Strong second quarter results driven by higher prices

Key figures second quarter 2026 

• Power generation: 15.1 TWh (15.2 TWh), with 0.8 TWh lower hydropower production in Norway 

• Underlying EBITDA: NOK 6.6 billion (NOK 4.5 billion), mainly driven by higher Nordic power prices 

• Profit before tax: NOK 2.1 billion (NOK -5.1 billion), impacted by lower impairments and less negative currency effects 

• Net profit: NOK -1.5 billion (NOK -6.5 billion), impacted by high resource rent tax in Norway. The effective tax rate for the quarter was 171 percent 

“Statkraft delivered strong results in the second quarter of 2026. Strategic divestments are now completed and planned cost reductions are on track. Over the past year, we have turned our ambitions into results. We have strengthened our core and reduced complexity and cost to improve competitiveness,” says Birgitte Ringstad Vartdal, President and CEO of Statkraft. 

Progress on strategy and execution 

Following the end of the quarter, Statkraft and Eviny announced the merger of their fast-charging companies. Subject to necessary legal approvals, this transaction completes the announced strategic divestments. Statkraft will now focus on the company’s three strategic pillars, being a competitive developer of renewables, a value-maximising owner and operator of our assets, and an industry-leading provider of 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 innovative market solutions. We are well positioned to continue our strong value creation by investing the targeted NOK 16–20 billion annually across our core technologies and markets in the years ahead,” says Vartdal. 

Statkraft made several new investment decisions in the second quarter, including upgrade of electro and control system at the Vikfalli hydropower plant and construction of the Blåfjell pump project, both in Norway. An upgrade of the Knapsack II gas-fired power plant in Germany was also decided, as well as the solar power projects Stargoose in the UK and Kilcush in Ireland. In South America, investment decisions were made for the Emma wind power project in Peru and the Gran Sul wind power project in Brazil.  

By the end of the first half of 2026, Statkraft had made investment decisions amounting to more than 600 MW of new renewable capacity. Activity is expected to increase in the second half of the year.  

“We are progressing a broad pipeline of new projects. In Norway, we have submitted three licence applications in the second quarter, aiming for seven by the end of the year. These are part of our ambition to invest around NOK 80 billion in hydropower and onshore wind in Norway over the coming decade. Realising this potential will depend on timely and efficient processing by authorities,” Vartdal says. 

Segment performance in the quarter 

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

Europe’s contribution in the quarter was driven by higher generation and net operating revenues, and lower operating expenses related to the exit of non-core activities, offset by write-downs in the development portfolio.  

International’s contribution decreased mainly driven by extensions of long-term power sales contracts at reduced price levels and lower generation due to curtailments combined with higher spot purchase prices in Brazil.  

Markets delivered slightly improved results. 

Financial development 

Impairments in the period totalled NOK 1.8 billion. These were primarily related to wind power in Germany and include an offsetting effect of NOK 907 million regarding a reversal of impairments in onshore wind power in Sweden. 

Profit before tax for the second quarter was NOK 2.1 billion (NOK -5.1 billion), driven by lower impairments and less negative currency effects compared to the same quarter last year.  

For the quarter, the net profit was NOK -1.5 billion (NOK -6.5 billion). Despite significantly improved operating performance, net profit remained negative primarily due to higher resource rent tax on Norwegian hydropower generation following increased power prices. The effective tax rate for the quarter was 171 percent. 

Return on average capital employed (ROACE) was 14.0 per cent, up from 10.7 at the end of 2025. 

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. 

Outlook 

Supported by a strong balance sheet, improved competitiveness and a broad project pipeline, Statkraft is well positioned to continue delivering value creation through disciplined investments, operational excellence and market activities. 

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