Uniper Se · XETR:UN0
Uniper — H1 2024 Earnings Presentation
26 slides from Uniper's earnings presentation, Aug 8, 2024
Slide 1: H1 2024 Interim Results
H1 2024 Interim Results Michael Lewis – CEO Jutta Dönges – CFO 08 August 2024
Slide 2: Agenda
Agenda 1 Review H1 2024 2 Financial Performance & Outlook 3 Appendix 2
Slide 3: H1 2024 – Strong performance enables raised outlook
H1 2024 – Strong performance enables raised outlook Highlights • Substantial growth capex for specific projects approved • Financial situation back on rock solid ground • Portfolio de-risked with termination of Gazprom Export long-term contracts € 1,743m -58% Adjusted EBITDA H1 results H1 2024 • H1
Slide 4: De-risking and implementation of our strategy 2030
De-risking and implementation of our strategy 2030 Expansion of financing scope De-risking gas supply portfolio Economic net cash of €6bn1 mid-year Gazprom Export long-term contracts terminated Financial framework in place to support strategy Arbitration panel awards ~€13bn to Uniper to be paid exec
Slide 5: Strategy execution progressing – €250m investment decision in the revitalization of PSP1 Happurg
Strategy execution progressing – €250m investment decision in the revitalization of PSP1 Happurg Main messages >200bp Refurbishment of a 160 MW large-scale Expected return above WACC dispatchable hydro power plant Flexible operation opportunities in €~30m p.a. various market channels Expected Adjust
Slide 6: Agenda
Agenda 1 Review H1 2024 2 Financial Performance & Outlook 3 Appendix 6
Slide 7: Crucial milestones achieved for Uniper to return to capital markets
Crucial milestones achieved for Uniper to return to capital markets Achievements Balance sheet restructuring (German GAAP) Technical ability to pay regular dividends achieved1 Segmentation and financial steering KPIs updated Increasing transparency in line with strategy implementation ensured Indepe
Slide 8: Key financials H1 2024 – Strong earnings performance
Key financials H1 2024 – Strong earnings performance although below prior-year’s record figures Adjusted EBITDA Adjusted EBIT Operating cash flow €m €m €m 4,113 1,743 3,712 1,439 4,294 2,950 1 1 1 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 Adjusted Net Income (ANI) Net Income2 Economic net cash
Slide 9: Key earnings drivers H1 2024 – Gas Midstream and Flexible Generation on the way to normalized earnings
Key earnings drivers H1 2024 – Gas Midstream and Flexible Generation on the way to normalized earnings Reconciliation Adjusted EBITDA H1 2023 to H1 2024 Main messages €m 1 Adj. EBITDA H1 2023 4,113 Gas Midstream with solid operating result but below strong prior-year’s Greener Commodities - Gas Mids
Slide 10: Adjusted Net Income H1 2024 – Supported by positive interest results
Adjusted Net Income H1 2024 – Supported by positive interest results Reconciliation Adjusted EBITDA H1 2024 to Adjusted Net Income H1 2024 Main messages €m Improved economic interest results 1,743 304 underpinned by high financial net 89 cash position and lower 1,439 406 commitment fees 8 Lower depr
Slide 11: Operating cash flow H1 2024 – Sizeable increase from working capital inflow
Operating cash flow H1 2024 – Sizeable increase from working capital inflow Reconciliation Adjusted EBITDA H1 2024 to operating cash flow H1 2024 €m 9 44 3,359 453 2,950 1,738 127 258 1,743 PY: 4,113 PY: 4,676 PY: 4,294 Adj. EBITDA Non-cash Provision Changes in Other Other(incl. OCFbIT Interest Taxe
Slide 12: Economic net debt H1 2024 – Strong cash flows expand economic net cash position
Economic net debt H1 2024 – Strong cash flows expand economic net cash position Reconciliation economic net cash YE 2023 to H1 2024 €m 229 2 189 5,970 2,950 3,058 1 Economic net cash OCF Investments Divestments Other Effects Economic net cash YE 2023 H1 2024 1. Includes asset retirement obligations
Slide 13: Raised outlook for FY 2024 due to strong H1 2024 results
Raised outlook for FY 2024 due to strong H1 2024 results Adjusted EBITDA Adjusted Net Income (ANI) Main messages €bn €bn Earnings outlook range for both 2.4 KPIs raised by €400m Range 2.0 The H1 2024 result benefitted from Range the tailwind of our successful 1.5 hedging policy 1.9 Range 1.5 1.1 The
Slide 14: Agenda
Agenda 1 Review H1 2024 2 Financial Performance & Outlook 3 Appendix 14
Slide 15: Commodity prices
Commodity prices Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 150.0000 75 250 Germany 80 CDS Nordics CSS 120.0000 60 200 60 90.0000 45 150 40 30 60.0000 100 20 15 30.0000 50 0 0 0.0000 0 -20 Jan 23 Jul 23 Jan 24 Jul 24 Jan 23 Jul 23 Jan 24 Jul 24 Jan
Slide 16: Operating indicators
Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling Production volume1 Scope-12 % TWh m tons +7% +2% -11% points 25.6 25.1 78% 85% 4.7 9.3 8.3 9.1 4.8 7.0 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 1. Coal-fired generation includes co-
Slide 17: Electricity generation – Volumes
Electricity generation – Volumes H1 2024 H1 2023 TWh Accounting view Accounting view Hydro Subtotal 6.98 6.08 Germany1 3.23 2.68 Sweden 3.75 3.40 Nuclear Sweden 4.82 3.68 Gas Subtotal 9.05 9.15 Germany 2.70 2.22 United Kingdom 4.87 5.51 Netherlands 0.47 0.27 2 Sweden 0.00 0.00 Hungary 1.00 1.15 Hard
Slide 18: Outright power hedging in Germany and Nordic – Physical asset positions
Outright power hedging in Germany and Nordic – Physical asset positions Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordic1 €/MWh €/MWh 34 45 123 87 41 47 39 37 TWh TWh 8 24 6 18 4 12 2 6 100% 95% 75% 15% 100% 80% 55% 30% 0 0 2023 2024 2 2025 2026 2023 2024 2 2025 2026 1.
Slide 19: Adjusted EBITDA and Adjusted EBIT – By segment and sub-segment
Adjusted EBITDA and Adjusted EBIT – By segment and sub-segment H1 2024 H1 20231 H1 2024 H1 20231 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT Green Generation Subtotal 527 429 464 366 Hydro 346 373 313 340 Nuclear 195 62 164 31 Renewables -14 -6 -14 -6 Flexible Generation Subtotal 826 1,351 666 1,
Slide 20: Adjusted EBITDA – Main earnings drivers by sector
Adjusted EBITDA – Main earnings drivers by sector Green Generation Flexible Generation Greener Commodities €m €m €m -1,651 -218 2,434 1,351 -306 0 -98 -27 133 -8 826 527 682 429 H1 2023 1 Hydro Nuclear RES H1 2024 H1 2023 1 Gas-fired Coal-fired H1 2024 H1 2023 1 Gas Greener Power & H1 2024 Generatio
Slide 21: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA
Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m H1 2024 H1 20231 Income / loss before financial results and taxes 908 9,797 Net income / loss from equity investments 1 -4 Depreciation, amortization, impairments & reversals 324 1,272 Economic depreciation, amorti
Slide 22: Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)
Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m H1 2024 H1 20231 Adjusted EBITDA 1,743 4,113 Economic depreciation, amortization, impairments & reversals -304 -401 Adjusted EBIT 1,439 3,712 Economic interest result 89 -166 Economic other financial results 0 0 Adjusted EBT 1,528 3,5
Slide 23: Cash-effective investments
Cash-effective investments €m H1 2024 H1 2023 Green Generation 65 58 Flexible Generation 115 110 Greener Commodities 36 63 Administration / Consolidation 13 8 Total 229 240 thereof Growth 91 74 thereof Maintenance and replacement 138 166 H1 2024 Presentation, 08 August 2024 23
Slide 24: Financial calendar & further information
Financial calendar & further information Financial Calendar 05 November 2024 Quarterly Statement January – September 2024 Stay informed 26 February 2025 about Uniper Annual Report 2024 uniper.energy/investors H1 2024 Presentation, 08 August 2024 24
Slide 25: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Sebastian Veit Peter Wirtz Head of Investor Relations (EVP) Manager Investor Relations +49 151 5504 9337 +49 160 529 1264 sebastian.veit@uniper.energy peter.wirtz@uniper.energy Eva Götze Silvia Spisla Sabine Burkhardt Manager Investor Relations Manager I
Slide 26: Disclaimer
Disclaimer This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or the "Company") 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