Uniper SE said Wednesday it would propose at its annual general meeting to resume dividend payments at EUR 0.72 ($0.83) per share for 2025, with chief financial officer Christian Barr saying the German power utility’s “earnings base is now stable”.
“Following the successful stabilization by the Federal Republic of Germany, we’ve reduced business risks, established an attractive and resilient portfolio and created a strong financial foundation for implementing our strategy”, chief executive Michael Lewis said in Uniper’s statement of results for 2025.
“This progress enables us, following the amendment to Germany’s Energy Supply Security Act last December, to propose to the Annual General Meeting [scheduled May 20] a dividend payment of EUR 0.72 per share. The possibility of again paying dividends is a sign of Uniper’s financial stability and a key component of its capital market viability”.
The government has retained a 99.12 percent stake in Uniper since its takeover from majority owner Fortum in 2022. The remaining is held mainly by private shareholders, Uniper says on its website. Uniper has not paid dividends since 2022.
Germany has committed to cutting its stake to a maximum of 25 percent plus one share by 2028, according to an agreement with the European Commission for the approval of the state takeover.
For 2025 Uniper reported EUR 544 million in net profit adjusted for extraordinary or nonrecurring items, compared to an adjusted net loss of EUR 7.4 billion for 2022, when it was bailed out by the government amid the energy crisis. Adjusted EBITDA for 2025 landed at EUR 1.1 billion, more than halved from EUR 2.61 billion for 2024.
“As anticipated, both earnings metrics were significantly below the company’s exceptionally good prior-year results”, Uniper said.
“The Green Generation segment’s adjusted EBITDA of EUR 626 million was significantly above its prior-year earnings of EUR 498 million”, Uniper said. “This mainly reflected provisions recorded in the fourth quarter of the previous year for asset-retirement obligations at Uniper’s nuclear power business in Sweden and for dam repairs at its hydropower business in Germany.
“Earnings at the hydropower business in Sweden were at the prior-year level, with higher electricity output offsetting the effects of lower prices. In addition, the unavailability of the Oskarshamn 3 power plant had an adverse impact on earnings.
“Earnings from pumped-storage power plants in Germany were lower year-on-year due to price factors. This was partially counteracted by higher earnings from run-of-river power plants resulting from more favorable market conditions”.
Flexible Generation adjusted EBITDA declined to EUR 596 million for 2025 from EUR 998 million for 2024. “Adverse factors included a decline in earnings on hedging transactions on the fossil trading margin and an on balance smaller generation portfolio”, Uniper said. “The latter especially reflects the decommissioning of Ratcliffe power plant in the United Kingdom and Heyden 4 in Germany, the sale of Gonyu gas-fired power plant in Hungary to implement EU remedies [bailout conditions] as well as the end of commercial operations at Staudinger 5 and Scholven B and C power plants in Germany and their transfer to grid reserve. Earnings from the settlement of legal disputes had a positive impact”.
Greener Commodities adjusted EBITDA plunged to EUR 16 million from EUR 1.5 billion for 2024. “Profitable optimization activities in the gas portfolio recorded in the past had a negative impact on the 2025 financial year”, Uniper said.
“In addition, Uniper generated no additional income on replacement procurement for undelivered Russian gas. Uniper reached an out-of-court settlement at the end of 2024 that resolved long-standing legal disputes. The settlement of the legal disputes led to a proportionate reversal of the provision created for this purpose in the fourth quarter of the 2024 financial year”.
Sales revenue totaled EUR 60.96 billion for 2025, down from EUR 69.64 billion for 2024. Electricity sales fell to 127.3 billion kilowatt hours (kWh) in 2025 from 146.6 billion kWh in 2024. Gas sales dropped to 1.12 trillion kWh in 2025 from 1.34 trillion kWh in 2024.
Uniper ended the year with a net cash position of EUR 2.82 billion.
“As anticipated, our earnings in 2025 were significantly lower than in the prior year and, when adjusted for the changes to our business portfolio, were approximately at the prior-crisis level”, Barr said. “We can’t forget that our portfolio is smaller especially due to the coal exit and implementation of EU remedies.
“Our earnings reflected the consequences of the gas crisis for the last time. Our earnings base is now stable and normalized. In a dynamic market environment, our earnings forecast for 2026 is broadly in line with the prior year”.
Uniper expects adjusted EBITDA in 2026 to land at EUR 1-1.3 billion and adjusted net income to be EUR 350-600 million.
To contact the author, email jov.onsat@rigzone.com
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