Vattenfall (VF) Investor Presentation summary

Company overview and strategy

• Operates across the energy value chain with 7.7 million electricity customers and 2.4 million gas customers in Sweden, Netherlands, Denmark, UK, and Germany.

• Focuses on enabling fossil freedom and driving the transition to sustainable energy through renewables and climate-smart solutions.

• Fully owned by the Swedish State, with stable credit ratings (BBB+ S&P, A3 Moody's).

• Sustainability and fossil-free electricity generation are central to value creation and strategy.

• Integrated utility logic and diversified portfolio support additional value.

Financial performance and targets

• FY 2024 net sales were SEK 245.6bn, down 15% year-on-year; EBITDA rose 53% to SEK 60.8bn.

• Return on capital employed reached 12.4% (target ≥8%), and FFO/adjusted net debt was 49.2% (target 22–27%).

• Profit for the period increased 221% to SEK 33.4bn.

• Underlying EBIT was SEK 19.8bn, with positive contributions from Power Generation and Distribution, but declines in Customers & Solutions and Wind.

• Adjusted net debt decreased by 48.3% to SEK 72.1bn, mainly due to strong operating cash flow and divestments.

Decarbonisation and emissions

• CO₂ emissions intensity reduced by 69% since 2017, targeting net zero by 2040 across all emission scopes.

• 2024 emissions intensity was 50 gCO2e/kWh, well below the 2025 target of ≤86 gCO2e/kWh.

• Science-based targets include a 91.7% reduction in own emissions and 95.4% in electricity sales by 2040.

• Key priorities include phasing out natural gas and expanding fossil-free generation.