Vattenfall (VF) Q2 2026 earnings summary

Executive summary

• Achieved strong financial results in H1 2026, with underlying EBIT rising to SEK 22.1 billion, driven by higher Nordic electricity prices, increased hydro and wind generation, and positive developments in customer and distribution businesses.

• Profit for the period surged 117% to SEK 23.5 billion, supported by higher underlying profit, items affecting comparability, and increased returns from the Swedish Nuclear Waste Fund.

• Major milestones include the selection of Rolls-Royce SMR for new nuclear power, state partnership in Videberg Kraft, and commissioning of new wind, solar, and hybrid parks.

• Strategic collaborations advanced to expand transmission grid and deliver innovative energy solutions for customers.

• Emphasized the strategic importance of energy system resilience for security and competitiveness in Europe.

Financial highlights

• Underlying EBIT for H1 2026 reached SEK 22.1 billion, up SEK 6.8 billion year-over-year; operating profit doubled to SEK 28.9 billion.

• Profit for the period increased 117% to SEK 23.5 billion.

• Net sales for Jan–Jun 2026 decreased 11% to SEK 105.3 billion, mainly due to lower price hedge revenues and divestments.

• EBITDA for Jan–Jun 2026 was SEK 39.6 billion, up from SEK 25.4 billion year-over-year.

• Cash flow from operating activities reached SEK 34.1 billion, up from SEK 6.2 billion.

Outlook and guidance

• Continued focus on electrification, fossil-free energy, and stable investment frameworks, with major projects in wind, solar, and nuclear underway.

• ROCE improved to 12.2%, exceeding the ≥8% target; FFO/adjusted net debt at 72.0%, well above the ≥25% target.

• Ongoing expansion of renewable capacity and grid infrastructure to support energy transition.

• New nuclear power project at Värö Peninsula progressing, with state majority ownership expected in 2027.

• Ongoing commitment to building a robust, reliable, and future-ready energy system.