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Vattenfall (VF) investor relations material
Vattenfall Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Final investment decisions made for Germany's largest offshore wind projects Nordlicht I & II, and significant progress on modular nuclear reactors with two suppliers and a 20% stake sale in Videberg Kraft AB to Industrikraft.
SEK 10.9 billion invested in Sweden's electricity grid to enhance supply security, with over 70% increase in grid investments since 2023.
Received top rating in the Climate Disclosure Project's annual ranking, affirming climate leadership.
Maintained financial stability and high investment pace due to a diversified business model and risk-spread portfolio.
Comprehensive SEK 165 billion investment plan for 2026–2030, with 56% allocated to growth, especially wind power and grid expansion.
Financial highlights
Underlying operating profit rose to SEK 30.9 billion from SEK 17.1 billion in 2024, driven by improved price hedges and nuclear results.
Profit for the period was SEK 19.7 billion, lower than 2024 due to one-off effects and temporary gains in the prior year.
Net sales decreased to SEK 234.9 billion from SEK 245.6 billion, mainly due to divestments and negative price effects.
Board proposes a dividend of SEK 8.0 billion.
EBITDA declined 19% to SEK 49.2 billion; cash flow from operating activities dropped to SEK 23.2 billion.
Outlook and guidance
Investment plan for 2026–2030 totals SEK 165 billion, with 56% allocated to growth, mainly in wind, new fossil-free generation, and grid expansion.
SEK 47 billion earmarked for Swedish grid investments over five years.
Focus remains on operational efficiency, cost control, and maintaining strong margins despite revenue volatility.
Optionality in project timing and investment decisions to adapt to changing market conditions.
Continued focus on fossil-free energy, new nuclear, and grid modernization.
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