Berlin — Uniper boosted its 2024 outlook on Wednesday after beating first-half expectations, lifting shares in the German utility by more than 4%.
After being bailed out by the government in 2022, Uniper re-emerged from the European energy crisis with billions in profit last year, helped by rising energy prices and allowing it to begin repaying some of the aid that secured its survival.
Uniper now expects 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in a range of 1.9 to 2.4 billion euros ($2.06-$2.60 billion), according to a company statement, up from a previously forecast range of 1.5 to 2 billion.
Adjusted net income for the full year is now seen between 1.1 and 1.5 billion euros, versus a previously expected range of between 700 million and 1.1 billion.
Uniper’s improved targets are still significantly below its 2023 results, when more favourable price developments and successful hedging in coal- and gas-fired power generation helped the company swing to an adjusted pre-tax profit of 6.3 billion euros.
Wholesale power and gas prices have normalised in recent months after rising sharply in the wake of the Ukraine war.
Germany’s RWE and France’s EDF have also flagged lower profit this year.
For the first half of 2024, Uniper reported adjusted EBITDA of 1.7 billion euros, down from 4.1 billion a year prior, and adjusted net income of 1.1 billion euros, down from 2.5 billion in the same period of 2023.
Detailed results for the first half of the year are expected on Aug. 8.
($1 = 0.9237 euros)
Editing by Kirsti Knolle and David Evans – Reuters
