Quarterly results Q2 2026: CEO review and key figures

CEOs review:

Statkraft delivered strong results in the second quarter of 2026, with a high underlying EBITDA of NOK 6.6 billion, up 46% compared to Q2 2025. Strategic divestments have been completed and cost reductions remain on track, strengthening competitiveness. 

Over the past year, we have turned our ambitions into results. We have strengthened our core and reduced complexity and cost to improve competitiveness. That work is now starting to pay off. It is enhancing our financial capacity, and enabling new investments across hydropower, onshore wind, solar, batteries and innovative market solutions. 

With the main elements of the sharpened strategy now in place, our focus is shifting towards continuous improvements and profitable growth. This is reflected in both our project activity and our market engagement in the second quarter. 

High activity level

Safety and security remain our top priority, and we continue to see solid performance across our operations and projects. No serious injuries were reported in the second quarter, and the 12-month rolling Total Recordable Injuries rate (TRI) was 2.6, unchanged from the first quarter.  

During the quarter, we entered into long-term power agreements (PPAs) with Norwegian industrial customers totalling 18.6 TWh, reinforcing our role as a preferred provider of reliable renewable energy to industry. This includes two agreements with Hydro for 12.3 TWh over ten years, in addition to contracts with Alcoa and Elkem. Access to clean power at competitive prices is essential for energy-intensive industries such as aluminium and for Europe's industrial competitiveness. 

In parallel, we are progressing a broad pipeline of new projects. In Norway, we have submitted three licence applications so far this year, aiming for seven by end of year. These are part of our ambition to invest around NOK 80 billion in hydropower and onshore wind over the coming decade. Realising this potential will depend on timely and efficient processing by authorities, as well as a robust and competitive supplier market with sufficient capacity to deliver these projects. 

We also took several key investment decisions across segments in the quarter. In Norway, we are investing in Blåfjell hydropower pump and an upgrade of the Vikfalli hydropower complex. In Europe, we are investing in a turbine efficiency upgrade of Knapsack 2 gas power plant in Germany, and Stargoose and Kilcush solar projects in the UK and Ireland. In South America, we have decided to invest in Emma, our first wind farm in Peru, as well as in the first phase of Gran Sul, a new major onshore wind project in Brazil. In total we made investment decisions for more than 600 MW of new capacity in the quarter.  

This quarter demonstrated the importance of disciplined energy management. Weak hydrological conditions in  Norway led to lower generation in areas with low reservoir levels. As a result, hydropower generation ended at 11.8 TWh compared to 12.6 TWh in the second quarter last year.  

In short, the quarter reflects strong financial performance and clear strategic progress. Statkraft ended the quarter with a net interest-bearing debt of NOK 39.2 billion, a decrease of NOK 1.1 billion from year-end 2025, despite significant tax payments. The reduction reflects strong cash generation and disciplined capital allocation. However, net impairments of NOK 1.8 billion, primarily related to assets in Germany, Ireland and Spain, reflect continued market uncertainty in the long-term horizon. 

A stronger company

Over the past year, we have reshaped Statkraft into a more focused renewable energy company, concentrating on areas where we have clear competitive advantages and potential for scale. This includes hydropower in the Nordics, solar, onshore wind and batteries in Europe and South America, as well as market operations.  

We have freed up capital and reduced complexity by scaling down or exiting activities such as hydrogen and offshore wind, and by reducing our geographical footprint. With the agreement to merge EV charging company Mer with Eviny Hurtiglading, signed in early July, we have now completed our strategic divestments.  

We have also delivered significant improvements to our cost base. By the end of the second quarter, we are well on track to reach our 2026 target of reducing operating expenses relative to previous estimates by NOK 2.9 billion, and reducing headcount through downsizing, transfers as part of divestments and natural turnover by approximately 1000.   

Reaching this point has required significant efforts across the organisation. The changes we have implemented, from portfolio adjustments to headcount reductions, have not been easy. I know this has been demanding for many, and I want to thank all colleagues for the professionalism, care and resilience shown throughout this period. 

Together, these measures strengthen our competitiveness and create a more efficient platform for the execution of our strategy. They also increase our financial flexibility and enable new investments across our segments. Over the coming years, we will invest around NOK 16–20 billion annually, with a continued focus on profitable growth and disciplined capital allocation. 

Well positioned for the next phase

Investment decisions for more than 600 MW of new generation capacity in the second quarter confirms that Statkraft is well positioned for the next phase, with a stronger, more focused portfolio and improved cost base. This is also supported by this year’s annual strategic review, which confirmed that our strategy remains robust. 

Our external environment continues to be marked by volatility, geopolitical uncertainty and increasing demands on energy systems. The heatwave affecting large parts of Europe in June is a clear reminder of how climate change is already impacting people, societies and energy systems. This underlines the importance of accelerating the transition to renewable energy. Renewable energy is fundamental to ensuring affordability and energy security, as well as tackling climate change. 

Statkraft’s strategy is set. Now, execution will be key. By focusing on our core strengths, disciplined investments and strong market capabilities, we are well positioned to keep delivering value, supporting industry and accelerating the energy transition.  

Birgitte Ringstad Vartdal,

President and CEO