Uniper Prepares for Next Phase: Hydrogen Terminal Advances as Government Exit Strategy Firms Up

Uniper is navigating a pivotal moment on two fronts. The hydrogen import terminal in Wilhelmshaven has cleared its first commercial hurdle, while the German government’s plan to reduce its stake is taking concrete shape. Together, these developments are setting the stage for the next chapter in the energy group’s history.

The registration period for the terminal’s open season expired at midnight yesterday, marking the close of the initial allocation phase. Interested parties submitted their capacity requirements and paid a participation fee. The facility is designed to handle up to 2.6 million tonnes of ammonia annually, equivalent to roughly 350,000 tonnes of hydrogen. Once cracked on-site, the hydrogen will feed directly into Germany’s core pipeline network, with rail loading also available for ammonia transport. The second phase will see Uniper release the key terms for the terminal usage agreement, culminating in binding capacity bookings.

Against this operational progress, the company’s credit standing received a vote of confidence. Scope affirmed its long-term issuer rating at BBB, with the stand-alone credit profile pegged at bbb−. The agency highlighted Uniper’s strong liquidity and stable cash flows, supported by a growing share of contractually secured revenues. Those fundamentals are backed by improving earnings: the group posted adjusted EBITDA of €407 million in the first quarter, swinging from a loss a year earlier, and management expects full-year operating profit of up to €1.3 billion.

Should investors sell immediately? Or is it worth buying Uniper?

This financial stability is crucial as the state pursues its exit. Berlin launched the sale process in May, and the finance ministry has now finalised its blueprint: the government’s stake will drop from 99.1% to 25% plus one share, ensuring a permanent blocking minority. An advertisement in the Financial Times specifically targeted off-market buyers who would preserve Uniper as a whole, shutting out pure financial investors looking to break it up. The state must reduce its holding to no more than 25% by 2028, and the exit could come via an initial public offering or a direct sale – both options remain on the table. The rescue itself was triggered by Russia’s invasion of Ukraine, which halted gas flows and forced a €13.5 billion government bailout in late 2022.

Investors, however, are weighing the opportunity against lingering uncertainty. Uniper shares traded at €46.30 in the latest session, a slight dip on the day, while the secondary article put the last close at €46.75. The year-to-date advance stands at roughly 38% to 39% depending on the reference point. Despite the strong run, the stock is nearly 17% below its 52-week high of €56.30. The 30-day annualised volatility of 62.57% reflects the market’s caution around the privatisation timeline. The 200-day moving average of €36.80 sits well below the current price, underscoring the robust rally.

The next catalyst will be the naming of concrete bidders – a development that remains pending. Until then, the combination of a hydrogen infrastructure milestone and a solid credit rating provides Uniper with the foundation it needs as talks with potential acquirers intensify.