Uniper Cuts FY25 Guidance Amidst Ongoing Challenges

Uniper has lowered its FY25 guidance.

Uniper, a leading energy company, has recently reaffirmed its full-year forecast for 2025 while narrowing the range for key performance indicators (KPIs). The company expects adjusted EBITDA to fall within €1 to €1.3 billion, a reduction from its previous forecast of €0.9 to €1.3 billion. Adjusted net income is projected to be between €350 million and €550 million, down from the previous range of €250 to €550 million [1].

Uniper's decision to refine its forecast comes amid a challenging market environment and regulatory delays. The company has initiated cost-efficiency measures, including a reduction of 400 positions in its personnel planning, to navigate these challenges. Uniper CEO Michael Lewis noted that the delay in the auction process for new gas-fired power plants in Germany and the slower-than-expected ramp-up of the hydrogen economy have necessitated a more focused strategic approach [1].

The company's transformation strategy, which aims to maintain its leading role in providing reliable energy supply, remains on track. Uniper plans to invest around €8 billion by the early 2030s, with a significant portion of this investment allocated to its Green Generation and Flexible Generation segments. The company aims to have 15 to 20 gigawatts of power generating capacity by 2030, with at least 50% of this capacity being renewable, low-carbon, or decarbonizable [1].

Uniper's financial performance in the first half of 2025 reflected these market conditions. The company reported adjusted EBITDA of €379 million, significantly below the prior-year figure of €1,743 million. Adjusted net income was €135 million, down from €1,138 million in the prior year [1].

Despite these challenges, Uniper's net cash position remains significant. The company's net cash position of €3,256 million at the end of the first half of 2025 reflects its strong liquidity position and financial performance in 2024 [1].

In a positive development, Uniper's stand-alone credit profile has been upgraded by both S&P Global Ratings and Scope rating agencies. S&P Global Ratings upgraded Uniper's SACP from bb to bb+ and reduced the uplift from government support by one notch. Scope rating agency also upgraded Uniper's SACP from bb+ to bbb− and raised its corporate credit rating to BBB with a stable outlook [1].

Uniper's progress in implementing EU remedies is also noteworthy. The company has made significant strides in divesting assets as required by the European Commission's state-aid decision. In early July, Uniper sold its 18.26% stake in AS Latvijas Gaze to Energy Investments SIA. In August, Uniper Wärme GmbH was sold to Iqony Fernwärme GmbH, part of Steag Iqony Group [1].

References:
[1] https://www.marketscreener.com/news/uniper-press-release-a-business-performance-h1-2025-ce7c5edede8cf426