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Uniper
(XETRA:UN0)
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Rating:65Neutral
Price Target:
€49.00
▲(5.04% Upside)
Action:Reiterated
Date:08/19/26
The score is supported by a constructive earnings update (raised FY2026 guidance, stronger H1 profitability, improved liquidity/net cash and investment-grade ratings) and positive technical trend signals. These are tempered by mixed underlying financial quality—negative operating margins despite positive net income—and volatile/weakening free cash flow, with valuation reasonable but not strongly compelling given the modest dividend yield.
Positive Factors
Strong balance sheet and investment-grade access
Net cash and investment-grade ratings provide financial resilience, lower refinancing risk and better access to capital. This supports Uniper’s ability to fund generation, storage and transition investments through changing energy-market conditions.
Negative Factors
Weak and unstable core operating margins
Negative operating margins suggest reported earnings are not yet consistently supported by core operations. This weakens earnings quality and leaves results vulnerable if below-the-line benefits or favorable trading effects fade.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and investment-grade access
Net cash and investment-grade ratings provide financial resilience, lower refinancing risk and better access to capital. This supports Uniper’s ability to fund generation, storage and transition investments through changing energy-market conditions.
Read all positive factors
Uniper (UN0) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€19.39B
Dividend Yield1.55%
Average Volume (3M)4.48K
Price to Earnings (P/E)11.5
Beta (1Y)0.60
Revenue Growth-13.74%
EPS GrowthN/A
CountryDE
Employees7,094
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)4.04
Shares Outstanding416,475,340
10 Day Avg. Volume5,252
30 Day Avg. Volume4,482
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.15
Price to Sales (P/S)0.22
P/FCF Ratio-8.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€35.00Price Target Upside-24.97% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)1.3
Revenue Forecast (FY)€59.39B
Uniper Business Overview & Revenue Model
Company Description
Uniper SE operates as an energy company in Germany, the United Kingdom, Sweden, the rest of Europe, and internationally. It operates through Green Generation, Flexible Generation, and Greener Commodities segments. The Green Generation segment oper...
How the Company Makes Money
Uniper makes money primarily through (1) commodity trading and optimization, (2) generation and dispatch of electricity and heat, and (3) structured supply and risk-management services for customers.
1) Energy trading, procurement, and optimizati...
Uniper Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presented materially improved financial results (large YoY increases in adjusted EBITDA and net income), a strong cash and liquidity position (net cash EUR 4.5bn), upgraded guidance, a sizeable multi-year investment plan, new long-term supply contracts, and a ratings milestone — all clear positives. Offsetting these are operational challenges in Green and Flexible Generation (notably the Oskarshamn 3 outage and low hydrological flows), construction and auction execution risks for planned hydrogen-ready plants, gas storage refill headwinds tied to market backwardation, and geopolitical-driven price volatility. On balance, the positive financial momentum, strengthened balance sheet, upgraded guidance and strategic positioning outweigh the operational and market headwinds highlighted during the call.Positive Updates
Strong H1 Financial Performance
Adjusted EBITDA of EUR 711 million in H1 2026, up from EUR 379 million a year earlier (approximately +87.6%). Adjusted net income of EUR 388 million, up from EUR 135 million a year earlier (approximately +187.4%).
Negative Updates
Green Generation Earnings Decline
Green Generation adjusted EBITDA fell to EUR 302 million in H1 2026 from EUR 420 million a year earlier (a decline of EUR 118 million, approximately -28.1%), driven primarily by the unscheduled unavailability of the Oskarshamn 3 nuclear plant from February until July 10 and weak hydrological conditions in parts of Scandinavia and Germany.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong H1 Financial Performance
Adjusted EBITDA of EUR 711 million in H1 2026, up from EUR 379 million a year earlier (approximately +87.6%). Adjusted net income of EUR 388 million, up from EUR 135 million a year earlier (approximately +187.4%).
Read all positive updates
Company Guidance
Uniper reaffirmed and tightened its 2026 guidance after a strong H1: adjusted EBITDA of €711m and adjusted net income of €388m (H1 2025: EBITDA €379m, net income €135m), with operating cash flow of ~€2bn and an economic net cash position of €4.5bn (roughly €12bn equity); full‑year 2026 targets were raised to adjusted EBITDA €1.1–1.3bn (vs prior €1.0–1.3bn) and adjusted net income €500–600m (vs prior €350–600m). Segment H1 results were Green Generation EBITDA €302m (prior €420m), Flexible Generation €286m (prior €333m) and Greener Commodities €260m (prior -€296m). Strategic metrics include planned growth investment of ~€5bn to 2030 (more than half to Flexible Generation, ~1/3 to Green Generation), two hydrogen‑ready CCGTs totalling ~1.7 GW to be bid in Sept/Dec auctions with in‑service target ~2031, a 2 mtpa LNG contract for up to 20 years with Ksi Lisims, Häppurg pumped storage 160 MW (€250m, reconnect by 2028), +54 MW Ume River hydro, an ambition to decide ~500 MW p.a. of wind/solar and to expand the gas portfolio to 250–300 TWh; Fitch assigned a first issuer rating of BBB‑ and all three agencies now view Uniper as investment grade.Uniper Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
72
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 61.22B | 60.95B | 69.64B | 107.92B | 274.12B | 162.97B |
| Gross Profit | 635.00M | 1.11B | 5.37B | 2.72B | -4.63B | 4.70B |
| EBITDA | -3.87B | 894.00M | 3.39B | 8.24B | -11.40B | -3.75B |
| Net Income | 1.69B | 1.40B | 297.00M | 6.31B | -19.00B | -4.17B |
Balance Sheet | ||||||
| Total Assets | 33.96B | 35.87B | 38.49B | 54.96B | 146.92B | 157.48B |
| Cash, Cash Equivalents and Short-Term Investments | 7.28B | 5.52B | 6.73B | 4.26B | 4.63B | 2.97B |
| Total Debt | 1.66B | 1.62B | 1.90B | 1.85B | 11.94B | 8.97B |
| Total Liabilities | 21.46B | 23.81B | 27.95B | 44.52B | 142.53B | 150.69B |
| Stockholders Equity | 12.32B | 11.89B | 10.38B | 10.21B | 4.19B | 6.30B |
Cash Flow | ||||||
| Free Cash Flow | 805.00M | -1.59B | 984.00M | 5.99B | -15.60B | 3.04B |
| Operating Cash Flow | 1.54B | -814.00M | 1.67B | 6.55B | -15.08B | 3.62B |
| Investing Cash Flow | 208.00M | 322.00M | -432.00M | 3.09B | 1.23B | -7.52B |
| Financing Cash Flow | -422.00M | -318.00M | 1.00M | -10.12B | 15.95B | 6.56B |
Uniper Technical Analysis
Positive
46.65
Price Trends
43.80
Positive
44.06
Positive
39.50
Positive
Market Momentum
0.75
Negative
58.64
Neutral
73.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:UN0, the sentiment is Positive. The current price of 46.65 is above the 20-day moving average (MA) of 45.06, above the 50-day MA of 43.80, and above the 200-day MA of 39.50, indicating a bullish trend. The MACD of 0.75 indicates Negative momentum. The RSI at 58.64 is Neutral, neither overbought nor oversold. The STOCH value of 73.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:UN0.
Uniper Peers Comparison
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DE:UN0
Uniper
46.55
10.50
29.12%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.