Solid first quarter results despite lower production

Key figures first quarter 2026 

• Power generation: 20.3 TWh (21.7 TWh), down due to lower Norwegian hydropower production  

• Underlying EBITDA: NOK 13.3 billion (NOK 10.9 billion) 

• Net profit: NOK 8.1 billion (NOK 6.8 billion), driven by higher Nordic power prices as well as a strengthened NOK 

“Statkraft delivered strong quarterly results in the first quarter, driven primarily by higher power prices in the Nordics and solid operational performance. We are on track with our strategy implementation program, and divestments and cost-cutting measures are starting to show results in our cost development,” says Birgitte Ringstad Vartdal, President and CEO of Statkraft. 

Progress on strategy and portfolio focus 

Statkraft continued to execute on its strategy in the first quarter of 2026, closing divestments of a hydrogen project in Sweden, three small hydropower plants in Peru and Brazil and the Tidong hydropower project in India.  
 
In Norway, several onshore wind projects reached important milestones, and investment decisions were made for the rehabilitation of Bjølsegrø dam and two large maintenance projects at Oksla and Sima hydropower plants.  

The investment decisions made in the quarter amounted to 13 MW of new renewable capacity. Statkraft maintains a long-term annual investment capacity of NOK 16–20 billion, subject to market conditions. 

”Increased geopolitical turmoil and market volatility underscores the focus on our core strengths, keeping costs down and strengthening the balance sheet. Having a diversified portfolio of profitable technologies and geographies increases our robustness amid geopolitical uncertainty. In the first quarter we continued to strengthen Statkraft’s robustness and competitiveness”, says Vartdal. 

Segment performance in the quarter 

Nordics remained the main contributor in the quarter, improving its results due to higher prices in all price areas, partly offset by lower hydropower generation due to the hydrological situation. 

Europe delivered stable results driven by higher hydropower generation, offset by negative hedging effects.  

International’s results decreased slightly, reflecting higher energy purchase costs due to seasonal effects for wind assets.  

Markets delivered improved results, driven by stronger origination performance. Some trading portfolios were negatively impacted by recent events in the Middle East. 

Financial development 

Profit before tax for the first quarter was NOK 15.2 billion (NOK 11.3 billion), impacted by positive currency effects. For the quarter, the net profit was NOK 8.1 billion (NOK 6.8 billion). This was driven by higher taxes, particularly resource rent tax on Norwegian hydropower generation due to significantly higher power prices.  

Return on average capital employed (ROACE) was 12.3 per cent, which is above the target of minimum 12 per cent. 

Statkraft continues to strengthen the balance sheet and ended the quarter with a net interest-bearing debt of NOK 32 billion, down NOK 8.3 billion from the end of last year. The reduction reflects strong cash generation, disciplined capital allocation and proceeds from divestments. 

Outlook 

Following a strong first quarter, a solid balance sheet and sharp focus ahead, Statkraft is well positioned to deliver clean energy to our markets.