Slide 1: 9M 2025 Interim Results
9M 2025 Interim Results Michael Lewis, CEO │ Christian Barr, CFO 6 November 2025 |
Slide 2: Agenda
Agenda 1. Review 9M 2025 2. Financial Performance & Outlook 3. Appendix 2 |
Slide 3: Management Board of Uniper set for the coming years
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Management Board of Uniper set for the coming years Management update • Michael Lewis, CEO and CSO since 1 June 2023 until May 2028 • Christian Barr, CFO since 1 November 2025, appointed until October 2028 •
Slide 4: Key highlights – Fully on track to deliver on our 2025 outlook
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Key highlights – Fully on track to deliver on our 2025 outlook €641m €268m €3,319m PY €2,176m PY €1,324m YE2024 €3,404m Adjusted EBITDA Adjusted Net Income Economic net cash 9M 2025 9M 2025 end 9M 2025 9M 20
Slide 5: Agenda
Agenda 1. Review 9M 2025 2. Financial Performance & Outlook 3. Appendix 5 |
Slide 6: Key financials 9M 2025 – Solid earnings performance with sustained upwards trend in the 3rd quarter
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Key financials 9M 2025 – Solid earnings performance with sustained upwards trend in the 3rd quarter Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m €m • Q3 2025 positive confirming continued progre
Slide 7: Key earnings drivers 9M 2025 – Trading margins and spreads in forward business down
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Key earnings drivers 9M 2025 – Trading margins and spreads in forward business down Reconciliation Adjusted EBITDA 9M 2024 to 9M 2025 Key messages €m • Greener Commodities with lower contribution from past o
Slide 8: Adjusted Net Income 9M 2025 – In line with Adjusted EBITDA
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Adjusted Net Income 9M 2025 – In line with Adjusted EBITDA and supported by positive economic interest result Reconciliation Adjusted EBITDA 9M 2025 to Adjusted Net Income 9M 2025 Key messages €m • Depreciat
Slide 9: Operating cash flow 9M 2025 – Strong positive working capital flattens cash outflow
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Operating cash flow 9M 2025 – Strong positive working capital flattens cash outflow to the Federal Republic of Germany Reconciliation Adjusted EBITDA 9M 2025 to operating cash flow 9M 2025 Key messages €m •
Slide 10: Economic net debt 9M 2025 – Continous excellent net cash position
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Economic net debt 9M 2025 – Continous excellent net cash position Reconciliation economic net cash YE 2024 to 9M 2025 Key messages €m • Strong economic net cash position almost at the same levels as at the 4
Slide 11: Outlook for FY 2025 – Fully on track
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Outlook for FY 2025 – Fully on track Adjusted EBITDA Adjusted EBITDA Adjusted Net Income (ANI) Key messages €m By segment €m • FY 2025 outlook confirmed • Earnings in Green Generation 1,500 Green Generation
Slide 12: Agenda
Agenda 1. Review 9M 2025 2. Financial Performance & Outlook 3. Appendix 12 |
Slide 13: Commodity prices
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 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 Po
Slide 14: Operating indicators
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Operating indicators Greener Commodities Green & Flexible Generation Group carbon emissions Gas storage filling1 Production volume2 Scope-13 % TWh Mt CO2 -11% -19% -21% points 95% 84% 36.9 10.9 8.6 5.8 29.8
Slide 15: Electricity generation – Volumes
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Electricity generation – Volumes 9M 2025 9M 2024 9M 2025 9M 2024 TWh Pro-rata view Pro-rata view Accounting view Accounting view Hydro Subtotal 9.68 10.15 9.84 10.16 1 Germany 2.78 4.26 3.52 4.82 Sweden 6.90
Slide 16: Outright power hedging in Germany and Nordic – Physical asset positions
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 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 XXX8 58 133 92 86 €/MWh 28 43 38 37 38 6 21 4 1
Slide 17: Adjusted EBITDA – Main earnings drivers by segment
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 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 18: Adjusted EBITDA and Adjusted EBIT by segment
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Adjusted EBITDA and Adjusted EBIT by segment €m H1 2025 Q3 2025 9M 2025 9M 2024 Adjusted EBITDA 379 261 641 2,176 Green Generation 420 119 540 738 Flexible Generation 333 126 459 1,056 Greener Commodities -2
Slide 19: Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m 9M 2025 9M 2024 Income / loss before financial results and taxes 404 1,093 Net income / loss from equity investments 1 1
Slide 20: Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m 9M 2025 9M 2024 Adjusted EBITDA 641 2,176 Economic depreciation and amortization charges / reversals -405 -458 Adjusted EBIT 235 1,718 Econom
Slide 21: Cash-effective investments
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Cash-effective investments €m 9M 2025 9M 2024 Green Generation 267 101 Flexible Generation 228 189 Greener Commodities 92 68 Administration / Consolidation 24 21 Total 610 379 thereof Growth 261 142 thereof
Slide 22: Economic net debt
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 Economic net debt €m Sep 30, 2025 Dec. 31, 2024 Financial liabilities and liabilities from leases (+) 1,681 1,899 Commercial paper (+) 399 328 Liabilities to banks (+) 17 46 Lease liabilities (+) 762 860 Mar
Slide 23: Financial calendar & further information
Review 9M 2025 | Financial Performance & Outlook I Appendix Financial calendar & further information 11 March 2026 Annual Report 2025 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 Quar
Slide 24: Contact your Investor Relations Team
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 2025 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 Inves
Slide 25: Disclaimer
Review 9M 2025 | Financial Performance & Outlook I Appendix 9M 2025 Presentation, 6 Nov 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