Uniper Se · XETR:UN0
Uniper — H1 2026 Earnings Presentation
29 slides from Uniper's earnings presentation, Aug 11, 2026
Slide 1: H1 2026 Interim Results
H1 2026 Interim Results Michael Lewis, CEO │ Christian Barr, CFO 11 August 2026 |
Slide 2: Agenda
Agenda 1. Review H1 2026 2. Financial Performance & Outlook 3. Appendix 2 |
Slide 3: Key highlights H1 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Key highlights H1 2026 – Financially on track for the year, navigating resiliently through volatile markets €711m €388m €4,548m Adjusted EBITDA Adjusted Net Income Economic net cash H1 2026 H1 2026 end H
Slide 4: Enhanced financial strength and an increasingly supportive market backdrop reinforce Uniper's strategic positioning
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Enhanced financial strength and an increasingly supportive market backdrop reinforce Uniper’s strategic positioning Operating from a fundamentally stronger position Strategy aligned with structural trend
Slide 5: Focused & disciplined capital allocation
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Focused & disciplined capital allocation – Accelerarting flexible power generation enabled by the approved StromVKG framework Growth capex break down by business segment Key messages • Maintaining strate
Slide 6: Uniper strongly positioned to capture value from data center growth in Europe
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Uniper strongly positioned to capture value from data center growth in Europe Data center and AI – A booming market Uniper’s status Identified Uniper sites EU aims to triple data Data center expansion La
Slide 7: Focus H2 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Focus H2 2026 – Driving re-privatization readiness, strategic execution and efficiency Key focus areas for the remainder of 2026 • Building on our strong strategic positioning to support a successful re-
Slide 8: Agenda
Agenda 1. Review H1 2026 2. Financial Performance & Outlook 3. Appendix 8 |
Slide 9: Key financials H1 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Key financials H1 2026 – Overall solid performance Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m €m • Improved Group’s Adjusted EBITDA primarily attributable to 711 a rebound in the Gas Midst
Slide 10: Key earnings drivers H1 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Key earnings drivers H1 2026 – Boosted by a rebound in the Gas Midstream business Reconciliation Adjusted EBITDA H1 2025 to H1 2026 Key messages €m • Greener Commodities rebounded, as negative optimizati
Slide 11: Adjusted Net Income H1 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Adjusted Net Income H1 2026 – Solid level on the back of a good operational performance Reconciliation Adjusted EBITDA H1 2026 to Adjusted Net Income H1 2026 Key messages €m • Lower economic interest res
Slide 12: Operating cash flow H1 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Operating cash flow H1 2026 – Elevated by seasonal working capital effects and slow gas refilling Reconciliation Adjusted EBITDA H1 2026 to operating cash flow H1 2026 Key messages €m • Significant provi
Slide 13: Economic net debt H1 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Economic net debt H1 2026 – Continued excellent net cash position Reconciliation economic net cash YE 2025 to H1 2026 Key messages €m • Financial position remains comfortably healthy, providing a strong
Slide 14: Outlook for FY 2026
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Outlook for FY 2026 – Fully on track Adjusted EBITDA Adjusted EBITDA1 Adjusted Net Income (ANI) Key messages €m By segment €m • FY outlook 2026 confirmed; range for Adj. EBITDA and ANI 1,500 Green Genera
Slide 15: Agenda
Agenda 1. Review H1 2026 2. Financial Performance & Outlook 3. Appendix 15 |
Slide 16: Commodity prices
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Commodity prices Gas price1 CO2 price2 Electricity prices3 Spark spreads4 €/MWh €/t CO2 €/MWh and £/MWh €/MWh and £/MWh 60 100 120 40 45 75 90 20 30 50 60 0 15 25 30 -20 Peak Power GER Power Base GER Pea
Slide 17: Operating indicators
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling1 Production volume2 Scope-1 % TWh Mt CO2e -10% -14% -19% points 21.65 62% 52% 6.3 5.1 2.44
Slide 18: Electricity generation – Volumes
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Electricity generation – Volumes H1 2026 H1 2025 H1 2026 H1 2025 TWh Pro-rata view Pro-rata view Accounting view Accounting view Hydro Subtotal 5.98 6.77 6.04 6.78 Germany1 1.75 1.86 2.22 2.34 Sweden 4.2
Slide 19: Outright power hedging in Germany and Nordic
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Outright power hedging in Germany and Nordic – Physical asset positions Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordics1 TWh TWh XXX8 130 91 86 80 €/MWh 28 38 43 39 38 6 21
Slide 20: Adjusted EBITDA – Main earnings drivers by segment
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Adjusted EBITDA – Main earnings drivers by segment Green Generation Flexible Generation Greener Commodities • Hydro: Nordics achieved higher prices • Gas-fired generation: Lower volumes; • Gas Midstream:
Slide 21: Adjusted EBITDA and Adjusted EBIT by segment
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Adjusted EBITDA and Adjusted EBIT by segment €m Q1 2026 Q2 2026 H1 2026 H1 2025 Adjusted EBITDA 407 304 711 379 Green Generation 250 52 302 420 Flexible Generation 156 130 286 333 Greener Commodities 66
Slide 22: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m H1 2026 H1 2025 Income / loss before financial results and taxes 441 284 Net income / loss from equity investments 6
Slide 23: Reconciliation of Adjusted EBITDA to Adjusted Net Income
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m H1 2026 H1 2025 Adjusted EBITDA 711 379 Economic depreciation and amortization charges / reversals -256 -271 Adjusted EBIT 455 108 Econom
Slide 24: Cash-effective investments
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Cash-effective investments €m H1 2026 H1 2025 Green Generation 165 172 Flexible Generation 74 148 Greener Commodities 46 63 Administration / Consolidation 15 14 Total 300 397 thereof Growth 119 169 there
Slide 25: Economic net debt
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Economic net debt €m June 30, 2026 Dec. 31, 2025 Financial liabilities and liabilities from leases (+) 1,663 1,620 Commercial paper (+) 294 354 Liabilities to banks (+) 30 29 Lease liabilities (+) 765 74
Slide 26: Financial calendar
Review H1 2026 | Financial Performance & Outlook I Appendix Financial calendar 10 November 2026 Quarterly Statement: January - September 2026 10 March 2027 Annual Report 2026 26 |
Slide 27: For more information
Review H1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 For more information Energy.Uniper App You can download the Uniper Investor Relations App here Energy.Uniper App You can download the Uniper Investor Relations App here Uniper Investor Relations Website Vis
Slide 28: Contact your Investor Relations Team
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Contact your Investor Relations Team Sebastian Veit Sabine Burkhardt Peter Wirtz Eva Götze Silvia Spisla Head of Investor Relations (EVP) Assistant Investor Relations Manager Investor Relations Manager I
Slide 29: Disclaimer
Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Disclaimer This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or In giving this presentation, neither Uniper nor its respective agents undertake