E.ON reaffirmed its financial guidance for 2026 after reporting results in line with expectations for the first nine months of the year, supported by investment-driven growth and solid operating performance despite challenging market conditions.
The German energy group said it continued to expand, modernise and digitalise Europe’s energy infrastructure as part of its ongoing investment programme.
“Our nine-month results once again demonstrate the resilience of our business model. Strong financial and operational performance keeps us firmly on track to achieve our full-year targets. At the same time, we are seeing significant and growing demand for investment in energy infrastructure across all the markets in which we operate,” said Nadia Jakobi, E.ON’s chief financial officer.
Adjusted group EBITDA stood at €7.1 billion in the first nine months of 2026, unchanged from the same period last year and in line with expectations. Adjusted net income increased by 4% to €2.2 billion, compared with €2.1 billion in the first nine months of 2025.
For the full year, E.ON continues to expect adjusted EBITDA of between €9.4 billion and €9.6 billion and adjusted net income of between €2.7 billion and €2.9 billion. The company also maintained its medium-term outlook through 2030.
The Energy Networks division reported adjusted EBITDA of more than €5.3 billion, broadly in line with the previous year’s level.
Growth in the regulated asset base in Germany and other European markets, supported by investment, as well as the accelerated rollout of smart meters, continued to underpin financial performance. These positive effects were offset mainly by the deconsolidation of NEW Group, the sale of its gas distribution business in the Czech Republic and higher costs associated with supporting sustainable growth.
Energy Infrastructure Solutions continued its positive performance, with adjusted EBITDA rising by 15% to €460 million, from approximately €400 million a year earlier. Growth was driven primarily by the commissioning of new projects for industrial and commercial customers.
Energy Retail reported adjusted EBITDA of €1.3 billion, down from €1.4 billion in the same period of 2025, despite solid operating performance.
The decline reflected the deconsolidation of NEW Group in Germany and developments in the UK market, including the gradual expiry of older contracts with industrial and commercial customers and temporary effects. These were partly offset by favourable developments in the residential customer segment and lower costs related to energy efficiency measures.
E.ON invested €5.2 billion in the first nine months of 2026, up 2% from €5.1 billion in the corresponding period last year. Spending focused primarily on expanding, modernising and digitalising energy networks.
“Our investment programme is progressing as planned. The next stage of the energy transition requires high-performance networks, greater flexibility across the energy system and increasingly advanced smart solutions for customers. This is precisely what we are working on every day. Our investments are laying the foundations for a secure and affordable energy supply while strengthening Europe’s competitiveness. However, investments on this scale also require a stable and predictable long-term regulatory framework aligned with international standards,” Jakobi said.
Energy Networks accounted for €4.2 billion of total investment by the end of the third quarter, compared with €4.1 billion a year earlier. Spending was directed mainly towards network infrastructure across E.ON’s European markets, including new connections for customers, industrial facilities and renewable energy generation plants.
The company also invested in digital solutions designed to improve the utilisation of existing network capacity. E.ON maintained its full-year investment plans and expects to invest approximately €7 billion in energy networks in 2026.
Investment in Energy Infrastructure Solutions remained broadly unchanged at €580 million. The funds were allocated mainly to expanding integrated energy solutions for cities, municipalities and industrial customers, including battery energy storage systems, heating solutions and district heating infrastructure.
Energy Retail increased investment by 12% to €355 million, compared with approximately €320 million in the first nine months of 2025. Priorities included expanding its electric vehicle charging infrastructure across Europe and further digitalising customer services.