EON SE(DE:EOAA)
€19.10+0.10 (+1.60%)
DE:EOAA
EON SE earnings date
€19.10
At close:+0.10 (+1.60%)
EON SE (EOAA) Q3 2026 Earnings Report
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DE:EOAA Q3 2026 EPS Results
- Actual EPS
- EUR 0.11
- Consensus EPS
- EUR 0.18
- Beat/Miss
- Missed by -EUR 0.07
- One Year Ago EPS
- EUR 0.15
DE:EOAA Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/11/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 11, 2026
DE:EOAA Upcoming Earnings
EON SE's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:EOAA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. E.ON reported stable adjusted EBITDA, 4% adjusted net income growth, strong investment execution, a solid balance sheet, confirmed guidance, and significant long-term electrification-driven growth opportunities. The main challenges were rising financing costs, permitting constraints, remaining uncertainty around German regulatory parameters, and an unsatisfactory preliminary Swedish regulatory proposal. Management nevertheless expressed confidence in its ability to address the regulatory issues and continue investing.
Company Guidance
The company fully confirmed its full year 2026 guidance and 2030 outlook, including its dividend policy, with the midpoint of its group guidance range remaining the best estimate for full year adjusted EBITDA and adjusted net income; it remains on track for full year investment guidance of around EUR 8.7 billion, excluding the OVO transaction, an expected cash conversion rate of 100%, and a debt factor target of below or equal 5x. OVO is expected to have a low negative impact in 2026, a low triple-digit million euro EBITDA impact and high double-digit million euro net income impact in 2030. The company said it could gradually increase its CapEx envelope by 1.5 to 2 billion per year at the back end of the plan, something like 2029 and 2030, with some potential to also ramp up earlier, and noted there might be some other increase of some shy of 20% compared to those numbers, subject to an attractive regulatory regime.
- Stable EBITDA and Net Income GrowthAdjusted EBITDA was EUR 7.1 billion, broadly stable year-on-year, while adjusted net income increased 4% year-on-year to EUR 2.2 billion. Results were fully in line with expectations, representing roughly 75% of guided adjusted EBITDA and 79% of adjusted net income at group level.
- Full-Year Guidance and Dividend Policy ConfirmedThe company fully confirmed its short- and midterm guidance, including its full-year 2026 guidance, 2030 outlook, and dividend policy. Management continues to view the midpoint of the group guidance range as the best estimate for full-year adjusted EBITDA and adjusted net income.
- Strong Investment ExecutionManagement said sustainable growth continues to be underpinned by investment-driven earnings growth and strong operational delivery. The group CapEx fill rate was around 60%, in line with the typical 9-month level, and the company remains on track to deliver full-year investment guidance of around EUR 8.7 billion.
- Energy Networks Maintained Stable EarningsEnergy Networks delivered stable earnings year-over-year as expected. Continued organic growth in the regulated asset base supported earnings in all countries, with positive FX effects particularly benefiting Hungary and Sweden.
- Energy Infrastructure Solutions EBITDA GrowthAdjusted EBITDA in Energy Infrastructure Solutions grew 15% year-over-year, supported by new projects entering operation for commercial and industrial customers in several countries and the pass-through of higher sourcing costs.
- Retail Operations Remained Broadly StableUnderlying operations in Germany remained stable, with operational improvements intended to foster future growth and improve customer experience. In the U.K. B2B business, performance continued to normalize and benefited from higher average margins on fixed-price contracts compared with the prior year.
- Strong Operational Cash Flow and Leverage PositionEconomic net debt, excluding the temporary noncash effective accounting-driven impact, decreased from EUR 46.5 billion at the end of Q2 to EUR 46.1 billion at the end of Q3, in line with the usual seasonal cash flow pattern. The debt factor target of below or equal 5x remains unchanged, and the company remains on track for an expected cash conversion rate of 100%.
- Balance Sheet Supports Continued InvestmentManagement said the balance sheet remains solid and supports both growth and execution capacity. The company also stated that its robust leverage level supports the current investment program and potential future upgrades if regulatory conditions are attractive.
- OVO Acquisition Successfully ClosedThe OVO transaction was successfully closed in early October, making E.ON a top 3 player in the U.K. market head-to-head with Octopus and British Gas. Management said business continuity was established immediately, experienced management was installed, and a post-merger integration and transformation office was set up.
- OVO Integration and Synergy Work UnderwayAfter four weeks in the business, management reported progress on the multiyear OVO integration, including work on bad-debt practices and alignment of commercial guardrails between E.ON Next and OVO. The company reiterated its previously stated expectation of a low triple-digit million euro EBITDA impact and high double-digit million euro net income impact in 2030.
- German Regulatory WACC Timing Viewed PositivelyE.ON welcomed BNetzA's decision to postpone the German gas-network WACC determination to 2027 and the anticipated comparable one-year postponement for power networks to 2028. Replacing a low-interest year with a higher-interest year in the historical reference period is expected by management to have a positive impact on regulatory returns.
- Potential for Gradual CapEx Increase in GermanyManagement said the improved visibility on regulatory parameters could mean a gradual increase in the CapEx envelope, provided returns adequately compensate for the cost of capital. The company continues to discuss a potential increase of EUR 1.5 billion to EUR 2 billion per year at the back end of the plan, with some potential to ramp up earlier.
- German Network Development Plan Supports Long-Term GrowthThe 2026 network development plan confirms the fundamental need for further grid investment. E.ON said it sees approximately a 20% increase in CapEx requirements over the whole period in its area and expects investment needs of approximately EUR 1.5 billion to EUR 2 billion per year at the back end of the plan. Data centers, batteries, increasing PV and wind capacity, and electrification of industry, heating, and mobility provide additional long-term drivers.
- Electrification and Grid Investment Drivers Remain StrongManagement said higher oil and gas prices, greater energy sovereignty, and reduced dependence on fossil fuels are accelerating electrification. Higher fossil fuel prices are further incentivizing EV and heat-pump adoption, creating additional need for grid infrastructure investment.
- Swedish Regulatory Process Provides Further RecourseAlthough management criticized the preliminary Swedish proposal, it said the consultation process, bilateral dialogue, and potential court challenge provide avenues to seek improved outcomes. E.ON has successfully challenged Swedish regulatory decisions in court in the past and said the system allows certain early collection if a positive court outcome is anticipated.
- No Swedish CapEx Cuts Currently PlannedDespite concerns about the preliminary Swedish framework, management said it does not foresee CapEx cuts at this point in time. The company remains confident that the proposal can be legally challenged and that the final framework will support the substantial investment needs associated with continued electrification.
- Customer Retention and Retail PropositionE.ON said 7 out of 10 customers remain with the company for more than 3 years. Management attributed customer value to the company's stable and reliable brand, procurement practices, balance sheet, customer service, and approach of not increasing prices at a whim.
- No Material Deterioration in Bad Debt ObservedBad debt in the first nine months of 2026 was broadly consistent with the first nine months of 2025, and management said it had not observed material deviations in payment behavior across its operating countries. E.ON described its U.K. approach to bad debt as industry-leading and viewed the proposed U.K. energy debt circuit breaker as directionally welcome.
- Potential Data Center Use for Former Nuclear SitesE.ON is conducting an initial review of whether former nuclear plant sites could support data center development. Management said such sites may offer attractive industrial locations and, depending on the site, existing infrastructure and large grid connections, while emphasizing that assessments will be conducted case by case.
- Eastern European Regulatory Frameworks Remain AttractiveManagement said E.ON continues to see attractive regulatory regimes in Eastern Europe, including bonus WACC mechanisms incentivizing additional investment in the Czech Republic and Poland. The company said its view remains in line with its previously communicated 2030 plan.
- Focus Remains on Organic Growth and Shareholder ReturnsE.ON said it will focus on attractive organic growth opportunities while rewarding shareholders with a growing dividend. The company does not view consolidation as a major lever in German distribution but would consider helping struggling municipal utilities if asked.
DE:EOAA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 0.18- | 0.3 | ― | ― |
| Nov 11, 2026 | 2026 (Q3) | 0.180.11 | 0.15 | -24.69% (-0.04) | |
| Aug 12, 2026 | 2026 (Q2) | 0.320.23 | 0.26 | -13.31% (-0.03) | |
| May 13, 2026 | 2026 (Q1) | 0.440.53 | 0.49 | 8.74% (+0.04) | |
| Feb 25, 2026 | 2025 (Q4) | 0.300.30 | 0.24 | 25.48% (+0.06) | |
| Nov 12, 2025 | 2025 (Q3) | 0.160.15 | 0.16 | -10.00% (-0.02) | |
| Aug 13, 2025 | 2025 (Q2) | 0.270.26 | 0.27 | -1.68% (-0.00) | |
| May 14, 2025 | 2025 (Q1) | 0.450.49 | 0.39 | 26.50% (+0.10) | |
| Feb 26, 2025 | 2024 (Q4) | 0.270.24 | 0.05 | 387.04% (+0.19) | |
| Nov 14, 2024 | 2024 (Q3) | 0.180.16 | 0.03 | 462.50% (+0.13) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
