(Bloomberg) -- Germany’s Uniper SE refined its full-year profit estimate, citing hedging activities tied to its power-generation and natural gas pipeline businesses.

The company sees 2023 adjusted earnings before interest and taxes between €6-€7 billion ($6.4-$7.4 billion), compared with a previous forecast in the “medium single-digit billion range.” Uniper pegged full-year net profit at €4-€5 billion, according to a statement Tuesday. 

Hedging transactions played a significant role in the “extraordinary positive results,” according to the statement. Full figures will be disclosed Oct. 31. 

The forecast comes a year after the power-generation and energy-trading giant was bailed out with one of the biggest government-rescue packages in German corporate history. Uniper was nationalized during Europe’s energy crisis, after Russia stopped supplying gas through the Nord Stream pipeline and fuel prices soared.

Uniper’s updated guidance “signals scope for an accelerated return to capital markets” as market conditions normalize, Bloomberg Intelligence analysts Patricio Alvarez and Joao Martins said in a research note. The company plans to curb its share capital by the end of the year, paving the way for the government to exit its 99% stake. 

By 2028, Germany plans to reduce its ownership to no more than 25% plus one share, according to last year’s bailout agreement, approved by the European Commission. 

Brussels approved as much as €34.5 billion to bailout the company. Uniper has used €13.5 billion in equity injections. Separately, it has drawn a €2 billion credit line from Germany’s KfW Development Bank, which the company recently returned. 

(Updates with analyst comment in fifth paragraph, bailout details in last. A previous version of this story was corrected to say Uniper refined its full-year outlook, rather than raised it.)

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