Uniper Set to Distribute EUR300 Million Dividend Following Government Bailout
The German energy company Uniper is preparing to pay a significant dividend for the first time in four years, signaling a return to financial stability after its government-backed rescue. The company has proposed a distribution of EUR300 million, or EUR0.72 per share, to its shareholders at the upcoming annual general meeting. With the federal government still holding over 99 percent of Uniper's shares, it stands to benefit substantially from the payout.
Uniper, one of Europe's largest energy firms specializing in electricity generation and natural gas trading, ran into financial distress in 2022. The crisis was triggered when Russia, following its invasion of Ukraine, ceased gas deliveries to Germany. As a result, Uniper faced severe losses, prompting the German government to intervene with substantial financial support. In exchange, the state acquired a majority shareholding and imposed a temporary ban on dividend payments as part of the stabilization measures.
Following a period of restructuring and improved operational performance, the government lifted the dividend restriction at the end of 2025. Under the terms of the stabilization agreement, the state is required to reduce its stake in Uniper to no more than 25 percent plus one share by the end of 2028. This process is expected to restore Uniper's independence on the capital market and attract private investors.
Uniper's financial results for the most recent fiscal year indicate a solid recovery. The company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of EUR1.1 billion, compared to EUR2.6 billion the previous year. Adjusted net income reached EUR544 million, down from EUR1.7 billion in the prior period, reflecting normalization after an exceptional year. Despite the decrease, both metrics were in line with expectations and demonstrate that Uniper has stabilized its core business operations.
For the current fiscal year, Uniper forecasts adjusted EBITDA in the range of EUR1.0 to EUR1.3 billion and adjusted net income between EUR350 million and EUR600 million. These projections reflect a cautious outlook amid ongoing market volatility but underscore the company's confidence in its operational resilience.
Looking ahead, Uniper has committed to investing around EUR5 billion by 2030 to strengthen security of supply, expand capacity, and support its transformation goals. Over half of this investment--more than EUR2.5 billion--will be allocated to projects in Germany. A key focus is the construction of new gas-fired power plants at two locations, designed to be hydrogen-ready in line with the country's energy transition strategy.
The company remains a major force in the European energy sector, with interests spanning coal and gas power generation in Germany, the United Kingdom, and Sweden. Uniper also operates hydroelectric assets and holds a majority stake in a Swedish nuclear power plant. In Germany, it is the largest operator of natural gas storage facilities, playing a vital role in national energy security. As of the end of 2025, Uniper employed approximately 7,200 people worldwide.
The planned dividend marks a significant milestone for both Uniper and the federal government, which is expected to receive the vast majority of the payout. This development highlights the gradual normalization of one of Germany's most prominent energy companies following a period of considerable uncertainty and state intervention.