GERMANY: State-owned energy utility Uniper reported a sharp increase in first-half earnings, with adjusted core profit rising 88% year-on-year to €711 million ($820 million), driven by a stronger performance in its gas business and the absence of losses that weighed on results during the same period last year.
The company also reported that adjusted net profit more than doubled to €388 million, reflecting improved operating conditions across its energy portfolio. Following the stronger-than-expected performance, Uniper raised the lower end of its full-year 2026 earnings guidance, signalling growing confidence in its financial outlook despite continued volatility in European energy markets.
Improved Results Come as Germany Prepares Major Stake Sale
Uniper now expects adjusted core profit of between €1.1 billion and €1.3 billion for 2026, compared with its previous forecast of €1.0 billion to €1.3 billion. The company also lifted its adjusted net income outlook to €500 million–€600 million, up from the earlier guidance of €350 million–€600 million.
The earnings are being closely watched as the German government moves ahead with plans to reduce its majority stake in Uniper, a process that could become one of the country’s largest energy-sector transactions since the 2022 energy crisis. Berlin nationalised the company during the European gas supply crisis to stabilise Germany’s energy market, and the planned sale is expected to reshape the country’s utility sector.
The stronger financial performance is likely to support investor confidence as Germany advances preparations for the privatisation process while maintaining energy security and market stability.