Uniper (UNO) Q4 2025 earnings summary

Executive summary

• Achieved 2025 financial targets with adjusted EBITDA of €1,097 million and adjusted net income of €544 million, despite geopolitical uncertainties and a smaller portfolio.

• Celebrated 10th anniversary, highlighting resilience and energy security for Germany and Europe.

• Fulfilled key stabilization package obligations, improved credit profile, and set the stage for re-privatization.

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

• Advanced transformation initiatives, including new power plant projects, renewable execution, and risk reduction.

Financial highlights

• Adjusted EBITDA for 2025 was €1,097 million, down from €2,612 million in 2024.

• Adjusted net income for 2025 was €544 million, compared to €1,653 million in 2024.

• Economic net cash position at year-end was €2,823 million after repaying €2,551 million to the German government.

• Cash investments rose 30% year-over-year to €932 million, mainly for renewables and maintenance.

• Sales for 2025 totaled €60,955 million, down from €69,636 million in 2024.

Outlook and guidance

• 2026 forecast: adjusted EBITDA of €1.0–1.3 billion and adjusted net income of €350–600 million, broadly in line with 2025.

• Green Generation and Greener Commodities segments expected to improve, while Flexible Generation earnings to remain stable.

• First quarter of 2026 expected to deliver about 40% of full-year EBITDA outlook.

• Plans to invest over €2.5 billion in Germany through 2030, focusing on hydrogen-ready gas-fired power plants.

• Confident in delivering 2026 outlook, reflecting a reduced portfolio and current market environment.