Uniper SE

Uniper reported first-half 2026 adjusted EBITDA of EUR 711 million and adjusted net income of EUR 388 million, versus EUR 379 million and EUR 135 million a year earlier. Green Generation adjusted EBITDA was EUR 302 million, down from EUR 420 million; Flexible Generation adjusted EBITDA was EUR 286 million, down from EUR 333 million; and Greener Commodities adjusted EBITDA was EUR 260 million, up from -EUR 296 million. Management said operating cash flow was almost EUR 2 billion and economic net cash was EUR 4.5 billion at mid-year. Full-year 2026 guidance was raised to adjusted EBITDA of EUR 1.1 billion-EUR 1.3 billion and adjusted net income of EUR 500 million-EUR 600 million, from prior ranges of EUR 1.0 billion-EUR 1.3 billion and EUR 350 million-EUR 600 million.

Michael Lewis framed the quarter as evidence that Uniper is more resilient after the energy crisis and better prepared for volatility. He emphasized a strategy built around security of supply, flexible generation, renewables, LNG diversification, and grid-connected sites that could also support data centers. He was upbeat but pragmatic, repeatedly stressing that Uniper has done its homework, has strong sites and partnerships, and is focused on stability rather than on the timing or structure of reprivatization, which he said is up to the German government.

Christian Barr highlighted that the first-half results were solid despite difficult operating conditions, especially in the second quarter. He pointed to the segment mix: weaker Green Generation because of the unscheduled unavailability of Oskarshamn 3 and low water flows, weaker Flexible Generation due to the absence of prior-year legal dispute settlements, and stronger Greener Commodities mainly from the gas business. He stressed the balance sheet, citing almost EUR 2 billion of operating cash flow, EUR 4.5 billion of economic net cash, and about EUR 12 billion in equity, and said the company remains investment-grade with ratings from S&P, Scope, and Fitch.

Analysts focused on the capacity auctions, asking whether Uniper has a plan B if it does not win, and management said it has other projects in the portfolio but is aiming to win both 1.7 GW projects and will not invest if the bids miss its hurdle rate. Questions also centered on reprivatization and whether Uniper could veto a breakup; Lewis said those decisions belong to the German government and management’s role is to keep the company stable. Other questions addressed gas storage, LNG market tightness, and low water levels; management said storage filling needs a market solution rather than ad hoc intervention, and that low water mainly affects hydropower while thermal generation is not currently impacted.