Presentation Interim Results Q1 2026

‌Q1 2026 Interim Results

Michael Lewis, CEO │ Christian Barr, CFO

|

12 May 2026

‌Agenda

1. Review Q1 2026

2. Financial Performance & Outlook

3. Appendix

‌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

PY €-139m

€231m

PY €-143m

€4,394m

YE2025 €2,823m

• Good business performance in the 1st quarter of FY2026, with earnings in line with our expectations

• Outlook fully confirmed for the full year 2026

• Middle East conflict with limited impact so far

• Strong economic net cash position of €4.4bn by end of March 2026 - prior to the payment of proposed

  dividend1 of €300m to be paid in May 2026

• Strengthening financial flexibility with the extending syndicated credit line of €3.0bn to 2029

• Published German draft law for new-built investments into flexible generation capacities important

milestone for Uniper's strategy execution - up to 2 GW in scope for 1st auctions

‌Review Q1 2026 | Financial Performance & Outlook I Appendix

Uniper's performance remains robust in volatile times

Q1 2026 Presentation, 12 May 2026

€/MWh

60

€/MWh

180

40

20

Start of the conflict

27 February

120

2026

2025

60

0

Jan 26 Feb 26 Mar 26 Apr 26

0

Jan Feb Mar Apr

• Market prices continue on elevated levels amid Middle East

  conflict

• Tighter storage situation increases sensitivites in case of supply disruptions

• Uniper with robust supply portfolio; no contractual obligations deriving from the Middle East region

• Nordic markets driven by weather effects than by rise in global

  commodity prices as gas not being the price setter

• Significantly higher returns for Uniper in the Nordic power market

• Uniper captured earnings upside from unhedged power sales positions

‌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

Draft bill1

Long-term capacities

Generation capacities

General capacities

Technology

Gas fired (H2-ready) or

hydrogen plants

New generation assets,

incl storage

New and existing assets

Capacity

9 GW

de-rated

2 GW

de-rated:

To be fixed

after BNetzA monitoring

Auctions

1 Sep & 8 Dec 2026

18 May 2027

1 Oct 2027 (1st T-4)

1 Oct 2029 (1st T-2)

COD2

by 1 Nov 2031

by 1 Nov 2031

1st delivery period

Oct 2031 - Sep 2032

Duration

15y

15y

1y, 7y, 15y

• Germany publishes clear guardrails how new power plants projects are to be incentivized

• Uniper is well prepared and well positioned to be active role in the upcoming StromVKG

• Uniper remains on track with two H2-ready power plants in the beginning

• COD2 of new power stations on time if the auctions are launched as planned

1. Source: Bundesministerium für Wirtschaft und Energie (press release section Legislative Process Energy from 27 April 2026) including draft bill StromVKG.

‌Agenda

1. Review Q1 2026

2. Financial Performance & Outlook

3. Appendix

‌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

€m

407

-139

500

• Operational performance has

  returned to normalized levels

• Increase in the Group's Adjusted EBITDA primarily attributable to a rebound in the Gas Midstream business

• The Group's Adjusted Net Income is following the trend in operating earnings

€m

231

-143

500

250 250

0 0

-250

Q1 2025

Q1 2026

-250

Q1 2025

Q1 2026

‌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

• Greener Commodities back to a more normal level of earnings, as negative optimization spillover effects from the past fully digested in 2025 numbers

• Green Generation with strongest contribution and stable overall, backed by higher achieved electricity prices in the Nordics which offset lower contributions from German hydropower

• Flexible Generation with stable results despite a smaller portfolio; higher UK capacity market payments and portfolio optimization supporting good result

• Other mainly showing adverse F/X effects

€m

-139

407

Adj. EBITDA Q1 2025

Greener Commodities

Green Generation

Flexible Generation

Other Adj. EBITDA Q1 2026

-250 0

250 500

‌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

• Positive economic interest result benefited from a strong net cash position and lower commitment fees due to termination of the KfW credit facility at the end of FY 2025

• Slightly lower depreciation & amortization following last year's disposal of assets

• Tax rate on operating result slightly declined to 24.7% (Q1 2025: 26.4%)

€m

407

28

278

0

231

-76

-129

450

300

150

0

Adj. EBITDA Q1 2026

Economic D&A

Adj. EBIT Q1 2026

Economic interest 1

Tax on operating result

Minorities on operating result

ANI Q1 2026

‌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

• Significantly lower working capital requirements, mainly due to seasonal gas withdrawals

• Positive working capital effect, also supported by higher seasonal cash inflows from receivables of wholesale customers

• OCF expected to be front-loaded in 2026 inter alia through re-build of gas inventories

€m

-33

16

-255

14

407

1,183

1,588

1,606

256

1,300

500

0

-300

Adj.

EBITDA Q1 2026

Non-cash eff.

EBITDA

Provision utilization

Working capital

Other OCFbIT Q1 2026

Interest Taxes OCF Q1 2026

‌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

• Financial position remains

  comfortably healthy

• Strong operating cash flow as main driver for the raised economic net cash position

• Dividend payment of €300m for FY 2025 subject to approval by AGM on May 20th

€m

6,000

4,000

2,000

1,588

124

4,394

0

-141

2,823

0

Economic net cash YE 2025

OCF

Investments Divestments Other effects Economic

net cash Q1 2026

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Outlook for FY 2026 - Fully confirmed

€m

By segment

• Outlook 2026 for the Group remains unchanged overall, with segmental outlook for Flexible Generation slightly raised

• Strong Q2 on comparable levels versus Q2 2025 expected

• 2026 results expected to be front-loaded, supported by intra-year optimization in Greener Commodities

• Green Generation to benefit from improved y-o-y availability of nuclear power plants

• Flexible Generation driven by rising non-merchant earnings, offsetting effects of a smaller portfolio

€m

1,500

1,000

500

0

1,300

FY 2026E

Significantly above PY

Slightly above PY

Significantly above PY

1,500

1,000

500

0

600

FY 2026E

‌Agenda

1. Review Q1 2026

2. Financial Performance & Outlook

3. Appendix

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Commodity prices

€/MWh

60

45

30

15

0

Jan 24 Oct 24 Jul 25 Apr 26

€/t CO2

100

75

50

25

0

Jan 24 Oct 24 Jul 25 Apr 26

€/MWh and £/MWh

120

90

60

30

0

Peak Power GER

Peak Power UK Power Nordics

Power Base GER

Power Base UK

Jan 24 Oct 24 Jul 25 Apr 26

€/MWh and £/MWh

40

20

0

-20

CSS GER

CSS UK

-40

Jan 24 Oct 24 Jul 25 Apr 26

1. Gas: TTF one-year forwards; 2. EU Allowances (EUA): December current year prices; 3. Electricity: Germany peak and base load one-year forwards and UK peak and base load one-season forwards,

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Operating indicators

31 March 2026

31 March 2025

35%

37%

Gas storage filling1

%

-2%

points

Production volume2

TWh

-20%

14.75

11.78

2.01

1.55

6.36

5.12

2.92

3.46

1.78

3.33

Q1 2025

Q1 2026

Scope-1

Mt CO2e

-26%

4.2

3.1

Q1 2025

Q1 2026

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Electricity generation - Volumes

1. Hydro Germany's net electricity generation includes net pumped-storage-related water flows.

2. Includes biofuel and fuel oil-based electricity generation.

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Outright power hedging in Germany and Nordic -

Physical asset positions

TWh

28

TWh

8 130 88 87 78

€/MWh

38 44 39 38

6 21

4 14

2 7

100%

0

80%

80%

45%

100%

0

80%

45%

25%

FY 2025

FY 2026 2

FY 2027

FY 2028

FY 2025 FY 2026 2

FY 2027 FY 2028

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Adjusted EBITDA - Main earnings drivers by segment

• Hydro: Nordics with increased volumes and improved margins; GER with lower volumes and realized prices

• Nuclear: Higher realized prices; volume down due to outage of Oskarshamn 3

• Renewables: In ramp-up mode with low negative contribution

• Gas-fired generation: Lower volumes; lower margins, attributable to falling prices and unavailability at Irsching site; higher contribution from UK capacity market

• Coal-fired generation: Strong decline in generation volumes (decommissioning and disposals in UK and GER; plants in reserve scheme in GER)

• Gas Midstream: Back to more normal level of earnings, as negative optimization spillover effects from the past fully digested in 2025 numbers; LNG with good, but lower margins

• Power & Other: Weak result

€m €m €m

246

250

161

156

400

66

0

-600

-492

400 400

200 200

0

Q1 2025

Q1 2026

0

Q1 2025

Q1 2026

-400

Q1 2025

Q1 2026

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Adjusted EBITDA and Adjusted EBIT by segment

‌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

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI)

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Cash-effective investments

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Economic net debt

‌Review Q1 2026 | Financial Performance & Outlook I Appendix

Financial calendar

2026 Annual General Meeting

Interim Report: January - June 2026

Quarterly Statement: January - September 2026

Q1 2026 Presentation, 12 May 2026

‌Review Q1 2026 | Financial Performance & Outlook I Appendix

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

Visit us here

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

Contact your Investor Relations Team

Sebastian Veit

Head of Group Finance & Investor

Relations (EVP)

M +49 151 5504 9337

sebastian.veit@uniper.energy

Sabine Burkhardt

Assistant Investor Relations

M +49 151 1751 5357

sabine.burkhardt@uniper.energy

Peter Wirtz

Manager Investor Relations

M +49 160 529 1264

peter.wirtz@uniper.energy

Eva Götze

Manager Investor Relations

M +49 171 814 2018

eva.goetze@uniper.energy

Silvia Spisla

Manager Investor Relations

M +49 151 5415 9352

silvia.spisla@uniper.energy

‌Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026

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