Uniper Targets 7% Annual Dividend Growth, Sets €300 Million Base
Key Facts
Uniper approved a medium-term dividend policy on November 6 targeting compound annual growth of 7%, with an annual base dividend of €300 million, according to a company statement. Under the policy, the company intends to propose a dividend of €0.72 per share for fiscal 2026. It said the proposal is conditional on achieving sufficient final net income under German accounting standards and requires shareholder approval. The announcement sets a growth target and an annual dividend floor, while next year’s amount remains tied to the company’s final result and a decision by the general meeting. The policy comes as the German government prepares to privatize the company, adding shareholder returns to the context of its ownership restructuring.
The policy sets an annual base dividend of €300 million and targets compound annual growth of 7% over the medium term, according to Uniper. These figures provide a publicly stated framework for the dividend path, but do not remove the condition tied to annual results or shareholders’ role in approving the proposal. The company intends to propose a dividend of €0.72 per share for 2026, the same amount per share approved by the general meeting for fiscal 2025. Company data show that dividends for 2022, 2023 and 2024 were zero per share, before the 2025 distribution was approved. The company also says the general meeting decides each year whether to distribute profits, after this became legally possible following an amendment to Germany’s Energy Security Act in December 2025.
The new policy follows a decline in adjusted net income to €544 million in 2025 from €1.601 billion in 2024, according to Uniper’s financial record. The company described its 2025 results as clearly below the exceptional results of the previous year. In the first half of 2026, it posted adjusted EBITDA of €711 million and adjusted net income of €388 million. Economic net cash was €4.548 billion over the same period. In May, Chief Executive Michael Lewis said the company’s strategy and planned investments lay the foundation for expected earnings growth in the coming years, and that the dividend policy aims to involve shareholders in that growth.
Uniper links its dividend plans to an investment program in Germany worth €2.5 billion through 2030, focused on highly efficient gas-fired power plants designed to use hydrogen. In its forecast published in May, the company estimated adjusted net income for 2026 at between €350 million and €600 million, and adjusted EBITDA at between €1.0 billion and €1.3 billion. These estimates provide financial context for the condition Uniper placed on the proposed dividend, linking it to sufficient final net income. Annual shareholder approval remains part of the process for approving any distribution, under the company’s rules. The announcement comes as Germany proceeds with plans to reprivatize Uniper, a context that puts the clarity of its returns policy in focus for investors.
Uniper is scheduled to publish its nine-month report for fiscal 2026 on November 10, according to its investor events calendar. The company has also listed a Capital Markets Day on November 16 to present its strategy and growth ambitions. These dates are expected to bring further updates on performance and plans as the new policy targets compound annual dividend growth of 7%. The dividend the company intends to propose for 2026 remains conditional on final net income under German standards and shareholder approval. The general meeting decides each year whether to approve a distribution, according to the company.