Vattenfall (VF) Q4 2025 earnings summary

Executive summary

• Final investment decisions made for Nordlicht I & II, Germany's largest offshore wind project, and significant progress on modular nuclear reactors with two suppliers; 20% stake in Videberg Kraft AB sold to Industrikraft.

• SEK 10.9 billion invested in Sweden's electricity grid to enhance supply security; divestments in Berlin heat business and UK distribution operations.

• Delivered strong financial results for 2025, with record investments in electricity grids and a comprehensive SEK 165 billion investment plan for 2026–2030, with 56% allocated to growth, especially wind power and grid expansion.

• Received top rating in the Climate Disclosure Project's annual ranking, affirming climate leadership.

• Navigated a volatile and complex market environment, including geopolitical uncertainty and major storms impacting Swedish grids.

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; underlying EBIT up 81%.

• Net sales decreased by 4% to SEK 234.9 billion, mainly due to divestments and negative price effects.

• Profit for the period was SEK 19.7 billion, down 41% from the prior year, which was inflated by one-off 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, fossil-free generation, and grid expansion.

• SEK 47 billion earmarked for Swedish grid investments over five years.

• Optionality in project timing and partnerships will be maintained to adapt to changing market conditions.

• Continued focus on decarbonization, new nuclear, and grid modernization.