E.ON reported 2025 earnings in line with forecasts and lifted its five-year capital plan to €48 billion, but cautioned that 2026 adjusted net income will fall to €2.7-€9 billion. The decline stems from stripping out temporary regulatory effects and uncertainty over a key German decision on network returns. Adjusted EBITDA for 2025 rose 9% to €9.8 billion, matching consensus.

The German utility’s updated investment allocates roughly €40 billion to energy networks, with total 2025 investments reaching €8.5 billion, a 20% rise in network spending. Energy networks EBITDA jumped 12% to €7.7 billion, while retail fell 6% to €1.7 billion, pressured by UK fixed-price contracts. The plan assumes adequate regulatory conditions in Germany.

Regulatory visibility remains incomplete, with an opex adjustment factor expected by end-Q1 and a final gas regulation ruling due in November that will set a benchmark for electricity returns. For 2030, E.ON targets about €13 billion in EBITDA and €3.8 billion in net income. The board proposed a 4% dividend increase to €57 cents per share, upholding a policy of annual growth up to 5% through 2030.