Uniper : presentation Interim Report 9M 2020

Empower Energy Evolution

9M 2020 Interim Results

Sascha Bibert - CFO

10 November 2020

Highlights

Performance

• Adj. EBIT in 9M 2020 €405m (vs. €203m in 9M 2019)
• Adj. Net Income in 9M 2020 €308m (vs. €82m in 9M 2019)
• Gas optimization main earnings driver
• Impact from Covid-19 remains limited
• Full-year2020 outlook confirmed

Portfolio & Strategy

• ESG in focus
• • EU-Taxonomycriteria incorporated into project approval processes
  • Extended reporting on ESG
  • Excellent employee survey results
• Portfolio development continues
• • Germany's 1st coal exit tender
  • German CCGT power plants Irsching 4+5 back in merchant market

Shareholders

• Fortum exceeded threshold of 75% in mid-August
• Intensified dialogue on strategic alignment and cooperation initiatives between Uniper and Fortum

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Operating indicators

Global Commodities	European Generation	Russian Power Gen.	Carbon emissions
Gas storage filling1	Production volume2	Production volume2	Scope 1
TWh				TWh		TWh			m tons
90					54	-15%	54	-10%		42	-12%
75					45		45			35
60					36	Gas	36			28
45	99%		99%		27		27			21
				Coal
30					18	Nuclear	18			14
15					9		9			7
						Hydro
0					0		0			0
	9M 2019		9M 2020	9M 2019	9M 2020		9M 2019	9M 2020	9M 2019	9M 2020

1.	Physical filling levels as of 30th September 2019 and 2020.
2.	Pro-rata view.	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	3

Key financials 9M 2020 - On track for full year guidance

Adj. EBIT

€m

405

203

9M 2019

9M 2020

Adj. Net Income

€m

308

82

Adj. EBITDA

€m891

720

9M 2019

9M 2020

Net Income1 €m 934

387

OCF
€m	-322	833

-277

H1 2019	H1 2020
9M 2019	9M 2020

Economic Net Debt

€m

3,091

2,650

END /

1.7x Adj. EBITDA

9M 2019	9M 2020	9M 2019	9M 2020	YE 2019	9M 2020

1. Net income attributable to Uniper shareholders.

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Adjusted EBIT - 9M increase driven by gas and European power generation

Reconciliation Adj. EBIT 9M 2019 to 9M 2020

€m	203
Adj. EBIT 9M 2019
Commodity optimization (gas)
Outright power prices & volumes
UK capacity market
European fossil fleet optimization
Intra-year carbon phasing
Russian power generation
Other
Adj. EBIT 9M 2020	405

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Adj. EBIT(DA) to OCF - Strong cash conversion

Reconciliation Adj. EBIT 9M 2020 to Operating Cash Flow 9M 2020

€m	211
	486	271
			-16
	-337		-78
	-110	926	833
	891

405

Adj. EBIT	Depreciation and	Adj. EBITDA	Non-cash	Provision	Changes	Others (incl.	OCFbIT	Interest	Tax	OCF
9M 2020	amortization	9M 2020	effective	utilization	in working	cumulative	9M 2020	payments	payments	9M 2020
			EBITDA items		capital	CO2-effect)

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Adjusted Net Income - Economic interest & taxes as expected

Reconciliation of Adj. EBIT 9M 2020 to Adj. Net Income 9M 2020

€m

33

-95 -34

405

308

Adj. EBIT	Economic	Taxes on	Minority interests Adj. Net Income
9M 2020	interest	operating	9M 2020
		earnings

Key developments

• Economic interest result with positive trend
• Structurally, interest result is supported by:
• • Sizeable interest income from assets
  • Low financial debt level
  • Lower expenses from the accretion of interest on long-term provisions (asset retirement obligations) going forward
• Tax rate on operating earnings of 22% in 9M 2020 within the guided range of 20% to 25%
• Minority interests driven by Unipro

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Economic Net Debt - Pensions driven by reduced interest rates

Reconciliation of Economic Net Debt YE 2019 to 9M 2020

€m
							308			159	3,091
2,650
				421
					-40
					491					952
9910.		-65
				-833							1,339
1,031
												801
	628
Economic Net Debt	Divest	OCF	Investments	Dividend	Pensions	ARO	Other	Economic Net Debt
	YE 2019										9M 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. Decrease in interest rates for pension obligations by 0.5%-points in Germany and 0.4%-points in UK since end of 2019.

3. Includes cash & cash equivalents, non-current securities and financial liabilities.

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Outlook FY 2020 - Confirmed

Adjusted EBIT

€m

863	1,000
Range
	800
FY 2019	FY 2020E

Stronger European generation and gas midstream, partly offset by Russian Power Generation

Adjusted Net Income (ANI)

€m

	800
614	Range
	600
FY 2019	FY 2020E

Significant improvement of economic financial result

Dividend

€m

	500
421 1.151	1.371
FY 2019	FY 2020E

Target above envisaged 25% CAGR path (FY 2016 - FY 2020)

1. DPS - Dividend per share (€)

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Appendix

Markets - Higher gas prices impacting spark spreads

Gas prices1

€/MWh

18

16

14

12

10			TTF
Jan 2020 Apr 2020	Jul 2020	Oct 2020

Carbon prices2

€/t CO2

30

25

20

15

10		CO2
Jan 2020 Apr 2020 Jul 2020	Oct 2020

Electricity prices3

€/MWh

50

40

30

20
10			Germany			Nordic
Jan 2020	Apr 2020	Jul 2020	Oct 2020

Dark & spark spreads4

€/MWh

18

11

4
-3
		CDS Base
		CSS Base
		CSS Peak
-10
Jan 2020	Apr 2020	Jul 2020	Oct 2020

1. Gas forwards 2021. 2. EU Allowances (EUA): spot prices. 3. Electricity baseload forwards 2021. 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 Analysis; prices shown until 30th October 2020.

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Outright power hedging in Germany and Nordic

Hedged prices and hedge ratios Germany1

€/MWh

60	45	46	48
45

30

15

100%	95%	80%
0
2020	2021	2022

Hedged prices and hedge ratios Nordic1

€/MWh

60	29	28	24
45
30
15
	90%	85%	55%
0			2022
	2020 2	2021

1, As of 30 September 2020.
Calculations are based on pro rata volumes. Contracts for differences are included. Figures	for 2020 reflect forward months, i.e. excluding realized period.
2. Achieved price Nordic: €29.6 per MWh in 9M 2020.	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	12

Uniper Group - Generation capacity in Europe and Russia

Generation capacity

In MW1		30 Sep 2020	31 Dec 2019
Gas	Russia2	7,139	7,131
	UK	4,180	4,188
	Germany	3,347	2,912
	Netherlands	525	526
	Sweden	447	447
	Hungary	428	428
Hard coal	Germany	3,954	2,902
	UK	2,000	2,000
	Netherlands	1,070	1,070
Lignite	Russia2	1,895	1,906
	Germany	500	500
Hydro	Germany	1,927	1,927
	Sweden	1,771	1,771
Nuclear	Sweden	1,996	1,988
Other	Germany	1,418	1,418
	Sweden	1,162	1,162
	UK	221	221
Total		33,981	32,497
	1. Legally attributable capacity view = Pro rata view.
	2. Incl. Czech Republic (Czech Republic business sold as of 28th of April 2020).	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	13

Uniper Group - Net electricity generation volumes in Europe and Russia

Electricity generation volumes

In TWh1

9M 2020

Q3 2020

9M 2019

Gas	Russia	26.5	8.4	28.4
	UK	7.3	2.6	9.0
	Germany	0.5	0.1	0.6
	Netherlands	1.1	0.4	1.3
	France3	0.0	0.0	2.0
	Hungary	1.7	0.5	1.8
	Sweden	0.0	0.0	0.0
Hard coal	Germany	4.9	2.3	4.2
	UK	0.1	0.1	0.6
	Netherlands	3.2	1.4	1.6
	France3	0.0	0.0	0.3
Lignite	Russia	2.9	0.1	4.1
	Germany	1.8	0.5	2.7
Hydro	Germany2	3.4	1.2	4.3
	Sweden	6.9	1.9	6.1
Nuclear	Sweden	8.7	2.0	12.3
Total		69.0	21.5	79.4

1. Pro rata view; Net electricity generation volumes = Owned generation - own use losses - sales to minority owners + purchases from minorities.
2. Hydro Germany net generation sales additionally include pump-storage related water flows and line losses of pumping activities.

3. France sold.

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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

Adjusted EBITDA and EBIT

€m		9M 2020	9M 2019	9M 2020	9M 2019
	Adj. EBITDA	Adj. EBITDA	Adj. EBIT	Adj. EBIT
European Generation	Subtotal
484	458	211	137
	Hydro
	244	241	199	196
	Nuclear	102	77	62	30
	Fossil
	165	159	-19	-68
	Other/ Consol.	-27	-19	-31	-22
Global Commodities
Subtotal	420	115	288	1
	Gas
	359	160	297	104
	COFL	6	13	-41	-37
	Power
	55	-58	32	-66
Russian Power Generation
	238	290	169	220
Administration / Consolidation		-251	-144	-263	-155
Total		891	720	405	203

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Adjusted EBIT - Development by sub-segment

European Generation

€m

49

32-9

3211

137

9M 2019 Hydro

Nuc.

Fossil

Cons. 9M 2020

• Hydro: Higher volume effect offset by higher one-off costs
• Nuclear: Positive price effects partly offset by lower volumes due to outages & phase- out of Ringhals 2
• Fossil: UK capacity market and optimization gains partly offset by negative carbon phasing and lapse of positive carbon management effects (intra-group phasing with GloCo)

Global Commodities

€m

98

193

-4288

1

9M 2019

Gas

COFL

Power

9M 2020

• Gas midstream: Higher gas optimization
• Power: Lapse of negative carbon management effects (intra-group phasing with European Generation)

Russian Power Generation

€m

-51

220

169

9M 2019

Russia

9M 2020

• Russia: Negative volume/price effect mainly driven by lower demand

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Uniper Group - Key financial performance items

Reconciliation of Adjusted EBITDA to Adjusted Net Income and Net income

€m	9M 2020	9M 2019
Adjusted EBITDA
891	720
Economic depreciation and amortization / reversals	-486	-517
Adjusted EBIT	405	203
Economic interest result	33	-48
Taxes on operating result	-95	-35
Minority participations on operating result	-34	-38
Adjusted net income	308	82
Non-operating result (before taxes and minorities)	70	916
Minority participations on non-operating earnings and on other financial result	-25	-9
Taxes on non-operating result	-1	-146
Other financial result	45	119
Taxes on the other financial result	-11	-28
Net income/ loss attributable to shareholder of the Uniper SE	387	934
Sales1	30,825	46,852

1. The comparative figure shown have been restated. Further information can be found in Note 3 to
the 2019 Consolidated Financial Statements.	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	17

Uniper Group - Adjusted EBIT to Net Income

Reconciliation of Adjusted EBIT 9M 2020 to Net Income 9M 2020

€m

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

Non-operatingearnings

1. Net income attributable to Uniper shareholders.

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Uniper Group - Economic interest result (net)

Economic interest result

€m	9M 2020	9M 2019
Interest rate effects for leasing
-18	-17
Interest from financial assets / liabilities
56	51
Interest cost from provisions for pensions and similar provisions
-12	-15
Accretion of provisions for asset retirement obligation and other provisions
-8	-18
Capitalized interest1	56	54
Other2	-42	-102
Economic interest result (net)	33	-48

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 9M 2020, 10 Nov. 2020

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Uniper Group - Non-operating adjustments

Non-operating adjustments w/o interest1

€m	9M 2020	9M 2019
Impact of derivative financial instruments
-565	-695
Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price
372	-144
Restructuring / cost management expenses / income
51	-33
Non-operating impairment charges / reversals
88	28
Miscellaneous other non-operating earnings	-51	-142
Net book gains / losses
-7	-
Non-operating adjustments w/o interest
-112	-985

1. The comparative figure shown have been restated. Further information can be found in Note 3 to
the 2019 Consolidated Financial Statements.	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	20

Uniper Group - Cash-effective investments

Investments by segment

€m	9M 2020	9M 2019	%
European Generation
361	233	54.9
Global Commodities	35	17	105.9
Russian Power Generation
86	134	-35.8
Administration / Consolidation
9	17	-47.1
Total
491	401	22.2

Investment split - Maintenance and growth

€m	9M 2020	9M 2019	%
Maintenance & replacement	208	178	16.9
Growth	283	223	26.9
Total	491	401	22.2

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Uniper Group - Net financial position

Net financial position

€m	30 Sep 2020	31 Dec 2019
Liquid funds
621	871
Non-current securities
89	100
Margining receivables
335	336
Financial liabilities and liabilities from leases
1,846	1,935
Net financial position	801	628
Provisions for pensions and similar obligations
1,339	1,031
Asset retirement obligations 1)
952	991
Economic Net Debt
3,091	2,650

1. Reduced by receivables from the Swedish Nuclear Waste Fund.
Due to IFRS valuation rules (IFRIC 5), €287 million (December 31, 2019: €291 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 2020, 10 Nov. 2020	22

Uniper Group - Consolidated balance sheet (1/2)

Balance sheet - Non-current and current assets1

€m	30 Sep 2020	31 Dec 2019
Goodwill	1,749	1,886
Intangible assets	729	742
Property, plant and equipment and right-of-use assets	9,580	10,201
Companies accounted for under the equity method	390	446
Other financial assets	687	710
Financial receivables and other financial assets	3,838	3,813
Receivables from derivative financial instruments	3,530	4,787
Other operating assets and contract assets	150	159
Deferred tax assets	1,000	988
Non-current assets	21,653	23,732
Inventories	1,581	1,508
Financial receivables and other financial assets	650	651
Trade receivables	5,205	7,090
Receivables from derivative financial instruments	6,149	8,601
Other operating assets and contract assets	1,396	1,287
Income tax assets	61	16
Liquid funds	621	871
Current assets	15,663	20,024
Total assets	37,316	43,756

1. The comparative figure shown have been restated. Further information can be found in Note 3 to
the 2019 Consolidated Financial Statements.	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	23

Uniper Group - Consolidated balance sheet (2/2)

Balance sheet - Equity and liabilities1

€m	30 Sep 2020	31 Dec 2019
Capital stock	622	622
Additional paid-in capital	10,825	10,825
Retained earnings	2,844	3,145
Accumulated other comprehensive income	-3,867	-3,207
Equity attributable to the shareholders of Uniper SE	10,424	11,386
Attributable to non-controlling interest	483	556
Equity (net assets)	10,907	11,942
Financial liabilities and liabilities from leases	1,102	1,119
Liabilities from derivative financial instruments	3,470	4.277
Other operating liabilities and contract liabilities	263	694
Provisions for pensions and similar obligations	1,339	1,031
Miscellaneous provisions	5,332	5,422
Deferred tax liabilities	352	410
Non-current liabilities	11,859	12,954
Financial liabilities and liabilities from leases	744	815
Trade payables	6,039	7,308
Liabilities from derivative financial instruments	5,502	8,238
Other operating liabilities and contract liabilities	1,185	1,322
Income taxes	68	61
Miscellaneous provisions	1,012	1,115
Current liabilities	14,551	18,860
Total equity and liabilities	37,316	43,756

1. The comparative figure shown have been restated. Further information can be found in Note 3 to the 2019

Consolidated Financial Statements.

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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Uniper Group - Consolidated statement of cash flows (1/2)

Statement of cash flows1

€m	9M 2020	9M 2019
Net income / loss	446	981

Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets

Changes in provisions Changes in deferred taxes

Other non-cash income and expenses

Gain/loss on disposal of intangible assets, property, plant and equipment, equity investments and securities (> 3M)

Changes in operating assets and liabilities and in income taxes

727	554
-111	-632
73	198
-289	-199
-7	-12
-7	-1,168

Cash provided by operating activities (operating cash flow)	833	-277
Proceeds from disposals	65	323
Payments for investments	-491	-401
Proceeds from disposals of securities (>3M) and of financial receivables and fixed-term deposits	193	1,116
Purchases of securities (>3M) and of financial receivables and fixed-term deposits	-421	-577
Cash provided (used for) by investing activities	-654	461

1. The comparative figure shown have been restated. Further information can be found in Note 3 to
the 2019 Consolidated Financial Statements.	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	25

Uniper Group - Consolidated statement of cash flows (2/2)

Statement of cash flows1

€m	9M 2020	9M 2019
Cash proceeds/payments arising from changes in capital structure	4	3
Cash dividends paid to shareholders of Uniper SE	-421	-329
Cash dividends paid to other shareholders	-15	-16
Proceeds from new financial liabilities	290	1,353
Repayments of financial liabilities and reduction of outstanding lease liabilities	-470	-2,007
Cash provided (used for) by financing activities	-612	-997
Net increase / decrease in cash and cash equivalents	-434	-813
Effect of foreign exchange rates on cash and cash equivalents	-15	9
Cash and cash equivalents at the beginning of the reporting period	825	1,138
Cash and cash equivalents from disposal groups	-	-4
Cash and cash equivalents of first-time consolidated companies	1	8
Cash and cash equivalents at the end of the reporting period	378	338

1. The comparative figure shown have been restated. Further information can be found in Note 3 to
the 2019 Consolidated Financial Statements.	Uniper SE, Presentation 9M 2020, 10 Nov. 2020	26

Financial calendar & further information

Financial calendar

04 March 2021

2020 Annual Report

06 May 2021

Quaterly Statement January - March 2021

19 May 2021

2021 Annual Shareholders Meeting

10 August 2021

Interim Report January - June 2021

05 November 2021

Quarterly Statement: January-September 2021

Further information

https://ir.uniper.energy

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

Manager Investor Relations

[phone] [e-mail]

Peter Wirtz

Manager Investor Relations

[phone] [e-mail]

Anna Denisova

Manager Investor Relations

[e-mail]

Eva Christin Göttges

Manager Investor Relations

[e-mail]

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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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.

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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.

Uniper SE, Presentation 9M 2020, 10 Nov. 2020

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