Slide 1: Capital Markets Story
uni per Capital Markets Story May 2020
Slide 2: Agenda: Uniper at a glance
Agenda Uniper at a glance
Slide 3: Uniper at a glance
Uniper SE, Presentation Q1 2020, 07 May 2020
Slide 4: Well-diversified International generation portfolio
Well-diversified International generation portfolio Net capacity by country and fuel type (GW)!-2 Russia 10.8 OHydro GNuclear OHardcoal B@Gas OOther OLignite . er 1. Net capacity as of 31st December 2019 (accounting view) 2. Excluding net generation capacities from Hydro LTCs in Austria and Switzerl
Slide 5: Capital Markets Story
Uniper SE, Presentation Q1 2020, 07 May 2020
Slide 6: Agenda: Capital Markets Story
Agenda Capital Markets Story
Slide 7: Uniper SE, Presentation Q1 2020, 07 May 2020
Uniper SE, Presentation Q1 2020, 07 May 2020
Slide 8: Uniper SE, Presentation Q1 2020, 07 May 2020
Uniper SE, Presentation Q1 2020, 07 May 2020
Slide 9: Empower energy evolution — Towards carbon neutrality
Empower energy evolution — Towards carbon neutrality Hydro Nuclear Clean thermal Renewables Green gas generation Vision for a clean energy portfolio per Uniper SE, Capital Markets Story, May 2020
Slide 10: Ambition to drive decarbonization
Ambition to drive decarbonization European Generation International Power mt CO," Drag) Al 0 ~ ~ 30 ~ 21 ~ 20 & ~ @~ Net zero 10 & ~~ target 0 De 2016 = 2019 2035E Variety of activities aimed at Canine mewlirel yy AEs carbon emission reductions . unl e 1. Direct emissions - scope 1 p is Source photo
Slide 11: EBIT 2019
EBIT EBIT EBIT 2019 2019 2019
Slide 12: Coal power exit — De-risking portfolio and protecting cash flows
Coal power exit — De-risking portfolio and protecting cash flows Uniper‘s coal fleet — Exit path Key messages Mw au > 900 MW 9.000 > 760 MW ven » 757 MW 6.000 3.000 0 2020E 2025E 2030E 2035E 2040E per Uniper SE, Capital Markets Story, May 2020 12
Slide 13: New investment opportunities for our brownfield sites
New investment opportunities for our brownfield sites Uniper‘s power plant sites Plans for own and 3rd party use Offering power assets & services for new applications or new security-of-supply solutions Attract new customers to sites Expansion of own energy-related activities, e.g. waste-to-energy,
Slide 14: Materialize merchant upside of existing highly efficient gas-fired power generation
Materialize merchant upside of existing highly efficient gas- fired power generation Uniper’s gas-fired fleet with load factors (2019) Gw 9 ae mutilized (inon-utilized 6 | = 0 Russia UK GER Other | Fuel switch ongoing across Europe European spark spreads with further upside due to nuclear and coal p
Slide 15: Gas-fired generation as key element for growth and carbon reduction
Gas-fired generation as key element for growth and carbon reduction New TSO grid stability products in GER and UK Capacity up to ~300 MW per project Commissioning from 2021 onwards Low carbon steam/energy solutions with new build or refurbishment of customer sites Core markets are GER, UK, NL Variou
Slide 16: Gas as key enabler of the energy transition — Hydrogen making net zero possible
Gas as key enabler of the energy transition — Hydrogen making net zero possible Uniper‘s gas portfolio Hydrogen is key to climate neutrality as electrification alone cannot achieve climate goals Key demand areas are transport, heavy industry but also power generation Legislative action needed to dri
Slide 17: Uniper's reliable carbon-free portfolio today
Uniper's reliable carbon-free portfolio today Concessions for Oskarshamn 3, Forsmark 1-3 & Ringhals 3-4 run into early to mid 2040ies Concessions to operate are either unlimited (SWE) or long- term (GER 2030-2050+) with subsequent extension optionality Enabling renewable energy projects as off-taker
Slide 18: Strategic ambitions impact steering
Strategic ambitions impact steering Capex geared towards growth & focused on Adjust financial steering & reporting KPI to empowering energy evolution growing business around providing Strengthen / protect current zero-carbon flexibility & security of supply portfolio Continue successful track record
Slide 19: FY 2016 — FY 2019 with strong delivery on strategic plan
FY 2016 — FY 2019 with strong delivery on strategic plan CC Ce es CC Increased Reduced commodity Portfolio & capital Attractive cash generation price exposure use optimized shareholder return Adjusted FFO Non-wholesale earnings Economic Net Debt Dividend €m % €m €m 923 4,167 oo 421 2,650 479 201 FY
Slide 20: Key financial aspirations
Key financial aspirations Earnings improvement Xv Ambition to increase Growing share of carbon- free generation uni per Investment policy focused on growth G Increasing Growth CAPEX @ Focused on energy transition Strong balance sheet Simplified steering & and focus on rating dividend policy BBB lh F
Slide 21: 2022 — Key drivers
2022 — Key drivers Growth projects with substantial contribution Declining earnings from fossil businesses per Uniper SE, Capital Markets Story, May 2020 a
Slide 22: Investment policy revised — Focused growth
Investment policy revised — Focused growth Investment plan FY 2020 - 2022: €2.7bn Growth capex: >€1.5bn with clear focus €m 1.200 900 S > 600 . r , | , - q 2018 2019 2020E 2021E 2022E m Maintenance capex _ Legacy growth capex m= New growth capex uni per Uniper SE, Capital Markets Story, May 2020 22
Slide 23: Financial framework with clear boundaries
Financial framework with clear boundaries Economic Net Debt / EBITDA +100 BPS +200 BPS 2.0x “green” “other* BBB stable BBB+ WACC after tax stable (segment & country specific) FY 2019 FY 2022E Aspired debt factor in the range of 1.8x- 2.0x aligned with rating target Fixed-mark up on WACC after tax de
Slide 24: Dividend outlook
Dividend outlook Free cash flow based policy “Outlook Balance between attractive shareholder 600 renumeration and growth CAPEX: et en cre 2 Previous free cash flow based payout policy, aP 467 ie. 75%-100% of FCfO, is replaced by an 400 we ive absolute dividend target @ © For FY 2020: Dividend target
Slide 25: Key takeaways
Key takeaways per Uniper SE, Capital Markets Story, May 2020 25
Slide 26: Agenda: Q1 2020 Highlights
Agenda Q1 2020 Highlights
Slide 27: Highlights
Highlights Pe Performance * Adj. EBIT in Q1 2020 €651m (vs. €185m in Q1 2019) * Adj. Net Income in Q1 2020 €499m (vs. €117m in Q1 2019) ° Full-year outlook for 2020 confirmed Portfolio & Strategy ¢ Execution of strategy announced in March 2020 ongoing ¢ Uniper and Siemens join forces to decarbonize
Slide 28: Commodity markets — Impacted by weather & COVID-19
Commodity markets — Impacted by weather & COVID-19 Gas prices! Carbon prices? Electricity prices? Dark & spark spreads* €/MWh €/t CO, €/MWh €/MWh 2 30 55 6 20 25 45 3 16 20 35 0 12 15 25 3 ——_TTF ——C02 Germany ——CDS-DE ——Nordic —CSS-DE 8 10 15 -6 Jan2019 Jul2019 Jan 2020 Jan2019 Jul2019 Jan 2020 Jan
Slide 29: 4 3 0 0 0 0
90 24 24 18 75 20 20 15 60 16 16 12 45 12 12 9 30 8 8 6 15 4 4 3 0 0 0 0
Slide 30: Covid-19 exposure — High financial resilience
Covid-19 exposure — High financial resilience Liquidity - Untapped reserves €bn 3.13 2.69 YE 2019 Qi 2020 @@ Remaining commited faciities (100% currently free) OD cash Net debt structure — Long-term profile €bn 2.65 2.7 YE 2019 Qt 2020 [| ~25% net financial position, <10% due before 2022, up to year
Slide 31: Key financials Q1 2020 — Earnings up, cash & net debt stable
Key financials Q1 2020 — Earnings up, cash & net debt stable Adj. EBIT Adj. EBITDA €m €m 651 811 185 356 = —_ Q1 2019 Q1 2020 Qi 2019 Qi 2020 Adj. Net Income Net Income’ €m €m 499 aes 489 117 fz Qi 2019 Qi 2020 Q1 2019 Qi 2020 uni per 1. Net income attributable to Uniper shareholders OCF €m 105 119
Slide 32: Adjusted EBIT — Increased gas and European power result
Adjusted EBIT — Increased gas and European power result Reconciliation Adj. EBIT Q1 2019 to Q1 2020 €m Outright power prices || European fossil generation (UK capacity market & carbon phasing) | Russia | Other | per Uniper SE, Capital Markets Story, May 2020
Slide 33: Adj. EBIT(DA) to OCF - Temporarily gas related working capital increase
Adj. EBIT(DA) to OCF - Temporarily gas related working capital increase Reconciliation Adj. EBIT Q1 2020 to Operating Cash Flow Q1 2020 €m ~~ a sosssce es 48a) sss) Depreciation “) ==)" Non-cash Provision Changes Payments OCFbIT Interest Tax OCF Q1 2020 and Q1 2020 effective utilization in working r
Slide 34: Adjusted Net Income - Supported by structurally positive interest result
Adjusted Net Income - Supported by structurally positive interest result Reconciliation of Adj. EBIT Q1 2020 to Adj. Net Income Q1 2020 €m -14 Adj. EBIT Economic Taxes on Minority Adj. Net Income Q1 2020 interest operating interests Q1 2020 earnings uni per Uniper SE, Capital Markets Story, May 2020
Slide 35: Economic Net Debt — Broadly unchanged
Economic Net Debt — Broadly unchanged Reconciliation of Economic Net Debt YE 2019 to Q1 2020 €m pore seses enn a CO Me -119 -78 Economic Net Debt Divest OCF Investments Pensions ARO Other Economic Net Debt YE 2019 Q1 2020 My aros: B® Pension? Net financial position? iH 1. Includes nuclear and other
Slide 36: Outlook FY 2020 — Reiterated
Outlook FY 2020 — Reiterated Adjusted EBIT €m FY 2019 FY 2020E Stable development (mid-point) Very strong Q1 partially influenced by pha- sing and expected lower contribution from Russia in remaining year due to COVID-19 uni per 1. DPS - Dividend per share (€) Adjusted Net Income (ANI) €m 800 os __-
Slide 37: Agenda: Appendix
Agenda Appendix
Slide 38: Outright power hedging in Germany and Nordic
Outright power hedging in Germany and Nordic Outright position - Baseload power price’ €/MWh 60 49 51 » 46 e e e 28 28 2» ° © 23 20 ] 2020 2021 2022 @ Hedged price Germany @Hedged price Nordic © <-> Hedge ratio Germany > Hedge ratio Nordic iH 1. Cut-off date: 3 April 2020 u Contracts for differences
Slide 39: Uniper Group — Adjusted EBIT(DA) by sub-segment
Uniper Group — Adjusted EBIT(DA) by sub-segment Adj. EBITDA and EBIT €m European Generation Hydro Nuclear Fossil Other/ Consol. Subtotal Global Commodities Gas COFL Power Subtotal International Power Russia Subtotal Administration / Consolidation Total uni per Q1 2019 Q1 2019 Adj. EBIT Uniper SE, Ca
Slide 40: Adj. EBIT - Development by sub-segment
Adj. EBIT - Development by sub-segment European Generation Global Commodities International Power €m €m €m 81 : 27 pag = _ 4 = 190 7 -19 82 56 78 Q1 2019 = Hydro Nuc. Fossil Cons. Q1 2020 Qi 2019 Gas COFL Power Qi 2020 Q1 2019 Russia Q1 2020 * Hydro: Positive volume/price effects partly offset by ne
Slide 41: Uniper Group — Key financial performance items
Uniper Group — Key financial performance items Reconciliation of Adj. EBITDA to Adj. net income and net income €m Q1 2019 Adjusted EBITDA Economic depreciation and amortization / reversals Adjusted EBIT Economic interest result Minority participations on operating result Taxes on operating result Ad
Slide 42: Uniper Group — Adjusted EBITDA to net income
Uniper Group — Adjusted EBITDA to net income Reconciliation of Adj. EBIT Q1 2020 to Adj. Net Income Q1 2020 €m 89 Adj. Economic Adjusted Derivative Adjustments Net Other Taxes on non- Net EBIT interest, net financial from physically impairments operating Income! taxes, income instruments settled ear
Slide 43: Uniper Group — Economic interest expense (net)
Uniper Group — Economic interest expense (net) Economic interest expense €m Q1 2019 Interest rate effects for leasing -6 Interest from financial assets / liabilities 16 Interest cost from provisions for pensions and similar provisions 5 Accretion of provisions for retirement and obligation and other
Slide 44: Uniper Group — Non-operating adjustments
Uniper Group — Non-operating adjustments Non-operating adjustments w/o interest! €m Impact of derivative financial instruments Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price Restructuring / cost management expenses / income Non-operat
Slide 45: Uniper Group — Cash-effective investments
Uniper Group — Cash-effective investments Investments by segment €m Q1 2019 European Generation Global Commodities International Power 42 -35.7 Administration / Consolidation Total Investment split - Maintenance and growth €m Q1 2019 Maintenance & replacement Growth Total unl per Uniper SE, Capital
Slide 46: Uniper Group — Net financial position
Uniper Group — Net financial position Net financial position co 31 Dec 2019 Liquid funds 889 Non-current securities 100 Margining receivables 318 Financial liabilities and liabilities from leases es) Net financial position 628 Provisions for pensions and similar obligations 1,031 Asset retirement ob
Slide 47: Uniper Group — Consolidated balance sheet (1/2)
Uniper Group — Consolidated balance sheet (1/2) Balance sheet — Non-current and current assets! €m 31 Dec 2019 Goodwill Intangible assets Property, plant and equipment and right-of-use assets Companies accounted for under the equity method 446 Other financial assets 710 Financial receivables and oth
Slide 48: Uniper Group — Consolidated balance sheet (2/2)
Uniper Group — Consolidated balance sheet (2/2) Balance sheet — Equity and liabilities’ m "Capital stock Additional paid-in capital Retained earnings Accumulated other comprehensive income . Equity attributable to the shareholders of Uniper SE 11,386 Attributable to non-controlling interest Equity (
Slide 49: Uniper Group — Consolidated statement of cash flows (1/2)
Uniper Group — Consolidated statement of cash flows (1/2) Statement of cash flows! €m Q1 2019 Net income / loss Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets 174 Changes in provisions -282 Changes in deferred taxes 166 Ot
Slide 50: Uniper Group — Consolidated statement of cash flows (2/2)
Uniper Group — Consolidated statement of cash flows (2/2) Statement of cash flows! €m Q1 2019 Cash proceeds/payments arising from changes in capital structure Proceeds from financial liabilities Repayments of financial liabilities and reduction of outstanding lease liabilities Cash provided (used fo
Slide 51: Uniper SE, Presentation Q1 2020, 07 May 2020
Uniper SE, Presentation Q1 2020, 07 May 2020
Slide 52: Uniper SE, Presentation Q1 2020, 07 May 2020
Uniper SE, Presentation Q1 2020, 07 May 2020
Slide 53: 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 any other