Vattenfall (VF) Q3 2026 earnings summary

Executive summary

• 9M underlying EBIT rose 21% to SEK 25.9bn from SEK 21.5bn, driven by higher Nordic prices and stronger Wind, Customers & Solutions and Distribution results; Q3 underlying EBIT fell 38% to SEK 3.8bn amid nuclear outages and weak hydrology.

• 9M profit for the period increased to SEK 24.8bn from SEK 13.1bn, supported by higher earnings, fair-value gains, capital gains and a higher return from the Swedish Nuclear Waste Fund.

• Offshore wind, battery storage, grid infrastructure and EV charging development advanced alongside balance-sheet strengthening.

Financial highlights

• 9M net sales were SEK 148.3bn vs SEK 167.8bn; EBITDA was SEK 49.0bn vs SEK 33.9bn, EBIT SEK 33.1bn vs SEK 17.8bn and adjusted profit SEK 19.2bn vs SEK 13.9bn.

• Q3 net sales were SEK 42.9bn vs SEK 49.3bn and underlying EBIT was SEK 3.8bn vs SEK 6.2bn; reported EBIT rose 24% to SEK 4.2bn, while profit fell 42% to SEK 1.3bn.

• 9M net sales decreased SEK 19.5bn, reflecting lower Nordic hedge revenue, divestments and lower customer electricity and gas volumes; negative FX effects were SEK 1.9bn.

• 9M operating cash flow was SEK 56.7bn, including SEK 24.2bn from working-capital changes; free cash flow was SEK 45.5bn and cash flow before financing activities SEK 30.4bn.

Outlook and guidance

• 2030 financial targets are ROCE of at least 8% and FFO/adjusted net debt of at least 25%; latest rolling 12-month outcomes were 11.6% and 74.1%.

• Nordlicht I and II are scheduled for commissioning in 2028 and 2029; the 1.6 GW Nordlicht cluster is expected to generate ~6 TWh annually from 2028.

• Hesselø and North Sea I Mid, with minimum combined capacity of 1.8 GW, are expected to be commissioned in 2032; Zeevonk phase 1 is preparing for an FID in Q4 2026.

• Brunsbüttel battery storage is expected online by end-2028, with 254 MW output and ~1,070 MWh storage capacity.

• The 2027–2036 grid plan includes over 450 capacity-enhancement projects; Luleå grid construction is planned to start in 2027, with new transmission lines expected in operation in early 2029.