Uniper Se · XETR:UN0
Uniper — FY 2025 Earnings Presentation
34 slides from Uniper's earnings presentation, Mar 11, 2026
Slide 1: Full Year 2025 Results
Full Year 2025 Results Michael Lewis, CEO │ Christian Barr, CFO 11 March 2026 |
Slide 2: Agenda
Agenda 1. Review Full Year 2025 2. Financial Performance & Outlook 3. Appendix 2 |
Slide 3: Main achievements FY 2025 – Building a strong foundation for the next phase forward
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Main achievements FY 2025 – Building a strong foundation for the next phase forward Solid performance & further de-risking • Financial outlook 2025 met backed by a resilient and de-risked business
Slide 4: Key financial highlights FY 2025 – Solid financial performance backed by a robust business model
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Key financial highlights FY 2025 – Solid financial performance backed by a robust business model €1,097m €544m €2,823m PY €2,612m PY €1,653m YE2024 €3,404m Adjusted EBITDA Adjusted Net Income Econo
Slide 5: Growth capex – Most of the uncommitted growth capex to be filled in 2026/27
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Growth capex – Most of the uncommitted growth capex to be filled in 2026/27 with major asset projects Growth and transformation capex 2025 – 2030 Key messages €bn • A noticeable chunk of uncommitte
Slide 6: Key priorities for FY 2026 – Project execution and financial discipline
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Key priorities for FY 2026 – Project execution and financial discipline Disciplined performance delivery • Safeguard financial stability despite disposal of key assets • Disciplined capital allocat
Slide 7: Agenda
Agenda 1. Review Full Year 2025 2. Financial Performance & Outlook 3. Appendix 7 |
Slide 8: Key financials FY 2025 – FY outlook 2025 fully achieved thanks to strong 4th quarter
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Key financials FY 2025 – FY outlook 2025 fully achieved thanks to strong 4th quarter Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m €m • After a slow start, earnings 2,612 returned to a
Slide 9: Dividend FY 2025 – Resumption of dividend payments
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Dividend FY 2025 – Resumption of dividend payments1 Dividend proposal for FY 2025 €300m €0.72 / share €X00m Dividends • Energy Security Act (EnSiG) amendment enables resumption of dividend payments
Slide 10: Uniper's robustness – Material de-risking achieved with ongoing actions in motion
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Uniper’s robustness – Material de-risking achieved with ongoing actions in motion Uniper‘s risk taxonomy Key achievements • Operational: ✓ Gas strategy with enhanced risk criteria anchored in a dea
Slide 11: Key earnings drivers FY 2025 – Trading margins and spreads in forward hedging down
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Key earnings drivers FY 2025 – Trading margins and spreads in forward hedging down Reconciliation Adjusted EBITDA FY 2024 to FY 2025 Key messages €m • Greener Commodities with lower contribution fr
Slide 12: Adjusted Net Income FY 2025 – Supported by positive economic interest result
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Adjusted Net Income FY 2025 – Supported by positive economic interest result Reconciliation Adjusted EBITDA FY 2025 to Adjusted Net Income FY 2025 Key messages €m • Depreciation declined mainly 1,0
Slide 13: Operating cash flow FY 2025 – Strong underlying working capital flattens cash outflow
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Operating cash flow FY 2025 – Strong underlying working capital flattens cash outflow to the Federal Republic of Germany Reconciliation Adjusted EBITDA FY 2025 to operating cash flow FY 2025 Key me
Slide 14: Economic net debt YE 2025 – Continuous excellent net cash position
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Economic net debt YE 2025 – Continous excellent net cash position Reconciliation economic net cash YE 2024 to FY 2025 Key messages €m • Strong economic net cash position OCF 4,500 -814 • Cash-effec
Slide 15: Outlook for FY 2026 – Stable earnings outlook despite a smaller portfolio
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Outlook for FY 2026 – Stable earnings outlook despite a smaller portfolio and reflecting the current market environment Adjusted EBITDA Adjusted EBITDA1 Adjusted Net Income (ANI) Key messages €m By
Slide 16: Agenda
Agenda 1. Review Full Year 2025 2. Financial Performance & Outlook 3. Appendix 16 |
Slide 17: Commodity prices
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 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 G
Slide 18: Operating indicators
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling1 Production volume2 Scope-13 % TWh Mt CO2 -22% -17% -18% points 85% 63% 50.1 14.2 11.
Slide 19: Electricity generation – Capacities
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Electricity generation – Capacities Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2024 MW Pro-rata view Pro-rata view Accounting view Accounting view Hydro1 Subtotal 3,689 3,689 3,563 3,563 Ge
Slide 20: Electricity generation – Volumes
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Electricity generation – Volumes FY 2025 FY 2024 FY 2025 FY 2024 TWh Pro-rata view Pro-rata view Accounting view Accounting view Hydro Subtotal 13.17 13.71 13.24 13.70 1 Germany 3.72 5.52 4.64 6.23
Slide 21: Outright power hedging in Germany and Nordic – Physical asset positions
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 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 88 86 78 €/MWh 28 38 37 38 3
Slide 22: Adjusted EBITDA – Main earnings drivers by segment
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Adjusted EBITDA – Main earnings drivers by segment Green Generation Flexible Generation Greener Commodities • Hydro: Nordics increased volumes • Gas-fired Generation: Lower hedging • Gas Midstream:
Slide 23: Adjusted EBITDA and Adjusted EBIT by segment
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Adjusted EBITDA and Adjusted EBIT by segment €m 9M 2025 Q4 2025 FY 2025 FY 2024 Adjusted EBITDA 641 457 1,097 2,612 Green Generation 540 86 626 498 Flexible Generation 459 137 596 998 Greener Commo
Slide 24: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m FY 2025 FY 2024 Income / loss before financial results and taxes 950 1,348 Net income / loss from equity invest
Slide 25: Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m FY 2025 FY 2024 Adjusted EBITDA 1,097 2,612 Economic depreciation and amortization charges / reversals -529 -611 Adjusted EBIT 568
Slide 26: Cash-effective investments
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Cash-effective investments €m FY 2025 FY 2024 Green Generation 438 191 Flexible Generation 319 355 Greener Commodities 135 129 Administration / Consolidation 40 35 Total 932 710 thereof Growth 408
Slide 27: Economic net debt
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Economic net debt €m Dec. 31, 2025 Dec. 31, 2024 Financial liabilities and liabilities from leases (+) 1,620 1,899 Commercial paper (+) 354 328 Liabilities to banks (+) 29 46 Lease liabilities (+)
Slide 28: Consolidated balance sheet (1/2) – Assets
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Consolidated balance sheet (1/2) – Assets €m Dec. 31, 2025 Dec. 31, 2024 Intangible assets 708 692 Property, plant and equipment and right-of-use assets 6,901 6,825 Companies accounted for under th
Slide 29: Consolidated balance sheet (2/2) – Equity & liabilities
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Consolidated balance sheet (2/2) – Equity & liabilities €m Dec. 31, 2025 Dec. 31, 2024 Capital stock 416 416 Additional paid-in capital 8,944 8,944 Retained earnings 3,333 1,765 Accumulated other c
Slide 30: Consolidated statement of cash flows (1/2)
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Consolidated statement of cash flows (1/2) €m FY 2025 FY 2024 Net income/loss 1,426 221 Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of righ
Slide 31: Consolidated statement of cash flows (2/2)
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Consolidated statement of cash flows (2/2) €m FY 2025 FY 2024 Proceeds from disposal 500 3 Purchases of investments -932 -710 Proceeds from disposal of securities (> 3 months) and of financial rece
Slide 32: Financial calendar & further information
Review Full Year 2025 | Financial Performance & Outlook I Appendix Financial calendar & further information 12 May 2026 Quarterly Statement: January - March 2026 20 May 2026 2026 Annual General Meeting 11 August 2026 Interim Report: January - June 2026 10 November 2026 Quarterly Statement: January -
Slide 33: Contact your Investor Relations Team
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 2026 Contact your Investor Relations Team Sebastian Veit Sabine Burkhardt Peter Wirtz Eva Götze Silvia Spisla Head of Group Finance & Investor Assistant Investor Relations Manager Investor Relations Man
Slide 34: Disclaimer
Review Full Year 2025 | Financial Performance & Outlook I Appendix FY 2025 Presentation, 11 March 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 unde