Uniper’s H1 2026 EBITDA jumps 88% as gas business recovers

Uniper on Friday reported an 88% surge in earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2026, driven by a rebound in its European gas business.

The German utility group, which operates across power generation, energy trading and gas infrastructure, attributed the gain to improved market conditions following a period of volatility in European gas markets. The company’s slide deck for the period showed EBITDA rising to €1.8 billion from €960 million in the prior-year comparable period.

Revenue for the six months totalled €15.2 billion, up 12% from €13.6 billion a year earlier, while net profit climbed to €420 million from €180 million. The company said the recovery reflected stronger wholesale gas prices, increased utilisation of its gas storage assets and higher power generation margins.

Uniper’s gas division, which includes its European storage and trading operations, accounted for the bulk of the improvement. The segment’s EBITDA more than doubled year-on-year to €1.1 billion, supported by reduced inventory write-downs and tighter spreads between European and global gas benchmarks.

The company also highlighted progress in its renewable energy portfolio, with installed capacity rising 15% to 12.4 gigawatts, though this contributed a smaller share of total earnings compared with gas operations.

Uniper’s management noted that while macroeconomic risks remain, the group’s liquidity position strengthened to €6.3 billion at the end of June, up from €5.1 billion at the start of the year. The company reiterated its guidance for full-year 2026 EBITDA in the range of €3.2 billion to €3.6 billion, pending no material changes in energy market dynamics.

Shares in Uniper, which is listed on the Frankfurt Stock Exchange, were up 2.1% in early trading on Friday.