Uniper : Presentation Interim Results Q1 2020

Empower Energy Evolution

Sascha Bibert - CFO

Q1 2020 Interim Results

7 May 2020

Highlights

Performance

• Adj. EBIT in Q1 2020 €651m (vs. €185m in Q1 2019)
• Adj. Net Income in Q1 2020 €499m (vs. €117m in Q1 2019)
• Full-yearoutlook for 2020 confirmed

Portfolio & Strategy

• Execution of strategy announced in March 2020 ongoing
• Uniper and Siemens join forces to decarbonize power generation
• Uniper's business and financials reasonable robust againstCovid-19 effects

Team

• Niek den Hollander to commence as CCO from 1stof June
• Extensive response plan ensures employee safety and business continuity across business critical areas
• IT & cloud based platforms enabled smooth transition towards home office

Shareholders

• Fortum with c.70% majority shareholder
• Five new shareholder representatives incl. chairman in Uniper's Supervisory Board
• Virtual AGM on May 20th
• Support for Uniper's recent strategy update

Fortum

Uniper SE, Presentation Q1 2020, 07 May 2020

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Uniper SE, Presentation Q1 2020, 07 May 2020

Commodity markets - Impacted by weather & COVID-19

Gas prices1

€/MWh

24

20

16

12

8			TTF
Jan 2019	Jul 2019	Jan 2020

Carbon prices2

€/t CO2

30

25

20

15

10			CO2
Jan 2019	Jul 2019	Jan 2020

Electricity prices3

€/MWh

55

45

35

25

			Germany
15			Nordic
Jan 2019	Jul 2019	Jan 2020

Dark & spark spreads4

€/MWh

6
3
0
-3
			CDS-DE
-6			CSS-DE
Jan 2019	Jul 2019	Jan 2020

1. Gas forwards 2021; 2. EU Allowances (EUA): spot prices; 3. Electricity baseload forwards 2021; 4. Dark and spark spreads Germany with electricity baseload (efficiency coal plants 39%, gas plants 55%)

Source: Uniper Market Analysis; prices shown until 30 April 2020

3

Operating indicators - Reflecting market development

Global Commodities	European Generation	International Power	Carbon emissions
- Gas storage filling1	- Production volume2	- Production volume	- Scope 13
TWh					TWh		TWh			m tons
90					24	-29%	24	-12%		18	-29%
75		71%		20		20			15
60			16		16			12
	53%					Gas
45				12		12			9
				Coal
30					8		8			6
15					4	Nuclear	4			3
					0	Hydro
0						0			0
	Q1 2019		Q1 2020	Q1 2019	Q1 2020		Q1 2019	Q1 2020	Q1 2019	Q1 2020
		1. As of 31st of March
		2. Pro-rata view						Uniper SE, Presentation Q1 2020, 07 May 2020	4
		3. Iso Q1 2019 figure derived from 6M 2019 number based on production volumes

Covid-19 exposure - High financial resilience

Liquidity - Untapped	Net debt structure
reserves		- Long-term profile
€bn	3.13	€bn	2.70
2.69	2.65
	0.63	0.73
1.80	1.80	1.03	0.95

Earnings- Managing market & credit risk

>95%

…outright hedge ratio in the European Generation portfolio for the remainder of 2020

Major projects - Tackling

supplier risk

CoD Berezovskaya 3 postponed

towards end

of 2020

Datteln 4well on track

0.891.33

YE 2019

Q1 2020

Remaining committed facilities (100% currently free)

Cash

0.99	1.02
YE 2019	Q1 2020

~25% net financial position,

<10% due before 2022, up to year 2064 ~40% pensions, avg. duration 23 years

~35% ARO, up to year 2112

>90%

…share of investment graderated counterparties among Uniper's customer base

for CoD in early summer

Timelines on other projects

(e.g. Scholven, Irsching 6)

remain unchanged but

increasing risks

Uniper SE, Presentation Q1 2020, 07 May 2020

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Key financials Q1 2020 - Earnings up, cash & net debt stable

Adj. EBIT

€m

651

185

Q1 2019

Q1 2020

Adj. Net Income

€m

499

117

Adj. EBITDA

€m

811

356

Q1 2019

Q1 2020

Net Income1

€m

734 489

OCF

€m

105 119

Q1 2019

Q1 2020

Economic Net Debt

€m

2,650 2,699

1.7Net Debt /

1. Adj. EBITDA

Q1 2019

Q1 2020

Q1 2019

Q1 2020

YE 2019

Q1 2020

1. Net income attributable to Uniper shareholders

Uniper SE, Presentation Q1 2020, 07 May 2020

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Adjusted EBIT - Increased gas and European power result

Reconciliation Adj. EBIT Q1 2019 to Q1 2020

€m

Adj. EBIT Q1 2019

185

Commodity optimization (mainly gas)

Outright power prices

European fossil generation

(UK capacity market & carbon phasing)

Russia

Other

Adj. EBIT Q1 2020

651

Uniper SE, Presentation Q1 2020, 07 May 2020

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Adj. EBIT(DA) to OCF - Temporarily gas related working capital increase

Reconciliation Adj. EBIT Q1 2020 to Operating Cash Flow Q1 2020

€m
			126	-93
	160
		811			659
651
						-43	142	-7	-16	119
Adj. EBIT	Depreciation	Adj. EBITDA	Non-cash	Provision	Changes	Payments	OCFbIT	Interest	Tax	OCF
Q1 2020	and	Q1 2020	effective	utilization	in working	related to	Q1 2020	payments	payments	Q1 2020
	amortization		EBITDA items		capital	non-oper.
						earnings,
						others

Uniper SE, Presentation Q1 2020, 07 May 2020

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Adjusted Net Income - Supported by structurally positive interest result

Reconciliation of Adj. EBIT Q1 2020 to Adj. Net Income Q1 2020

€m

	6
	-144
	-14
651	499

Adj. EBIT	Economic	Taxes on	Minority	Adj. Net Income
Q1 2020	interest	operating	interests	Q1 2020
		earnings

Key developments

• Economic interest result with positive trend
• Structurally, interest result is supported by:
• • Majority of Net Debt consisting oflong-term provisions (pensions & AROs) and therefore subject to low market interest rates
  • Capitalized interest from growth projects (esp. strong in 2020)
  • Sizeable interest income from assets
• Tax rate on operating earnings in Q1 22%, (i.e. within the guided range of 20% to 25%)
• Minority interests driven by Unipro

Uniper SE, Presentation Q1 2020, 07 May 2020

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Economic Net Debt - Broadly unchanged

Reconciliation of Economic Net Debt YE 2019 to Q1 2020

€m
2,650	3		141	-78	21	81	2,699
0,	9		-119					1,012
991
1,031								953
628								734
Economic Net Debt	Divest	OCF	Investments	Pensions		ARO	Other	Economic Net Debt
YE 2019								Q1 2020
						AROs1	Pension2	Net financial position3

1. Includes nuclear and other asset retirement obligations (AROs) as well as receivables from Swedish Nuclear Waste fund (KAF).
2. Increase in interest rates for pension obligations by0.4%-points since end of 2019.
3. Includes cash & cash equivalents,non-current securities, financial receivables from

consolidated Group companies and financial liabilities.

Uniper SE, Presentation Q1 2020, 07 May 2020

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Outlook FY 2020 - Reiterated

Adjusted EBIT

€m	1,000
863
Range
	750
FY 2019	FY 2020E

Stable development (mid-point)

Very strong Q1 partially influenced by pha-sing and expected lower contribution from Russia in remaining year due to COVID-19

Adjusted Net Income (ANI)

€m

614	800
Range
	550
FY 2019	FY 2020E

Noticeably increased (mid-point)

Significant improvement of economic financial result

Dividend

€m

421 1.151	500 1.371
FY 2019	FY 2020E

Higher dividend target 2020

Above envisaged 25% CAGR path (FY 2016 - FY 2020)

1. DPS - Dividend per share (€)

Uniper SE, Presentation Q1 2020, 07 May 2020

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Appendix

12

Outright power hedging in Germany and Nordic

Outright position - Baseload power price1
	100%	55%		40%
€/MWh	95	%	%	15%
	70
60		49		51
50	46
40	28	28
30		23
20
10
	2020	2021		2022
Hedged price Germany	Hedged price Nordic	Hedge ratio Germany	Hedge ratio Nordic

1.	Cut-off date: 3 April 2020
	Contracts for differences are included
	Calculations based on pro rata volumes	Uniper SE, Presentation Q1 2020, 07 May 2020	13
	2020 figures reflect only forward months (i.e. excl. realized period)

Uniper Group - Adjusted EBIT(DA) by sub-segment

Adj. EBITDA and EBIT

€m		Q1 2020	Q1 2019	Q1 2020	Q1 2019
	Adj. EBITDA	Adj. EBITDA	Adj. EBIT	Adj. EBIT
European Generation	Hydro	91	86	76	72
	Nuclear	83	59	70	43
	Fossil	121	55	60	-21
	Other/ Consol.	-14	-11	-16	-12
	Subtotal				82
	280	189	190
Global Commodities	Gas	620	161	601	144
	COFL	-152	-35	-165	-52
	Power	13	-34	5	-37
	Subtotal				56
	482	93	441
International Power	Russia	103	121	78	97
	Subtotal	103	121	78	97
Administration / Consolidation		-54	-47	-58	-50
Total		811	356	651	185

Uniper SE, Presentation Q1 2020, 07 May 2020

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Adj. EBIT - Development by sub-segment

European Generation

€m

Global Commodities

€m

-11342

International Power

€m

		27	81	-4
4		190
82

457

56

441

97	-19
78

Q1 2019 Hydro

Nuc.

Fossil

Cons.

Q1 2020

• Hydro:Positive volume/price effects partly offset by negative one-offs
• Nuclear:Positive price effect partly offset by lower volumes due to outages & phase- out of Ringhals 2
• Fossil:UK capacity market income and lower intra-year carbon phasing effect

Q1 2019

Gas

COFL

Power

Q1 2020

• Gas midstream:Extraordinary gas optimization
• COFL:Lower commodity prices triggered impairments on COFL-inventories
• Power:Strong optimization result

Q1 2019

Russia

Q1 2020

• Russia:Negative price effect mainly driven by decrease of electricity exports and higher hydro generation

Uniper SE, Presentation Q1 2020, 07 May 2020

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Uniper Group - Key financial performance items

Reconciliation of Adj. EBITDA to Adj. net income and net income

€m	Q1 2020	Q1 2019
Adjusted EBITDA		356
811
Economic depreciation and amortization / reversals	-160	-171
Adjusted EBIT	651	185
Economic interest result	6	-11
Minority participations on operating result	-14	-17
Taxes on operating result	-144	-41
Adjusted net income	499	117
Non-operating result (before taxes and minorities)	-100	708
Minority participations on non-operating earnings and on other financial result	19	-7
Taxes on non-operating result	131	-122
Other financial result	-72	51
Taxes on the other financial result	11	-13
Net income/ loss attributable to shareholder of the Uniper SE	489	734
Sales	12,891	20,820

Uniper SE, Presentation Q1 2020, 07 May 2020

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Uniper Group - Adjusted EBITDA to net income

Reconciliation of Adj. EBIT Q1 2020 to Adj. Net Income Q1 2020

€m

Adj.	Economic	Adjusted	Derivative	Adjustments	Net	Other	Taxes on non-	Net
EBIT	interest,	net	financial	from physically	impairments		operating earnings	Income1
	taxes,	income	instruments	settled			& other financial
	minorities			commodity			result, minorities
				derivatives

Non-operating earnings

1. Net income attributable to Uniper shareholders.

Uniper SE, Presentation Q1 2020, 07 May 2020

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Uniper Group - Economic interest expense (net)

Economic interest expense

€m	Q1 2020	Q1 2019
Interest rate effects for leasing	-6	-6
Interest from financial assets / liabilities	15	16
Interest cost from provisions for pensions and similar provisions	-4	-5
Accretion of provisions for retirement and obligation and other provisions	-5	-5
Capitalized interest1	27	14
Other2	-21	-24
Economic interest expense (net)	6	-11

1. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the asset; borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds.

2. Includes e.g. interest due to tax provisions/receivables and adjustments due to changes in interest rates on provisions.

Uniper SE, Presentation Q1 2020, 07 May 2020

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Uniper Group - Non-operating adjustments

Non-operating adjustments w/o interest1

€m	Q1 2020	Q1 2019
Impact of derivative financial instruments	-561	-501
Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price	280	-208
Restructuring / cost management expenses / income	17	5
Non-operating impairment charges / reversals	161	-
Miscellaneous other non-operating earnings	190	-26
Non-operating adjustments w/o interest	86	-730

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Uniper SE, Presentation Q1 2020, 07 May 2020	19

Uniper Group - Cash-effective investments

Investments by segment

€m	Q1 2020	Q1 2019	%
European Generation	92	58	58.6
Global Commodities	17	6	183.3
International Power	27	42	-35.7
Administration / Consolidation	5	3	66.7
Total	141	108	30.6

Investment split - Maintenance and growth

€m	Q1 2020	Q1 2019	%
Maintenance & replacement	40	32	25.0
Growth	102	76	34.2
Total	141	108	30.6

Uniper SE, Presentation Q1 2020, 07 May 2020

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Uniper Group - Net financial position

Net financial position

€m	31 Mar 2020	31 Dec 2019
Liquid funds	1,328	889
Non-current securities	76	100
Margining receivables	413	318
Financial liabilities and liabilities from leases	2,552	1,935
Net financial position	734	628
Provisions for pensions and similar obligations	953	1,031
Asset retirement obligations	1,012	991
Economic net debt	2,699	2,650

Uniper SE, Presentation Q1 2020, 07 May 2020

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Uniper Group - Consolidated balance sheet (1/2)

Balance sheet - Non-current and current assets1

€m	31 Mar 2020	31 Dec 2019
Goodwill	1,779	1,886
Intangible assets	735	742
Property, plant and equipment and right-of-use assets	9,454	10,201
Companies accounted for under the equity method	447	446
Other financial assets	625	710
Financial receivables and other financial assets	3,607	3,813
Receivables from derivative financial instruments	5,008	4,787
Other operating assets and contract assets	190	159
Income tax assets	-	-
Deferred tax assets	1,033	988
Non-current assets	22,879	23,732
Inventories	1,596	1,508
Financial receivables and other financial assets	718	633
Trade receivables	6,067	7,090
Receivables from derivative financial instruments	16,949	8,601
Other operating assets and contract assets	1,093	1,287
Income tax assets	12	16
Liquid funds	1,328	889
Current assets	27,764	20,024
Total assets	50,643	43,756

1. The comparative figures shown have been restated.	Uniper SE, Presentation Q1 2020, 07 May 2020	22
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.

Uniper Group - Consolidated balance sheet (2/2)

Balance sheet - Equity and liabilities1

€m		31 Dec 2019
31 Mar 2020
Capital stock	622	622
Additional paid-in capital	10,825	10,825
Retained earnings	3,683	3,145
Accumulated other comprehensive income	-3,791	-3,207
Equity attributable to the shareholders of Uniper SE	11,339	11,386
Attributable to non-controlling interest	455	556
Equity (net assets)	11,793	11,942
Financial liabilities and liabilities from leases	1,133	1,119
Liabilities from derivative financial instruments	5,298	4.277
Other operating liabilities and contract liabilities	267	694
Provisions for pensions and similar obligations	953	1,031
Miscellaneous provisions	5,239	5,422
Deferred tax liabilities	358	410
Non-current liabilities	13,248	12,954
Financial liabilities and liabilities from leases	1,419	815
Trade payables	6,173	7,308
Liabilities from derivative financial instruments	15,785	8,238
Other operating liabilities and contract liabilities	1,073	1,322
Income taxes	129	61
Miscellaneous provisions	1,023	1,115
Current liabilities	25,601	18,860
Total equity and liabilities	50,643	43,756

1. The comparative figures shown have been restated.	Uniper SE, Presentation Q1 2020, 07 May 2020	23
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.

Uniper Group -

Consolidated statement of cash flows (1/2)

Statement of cash flows1

€m	Q1 2020	Q1 2019
Net income / loss	484	758
Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of
right-of-use assets	331	174
Changes in provisions	-108	-282
Changes in deferred taxes	-87	166
Other non-cash income and expenses	113	-92
Gain/Loss on disposal of intangible assets, property, plant and equipment, equity investments and securities
(> 3M)	-2	-4
Changes in operating assets and liabilities and in income taxes	-610	-614
Cash provided by operating activities (operating cash flow)	119	105
Proceeds from disposals	3	9
Payments for investments	-141	-108
Proceeds from disposals of securities (>3M) and of financial receivables and fixed-term deposits	76	636
Purchases of securities (>3M) and of financial receivables and fixed-term deposits	-160	-205
Changes in restricted cash and cash equivalents	18	-
Cash provided (used for) by investing activities	-205	332

1. The comparative figures shown have been restated.	Uniper SE, Presentation Q1 2020, 07 May 2020	24
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.

Uniper Group -

Consolidated statement of cash flows (2/2)

Statement of cash flows1

€m	Q1 2020	Q1 2019
Cash proceeds/payments arising from changes in capital structure	4	-
Proceeds from financial liabilities	627	8
Repayments of financial liabilities and reduction of outstanding lease liabilities	-75	-675

Cash provided (used for) by financing activities

Net increase / decrease in cash and cash equivalents

Effect of foreign exchange rates on cash and cash equivalents Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents from disposal groups

Cash and cash equivalents of first-time consolidated companies

Cash and cash equivalents at the end of the reporting period

556-666

470-230

-1110

8251.138

--3

-8

1.284925

1. The comparative figures shown have been restated.	Uniper SE, Presentation Q1 2020, 07 May 2020	25
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.

Financial calendar & further information

Financial calendar	Further information
	https://ir.uniper.energy

20 May 2020

2020 Annual Shareholders Meeting (virtual AGM)

11 August 2020

Interim Report January - June 2020

10 November 2020

Quarterly Statement January - September 2020

Uniper SE, Presentation Q1 2020, 07 May 2020

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26

Uniper - Contact your Investor Relations team

Udo Giegerich

Executive Vice President Group Finance&InvestorRelations

[e-mail]

Adam Strzyz

Head of Investor Relations (SVP)

[e-mail]

Carlo Beck		Anna Denisova
Manager Investor Relations		Manager Investor Relations
[phone]
[e-mail]		[e-mail]

Peter Wirtz	Eva Christin Göttges
Manager Investor Relations	Manager Investor Relations
[phone]	[e-mail]
[e-mail]

Uniper SE, Presentation Q1 2020, 07 May 2020

27

Disclaimer

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This presentation contains certain financial measures (including forward-looking measures) that are not calculated in accordance with IFRS and are therefore considered as "Non-IFRS financial measures". The management of Uniper believes that the Non-IFRS financial measures used by Uniper, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance an understanding of Uniper's results of operations, financial position or cash flows. A number of these Non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of Uniper and other companies with which Uniper competes. These Non-IFRS financial measures should not be considered in isolation as a measure of Uniper's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, net income and the other income or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with our use of Non-IFRS financial measures, including the limitations inherent in our determination of each of the relevant adjustments. The Non-IFRS financial measures used by Uniper may differ from, and not be comparable to, similarly-titled measures used by other companies.

Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.

Uniper SE, Presentation Q1 2020, 07 May 2020