Germany’s Uniper raises 2024 outlook after disputes settlement

(Reuters) -German state-owned utility Uniper raised its full year 2024 adjusted EBITDA outlook on Wednesday to a range of 2.5 billion euros ($2.64 billion) to 2.8 billion euros due to the settlement of legal disputes.

Settling the legal disputes will release funds that were set aside for this purpose, which will show in the fourth-quarter results of this year, it said.

The company said it now expects an adjusted net income of between 1.5 billion euros and 1.8 billion euros in 2024, up from a previous forecast of 1.1 billion euros to 1.5 billion euros.

In June, Uniper won a multibillion-euro arbitration against former supplier Gazprom, marking a landmark victory after Gazprom suspended supplies in 2022, forcing it to buy replacement volumes at high spot-market prices.

The company said the released funds were not related to the Gazprom case.

Uniper’s Frankfurt-listed shares were up 3.9% at 2013 GMT following the news.

($1 = 0.9466 euro)

(Reporting by Urvi Dugar and Riham Alkousaa; Editing by Bill Berkrot and Jonathan Oatis)