Uniper (UNO) Q2 2026 (Media) earnings summary

Executive summary

• Achieved first-half 2026 adjusted EBITDA of EUR 711 million, up from EUR 379 million, and adjusted net income of EUR 388 million, both significantly above prior year levels.

• Maintains a strong balance sheet with a net cash position of EUR 4.5 billion and equity of approximately EUR 12 billion, confirming financial stability and readiness for future investments.

• Strategic focus on energy transition, resilience, and diversification, including major investments in flexible and green generation, LNG, and data center infrastructure.

• Reprivatization process is ongoing, with decisions resting with the German government.

• Strong operating cash flow of nearly EUR 2 billion in H1 2026.

Financial highlights

• Sales for H1 2026 totaled EUR 33,327 million, slightly above EUR 33,063 million in H1 2025.

• Adjusted EBITDA rose to EUR 711 million from EUR 379 million year-over-year.

• Adjusted net income increased to EUR 388 million from EUR 135 million year-over-year.

• Economic net cash position at EUR 4.5 billion, indicating a debt-free status.

• Earnings per share rose to EUR 1.32 from EUR 0.63 year-over-year.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance raised to EUR 1.1–1.3 billion (previously EUR 1.0–1.3 billion).

• Adjusted net income guidance increased to EUR 500–600 million (previously EUR 350–600 million).

• Investment-grade ratings from S&P, Scope, and Fitch (BBB-), supporting capital market access.

• EUR 5 billion planned investments by 2030, with more than half allocated to flexible generation.

• Additional investment decisions for data center projects expected in the remainder of 2026.