Slide 1: Full Year 2023 Results
Full Year 2023 Results Michael Lewis – CEO Jutta Dönges – CFO 28 February 2024
Slide 2: Agenda
Agenda 1 Review Full Year 2023 2 Financial Performance & Outlook 3 Appendix
Slide 3: We set course to accelerate Uniper's energy transition in 2023
We set course to accelerate Uniper’s energy transition in 2023 Financial stabilization in record time Implementation of EU-stabilization package fully on track Extraordinary FY 2023 results and strengthened balance sheet Progress on disposal obligations achieved New strategy adopted to prepare for f
Slide 4: Outstanding FY 2023 earnings and normalizing profits in a post-crisis market environment
Outstanding FY 2023 earnings and normalizing profits in a post-crisis market environment Outlook1 met Financial stabilization Going forward Adj. EBIT Adj. Net Income €bn €bn Extraordinary FY 2023 results 6.4 Normalizing market prices 4.4 Strong earnings supported by impacting earnings in a post- sig
Slide 5: New segmentation reflects Uniper's path to become carbon neutral
New segmentation reflects Uniper’s path to become carbon neutral while ensuring security of supply Old segmentation New segmentation1 Transformation and growth investments until 2030 Green Generation European Generation ~ €8bn Flexible Generation Global Greener New KPI: Adj. EBITDA1,2 Commodities Co
Slide 6: 2024 – Full focus on strategy execution
2024 – Full focus on strategy execution New strategy & Stabilization financial recovery Uniper 2030 Key priorities 2024 Operate, maintain and maximize value from existing asset portfolio Prioritizing and advancing the project pipeline Strengthen organizational set up to deliver strategy Campaign for
Slide 7: Agenda
Agenda 1 Review Full Year 2023 2 Financial Performance & Outlook 3 Appendix
Slide 8: Operating indicators – Strong performance in subdued European energy markets
Operating indicators – Strong performance in subdued European energy markets Global Commodities European Generation Group carbon emissions Gas storage filling Production volume1 Scope-12 % TWh m tons +3% -13% -24% 60.8 52.7 91% 94% 12.6 25.5 19.4 18.9 9.2 12.0 YE 2022 YE 2023 FY 2022 FY 2023 FY 2022
Slide 9: Key financials FY 2023 – Unparalleled operating results
Key financials FY 2023 – Unparalleled operating results Adjusted EBIT Adjusted EBITDA Operating cash flow €m €m €m 6,367 7,164 6,549 -10,877 -10,119 -15,556 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 Adjusted Net Income 1 (ANI) Net income1 Econ. net debt (+) / net cash (-) €m €m €m 6,308 4,432
Slide 10: Adjusted EBIT – Record result boosted by gas business and European fossil generation
Adjusted EBIT – Record result boosted by gas business and European fossil generation Reconciliation Adjusted EBIT FY 2022 to FY 2023 €m Adj. EBIT FY 2022 -10,877 Gas (incl. Russian gas curtailment) International (LNG, other fuels) & Power European fossil generation Outright power (hydro & nuclear) O
Slide 11: Operating cash flow – Outturn in sync with operating results
Operating cash flow – Outturn in sync with operating results Reconciliation Adjusted EBIT FY 2023 to Operating cash flow1 FY 2023 €m 414 991 1,639 981 797 172 362 7,164 7,083 6,549 6,367 PY: -10,877 PY: -10,119 PY: -14,886 PY: -15,556 Adj. EBIT Depreciation Adj. EBITDA Non-cash Provision Changes in
Slide 12: Balance sheet – Strong rebound of equity position
Balance sheet – Strong rebound of equity position Equity Key messages €bn Equity position back in healthy territory Significant turnaround with €13.5bn equity 11.2 injection from the German government in 10.4 6.8 4.4 Dec 2022 and high earnings in 2023 YE 2023 equity with the effect of a newly added
Slide 13: Economic net debt – Turned into net cash position
Economic net debt – Turned into net cash position driven by strong operating cash flow Reconciliation of Economic net debt YE 2022 to Economic net cash YE 2023 €m -587 312 147 17 30 6,549 3,058 -3,410 Economic net debt OCF Investments Divestments Other Effects Pensions ARO Economic net cash YE 2022
Slide 14: Outlook for FY 2024
Outlook for FY 2024 € € Adjusted EBITDA Adjusted Net Income (ANI) Major Drivers €bn €bn Solid performance expected close to 2.0 pre-crisis levels Range Normalizing market prices impact earnings in a post-crisis environment 1.1 1.5 Green Generation with improved Range earnings expected from solid pri
Slide 15: Agenda
Agenda 1 Review Full Year 2023 2 Financial Performance & Outlook 3 Appendix
Slide 16: Commodity prices
Commodity prices Gas prices1 Carbon prices2 Electricity prices3 Dark & spark spreads4 €/MWh €/t CO2 €/MWh €/MWh 75 150 250 Germany 80 CDS Base Nordics CSS Base 60 120 200 60 45 90 150 40 30 60 100 20 15 30 50 0 0 0 0 -20 Jan 23 May 23 Sep 23 Jan 24 Jan 23 May 23 Sep 23 Jan 24 Jan 23 May 23 Sep 23 Ja
Slide 17: 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 20 128 113 41 44 42 47 TWh TWh 8 24 6 18 4 12 2 6 100% 80% 70% 5% 100% 65% 30% 5% 0 0 2023 2 2024 2025 2026 2023 2 2024 2025 2026 1. C
Slide 18: Electricity generation – Capacities
Electricity generation – Capacities 31 Dec 2023 31 Dec 2022 MW Accounting view Accounting view Hydro Germany 1,983 1,983 Sweden 1,579 1,579 Nuclear Sweden 1,400 1,400 Gas Germany 3,306 3,333 United Kingdom 4,193 4,193 Netherlands 525 525 Hungary 428 428 Hard coal Germany 3,139 3,197 United Kingdom 2
Slide 19: Electricity generation – Volumes
Electricity generation – Volumes FY 2023 FY 2022 TWh Accounting view Accounting view Hydro Subtotal 12.02 12.17 Germany1 5.08 4.62 Sweden 6.94 7.55 Nuclear Sweden 9.16 10.41 Gas Subtotal 18.88 19.25 Germany 4.47 3.71 United Kingdom 11.40 11.89 Netherlands 0.67 0.92 2 Sweden 0.02 0.23 Hungary 2.32 2.
Slide 20: Adjusted EBIT(DA) – By segment and sub-segment
Adjusted EBIT(DA) – By segment and sub-segment FY 2023 FY 20221 FY 2023 FY 20221 €m Adj. EBITDA Adj. EBITDA Adj. EBIT Adj. EBIT European Generation Subtotal 2,889 1,242 2,257 741 Hydro 640 410 575 347 Nuclear -149 -306 -210 -361 Fossil 2,423 1,224 1,917 844 Other / Consolidation -24 -85 -26 -89 Glob
Slide 21: New segment reporting – Reconciliation of Adjusted EBITDA
New segment reporting – Reconciliation of Adjusted EBITDA by segment and sub-segment FY 2023 FY 2023 €m €m Adj. EBITDA Adj. EBITDA European Generation 2,889 Green Generation 476 Hydro 640 Hydro 640 Nuclear -149 Nuclear -149 Fossil 2,423 Renewables -15 Other -24 Flexible Generation 2,414 Gas-fired Ge
Slide 22: Adjusted EBIT – Development by sub-segment
Adjusted EBIT – Development by sub-segment European Generation Global Commodities €m 151 63 €m 1,147 228 14,804 1,073 -615 4,104 -11,232 741 2,257 FY 2022 Fossil Hydro Nuclear Other FY 2023 FY 2022 Gas International/ Power FY 2023 Other Fossil: Exceptionally high earnings contribution due to succe
Slide 23: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT
Reconciliation of income/loss before financial results & taxes to Adjusted EBIT €m FY 2023 FY 20221 Income / loss before financial results and taxes 6,667 -11,548 Net income / loss from equity investments 7 0 EBIT 6,674 -11,548 Non-operating adjustments -306 671 Net book gains (-) / losses (+) -16 -
Slide 24: Reconciliation of Adjusted EBITDA to Net Income
Reconciliation of Adjusted EBITDA to Net Income €m FY 2023 FY 20221 Adjusted EBITDA 7,164 -10,119 Economic depreciation, amortization & impairments -797 -758 Adjusted EBIT 6,367 -10,877 Economic interest result -190 -100 Adjusted earnings before taxes 6,177 -10,977 Taxes on operating result -1,801 3
Slide 25: Cash-effective investments
Cash-effective investments €m FY 2023 FY 2022 European Generation 440 426 Global Commodities 126 97 Administration / Consolidation 22 29 Total 587 552 thereof Growth 198 189 thereof Maintenance and replacement 389 363 FY 2023 Presentation, 28 February 2024 25
Slide 26: Economic net debt
Economic net debt €m 31 Dec 2023 31 Dec 20221 Financial liabilities and liabilities from leases (+) 1,846 11,937 Commercial paper (+) 434 - Liabilities to banks (+) 5 8,627 Lease liabilities (+) 924 1,052 Margining liabilities (+) 125 1,890 Liabilities from shareholder loans towards co-shareholders
Slide 27: Consolidated balance sheet (1/2) – Assets
Consolidated balance sheet (1/2) – Assets €m 31 Dec 2023 31 Dec 20221 Intangible assets 677 687 Property, plant and equipment and right-of-use assets 7,462 9,561 Companies accounted for under the equity method 256 291 Other financial assets 763 1,137 Financial receivables and other financial assets
Slide 28: Consolidated balance sheet (2/2) – Equity & liabilities
Consolidated balance sheet (2/2) – Equity & liabilities €m 31 Dec 2023 31 Dec 20221 Capital stock 416 14,160 Additional paid-in capital 8,944 10,825 Retained earnings 1,668 -19,877 Accumulated other comprehensive income -821 -917 Equity attributable to shareholders of Uniper SE 10,208 4,191 Equity a
Slide 29: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) €m FY 2023 FY 20221 Net income/loss 6,336 -19,144 Income/loss from discontinued operations – 4,824 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of 2,432 2,525 right-of-use assets Changes in provisions
Slide 30: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) €m FY 2023 FY 20221 Proceeds from disposal 312 156 Purchases of investments -587 -552 Proceeds from disposal of securities (> 3 months) and of financial receivables and fixed-term deposits 3,790 2,229 Purchases of securities (> 3 months) and of financial re
Slide 31: Uniper shares – Effect of capital measures on equity position and capital stock
Uniper shares – Effect of capital measures on equity position and capital stock €m German GAAP 31 Dec 2022 After EGM 31 Dec 2023 Capital stock 14,160 416 416 Additional paid-in capital 10,825 24,569 8,944 Retained earnings 178 178 178 Net income / net loss -24,202 -24,202 0 Total Equity 961 961 9,53
Slide 32: Performance of Uniper stock 2023
Performance of Uniper stock 2023 Stock performance indexed to 100% Key messages German state owns 99.12% of Uniper 350% stock since December 2022 300% Free float unchanged at 0.88% in 2023 250% 20:1 reverse stock split approved by EGM 200% on 8 December 2023 and converted on 18 150% December 2023 10
Slide 33: Financial calendar & further information
Financial calendar & further information Financial Calendar 07 May 2024 Quarterly Statement January – March Stay informed 15 May 2024 about Uniper 2024 Annual General Meeting uniper.energy/investors 06 August 2024 Interim Report January – June 05 November 2024 Quarterly Statement January – September
Slide 34: 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 35: 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