(Sharecast News) - Uniper reaffirmed its full-year guidance on Tuesday after swinging to a first-quarter profit, as a stronger gas trading performance and improved risk management helped shield the German state-owned utility from renewed volatility in energy markets.
The company reported adjusted EBITDA of €407m for the first quarter, compared with a loss of €139m a year earlier.

Adjusted net income was €231m, against a loss of €143m in the prior-year period.

Uniper said the performance was in line with management expectations and gave it a solid foundation for the rest of the year.

Uniper kept its 2026 forecast unchanged, expecting adjusted EBITDA of €1.0bn to €1.3bn and adjusted net income of €350m to €600m.

"Our performance in the first quarter of 2026 lays a good foundation for the rest of the year and for achieving our earnings forecast," said chief financial officer Christian Barr.

"Even if energy markets remain volatile due to ongoing geopolitical tensions, we're confident that we'll meet our earnings forecast for full-year 2026."

The improvement was driven largely by the Greener Commodities division, which includes the gas business.

The unit posted adjusted EBITDA of €66m, compared with a €492m loss a year earlier, as negative effects from past multi-year optimisation activities no longer weighed on results.

Bloomberg said the trading arm returned to profit as the gas business improved and was largely insulated from Middle East supply disruption.

Uniper said it was now more resilient to extreme market movements following systematic risk reduction.

The company, which required a German government rescue during the 2022 energy crisis after being forced to buy replacement gas at soaring prices, said its current procurement position left it better placed to manage the latest volatility linked to the Iran war.

"Uniper is more resilient to extreme market movements than in the past," said chief executive Michael Lewis.

"We don't currently source any LNG from the Middle East. Our broadly diversified gas and LNG procurement portfolio is well positioned to withstand geopolitical risks and the resulting market fluctuations.

"This enables us to help bolster Europe's security of supply."

European gas prices have been volatile since the war in Iran began, with Bloomberg reporting that prices more than doubled in a few weeks before easing, while still seeing sharp intraday swings on headlines around peace talks and signals from Washington and Tehran.

Lewis told analysts that Uniper was not seeking primarily to profit from the volatility, but was "first and foremost managing the risks that arise from it and ensuring that we deliver our forecasted numbers."

Green Generation adjusted EBITDA was broadly stable at €250m, compared with €246m a year earlier.

Uniper said its Swedish hydro and nuclear operations benefited from higher power prices, especially in northern regions, after lower wind generation and dry weather in Scandinavia.

That was partly offset by the unscheduled unavailability of the Oskarshamn 3 nuclear plant and lower-than-expected water flows in German hydropower.

Flexible Generation adjusted EBITDA was also broadly unchanged at €156m, compared with €161m a year earlier, despite a smaller portfolio and lower output.

The division was supported by higher income from the UK capacity market.

Uniper said its financial position improved during the quarter, supported mainly by strong operating cash flow of €1.59bn.

Its economic net cash position remained high at €4.39bn.

Reporting by Josh White for Sharecast.com.

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