Uniper Quarterly Statement January – September 2021

Performance Indicators at a Glance

Financial and Non-Financial Indicators for the Uniper Group

January 1-September 30	Unit	2021	2020	2019	2018	2017
Sales	€ in millions	78,498	30,825	46,852	53,059	52,938
Adjusted EBIT¹	€ in millions	614	405	203	386	952
For informational purposes:
Adjusted EBITDA¹	€ in millions	1,100	891	720	891	1,423
Net income/loss	€ in millions	-4,768	446	981	-521	782
Earnings per share² ³	€	-13.20	1.06	2.55	-1.50	1.87
Cash provided by operating activities
(operating cash flow)	€ in millions	2,244	833	-277	89	950
Adjusted net income4	€ in millions	487	308	82	N/A	N/A
Investments	€ in millions	523	491	401	387	512
Growth	€ in millions	262	283	223	230	304
Maintenance and replacement	€ in millions	260	208	178	157	208
Economic net debt5 6	€ in millions	1,390	3,050	2,650	2,509	2,445
Employees as of the reporting date5		11,754	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 September 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 quarterly statement.

This document is a Quarterly Statement pursuant to Section 53 of the Exchange Rules ("Börsenordnung") of the Frankfurt Stock Exchange ("Frankfurter Wertpapierbörse") as of June 28, 2021, and does not represent an interim financial report as defined in International Accounting Standard ("IAS") 34.

Only the German version of this Quarterly Statement is legally binding.

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

The Uniper Group's business activities are subject to substantial seasonal fluctuations, which can have effects on the Uniper Group's assets, financial condition and earnings. Financial indicators communicated during the year can thus differ materially from the figures of the corresponding prior- year quarter and are therefore of limited significance for full-year results.

This Quarterly Statement, 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. Furthermore, Uniper SE does not intend, and specifically disclaims any obligation, to update such forward-looking statements or to adjust them in line with future events or developments.

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Q1-Q3 2021	Quarterly Statement

Contents

Significant Developments of the Months of January through September 2021	4
Business Model of the Group	4
Business Report	4
Industry Environment	4
Business Performance	7
Earnings	10
Financial Condition	19
Assets	22
Risk and Chances Report	23
Forecast Report	25
Other	25
Non-Financial Information	26
Consolidated Financial Statements	28
Consolidated Statement of Income	28
Consolidated Statement of Recognized Income and Expenses	29
Consolidated Balance Sheet	30
Consolidated Statement of Cash Flows	31
Additional Indicators	32
Financial Calendar	34

Significant Developments of the Months of January through September 2021

Adjusted EBIT and adjusted net income significantly above prior-year period

Significantly lower economic net debt mainly due to high operating cash flow and reduced pension obligations

Net loss due to IFRS-related inconsistency in the fair value measurement of hedging transactions and hedged items

Full-year earnings outlook for 2021 raised

Business Model of the Group

Uniper is a parent-owned international energy company with operations in more than 40 countries and with 11,754 employees. 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 Düsseldorf, Germany. The majority shareholder of Uniper SE, with an indirect interest of more than 75%, is Fortum 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. On July 14, 2021, the European Commission presented a set of legislative proposals to implement the EU's climate protection targets for 2030. Its "Fit for 55" package includes, among other things, proposals on revisions to 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 Parliament, the European Commission and the EU member states.

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Q1- Q3 2021	Quarterly Statement

On April 21, 2021, the European Commission approved a delegated act under the Taxonomy Regulation establishing screening criteria regarding the contributions of specified economic activities to objectives of the European Green Deal. This delegated act approved by the European Commission initially relates to activities that contribute to the two environmental objectives (climate change mitigation and climate change adapta- tion). While hydrogen and hydropower activities are included in the delegated act, there are no pronouncements in it concerning natural gas and nuclear power. These activities are to be considered separately in an additional delegated act to be introduced by the EU before the end of 2021. Additional delegated acts concerning the remaining environmental objectives (e.g., water use, biodiversity) are expected to follow.

Following the German Constitutional Court decision of March 24, 2021, on the Federal Climate Protection Act, which the court ruled unconstitutional in that it did not provide for a sufficiently regulated greenhouse gas reduction pathway, an amended version was adopted in late June 2021. The amended law brings forward to 2045 the target for reaching greenhouse-gas neutrality and, among other things, provides for stricter reduction targets for Germany's economic sectors by 2030. Changes to the timeframe for ending coal-fired power generation are not yet provided for.

On June 1, 2021, the Bundesnetzagentur ("BNetzA"), the regulatory authority for Germany's electricity grid, designated as essential the Heyden power plant, which had been scheduled for decommissioning by July 8, 2021, in line with the outcome of the first auction for decommissioning of coal-fired power plants. It will therefore, at the request of the responsible transmission system operator, continue to serve as a reserve power plant through September 30, 2022.

On June 24, 2021, the German parliament (Bundestag) established a legal framework for hydrogen transmission networks by amending the Energy Industry Act accordingly. The Bundestag additionally adopted an amendment to the Renewable Energy Sources Act that, among other things, provides for increased bid volumes for additional power generation from renewable energy sources for 2022.

Following the Bundestag elections on September 26, 2021, talks between the political parties on the formation of a new government are currently underway. Although the coalition options are many, and the opening positions of the parties differ substantially, the so-called "traffic light" coalition consisting of the Social Democrats (SPD), the Greens and the Free Democrats (FDP) is now considered to be the most likely. On October 15, 2021, having successfully completed a series of exploratory talks, the three parties agreed to begin formal coalition negotiations. It could, however, take several more weeks for a new government to be formed.

In the Netherlands, the law adopted by the Dutch senate in July 2021 to restrict the use of coal (implement- ing the Urgenda court ruling) has entered into force. The law provides for a restriction on the use of coal by setting an upper limit of 35% for CO2 emissions produced through the use of coal for power generation. This threshold is expected to take effect from early 2022 and apply until the end of 2024. The compensation rules and methodology relating to this restriction will be regulated through an Order in Council (Algemene Maatre- gel van Bestuur), which is currently being addressed by both the parliament and the senate. Upon completion of the political process with respect to the compensation regulation, the Council of State will advise the government on this matter.

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