Creating the future of energy

http://www.energyfortomorrow.eu/ December 2019

DisciplineFocusGrowth

• Focus: Europe’s first energy player with exclusive downstream focus

• Unique downstream footprint: RAB and customer numbers rise >60%

• Earnings quality: network EBIT share rises significantly

• Strong synergies: fading nuclear earnings overcompensated by €600-800m net synergies

• Attractive dividends: commitment to deliver annual dividend per share growth

• Solid capital structure: high commitment to strong BBB rating

• Limited cash impact: acquisition of RWE‘s 76.8% in innogy via asset exchange

Creating the future of energy

1. Bloomberg/company data 2. RABs from different regulatory regimes are not directly comparable due to significant methodical differences. 2

Creating two focused energy companies

E.ONE.ON RWERWE

Future E.ONFuture E.ON RWERWE16.67%

Target structureTarget structure

Previous structurePrevious structure~77% innogy~77% innogy

3

Sweden1

~€4bn ~1m- ~11m

NL/BE2

- ~4m

Germany3,5

~€20bn ~14m

CEE3,5

~€6bn ~11m

Turkey1

~€1bn ~10m

Unique downstream position across Europe

Energy Networks (RAB4)

Customer Solutions (number of customers)

Southern Europe1

- ~1m

1. E.ON 2018 reported, 2. innogy 2018 reported, 3. New E.ON combined 2018, 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences,5. excluding remedies and innogy divestments (Czech grid and retail, Slovakia)

UK3

4

Focus, scale and efficiency pre-requisite for success

DigitizationElectrificationNew culture &

capabilities

Empoweredcustomers

De-carbonization

• Future E.ON’s unique downstream positioning fully captures benefits of energy mega trends

• Creating markets for customers through our products, services, technologies

• “Go to” partner for politicians and regulators in designing the energy transition

• Combining innovation power to enhance development of state-of-the-art products

• Synergies improve cost position and roll-out speed

• Innovative services levered on significantly higher customer number

Mega trends accelerate and reinforce each other Mega trends accelerate and reinforce each other

Focus, scale and efficiency needed in New Energy World

Focus, scale and efficiency needed in New Energy World

5

Spin-off Uniper& reset of E.ON

2016 2018 2020 and beyond

Position of strength Position of strength

• Strong financial & operational delivery

• Proven performance culture

• Balance sheet headroom

Transition yearTransition year

On track to successfully conclude strategic transformation journey

Unique strategic positionUnique strategic position

• Focus on regulated networks and infrastructure-like & pace-setting customer solutions

• Portfolio simplification

• Enhanced earnings quality: high EBIT share is regulated

• Committed to annual dividend per share growth

• Focus on regulated networks and infrastructure-like & pace-setting customer solutions

• Portfolio simplification

• Enhanced earnings quality: high EBIT share is regulated

• Committed to annual dividend per share growth

Digitization Operationalexcellence

Capitaldiscipline

E.ON’s guiding principles

Customer-led

6

Potential for premium valuation

Potential for premium valuation

3

4

5

6

7

8

9

10

11

12

Value creation for shareholders

Instant redeployment of

capital

Renewables1

Platformfor high

net synergies (€600-800m)

Platformfor high

net synergies (€600-800m)

Shareholder value

creation

1. Enterprise value (schematic)

Renewables11x EV/EBITDA

innogy acquisition at ~10x EV/EBITDA

Realization of valuation premium

7

Integration of innogy provides for strong synergy potential

2019 2020 2021 2022

Estimated net synergies (€ m)Estimated net synergies (€ m) Synergy focus1Synergy focus1

€600-800m

~55%

~25%

~5% •Strong synergy potential of €600-800m

•~5,000 FTEs affected (~7% of employee base)

•Strong synergy potential of €600-800m

•~5,000 FTEs affected (~7% of employee base)

Energy Networks

Corporate Functions & IT

Energy Sales & Customer Solutions

~100%

1. Synergy split (€ million) 8

Investor agreement with RWE ensures equal treatment of shareholders

Preamble • RWE to act purely as financial investor

CorporateGovernance

Shareholder structure and rights

• Right to nominate one Supervisory Board member

• Not allowed to increase stake above 16.67%1

• Not allowed to sell to an E.ON competitor

9

2019201920182018 20202020

1st Closing2

18th September1st Closing2

18th September

Voluntarypublic takeover

offer (PTO)ended 25th July

Voluntarypublic takeover

offer (PTO)ended 25th July

Transaction progressing as planned

Antitrust approvals Full legal integration

Integration & synergies

Official filing of transaction with EU Commission on 31st January

FY 2019 reporting and

CMD25th March

FY 2019 reporting and

CMD25th March

Start of integration

projectSeptember

Start of integration

projectSeptember

2nd Closing2 – (a)30th September

2nd Closing2 – (a)30th September

2nd Closing2 – (b)2nd Closing2 – (b)

EU Antitrust approval17th September

EGM1 innogyEGM1 innogy

New Supervisoryand Executive Board

at innogy levelOctober

New Supervisoryand Executive Board

at innogy levelOctober

Announcement ofmerger squeeze out

intention4th September

Announcement ofmerger squeeze out

intention4th September

1. Extraordinary General Meeting 2. Closing 1: E.ON becomes ≥90% shareholder in innogy, RWE becomes 16.67% shareholder in E.ON (20% capital increase); Closing 2a: Legal transfer of E.ON’s renewables assets and nuclear minority participations; Closing 2b: Legal transfer of innogy’s renewables assets, Kelag participation and gas storage assets

10

Proposed solution for npower

• Migration of npower’s B2C and SME customers onto E.ON UK platform

• Carve-out of Industrial & Commercial (B2B) customers to secure profitable business

• Restructuring of remaining npower operations

• Turnaround of operating performance by 2021

• Combined E.ON UK business to achieve EBIT of GBP at least 100m and positive free cash flow after smart meter investments from 2022 onwards

• Restructuring charges of up to GBP 500m(majority to be shown in non operating result)

Detailed plan proposed for UK Customer Solutions:

B2C/SMEB2C/SME

B2B B2B

B2C/SMEB2C/SME

B2BB2B

B2C/SMEB2C/SME

B2BB2B B2BB2B

1

3

3

1

B2B B2B B2BB2B

22

B2C/SMEB2C/SME

11

Investment highlights

Starting from position of strength: Creating the future of energy

Unique downstream position with high share of regulated earningsFocus

Commitment to deliver annual dividend per share growthGrowth

Renewables value crystallization and €600-800m net synergies High commitment to strong BBB rating Discipline

12

Creating the future of energy

9M 2019 Results November 29th, 2019

DisciplineFocusGrowth

Operations fully in line with expectations

• Intra-year EBIT recovery fully on track to reach prior year level (3rd quarter up 20% YoY)

• First time inclusion of innogy financials(13 days of earnings, full balance sheet impact)

• Economic Net Debt at €39.6 bn(including innogy net debt)

• Full year 2019 outlook adjusted for innogy

• Solution proposal for npower

• Dividend proposal of €0.46/share confirmed

HighlightsHighlights

2.352

1.208

2.208

1.176

EBIT Adj. Net Income

9M 2018 9M 2019

Key Financials1Key Financials1

€ m

1. Adjusted for non operating effects 2. Economic Net Debt as per 30 Sep 2019 and 31 Dec 2018

16,6

39,6

Economic Net Debt2

€ bn

14

Customer Solutions – Solid customer growth outside UK

~19m

Germany

FY 2018

~19m

9M 2019

Other2

UK

FY 2018

Other1

Germany

9M 2019

UK

~20m ~20m

Growing customer base outside UK• Since FY 2018 more than ~380k

additional B2C customer accounts in Germany

• ~150k additional customer accounts in other markets outside UK

~150k

~120k

~430k

~230k

~30k

~450k

B2C customer numbers B2C customer numbers

1. Incl. Sweden, Italy, Hungary, Czech Republic, Romania, Slovakia 2. Incl. Netherlands, Belgium, Poland, Hungary, Croatia, Slovenia 15

Energy Networks – Regulatory update

• Carry-over de-risked after constructive discussions with government

• Full amount of retro-actively allowed revenues can now be collected subject to proper investment level to improve security of supply

• New allowed WACC of 2.16% (real) legally challenged

• General efficiency factors for 3rd regulatory period (gas at 0.49% and electricity at 0.9%) have been legally challenged

• Higher regional court (OLG Düsseldorf) decided in favor of network operators

• BNetzA has filed an appeal with the Federal Court of Justice

• No final clarity whether 0.49%-level of general efficiency factor will be reduced

• Direct implications for electricity expected

Germany Sweden

16

• UK: regulatory effects (i.e. SVT price cap), competitive dynamics

• Preussen Elektra: higher achieved prices,higher depreciation, absence of 2018 one-offs

• Turkey: oper. improvements (mainly hydro)

• Germany: new regulatory period power,one-off effects 2018

• Sweden: power tariff increase

• Capacity additions in Germany, UK and the US• Support scheme expiries• Deconsolidation effects

EBIT development in line with expectations

+45

+4

+12Non-Core

Renewables

Corp. Functions & Other,

Consolidation

9M 2019

-22

Customer Solutions -136

Energy Networks -47

2,352

2,208

innogybusinesses2

9M 2018

-144

EBIT1 9M 2019 vs. 9M 2018€ m

1. Adjusted for non operating effects 2. 13 days of innogy EBIT included

Energy Networks

Customer Solutions

Renewables

Key 9M Effects

Non-Core

+

+

+

+/–

–

+/–

––

17

Adj. Net Income reflecting EBIT development

9M 2019€ m

1. Adjusted for non operating effects 2. Without interest accretion of nuclear provisions 3. EPS based on weighted average number of shares outstanding

EPS3 (€ per share)

2.208

1.700

1.176

Group EBIT1

-430

Other interestexpenses

Interest on fin. assets/

liabilities2

-77

Profit before Taxes1

-349Income Taxes

-175Minorities

AdjustedNet Income1

Tax rate for 9M 2019 at ~21%

0.54

Stable YoY

18

Q3 2019 Economic Net Debt (END) reconciliation

-1,2-0,7

-2,8

-0,1 -0,2-1,0

Pensions4 IGY minority buyout

-9.1

Deconsolidation RES & nuclear

minorities5

E.ON-20.2

END9M 2019

Net Investments Q3 20192,3

+1.5

OCF Q3 20192

+1.9

ENDH1 2019

-40.0

+3.0

Alignment innogy END

with E.ON END definition7

Other transaction

effects6

innogy1

-19.8

Other8

-39.6

-8.8

-21.7

Payment from RWE

€ bn

1. innogy reported economic net debt H1 2019 2. OCF/ICF including full 3rd quarter of innogy cash flows incl. divestment business 3. Net of divestments 4. Actuarial interest rates for German pensions at 1.0%, for UK pensions at 1.9% 5. Including €0.7 bn Nuclear Business (incl. “locked box”), €1.0 bn AROs (Renewables), €0.8 bn Tax Equity Liabilities (Renewables), €0.5 bn finance leases, €0.04 bn Pension Provisions 6. Payment to RWE compensating for lower than anticipated innogy dividend 7. END of innogy aligned to E.ON END definition (excl. pension provision harmonization) 8. Including -€0.3 bn CTA funding

Transaction effects: + 1.6 bn

Net financial position

Pension provisions

Asset Retirement Obligations (AROs)

19

Economic Net Debt outlook 2019 and beyond

-9,1

-8,8

-21,7

€-39.6 bn

20Commitment to strong BBB ratingCommitment to strong BBB rating

– Restructuring Hungary (temporary effect of ~-€0.4 bn)

– Free Cash Flow (FCF) effects

Economic Net Debt effects 2020 and beyondEconomic Net Debt effects 2020 and beyond

– Merger squeeze-out

– Integration costs

+ Transfer of Nordstream 1 into CTA

+ Transaction effects (e.g. remedy proceeds, locked-box settlement, restructuring Hungary)

+ Significant improvement of cash conversion

+/–

Highly regulated business mix

Highly regulated business mix

Broader portfolioBroader portfolio

Economic Net Debt 9M 2019Economic Net Debt 9M 2019

1. Asset Retirement Obligations

PensionsAROs1 Net financial position

Sensitivity to discount rate

changes

Reduction potential through operational

excellence

Refinancing benefits: €3.5 bn bonds issued @ <0.4% on average

FY 2019 Economic Net Debt effectsFY 2019 Economic Net Debt effects

20

Technical adjustments2

EBIT

1. PreussenElektra assets include participations in power plants Gundremmingen C and Emsland 2. Includes alignment of E.ON and innogy reporting and accounting guidelines 3. Purchase Price Allocation 4. Preliminary PPA charge: 2019: ~€0.2bn, thereafter roughly €0.7bn on average

Adjustment of full year EBIT 2019 guidance

EBIT of E.ON RES & PEL minorities1

Old guidance FY 2019

Proportional EBIT of innogy (excl. RES,

Czech retail, Kelag & gas storage)

Alignment of reporting practices2

New guidance FY 2019

€2.9-3.1 bn

€3.1-3.3 bn Exclusion of PPA3 charge4

from EBIT & Adj. Net Income

21

1. PreussenElektra

FY 2019 segment guidance

Energy Networks

Customer Solutions

Renewables

Non-Core

• Germany: new regulatory period power• Sweden: power tariff increases

(already implemented)+

• Germany: impact of price adjustments• UK: regulatory interventions (i.e. SVT cap),

higher restructuring ambitions

• 4Q at-equity contribution of Rampion (20% stake)

• PEL1: increased wholesale prices, higher depreciation, one-offs in 2018, purchase of production volumes

Effects for the remainder of 2019

++

–

+/–

+

innogy• Full quarter of innogy earnings contribution• Adjustments to E.ON reporting policies+–

22

Technical adjustments2

Adj. Net Income

Adjustment of Adj. Net Income 2019 guidance

EBIT delta, mainly

Renewables vs. IGY

Old guidance FY 2019

€1.45-1.65 bn

Financial expenses relating to

debt transferred

to RWE

Additional innogy interest

expenses

Tax impact on higher

PBT

Minorities relating to

RES

Additional innogy

minorities

New guidance FY 2019

€1.4-1.6 bn

Dividend1

proposal of €0.46/share

confirmed

1. Fixed dividend per share proposal to AGM to be paid in 2020 23

Pro-forma full year 2019 EBIT guidance

EBIT of E.ON RES & PEL minorities1

Old guidance FY 2019

innogy FY 2019 guidance

Adjustments2 Pro-forma FY 2019 guidance

€2.9-3.1 bn

~€1.6 bn €4.0-4.2 bn

1. PreussenElektra assets include participations in power plants Gundremmingen C and Emsland 2. Includes alignment of E.ON and innogy reporting and accounting guidelines 3. Preliminary PPA charge roughly €0.7bn on average

Exclusion of PPA charge3

from EBIT & Adj. Net Income

24

Appendix

E.ON Group

DisciplineFocusGrowth

E.ON standalone

Continuous track record of delivery

1. Adjusted for non operating effects.

2016 2017 2016 2018

€26.3bn

5.3x

3.9x3.4x

€19.2bn€16.6bn

~€10bn

2016 2018

€2.7-€3.1bn

€2.8-€3.1bn

€0.6-€1.0bn

€1.2-€1.45bn

€3.1bn €3.1bn

€0.9bn

€1.4bn

EBIT1 vs. guidance EBIT1 vs. guidance Adj. Net Income1 vs. guidanceAdj. Net Income1 vs. guidance Deleveraging achieved –Significant reduction of END

Deleveraging achieved –Significant reduction of END

2018

€2.8-€3.0bn

€3.0bn

2017

€1.3-€1.5bn

€1.5bn

Guidance Range

2017

E.ON standalone

27

Dividend continues to grow

Dividend per share growth

2018 & 2019: Fixed Dividend

€0.21

FY 2016 Dividend

€0.30

FY 2017Dividend

€0.431,3

FY 2018Dividend

€0.462,3

FY 2019Dividend

FutureDividends

1. Fixed for FY 2018 (paid in 2019) 2. Fixed for FY 2019 (paid in 2020) 3. Dividend proposals in line with existing dividend policy

Commitment toannual DPS

growth

E.ON standalone

28

Energy Networks – Proven efficiency leadership

E.ON excels in efficiency benchmarkingAll DSOs 100% efficient1

General efficiency factor

Reduction of general efficiency factorFrom 1.5% 0.9%

Cost audit

Cost audit successfully completed

Proof of E.ON‘s leading operational excellence

Individual efficiency factor

1. Two DSOs exceed 100% efficiency and will receive a bonus of 1% of controllable costs p.a. as additional allowed revenue2. 204 DSOs have been included in the benchmarking process; 27 are entitled to additional super efficiency bonus

All four E.ON DSOs with efficiency score of 100% vs. 94% industry average2

50% of E.ON DSOs even receive an additional efficiency bonus vs. 13% for industry average2

Regulatory review in German power networks – Performance culture in practice

E.ON standalone

29

Upgrading long-term network capex growth

• Main driver is additional replacement investments

• Conservative assumptions on Renewables and E-mobility roll-out

• Acceleration of Renewables build-out• Digital layer & fully digital equipment• E-mobility• Electrical heating• Smart meter

Cautious planningCautious planning

Potential upsides to “new normal” levelPotential upsides to “new normal” level

Energy networks capex (€ bn)

0,4 0,5

1,0

0,3 0,3

0,70,8

2017 2018 beyond 2020 "new normal"

1.41.6

CEEGermany Sweden

Disciplined & gradual ramp-up

Disciplined & gradual ramp-up

1.7

1.8

1.9Additional ~€100m p.a.

for long-term capex run-rate

E.ON standalone

30

Accelerating power RAB growth

Germany

~€8bn

Power RAB (€ bn) Power RAB1

1. Based on constant FX rates (SEK/EUR 2018: 10.26; CZK/EUR 2018: 25.65)2. Growth includes revaluation of RAB from 2020 onwards according to new methodology (due to change in depreciation times). Effect ca. ~€0.5bn in 2020

~8.0

2017

~8.3

2018 2020

+ 8-10%

+6%

Targeting upper end of growth range

+10%

Czech RepublicSwedenPower RAB (€ bn) 1

2017 2018

~3.5

~3.7

2020

~1.4

2017

~1.5

2018 2020

Power RAB (€ bn) 1,2

New growth range

+16%

+12%

New growth range

+11%

+15%

+8%

+20%+25-30%+20-25%+15%

+11%

+30%

+25%

+25%NewNew NewNew

NewNew

OldOldOldOld OldOld

E.ON standalone

31

Investment highlights

From deleveraging to focused and disciplined growth

Management team with strong shareholder focusFocus

Deliver sustainable EPS growth andcommitted to annual dividend per share growthGrowth

Strict capital discipline and high-performance cultureDiscipline

32

E.ON standalone

Energy Networks

DisciplineFocusGrowth

E.ON standalone

Energy Networks

Power and gas business

Power business only

CEE &Turkey€5.8bn

Sweden€3.7bn

Germany€10.5bn

~€20.0bn2

Regulated asset base 20181

CEE &Turkey€0.4bn

Sweden€0.5bn

~€1.8bn

Germany€0.9bn

EBIT3 2018

19 2432

1227

Germany CEE & Turkey4Sweden

Market share (%)

350138

493

51 45

CEE & Turkey

0

SwedenGermany

Power Gas

Grid length (‘000 km) 1

∑ Grid length: 980

∑ Grid length: 96

1. 100% view for Slovakia and Turkey 2. Differences may occur due to rounding 3. Adjusted for non operating effects.4. Arithmetic average

~71% of group core

E.ON standalone

34

• The German networks business is based on long-term concessions granted by municipalities in the network area

• Maximum period of concession contract is 20 years

German business with roughly 5,400 concessions

1. Includes for example 110 kV grid

5%

10 - 15 years

30%

5 - 10 years

40%20%

currently open

5%

2038TODAY

Existing concessionsGood track record in the past

>15 years<5 years

~ 30%

Non-concessionbased RAB1

Concessionbased RAB

~ 70%

Expiring concessions in %

of revenue cap

E.ON standalone

35

Turkey with extraordinary high RAB growth

Established in 3 high-growth regions

Leading electricity network operator: − 10.5 m connections− 223,000 km network length

(20% of market)

Constructive regulatory environment:− Allowed WACC for 2016-2020

regulatory period has been increased to 13.6% from 11.9% (pre-tax, real)

− Incentives to outperform capex, opex, and theft & loss allowances

High network investment due to:− Strong power demand growth of

>3% p.a.− Need for significant network

modernization

in bn TL, nominal

Regions

Target to more than double 2016 RAB by 2020

Target to more than double 2016 RAB by 2020

Downstream BusinessDownstream Business Market & RegulationMarket & Regulation RAB developmentRAB development

Strongly growing market with highly attractive returns

AnkaraIstanbul

Adana

>2x

3.9

5.3

2016 2017 2020

E.ON standalone

36

2018

6.9

Major transformation in Energy Networks

Single layer infrastructure (energy)

Physical linear network

Centralized system

Integrated energy system

Decentral, connected multi-layer infrastructure

More (semi-) autonomous local energy systems

Energy Network player

Energy network operatorFrom

Holistic system providerTo

Phys

ical

la

yer

Dig

ital l

ayer

Com

mun

i-ca

tion

laye

r

Data centerEMS Platforms

Network control center

Smart Home

Asset control systems

VPP

Local grid control

Smart Meter

Cloud

AntennaWifi

Block chain

Future energy network system will need to combine different layers of infrastructure

E.ON standalone

37

E.ON leading in smart grid projectsE.ON standalone

38

• Islanding capable smart micro grid solution• 100% renewable and locally produced electricity

Battery storage and demand side response e.g. heat pumps/water heaters

• Visualization of energy flows; frequency response; peer-to-peer market platform; Machine learning algorithms to use flexibilities

• Won the “Skånes vindkraftspris 2018”

Project Simris – Part ofProject Simris – Part of

Achieving energy autarky for small local communitiesPurposePurpose

MeansMeans

Swedish village Simris; micro grid successfully implemented in 2018

Project facts

Project facts

• Modernizing substations and 200km of power lines• Large-scale rollout of smart technology for higher

deployment of renewable sources (e.g. PV)• Improve failure rate, maintenance-related outages

and power losses• Improve effectiveness of girds and prepare for

future connections, like electric vehicles and batteries

Project Acon (Again connected networks)Project Acon (Again connected networks)

Integrating Czech and Slovak electricity markets & improving quality of supplyPurposePurpose

MeansMeans

Modernizing grid in border region between Slovakia and Czech Republic

Project facts

Project facts

E.ON supports customers to improve their energy situation

• Live dashboard of local energy situation e.g. renewable production, consumption, CO2 emission and autarky level

• Pilot municipalities Altdorf, Furth and Schrobenhausen

• Increase energy awareness and understanding• Tracking of energy saving measures

Energie MonitorEnergie Monitor

E.ON standalone

39

Create transparency for municipalities of their local energy situation as basis for improvementsPurposePurpose

MeansMeans

Co-developed with municipalities in Bavaria; product launch in summer 2018

Project facts

Project facts

• Development of an interface towards small scale customer assets e.g. charging electric heating

• Enabling customers to benefit from efficiency measures and optimized energy procurement costs

• Generate energy and cost savings for customers

Smart Grid Hub – part of Smart Grid Hub – part of

Create customer value by increasing energy efficiencyPurposePurpose

MeansMeans

Development of an interface to enable customer flexibilities; EU-funded

Project facts

Project facts

Customer

Smart Grid HubE.ON DSO

Operational excellence – digitization in practice

Effective investment decision Higher grid quality and customer

satisfaction Higher chances to win/retain concessions

Advanced Asset Management Advanced Asset Management

Direct-value add based on improved SAIDI performance and lower Opex

E.ON standalone

40

Tool

Tool

Impa

ct

Impa

ct

Combining a smooth user experience with efficient scheduling of works

Optimization of routes and outage remedy Flexibility for field technicians

Digital Workforce ManagementDigital Workforce Management

~ 6 % productivity gains

Conventional approach Introduce a new digital scalable work environment for every field technician and back officePredictive maintenance

Opportunities in adjacent businesses - Broadband

Growing from existing assetsGrowing from existing assets

E.ON's existing fiber-optic infrastructureE.ON's new fiber-optic infrastructure

A

Local transformer station

Fiber-optic cables in every street and to every household

Network operations center

Business building

Mobile cell tower

Telco X'sbackbone

Enterprise customer's data center

Point of Presence (Switch between backbone and access network)

Extension of existing businessExtension of existing business

Entering Fiber-to-the-Home (FttH) marketEntering Fiber-to-the-Home (FttH) marketB

New business concept in developmentNew business concept in development

E.ON standalone

41

Customer Solutions

DisciplineFocusGrowth

E.ON standalone

Customer Solutions

E.ON’s market positionE.ON’s market positionCustomer Focused PortfolioCustomer Focused Portfolio Energy Sales is the anchor businessEnergy Sales is the anchor business

City Energy Solutions (CES)2: 10% market share in Sweden

B2B Solutions: ~€2.1 bn TCV3 in 2018

Top 2

Top 2

Top 3

Top 3Top 3

Top 3

Top 10

Top 3

Energy Sales: 22 m1

customers in 8 countries

1. Excluding Turkey 2. Former segment ´Heat´ 3. Total Contract Value 4. Adjusted for non operating effects 5. B2C customers in Germany and UK

EBIT4 2018 (€ 413m)

CES

EnergySales

E.ON standalone

43

B2C - Re-inventing our customer business with the digital attacker

Cost efficiency

Cost efficiency

Superior servicesSuperior services

Innovative propositionInnovative proposition

<€ 10Market Leading

Cost to Serve

Synergiesacross regions

1-clickCustomer

journey

+50 NPS1

Quick response &

accurate billing

Singleplatform for

tariff innovations

Datadriven

propositions

Fasttime to market

Selflearning

functionality

Market leading

cost of change

Gradual replacement of legacy systems – customer focused with proven stability

1. Net Promoter Score

E.ON standalone

44

E.ON E.ON ambition

Cost-to-Serve ambition

€/customer account

On-siteGeneration

Energy Efficiency

Flexibility & Storage

On-site supply of heat, steam, power, cooling and pressurized air• Bespoke onsite power and heat supply ~5-200MW• Digitization of the entire value chain with IQ-CHP (intelligent, digital CHP)• AI-based solutions for remote O&M

Manage energy consumption• Optimization of energy and core manufacturing processes with AI, e.g. predictive maintenance • Cost reduction via digital platform, e.g. steering energy consumption data-based• Remote optimization to enable energy savings and asset reliability

Optimizing and monetizing central and decentral flexibility• Bundling flexibilities in a Virtual Power Plant platform and offering to the TSO• Forecasting annual maximum load for ensuring feed-in at the correct time • Load profile analysis, forecasting and peak shaving with grid fee savings up to 80%

New Solutions B2B

EnergyConsulting

Designing and delivering integrated energy solutions• Optimizing of a business' energy usage by designing highly individual integrated energy solutions• Running an energy audit to identify savings potential• Designing detailed action plan based on insights from energy audit

E.ON standalone

45

City Supply

City Quarter Solutions

Single Site Solutions

• Large-scale city heating & cooling solutions (e.g. in Malmö, Stockholm, Hamburg)

• Growth opportunities through new connections to established district heating networks & new grids (e.g. Berlin Schönefeld)

• Sustainable city districts with integrated heating & cooling solutions based on maximum of renewables (e.g. Tegel, Berlin; Elephant & Castle, London)

• Growth opportunities through new-build & retrofit of large areas or districts in cities

• Decentralized, sustainable local energy solutions (shopping malls – e.g. Westfield, London; Koppenstraße, Berlin, office buildings or hospitals)

• Growth opportunities through new-build & retrofit of large single sites in cities

New Solutions CES (City Energy Solutions)E.ON standalone

• Typical duration 20-40 years

• Typical TCV1 € 0.1–1bn

• Typical duration 20-40 years

• Typical TCV1 € 10-100m

• Typical duration 10-20 years

• Typical TCV1 € 1-20m

1. Total Contract Value46

New Solutions B2C

PV & Storage Home Heating Home Energy Mgmt. Solution

Future Energy Home eMobility

Solutions Infrastructure

E.ON standalone

Development of home energy management solution with Microsoft

Pilot project to offer Future Energy Home to customers with the Berkeley Group (UK)

Green Mortgages pilot with BNP Paribas to support financing for energy efficient homes

Developing Ultra-Fast-Charging network across Europe

Cooperation with Nissan to develop for de-centralized energy generation and storage

Launch of intelligent EV charging network with Virta

New market entry in Norway and Italy

Revenue growth of heating devices – boiler, heat pump, fuel cell, air-conditioning – across E.ON regions

Continuous development to provide comfort at home, e.g. cooling solution, smart-thermostat offering

Additional growth in key regions like Italy, UK, Sweden

Continuous improvement of integrated PV & eMobility propositions and attractive financing offerings

Roll-out of E.ON SolarCloud in additional markets

47

The nature of the business within Customer Solutions shows great diversity

Assetintensity

Sales cycle

Scalability(e.g. digital)

Energy contractsExample

PV & Storage Public chargingstation Onsite CHP City quarter

solution

Energy sales E-mobility CESB2C solutions B2B solutions

E.ON standalone

48

Temporary high investments for smart meter & ITTemporary high investments for smart meter & IT

Disciplined investment plan to support growth opportunities

Capex1 2019-2020 €1.8bn

1. Capex net of divestments

City Energy Solutions & B2B projects

Smartmeter

IT &efficiency

Other

E-mob

Partially temporary

Partially temporary

Infrastructure-likeinvestments

Infrastructure-likeinvestments

E.ON standalone

49

PreussenElektra

DisciplineFocusGrowth

E.ON standalone

~€27.8/MWh

Preliminaryprice

First tranche of production rights for PreussenElektrasecured – terms preliminary and already challenged

Nuclear power plant Krümmel1

88 TWh ofremaining production

rights

Nuclear power plant Krümmel1

88 TWh ofremaining production

rights

PreussenElektraPreussenElektra

10 TWh

October ’19

15-20 TWh

April ’20

20-25 TWh

June ’20

10-15 TWh

∑∑

45-60 TWh45-60 TWh

October ’19

15-20 TWh

April ’20

20-25 TWh

June ’20

10-15 TWh

∑

45-60 TWh

10 TWh

BrokdorfIsar IIGrohnde

1. Krümmel is a joint venture between E.ON and Vattenfall, each party owning 50% equity share2. Volumes shown before any transfers/purchases and excluding minority stakes (16.7% minorities in Grohnde, 20% in Brokdorf and 25% in Isar II)

E.ONE.ON VattenfallVattenfall

Required production rights2

Remaining production rights until2

Plant

E.ON standalone

51

9M 2019 – Financial Appendix

DisciplineFocusGrowth

Financial Highlights

€m 9M 2018 9M 2019 % YoY

Sales 21,646 23,580 +9

EBITDA1 3,675 3,742 +2

EBIT1 2,352 2,208 -6

Adjusted Net Income1 1,208 1,176 -3

OCF bIT 3,494 2,736 -22

Investments 2,279 4,018 +76

Economic Net Debt² -16,580 -39,620 -139

1. Adjusted for non operating effects, 2. Economic Net Debt as per 30 Sep 2019 and31 Dec 2018; Economic Net Debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs;bonds issued by innogy are recorded at their nominal value: the amount in the conso-lidated balance sheets is €2.6 bn higher

53

Cash Adjustments3

-0.4

EBITDA2 Change in WC

-4.0

-0.6

OCF bIT OCF Capex FCF

1.6

Tax Payments

-0.7

3.7

2.7

-2.4Interest

Payments

-0.4

73%

Cash Conversion Rate in Q3 recovering as expected1

9M 2019€ bn

1. Cash Conversion Rate: OCF bIT ÷ EBITDA 2. Adjusted for non operating effects3. Net non cash effective EBITDA items incl. provision utilizations, payments related to non operating earnings and innogy consolidation effect

54

HighlightsHighlights

Segments: Energy Networks

• Germany+ New regulatory period for power+ Regulatory effects in 2018– One-off effects in 9M 2018

• Sweden+ Power tariff increase

Energy NetworksEnergy Networks

354 338

363 394

755 693

CEE & Turkey

9M 2018 9M 2019

Germany

1,472

Sweden

1,425

-3%

1. Adjusted for non operating effects

EBIT1 € m

€m 9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY

Revenue 4,560 4,646 +2 729 748 +3 1,125 1,162 +3 6,414 6,556 +2

EBITDA1 1,182 1,151 -3 476 509 +7 529 514 -3 2,187 2,174 -1

EBIT1 755 693 -8 363 394 +9 354 338 -5 1,472 1,425 -3 thereof equity-method earnings 51 48 -6 0 0 - 88 87 -1 139 135 -3 OCFbIT 1,372 898 -35 535 460 -14 523 565 +8 2,430 1,923 -21 Investments 448 597 +33 223 197 -12 283 263 -7 954 1,057 +11

Germany Sweden CEE & Turkey Total

Det

ails

+/–

55

Segments: Customer Solutions

Customer SolutionsCustomer Solutions HighlightsHighlights• Germany Sales

– Timing effect from delayed pass-on of higher grid fees• UK

– Regulatory effects, mainly SVT2 price cap– Competitive dynamics+ Lower restructuring expenses+ Effects from restructuring program

93 83

14351

124

90UK

Other

224

9M 2018 9M 2019

Germany Sales

360

-38%EBIT1 € m

1. Adjusted for non operating effects, 2. Standard Variable Tariff

€m 9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY

Revenue 4,892 5,321 +9 5,432 5,329 -2 5,483 6,072 +11 15,807 16,722 +6

EBITDA1 148 120 -19 211 136 -36 231 229 -1 590 485 -18

EBIT1 124 90 -27 143 51 -64 93 83 -11 360 224 -38 thereof equity-method earnings 0 0 - 0 0 - 7 8 +14 7 8 +14 OCFbIT 236 179 -24 125 63 -50 253 194 -23 614 436 -29 Investments 10 38 +280 157 132 -16 240 387 +61 407 557 +37

Germany Sales UK Other Total

Det

ails

56

Non-Core business

Non-CoreNon-Core HighlightsHighlights

354

70-40

256

9M 2019Generation

Turkey 9M 2018

PreussenElektra

314 326

+4%

• PreussenElektra+ Higher achieved power prices– Higher depreciation– One-off effects in 2018

• Generation Turkey+ Operational improvements, mainly higher hydro volumes in H1

PreussenElektra: Hedged Prices (€/MWh) as of 30 September 2019

EBIT1 € m

1. Adjusted for non operating effects

26

32

46

47

2020

2018

2021

2019

73%

45%

96%

Det

ails

100% €m

9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY 9M 2018 9M 2019 % YoY Revenue 983 878 -11 0 0 - 983 878 -11

EBITDA1 436 423 -3 -40 70 - 396 493 +24

EBIT1 354 256 -28 -40 70 - 314 326 +4 thereof equity-method earnings 42 40 -5 -40 70 - 2 110 - OCFbIT 122 80 -34 0 0 - 122 80 -34 Investments 10 207 +1,970 154 0 -100 164 207 +26

PreussenElektra Generation Turkey Total

57

Adjusted Net Income

1. Adjusted for non operating effects

€m 9M 2018 9M 2019 % YoY

EBITDA1 3,675 3,742 +2

Depreciation/amortization -1,323 -1,534 -16

EBIT1 2,352 2,208 -6

Economic interest expense (net) -500 -508 -2

EBT1 1,852 1,700 -8

Income Taxes on EBT1 -457 -349 +24

% of EBT 1 -25% -21% -

Non-controlling interests -187 -175 +7

Adjusted Net Income1 1,208 1,176 -3

58

Reconciliation of EBITto IFRS Net Income

1. Adjusted for non operating effects

€m 9M 2018 9M 2019 % YoY

EBITDA1 3,675 3,742 +2

Depreciation/Amortization/Impairments -1,323 -1,534 -16

EBIT1 2,352 2,208 -6

Reclassified businesses of Renewables -278 -300 -8

Interest result -522 -583 -12

Net book gains 859 -32 -104

Restructuring -52 -179 -244

Mark-to-market valuation of derivatives 905 -73 -108

Impairments (net) 0 -2 -

Other non-operating earnings -81 -124 -53

Income/Loss from continuing operations before income taxes 3,183 915 -71

Income taxes -198 -359 -81

Income/loss from continuing operations 2,985 556 -81

Income/loss from discontinued operations, net 170 1,759 +935

Net income/loss 3,155 2,315 -27

59

Cash effective investments1

€m 9M 2018 9M 2019 % YoY

Energy Networks 954 1,057 +11

Customer Solutions 407 557 +37

Renewables 698 583 -16

innogy businesses 0 53 -

Corporate Functions & Other 56 1,561 -

Consolidation 0 0 -

Non-Core 164 207 +26

Investments 2,279 4,018 +76

1. Investments from innogy transaction included in Corporate Functions & Other 60

Economic Net Debt1

1. Economic Net Debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs; bonds issuedby innogy are recorded at their nominal value: the amount in the consolidated balancesheets is €2.6 bn higher 2. Net figure; does not include transactions relating to ouroperating business or asset management

€m 31 Dec 2018 30 Sep 2019

Liquid funds 5,423 5,547

Non-current securities 2,295 1,206

Financial liabilities -10,721 -28,537

Adjustment FX hedging² -28 77

Net financial position -3,031 -21,707

Provisions for pensions -3,261 -8,818

Asset retirement obligations -10,288 -9,095

Economic Net Debt -16,580 -39,620

61

Economic interest expense (net)

1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds (interest rate: 5.37%).

€m 9M 2018 9M 2019 Difference

(in € m)

Interest from financial assets/liabilities -436 -430 +5

Interest cost from provisions for pensions and similar provisions -48 -47 +1

Accretion of provisions for retirement obligation and similar provisions -59 -45 +15

Construction period interests¹ 14 13 -2

Others 28 18 -11

Net interest result from innogy businesses 0 -17 -17

Net interest result -500 -508 -8

62

2022 20242019 202520212020 2023 ≥2026

1.0

2.8 2.41.4 1.3

2.2

0.8

12.1

E.ON innogy

Financial Liabilities

Maturity profile (as of end 9M 2019)1

€ bn

1. Bonds issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE); bonds issued by innogy SE and innogy Finance B.V. (fully guaranteed by innogy SE) and innogy EIB loans

Liquidity Sources (as of 9M 2019)€ bn

Liquid funds ~5.5

Non-current securities ~1.2

Total ~6.7

Syndicated loan (undrawn) 3.50

€ / $ Commercial Paper programs 10 / 10

Acquisition facility (undrawn) 1.75

63

Integrated financing of new E.ON EUR 3.5bn bond issuances in 2019 securing favorable financing conditions Bond financing well diversified across maturities Successful refinancing of RCF1 with ESG-element, replacing E.ON’s and innogy’s previous RCFs

20192019

Q3Q3 Q4Q4

Syndicated ESG-linked Revolving Credit Facility• Size: €3.5bn• Term: 5+1+1Y

Bond

sLo

anSuccessful financing 2019

August 21 (Green Bond)

• Size: €1.5bn• Term: 5Y & 10.5Y• Yield: -0.149% p.a.

& 0.373% p.a.

• Size: €1.5bn• Term: 3Y & 7Y• Yield : -0.019% p.a.

& 0.375% p.a.

• Size: €500mn• Term: 12Y• Yield: 0.741% p.a.

October 17 October 31

1 2 3

October 24

1. Revolving Credit Facility 64

Adoption of IFRS 16: Impact on E.ON financials & KPIs

Changes for the lessee (illustrative)

Balance Sheet Profit & Loss

Equity(Equity ratio )

Liabilities

Assets

Right-of-useassets Lease liabilities

Sales

EBITDA

EBIT

EBT

Oper. expenses

Depreciations

Interest result

Sales

EBITDA

EBIT

EBT

Oper. expenses

Depreciation

Interest result

ante IFRS 16adoption

post IFRS 16adoption

• Objective: Ensuring that lessees and lessors provide relevant information that faithfully represent leasing transactions.

• Adoption obligatory starting 2019.

• No significant changes for lessors, lessees may apply certain exemptions for shorter-term leases (<12 months) and/or leases for low value assets.

• P&L: EBIT(DA) to improve, interest expense to increase; no effect on Adj. Net Income level.• Balance Sheet: Economic Net Debt (END) to increase, following increase in lease liabilities.IFRS 16

IFRS 16 in short

65

E.ON Investor Relations contacts

T +49 (201) 184 2806investorrelations@eon.com

Andreas Thielen T +49 (201) 184 28 15Manager Investor Relations andreas.thielen@eon.com

Martina Burger T +49 (201) 184 28 07Manager Investor Relations martina.burger@eon.com

Sebastian Gaßner T +49 (201) 184 28 05Manager Investor Relations sebastian.gassner@eon.com

66

Verena Nicolaus-Kronenberg T +49 (201) 184 28 06Head of Investor Relations verena.nicolaus-kronenberg@eon.com

Financial calendar & important links

Financial calendar

March 25, 2020 Annual Report 2019 & Capital Markets Day (London)

May 12, 2020 Quarterly Statement: January – March 2020

May 13, 2020 2020 Annual Shareholders Meeting

August 12, 2020 Half-Year Financial Report: January – June 2020

November 11, 2020 Quarterly Statement: January – September 2020

Important links

Presentations https://www.eon.com/en/investor-relations/presentations.html

Facts & Figures 2019 https://www.eon.com/content/.../presentations/facts-and-figures-2019.pdf

Annual Reports https://www.eon.com/en/investor-relations/financial-publications/annual-report.html

Interim Reports https://www.eon.com/en/investor-relations/financial-publications/interim-report.html

Shareholder Meeting https://www.eon.com/en/investor-relations/shareholders-meeting.html

Green Bond Framework https://www.eon.com/en/investor-relations/bonds/green-bonds.html

Transaction Website: http://www.energyfortomorrow.eu/

67

Disclaimer

This presentation contains information relating to E.ON Group ("E.ON") that must not be relied upon for any purpose and may not be redistributed, reproduced,published, or passed on to any other person or used in whole or in part for any other purpose. By accessing this document you agree to abide by the limitations set outin this document as well as any limitations set out on the webpage of E.ON SE on which this presentation has been made available.This document is being presented solely for informational purposes. It should not be treated as giving investment advice, nor is it intended to provide the basis for anyevaluation or any securities and should not be considered as a recommendation that any person should purchase, hold or dispose of any shares or other securities.The information contained in this presentation may comprise financial and similar information which is neither audited nor reviewed and should be consideredpreliminary and subject to change.Some of the information presented herein is based on statements by third parties. No representation or warranty, express or implied, is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purposewhatsoever.This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON management and other information currentlyavailable to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financialsituation, development or performance of the company and the estimates given here. E.ON does not intend, and does not assume any liability whatsoever, to updatethese forward-looking statements or to conform them to future events or developments.Neither E.ON nor any respective agents of E.ON undertake any obligation to provide the recipient with access to any additional information or to update thispresentation or any information or to correct any inaccuracies in any such information.Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercialstandards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in allcases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, theserounded figures may not add up exactly to the totals contained in the respective tables and charts.