EL7.AI
StocksMedium•10 November 2026•
4 min read

Uniper proposes €321 million dividend for 2026, up 7%

Key Facts

1Uniper intends to propose a dividend of €321 million, or €0.77 per share, for fiscal 2026 to the annual general meeting in 2027.
2The proposed dividend is 7% higher than the 2025 dividend of €300 million, or €0.72 per share.
3Adjusted net income rose to €579 million in the first nine months of 2026, from €268 million a year earlier.
4The company posted a net loss of €502 million under international standards, compared with net income of €568 million in the corresponding period of 2025.
5Uniper raised its 2026 adjusted net income outlook by €50 million to a range of €550–650 million, and kept its adjusted earnings before interest, taxes, depreciation and amortization outlook at €1.1–1.3 billion.

Uniper said on November 10 that it intends to propose a dividend of €321 million, equivalent to €0.77 per share, for fiscal 2026 to the annual general meeting in 2027. The proposal is 7% higher than the previous year’s dividend of €300 million, or €0.72 per share. The dividend does not become payable simply because the intention has been announced; the company tied it to sufficient final net income under German GAAP and shareholder approval. The proposal is part of a policy targeting compound annual dividend growth of 7% over the medium term, alongside annual base dividends of €300 million. At the same time, the company reported higher adjusted earnings indicators for the first nine months and raised its adjusted net income outlook for the year, while its IFRS accounts showed a net loss for the period.

Adjusted net income was €579 million in the first nine months of 2026, compared with €268 million in the same period of 2025. Uniper generally uses this measure to track adjusted operating earnings performance, distinguishing it from the accounting net result. The company posted a net loss of €502 million under International Financial Reporting Standards during the period, compared with net income of €568 million a year earlier. It attributed the loss to a temporary accounting mismatch in the fair value measurement of hedging transactions and the items being hedged. This means adjusted net income growth coincided with an accounting loss, and the two figures measure different aspects of the period’s results.

At the operating earnings level, adjusted earnings before interest, taxes, depreciation and amortization rose to €1.024 billion in the first nine months, from €641 million in the corresponding period of 2025. The overall improvement came alongside a clear divergence among the company’s segments: earnings in the Green Generation segment fell to €350 million from €540 million. By contrast, the Greener Commodities segment swung to adjusted earnings of €494 million after posting a loss of €196 million a year earlier. Uniper said the segment’s improvement was linked to its gas business, as the negative impact of previously profitable economic optimization activities in the corresponding period did not recur in 2026. It added that liquefied natural gas activity contributed positively, though to a lesser extent.

In Green Generation, the company said lower availability of its nuclear fleet in Sweden weighed on earnings. Hydropower in Germany was also affected by lower hedging earnings and reduced water inflows. On the other hand, Swedish hydropower benefited from lower wind generation and dry weather in Scandinavia. Alongside its nine-month results, Uniper raised its 2026 adjusted net income outlook by €50 million, to a range of €550 million to €650 million. It left its adjusted earnings before interest, taxes, depreciation and amortization outlook unchanged at €1.1 billion to €1.3 billion.

Uniper places its dividend and plans in the context of investments it says are aimed at securing supply and transforming European energy systems. Chief Executive Michael Lewis said the company “is investing in security of supply and the transformation of the energy system, thereby laying the foundations for earnings growth in the coming years.” The company says its plan for 2025–2030 includes investments of about €5 billion, with slightly more than half directed to Germany. On gas security, Uniper said the gas storage facilities it operates, excluding the Breitbrunn facility scheduled to be decommissioned, were about 81% full in early November. It compared that with a German average of about 60% in early November.

These developments come as the German government examines options to reduce its stake in Uniper to a blocking minority, Reuters reported. The options under consideration include selling the stake to a strategic or financial investor or pursuing a partial listing. This comes as the company sets its dividend policy and reports adjusted results, without linking the dividend announcement to ownership-change plans. Uniper is due to present its strategy, medium-term investment plan and future earnings outlook at its Capital Markets Day in London on November 16, 2026. The company has set March 10, 2027, as the publication date for its fiscal 2026 report.