Capital structure and ratings

On 11 June 2026, Fitch Ratings assigned Uniper a first-time long-term issuer credit rating of ‘BBB-’ with a stable outlook and assessed the Stand-Alone Credit Profile (SACP) at ‘bb+’.

The rating reflects a strong financial profile, supported by improved cash flow visibility, robust liquidity, and disciplined financial policy. Fitch also recognizes Uniper’s continued strategic repositioning towards more stable earnings, which is expected to reduce earnings volatility over time.

The addition of Fitch as a third rating agency alongside S&P and Scope enhances Uniper’s position in capital markets and supports diversified access to investors and funding sources.

On 11 July 2025, S&P Global Ratings published a Research Update affirming Uniper’s long-term issuer credit rating at BBB- with a stable outlook and upgrading the Stand-Alone Credit Profile (SACP) to 'bb+' from 'bb'. The upgrade reflects a strengthened financial risk profile, supported by robust performance in 2024, enhanced cash flow visibility, and continued strong liquidity. S&P also noted Uniper’s progress in executing its strategic repositioning toward contracted, low-carbon assets, which is expected to reduce earnings volatility over time.

The uplift for government support was revised to one notch, down from two, reflecting progress in the ongoing privatization process. Uniper continues to be classified as a government-related entity (GRE) by S&P.

On 17 June 2025 Scope upgraded Uniper’s issuer rating to BBB (from BBB-) with a stable outlook. The rating action reflects Uniper’s improved standalone credit quality (which Scope upgraded from BB+ to BBB-), and is further enhanced by a one-notch uplift, reflecting the status as a government-related entity. Scope attributes the upgrade to Uniper’s continued financial recovery, driven by strong performance in 2024 and enhanced visibility on future cash flows. Scope also recognized Uniper’s strategic shift toward low-carbon, contracted activities and the successful execution of its asset divestment plan under EU state aid requirements.

On 26 June 2024 Scope affirmed Uniper’s BBB- issuer rating with a stable outlook. The rating action reflects Uniper’s improved standalone credit quality (which Scope upgraded from BB to BB+). This improvement is counterbalanced by a one-notch reduction in the rating uplift for government-related entity status as Scope now considers it less likely that Uniper will run into financial distress that would require extraordinary state support.

On 8 March 2024 S&P published a Research Update affirming Uniper's BBB- rating with a stable outlook. The rating reflects a stronger SACP offsetting declining need for government support. S&P recognizes that Uniper's financial recovery has been faster than previously expected. This is partly due to exceptionally strong operating results in 2023 and greater transparency regarding Uniper's future earnings profile, as well as greater clarity on the payment obligation to the Federal Republic of Germany in conjunction with the state aid granted in 2022.

Uniper continues to be classified as a "government-related entity" by S&P.

On 2 August 2023 S&P published a bulletin in response to Uniper’s strategy publication. Uniper’s rating construction remains unchanged with a rating of BBB-, stable outlook. S&P acknowledged that the strategic plan has improved the visibility on Uniper’s longer-term business and investment prospects, while some key considerations that may trigger a change in Uniper’s rating construction in the future remain open for now. Furthermore, S&P stated that they see Uniper on track to a steady financial recovery as Uniper will not incur further losses related to the Russian gas curtailment.

On 19 June 2023 S&P affirmed Uniper´s long-term issuer credit rating at BBB-. S&P revised the outlook from negative to stable. Hereby, S&P acknowledged that Uniper will not incur any further losses related to Russian gas curtailments and that the company has started its financial recovery. S&P expects that the German government would continue to provide extraordinary support to Uniper if needed.