Vattenfall (VF) Q1 2026 earnings summary

Executive summary

• Delivered strong Q1 2026 results, with underlying operating profit more than doubling to SEK 17.2 billion, driven by higher Nordic prices, increased generation volumes, and operational excellence.

• Profit for the period surged by SEK 12.1 billion to SEK 18.1 billion, supported by higher underlying results and positive fair value changes in energy derivatives and inventories.

• Commissioned four renewable assets in Sweden and the Netherlands and completed a new 150 kV power line in Northern Sweden.

• Divested French sales business and Dutch power plants to sharpen focus on core markets.

• Maintained focus on operational excellence, cost discipline, and prudent capital allocation amid volatile macroeconomic and geopolitical conditions.

Financial highlights

• Underlying operating profit increased by SEK 8.7 billion to SEK 17.2 billion; profit for the period rose by SEK 12.1 billion to SEK 18.1 billion.

• Net sales decreased by 6% year-over-year to SEK 64.1 billion, mainly due to lower customer sales volumes and negative currency effects.

• EBITDA more than doubled to SEK 29.2 billion, and EBIT rose 184% to SEK 23.8 billion.

• Adjusted profit for the period was SEK 13.8 billion, up from SEK 6.1 billion.

• Cash flow from operating activities improved to SEK 27.6 billion from -1.3 billion.

Outlook and guidance

• Too early to predict Q2 performance due to ongoing market volatility; prices in SE1 and SE2 have dropped in early Q2.

• Continued focus on optimizing investment timing and portfolio mix, with emphasis on renewables and electricity networks.

• ROCE excluding items affecting comparability increased to 12.9%, well above the ≥8% target.

• FFO/adjusted net debt reached 79.3%, exceeding the ≥25% target.

• Regulatory stability and market design remain crucial for future investments and competitiveness.