Germany’s Uniper SE said it does not expect to see a repeat of this year’s ‘extraordinary’ profits any time soon, highlighting the utility’s stark turnaround from 2022’s record losses.
“This result and the outlook are literally extraordinary, and I don’t expect that we’ll see earnings figures of this magnitude in the next few years, although we’re looking ahead with optimism,” Chief Financial Officer Jutta Dönges said in a statement.
Last week, Uniper said it expects adjusted earnings before interest and taxes of up to €7 billion this year, guidance which analysts said signaled scope for an accelerated return to capital markets.
The German utility was bailed out by the government at the height of last year’s energy crisis, after Russia stopped supplying gas through the Nord Stream pipeline and prices soared. The rescue package was one of the largest in German corporate history.
The company is now mapping out its next steps for the government to eventually be able to exit its majority stake. Uniper has recently repaid a €2 billion credit line from Germany’s KfW Development Bank, but has yet to return some of the equity it used.
