Thank you, operator, and good morning, everyone. I'm pleased to welcome you to our results call on the first quarter results 2026.

Next to me on today's call are Michael Lewis, our Chief Executive Officer, and Christian Barr, our Chief Financial Officer. Michael will present company highlights, followed by Christian covering financial results for Q1 2026.

As usual, we will wrap up with a Q&A session at the end. Now, let me hand over to Michael Lewis, please.

Thanks, Sebastian, and very good morning everyone from my side, and thanks very much for joining the call. Let me start by highlighting the results of the first quarter, and I'm pleased to say we had a very good start into the financial year of 2026.

Our operational earnings in the first quarter matched our expectations, as presented during our full-year 2025 investor and analyst call in March. Group adjusted EBITDA ended up with €407 million, whilst group adjusted net income reached €231 million.

This performance was achieved despite the heightened geopolitical tensions. We know the conflict in the Middle East and its impact on the key global supply routes caused significant volatility in commodity prices during March, and uncertainty about the length of the conflict prevails, and this continues to influence markets, as a peaceful resolution, unfortunately, is not yet in sight.

Nonetheless, Uniper's operational business has only been affected to a limited extent by the conflict in the Middle East, as Uniper has no direct physical exposure to the region. Our gas portfolio is deliberately diversified, and the de-risking of our portfolio over the past few years bears fruit in the current environment.

However, we will continue to monitor the development in the Middle East very closely. The good operating results in the first 3 months underscores what we said during our full-year results call in March, namely: Uniper is today more resilient than in the past, working with a diversified business model.

We continue to work diligently on de-risking our portfolio, and we continue to be well positioned to seize opportunities in our core markets in Europe. With a streamlined portfolio after asset disposals, 2026 marks a new baseline for Uniper.

For the remainder of the year, we fully confirm our given full-year earnings outlook. Looking ahead, we remain focused on continuously strengthening our competitiveness and our profitability.

Our efficiency program is on track and delivering as planned, supported by the first wave of employee departures completed at the end of March. We therefore expect the full cost-saving effect to materialize from 2027 onwards.

Our financial position remains strong. At the end of Q1 2026, economic net cash stood at €4.4 billion, a plus of around €1.6 billion compared to year-end 2025.

In addition to the good operating performance, especially our strong operating cash flow boosted by our economic net cash position, and I'll pick this up later. We also strengthened our financial position for the next years by extending our €3 billion syndicated credit facility until 2029, providing continued flexibility and stability.

On the next slide, I would like to outline how recent market developments have impacted our business. Over the past 2 months, investors and analysts have been looking more closely at the impact of the sharp increase in commodity prices and the resulting volatility in the energy markets on Uniper's business performance.

I'd like to emphasize a main point straightaway: namely, the de-risking of our portfolio has been successful so far. We do not source gas from the Middle East region, and we are not directly affected by the Strait of Hormuz closure.

Unlike in 2021 and 2022, rising commodity and electricity prices have not impacted our financial position, and we are now even seeing cash inflows from collateral for forward contracts. At Uniper, we typically leverage our portfolio to maximize opportunities during periods of increasing spreads and price volatility, and we have been optimizing hedge positions in our gas midstream operations and power generation business, and new forward deals have been signed with better spreads available in certain periods of preferable price fluctuations.

However, the persistent and hard-to-predict economic challenges in Europe, coupled with a cautious approach from customers, are the boundaries for the potential to create substantially increased returns. A comprehensive assessment of the Uniper Group's recent earnings trends requires consideration beyond the commodity price perspective alone.

During first quarter of 2026, earnings were positively impacted by favorable developments in electricity prices in the Nordic markets, driven primarily by weather-related conditions, independent of the increase in gas prices. Overall, through effective forward hedging and strategic position optimization since the beginning of the year, we have achieved improved visibility and enhanced confidence in our capacity to meet the financial outlook for 2026, even if things get bumpier.

Whilst the short-term outlook for global commodity markets remains uncertain, the German government has finally offered greater clarity on measures to make the country's electricity market more resilient for the future, which is a significant milestone for the sector. This is good news for Uniper and moves us nearer to engaging in the auctions, thereby executing our major growth investments.

The German Ministry of Economic Affairs is seeking final approval for a bill that includes the proposal for the establishment of a permanent capacity market commencing in autumn 2031. Currently discussed draft bill also integrates the construction of new power plants into this support scheme, aiming to significantly enhance system stability.

The bill demonstrates how the government plans to tackle the risk caused by diminishing electricity baseload capacities following the exit from nuclear and coal in Germany. It addresses the issue of bridging extended Dunkelflauten, times when power generation from wind and solar are low, as well as increased supply challenges in Southern Germany.

An approximately 11 gigawatts of new capacity is sought, mainly consisting of gas-fired power plants that are hydrogen-ready and highly reliable, especially throughout the winter. Uniper is ready to play its part delivering its already advanced project developments at its sites in Staudinger, near Frankfurt, and Scholven, in the Ruhr area.

Uniper plans to install 870 megawatts of hydrogen-ready CCGT units at each location, and we started developing the project early, and have also worked closely with the relevant authorities and local councils to advance sections of the complex approval process. Successful participation in the planned auctions will allow us to achieve COD before 1st of November, 2031.

This leads me to a broader strategic perspective. A successful execution in the planned auctions would materially fill the gap of our planned €5 billion spend until 2030, of which about half is allocated to the flexible generation segment for new power plant construction or the extension of operating lifetimes for existing gas-fired power plants.

Together with more clarity for the whole power generation portfolio backed by a newly introduced permanent capacity market, this will provide much more visibility for Uniper's earnings prospects into the 2030s. Now, back from promising prospects in the present, turning to the quarterly figures in more detail, I will hand over to Christian.

Christian? Yeah.

Thanks, Mike, and a very warm welcome to all of you also from my side. As Mike mentioned at the beginning, we started the year in a very good shape, flagging already during our full-year 2025 investor and analyst call that we expect group adjusted EBITDA to exceed the €400 million mark already by end of the first quarter 2026.

The group's adjusted EBITDA increased by €546 million year-over-year, reaching €407 million. Additionally, the group's adjusted net income recorded an improvement of €374 million and totaled €231 million in the first quarter.

This significant improvement year-over-year is primarily due to the absence of non-recurring items that had previously diluted earnings in the gas midstream business, while the Green Generation and Flexible Generation segments recorded good and stable numbers. With that, let's now take a closer look at the reconciliation of group adjusted EBITDA from Q1 2025 to Q1 2026.

The waterfall chart illustrates that the greatest year-over-year increase in earnings was attributable to Greener Commodities, which reported an adjusted EBITDA of €66 million after experiencing an operating loss of nearly €500 million in Q1 2025. This reflects the digestion of negative effects from earlier optimization measures and the withdrawal of high-priced inventory already absorbed in the comparable quarter in 2025 and the return of our gas midstream business to normalized levels.

The Green Generation segment delivered €250 million, making up more than half of group's adjusted EBITDA result and matching its performance from prior year levels. As part of our prudent hedging strategy, we managed the current energy price volatility by selling a large portion of our upcoming hydropower volume in the Nordics and in Germany.

Uniper's hydro and nuclear electricity generation in the Nordics benefited from the strong prices following a phase of low precipitation. We benefited from relatively better hydrological conditions in the northern part of Sweden, where most of our hydropower plants are located.

Our nuclear power plants delivered lower sales volume following an unplanned outage at our nuclear plant at Oskarshamn 3. Higher electricity prices compensated for the lower volumes produced.

Overall, average realized prices in the first quarter of 2026 ended up markedly above last year's outcome. The increased Nordic market prices can also be tracked in our updated out-hedging.

By end of March, locked-in prices were up by €6 per megawatt-hour for the supply period 2026 and by €1 each for 2027 and 2028. The German hydro business achieved lower earnings due to lower prices and volumes after lower precipitation affected low flow rates and run-of-river power stations.

Last year's merchant hedging at about €130 per megawatt-hour was not repeatable. The Flexible Generation segment achieved an adjusted EBITDA of €156 million, which was almost on par to last year's result, even though it operated with a smaller portfolio and produced less energy overall.

Higher capacity market payments in the UK were clearly supportive. The next slide shows adjusted EBITDA reconciled to adjusted net income.

Group adjusted net income follows the adjusted EBITDA development. In the first quarter, the adjusted net income improved by €374 million to €231 million from the weak prior-year figure.

Depreciation and amortization remained at the same level as the comparable quarter. We continue to record a positive economic interest result.

The company benefited from lower interest expenses due to the termination of the KfW credit facility end of 2025 and still sizable interest income in the first quarter 2026, even though this was lower than in the comparable first quarter. The previous first quarter was impacted by positive effect in the economic interest result from the valuation of long-term provisions on the back of higher interest rates.

In total, the economic interest result amounted to a positive figure of €28 million. Now over to the operating cash flow on the next slide.

This slide shows the reconciliation of the adjusted EBITDA to the operating cash flow for the first quarter of 2026. On the back of a strong business performance, the operating cash flow increased to €1.6 billion.

In addition, the operating cash flow was supported by positive working capital effects with a strong cash inflow of around €1.2 billion. The latter reflects the significant reduction of gas inventory from the seasonally high withdrawals and low injections into gas storages in Q1.

Together with higher seasonal cash inflows from wholesale receivables, this delivered a positive working capital contribution. Due to extraordinarily strong operating cash flow during the first quarter, a front-loaded shape will occur in 2026.

With that, let's move to the latest figure on Uniper's economic net debt. At the end of the first quarter of 2026, economic net debt stood at €4.4 billion, reflecting the strong operating cash flow.

Cash investments amount to €141 million in the first quarter. Additionally, the dividend for the financial year 2025, which is proposed to be 72 euro cents per share, or roughly €300 million in total, is subject to approval by the Annual General Meeting, which will be decided on May 20th.

The proposed payments, subject to approval by the Annual General Meeting, will be reflected in our second-quarter financials. On the financing side, we extended the €3 billion revolving credit facilities to 2029, securing short-term liquidity.

Uniper continues to operate with a substantial liquidity reserve, consisting of cash, fixed-income investments, and undrawn revolving credit facilities. This reserve gives us ample flexibility to drive our strategy forward and respond flexibly to market changes.

Last, I would like to conclude my presentation today with a confirmation of the given outlook for fiscal year 2026 on slide 12. We are reaffirming the financial year outlook 2026.

Group adjusted EBITDA is expected to be between €1 billion and €1.3 billion, and adjusted net income will range from €350 million to €600 million, reiterating what we said during our results presentation for the full year 2025 back in March, namely, the financial year 2026 serves as a new baseline on the back of a reduced portfolio after the completion of the executed asset disposals. The results in the first quarter show that we can navigate sturdy through the impacts of the Middle East conflict and that our de-risking strategy is bearing fruit.

On the back of the ongoing conflict in the Middle East, where a peace agreement is unfortunately not in sight yet, markets remain volatile. Only the effects in the first weeks of the developments in the Middle East are digested in our quarterly results.

We expect a strong second quarter for 2026 around the same ballpark levels as Q2 2025. We anticipate to see some tailwinds from favorable market developments in our half-year numbers.

However, we expect this year's earnings shape to be rather front-loaded as we continue to further de-risk our businesses, secure earnings, and safeguard security of supply. Let me briefly summarize.

We had a very good start into the year. Uniper is well positioned going forward, supported by a more robust and resilient portfolio.

This strengthens the business model, gives us confidence for the remainder of the year and beyond. This concludes our presentation for today.

With that, let me hand back to Sebastian to kick off the Q&A sessions. Sebastian, over to you, please.

Thank you, Christian. We can start the Q&A session now.

Operator, I'm handing it over back to you, please.

Yes, hi. Good morning, and thank you for the presentation.

I would have two questions to start with, maybe, on my side. You reaffirmed today the full-year '26 guidance despite the elevated volatility in gas markets and the escalation in the Middle East conflict.

What are the key assumptions behind this ancient outlook? Particularly regarding the gas prices and the storage refilling, and also the cost and availability of LNG going forward?

Maybe the second question would be more regarding your capital allocation. Economic net cash increased to €4.4 billion.

How are you currently thinking about capital allocation, the priorities between gross capex, shareholder distribution, or eventually any M&A? Also considering your liquidity position that remains very strong, under what conditions could Uniper consider to be with a more progressive dividend framework after the reprivatization process?

Thank you very much.

Shall I pick up the first question, and then I hand over the second question to you, Christian? Thanks for the questions, Louis.

On the first question, what are our assumptions? Basically, all of our assumptions in terms of gas prices are built on the market curves.

That's all clear and transparent, and all of our forecasts are based on those. As far as gas storage is concerned, clearly we keep a close eye on what's happening there, and the summer-winter spread is critical.

At the moment, all of our assumptions there are based on exactly what you see in the forward curves in the markets. Christian, do you want to pick up the second question?

Happy to do so, Mike. In terms of the second question and with regard to our very strong net cash position of €4.4 billion, which is clearly driven at the moment by the high cash inflow of €1.6 billion in the first quarter, which is quite front-loaded, as we said, this will revert to a certain extent by end of the year.

We do not expect to significantly further increase the cash flow as we also have to refill storages and also hope to see usage of our cash position for the capex. I think as we said earlier in terms of the allocation of our capex program until 2030, approximately 50% of the capex program, €5 billion, is earmarked for Flexible Generation, which is represented by the new builds of our gas-fired power plants, which are hydrogen-ready, Michael, which you mentioned a couple of times.

This is the most important topic, and this capex is fully funded until 2030, given the strong financial position we have. I think this is mainly is it.

Anything I missed?

I would only add, I mentioned in my speech that the German Kraftwerksstrategie is now coming to the first auctions 1st of September, and clearly we have two major projects which we will bid in there. Visibility on our capex plans is becoming increasingly better as we move forward.

That's a very big chunk of our liquidity that is planned for investment in those plants.

Maybe just a quick follow-up, if I may, since I asked, but regarding the dividend policy, do you think that you have room to be maybe a bit more generous with the shareholders going forward?

Maybe I pick that one up.

Yeah.

At the moment, as the Bundesministerium für Finanzen, the Finance Ministry, is assessing options, as they said a year and a half ago, for our reprivatization. When it comes to reprivatization, we will have more to say about dividends.

All I can do today is confirm that we will be recommending a dividend to the AGM of €300 million.

Just to build on that, any decision on any future dividends, as you said, Mike, not been decided yet.

Thank you for clarification.

good morning. Thank you for taking my questions.

A couple from me. Firstly, on the new CCGTs, can you give any more detail on what you expect the support to look like?

Obviously, I'm sure it's difficult for you to give kind of exact guidance on what kind of level of support you'd need, but anything you know about what that might look like, how it might be structured, etc.? Then kind of related to that, assuming that this is some way above where we see kind of long-term power prices, how you think the government is thinking about affordability of power prices in Germany and in the context of this support scheme?

That's kind of the first question. Second question on the trading or kind of current market volatility.

Obviously, you've shown in the past, you have a portfolio which is able to optimize the kind of volatility we've seen in the markets, and you talked about the ability to kind of optimize your positions. Just wondering, to what extent keeping the guidance the same, which was obviously issued before the current situation, is that baking in uncertainty on the volatility for the rest of the year, or is it not significant the amount of benefit you can capture from the volatility market conditions?

Basically, just trying to get a sense of how much you can benefit from volatility in the market that we're seeing currently. Thank you.

Thanks, Anna. Let me come to your first question on the new CCGTs.

Obviously, the draft law was recently published, and it's very long and very detailed, and we are still digesting it. It's too early to give any details.

What I can say is elements will be rewarded through a capacity payment, and elements will be rewarded through market payments. Our bid into that market will reflect our view of the market going forward and what size of capacity payment we require to run the plant.

At this stage, it's too early to say any more than that. On the second question, yes, other things being equal, you can look to optimize and trade in a volatile market.

I should just caution that this market is extremely volatile at the moment, and we are seeing very big price shifts in very short amounts of time based on announcements from the US government and other players. It's very unpredictable and very large amounts of volatility.

We are not assuming at the moment that we are building in any assumptions about how we might benefit from that volatility. We are managing it.

We are, first and foremost, managing the risks that arise from it and ensuring that we deliver our forecasted numbers.

Thank you very much. As a reminder, if you wish to ask a question, just press *1 on your telephone keypad.

Again, if you would like to ask audio question, just press *1 on your telephone keypad.

Yes, thank you. Good morning.

Also a question on your guidance, please. You say you are guiding alongside the curves in energy markets, which quite clearly have changed dramatically since you first issued the guidance, and actually already into that week.

Is this also a matter of being perhaps hedged, and if so, should we expect an greater effect in both your Flex Gen and your Greener Commodities segment, perhaps later in the year or into next years, or is it perhaps just delayed and you can't just really put this into your guidance or indicate that? My second question would be on the Greener Commodities EBITDA, which was €66 million in Q1.

I know trading usually doesn't work that way, but still, just asking: should we take this as a quarterly run rate for the remainder of the year? Thank you very much.

Thanks, Ingo. I'll pick up the first question.

I think you're absolutely right. We are significantly hedged, which is one reason why we are still forecasting that we come within our full-year range of €1 billion to €1.3 billion.

The price forecast, we do update them regularly, and if there are any major movements, we will obviously incorporate them into our next guidance. For the time being, based on what we've seen in the market so far, we are confident in our €1 billion to €1.3 billion guidance.

Christian, do you want to pick up the second question?

Absolutely. Happy to do so, Michael.

To the question, Ingo was regarding Greener Commodities, if I've got you correctly, if the €66 million is now the quarter of and the signal for the rest of the year. Point here is in the first quarter, we saw very volatile market with the beginning of the Middle East conflict, and therefore, also a change in the curves, as Mike said.

Here we see, as I said in my speech, a very front-loaded earnings profile, which we can now oversee in Q1, of course, and also Q2. For the remainder of the year, Q3, Q4, we still have some usual uncertainties.

We are broadly hedged, as in terms of our green generation and also other topics, but the positions cannot be simply, let's say, multiply by 4 and then get to the full year's numbers. This is nothing which I would do now as we still see some uncertainties for the remainder of the year.

I hope this answers a little bit of your question.

Yes, thank you.

Yes, hi again, and thank you for taking the follow-up. Maybe two follow-up on my side.

One, if you could eventually update us on your medium-term strategy regarding the hedging, notably in view of the evolution of the Nordic prices and the power market prices. I understand it was a tailwind on Q1, most likely it might remain so in the relatively short term.

If we look beyond 2026, namely 2027, 2028, I have a little bit the feeling that you might be a little bit under-hedged compared to maybe a normal situation. Is it actually the case, and do you forecast any increase into the Nordic prices going forward, or shall we consider that we are in a normalization environment for this topic?

Maybe another one a bit more general, given the also focus in the decarbonization and flexibility, where do you see the best risk-reward for you regarding the renewables, the batteries, the hydrogen, and the flexible thermal generation? Where would be for you the best risk-reward for your investment plan going forward?

I understand, of course, the large part in flexible thermal generation, but maybe we would like to have a bit more granularity on what you think regarding renewables, batteries, and hydrogen. Thank you very much.

Thanks, Louis. I'll maybe pick up the second question first.

As and as we've just said, the lion's share of our investment is in the flexible generation, in the forthcoming auctions for German power plants. We do have significant developments in renewable energy, which is solar, onshore wind, and we classify battery storage in there as well because we do those as co-location projects rather than stand-alone projects.

We have a number of projects in the area of hydrogen, and those are both in hydrogen production and electrolyzer projects, plus we've done pilot projects in storage. What we're trying to do there is build a portfolio of options.

We said right at the very beginning when we launched our strategy 3 years ago that our aim was to rebuild our power generation portfolio and decarbonize simultaneously, and that's exactly what we're doing with hydrogen-ready flexible power generation, closure of coal, and rebuilding renewables. Of course, all those are organic investments, it takes time.

Nonetheless, that is happening, and we have a large number of renewable projects currently under construction. We also built a portfolio of greener molecules projects because we want to gradually decarbonize our gas portfolio, but that will take a much longer period given the fact that the incentive systems are less well developed and the fact that the cost of hydrogen is still expensive compared to natural gas, in spite of the current inflated price of natural gas.

We will build those options, and we will respond as market incentives come into play and as the market builds. I should say, the lion's share in the short to mid-term is in the flexible generation space.

Then come on to our hedging, your first question. We are around 80% hedged for 2026, 45% for 2027, and 25% for 2028.

That's specifically in the Nordic area. That is in line with our normal hedging strategy, and we believe that's the right hedging strategy for that market given the liquidity in the market.

That does mean we will be able to take advantage of any price developments, positive price developments, in the Nordic market beyond this year, and especially in 2028.

Thank you.

Yes. Thank you.

This would conclude our call today. Thanks, analysts and investors, for dialing in, for asking your questions.

Also for Christian and Mike to take us through the call. We will hear each other back on the 11th of August on then our first half-year results.

Until then, I wish you a very, very good remainder of the day and a good week. Thanks to all, and bye-bye.