Nationalized energy giant Uniper has started the year in the black. The company announced on Tuesday that it generated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 407 million euros and an adjusted net profit of 231 million euros in the first quarter. In the same period last year, Uniper was still recording losses. 'The operating business is currently proving stable due to the consistent reduction of risks, even in times of high price volatility on the energy markets resulting from the conflict in the Middle East,' the Duesseldorf-based group stated. CEO Michael Lewis emphasized that Uniper does not source liquefied natural gas from the Middle East. The group confirmed its full-year forecast, which CFO Christian Barr said remains valid even in the event of continued volatility in the energy markets.
The federal government intends to initiate the reprivatization of Uniper shortly, insiders told Reuters. The state rescued Germany's largest gas supplier from imminent bankruptcy in 2022, triggered by the cessation of Russian gas deliveries. The EU Commission approved the bailout on the condition, among others, that the federal government reduce its stake in Uniper to 25 percent plus one share by the end of 2028.
(Reporting by Matthias Inverardi, edited by Myria Mildenberger. For inquiries, please contact our editorial office at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
