Uniper Se · XETR:UN0
Uniper — Q1 2025 Earnings Presentation
26 slides from Uniper's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Interim Results
Q1 2025 Interim Results Jutta Dönges, CFO 6 May 2025 |
Slide 2: Agenda
Agenda 1. Q1 2025 Interim Results 2. Appendix 2 |
Slide 3: Key highlights – Fully on track to deliver on our 2025 outlook
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Key highlights – Fully on track to deliver on our 2025 outlook €-139m €-143m €2.6bn PY €885m PY €581m YE2024 €3.4bn Adjusted EBITDA Adjusted Net Income Economic net cash Q1 2025 Q1 2025 end Q1 2025 Q1 2025 results • First quarter of
Slide 4: German Kraftwerksstrategie – Good prospects and Uniper with a portfolio of excellent sites
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 German Kraftwerksstrategie – Good prospects and Uniper with a portfolio of excellent sites Uniper’s German brownfield sites Key messages • Uniper is one of the major European Market share Stade Hamburg players with flexible generati
Slide 5: A challenging year for Uniper’s gas midstream business
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 A challenging year for Uniper’s gas midstream business Uniper’s gas storage filling levels Key messages % at the end of the quarter • Lapse of Russian curtailment gains as expected 100% • Tailwinds from gas markets for our gas midst
Slide 6: Key financials Q1 2025 – An expected modest start into the financial year
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Key financials Q1 2025 – An expected modest start into the financial year Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m €m • Q1 2025 decline in earnings due to less favourable price developments in 885 European commodity
Slide 7: Key earnings drivers Q1 2025 – Spreads and margins down
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Key earnings drivers Q1 2025 – Spreads and margins down Reconciliation Adjusted EBITDA Q1 2024 to Q1 2025 Key messages €m • Greener Commodities with lower earnings as past optimization activities, significant withdrawals of high-pri
Slide 8: Adjusted Net Income Q1 2025 – Supported by lower depreciation and a positive interest result
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Adjusted Net Income Q1 2025 – Supported by lower depreciation and a positive interest result Reconciliation Adjusted EBITDA Q1 2025 to Adjusted Net Income Q1 2025 Key messages €m • Lower depreciation (PY: €154m), mainly following im
Slide 9: Operating cash flow Q1 2025 – In negative territory due to payment obligation
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Operating cash flow Q1 2025 – In negative territory due to payment obligation to the Federal Republic of Germany Reconciliation Adjusted EBITDA Q1 2025 to operating cash flow Q1 2025 Key messages €m • OCF in negative territory due t
Slide 10: Economic net debt Q1 2025 – Financials in good shape
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Economic net debt Q1 2025 – Financials in good shape Reconciliation economic net cash YE 2024 to Q1 2025 Key messages €m • Strong economic net cash position, even after a recorded negative OCF OCF 4,500 -1,092 • Cash-effective inves
Slide 11: Outlook for FY 2025 – Confirmed
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Outlook for FY 2025 – Confirmed Adjusted EBITDA Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m By segment €m • Decrease of commodity price levels translates into 1,500 1,500 reduced earnings 1,300 Green Generation • Earni
Slide 12: Agenda
Agenda 1. Review Full Year 2024 2. Q1 1. Financial Performance 2025 Interim Results& Outlook 3. Appendix 2. Appendix 12 |
Slide 13: Commodity prices
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Commodity prices Gas prices1 CO2 prices2 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 Base Power GER Peak Power UK Base Power UK CS
Slide 14: Operating indicators
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling Production volume1 Scope-12 % TWh Mt CO2 -47% -4% -27% points 74% 27% 15.3 14.7 5.5 4.0 4.1 2.0 6.4 4.8 2.9 2.9 3.5 3.5
Slide 15: Uniper’s decarbonization strategy and progress
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Uniper’s decarbonization strategy and progress Group carbon emissions – Scope 1 and 2 1,2,4 Main achievements 2024 Mt CO2e • First CSRD-compliant sustainability report 30 published ahead of regulatory requirements 20 –55% Carbon • 2
Slide 16: Electricity generation – Volumes
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Electricity generation – Volumes Q1 2025 Q1 2024 Q1 2025 Q1 2024 TWh Pro-rata view Pro-rata view Accounting view Accounting view Hydro Subtotal 3.55 3.55 3.46 3.51 1 Germany 1.14 1.38 1.27 1.56 Sweden 2.41 2.16 2.19 1.95 Nuclear Swe
Slide 17: Outright power hedging in Germany and Nordic – Physical asset positions
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Outright power hedging in Germany and Nordic – Physical asset positions Hedged prices and hedge ratios Germany1 Hedged prices and hedge ratios Nordics1 TWh TWh 8 58 126 92 86 €/MWh 28 43 38 37 38 6 21 4 14 2 7 100% 85% 35% 5% 100% 7
Slide 18: Adjusted EBITDA – Main earnings drivers by segment
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Adjusted EBITDA – Main earnings drivers by segment Green Generation Flexible Generation Greener Commodities • Hydro: SWE with lower margins, only • Gas-fired Generation: Lower trading • Gas Midstream: Weak trading result partially o
Slide 19: Adjusted EBITDA and Adjusted EBIT by segment
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Adjusted EBITDA and Adjusted EBIT by segment €m Q1 2025 Q1 2024 Adjusted EBITDA -139 885 Green Generation 246 278 Flexible Generation 161 656 Greener Commodities -492 -13 Administration / Consolidation -54 -36 Depreciation & Amortiz
Slide 20: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m Q1 2025 Q1 2024 Income / loss before financial results and taxes 262 627 Net income / loss from equity investments 0 0 Depreciation, amortization
Slide 21: Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m Q1 2025 Q1 2024 Adjusted EBITDA -139 885 Economic depreciation and amortization charges / reversals -134 -154 Adjusted EBIT -272 732 Economic interest result 70 52 Ec
Slide 22: Cash-effective investments
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Cash-effective investments €m Q1 2025 Q1 2024 Green Generation 67 21 Flexible Generation 59 39 Greener Commodities 45 13 Administration / Consolidation 6 7 Total 177 79 thereof Growth 76 28 thereof Maintenance and replacement 101 52
Slide 23: Economic net debt
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Economic net debt €m March 31, 2025 Dec. 31, 2024 Financial liabilities and liabilities from leases (+) 2,082 1,899 Commercial paper (+) 408 328 Liabilities to banks (+) 30 46 Lease liabilities (+) 828 860 Margining liabilities (+)
Slide 24: Financial calendar & further information
Financial calendar & further information 8 May 2025 2025 Annual General Meeting 7 August 2025 Half-Year Interim Report: January - June 2025 6 November 2025 Quarterly Statement: January - September 2025 Visit us for more information 24 |
Slide 25: Contact your Investor Relations Team
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 Contact your Investor Relations Team Sebastian Veit Sabine Burkhardt Peter Wirtz Eva Götze Silvia Spisla Head of Investor Relations (EVP) Assistant Investor Relations Manager Investor Relations Manager Investor Relations Manager Inv
Slide 26: Disclaimer
Q1 2025 Interim Results | Appendix Q1 2025 Presentation, 6 May 2025 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 obligation to provide the