E.on Se

E.ON reported first-half 2026 adjusted group EBITDA of EUR 5.4 billion, up 1% year over year, and adjusted group net income of EUR 1.9 billion, up 5% year over year. Full-year 2026 guidance was confirmed at adjusted group EBITDA of EUR 9.4 billion to EUR 9.6 billion, adjusted group net income of EUR 2.7 billion to EUR 2.9 billion, and adjusted EPS of EUR 1.03 to EUR 1.11. First-half investment totaled EUR 3 billion, with a full-year plan of about EUR 8.7 billion. By segment, Energy Networks delivered adjusted EBITDA of more than EUR 3.8 billion, Energy Infrastructure Solutions about EUR 390 million, and Energy Retail EUR 1.2 billion. Management also said it plans EUR 48 billion of investment from 2026 to 2030, with about EUR 40 billion for Energy Networks.

Leonhard Birnbaum framed the quarter around Europe’s energy transition becoming more about grids, system integration, and reliability than just renewables expansion. He emphasized E.ON’s role in connecting batteries, data centers, smart meters, and electrification loads, while saying the company is making energy “swiftly, efficiently and digitally.” His tone was constructive but forceful on regulation, arguing that Germany must provide clearer and stronger rules if it wants continued private capital for network investment.

Nadia Jakobi said the first half was successful because earnings increased year over year, investment remained high, and the company is reaffirming guidance despite a challenging geopolitical backdrop. She cited adjusted group EBITDA of EUR 5.4 billion, adjusted group net income of EUR 1.9 billion, and total first-half investment of EUR 3 billion, including roughly EUR 2.3 billion in Energy Networks, about EUR 360 million in Energy Infrastructure Solutions, and around EUR 240 million in Energy Retail. She also reiterated the full-year investment target of about EUR 8.7 billion and said the business is on track operationally and financially.

Analysts focused on the proposed German grid package, the conditions tied to E.ON’s future investment, and how much capex is subject to that regulatory proviso. Birnbaum said E.ON wants stronger locational signals and fears exceptions could water down the redispatch mechanism, while Jakobi said current proposals are actually worse than the fourth regulatory period. On capex under the proviso, Birnbaum declined to quantify the amount, saying it depends on the final energy package. Later questions covered heat and drought impacts, with management saying effects are mostly indirect and manageable, and drones and security, where Birnbaum said full protection is not realistic and government action is needed.