Quarterly results Q1 2026: CEO review and key figures

CEOs review:

Solid results driven by high prices and solid operational performance

Statkraft delivered a significantly stronger first quarter than in the same period last year. Higher power prices across all Norwegian price areas, combined with increased contributions from Markets, drove the results. The results were impacted by significant volatility in the European and Nordic energy markets, driven by geopolitical uncertainty and a continuing weak hydrological balance affecting power generation in Norway.

The first quarter of 2026 demonstrates both the uncertainty of the world we operate in, and the robustness of Statkraft’s strategy and operations.

The geopolitical situation remains uncertain. The war in the Middle East shows how quickly energy markets can be disrupted. This underlines why protecting critical energy infrastructure is essential to a reliable and secure energy supply. Renewables, as locally sourced energy, are central to that security.

At the same time, Europe is better positioned now than when the war in Ukraine triggered extreme volatility in 2022. Gas consumption is lower, renewables account for a larger share of power generation, and the power system has become more resilient. This strengthens energy security and reduces exposure to volatile fossil fuel markets, even as geopolitical risks remain elevated.

In this environment, predictability in energy policy is crucial. Surging energy prices are putting pressure on existing market frameworks. For nearly two decades, the EU Emissions Trading System (ETS) has provided a stable framework for emissions reductions and investment in renewables. For companies like Statkraft, this predictability is essential. It allows us to invest with confidence and support Europe’s long-term competitiveness through electrification.

Nevertheless, volatility across power, fuel and carbon markets, combined with pressure in supply chains, regulations and shifting customer behaviour, puts higher demands on risk management and decision-making capabilities.

Against this backdrop, Statkraft delivered one of the strongest first quarters in our history.

Safety first

Safety and security remain our top priorities. No serious injuries were reported in the first quarter, and the 12- month rolling Total Recordable Incident rate (TRI) decreased from 3.0 to 2.6 compared to the same period last year.

We continue to strengthen our focus on operational safety, physical security, cyber security and resilience across the company. This is fundamental not only to managing today’s risks, but to ensure that Statkraft remains a reliable energy producer in an increasingly complex operating environment.

Strong operational performance and results

Underlying EBITDA in the first quarter of 2026 increased to NOK 13.3 billion (NOK 10.9 billion), driven primarily by higher power prices in the Nordics and solid operational performance. The Nordics was the main contributor, supported by active and disciplined energy management. In Norway, hydropower generation was 11 per cent lower than in the first quarter of 2025 – reflecting the hydrological balance and our responsibility to help ensure security of electricity supply for next winter.

Performance across the other segments was mixed. Europe increased its generation by 0.4 TWh, but the positive effect was offset by negative hedges. The segment ended with a modest improvement, as a result of lower activity levels and a reduced cost base in line with strategy, portfolio and cost adjustments. Results in International declined, reflecting higher energy purchases due to seasonal effects in combination with higher spot prices. Markets improved overall, driven by strong origination activity.

For Statkraft it is important to ensure our financial solidity and competitiveness. This quarter we continued to strengthen our balance sheet. A significant cash-flow contributed to a reduce net interest-bearing debt to NOK 32 billion, down NOK 8.3 billion since end of last year.

Our cost efficiency measures across the organization are Contents CEO’s Review Strategic targets Financial performance Segments Outlook Interim financial statements Interim Report Q1 2026 Statkraft AS 5 Solid results driven by high prices and solid operational performance Statkraft delivered a significantly stronger first quarter than in the same period last year. Higher power prices across all Norwegian price areas, combined with increased contributions from Markets, drove the results. The results were impacted by significant volatility in the European and Nordic energy markets, driven by geopolitical uncertainty and a continuing weak hydrological balance affecting power generation in Norway. CEO’s review on track to meet its 2026 targets and we are prioritizing capital allocation more rigidly.

Delivering on a more focused strategy

 In Norway, we submitted the licence application for repowering the Hitra 1 wind farm and reached important milestones for onshore wind projects. In hydropower, final investment decisions were made for the renewal of control equipment in Oksla power plant and for control equipment in Sima power plant. Also the rehabilitation of the Bjølsegrø dam was decided.

We signed an agreement to transfer the assets and activities of Silva Green Fuel to a group of former employees. This reduces the number of technologies within Statkraft, in line with the sharpened strategy.

We also divested the project development rights for a hydrogen project in Sweden, and three small hydropower plants in Peru and Brazil. In India, the sale of the Tidong hydropower project was completed.

On the market side, we signed two long-term optimisation PPAs, with OX2 in Finland and with Suncatcher in Germany. Both PPAs include battery optimisation, which remains a strategic priority for Statkraft.

Positioning statkraft to succeed

Over the past two years, we have sharpened our strategy, clarified priorities and divested assets outside our core. We are still strengthening our balance sheet and adjusting our cost base and organisation to reflect our new activity level. The first leg of this strategy journey is largely complete. This has been demanding for many of our employees, but it has been necessary to further strengthen our competitiveness.

The next leg is about how we deliver, and my focus will be on competitiveness, strengthening leadership and culture across Statkraft.

The competitive landscape for renewables has fundamentally changed. Renewables are no longer an emerging industry – they are mainstream. Capital is available, competition is stronger, and margins are under pressure. In this context, disciplined prioritisation, speed and execution will determine who succeeds.

I am proud of how my colleagues delivered in the first quarter of 2026. The results demonstrate that our strategy is robust, even in a challenging external environment. At the same time, we remain realistic. Volatility will continue, competition will intensify, and long-term success will depend on disciplined execution over time.

With a strong first quarter behind us and a sharper focus ahead, we are well positioned to continue accelerating the energy transition in our markets.

Birgitte Ringstad Vartdal,

President and CEO