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Uniper : Presentation Interim Results Q1 2026
Uniper : Presentation Interim Results Q1
About this update from Uniper Se
Q1 2026 Interim Results Michael Lewis, CEO │ Christian Barr, CFO | 12 May 2026 Agenda Review Q1 2026 Financial Performance & Outlook 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 Adjusted EBITDA Q1 2026 €231m PY €-143m Adjusted Net Income Q1 2026 €4,394m YE 2025 €2,823m Economic net cash end Q1 2026 Key messages Good business performance in the 1 st 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 dividend 1 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 1 st auctions Review Q1 2026 | Financial Performance & Outlook I Appendix Uniper's performance remains robust in volatile times Q1 2026 Presentation, 12 May 2026 European gas markets 2026 (TTF prices day-ahead) €/MWh 60 Nordic electricity markets (system prices day-ahead) €/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 Key messages 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 Key messages 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 Guardrails from the Electricity Security and Capacity Act (StromVKG) Draft bill 1 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 (1 st T-4) 1 Oct 2029 (1 st T-2) COD 2 by 1 Nov 2031 by 1 Nov 2031 1st delivery period Oct 2031 - Sep 2032 Duration 15y 15y 1y, 7y, 15y Key messages 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 COD 2 of new power stations on time if the auctions are launched as planned 1. Source: Bundesministerium für Wirtschaft und Energi e (press release section Legislative Process Energy from 27 April 2026) including draft bill StromVKG. Agenda Review Q1 2026 Financial Performance & Outlook 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 Adjusted EBITDA €m 407 -139 500 Adjusted Net Income (ANI) Key messages 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 Key messages 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 Reconciliation Adjusted EBITDA Q1 2025 to Q1 2026 €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 Key messages 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%) Reconciliation Adjusted EBITDA Q1 2026 to Adjusted Net Income Q1 2026 €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 Key messages 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 Reconciliation Adjusted EBITDA Q1 2026 to operating cash flow Q1 2026 €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 Key messages 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 Reconciliation economic net cash YE 2025 to Q1 2026 €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 Adjusted EBITDA €m Adjusted EBITDA 1 By segment Adjusted Net Income (ANI) Key messages 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 1,000 FY 2026E Green Generation Significantly above PY Flexible Generation Slightly above PY Greener Commodities Significantly above PY 1,500 1,000 500 0 600 350 FY 2026E Agenda Review Q1 2026 Financial Performance & Outlook Appendix Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Commodity prices Gas price 1 €/MWh 60 45 30 15 0 Jan 24 Oct 24 Jul 25 Apr 26 CO 2 price 2 €/t CO 2 100 75 50 25 0 Jan 24 Oct 24 Jul 25 Apr 26 Electricity prices 3 €/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 Spark spreads 4 €/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% Greener Commodities Gas storage filling 1 % -2% points Green & Flexible Generation Production volume 2 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 Group carbon emissions Scope-1 Mt CO 2 e -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 TWh Q1 2026 Pro-rata view Q1 2025 Pro-rata view Q1 2026 Accounting view Q1 2025 Accounting view Hydro Subtotal 3.40 3.55 3.33 3.46 Germany 1 0.88 1.14 1.07 1.27 Sweden 2.52 2.41 2.26 2.19 Nuclear Sweden 3.01 3.49 1.78 2.92 Gas 2 Subtotal 4.74 6.01 5.12 6.36 Germany 1.59 2.03 1.92 2.34 United Kingdom 2.73 3.58 2.77 3.62 Netherlands 0.35 0.38 0.35 0.38 Sweden 0.07 0.01 0.08 0.02 Hard coal Subtotal 1.51 1.98 1.55 2.01 Germany 0.00 0.40 0.00 0.41 Netherlands 3 1.51 1.59 1.55 1.60 Total 12.66 15.03 11.78 14.75 Hydro Germany's net electricity generation includes net pumped-storage-related water flows. 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 Hedged prices and hedge ratios Germany 1 TWh Hedged prices and hedge ratios Nordics 1 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 Green Generation 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 Flexible Generation 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) Greener Commodities 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 €m Q1 2026 Q1 2025 Adjusted EBITDA 407 -139 Green Generation 250 246 Flexible Generation 156 161 Greener Commodities 66 -492 Administration / Consolidation -66 -54 Depreciation & Amortization -129 -134 Green Generation -37 -33 Flexible Generation -58 -66 Greener Commodities -29 -30 Administration / Consolidation -5 -5 Adjusted EBIT 278 -272 Green Generation 214 213 Flexible Generation 98 95 Greener Commodities 37 -522 Administration / Consolidation -71 -59 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 €m Q1 2026 Q1 2025 Income / loss before financial results and taxes 405 262 Net income / loss from equity investments 4 0 Depreciation, amortization and impairments charges / reversals 154 140 Economic depreciation and impairments charges / reversals 129 134 Impairment charges / reversals 25 7 EBITDA (for informational purpose) 563 402 Non-operating adjustments -156 -541 Net book gains (-) / losses (+) - -27 Impact of derivative financial instruments 1 130 Adj. of revenue & cost of materials from physically settled commodity derivatives to contract price 22 -745 Restructuring / cost-management expenses (+) / income (-) 3 4 Miscellaneous other non-operating earnings -182 97 Adjusted EBITDA 407 -139 Economic depreciation and impairments charges / reversals -129 -134 Adjusted EBIT (for informational purpose) 278 -272 Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m Q1 2026 Q1 2025 Adjusted EBITDA 407 -139 Economic depreciation and amortization charges / reversals -129 -134 Adjusted EBIT 278 -272 Economic interest result 14 70 Economic other financial results 14 18 Adjusted EBT 307 -184 Income taxes on operating earnings -76 48 Less non-controlling interests in operating earnings 0 -8 Adjusted net income (ANI) 231 -143 Tax rate on adjusted EBT 24.7% 26.4% Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Cash-effective investments €m Q1 2026 Q1 2025 Green Generation 83 67 Flexible Generation 28 59 Greener Commodities 25 45 Administration / Consolidation 6 6 Total 141 177 thereof Growth 70 76 thereof Maintenance and replacement 72 101 Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Economic net debt €m March 31, 2026 Dec. 31, 2025 Financial liabilities and liabilities from leases (+) 1,706 1,620 Commercial paper (+) 379 354 Liabilities to banks (+) 30 29 Lease liabilities (+) 719 743 Margining liabilities (+) 142 52 Liabilities from shareholder loans towards co-shareholders (+) 374 396 Other financing (+) 62 46 Cash and cash equivalents (-) 5,690 4,767 Current fixed-term deposits and securities (-) 1,699 749 Non-current securities (-) 150 150 Margining receivables (-) 676 954 Net financial position -6,509 -5,002 Net provisions for pensions and similar obligations (+) 16 50 Net provisions for asset retirement obligations (+) 2,100 2,129 Other asset retirement obligations (+) 746 772 Asset retirement obligations for Swedish nuclear power plants (+) 3,644 3,736 Receivables from the Swedish Nuclear Waste Fund recognized on the balance sheet (-) 2,290 2,379 Economic net debt (+) / Net cash position (-) -4,394 -2,823 Review Q1 2026 | Financial Performance & Outlook I Appendix Financial calendar 20 May 2026 2026 Annual General Meeting 11 August 2026 Interim Report: January - June 2026 10 November 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 [email protected] Sabine Burkhardt Assistant Investor Relations M +49 151 1751 5357 [email protected] Peter Wirtz Manager Investor Relations M +49 160 529 1264 [email protected] Eva Götze Manager Investor Relations M +49 171 814 2018 [email protected] Silvia Spisla Manager Investor Relations M +49 151 5415 9352 [email protected] Review Q1 2026 | Financial Performance & Outlook I Appendix Q1 2026 Presentation, 12 May 2026 Disclaimer This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or the "Company") that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purposes. 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The management of Uniper believes that the Non-IFRS financial measures used by Uniper, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance an understanding of Uniper's results of operations, financial position or cash flows. A number of these Non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of Uniper and other companies with which Uniper competes. These Non-IFRS financial measures should not be considered in isolation as a measure of Uniper's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, net income and the other income or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with our use of Non-IFRS financial measures, including the limitations inherent in our determination of each of the relevant adjustments. The Non-IFRS financial measures used by Uniper may differ from, and not be comparable to, similarly-titled measures used by other companies. Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.