Quarterly results Q3 2026: CEO review and key figures

CEOs review:

Statkraft delivered strong results in the third quarter, driven mainly by high Nordic power prices and strong contributions from International and Markets. Our flexible hydropower assets and market capabilities again demonstrated their value as vital elements in our strategy to strengthen our core and competitiveness.

Statkraft delivered an underlying EBITDA of NOK 5.2 billion in the third quarter, up 69 percent from the same period last year. Nordics remained the main contributor, driven by significantly higher achieved power prices.Generation was 11 percent lower than in the same quarter last year due to the tight hydrological situation.

International delivered strong results for the quarter. Markets delivered improved results, with solid contributions from trading and origination. For Europe, increased operating revenues and reduced operating expenses, following strong operational performance, contributed positively. However, the results were negatively affected by price-hedging losses reflecting riskmitigating measures to secure future cash flows.

Operating expenses developed favourably as we continued to align our organisation and cost base with our more focused strategy. Cash flow from operating activities increased strongly during the quarter. With this result, we further strengthened our financial position, ending the quarter with a net interest-bearing debt of NOK 37 billion.

Overall, the quarter shows the value of combining flexible renewable generation with operational excellence and strong market capabilities, which is at the heart of our strategy. In the quarter, we continued to strengthen our core businesses, while maintaining financial discipline and directing capital towards the areas where we see the strongest opportunities for value creation. 

DELIVERING SAFELY
Safety and security remain our highest priorities. The 12- month rolling Total recordable injuries (TRI) rate was 2.7, and no serious injuries were reported in the third quarter of 2026. This marks the eighth consecutive quarter without serious injuries. We nevertheless continue our systematic efforts to prevent incidents and manage health and safety risks.

Cyber and information security are also increasingly important as the energy system becomes more digital and interconnected. It is a key priority for us to continue strengthening our digital resilience to safeguard stable production, market operations and reliable energy supply. We have had no serious cyber incidents so far in 2026.

MAKING PROGRESS
In the quarter, we reached several important milestones. In Norway, we submitted the licence application for the Høyanger hydropower project in Norway, expected to increase installed capacity from 109 to 257 MW. We signed another long-term power purchase agreement (PPA) with Hydro for 8.8 TWh, our sixth new contract with Norwegian industry this year. So far this year, we have entered into contracts in Norway totalling 27.3 TWh, to be delivered over the coming years. In Sweden, we received the government's permit for the Hästliden wind power project, with an expected annual generation of 2 TWh. 

In the UK, we took investment decisions for both a solar project and a wind project, totalling 101 MW. We also closed the divestment of our UK hydrogen portfolio to Green Nordic. In Poland, we signed two 10-year PPAs with Greenvolt covering 400 MW of battery storage capacity. In Spain, the repowering of the 62 MW Montes del Cierzo wind farm started commercial operation and we took investment decision for the 25 MW Talayuela II battery project.In Chile, we completed impounding at the Los Lagos hydropower plant in Chile, an important step towards completion. In Brazil, the 198 MW Santa Eugênia solar project entered commercial operation.

Birgitte Ringstad Vartdal,

President and CEO