Statkraft delivered strong underlying results in the fourth quarter of 2025, driven by higher Nordic power prices and record-high production. For the full year, production exceeded 70 TWh for the first time, while continued cost reductions and portfolio focus reduced net debt and strengthened competitiveness.
Key figures fourth quarter 2025
- Power generation: 19.4 TWh (19.3 TWh), the highest fourth-quarter level ever
- Underlying EBITDA: NOK 8.3 billion (NOK 7.1 billion)
- Net loss: NOK 0.04 billion (net profit NOK 1.5 billion), impacted by impairments and high tax costs
Full-year highlights 2025
- Record-high power generation of 72.1 TWh, including 51.2 TWh in Norway
- Underlying EBITDA of NOK 26.8 billion
- Net loss of NOK 0.4 billion, mainly reflecting lower prices in the first half year, impairments, and high tax costs
- Proposed dividend of NOK 8.4 billion
- Divestment agreements with an enterprise value of NOK 15.8 billion signed
- Investments of NOK 18.0 billion, primarily in the Nordics and Europe
'Statkraft delivered strong underlying results in the fourth quarter, supported by higher prices, high production, and solid performance in the Nordics,' says Birgitte Ringstad Vartdal, President and CEO of Statkraft.
'Despite lower prices earlier in the year and weaker results from trading and origination, we generated strong cash flow and reached new production records. At the same time, impairments and high tax costs led to a net loss for the year,' Vartdal adds.
Progress on strategy and portfolio focus
Statkraft continued to execute on its strategy in 2025, strengthening its position as a leading international renewable energy company. The company signed significant divestments of non-core assets with an enterprise value of NOK 15.8 billion, reduced headcount, and prioritised investments in core technologies and selected markets. Development of new hydrogen projects and further offshore wind activities was discontinued.
'I am pleased that we have now largely completed our planned divestments of non-core assets and are on track with our cost reductions. By this we reduced our net debt by NOK 12 billion and strengthened our financial flexibility and competitiveness,' Vartdal says.
Total investment decisions during the year amounted to 722 MW of new renewable capacity, and at the same time with 700 MW added to operations. Statkraft maintains a long-term annual investment capacity of NOK 16–20 billion, subject to market conditions.
Segment performance in the quarter
Nordics remained the main contributor in the quarter, improving its results due to higher realised prices and strong hydropower generation.
Europe was negatively affected by lower power prices and weak margins for gas-fired power plants in Germany.
International’s results decreased, reflecting higher curtailment for wind assets and lower hydropower availability in Brazil.
Markets delivered improved results, driven by stronger origination performance.
Financial development
Profit before tax for the fourth quarter was NOK 4.3 billion (NOK 4.1 billion), while the full-year result was NOK 11.4 billion (NOK 20.6 billion), impacted by impairments and negative currency effects. For the quarter the net loss was NOK 42 million (net profit NOK 1474 million), while the full year loss was NOK 413 million (net profit NOK 7028 million). This was driven by higher taxes, particularly resource rent tax due to higher production of Norwegian hydropower.
Return on average capital employed (ROACE) from assets in operation was 17.0 per cent in 2025 (22.4 per cent in 2024), reflecting strong returns in the Nordics and lower returns from newer assets in Europe and International markets.
Outlook
Statkraft enters 2026 with a strengthened balance sheet, a more focused portfolio, and a clear strategy for disciplined growth within renewable power generation and market solutions.
The annual report for Statkraft AS Group for 2025 has been approved by the Board of Statkraft AS.
Note: Statkraft does not publish a separate external report for the fourth quarter as the annual report is disclosed together with this stock exchange notice. Selected statements for the fourth quarter are attached as an appendix.
Source: Statkraft
