Q4 2025 Uniper SE Earnings Call Transcript

Mar 11, 2026 / 07:30AM GMT

Release Date Price: $41.56

Transcript

Key Points

Positve

Uniper SE (UNPRF) has a strong financial foundation with a solid adjusted EBITDA of around EUR1.1 billion and a net cash position of EUR2.8 billion at the end of 2025.
The company has resumed dividend payments, proposing EUR0.72 per share, indicating financial recovery and stability.
Uniper SE (UNPRF) has successfully derisked its operations, with no direct exposure to volatile regions and a well-hedged position for 2026.
The company is advancing its growth projects, including low-carbon power projects and renewable energy initiatives across Europe.
Uniper SE (UNPRF) is strategically positioned to participate in Germany's upcoming Kraftwerksstrategie auctions, with projects ready for bidding.

Negative

The company's 2025 financial performance was impacted by a burdened gas midstream business and the absence of power hedging tailwinds.
Uniper SE (UNPRF) faced challenges with past portfolio optimization measures and high-priced inventory gas withdrawals.
The company experienced a significant decline in earnings from its Flexible Generation segment due to reduced portfolio and lower ancillary services income.
Uniper SE (UNPRF) recorded a negative operating cash flow of EUR814 million for 2025, influenced by a payment obligation to the German government.
The geopolitical situation and volatile market conditions pose potential risks to Uniper SE (UNPRF)'s financial outlook for 2026.

Operator

Ladies and gentlemen, welcome to the Uniper analyst and investor conference call for the full year 2025. At our request, this conference will be recorded. (Operator Instructions)

May I now hand you over to the Executive Vice President, Group Finance and Investor Relations, Sebastian Veit, who will start the meeting today. Please go ahead.

Sebastian Veit;Michael Lewis

Uniper SE - Head - Investor Relations;Uniper SE - Chairman of the

Thank you, operator, and good morning, everyone. I'm pleased to welcome you to our results call for the financial year 2025. Next to me on today's call are Michael Lewis, our Chief Executive Officer; and Christian Barr, our Chief Financial Officer.

Michael will guide you through our key developments in the past financial year 2025 and our plans going forward. And Christian will walk you through our financial performance for 2025 and the outlook for this year. As usual, we will wrap up with a Q&A session at the end.

And now, let me handover to Michael Lewis, please.

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