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Vattenfall (VF) investor relations material
Vattenfall Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying operating profit rose 33% year-over-year to SEK 21.5 billion, driven by improved hedging, trading, and nuclear operations, despite a volatile market and lower period profit due to last year's one-off gains.
Strategic progress included advancing modular nuclear reactor projects at the Värö Peninsula, narrowing suppliers to GE Vernova and Rolls-Royce SMR, and revising the Zeevonk wind project for hydrogen demand.
Investments continued in fossil-free initiatives, including the world's first fossil-free steel dam gate, circular economy projects, and Germany's largest solar-agricultural farm.
Diversified portfolio and strong balance sheet enabled ongoing investments in renewables, grid, and nuclear, despite market challenges.
Major events included the sale of the Berlin heat business, final investment decision for Clashindarroch II wind farm, and new power line concession in Northern Sweden.
Financial highlights
Underlying EBIT increased to SEK 21.5 billion for the first nine months, up SEK 5.3 billion or 33% year-over-year, driven by improved hedges, trading, and higher nuclear and pumped hydro contributions.
Net sales decreased by 5% to SEK 167.8 billion, mainly due to lower electricity prices in northern Sweden and the sale of the Berlin heating business.
Profit for the period declined 54% to SEK 13.1 billion, mainly due to the absence of prior year one-off gains from project divestments and energy derivatives.
EBITDA fell 32% to SEK 33.9 billion; reported EBIT dropped 47% to SEK 17.8 billion.
Funds from operations (FFO) increased to SEK 29.3 billion.
Outlook and guidance
Focus remains on robust, sustainable business opportunities, operational excellence, and enabling fossil-free energy, with updated strategic targets for 2030.
Ongoing adaptation to changing market demand, especially for hydrogen and grid capacity, with continued investment in renewables and grid expansion.
Financial discipline and flexibility are emphasized to support the energy transition.
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