Q2 2024 Uniper SE Earnings Call Transcript
Key Points
- Uniper SE (UNPRF) reported a strong financial performance for the first half of 2024, with group adjusted EBITDA at EUR1.7 billion and adjusted net income at EUR1.1 billion.
- The company has successfully restored a sound balance sheet and secured access to credit markets and funding on a sustainable footing.
- Uniper SE (UNPRF) terminated long-term gas supply contracts with Gazprom Export, significantly derisking its portfolio.
- The company made considerable progress in its transformation journey, including significant investments in green power projects and battery energy storage systems.
- Uniper SE (UNPRF) raised its full-year outlook for 2024, with adjusted EBITDA now expected to be between EUR1.9 billion and EUR2.4 billion, and adjusted net income between EUR1.1 billion and EUR1.5 billion.
- The tailwind from the company's previously successful hedging strategy is fading, which could impact future financial performance.
- Despite strong half-year results, Uniper SE (UNPRF) still has to service payment obligations to the German state, with recognized provisions amounting to EUR3.4 billion.
- The company's gas midstream business saw a decline in earnings due to lower one-off gains for the procurement of Russian replacement gas volumes.
- The Greener Commodities power trading business also declined, returning to more normalized levels after a particularly positive previous year.
- Uniper SE (UNPRF) faces challenges in maintaining its earnings level in the Flexible Generation segment due to the planned exit from coal and the divestment of certain assets as required by the European Commission.
Dear ladies and gentlemen, welcome to the Uniper analyst and investor conference call, first half results 2024. At our customers' request, this conference call will be recorded.
(Operator Instructions)
May I now hand you over to the Executive Vice President, Investor Relations, Sebastian Veit, who will start the meeting today. Please go ahead.
Thank you, operator, and good morning, everyone. I am pleased to welcome you to our first half results of fiscal year 2024. Next to me on today's call are Michael Lewis, our Chief Executive Officer; and Jutta Donges, our Chief Financial Officer. Michael will start and give you an update on our key developments in the past six months of the year 2024. Jutta will then lead you through our financial performance for the first half year and the outlook for the current year.
As usual, there will be a q-and-a session at the end. And now let me hand over to Michael Lewis, please.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
