Statkraft reported lower third-quarter results for 2025, driven by low Nordic power prices, negative hedging effects, and reduced contribution from market operations. The company also completed significant divestments but continued to invest in hydropower as part of its refocused strategy.
The company generated 15.8 TWh in the quarter, up from 13.3 TWh in the same period last year. Hydropower accounted for 12.8 TWh, compared with 10.0 TWh last year, driven largely by high output in Northern Norway. Generation for the first nine months reached a record 52.7 TWh (47.1 TWh).
Net operating revenues fell to NOK 8.0 billion from NOK 9.8 billion. Underlying EBITDA declined to NOK 3.1 billion from NOK 4.9 billion, with results affected by low prices in Northern Norway, reduced contribution from market operations, and negative hedging effects.
CEO Birgitte Ringstad Vartdal said: “I am pleased with the solid progress we have made in executing our sharpened strategy in the third quarter. We have sold a portfolio of businesses, our skilled teams will have new owners, and the divestments contribute to reduce complexity and cost and free up capital for further profitable growth in prioritised technologies and markets going forward.”
Statkraft signed agreements during the quarter to divest assets with a total enterprise value of NOK 13.5 billion, including the district heating business, Peruvian transmission lines, and renewable assets and development activities in Canada, Croatia, India, Nepal and the Netherlands. Around 330 employees will transfer to new owners by year-end.
Hydropower development and reinvestment remained a central focus. In Norway, Statkraft submitted a licence application for a third unit at the Alta hydropower plant and took final investment decisions on refurbishment projects at the Mår hydropower plant and the Hyttfossen dam. These investments are part of the company’s plan to gradually increase spending on hydropower refurbishments and capacity upgrades.
Statkraft is planning for long-term annual investment capacity of NOK 16–20 billion. A growing share of this will be allocated to hydropower in Norway, alongside new onshore wind development in Norway and Sweden.
Vartdal said: “Statkraft had high power generation in the third quarter and solid underlying results in Nordics, even though most of the increased power generation was in Northern Norway (NO4) where prices were very low. Results were impacted by negative hedging effects due to rising forward prices and lower contribution from Markets.”
The company reported profit before tax of NOK 0.9 billion, down from NOK 1.5 billion, while net profit was a loss of NOK 714 million. The tax expense was driven mainly by resource rent tax on hydropower production in Norway.
Outside Norway, the company continued selective investment in other technologies. It approved the Cardonal BESS 2 battery project in Chile (20 MW), and after the quarter decided to build the Lupi solar farm in Peru (182 MWp) with an expected investment of NOK 1.5 billion.
Despite reduced earnings, Statkraft said its strategy will maintain hydropower at the centre of its portfolio while supporting market operations, storage and variable renewables in Europe and South America.
