In the first quarter of the 2024 financial year, Uniper reported an adjusted EBITDA of €885 million, reflecting a decline from the prior-year period figure of €991 million.
Beginning this financial year, Uniper has transitioned to reporting across three segments: green generation, flexible generation, and greener commodities, aligning with its revised strategic direction. Adjusted EBITDA has supplanted adjusted EBIT as the company’s primary financial performance metric.
The Green Generation segment posted an adjusted EBITDA of approximately €278 million, down from the prior-year earnings of €298 million. While the nuclear energy business in Sweden saw increased earnings due to successful hedging transactions and higher output, this was offset by reduced margins in the hydropower sector in Sweden and Germany stemming from lower prices.
Flexible Generation witnessed a decrease in adjusted EBITDA from €901 million in the prior year to €656 million, primarily attributable to diminished positive earnings from successful hedging transactions in the fossil portfolio, reflecting the overall decline in prices. However, lower expenses related to provisions for carbon allowances had a positive impact year-on-year.
Uniper’s direct Scope 1 carbon emissions in the first three months of 2024 amounted to 5.5 million metric tonnes, down from 6.3 million metric tonnes in the prior-year period. This decline is attributed mainly to reduced electricity output at certain coal-fired power plants in Germany, influenced by less favourable market conditions.
Greener Commodities saw an improvement in adjusted EBITDA compared to the prior year, albeit remaining negative at -€13 million, a significant improvement from the prior-year figure of -€242 million. This improvement was driven by a more positive contribution from the gas business compared to the exceptionally adverse performance in the first quarter of 2023.
Adjusted net income for the first quarter of 2024 amounted to €570 million, surpassing the prior-year figure of €458 million, primarily due to favourable interest earnings.
Uniper maintains its earnings forecast for the full-year 2024, expecting adjusted EBITDA to range between €1.5 to €2 billion and adjusted net income to range between €0.7 to €1.1 billion.
Jutta Dönges, Uniper CFO, expressed satisfaction with the company’s performance, noting positive market acknowledgment and successful financial initiatives. These include the confirmation of Uniper’s long-term credit rating by S&P and the successful early refinancing of its syndicated credit line, which was increased to €3 billion. Dönges affirmed Uniper’s confidence in meeting its earnings forecast for the 2024 financial year.
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