The Most Durable Infrastructure Asset In Europe
Every investment cycle produces a few companies that sit quietly in the background while the world gets louder around them. They do not trend on social media. They do not move 20 percent in a single day. They do not invite excitement. What they offer instead is something far rarer. Stability. Predictability. And a business model that becomes more important each year, no matter what the headlines say.
E.ON is one of those companies.
While the market obsesses over AI, semiconductors, space, robotics and the next generation of technology platforms, a different story is unfolding beneath the surface. Europe is rebuilding its entire energy backbone. The continent is electrifying everything. Heat pumps. Electric vehicles. Distributed solar. Industrial decarbonization. And the rise of AI data centers that require enormous amounts of power.
None of this happens without one thing. A stronger grid.
This is where E.ON dominates. It is the largest energy network operator in Europe, responsible for the essential infrastructure that connects generation to consumption. It is spending 43 billion euro between 2024 and 2028. More than 35 billion euro of that goes directly into its network business. These are not optional projects. They are physical necessities.
In the first 9 months of 2025, adjusted EBITDA grew 10 percent to 7.4 billion euro. The networks segment alone grew 18 percent. E.ON expects full year 2025 adjusted EBITDA between 9.6 and 9.8 billion euro and continues to guide for rising dividends and a larger regulated asset base.
Most investors overlook this because they prefer excitement over durability. But durability is what builds real wealth. Durability is what stays intact when everything else breaks. Durability is what compounds silently in the background.
If you want to understand why I believe E.ON deserves a place as a long term anchor position in a modern portfolio and why this company fits perfectly into the FJ Research philosophy of essential needs plus asymmetric opportunity, here is the full report.
If you are not yet a paid subscriber and want full access to this analysis and all deep dives, consider joining the FJ Research community. This is where my highest conviction research lives.