Uniper (UNO) Q4 2024 earnings summary

Executive summary

• 2024 marked the first full year under the new strategic direction, with significant progress in capital allocation, decarbonization, and de-risking of business activities.

• Achieved strong operating results in FY 2024, though below the exceptional prior year, with all segments contributing positively.

• Major investments included the Happurg pumped storage plant and solar PV projects, with €250m invested and major hydro and photovoltaic projects approved.

• Business risk reduced by settling legal disputes, ending Gazprom Export contracts, and clarifying government recovery claims.

• The company achieved a strong financial position, with a comfortable net cash position and improved credit ratings.

Financial highlights

• Group Adjusted EBITDA for 2024 was EUR 2.6 billion, and Adjusted Net Income was EUR 1.6 billion, both within the raised outlook but down 64% year-over-year.

• Economic net cash position at year-end 2024 was EUR 3.4 billion, up 11% year-on-year.

• Operating cash flow reached almost EUR 1.7 billion, with a cash conversion rate of roughly 85%.

• Growth investments increased by 21% to over EUR 700 million, with maintenance investments at EUR 394 million and growth investments at EUR 316 million.

• All three segments—Green Generation, Flexible Generation, and Greener Commodities—contributed to results.

Outlook and guidance

• 2025 guidance: Adjusted EBITDA expected between EUR 900 million and EUR 1.3 billion; Adjusted Net Income between EUR 250 million and EUR 550 million.

• Earnings normalization expected, with 2024 and 2023 record highs not repeatable.

• Focus on more predictable, stable earnings and continued execution of EU remedy measures.

• Investment budget for 2025 set at around EUR 1 billion, with 50% allocated to green generation.