Statkraft delivered strong results in the third quarter of 2026 due to significantly higher power prices, while power generation was 7 per cent lower. Profit before tax increased to NOK 5.9 billion from NOK 0.9 billion. Statkraft further improved its financial position and continued to strengthen its core businesses.
Key figures third quarter 2026
- Power generation: 14.7 TWh (15.8 TWh) The 1.1 TWh reduction comprised a 1.4 TWh decrease in Norway, reflecting 13 per cent lower power generation, partly offset by a 0.3 TWh increase outside Norway.
- Underlying EBITDA: NOK 5.2 billion (NOK 3.1 billion), mainly driven by significantly higher Nordic power prices.
- Profit before tax: NOK 5.9 billion (NOK 0.9 billion), impacted by positive currency effects and reversal of impairments.
- Net profit: NOK 3.5 billion (NOK -0.7 billion).
'Statkraft delivered strong results in the third quarter, driven mainly by high Nordic power prices and strong contributions from International and Markets. Our flexible hydropower assets and market capabilities again demonstrated their value as key elements in our strategy to strengthen our core and competitiveness,' says Birgitte Ringstad Vartdal, President and CEO of Statkraft.
Progress on execution
Statkraft continued to develop its core businesses in the third quarter, directing capital towards the areas where the company has competitive advantages and the strongest opportunities for value creation.
By the end of the third quarter of 2026, Statkraft had made investment decisions amounting to 765 MW of new renewable capacity, including a solar project and a wind project in the UK, and a battery energy storage facility in Spain during the quarter.
The company submitted the consent application for the Høyanger hydropower plant in Norway and received the government's permit for the Hästliden wind power project in Sweden.
'Norway needs to accelerate power and grid development. Since 2021, Norway has added just 1 GW of new generation capacity, compared with 10 GW in Sweden. The volume of new long-term power agreements signed with Norwegian industry this year demonstrates the continued demand for predictable and competitively priced power. The government’s ambition to simplify permitting is therefore a positive step. Faster and more predictable development of both power generation and grid infrastructure will be important to meet growing electricity demand and maintain Norway's industrial competitiveness,' Vartdal says.
Segment performance in the quarter
Nordics continued to be the main contributor in the quarter, with improved results as power prices were significantly higher in most price areas, partly offset by lower hydropower generation in Norway due to the tight hydrological situation.
Europe’s results were positively impacted by higher power generation and higher net operating revenues as well as lower operating expenses, but this was more than offset by negative hedging effects and development costs for maturing the project pipeline.
International’s contribution increased, the strong results were impacted by a positive supplier dispute settlement.
Markets’ contribution increased driven by strong performance from both trading and origination activities.
Financial development
A net impairment reversal of NOK 0.9 billion was recognised in the period, mainly reflecting a reversal of NOK 1.2 billion for the Los Lagos hydropower project in Chile, partly offset by impairments of the Torsa wind project in Chile.
Profit before tax for the third quarter was NOK 5.9 billion (NOK 0.9 billion), driven by higher power prices and strong results in Nordics, reversal of impairments and positive currency effects.
For the quarter, the net profit was NOK 3.5 billion (loss of NOK 0.7 billion). The effective tax rate for the quarter was 40 percent.
Return on average capital employed (ROACE) was 15.5 per cent, up from 9.9 at the end of the third quarter 2025.
Statkraft ended the quarter with a net interest-bearing debt of NOK 37.0 billion, a decrease of NOK 2.2 billion from the end of the second quarter, and a decrease of NOK 3.3 billion compared to year-end 2025, despite significant tax and dividend payments. The reduction reflects strong cash generation and continued disciplined capital allocation.
Outlook
Supported by a stronger balance sheet and improved competitiveness, Statkraft is better positioned to navigate an increasingly complex market environment. Energy markets remain volatile, driven by geopolitical tensions, including disruptions in the Strait of Hormuz, and a tight hydrological balance in the Nordic region. At the same time, competition for the most attractive renewable development opportunities remains strong. Against this backdrop, Statkraft will continue to prioritise capital discipline and focus on projects with the greatest long-term value potential.
Source: Statkraft
