E.ON has reported strong financial performance for the first nine months of fiscal year 2025, supported by robust operational results and continued investments to modernize Europe’s energy infrastructure.
The company increased adjusted Group EBITDA by 10 percent to €7.4 billion, up from €6.7 billion in the same period last year. Adjusted Group net income also rose by 4 percent to €2.3 billion despite higher depreciation and financing costs. E.ON reaffirmed its full-year 2025 guidance, expecting adjusted EBITDA between €9.6 billion and €9.8 billion and net income between €2.85 billion and €3.05 billion.
CFO Nadia Jakobi said the company’s investment-led strategy is delivering sustained performance. She stated that E.ON’s role as a key player in the energy transition has positioned it to support Europe’s long-term sustainability goals.
Network Infrastructure Drives Earnings Growth
The Energy Networks segment recorded an 18 percent rise in adjusted EBITDA to €5.6 billion. The increase was largely attributed to higher investments in expanding, modernizing, and digitalizing the grid. Strong distributed volumes in Germany also contributed positively, particularly during the first half of the year. Favorable weather and catch-up effects related to previous network loss costs benefited the Central and South Eastern Europe segments.
Retail Segment Impacted by Market Effects
Adjusted EBITDA in the Energy Retail division declined to €1.4 billion from €1.7 billion. E.ON cited changes in the customer portfolio in the United Kingdom—particularly a higher proportion of fixed-price contracts—as a major factor affecting profitability. In Germany, temporary timing effects also weighed on earnings. However, weather conditions supported retail results across most markets, contrasting with the warmer temperatures recorded in the prior-year period.
Energy Infrastructure Solutions Sees Steady Growth
The Energy Infrastructure Solutions segment generated about €400 million in adjusted EBITDA, up 15 percent year-over-year. Improved asset availability in the UK and Scandinavia, favorable weather, new project commissioning, and the continued rollout of smart meter infrastructure supported the performance.
Investments in Energy Transition Reach €5.1 Billion
E.ON invested €5.1 billion in the first nine months of 2025, an 8 percent increase compared to last year. The majority—€4.1 billion—was directed toward network expansion, modernization, and digitalization. The company marked a key milestone in July with the commissioning of its 10,000th digital secondary substation in Germany, enhancing local grid capacity and enabling greater renewable energy integration.
Retail investments totalled €320 million and focused on expanding EV charging infrastructure, flexibility solutions, customer tariff innovation, and digital platforms. The Energy Infrastructure Solutions division invested €580 million to support B2B customers in accelerating decarbonization efforts.
CFO Nadia Jakobi reaffirmed E.ON’s commitment to investing around €8.6 billion in the energy transition this year. She emphasized that Germany must ensure a competitive regulatory framework for the upcoming fifth regulatory period for electricity to attract sufficient private capital for network expansion.
The company stressed that significant grid modernization remains essential, referencing insights from the German government’s latest energy transition monitoring report.
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