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uni per H1 2026 Interim Results Michael Lewis , CEO | Christian Barr , CFO 11 August 2026 The beating heart of energy .
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| 2 Agenda 1. Review H1 2026 2. Financial Performance & Outlook 3. Appendix
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| 3 Key highlights H1 2026 – Financially on track for the year, navigating resiliently through volatile markets €388m Adjusted Net Income H1 2026 PY €135m €4,548m Economic net cash end H1 2026 YE2025 €2,823m €711m Adjusted EBITDA H1 2026 PY €379m • Solid H1 financial performance, FY 2026 guidance confirmed, range narrowed • Credit ratings acknowledged strong financial profile – Fitch assigned a first-time issuer rating of BBB- with stable outlook; Scope & S&P confirm investment grade ratings with stable outlook • Resumption of dividend payments with a payout of €300m; €0.72 per share in May 2026 for FY 2025 • Executing our strategy focussed on flexible power generation – Decisive regulatory clarity achieved with StromVKG1 paving the way for capacity auctions in Germany • Attractive growth opportunities – Well positioned to capture data center demand growth Key messages Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 1. StromVKG – Gesetz zur Sicherung der Versorgungssicherheit Strom und zur Bereitstellung neuer Kapazitäten (Act on Safeguarding the Security of Electricity Supply and on the Provision of New Capacity).
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| 4 Enhanced financial strength and an increasingly supportive market backdrop reinforce Uniper’s strategic positioning Balance sheet significantly strengthened Financial flexibility restored Earnings resilience demonstrated Portfolio risks reduced Operating from a fundamentally stronger position Strategy aligned with structural trends DecarbonizationSecurity of supply Electrification and AI Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Positioned to invest and grow
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| 5 Focused & disciplined capital allocation – Accelerarting flexible power generation enabled by the approved StromVKG framework • Maintaining strategic direction while selectively reallocating growth capex toward flexible generation projects • Flexible Generation capex drives secured earnings contribution mainly from approved StromVKG and growing data center demand • Renewables remain central to our transition path; ambition to financially approve up to 500 MW p.a. • Build out of renewable and low-carbon gases business opportunities in line with market development Key messagesGrowth capex break down by business segment Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Flexible Generation Re-building global gas & LNG portfolio; building out renewable & low-carbon gases Green Generation Expanding renewable projects in our core markets Greener Commodities ~ € 5bn Growth capex for transformation 2025 – 2030E For a description of the Uniper segments we refer to the explanation in the Annual Report 2025 to be found under: Reports & presentations | Uniper. Participating in GER capacity auctions, UK CCS-backed power developments and the rapidly growing data center market
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| 6 Uniper strongly positioned to capture value from data center growth in Europe Data center and AI – A booming market Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 Capitalizing Uniper’s strength and asset base Uniper’s status • >10 sites in Uniper’s core markets • 3 sites in advanced development >4 Identified Uniper sites Uniper offering access to an integrated infrastructure platform, including mainly • Strategic brownfield sites & infrastructure to co-locate data centers • Existing generation assets enable early access to power and capacity for data center developments • Securing power capacity & grid connections >3 1 >2 Data center expansion a driver of power demand growth Land in combination with grid connection is the key value driver EU aims to triple data center capacity within 5 - 7 years
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| 7 Focus H2 2026 – Driving re-privatization readiness, strategic execution and efficiency Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 • Building on our strong strategic positioning to support a successful re- privatization • Upcoming StromVKG auctions in 2026 expected to unlock growth CAPEX • Experienced leadership team in place to accelerate strategy excecution and unlock value creation • Completion of cost savings program until YE 2026 with savings of ~€100m expected to take full effect as of 1st Jan 2027 Key focus areas for the remainder of 2026
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| 8 Agenda 1. Review H1 2026 2. Financial Performance & Outlook 3. Appendix
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| 9 Key financials H1 2026 – Overall solid performance Adjusted Net Income (ANI) €m • Improved Group’s Adjusted EBITDA primarily attributable to a rebound in the Gas Midstream business • The Group’s Adjusted Net Income is following the trend in operating earnings Key messagesAdjusted EBITDA €m 379 0 H1 2025 350 H1 2026 711 700 Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 135 0 H1 2025 350 700 H1 2026 388
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| 10 Key earnings drivers H1 2026 – Boosted by a rebound in the Gas Midstream business Reconciliation Adjusted EBITDA H1 2025 to H1 2026 €m Adj. EBITDA H1 2026 Other Flexible Generation Green Generation Greener Commodities Adj. EBITDA H1 2025 711 0 500 379 1,000 • Greener Commodities rebounded, as negative optimization spillover effects from the past were fully digested in 2025 figures; LNG with strong contribution, despite a y-o-y decline • Green Generation weighted by weak GER hydro conditions and unplanned outage throughout 2nd quarter mainly at OKG3 nuclear plant; partially offset by higher achieved power prices in the Nordics • Flexible Generation with solid operative result thanks to higher UK capacity market payments and improved hedge result, largely offsetting lower volumes • Other primarily burdened by FX-effects Key messages H1 2026 Presentation, 11 August 2026Review H1 2026 | Financial Performance & Outlook I Appendix
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| 11 Adjusted Net Income H1 2026 – Solid level on the back of a good operational performance 1. Including operating other financial result. Reconciliation Adjusted EBITDA H1 2026 to Adjusted Net Income H1 2026 €m Adj. EBITDA H1 2026 Economic D&A Adj. EBIT H1 2026 Economic interest Tax on operating result Minorities on operating result ANI H1 2026 711 455 388 0 400 800 -129 -256 56 • Lower economic interest result due to accretion of provisions and lower interest rate on cash, partially offset by lower commitment fees due to termination of the KfW credit facility at the end of FY 2025 • Only marginal change in depreciation & amortization versus prior year • Tax rate on operating result slightly declined to 25.3% Key messages 1 6 Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 12 Operating cash flow H1 2026 – Elevated by seasonal working capital effects and slow gas refilling Reconciliation Adjusted EBITDA H1 2026 to operating cash flow H1 2026 €m • Significant provision utilization, including cash payments related to previously realized attachment rigths • Lower working capital requirements, mainly due to seasonal gas withdrawals and moderate refilling plus cash-in of wholesale & power receivables • Other positively affected by a compensation settlement from the Dutch government • OCF expected to be front- loaded in 2026 inter alia through re-build of gas inventories and wholesale & power receivables Key messages Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 -410 1,131 583 44 37 -115 2,060 1,982 711 Adj. EBITDA H1 2026 Non-cash eff. EBITDA Provision utilization Working capital Other OCFbIT H1 2026 Interest Taxes OCF H1 2026 0 1,250 2,500
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| • Financial position remains comfortably healthy, providing a strong foundation for future growth investments • Seasonal driven operating cash flow as main driver for the raised economic net cash position • Investments comparatively low with spending expected to be back-end loaded, reflecting potential German capacity auction awards • Resumption of dividend payments with €0.72 per share in May 2026 for FY 2025 • Overall lower net provisions for pensions and asset retirement obligations Key messages 13 Economic net debt H1 2026 – Continued excellent net cash position Reconciliation economic net cash YE 2025 to H1 2026 €m 2,823 4,548 Economic net cash YE 2025 OCF Investments Divestments Dividends Other effects Economic net cash H1 2026 6,000 3,000 0 H1 2026 Presentation, 11 August 2026Review H1 2026 | Financial Performance & Outlook I Appendix 1,982 -300 -300 7 336
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| 14 Outlook for FY 2026 – Fully on track 1,000 1,100 1,300 1,300 0 500 1,000 1,500 Old FY 2026E New FY 2026E Adjusted EBITDA €m • FY outlook 2026 confirmed; range for Adj. EBITDA and ANI narrowed • Slightly raised outlook for Flexible Generation driven by improved margins in NL and upsides from optimization gains in GER • Green Generation impacted by longer nuclear outage and negative volume effects in hydro which are partly compensated by elevated Nordic prices • Limited contributions from Greener Commodities expected in H2; 2026 characterized by front-loaded earnings patterns caused by market conditions Key messagesAdjusted Net Income (ANI) €m Green Generation Slightly below PY Flexible Generation Noticably above PY Greener Commodities Significantly above PY Adjusted EBITDA1 By segment 350 500 600 600 0 500 1,000 1,500 Old FY 2026E New FY 2026E 1. Administration and Consolidation significantly below PY. Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 15 Agenda 1. Review H1 2026 2. Financial Performance & Outlook 3. Appendix
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| 16 Commodity prices 1. Gas: TTF one-year forwards; 2. EU Allowances (EUA): December current year prices; 3. Electricity: Germany peak and base load one-year forwards and UK peak and base load one-season forwards, Nordic one-year forwards 4. Clean spark spreads: Germany peak load one-year forwards and UK peak load one-season forwards. Source: Uniper, prices shown until 31 July 2026. Gas price1 €/MWh Spark spreads4 €/MWh and £/MWh Electricity prices3 €/MWh and £/MWh CO2 price2 €/t CO2 0 25 50 75 100 Jan 24 Nov 24 Sep 25 Jul 26 -40 -20 0 20 40 Jan 24 Nov 24 Sep 25 Jul 26 CSS GER CSS UK 0 15 30 45 60 Jan 24 Nov 24 Sep 25 Jul 26 0 30 60 90 120 Jan 24 Nov 24 Sep 25 Jul 26 Peak Power GER Power Base GER Peak Power UK Power Base UK Power Nordics Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 17 Operating indicators 1. Sources: Uniper storage platform, AGSI transparency platform. 2. Accounting view. Coal-fired generation includes co-feed biomass in H1 2026: 0.58 TWh (H1 2025: 0.41 TWh). 62% 52% 30 June 2025 30 June 2026 FY 2023 FY 2024 21.65 18.56 1.78 6.04 H1 2025 H1 2026 6.3 5.1 FY 2023 FY 2024 H1 2025 H1 2026 Greener Commodities Gas storage filling1 % Green & Flexible Generation Production volume2 TWh Group carbon emissions Scope-1 Mt CO2e 2.92 6.78 -10% points -14% -19% 9.52 8.22 2.44 2.53 Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 18 Electricity generation – Volumes 1. Hydro Germany’s net electricity generation includes net pumped-storage-related water flows. 2. Includes biofuel and fuel oil-based electricity generation. 3 Coal-fired generation incl. co-feed biomass, H1 2026: 0.58 TWh (H1 2025: 0.41 TWh). Note: Deviations may occur due to rounding. TWh H1 2026 Pro-rata view H1 2025 Pro-rata view H1 2026 Accounting view H1 2025 Accounting view Hydro Subtotal 5.98 6.77 6.04 6.78 Germany1 1.75 1.86 2.22 2.34 Sweden 4.24 4.91 3.81 4.44 Nuclear Sweden 4.30 5.27 1.78 2.92 Gas2 Subtotal 7.72 9.08 8.22 9.52 Germany 2.58 2.62 2.96 2.95 United Kingdom 4.61 5.99 4.69 6.06 Netherlands 0.45 0.46 0.46 0.47 Sweden 0.08 0.01 0.11 0.03 Hard coal Subtotal 2.33 2.40 2.53 2.44 Germany 0.00 0.48 0.00 0.50 Netherlands3 2.33 1.91 2.53 1.94 Total 20.33 23.52 18.56 21.65 Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 19 Outright power hedging in Germany and Nordic – Physical asset positions 1. Power purchase agreements (PPAs), contracts for differences and guarantees of origin are included. 2. Includes achieved prices and volumes for the reporting period. Hedged prices and hedge ratios Germany1 TWh 2 6 4 0 8 FY 2028FY 2027FY 2026FY 2025 Hedged prices and hedge ratios Nordics1 TWh FY 2025 FY 2026 FY 2027 FY 2028 7 21 14 0 28 100% 90% 70% 55%XXX 130 91 86 80XXX 100% 85% 55% 35% 38 43 39 38€/MWh Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 2 2
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| 20 Adjusted EBITDA – Main earnings drivers by segment • Gas Midstream: Negative optimization spillover effects from the past fully digested in 2025 figures; LNG with good, but lower margins • Power & Other: Weak result Greener Commodities • Hydro: Nordics achieved higher prices while volumes declined; GER with lower volumes and realized prices • Nuclear: Higher realized prices; volume down due to unplanned outages mainly Oskarshamn 3 • Renewables: In ramp-up mode with low negative contribution Green Generation • Gas-fired generation: Lower volumes; lower margins, attributable to falling prices and unavailability at Irsching site; higher contribution from UK capacity market • Coal-fired generation: Decline in generation volumes Flexible Generation 420 302 200 0 400 H1 2026H1 2025 €m €m €m Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026 333 286 200 0 400 H1 2026H1 2025 0 -400 H1 2026H1 2025 -296 260400
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| 21 Adjusted EBITDA and Adjusted EBIT by segment €m Q1 2026 Q2 2026 H1 2026 H1 2025 Adjusted EBITDA 407 304 711 379 Green Generation 250 52 302 420 Flexible Generation 156 130 286 333 Greener Commodities 66 194 260 -296 Administration / Consolidation -66 -71 -137 -79 Depreciation & Amortization -129 -128 -256 -271 Green Generation -37 -36 -74 -67 Flexible Generation -58 -58 -116 -135 Greener Commodities -29 -28 -57 -59 Administration / Consolidation -5 -5 -10 -10 Adjusted EBIT 278 177 455 108 Green Generation 214 15 229 353 Flexible Generation 98 73 171 198 Greener Commodities 37 165 203 -355 Administration / Consolidation -71 -76 -147 -88 H1 2026 Presentation, 11 August 2026Review H1 2026 | Financial Performance & Outlook I Appendix
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| 22 Reconciliation of income/loss before financial results & taxes to Adjusted EBIT/DA €m H1 2026 H1 2025 Income / loss before financial results and taxes 441 284 Net income / loss from equity investments 6 1 Depreciation, amortization and impairments charges / reversals 302 288 Economic depreciation and impairments charges / reversals 256 271 Impairment charges / reversals 45 17 EBITDA (for informational purpose) 748 574 Non-operating adjustments -37 -195 Net book gains (-) / losses (+) -11 -27 Impact of derivative financial instruments -275 214 Adj. of revenue & cost of materials from physically settled commodity derivatives to contract price 341 -554 Restructuring / cost-management expenses (+) / income (-) 6 18 Miscellaneous other non-operating earnings -97 154 Adjusted EBITDA 711 379 Economic depreciation and impairments charges / reversals -256 -271 Adjusted EBIT (for informational purpose) 455 108 Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 23 Reconciliation of Adjusted EBITDA to Adjusted Net Income (ANI) €m H1 2026 H1 2025 Adjusted EBITDA 711 379 Economic depreciation and amortization charges / reversals -256 -271 Adjusted EBIT 455 108 Economic interest result 25 54 Economic other financial results 31 29 Adjusted EBT 511 191 Income taxes on operating earnings -129 -51 Less non-controlling interests in operating earnings 6 -5 Adjusted net income (ANI) 388 135 Tax rate on adjusted EBT 25.3% 26.5% Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 24 Cash-effective investments €m H1 2026 H1 2025 Green Generation 165 172 Flexible Generation 74 148 Greener Commodities 46 63 Administration / Consolidation 15 14 Total 300 397 thereof Growth 119 169 thereof Maintenance and replacement 181 228 Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 25 Economic net debt €m June 30, 2026 Dec. 31, 2025 Financial liabilities and liabilities from leases (+) 1,663 1,620 Commercial paper (+) 294 354 Liabilities to banks (+) 30 29 Lease liabilities (+) 765 743 Margining liabilities (+) 135 52 Liabilities from shareholder loans towards co-shareholders (+) 381 396 Other financing (+) 59 46 Cash and cash equivalents (-) 6,039 4,767 Current fixed-term deposits and securities (-) 1,240 749 Non-current securities (-) 176 150 Margining receivables (-) 624 954 Net financial position -6,416 -5,002 Net provisions for pensions and similar obligations (+) -83 50 Net provisions for asset retirement obligations (+) 1,952 2,129 Other asset retirement obligations (+) 747 772 Asset retirement obligations for Swedish nuclear power plants (+) 3,547 3,736 Receivables from the Swedish Nuclear Waste Fund recognized on the balance sheet (-) 2,343 2,379 Economic net debt (+) / Net cash position (-) -4,548 -2,823 Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 26 10 November 2026 Quarterly Statement: January - September 2026 10 March 2027 Annual Report 2026 Financial calendar Review H1 2026 | Financial Performance & Outlook I Appendix
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| 27 For more information Uniper Investor Relations Website Visit us here Q1 2026 Presentation, 12 May 2026 Energy.Uniper App You can download the Uniper Investor Relations App here Review H1 2026 | Financial Performance & Outlook I Appendix Energy.Uniper App You can download the Uniper Investor Relations App here
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| 28 Contact your Investor Relations Team Sebastian Veit Head of Investor Relations (EVP) M +49 151 5504 9337 sebastian.veit@uniper.energy Sabine Burkhardt Assistant Investor Relations M +49 151 1751 5357 sabine.burkhardt@uniper.energy Peter Wirtz Manager Investor Relations M +49 160 529 1264 peter.wirtz@uniper.energy Eva Götze Manager Investor Relations M +49 171 814 2018 eva.goetze@uniper.energy Silvia Spisla Manager Investor Relations M +49 151 5415 9352 silvia.spisla@uniper.energy Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026
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| 29 Disclaimer This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or the "Company") that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purposes. By accessing this document, you agree to abide by the limitations set out in this document. This document is being presented solely for informational purposes and should not be treated as giving investment advice. It is not, and is not intended to be, a prospectus, and is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities and should not be used as the sole basis of any analysis or other evaluation and investors should not subscribe for or purchase any shares or other securities in the Company on the basis of or in reliance on the information in this document. Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent the current beliefs of applicable members of management of Uniper. Those management members believe that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete. We advise you that some of the information presented herein is based on statements by third parties, and that no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Certain statements contained herein may be statements of future expectations and other forward-looking statements that are based on the Company’s current views and assumptions and involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those expressed or implied in such statements. No one undertakes to publicly update or revise any such forward-looking statement. Neither Uniper nor any of their respective officers, employees or affiliates nor any other person shall assume or accept any responsibility, obligation or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein. In giving this presentation, neither Uniper nor its respective agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information. This presentation contains certain financial measures (including forward-looking measures) that are not calculated in accordance with IFRS and are therefore considered as "Non-IFRS financial measures". The management of Uniper believes that the Non-IFRS financial measures used by Uniper, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance an understanding of Uniper's results of operations, financial position or cash flows. A number of these Non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of Uniper and other companies with which Uniper competes. These Non-IFRS financial measures should not be considered in isolation as a measure of Uniper's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, net income and the other income or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with our use of Non-IFRS financial measures, including the limitations inherent in our determination of each of the relevant adjustments. The Non-IFRS financial measures used by Uniper may differ from, and not be comparable to, similarly-titled measures used by other companies. Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts. Review H1 2026 | Financial Performance & Outlook I Appendix H1 2026 Presentation, 11 August 2026