Uniper reports surging profits amid German privatization plans

Uniper, Germany’s largest gas importer, reported a significant increase in financial performance for the first half of 2026. The company’s adjusted net income reached approximately €388 million, more than doubling the €135 million recorded during the same period in 2025. This growth was largely driven by a strong gas business and the absence of the heavy losses experienced in previous years.

Amidst these results, the German government has initiated a process to privatize the utility giant, which was nationalized in 2022 following the energy crisis. The government is considering either a sale or an initial public offering for its 99% stake. Potential interested parties reportedly include Equinor, Brookfield Asset Management, and Taqa.

However, energy market stability remains a concern. Uniper CEO Michael Lewis warned that gas prices could remain elevated at €50 to €60 per megawatt-hour if shipping through the Strait of Hormuz remains prohibited due to tensions between the United States and Iran. Additionally, German gas cavern fill rates have dropped to 48%, down from 64% a year ago, raising concerns regarding supply security for the upcoming winter.

Looking forward, Uniper is also exploring diversifying its business by developing data centers at its power plant locations to support the growing AI economy.