Uniper Se (UNPRF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Dear ladies and gentlemen, welcome to the Uniper Analyst and Investor Conference Call, First Quarter Results 2025. At our customer's request, this conference will be recorded. As a reminder, all participants will be in the listen-only mode. After the presentation, there will be an opportunity to ask questions by dialing star 1 on your telephone. May I now hand you over to the Executive Vice President of Investor Relations, Sebastian Veidt, who will start the meeting today. Please go ahead. Thank you, operator. Dear investors and analysts, good morning. I'm pleased to welcome you to our conference call on the first quarter results 2025. Next to me on today's call is Jutta Dunges, our chief financial officer. And Jutta will lead you through the presentation today. As usual, there will be a Q&A session after the presentation. And now let me hand over Toyota, join us, please. Thank you, Sebastian. I would also like to welcome you and wish you all a good morning. Let me start with the key financial highlights of the first quarter. As we expected, we had a slow start into the financial year 2025. When we presented our outlook for fiscal 2025 back in February, we already flagged a seasonal earnings pattern with strong back-end bias. The decline in earnings was affected by two major factors, which together led to adjusted EBITDA for the group of minus 139 million euros and an adjusted net income of minus 143 million euros in the first quarter of 2025. Firstly, Q1 of the previous year was still boosted by very strong hedging margins. Above all in the flexible generation business and by the gas curtailment gains, which had a very positive extraordinary effect last year. And secondly, gas midstream margins were burdened by past optimization activities in the gas portfolio and w...