E ON : Speech by Dr. Leonhard Birnbaum, CEO

E.ON SE Annual Shareholders Meeting May 19, 2021

Statement by:

Dr. Leonhard Birnbaum

E.ON SE CEO

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E.ON shareholders, ladies and gentlemen: progress often results from the need to adapt. In the era of Covid-19 and climate change, this is truer than ever. I see it as an opportunity-for Germany and Europe, for E.ON and for you as shareholders.

One opportunity is the digital new normal. I'd have liked to have seen you in person today. That would've meant that the pandemic is behind us. Our second virtual Annual Shareholders Meeting will thus make a virtue of necessity. This format offers considerable advantages in terms of shareholder friendliness.

There are no spatial barriers. Participation rates are significantly higher than at the Annual General Meetings held in person before the pandemic. The logistics are much simpler and the time commitment much lower for all of us. In addition, having more time to process your pre-submitted questions improves the quality of our responses. You can of course also ask follow-up questions. Our virtual format has many advantages without any noteworthy disadvantages.

I also see very significant opportunities for us in the area of sustainability. Europe intends to be completely decarbonized by 2050. This objective is not jeopardized by European elections, not by Germany's upcoming Bundestag elections, not even by the Corona crisis. On the contrary, sustainability will play the pivotal role in rebuilding Europe's economy. Europe is now gathering speed for a comprehensive transformation.

E.ON enables this transformation. Because we provide the necessary infrastructure. For the ongoing expansion of renewables. For the accelerated rollout of eMobility. For sector integration of industry and heat.

And E.ON benefits from this transformation, which will require massive investments in energy infrastructure for years to come. The energy industry is facing decades of growth.

I'm determined to seize this opportunity. Together with a strong team. I want to exploit our company's full potential. For E.ON and for you, its shareholders. I look forward to answering your questions today in my new role as CEO.

Before I get to that, I'd like say words of thanks, first to my predecessor Johannes Teyssen and second to my employees.

In recent years, E.ON has never been better positioned, never had better prospects. Thanks in good part to Johannes Teyssen. He was on the Management Board for seventeen years, for eleven of which he was CEO. He

E.ON SE Annual Shareholders Meeting, May 19, 2021, presentation by Dr. Leonhard Birnbaum

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led E.ON through difficult times-out of nuclear power, out of coal, and into an era of sustainable energy.

Johannes, at an Annual Shareholders Meeting held in person you would've received well-deserved applause. Today we must express our sincere thanks virtually. Everyone is replaceable. But not everyone leaves a mark. You left your mark on E.ON. And that's something you can be proud of. We at E.ON will make sure that you enjoy watching us from a distance.

The innogy-integration is the culmination of E.ON's comprehensive realignment. It strengthens us financially by yielding €780 million in recurring savings by 2024. But it also strengthens us operationally. The new E.ON isn't just a, it's the sustainable infrastructure company. We've made decarbonization our core competency. We shape and propel the energy transition.

This means that we now have all the levers for our business success in our own hands. Our success now depends solely on delivering results. And that's what we're doing, even in the difficult environment of the Corona pandemic.

Despite the constraints, we've been able to carry out all our infrastructure investments. We've continued to propel the energy transition and will continue to do so. At the same time, we're helping stabilize the economy and secure jobs.

Before the pandemic, the reliability of Germany's energy supply had reached its highest level on record. And the energy supply remained reliable at all times, including during the crisis.

Behind these achievements is our employees' extraordinary dedication, in Germany and in Europe. I'd like to say thank you for this as well and give you a few examples.

• Thanks to our team in Italy. Italy was the first to be affected by a lockdown. Thanks to swift and creative solutions, all of our plants for industrial customers remained operational.
• Thanks to our team in Hungary. Staff at our network control centers there worked in shifts to maintain a reliable energy supply: they alternated one week in isolation at work and one week of quarantine at home.
• Thanks to our team in Romania, where employees likewise worked in weekly isolation shifts away from their families to ensure network operations, even during holidays.

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• Thanks to our team in the United Kingdom, where the long-awaited turnaround in our retail business was achieved largely by employees working from home.
• Thanks to our team in Slovakia. Countless volunteers tested an average of around 2,000 of their colleagues and family members per week this year. This helped ensure an uninterrupted energy supply, even during the strictest phase of the lockdown.
• Thanks to our team in Germany. In a very short time, we created home office options for thousands of employees whose work permits it. We also quickly found ways for even our large construction projects-where hundreds of employees work in a confined space-to move forward without any on-site transmission of the virus.
• These are just a few examples. The performance of our teams in the Netherlands, Sweden, Poland, the Czech Republic, and Turkey was no less impressive.

E.ON could make another important contribution toward containing pandemic at any time. We have already vaccinated parts of our workforce at many of our locations outside Germany. We'd like to finally begin vaccinating in-house in Germany as well. Because we're prepared for this as well.

We have our procedures under control. Our protection plan is working. We can track Covid infections, which there of course were, very precisely. This shows that there was practically no transmission within our company, and when there was we were able to limit it immediately. As a result, our infection rates have been well below the national average in the countries where we operate. As I said, this is an achievement by the entire E.ON-team. I'd like to thank them for this.

Considering this achievement, allow me to state candidly that it really annoys me when some policymakers try to divert attention from their own mistakes by claiming that employers are the problem and then overburdening us with superfluous obligations. We could make swifter progress if everyone focused on their own area of responsibility.

Our people's dedication and expertise are also reflected in our strong business performance. This applies to both of the new E.ON's business segments: Energy Networks and Customer Solutions.

Our operating earnings totaled €3.8 billion in 2020. Regulatory mechanisms will ensure that about €200 million in weather- and pandemic-related sales

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declines at our network business will be fully recoverable in subsequent years. Overall, our results were therefore within in the target range we had forecast prior to the pandemic.

Not only has E.ON remained robust. We've become stronger and more predictable. This is precisely what we promised in the context of our realignment. The innogy integration is on track. And we've addressed a whole range of issues and achieved successes that enduringly strengthen us.

• We reached an agreement with the German government that enables us to make a clean break with nuclear power. We now finally have financial clarity. We can concentrate fully on the businesses of the future relating to sustainable energy.
• We quickly achieved the all-important turnaround at our U.K. business. After a worrying period, in 2021 this business has returned to profitability. We've even revised our earnings forecast upward.
• Finally, we've strengthened our balance sheet. Following the innogy acquisition and despite the crisis, we were able to keep our debt manageable and recently reduced it. We narrowed the target range for our debt factor. It's highly likely that we'll achieve it this year, which is earlier than anticipated.

As promised, E.ON is becoming stronger and more predictable. This gives us confidence. And it gives you, our owners, security, even in these turbulent times.

Against this backdrop, today we're proposing to you a dividend of 47 cents per share for the 2020 financial year. We're therefore keeping our promise of rising dividends this year as well, without going too far out on a limb amid the current economic crisis. At the same time, we're extending our dividend promise by another year. We now intend to increase our dividend per share by up to 5 percent annually, including the dividend for 2023.

I do this, by the way, with a clear conscience. Because E.ON's positive course has continued into the current financial year. Our first-quarter results were fully in line with our expectations. We therefore continue to expect solid adjusted EBIT of €3.8 to €4 billion for full-year 2021.

Don't forget: the integration phase after the innogy takeover is still under way. The resulting synergies and E.ON's new strength are gradually starting to be reflected in our earnings. This is shown by looking beyond the current financial year. We aim to increase adjusted EBIT by an average of 8 to

10 percent per year through 2023.

E.ON SE Annual Shareholders Meeting, May 19, 2021, presentation by Dr. Leonhard Birnbaum