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Uniper Proposes €300 Million Dividend, With State Set to Reap Most

The move follows the end-2025 lift of a crisis-era dividend ban, marking a step in Uniper's return to normal capital-market footing.

Overview

  • Uniper will ask shareholders to approve a €300 million payout, equal to €0.72 per share, its first dividend in four years.
  • The German federal government holds about 99% of the company and would receive nearly the entire distribution.
  • For 2025, Uniper met its own targets with adjusted EBITDA of €1.1 billion and adjusted net income of €544 million, down from exceptional prior-year levels.
  • Management expects 2026 results broadly in line with 2025, guiding to adjusted EBITDA of €1.0–€1.3 billion and adjusted net income of €350–€600 million.
  • The company plans around €5 billion of investment through 2030, including over €2.5 billion in Germany for hydrogen-ready gas plants at Gelsenkirchen and Staudinger, as the state works toward cutting its stake to 25% plus one share by end-2028.