Slide 1: H1 2025 Interim Results
H1 2025 Interim Results Michael Lewis, CEO Jutta Dönges, CFO 7 August 2025 |
Slide 2: Agenda
Agenda 1. H1 2025 Review 2. Financial Performance & Outlook 3. Appendix 2 |
Slide 3: Key highlights – Fully on track to deliver on our 2025 outlook
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Key highlights – Fully on track to deliver on our 2025 outlook €379m €135m €3,256m PY €1,743m PY €1,138m YE2024 €3,404m Adjusted EBITDA Adjusted Net Income Economic net cash H1 2025 H1 2025 end H1 2025 H1 20
Slide 4: Focused & disciplined capital allocation – ~€8bn capex for transformation unchanged
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Focused & disciplined capital allocation – ~€8bn capex for transformation unchanged until the early 2030s Growth capex for transformation 2025 – 2030 Key messages • €900m growth capex committed until Playing
Slide 5: Flexible & Green Generation – Growth capex focused on build out of flexible power
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Flexible & Green Generation – Growth capex focused on build out of flexible power plants, solar & wind boosting green share Flexible & Green Generation portfolio mix Portfolio strategy • Expanding share of g
Slide 6: Greener Commodities – Rebuilding a diversified and risk-balanced Gas & LNG portfolio
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Greener Commodities – Rebuilding a diversified and risk-balanced Gas & LNG portfolio Gas Sales – Supply and demand mix Portfolio strategy TWh • Deliver affordable, competitive and innovative gas products to
Slide 7: Putting full focus on strategy execution
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Putting full focus on strategy execution Key focus areas for the remainder of 2025 • Deliberate execution of Uniper‘s strategy “Accelerating the energy Transition“ • Taking meaningful financial decisions in
Slide 8: Agenda
Agenda 1. H1 2025 Review 2. Financial Performance & Outlook 3. Appendix 8 |
Slide 9: Uniper – Driving ahead transformation
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Uniper – Driving ahead transformation Accelerate Credit rating Risk mitigation & transformation upgrades cost efficiency through AI Transforming Uniper Improving financial stability Strengthening resilience
Slide 10: Key financials H1 2025 – Solid earnings trend with clear upturn in the 2nd quarter
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Key financials H1 2025 – Solid earnings trend with clear upturn in the 2nd quarter Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m €m 1,743 • H1 2025 back in positive territory after modest start i
Slide 11: Key earnings drivers H1 2025 – Trading margins and spreads in forward business down
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Key earnings drivers H1 2025 – Trading margins and spreads in forward business down Reconciliation Adjusted EBITDA H1 2024 to H1 2025 Key messages €m • Greener Commodities with lower contribution from past o
Slide 12: Adjusted Net Income H1 2025 – Back in positive territory after modest start
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Adjusted Net Income H1 2025 – Back in positive territory after modest start Reconciliation Adjusted EBITDA H1 2025 to Adjusted Net Income H1 2025 Key messages €m • Depreciation declined, mainly due to 379 th
Slide 13: Operating cash flow H1 2025 – Strong positive working capital flattens cash outflow
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Operating cash flow H1 2025 – Strong positive working capital flattens cash outflow to the Federal Republic of Germany Reconciliation Adjusted EBITDA H1 2025 to operating cash flow H1 2025 Key messages €m •
Slide 14: Economic net debt H1 2025 – Excellent net cash position
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Economic net debt H1 2025 – Excellent net cash position Reconciliation economic net cash YE 2024 to H1 2025 Key messages €m • Strong economic net cash position OCF almost at the same levels as at the 4,500 -
Slide 15: Outlook for FY 2025 – Fully on track
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Outlook for FY 2025 – Fully on track Adjusted EBITDA Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m By segment €m • Well on track to meet annual financial outlook 1,500 Green Generation 1,500 • Ou
Slide 16: Agenda
Agenda 1. H1 2025 Review 2. Financial Performance & Outlook 3. Appendix 16 |
Slide 17: Commodity prices
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 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 Power Base GER Peak
Slide 18: Operating indicators
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling1 Production volume2 Scope-13 % TWh Mt CO2 -22% -15% -24% points 84% 62% 25.6 8.3 6.3 21.7 4.7 2
Slide 19: Electricity generation – Volumes
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Electricity generation – Volumes H1 2025 H1 2024 H1 2025 H1 2024 TWh Pro-rata view Pro-rata view Accounting view Accounting view Hydro Subtotal 6.77 6.99 6.78 6.98 1 Germany 1.86 2.84 2.34 3.23 Sweden 4.91 4
Slide 20: Outright power hedging in Germany and Nordic – Physical asset positions
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 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 58 133 92 87 €/MWh 28 43 38 37 38 6 21 4 14 2
Slide 21: Adjusted EBITDA – Main earnings drivers by segment
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Adjusted EBITDA – Main earnings drivers by segment Green Generation Flexible Generation Greener Commodities • Hydro: Nordics increased volumes • Gas-fired Generation: Lower hedging • Gas Midstream: Lower res
Slide 22: Adjusted EBITDA and Adjusted EBIT by segment
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Adjusted EBITDA and Adjusted EBIT by segment €m Q1 2025 Q2 2025 H1 2025 H1 2024 Adjusted EBITDA -139 518 379 1,743 Green Generation 246 174 420 527 Flexible Generation 161 172 333 826 Greener Commodities -49
Slide 23: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m H1 2025 H1 2024 Income / loss before financial results and taxes 284 908 Net income / loss from equity investments 1 1 De
Slide 24: Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m H1 2025 H1 2024 Adjusted EBITDA 379 1,743 Economic depreciation and amortization charges / reversals -271 -304 Adjusted EBIT 108 1,439 Econom
Slide 25: Cash-effective investments
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Cash-effective investments €m H1 2025 H1 2024 Green Generation 172 65 Flexible Generation 148 115 Greener Commodities 63 36 Administration / Consolidation 14 13 Total 397 229 thereof Growth 169 91 thereof Ma
Slide 26: Economic net debt
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 2025 Economic net debt €m June 30, 2025 Dec. 31, 2024 Financial liabilities and liabilities from leases (+) 1,685 1,899 Commercial paper (+) 404 328 Liabilities to banks (+) 16 46 Lease liabilities (+) 787 860 Ma
Slide 27: Financial calendar & further information
Financial calendar & further information 6 November 2025 Quarterly Statement: January - September 2025 4 March 2026 Annual Report 2025 Visit us for more information 27 |
Slide 28: Contact your Investor Relations Team
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 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 Inves
Slide 29: Disclaimer
H1 2025 Review | Financial Performance & Outlook I Appendix H1 2025 Presentation, 7 Aug 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