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Investing.com -- Uniper’s adjusted EBITDA fell 78.2% to €379 million in the first half of 2025, down from €1.74 billion a year earlier, due to weaker generation output, lower trading earnings and the absence of prior gains from gas replacement contracts, the company reported on Thursday.
Net income dropped to €267 million from €903 million. Adjusted net income declined to €135 million, down from €1.14 billion in the same period last year.
Sales rose 4.2% to €33.06 billion, supported by higher commodity prices despite reduced trading volumes and electricity output.
Operating cash flow turned negative at –€374 million, compared with €2.95 billion in the first half of 2024.
Electricity sales fell 13.2% to 65.1 billion kWh, while gas sales dropped to 533.3 billion kWh from 685.6 billion kWh.
Own electricity generation decreased to 21.7 billion kWh, down from 25.6 billion kWh, mainly due to the closure of coal plants, reduced operating times, and outages at facilities such as Datteln 4 and Oskarshamn 3.
By segment, adjusted EBITDA in Flexible Generation fell 59.7% to €333 million, affected by plant decommissionings and lower fossil output.
Green Generation posted €420 million, down 20.3%, due to outages and low price zones in Sweden.
Greener Commodities recorded a loss of €296 million versus €682 million profit a year ago, reflecting reduced trading gains and no further benefit from Russian gas replacement.
Revenue from electricity rose 12.4% to €6.61 billion. Gas sales revenue grew 1.9% to €25.6 billion. Other revenues increased 19.2% to €850 million.
Materials costs rose to €31.43 billion from €28.83 billion. Personnel expenses increased to €518 million.
Depreciation and impairment charges fell slightly to €314 million. Other operating income dropped to €6.54 billion from €19.85 billion, while operating expenses declined to €7.12 billion from €21.03 billion, reflecting reduced derivatives volume and volatility.
Uniper’s economic net cash position was €3.26 billion in debt as of June 30, a slight improvement from €3.40 billion in debt at year-end.
The company repaid €2.6 billion to the Federal Republic of Germany in March to settle obligations under the EU’s 2022 state-aid approval.
Divestments during the period included the North American power business, Gönyű gas plant in Hungary, and LIQVIS GmbH.
New renewables projects are underway in Germany, the United Kingdom (TADAWUL:4280) and Hungary, including Uniper’s first UK wind farm and solar farms with a combined 212 MW capacity.
The company secured LNG supply deals with Woodside (OTC:WOPEY) and a European supply agreement with Octopus Energy.
It also began construction on an ammonia cracker plant in partnership with thyssenkrupp Uhde. Uniper reaffirmed its full-year outlook for adjusted EBITDA and adjusted net income.