Uniper (UNO) Q2 2025 earnings summary

Executive summary

• H1 2025 delivered solid results with adjusted EBITDA of €379 million and adjusted net income of €135 million, both significantly below the exceptional prior-year period but in line with expectations.

• Strong Q2 2025 performance offset a weak Q1, driven by flexible and green generation segments.

• Strategic focus sharpened on transformation, including new clean power projects, hydrogen business realignment, cost management, and AI partnership with Microsoft.

• Progressed on EU-mandated divestments, including sales of stakes in Latvijas Gāze, district heating, and the Hungarian Gönyű gas power plant.

• Workforce reduction plan of 400 positions by 2026 and expanded use of AI, including a partnership with Microsoft and the development of an AI lab.

Financial highlights

• Adjusted EBITDA for H1 2025: €379 million, down 78.2% from H1 2024; adjusted net income: €135 million.

• Q2 2025 adjusted EBITDA: €518 million, reversing Q1 losses.

• Green generation contributed €420 million to adjusted EBITDA; flexible generation contributed €333 million.

• Greener commodities segment reported an operating loss of €296 million, improved from a €500 million loss in March.

• Economic net cash position at end H1 2025: €3,256 million; operating cash flow negative due to €2.6 billion government repayment.

• Cash investments rose 75% year-over-year to €397 million, mainly in renewables.

Outlook and guidance

• Full-year 2025 outlook confirmed: adjusted EBITDA guidance narrowed to €1.0–1.3 billion, adjusted net income to €350–550 million.

• Green Generation segment EBITDA expected to be significantly above 2024, while Flexible Generation and Greener Commodities are expected to be significantly below prior-year levels.

• CapEx focus on flexible generation and renewables, with €5 billion planned investment by 2030.