Uniper (UNO) Q1 2025 earnings summary

Executive summary

• Q1 2025 began with a sharp decline in adjusted EBITDA and net income, reflecting normalization after exceptional prior years and the absence of extraordinary gains from hedging and gas curtailment.

• Full-year 2025 outlook and guidance for adjusted EBITDA and net income were reaffirmed despite a challenging environment and significant government repayments.

• Maintained a strong net cash position after a €2.6 billion payment to the German government.

• Major asset disposals included the Gönyű gas plant, LIQVIS GmbH, and North American power business as part of EU state-aid remedies.

• Success in the UK capacity auction and the restart of the Öresundsverket power station supported European supply security.

Financial highlights

• Adjusted EBITDA for Q1 2025 was €-139 million, and adjusted net income was €-143 million, both down sharply year-over-year.

• Operating cash flow was negative at €-1.1 billion, mainly due to the €2.6 billion government payment.

• Economic net cash position at end of March 2025 was €2.6 billion, down from €3.4 billion at year-end 2024.

• Investments reached €177 million and divestments €268 million in Q1 2025, with renewables as the main growth driver.

• Sales increased to €21,261 million from €17,981 million in Q1 2024, mainly due to price effects.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: adjusted EBITDA €900–1,300 million; adjusted net income €250–550 million, both significantly below 2024.

• Green Generation earnings expected to improve, while Flexible Generation and Greener Commodities are anticipated to be significantly below 2024 levels.

• Direct CO2 emissions for 2025 projected to be well below 2024 levels.

• Gas midstream business expected to recover in the remainder of 2025, with normalization anticipated in 2026.

• Commodity price declines expected to reduce overall earnings.