Publication date: 14-09-2025
E.ON is one of the largest energy companies in Europe. Its main business is managing electricity and gas networks that deliver power to homes and businesses. The company also supplies electricity and gas directly to 47 million customers across 15 countries and builds local heating and cooling systems for cities and industrial clients.
Most of E.ON’s earnings come from running power and gas networks in countries like Germany, Sweden, and the Czech Republic. These networks operate under government rules that aim to keep the energy system safe and stable while allowing companies like E.ON to earn a predictable return. In 2024, about 74% of the company’s earnings came from these regulated activities. These earnings were concentrated primarily in Germany, which accounted for around 69% of the group’s EBITDA. Sweden contributed roughly 9%, Central and Southern Europe around 14%, and the United Kingdom about 7%.
E.ON does not produce energy itself at scale. Instead, it buys electricity and gas from wholesale markets and delivers it to customers. In 2024–2025, energy prices in Europe rose significantly due to cold weather, tight supply, and the ongoing effects of the war in Ukraine, including a full stop in Russian gas pipeline exports. Changes in energy prices directly affect the company's business. When wholesale electricity and gas prices rise, the company may benefit from higher margins on business supply contracts and energy trading. However, it can also face pressure from customers and regulators to limit price increases, especially in retail supply.
To support Europe’s shift toward cleaner energy, the company is upgrading its networks to handle more solar panels, wind energy, and electric vehicle charging. It plans to invest about €43 billion by 2028 into these upgrades. These investments are expected to increase the regulated asset base (RAB) — a key measure of the value of E.ON’s networks — from €46 billion in 2024 to over €60 billion by 2028. The larger the RAB, the more regulated revenue E.ON can earn in future years, since regulators allow the company to charge fees based on this asset value.
These investments are mostly funded by new debt. While higher borrowing can raise credit risks, E.ON has set a clear target to keep its leverage below 5×. Importantly, the investments are also expected to increase future earnings — particularly from the company’s regulated network operations.
as of 30.06.2025 EUR bn
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|---|---|---|---|---|
| Assets | 111,4 | EBITDA Margin | 12 % | CFO/Debt | 0,2 |
| Revenue | 82,1 | Net debt | 30,7 | FCF | (1,3) |
| EBITDA | 9,9 | Net Debt/EBITDA | 3,5x | Equity | 24,2 |
| Net Profit | 4,5 | EBITDA/Interest | 13x | Debt/Equity | 1,6x |
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