Uniper Se · XETR:UN0
Uniper — Investor Presentation (October 2024)
50 slides from Uniper's investor presentation, October 2024
Slide 1: Capital Markets Story October 2024
Capital Markets Story October 2024
Slide 2: Agenda
Agenda Strategy and Ambition H1 2024 Results and Outlook Appendix 2
Slide 3: Key investment highlights
Uniper is a leading integrated European utility – Key investment highlights A leading integrated European utility with diversified flexible assets, storage capacity and a strong optimization platform Robust transformation strategy positioning Uniper to benefit from a decarbonizing energy system with
Slide 4: German federal government obliged to reduce its stake in Uniper by 2028
German federal government obliged to reduce its stake in Uniper by 2028 at the latest Uniper’s shareholder structure ≤25% 99.12% + 1 share Today End of 2028 ≥75% 0.88% - 1 share German federal government Other investors 4
Slide 5: Strategy and Ambition
Strategy and Ambition 1 Who is Uniper? 2 Uniper core 3 Uniper growth 4 Uniper financials 5
Slide 6: Uniper a top ranked power and gas utility with home base in north-western Europe
1 Uniper a top ranked power and gas utility with home base in north-western Europe Uniper’s ranking in its core markets1 Upstream Core markets Power generator Additional markets for Top 5 in north-western Europe2 with 50 TWh3 power generation, of which ~40% is CO2-free wind & solar energy4 Upstream
Slide 7: Highly diversified, flexible business and optimization platform with robust earnings
1 Highly diversified, flexible business and optimization platform with robust earnings Integrated business mix along the energy value chain Upstream Midstream Downstream Green Power Generation Physical and Financial Asset Optimisation Energy Sales Hydro Nuclear Wind & solar Sourcing Transport Storag
Slide 8: Strongly positioned to create significant value through the energy transition
1 Strongly positioned to create significant value through the energy transition in all parts of our core business Fundamental drivers for energy markets Key implications and management objectives Green power growth Decarbonization & Optimize value of existing hydro electrification and nuclear assets
Slide 9: Strategy and Ambition
Strategy and Ambition 1 Who is Uniper? 2 Uniper core 3 Uniper growth 4 Uniper financials 9
Slide 10: Uniper's three core segments – Integrated, robust and value accretive
2 Uniper’s three core segments – Integrated, robust and value accretive Illustrative Adj. EBITDA mix1 Core segments Main drivers for core business • Rising demand for green power Green Generation • Nordic power price upside from market coupling • Volatility and flexibility Flexible Generation • New
Slide 11: Rising power demand and increasing market coupling drive Nordic power price upside
2 Rising power demand and increasing market Green Generation coupling drive Nordic power price upside European power consumption2 Interconnector capacity between Nordics and Europe3 TWh 6.2 GW 13.1 GW +2.6% 2018 2028E Flexible Generation CAGR 4,197 -0.2% CAGR c.€38/MWh Market 3,477 1-year forward1 3
Slide 12: Uniper's hydro and nuclear assets relevance grow through electrification
2 Uniper’s hydro and nuclear assets relevance grow Green Generation through progressing electrification and demand Correlation of outright earnings and power prices Uniper’s outright generation and capacity1 €m €/MWh 600 45 Flexible Generation 3.0 GW ~16 TWh 400 30 Hydro Nuclear 200 15 Greener Commo
Slide 13: Build out of renewables increases relevance of flexible generation
2 Build out of renewables increases relevance of Green Generation flexible generation European power generation mix1 Correlation of wind and gas generation in UK2 GW GWh UK already demonstrating the role of gas key Flex provider 2,203 Flexible Generation Low Low gas High gas & & 1,455 low wind low w
Slide 14: Uniper's Flexible Generation – A leading security of supply generator
2 Uniper’s Flexible Generation – A leading security of Green Generation supply generator 1 Flexible generation capacity Uniper & core peers Uniper as part of capacity market and strategic reserve GW Uniper’s capacity market scheme contribution Flexible Generation RWE 15.2 25.7 >4 GW for delivery dat
Slide 15: Natural gas demand to remain high with increasing share of green gases
2 Natural gas demand estimated to remain at high levels Green Generation with increasing share of green gases European gas demand by type1 Top 6 European countries by gas supply1 TWh Core markets Gas supply (TWh) in the top 6 European countries -3.1% Flexible Generation 5,793 CAGR 4,497 637 739 255
Slide 16: Greener Commodities – well positioned to optimize along the value chain
2 Greener Commodities – Uniper well positioned to Green Generation optimize along the value chain Uniper’s mid- and downstream business along the energy value chain Flexible Generation Infra- Sales & Supply strucure Trading >150 TWh 7.3 bcm/a Wholesale Market • Benefitting from global presence Suppl
Slide 17: Strategy and Ambition
Strategy and Ambition 1 Who is Uniper? 2 Uniper core 3 Uniper growth 4 Uniper financials 17
Slide 18: Investing in attractive projects to accelerate Uniper's green transformation
3 Investing in attractive projects to accelerate Uniper’s green transformation by the early 2030s Uniper’s capex plan • Greener gas opportunities under Greener development Commodities • Purchase Power Agreements (PPAs) as one growth area • Focus on development and growth Green of wind and solar asse
Slide 19: Wind and solar – Expanding Green Power capacities through organic growth
3 Wind and solar – Expanding Uniper’s Green Power Green Generation capacities through organic growth Uniper’s business approach for wind and solar Technology Core wind and solar markets Opportunistic markets Flexible Generation Local team presence Wind Solar Business model Target develop1 Greener Co
Slide 20: New green gas power stations – Major investment opportunities
3 New green gas power stations – Major investment Green Generation opportunities to strengthen our core business Uniper’s transformation powered by ongoing political initiatives Uniper’s conventional power plant fleet GW Germany to lift-off ‘Kraftwerksstrategie’ Tender 2023 Flexible Generation parti
Slide 21: Greener Commodities – Bespoke solutions to ensure and optimize energy supply
3 Greener Commodities – Bespoke solutions to ensure Green Generation and optimize energy supply and deliver value add European targets for hydrogen1 Uniper’s ambitions for the early 2030s Green Flexible Generation Electrolyzer Electrolyzer Sales Electrolyzer capacity by 2030 capacity by 2030 share 1
Slide 22: Sizable growth project plans are entering the execution phase
3 Sizable growth project plans are entering the execution phase Examples for strategy execution plan • Europe: 10 GW RTB1 RES by early 2030s Renewables Flex Power • Europe: >1 GW electrolyser capacity Development • Europe: Decarbonize existing and built new ~€8 bn Hydrogen flexible capacity CAPEX fo
Slide 23: A robust and integrated ESG strategy underpins Uniper's transition
3 A robust and integrated ESG strategy underpins Uniper's transition Carbon neutrality Promote social Ensuring good planned by 2040 responsibility corporate governance Scope 1 and 2 plan in CO2e Mt Diversity, equity & inclusion Tangible ESG oversight 22 • Increase share of women in • First climate t
Slide 24: Strategy and Ambition
Strategy and Ambition 1 Who is Uniper? 2 Uniper core 3 Uniper growth 4 Uniper financials 24
Slide 25: Strong underlying 2024E performance and return to normalized levels
4 Strong underlying 2024E performance and return to normalized levels after exceptional years Illustrative1 segmental Adj. EBITDA2 contribution Uniper Group Adj. EBITDA2 outlook 2024 Greener Commodities Flexible Generation €2.4bn • Uniper’s Group Adj. EBITDA full year Green Generation outlook for 20
Slide 26: Striving for a standalone investment grade rating with a strong balance sheet
4 Striving for a standalone investment grade rating with a strong balance sheet and disciplined capital allocation Uniper’s financial policy and financing capacity Uniper’s S&P credit rating Target net debt factor BBB- BBB- BBB- Investment Economic Net Debt b- b bb Adjusted EBITDA ≤ 2.5x grade ratin
Slide 27: Strong value proposition through core business and attractive growth opportunities
4 Strong value proposition through core business and attractive growth opportunities Uniper’s value drivers Uniper core Uniper growth Market drivers One of Europe‘s largest integrated Investing in attractive Benefiting from market trends with power generators and core player opportunities to acceler
Slide 28: Uniper has achieved crucial milestones to fully return to the capital markets
4 Uniper has achieved crucial milestones to fully return to the capital markets Uniper’s journey towards capital markets readiness Financial turnaround & Key Stabilization new strategy achievements • German GAAP balance sheet restructuring to achieve technical ability to pay dividends1 • On-track to
Slide 29: Agenda
Agenda Strategy and Ambition H1 2024 Results and Outlook Appendix 29
Slide 30: 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 31: Key earnings drivers H1 2024
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 32: 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 33: 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 34: Economic net debt H1 2024 – Strong cash flows expand net cash
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 35: 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 36: Agenda
Agenda Strategy and Ambition H1 2024 Results and Outlook Appendix 36
Slide 37: 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 38: 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 39: 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 40: Outright power hedging in Germany and Nordic
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 41: 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 42: 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 43: 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 44: 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 45: 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 Capital Markets Story, August 2024 45
Slide 46: New segmentation effective since 1 January 2024
New segmentation effective since 1 January 2024 Old segmentation New segmentation New Sub-Segments Hydro Green Nuclear Generation European Renewables Generation Flexible Gas-fired Generation Generation Coal-fired Generation Gas Midstream Global Greener Greener Gases Commodities Commodities Power & O
Slide 47: Well-diversified European generation portfolio
Well-diversified European generation portfolio Net capacity by country and fuel type1 Net capacity by fuel type GW Other GW 2.8 Hard coal Hydro 6.2 3.6 Sweden 1.4 20231 22.4 GW Nuclear 8.5 Natural gas UK 4.2 Netherlands UK Electricity generation by technology 1.6 Germany TWh 6.4 Hard coal2 Hydro 9.8
Slide 48: Glossary
Glossary Acronym Definition BNetzA Bundesnetzagentur (German federal network agency) BESS Battery energy storage system B2B Business to Business CCGT Combined Cycle Gas Turbine CCS Carbon Capture & Storage CCUS Carbon Capture, Utilization & Storage CfD Contract for Difference COD Commercial Operatio
Slide 49: Contact your Investor Relations team
49 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 Manage
Slide 50: 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