 89% due to strong operational quarter H bn CCR 2 : 89% EBITDA 1 Cash Adjustments 3 Changes in WC OCF bit adj. NFT refund NFT refund OCF bit Interest Payments Tax Payments OCF Capex FCF 1. Adjusted for non operating effects, 2. Cash Conversion Rate: OCF bit / EBITDA, adjusted for NFT refund, 3. Net non cash effective EBITDA items 26

27 Financial Liabilities Split Financial Liabilities Maturity profile (as of end H1 2017) 1 bn bn 30 June Bonds in EUR -5.7 EUR in GBP -3.9 GBP in USD -2.6 in JPY -0.2 in other denominations -0.2 Promissory notes -0.4 Commercial papers 0.0 Other liabilities -1.7 Total USD YEN Other 1. Bonds and promissory notes issued by E.ON SE, E.ON International Finance B.V. and E.ON Beteiligungen GmbH (fully guaranteed by E.ON SE) 27

28 Overview: Group & Segments

29 Three core businesses Adjusted EBIT of 3.1 bn Energy Networks Customer Solutions Renewables Key financials Adjusted EBITDA bn bn 0.8 bn 0.4 bn Adjusted EBIT bn 3.1 Non-core Business (PreussenElektra) 0.6 bn Corporate Functions/ Other bn Adjusted Net Income bn Adjusted for non-operating effects, 2. Including group consolidation effects

30 Attractive combination of businesses Energy Networks Customer Solutions Renewables ~ 19 bn Regulated Asset Base 1 Germany 10.7 bn Sweden 3.9 bn CEE 4.4 bn >99 % Efficiency Efficiency leader in Germany and Sweden >10% Adj. EBIT 2 from additional earnings pools Based on efficiency, investments and non-regulated activities 390,000 RES 3 connections >22 m Customers across Europe Germany 6.1 m UK 7.0 m Other EU 9.2 m ~15% 400,000 of Adj. EBIT 2 from Heat & New Solutions Resilience from long-term customer relations built on satisfaction and trust Customers purchasing value added services >6 GW Renewables capacities delivered 10 year track record of renewables development, construction & operations 11.6 TWh Green electricity produced in 2016 Four Wind projects under construction Offshore: Rampion (400 MW, COD ), Arkona (385 MW, COD 2019) Onshore : Radford s Run (278 MW, COD Dec 2017), Bruenning s Breeze (228 MW, COD Dec 2017) > 10 bn Investments in renewables 1. 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., 2. Adjusted for non-operating effects, 3. Renewables, 4. Commercial operation date 30

31 E.ON continues to benefit from a very stable business profile Business profile post spin EBITDA High share of regulated earnings Operations in Energy Networks under stable, well established frameworks in low risk markets with strong regulatory track record Predominantly quasi-regulated or contracted earnings in Renewables Long-term contracted earnings from heat operations Remaining merchant exposure in Renewables and PreussenElektra largely hedged 13% 21% 13% 4.9bn 53% Energy Networks Customer Solutions PreussenElektra Renewables ~2/3 from regulated/long-term contracted businesses 2 1. Adjusted for non operating effects, representation in pie charts excluding Corporate Functions/ Other; total figures including Corporate Functions/ Other, 2. Including Energy Networks and a portion of Renewables and Heat 31

32 KFK solution with positive impact on adjusted net income 1. Nuclear fund (KFK) 2. Discount rates 3. Additional asset retirement cost (ARC) Storage related provisions, bn ~10 Decommissioning provisions, bn ARC bn Provisions Premium 1 Provision interest cost Payment amount has been transferred to government fund on July 3 rd 2017 Payment Amount 1 FY 2015 Net accr. charge 9M 2016 Increase of provisions FY 2016 Remaining provisions with shorter duration Real discount rate of -0.9% (2015: +0.9%) increases provisions to 11.2 bn (new END definition: 10.1 bn 3 with real discount rate of 0.0%) Duration effect increases Asset Retirement Costs (ARC) Additional ARC are capitalized as of Q Annual depreciation over remaining lifetime of nuclear plants Accretion of interest (4.4% p.a.) on 7.8 bn stops as of 1 Jan 2017 Increases net income by ~ m 2 p.a. Reduces accretion charges by ~ 350 m 4 p.a. Accretion charges based on risk free rate 5 Quarterly fluctuations of provisions Reduces non-core EBIT by ~ 185 m p.a. 1. Excluding 0.2 bn for minority shareholders, 2. Net effect, depending on refinancing costs, 3. Current cost value used for FY 2016 END definition, 4. Depending on discount rate to be applied, 5. Risk-free discount rate of ~0.5% 32

33 Capex budget significantly reduced Medium-term Gross capex bn ~ % ~8.0 Strict focus on capital discipline across all business units Three year capex budget decreased by ~20% Reduced investments in renewables projects, notably starting in 2018 given committed project pipeline Gross capex bn Energy Networks investments of 1.6x regulatory depreciation driven by new renewables connections, grid maintenance and digitization 1.4 Energy Networks 0.7 Customer Solutions 1.5 Renewables 3.6 Group Customer Solutions investments in heat and new solutions (i.e. contracted onsite generation) and IT upgrades in UK/Germany Renewables investments : European offshore (~800 MW) and US onshore (~500 MW) 33

34 Efficiency program Phoenix: Securing sustainable competitiveness Principles Scope Targets, status, and next steps 1 2 Business empowerment Lean management holding Controllable cost 1 baseline bn Phoenix target: 400 m EBIT contribution p.a. from 2018 onwards About 300 m from central overhead & support functions Restructuring of pension plans & other measures deliver ~ 100 m 1.2 Status/ Next steps 3 Divisional steering 100% of target measures identified First measures being implemented 4 Competitive services Total E.ON Costs in scope of Phoenix 1. Controllable Costs include operational costs that management can meaningfully influence, such as material expenses, consultancy and personnel expenses. Margineffective components such as fuel costs as well as cost item that are largely uncontrollable by the management are not included. 34

35 Stringent incentive plan for the Management Board KPI Calculation Cap Long-Term Incentive Relative TSR 1 TSR development relative to STOXX Europe 600 Utilities over 4 years 200% of target value Short-Term Incentive EPS & individual performance EPS individual performance multiplier 200% of target value Share Ownership Guidelines Board members obliged to acquire E.ON shares equaling % of annual base salary 1. Total Shareholder Return 35

36 Energy Networks: E.ON has a strong European regulated asset base Well diversified footprint Presence in countries with AAA rating/ catch-up potential Regulated asset base ( bn) Sweden Germany 3.9 bn bn EBIT 2016 ( bn) ~ 54% 0.9 AAA ~ 24% 0.4 AAA ~ 23% 0.4 IG ~ 19 bn 1 CEE (CZE, SVK, HUN, ROM) 4.4 bn 3 GER SWE CEE 5 Total % of Total Energy Networks EBIT E.ON operates 858,000 networks km Distributed volumes (TWh) 6 Grid length ( 000 km) 1. Current total 2016 RAB of country/region - 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. 2. Converted at SEK/EUR rate of 9.46, 3. Hungary converted at EUR/HUF of 311.4, Czech Republic converted at EUR/CZK of 27.0, and Romania converted at EUR/RON of 4.5; Including 100% of Slovakia, not including Turkey, 4. IG = Investment Grade; Except of Hungary and Turkey, 5. Including at equity income from Slovakia and Turkey, 6. Volumes including grid losses Power Gas Power Gas GER SWE CEE

37 Predictable earnings generated from RABbased returns Pro-forma allowed WACC as solid base 1 Germany 5.9% 2 Regulatory stability in the near term Start of next regulatory period (Power) % of Total EBIT 2016 Sweden 4.56% 3 CEE 4.7% - 8.0% ~90% 1. Power WACC for latest regulatory period. In general, allowed WACCs from different regulatory regimes are not directly comparable (even if they are adjusted for pre-tax/post-tax of real/nominal) because they are applied on RABs that are derived from different regulatory accounting rules, 2. Pro-forma calculated, nominal WACC, pre corporate tax and pre commercial tax. Instead of using a WACC-approach the German regulator publishes allowed equity returns. WACC figures for existing (Return on equity: 7.14% pre corporate tax and after commercial tax) and new investments (Return on equity: 9.05% pre corporate tax and after commercial tax) are assuming c. 4% cost of debt and a 60/40 debt/equity capital structure. The pro-forma WACC figure of 5.9% is then derived by weighting the share of existing assets (WACC: 5.7%) and new assets (WACC: 6.5%), 3. Pre-tax real WACC for Sweden of 4.56%; Current WACC challenged in court by network operators, 4. Hungary: pre-tax real WACC 4.69%, Czech Republic: pre-tax nominal WACC 7.951%, Romania: pre-tax real WACC 7.7%, Slovakia: pre-tax nominal WACC 6.47% 37

38 Enerjisa: Financial highlights Turkey Revenues (TL m) 1 11,827 12,635 EBITDA (TL m) 1 1,886 2,474 Distribution 877 1,178 Retail Generation 777 1,054 Net Income (TL m) E.ON share of 50% (TL m) E.ON share of 50% ( m) Divestment related impairments (one offs) Acquisition related depreciation charges (run gate) FX hedges and other Contribution to E.ON Adjusted EBITDA/Net Income 3 ( m) Enerjisa net income consolidated at 50% in E.ON Adjusted EBITDA/EBIT/Net Income, FX rates (average) : 2015 TL/EUR 2.79; 2016 TL/EUR 3.40, Adjusted for non-operating effects 38

39 Customer Solutions: Introducing new solutions E.ON Aura: PV & storage B2B Large: continuously gaining traction E-mobility: gearing up All-in-one solution including PV, battery, energy management app, service & guarantee package and green electricity tariffs Successful launch and scaling up across Germany Introduction of virtual storage product E.ON SolarCloud 10x increase in unit sales in 2016 Target 2017: 10-15% market share Significant sales growth with tailormade energy solutions (on-site generation, energy efficiency, flexibility, storage, ) Diversified portfolio of customers (auto suppliers, tires, chemical, retail, ) Innovative solutions like e.g. fuel cells & battery storage 2017 ambition: new contracts with several hundred million in total revenues Established dedicated unit to take leading role in developing Europe s charging infrastructure E.ON has extensive experience in e- mobility market leader in Denmark (2,500 charging points) Data-based development of services for further markets Partnerships with car rental company Sixt and e-mobility specialists 39

40 Customer Solutions addresses customer needs across different segments B2C & B2B SME Energy Sales Power & Gas B2B Large & B2M Heat District Heating, Local Heating Foundation New Solutions 40

41 Customer Solutions: Financial highlights Adjusted EBIT 1 by business pillars bn Energy sales ~0.7 1 Energy sales financials bn Gross Margin Heat Total Adj. EBIT OPEX UK Continental Europe 1. Adjusted for non-operating earnings; Slight differences may occur due to rounding, 2. Costs to serve, costs to acquire and all other cost related to running the energy sales business including D&A 41

42 E.ONs capabilities in most attractive technologies and markets 1 Geography Technology Business model Wind Onshore Wind Offshore PV Focus on Europe & North America Stable countries / low-risk Still attractive returns achieved Focus on Onshore wind, off-shore wind & utility-scale PV Strong E.ON capabilities and experience Capture trends in line with E.ON s capabilities / markets Integrated renewables player Portfolio optimization strategy, bringing: - Scale advantages - Maintain capabilities - Value creation - Reduce cluster risk 42

43 Renewables portfolio of E.ON 3.2 GW Highlights 5.3 GW Operated capacity GW Owned capacity GW Offshore capacity 3.5 GW Onshore + PV capacity 2.1 GW 1. Operated sites, where E.ON is the operator, regardless the ownership share, 2. Pro rata 43

44 PreussenElektra: Asset overview Geographic presence in Germany Overview nuclear plants Brunsbüttel Brokdorf Stade Unterweser Emsland Krümmel Hannover Grohnde Würgassen Grafenrheinfeld Isar 1/2 Gundremmingen A/B/C Active and operated by PreussenElektra Shut down Active and minority share PreussenElektra Decommissioning 1. Atomgesetz, 2. Start-up year 1971, transfer to Preußische Elektrizitäts-Aktiengesellschaft in

45 Discount rates for nuclear provisions Build up of provisions status quo Real discount rate: +0.9% Total costs in t 0 Build up of provisions post KFK 1 Real discount rate: -0.9% Total costs in t 0 t 0 t 0 Accretion t+1 t+2 Storage t+3 t+100 Decommissioning Accretion t 0 t+1 t+2 t+n Decommissioning Duration effect Remaining provisions with shorter duration Real discount rate of -0.9% (2015: +0.9%) increases provisions to 11.2 bn (new END definition: 10.1 bn 2 with real discount rate of 0.0%) 1. Utilization not taken into account, 2. Current cost value used for FY 2016 END definition 45

46 E.ON Investor Relations contacts Alexander Karnick T+49 (201) Head of Investor Relations Martina Burger T +49 (201) Manager Investor Relations martina.burger@eon.com Conny Ripphahn T +49 (201) Manager Investor Relations conny.ripphahn@eon.com Dr. Stephan Schönefuß T +49 (201) Manager Investor Relations stephan.schoenefuss@eon.com T +49 (201) investorrelations@eon.com 46

47 Financial calendar & important links Financial calendar November 8, 2017 Interim Report III: January September 2017 March 14, 2018 Annual Report 2017 May 8, 2018 Interim Report I: January March 2018 May 9, Annual Shareholders Meeting August 8, 2018 Interim Report II: January June 2018 Important links Presentations Annual Reports Interim Reports Shareholders Meeting Bonds / Creditor Relations

48 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 out in 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 any evaluation or any securities and should not be considered as a recommendation that any person should purchase any shares or other securities. This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON does not intend, and does not assume any liability whatsoever, to update these 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 this presentation 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 commercial standards. 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 all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts. 48