Uniper Se · XETR:UN0
Uniper — Q1 2024 Earnings Presentation
22 slides from Uniper's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Interim Results
Q1 2024 Interim Results Jutta Dönges – CFO 07 May 2024
Slide 2: Agenda
Agenda 1 Q1 2024 Interim Results 2 Appendix
Slide 3: Highlights – A sound start into Financial Year 2024
Highlights – A sound start into Financial Year 2024 • Q1 2024 operating performance in line with expectations • Normalizing margins in Q1 2024 still well above pre-crisis levels € • Outlook for the full year 2024 confirmed 885m Adjusted EBITDA • Financial position remains comfortable with economic n
Slide 4: Financing – Broader access to credit markets funding
Financing – Broader access to credit markets funding Key financing instruments and financial headroom Key financial objectives €3.0bn sustainability-linked revolving credit facility (Bank RCF) Signed in Q1 2024 and replacing previous RCF of €1.7bn Ensure adequate liquidity at all time Enable access
Slide 5: Key financials Q1 2024 – Earnings within sight of prior-year's record figures
Key financials Q1 2024 – Earnings within sight of prior- year’s record figures Adjusted EBITDA Adjusted EBIT Operating cash flow €m €m €m 991 885 759 732 745 1,450 1 1 1 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Adjusted Net Income (ANI) Net Income2 Economic net cash €m €m €m 458 570 6,739 462
Slide 6: Key earnings drivers Q1 2024 – Gas Midstream with rebound due to more normal seasonality
Key earnings drivers Q1 2024 – Gas Midstream with rebound due to more normal seasonality Reconciliation Adjusted EBITDA Q1 2023 to Q1 2024 Main messages €m 1 Adj. EBITDA Q1 2023 991 Gas Midstream recovered mainly driven by lapse of negative timing Greener Commodities - Gas Midstream effects Greener
Slide 7: Adjusted Net Income Q1 2024 – Supported by positive interest result
Adjusted Net Income Q1 2024 – Supported by positive interest result Reconciliation Adjusted EBITDA Q1 2024 to Adjusted Net Income Q1 2024 Main messages €m Improved economic interest result boosted by high financial net cash position and lower commitment fees 885 154 for credit lines 52 732 206 Clear
Slide 8: Operating cash flow Q1 2024 – Boosted by working capital inflow
Operating cash flow Q1 2024 – Boosted by working capital inflow Reconciliation Adjusted EBITDA Q1 2024 to operating cash flow Q1 2024 €m 111 14 1,871 436 1,096 1,450 90 89 885 PY: 991 PY: 1,008 PY: 745 Adj. EBITDA Non-cash Provision Changes in Other Other(incl. OCFbIT Interest Taxes OCF Q1 2024 effe
Slide 9: Economic net debt Q1 2024 – Even more in net cash territory
Economic net debt Q1 2024 – Even more in net cash territory Reconciliation Economic net cash YE 2023 to Q1 2024 €m 2 93 79 4,524 1,450 3,058 1 Economic net cash OCF Investments Divestments Other Effects Economic net cash YE 2023 Q1 2024 1. Includes asset retirement obligations and pensions. Q1 2024
Slide 10: Outlook for FY 2024 confirmed
Outlook for FY 2024 confirmed Adjusted EBITDA Adjusted Net Income (ANI) Major drivers €bn €bn Solid performance expected close 2.0 to pre-crisis levels Range Normalizing market prices impact earnings in a post-crisis environment 1.5 1.1 Green Generation with improved Range earnings expected from sol
Slide 11: Agenda
Agenda 1 Q1 2024 Interim Results 2 Appendix
Slide 12: Commodity prices
Commodity prices Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 150 75 250 Germany 80 CDS Nordics CSS 120 60 200 60 90 45 150 40 30 60 100 20 15 30 50 0 0 0 0 -20 Jan 23 Jun 23 Nov 23 Apr 24 Jan 23 Jun 23 Nov 23 Apr 24 Jan 23 Jun 23 Nov 23 Apr 24 Jan 2
Slide 13: Operating indicators
Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling Production volume1 Scope-12 % TWh m tons +5% -2% -12% points 15.6 15.3 69% 74% 4.1 6.3 5.5 4.7 2.9 3.5 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 1. Coal-fired generation includes co-
Slide 14: Electricity generation – Volumes
Electricity generation – Volumes Q1 2024 Q1 2023 TWh Accounting view Accounting view Hydro Subtotal 3.51 3.07 Germany1 1.56 1.14 Sweden 1.95 1.93 Nuclear Sweden 2.93 2.70 Gas Subtotal 4.74 4.89 Germany 1.26 1.17 United Kingdom 2.67 3.05 Netherlands 0.38 0.17 2 Sweden 0.00 0.00 Hungary 0.42 0.50 Hard
Slide 15: 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 54 126 90 41 42 39 37 TWh TWh 8 24 6 18 4 12 2 6 100% 85% 70% 5% 100% 60% 45% 25% 0 0 2023 2024 2 2025 2026 2023 2024 2 2025 2026 1. C
Slide 16: Adjusted EBITDA and Adjusted EBIT – By segment and sub-segment
Adjusted EBITDA and Adjusted EBIT – By segment and sub-segment Q1 2024 Q1 20231 Q1 2024 Q1 20231 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT Green Generation Subtotal 278 298 246 267 Hydro 140 212 123 195 Nuclear 145 90 129 74 Renewables -7 -3 -7 -3 Flexible Generation Subtotal 656 901 576 745 Ga
Slide 17: Adjusted EBITDA – Main earnings drivers by sector
Adjusted EBITDA – Main earnings drivers by sector Green Generation Flexible Generation Greener Commodities €m €m €m 0 298 -72 55 -4 901 -202 443 -215 278 -43 656 -13 -242 Q1 2023 1 Hydro Nuclear RES Q1 2024 Q1 2023 1 Gas-fired Coal-fired Q1 2024 Q1 2023 1 Gas Greener Power & Q1 2024 Generation Gener
Slide 18: 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 Q1 2024 Q1 20231 Income / loss before financial results and taxes 627 7,440 Net income / loss from equity investments 0 0 Depreciation, amortization, impairments & reversals 154 1,095 Economic depreciation, amortiz
Slide 19: Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)
Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m Q1 2024 Q1 20231 Adjusted EBITDA 885 991 Economic depreciation, amortization, impairments & reversals -154 -233 Adjusted EBIT 732 759 Economic interest result 52 -118 Economic other financial results 0 0 Adjusted EBT 784 640 Taxes on
Slide 20: Financial calendar & further information
Financial calendar & further information Financial Calendar 15 May 2024 Annual General Meeting 2024 Stay informed 06 August 2024 about Uniper Half Year Interim Report January – June 2024 uniper.energy/investors 05 November 2024 Quarterly Statement January – September 2024 Q1 2024 Presentation, 07 Ma
Slide 21: Uniper – Contact your Investor Relations team
Uniper – Contact your Investor Relations team Stefan Jost Sebastian Veit Peter Wirtz Executive Vice President Head of Investor Relations (SVP) Manager Investor Relations Group Finance & Investor Relations +49 151 5504 9337 +49 160 529 1264 stefan.jost@uniper.energy sebastian.veit@uniper.energy peter
Slide 22: 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