Uniper's Twin Tailwinds: Hydrogen Terminal and Stake Sale Lift Shares to Fresh Highs
19.05.2026 - 21:03:11 | boerse-global.de
Uniper has given investors two reasons to cheer this week. The German energy group officially opened capacity bookings for its planned ammonia-to-hydrogen import terminal in Wilhelmshaven, while the federal government simultaneously kicked off the long-awaited sale of its majority stake. The combined news sent shares surging to a new 52-week high of €47.90 on Tuesday, a gain of 10.5%.
The rally built on momentum from last week, when the stock had already climbed 8.3% to €46.95 on the day Berlin unveiled the sale process — also a 52-week record at the time. Year-to-date, the equity is now up more than 42%, comfortably outperforming the broader market. The 200-day moving average stands at €35.72, underscoring the sheer velocity of the recent run.
At the heart of the green energy push is the Wilhelmshaven project, which will be capable of handling up to 2.6 million tonnes of ammonia annually. ThyssenKrupp Uhde is supplying the cracker technology needed to convert the ammonia into hydrogen, which will then feed into Germany's planned hydrogen core network. The booking window for terminal capacity runs until June 15, 2026 — a date that also marks the next major milestone for investors.
Should investors sell immediately? Or is it worth buying Uniper?
On the ownership side, the government is pursuing an orderly retreat from the rescue it mounted in 2022. Berlin aims to cut its holding to 25% plus one share — a blocking minority that aligns with EU rules requiring the state to reduce its position by the end of 2028. JPMorgan and UBS have been mandated to manage the process. Interested parties can register until mid-June, with the state favouring long-term institutional investors who will keep Uniper as a standalone entity. Names circulating in the market include Brookfield Asset Management, Equinor, Taqa and the EPH group.
The exit strategy offers flexibility: a direct sale of stakes, an initial public offering prepared for early 2027, or a combination of both. First transactions could be completed before the end of this year. Uniper CEO Michael Lewis has pointed to the company's operational recovery, noting that the group is once again in a position to pay dividends — a key attraction for any new investor base.
Uniper reported an adjusted EBITDA of €407 million for the first quarter of 2026, with net profit of €231 million. Swedish hydropower provided a strong earnings tailwind. Revenue fell to €17.34 billion, but earnings per share improved to €0.80. For the full year, the company guides for adjusted EBITDA of up to €1.3 billion. The group plans to invest roughly €8 billion by the early 2030s to achieve carbon neutrality by 2040, with the lion's share directed toward the green transformation. The previous idea of a merger with Sefe has been taken off the table for now.
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