Vattenfall (VF) Q4 2025 earnings summary

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.