Uniper Reiterates Guidance After Profit Slumps as Expected

By Christian Moess Laursen

German energy company Uniper stuck to its guidance for the year after adjusted income dropped as expected in the first half.

The Dusseldorf-based company said Thursday that net income fell to 880 million euros ($961.2 million) in the half-year from EUR2.69 billion in the same period last year.

Its green generation unit performance was strong, reporting an increase in adjusted earnings before interest, taxes, depreciation and amortization as its nuclear business in Sweden benefited from improved prices and higher electricity output, Uniper said.

The flexible generation segment, however, recorded a 39% fall in adjusted Ebitda due to a decline in fossil-fuel prices.

Uniper confirmed a prereleased net income excluding exceptional and one-off items of EUR1.11 billion, down from EUR2.49 billion, and adjusted Ebitda of EUR1.74 billion, down from EUR4.11 billion.

The company reiterated full-year guidance, which it upgraded last week. It is targeting between EUR1.9 billion and EUR2.4 billion in adjusted Ebitda and between EUR1.1 billion and EUR1.5 billion in adjusted net income.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

August 08, 2024 02:15 ET (06:15 GMT)

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