Uniper (UNO) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for H1 2026 nearly doubled year-over-year to €711 million, with adjusted net income at €388 million, reflecting strong operational performance and improved market conditions.

• Net income reached €557 million, more than doubling from €267 million in the prior-year period, with earnings per share at €1.32.

• Economic net cash position improved to €4,548 million at June 2026, up from €2,823 million at year-end 2025, supported by strong operating cash flow of €1,982 million.

• Dividend payments resumed, with €0.72 per share (€300 million) paid in May 2026, marking the first distribution since 2022.

• Strategy execution focused on flexible and low-carbon generation, portfolio diversification, and leveraging regulatory clarity from StromVKG for capacity auctions in Germany.

Financial highlights

• Sales for H1 2026 totaled €33,327 million, with higher gas trading volumes offsetting lower power generation.

• Adjusted EBIT increased to €455 million from €108 million year-over-year.

• Depreciation, amortization, and impairment charges totaled €309 million, with €53 million in impairments.

• Operating cash flow was nearly €2 billion in H1 2026, driven by seasonal working capital effects and a €165 million compensation settlement from the Dutch government.

• Investments in H1 2026 totaled €300 million, with €119 million for growth and €181 million for maintenance.

Outlook and guidance

• FY 2026 guidance narrowed and raised: adjusted EBITDA expected at €1.1–1.3 billion and adjusted net income at €500–600 million.

• Over 60% of full-year earnings outlook already secured.

• Green Generation segment expected to deliver slightly below prior-year EBITDA due to lower hydropower inflows and nuclear outages, while Flexible Generation and Greener Commodities are forecasted to outperform prior-year EBITDA.

• Full-year cash conversion expected below 100% due to seasonal effects and gas inventory rebuild.

• Additional investment decisions and clearer CapEx plans expected in H2 2026.