Statkraft reported stronger financial results for the second quarter of 2026, with higher Nordic electricity prices offsetting lower hydropower generation caused by a tighter hydrological situation.
The Norwegian energy company generated 15.1TWh of electricity during the quarter, broadly unchanged from 15.2TWh a year earlier. Hydropower production in Norway was 0.8TWh lower than in the second quarter of 2025.
Underlying EBITDA increased to NOK6.6bn from NOK4.5bn in the same period last year, primarily driven by higher Nordic power prices. Profit before tax improved to NOK2.1bn, compared with a loss of NOK5.1bn in the second quarter of 2025, reflecting lower impairments and less negative currency effects.
Net profit remained negative at NOK1.5bn, compared with a loss of NOK6.5bn a year earlier. Statkraft said the result was primarily due to higher resource rent tax on Norwegian hydropower generation following increased power prices, resulting in an effective tax rate of 171%.
“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,” said Birgitte Ringstad Vartdal, President and CEO of Statkraft.
During the quarter, Statkraft made several investment decisions, including upgrades to the electrical and control systems at the Vikfalli hydropower plant in Norway and construction of the Blåfjell pumped storage project. The company also approved investments in renewable energy projects including solar developments in the UK and Ireland and wind projects in Peru and Brazil.
By the end of the first half of 2026, Statkraft had approved investments representing more than 600MW of new renewable energy capacity, with activity expected to increase during the second half of the year.
The company also submitted three licence applications in Norway during the second quarter as part of its plan to submit seven by the end of 2026.
“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 NOK80bn in hydropower and onshore wind in Norway over the coming decade. Realising this potential will depend on timely and efficient processing by authorities,” said Vartdal.
Statkraft said its Nordic business remained the main contributor to earnings during the quarter, benefiting from significantly higher electricity prices across all Nordic price areas, although lower hydropower generation due to tighter hydrological conditions partly offset the improvement.
The company ended the quarter with net interest-bearing debt of NOK39.2bn, down NOK1.1bn from the end of 2025, and said it remains well positioned to continue investing across its core technologies and markets.
