Uniper (UNO) Q4 2025 (Media) earnings summary

Executive summary

• Celebrated 10th anniversary, highlighting a decade of transformation and resilience amid geopolitical and energy market upheavals.

• Achieved 2025 financial targets with adjusted EBITDA of EUR 1.097 billion and adjusted net income of EUR 544 million, despite geopolitical uncertainties and a smaller portfolio.

• Resumed dividend payments, proposing EUR 0.72 per share for 2025, reflecting improved financial stability.

• Significant progress in risk reduction, balance sheet restructuring, and capital market viability.

• Major progress in portfolio diversification, decarbonization, and capital market readiness.

Financial highlights

• Adjusted EBITDA for 2025: EUR 1.097 billion, down from EUR 2.612 billion in 2024.

• Adjusted net income for 2025: EUR 544 million, compared to EUR 1.653 billion in 2024.

• Economic net cash position of EUR 2.823 billion after repaying EUR 2.551 billion to the government.

• Sales for 2025 totaled EUR 60.955 billion, down from EUR 69.636 billion in 2024.

• Operating cash flow for 2025 was negative at EUR -814 million.

Outlook and guidance

• 2026 guidance: Adjusted EBITDA between EUR 1.0–1.3 billion; adjusted net income EUR 350–600 million.

• Earnings base considered stable and normalized, with 2026 performance expected broadly in line with 2025.

• Scope 1 emissions expected to decline further in 2026 due to asset sales and decommissioning.

• Focus on growth, resilience, and capital market viability.