Uniper : Interim Report January – June 2021

Performance Indicators at a Glance

Financial and Non-Financial Indicators for the Uniper Group

January 1-June 30	Unit	2021	2020	2019	2018	2017
Power purchases and owned
generation	Billion kWh	233.4	268.8	318.7	359.4	376.7
Electricity sales	Billion kWh	231.8	266.6	316.5	358.3	375.6
Gas volume sold	Billion kWh	1,158.8	1,137.6	1,105.2	1,027.8	994.8
Direct fuel-derived carbon
emissions	Million t CO2	24.5	20.6	N/A	N/A	N/A
Sales	€ in millions	41,447	19,977	33,736	35,968	37,305
Adjusted EBIT¹	€ in millions	580	691	308	601	930
For informational purposes:
Adjusted EBITDA¹	€ in millions	900	1,012	657	940	1,253
Net income/loss	€ in millions	-20	677	921	-522	1,057
Earnings per share² ³	€	-0.18	1.75	2.40	-1.49	2.64
Cash provided by operating activities
(operating cash flow)	€ in millions	346	288	-322	465	1,407
Adjusted net income4	€ in millions	485	527	189	N/A	N/A
Investments	€ in millions	341	279	240	244	294
Growth	€ in millions	186	175	145	154	192
Maintenance and replacement	€ in millions	154	104	94	90	102
Economic net debt5 6	€ in millions	3,164	3,050	2,650	2,509	2,445
Employees as of the reporting date5		11,773	11,751	11,532	11,780	12,180

¹Adjusted for non-operating effects.

²Basis: outstanding shares as of reporting date. ³For the respective fiscal year.

4Adjusted net income is used as a management indicator for the entire Group for the first time beginning in 2020. The figure for 2019 is disclosed solely for informational purposes to provide year-over-year comparability. 5Figures as of June 30, 2021; comparative figures as of December 31 of each year.

6The line item "Margining receivables" contains additional securities beginning on 30 June 2021. Economic net debt as of December 31, 2020, has been adjusted for consistency. Additional information on this topic can be found in the Financial Condition section of the Interim Report.

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External Sales Revenues

European Generation

Global Commodities

Russian Power Generation

Administration/Consolidation

Total

€45,473 million

45,47341,447 €41,447 million

€7,266 million

7,266

			€470 million	-€11,761 million
			470		-11,761

Adjusted EBIT

European Generation

Global Commodities

Russian Power Generation

Administration/Consolidation

Total

€580 million
580
€501 million
501
€272 million
272
€111 million
111
-€304 million
-304

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Contents

Interim Management Report	5
Business Model of the Group	5
Business Report	5
Industry Environment	5
Business Performance	8
Earnings	13
Financial Condition	21
Assets	24
Human Resources	25
Risk and Chances Report	26
Forecast Report	29
Non-Financial Information	31
Review Report	33
Condensed Consolidated Interim Financial Statements	34
Consolidated Statement of Income	34
Consolidated Statement of Recognized Income and Expenses	35
Consolidated Balance Sheet	36
Consolidated Statement of Cash Flows	37
Statement of Changes in Equity	38
Notes to the Condensed Consolidated Interim Financial Statements	39
Declaration of the Management Board	60
Additional Indicators	61
Financial Calendar	63

Only the German version of this Interim Report is legally binding.

Uniper applies commercial rounding. Any rounding differences existing between individual amounts and totals are accepted.

This Interim Report, and especially the Forecast Report section, contains certain forward-looking statements that are based on current assumptions and forecasts made by Uniper SE management and on other information currently available to Uniper SE management. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial condition, development or performance of the Company to differ materially from that anticipated in the estimates given here. Risks and chances of this nature include, but are not limited to, the risks specifically described in the Risk and Chances Report.

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Interim Management Report

Adjusted EBIT lower year over year; carbon hedging transactions cause earnings to be shifted towards the end of the fiscal year

Adjusted net income below prior-year period

Higher economic net debt as result of dividend payment with offsetting development of pensions and asset retirement obligations

Confirmation of full-year earnings forecast for 2021, which was raised in the first quarter of 2021

Business Model of the Group

Uniper is an international energy company with operations in more than 40 countries and with 11,773 em- ployees. Its business is the secure provision of energy and related services in an increasingly decarbonizing environment. The parent company of the Uniper Group is Uniper SE; the corporate headquarters are in Düs- seldorf, Germany. The majority shareholder of Uniper SE, with an indirect interest of more than 75 %, is For- tum Oyj, Espoo, Finland ("Fortum"). As a separate listed group, Uniper publishes its quarterly statements, its half-year interim financial statements, and its consolidated annual financial statements, all of which are also included in Fortum's respective consolidated financial statements. The majority shareholder of Fortum is the Republic of Finland.

The shares of Uniper SE are traded on the Frankfurt Stock Exchange's regulated market in its subsegment with additional post-admission obligations (the "Prime Standard") and are included in the MDAX and various MSCI equity indices.

The Uniper Group is composed of three operating business segments: European Generation, Global Com- modities, and Russian Power Generation. Combined separately under Administration/Consolidation are administrative functions that are performed centrally across segments, as well as the consolidations required to be carried out at Group level.

Business Report

Industry Environment

Energy Policy and Regulatory Environment

In April 2021, the European Parliament and the Council of the European Union reached agreement on the European Climate Law. The overriding objective of this law is to achieve climate neutrality at European level by 2050. A new target has been set for 2030 to reduce net emissions by at least 55 % compared with levels in 1990. On July 14, 2021, the European Commission published several legislative proposals to implement the EU's climate protection targets for 2030. They included, among other things, proposals on the EU Emissions Trading System and the Renewable Energy Directive, as well as in the areas of energy efficiency and energy taxation. The proposals are currently undergoing the legislative process between the European Par- liament, the European Commission and the EU member states, and are likely to be adopted in the coming years.

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