Uniper (UNO) AGM 2026 summary

Opening remarks and agenda

• AGM marked the first concrete dividend proposal in four years and celebrated the company's 10th anniversary, reflecting on a decade of overcoming existential challenges and achieving greater stability and strategic clarity.

Financial performance review

• 2025 saw normalized earnings with adjusted EBITDA of EUR 1.097 billion and net income of EUR 544 million, closing the chapter on the 2022 gas crisis.

• Portfolio streamlining continued, with major asset sales completed and a strong liquidity position of EUR 5.5 billion at year-end 2025.

• Full repayment of state aid and KfW credit line, resulting in a positive net cash position and debt-free status.

• Q1 2026 started strong with adjusted EBITDA of EUR 407 million and net income of EUR 231 million.

• 2026 earnings forecast: adjusted EBITDA EUR 1.0–1.3 billion, net income EUR 350–600 million.

Board and executive committee updates

• Introduction of new CFO Christian Barr and Chief People and Transformation Officer Fabienne Twelemann, both joining in November 2025.

• Supervisory Board changes included the election of Armin von Falkenhayn and new employee representatives Rolf Wiegand and Martin Krimphove.

• Chief Commercial Officer Carsten Poppinga stepped down; succession process underway.