UN01 Uniper SE

By Giulia Petroni

Uniper refined its full-year outlook on the back of a strong performance in the first nine months as it continued to benefit from hedging transactions tied to its power-generation and gas midstream businesses.

The German utility said late Tuesday that it expects adjusted net income between 4 billion euros and 5 billion euros ($4.24 billion-$5.30 billion) in 2023, while adjusted earnings before interest and taxes are seen in a range of EUR6 billion to EUR7 billion. It had previously said it expected adjusted net income and adjusted EBIT in the medium single-digit billion euro range.

"Uniper had previously reported that gas supply obligations resulting from the Russian gas curtailment have been successfully hedged forward," it said. "This positive one-time effect continued in the third quarter to support the results in the current financial year."

Uniper was bailed out by the German government last year after Russia cut gas deliveries, forcing it to buy gas at high prices on the spot market, and has since then taken steps that pave the way to exit government ownership.

According to preliminary figures, Uniper expects to swung to an adjusted net income of EUR3.74 billion in the first nine months of the year from an adjusted net loss of EUR3.45 billion in the year earlier. Adjusted EBIT is seen at EUR5.48 billion in the period from an adjusted EBIT loss of EUR5.09 billion.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 25, 2023 02:27 ET (06:27 GMT)

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