Uniper Expects Profit Decline on Falling Energy Prices

By Helena Smolak

Uniper returned to profitability last year but expects lower earnings in 2024 due to an estimated decline in energy prices that has also clouded the forecast of its European peers.

The German gas importer said Wednesday that it expects adjusted earnings before interest, taxes, depreciation, and amortization in 2024 of 1.5 billion euros ($1.63 billion) to EUR2 billion and an adjusted net profit between EUR0.7 billion to EUR1.1 billion.

Uniper's full-year results for 2023 were within the range of its preliminary figures, reported on Feb. 15. It posted an adjusted net profit of EUR4.43 billion euros from a loss of EUR7.40 billion in the prior year.

Uniper booked a provision of EUR2.2 billion for 2023 for a payment to the German government for aid it received at the height of the energy crisis after Russian gas sources were curtailed in 2022, due in early 2025.

The company booked an adjusted earnings before interests and taxes of EUR6.37 billion from an adjusted EBIT loss of EUR10.88 billion in the year earlier, buoyed by hedging transactions in the area of electricity generation from coal and gas-fired power plants and in the gas midstream business.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

February 28, 2024 02:44 ET (07:44 GMT)

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