Uniper SE — Investor Presentation 2021

Nov 5, 2021

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Empower Energy Evolution

9M 2021 Interim Results

Tiina Tuomela – CFO

05 November 2021

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Highlights – Interim results above plan and raising the outlook for the full year

Performance

• Adj. EBIT 9M 2021 €614m (€405m in 9M 2020)
• Adj. Net Income 9M 2021 €487m (€308m in 9M 2020)
• Solid financial performance in Q3, with gas business contributing above plan
• Full-year 2021 outlook markedly revised upwards
• New 2021 Adj. EBIT guidance range raised by €250m to between €1,050m and €1,300m

Portfolio & Strategy

• Reliable portfolio: Uniper contributes to security of supply in volatile European energy markets
• Carbon zero related projects pushed ahead: the chapter of European lignite is closed; engineering entity repositioning for growth priorities of decarbonization
• Growth strategy on track: Uniper with several key initiatives in the hydrogen space
• ‘One Team’ initiatives for Renewables Development, Hydrogen and Nordic Hydro and Physical Trading Optimization take shape; nuclear decommissioning and dismantling services cooperation launched

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Gas markets – Europe under stress with lower supply and higher demand

Northwest EU gas supply¹

Gas prices Germany²

Gas storage filling³

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1. Northwest EU includes GER, Benelux, FR, AT, SK, CZ, GB, IT; gross imports from Norway, Libya, Algeria, TAP, Russia and LNG; based on Uniper Market Analytics data.

2. Gas forwards Germany 2022 and spot prices, based on Bloomberg data, prices shown until 31 October 2021.

3. Physical filling levels as of 30 September 2021 and 2019, based on AGSI+ data.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Operating indicators – Healthy gas inventories and higher generation volumes

Global Commodities
Gas storage filling¹

European Generation Production volume²

Russian Power Gen. Production volume²

Carbon emissions Scope-1³

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1. Physical filling levels as of 30 September 2021 and 2020.

2. Pro-rata view; 9M 2021 coal volumes incl. 0.8 TWh co-feed biomass.

3. Direct carbon emissions fuel combustion.

4. Carbon intensity in gCO₂/kWh.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Key financials 9M 2021 – Reflecting exceptional commodity market development

Adjusted EBIT

Adjusted EBITDA

Operating Cash Flow (OCF)

Adjusted Net Income (ANI)

Net Income¹

Economic Net Debt (END)²

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1. Net income attributable to Uniper shareholders.

2. Updated definition includes additional securities within "Margining Receivables" beginning on 30 June 2021. Prior year's value has been adjusted accordingly.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Adjusted EBIT – Continued strong support from gas business

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Adj. EBIT(DA) to OCF – Benefitting from positive working capital development & non cash-effective CO₂ provision increases

Reconciliation Adj. EBIT 9M 2021 to Operating Cash Flow 9M 2021

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Economic Net Debt – Mainly driven by high operating cash flow

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1. Updated definition includes additional securities within "Margining Receivables" beginning on 30 June 2021. Prior year's value has been adjusted accordingly.

2. Includes nuclear and other asset retirement obligations (AROs) as well as receivables from Swedish Nuclear Waste Fund (KAF).

3. Increase in interest rates for pension obligations by 0.5%-points in Germany and 0.6%-points in UK since end of 2020.

4. Includes cash & cash equivalents, current & non-current securities, margining receivables and financial liabilities.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Outlook FY 2021 – Earnings outlook raised

Adjusted EBIT
€m

Adjusted Net Income (ANI)
€m

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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10
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Appendix

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Commodity prices – Continued price surge in Q3

Gas prices¹

Carbon prices²

Electricity prices³

Dark & spark spreads⁴

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1. Gas forwards Germany 2022; 2. EU Allowances (EUA): spot prices; 3. Electricity baseload forwards 2022; 4. Dark and spark spreads

Germany with electricity base load and spark spread Germany with electricity peak load (efficiency coal plants: 39%, gas plants: 55%).

Source: Uniper Market Analytics, prices shown until 31 October 2021.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Outright power hedging in Germany and Nordic

Hedged prices and hedge ratios Germany¹

Hedged prices and hedge ratios Nordic¹

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1. As of 30 September 2021. Price calculations are based on pro-rata volumes. Contracts for differences and Guarantees of origins are included. Figures for 2021 reflect front months, i.e. excluding the realized period.

2. Achieved prices and volumes.

3. Including financially settled volumes.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Generation capacity by technology & region

In MW^{1}		30 Sep 2021	31 Dec 2020
Gas	Russia^{2}	7,139	7,139
	United Kingdom	4,180	4,180
	Germany	2,920	2,912
	Netherlands	525	525
	Sweden	–	449
	Hungary	428	428
Hard coal	Germany	3,954	3,954
	United Kingdom	2,000	2,000
	Netherlands	1,070	1,070
Lignite	Russia^{2}	1,895	1,895
	Germany	500	500
Hydro	Germany	1,918	1,927
	Sweden	1,771	1,771
Nuclear	Sweden	1,735	1,996
Other	Germany	646	1,418
	Sweden	1,190	1,162
	United Kingdom	221	221
Total		32,093	33,548

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1. Legally attributable capacity view = Pro-rata view.

2. Includes Czech Republic. Czech Republic business activities were sold in April 2020.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Net electricity generation volumes by technology & region

In TWh^{1}		9M 2021	9M 2020
Gas	Russia	28.6	26.5
	United Kingdom	9.2	7.3
	Germany	2.8	0.5
	Netherlands	0.7	1.1
	Hungary	1.6	1.7
	Sweden	0.0	0.0
Hard coal	Germany	5.5	4.9
	United Kingdom	2.7	0.1
	Netherlands^{2}	3.4	3.2
Lignite	Russia	2.7	2.9
	Germany	1.7	1.8
Hydro	Germany^{3}	3.8	3.4
	Sweden	5.4	6.9
Nuclear	Sweden	9.2	8.7
Total		77.4	69.0

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1. Pro-rata view; Net electricity generation volumes = Owned generation – own-use losses – sales to minority owners + purchases from minorities.

2. 9M 2021 coal volumes incl. 0.8 TWh co-feed biomass.

3. Hydro Germany net generation sales additionally include pumped-storage-related water flows and pipeline losses from pumping activities.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Adjusted EBIT(DA) by sub-segment

| €m | | 9M 2021
Adj. EBITDA | 9M 2020
Adj. EBITDA | 9M 2021
Adj. EBIT | 9M 2020
Adj. EBIT |
| --- | --- | --- | --- | --- | --- |
| European Generation | Subtotal | 540 | 484 | 271 | 211 |
| | Hydro | 265 | 244 | 219 | 199 |
| | Nuclear | 103 | 102 | 59 | 62 |
| | Fossil | 209 | 165 | 36 | -19 |
| | Other / Consolidation | -37 | -27 | -42 | -31 |
| Global Commodities | Subtotal | 893 | 420 | 771 | 288 |
| | Gas | 525 | 406 | 461 | 345 |
| | International / Other | 291 | -46 | 249 | -94 |
| | Power | 77 | 60 | 61 | 37 |
| Russian Power Generation | | 248 | 238 | 168 | 169 |
| Administration / Consolidation | | -580 | -251 | -596 | -263 |
| Total | | 1,100 | 891 | 614 | 405 |

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Adjusted EBIT – Development by sub-segment

European Generation

€m

Hydro: Volume normalization in Hydro SWE, compensated by higher spot prices
Gas midstream: Higher optimization result in volatile markets
International/Other: Strong contribution from US and LNG business
Power: Higher result from spot optimization

Global Commodities

€m

Gas midstream: Higher optimization result in volatile markets
International/Other: Strong contribution from US and LNG business
Power: Higher result from spot optimization

Russian Power Generation

€m

Russia: Negatively impacted by FX and transfer of Shaturskaya, Yaivinskaya and Surgutskaya units from CSA to KOM scheme; largely compensated by the return to service of Berezovskaya 3 and higher day-ahead market prices

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Reconciliation of Income/Loss before Financial Results & Taxes

€m	30 Sep 2021	30 Sep 2020
Income / Loss before financial results and taxes	-6,489	507
Net income / loss from equity investments	10	9
EBIT	-6,479	517
Non-operating adjustments	7,093	-112
Net book gains (-) / losses (+)	-12	-7
Impact of derivative financial instruments	7,004	-565
Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price	-221	372
Restructuring / Cost-management expenses (+) / income (-)	7	51
Miscellaneous other non-operating earnings	111	-51
Non-operating impairment charges (+) / reversals (-)	204	88
Adjusted EBIT	614	405
For informational purposes: Economic depreciation and amortization / reversals	486	486
For informational purposes: Adjusted EBITDA	1,100	891

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Reconciliation of Adjusted EBIT to (Adjusted) Net Income

€m	30 Sep 2021	30 Sep 2020
Adjusted EBIT	614	405
Economic interest result	84	33
Interest results for leasing	-15	-18
Interest from financial assets / liabilities	62	56
Interest cost from provisions for pensions and similar obligations	-9	-12
Accretion of provisions for asset retirement obligations and other provisions	-2	-8
Capitalized interest¹	13	56
Other	35	-42
Taxes on operating result	-172	-95
Minority participations on operating result	-40	-34
Adjusted Net Income	487	308
Non-operating EBIT adjustments	-7,093	112
Non-operating interest	-28	-42
Minority participations on non-operating earnings and on other financial result	-22	-25
Other financial result	93	45
Taxes on non-operating result and on other financial result	1,734	-12
Net income / loss attributable to shareholders of the Uniper SE	-4,829	387

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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.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Cash-effective investments

€m	30 Sep 2021	30 Sep 2020
European Generation	394	361
Global Commodities	30	35
Russian Power Generation	89	86
Administration / Consolidation	10	9
Total	523	491
thereof Growth	262	283
thereof Maintenance & replacement	260	208

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Economic Net Debt

€m	30 Sep 2021	31 Dec 2020
Liquid funds (-)	1,797	289
Non-current securities (-)	107	98
Margining receivables^{1} (-)	5,337	898
Financial liabilities and liabilities from leases (+)	6,491	1,743
Net financial position	-750	457
Provisions for pensions and similar obligations (+)	1,026	1,371
Asset retirement obligations^{2} (+)	1,113	1,223
Economic Net Debt	1,390	3,050

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1. Updated definition includes additional securities within margining receivables beginning on 30 June 2021. Prior year's value has been adjusted accordingly.

2. Reduced by receivables from the Swedish Nuclear Waste Fund; Due to IFRS valuation rules (IFRIC 5), €260 million (December 31, 2020: €223 million) of Uniper's share of the fair value of the net assets of the Swedish Nuclear Waste Fund may not be capitalized on the balance sheet. Accordingly, there exists an additional receivable from the Swedish Nuclear Waste Fund ineligible for recognition on the balance sheet, and the economic net obligation for the decommissioning of the Swedish nuclear power plants is thus reported too high in the table by the amount of this receivable. Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Consolidated balance sheet (1/2) – Assets

€m	30 Sep 2021	31 Dec 2020
Goodwill	1,788	1,751
Intangible assets	719	734
Property, plant and equipment and right-of-use assets	9,803	9,769
Companies accounted for under the equity method	331	380
Other financial assets	1,150	926
Financial receivables and other financial assets	4,031	4,047
Receivables from derivative financial instruments	35,665	2,723
Other operating assets and contract assets	245	182
Deferred tax assets	2,765	1,061
Non-current assets	56,497	21,572
Inventories	2,571	1,166
Financial receivables and other financial assets	5,611	1,128
Trade receivables	7,134	6,522
Receivables from derivative financial instruments	68,924	7,284
Other operating assets and contract assets	1,624	1,999
Income tax assets	43	23
Liquid funds	1,797	289
Assets held for sale	221	239
Current assets	87,926	18,650
Total assets	144,423	40,222

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Consolidated balance sheet (2/2) – Equity & liabilities

€m	30 Sep 2021	31 Dec 2020
Capital stock	622	622
Additional paid-in capital	10,825	10,825
Retained earnings	-1,846	3,082
Accumulated other comprehensive income	-3,609	-3,778
Equity attributable to the shareholders of Uniper SE	5,993	10,751
Attributable to non-controlling interest	512	437
Equity (net assets)	6,505	11,188
Financial liabilities and liabilities from leases	1,092	1,027
Liabilities from derivative financial instruments	35,029	2,477
Other operating liabilities and contract liabilities	240	193
Provisions for pensions and similar obligations	1,026	1,371
Miscellaneous provisions	5,751	5,657
Deferred tax liabilities	425	333
Non-current liabilities	43,563	11,056
Financial liabilities and liabilities from leases	5,399	716
Trade payables	7,635	6,804
Liabilities from derivative financial instruments	75,950	7,550
Other operating liabilities and contract liabilities	1,518	1,153
Income taxes	174	95
Miscellaneous provisions	3,498	1,456
Liabilities associated with assets held for sale	182	205
Current liabilities	94,356	17,977
Total equity and liabilities	144,423	40,222

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Consolidated statement of cash flows (1/2)

€m	9M 2021	9M 2020
Net income / loss	-4,768	446
Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets	701	727
Changes in provisions	2,191	-111
Changes in deferred taxes	-1,739	73
Other non-cash income and expenses	-194	-289
Gain / Loss on disposal of intangible assets, property, plant and equipment, equity investments and securities (> 3 months)	-14	-7
Changes in operating assets and liabilities and in income taxes	6,069	-7
Cash provided by operating activities (operating cash flow)	2,244	833
Proceeds from disposals	56	65
Purchases of investments	-523	-491
Proceeds from disposals of securities (> 3 months) and of financial receivables and fixed-term deposits	380	193
Purchases of securities (> 3 months) and of financial receivables and fixed-term deposits	-4,784	-421
Cash provided (used for) by investing activities	-4,871	-654

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Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Consolidated statement of cash flows (2/2)

€m	9M 2021	9M 2020
Cash proceeds / payments arising from changes in capital structure^{1}	-2	4
Cash dividends paid to shareholders of Uniper SE	-501	-421
Cash dividends paid to other shareholders	-15	-15
Proceeds from new financial liabilities	4,951	290
Repayments of financial liabilities and reduction of outstanding lease liabilities	-308	-470
Cash provided (used for) by financing activities	4,125	-612
Net increase / decrease in cash and cash equivalents	1,499	-434
Effect of foreign exchange rates on cash and cash equivalents	10	-15
Cash and cash equivalents at the beginning of the reporting period	243	825
Cash and cash equivalents from deconsolidated companies	—	—
Cash and cash equivalents of first-time consolidated companies	—	1
Cash and cash equivalents at the end of the reporting period	1,752	378

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1. No material netting has taken place in either of the periods presented here.

Uniper SE, Presentation 9M 2021, 05 Nov 2021

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Financial calendar & further information

Financial calendar

23 February 2022
2021 Annual Report
03 May 2022
Quarterly Statement January – March 2022
18 May 2022
2022 Annual Shareholders Meeting
02 August 2022
Interim Report January – June 2022
03 November 2022
Quarterly Statement January – September 2022

Further information

https://ir.uniper.energy

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Uniper – Contact your Investor Relations team

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Stefan Jost
Executive Vice President
Group Finance & Investor Relations
stefan.jost@uniper.energy

Adam Strzyz
Head of Investor Relations (SVP)
+49 171 778 8215
adam.strzyz@uniper.energy

Christian Lösse
Manager Investor Relations
+49 151 6772 5191
christian.loesse@uniper.energy

Peter Wirtz
Manager Investor Relations
+49 160 529 1264
peter.wirtz@uniper.energy

Eva Christin Göttges
Manager Investor Relations
+49 171 814 2018
eva-christin.goettges@uniper.energy

Jan Houben
Manager Investor Relations
+49 151 2631 8000
jan.houben@uniper.energy

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Uniper SE, Presentation 9M 2021, 05 Nov 2021
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Disclaimer

This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or the "Company") that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purposes. By accessing this document you agree to abide by the limitations set out in this document.

This document is being presented solely for informational purposes and should not be treated as giving investment advice. It is not, and is not intended to be, a prospectus, is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities, and should not be used as the sole basis of any analysis or other evaluation and investors should not subscribe for or purchase any shares or other securities in the Company on the basis of or in reliance on the information in this document.

Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent the current beliefs of applicable members of management of Uniper. Those management members believe that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete.

We advise you that some of the information presented herein is based on statements by third parties, and that no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Certain statements contained herein may be statements of future expectations and other forward-looking statements that are based on the Company's current views and assumptions and involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those expressed or implied in such statements. No one undertakes to publicly update or revise any such forward-looking statement. Neither Uniper nor any of their respective officers, employees or affiliates nor any other person shall assume or accept any responsibility, obligation or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein.

In giving this presentation, neither Uniper nor its respective agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information.

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.

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Uniper SE, Presentation 9M 2021, 05 Nov 2021