After the billions in losses in 2022, the energy company Uniper is getting back on track. In the first quarter, the utility made a net profit of 6.7 billion euros, the nationalized company announced on Thursday. In the same period last year, the group, which was hit hard by the Russian gas supply freeze, had incurred a loss of 3.1 billion euros. The Group now benefited from significant improvements in its trading business and in European power generation.

Although adjusted EBIT in Global Trade was still negative at minus EUR 291 million, it was significantly better than in the same period of the previous year at minus EUR 618 million. In the European Generation segment, adjusted EBIT in the quarter of just over EUR 152 billion was significantly higher than adjusted EBIT of minus EUR <> million in the prior-year period.

As of now, no new money from the federal government

Uniper was hit hard by the Russian gas supply freeze last year. After billions in losses, the federal government had taken over the company. In view of the Russian gas supply cuts, Uniper did not incur any further losses from the procurement of replacement gas volumes in the first quarter of 2023, the company explained. Therefore, Uniper does not need any new equity increases from the federal government until further notice.

Uniper had already presented some preliminary figures. Adjusted EBIT was Euro 749 million for the quarter, compared to a loss of Euro 917 million a year ago. Overall, Uniper expects a strong year-on-year earnings recovery in 2023. This will lead to positive adjusted EBIT and adjusted net income for the Group.