Uniper (UNO) Q1 2025 earnings summary

Executive summary

• Q1 2025 began with a slow start and a sharp decline in adjusted EBITDA and net income, as expected after exceptional prior years.

• Full-year 2025 outlook and guidance were reaffirmed despite challenging market conditions and a €2.6 billion payment to the German government.

• Maintained a strong net cash position after the government repayment.

• Strategic progress included new LNG contracts, UK capacity auction success, and the restart of the Öresundsverket power station.

• Major asset disposals completed, including the Gönyű gas plant, LIQVIS GmbH, and North American power business.

Financial highlights

• Adjusted EBITDA for Q1 2025 was EUR -139 million, down from EUR 885 million in Q1 2024; adjusted net income was EUR -143 million, down from EUR 581 million.

• Operating cash flow was EUR -1.1 billion, mainly due to the €2.6 billion government payment.

• Economic net cash position at end of March 2025 was EUR 2.6 billion, down from EUR 3.4 billion at year-end 2024.

• Investments in Q1 2025 reached EUR 177 million, with renewables as the main growth driver.

• Sales rose to EUR 21,261 million, up from EUR 17,981 million in Q1 2024, mainly due to price effects.

Outlook and guidance

• Full-year 2025 guidance for adjusted EBITDA (EUR 900 million–1.3 billion) and adjusted net income (EUR 250 million–550 million) reaffirmed, both significantly below 2024.

• Green Generation segment EBITDA expected to rise, while Flexible Generation and Greener Commodities will decline.

• Direct CO2 emissions for 2025 projected to be well below 2024 levels.

• Gas midstream business expected to recover in H2 2025; normalization anticipated in 2026.

• Commodity price declines expected to reduce overall earnings.