Uniper Se · XETR:UN0
Uniper — Q1 2026 Earnings Presentation
27 slides from Uniper's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Interim Results
Q1 2026 Interim Results Michael Lewis, CEO │ Christian Barr, CFO 12 May 2026 |
Slide 2: Agenda
Agenda 1. Review Q1 2026 2. Financial Performance & Outlook 3. Appendix 2 |
Slide 3: Key financial highlights Q1 2026 – Good start to the year
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Key financial highlights Q1 2026 – Good start to the year €407m €231m €4,394m PY €-139m PY €-143m YE2025 €2,823m Adjusted EBITDA Adjusted Net Income Economic net cash Q1 2026 Q1 2026 end Q1 2026 Key message
Slide 4: Uniper's performance remains robust in volatile times
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Uniper’s performance remains robust in volatile times European gas markets 2026 (TTF prices day-ahead) Nordic electricity markets (system prices day-ahead) €/MWh €/MWh 60 180 2026 2025 40 120 Start of the c
Slide 5: Germany with new electricity market rules – Uniper set to take off with its growth capex plans
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Germany with new electricity market rules – Uniper set to take off with its growth capex plans Guardrails from the Electricity Security and Capacity Act (StromVKG) Key messages Draft bill1 • Germany publish
Slide 6: Agenda
Agenda 1. Review Q1 2026 2. Financial Performance & Outlook 3. Appendix 6 |
Slide 7: Key financials Q1 2026 – Good operating results in line with expectations
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Key financials Q1 2026 – Good operating results in line with expectations thanks to a more resilient business model Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m €m • Operational performance has
Slide 8: Key earnings drivers Q1 2026 – Boosted by a rebound in the gas midstream business
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Key earnings drivers Q1 2026 – Boosted by a rebound in the gas midstream business Reconciliation Adjusted EBITDA Q1 2025 to Q1 2026 Key messages €m • Greener Commodities back to a more normal level of earni
Slide 9: Adjusted Net Income Q1 2026 – Supported by positive economic interest result
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Adjusted Net Income Q1 2026 – Supported by positive economic interest result Reconciliation Adjusted EBITDA Q1 2026 to Adjusted Net Income Q1 2026 Key messages €m • Positive economic interest result benefit
Slide 10: Operating cash flow Q1 2026 – Marked by seasonal effects in working capital
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Operating cash flow Q1 2026 – Marked by seasonal effects in working capital Reconciliation Adjusted EBITDA Q1 2026 to operating cash flow Q1 2026 Key messages €m • Significantly lower working capital requir
Slide 11: Economic net debt Q1 2026 – Higher net cash position
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Economic net debt Q1 2026 – Higher net cash position thanks to successful operating performance and lower working capital Reconciliation economic net cash YE 2025 to Q1 2026 Key messages €m • Financial posi
Slide 12: Outlook for FY 2026 – Fully confirmed
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Outlook for FY 2026 – Fully confirmed Adjusted EBITDA Adjusted EBITDA1 Adjusted Net Income (ANI) Key messages €m By segment €m • Outlook 2026 for the Group remains unchanged overall, with 1,500 Green Genera
Slide 13: Agenda
Agenda 1. Review Q1 2026 2. Financial Performance & Outlook 3. Appendix 13 |
Slide 14: Commodity prices
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 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 GER Peak P
Slide 15: Operating indicators
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling1 Production volume2 Scope-1 % TWh Mt CO2e -2% -20% -26% points 37% 35% 14.75 11.78 4.2 3.1 2.0
Slide 16: Electricity generation – Volumes
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Electricity generation – Volumes Q1 2026 Q1 2025 Q1 2026 Q1 2025 TWh Pro-rata view Pro-rata view Accounting view Accounting view Hydro Subtotal 3.40 3.55 3.33 3.46 Germany1 0.88 1.14 1.07 1.27 Sweden 2.52 2
Slide 17: Outright power hedging in Germany and Nordic – Physical asset positions
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 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 87 78 €/MWh 28 38 44 39 38 6 21 4
Slide 18: Adjusted EBITDA – Main earnings drivers by segment
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Adjusted EBITDA – Main earnings drivers by segment Green Generation Flexible Generation Greener Commodities • Hydro: Nordics with increased volumes • Gas-fired generation: Lower volumes; • Gas Midstream: Ba
Slide 19: Adjusted EBITDA and Adjusted EBIT by segment
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Adjusted EBITDA and Adjusted EBIT by segment €m Q1 2026 Q1 2025 Adjusted EBITDA 407 -139 Green Generation 250 246 Flexible Generation 156 161 Greener Commodities 66 -492 Administration / Consolidation -66 -
Slide 20: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m Q1 2026 Q1 2025 Income / loss before financial results and taxes 405 262 Net income / loss from equity investments 4 0 D
Slide 21: Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m Q1 2026 Q1 2025 Adjusted EBITDA 407 -139 Economic depreciation and amortization charges / reversals -129 -134 Adjusted EBIT 278 -272 Economi
Slide 22: Cash-effective investments
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Cash-effective investments €m Q1 2026 Q1 2025 Green Generation 83 67 Flexible Generation 28 59 Greener Commodities 25 45 Administration / Consolidation 6 6 Total 141 177 thereof Growth 70 76 thereof Mainten
Slide 23: Economic net debt
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Economic net debt €m March 31, 2026 Dec. 31, 2025 Financial liabilities and liabilities from leases (+) 1,706 1,620 Commercial paper (+) 379 354 Liabilities to banks (+) 30 29 Lease liabilities (+) 719 743
Slide 24: Financial calendar
Review Q1 2026 | Financial Performance & Outlook I Appendix Financial calendar 20 May 2026 2026 Annual General Meeting 11 August 2026 Interim Report: January - June 2026 10 November 2026 Quarterly Statement: January - September 2026 24 |
Slide 25: For more information
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 For more information Energy.Uniper App You can download the Uniper Investor Relations App here Energy.Uniper App You can download the Uniper Investor Relations App here Uniper Investor Relations Website Vis
Slide 26: Contact your Investor Relations Team
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 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 Manager Inve
Slide 27: Disclaimer
Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 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 undertake any