Hafslund - Preliminary annual accounts 2024: Good operations and record-high production gave a solid annual result

27 Feb 2025 14:32 CET

Good operations and record-high power production of 19.7 TWh gave Hafslund a
solid result in 2024. The profit after tax ended at NOK 3,757 million.

Hafslund had an operating profit in 2024 of NOK 9,130 million, compared to NOK
13,862 million in 2023.

– The Group delivered a very solid annual result for 2024. The decrease from
2023 is mainly due to lower power prices in Southern Norway. At the same time,
we have achieved a power price that is 19 percent higher than the spot prices in
the hydropower business' production areas, which is due to good production
optimization and hedging activity, says CEO of Hafslund Finn Bjørn Ruyter.

During the year, power prices in Norway have decreased significantly. In 2024,
the average power price in price area NO1 was approximately 36 percent lower
than in 2023.

The Group beat 2023’s record power production with a production of 19.7 TWh.
This is 1.2 TWh higher than in 2023 and 8 percent higher than normal production
for the year. Through good production planning, Hafslund has managed its water
resources with positive effects on both profitability and security of supply.
The acquisition of Tonstad, one of Norway's largest onshore wind farms,
increased annual power production by approximately 670 GWh.

Heat sales were 1,767 GWh in 2024, marginally lower than in 2023 (1,833 GWh). In
addition to good production, the district heating business also received a
significant gain of NOK 419 million from the sale of Hafslund Fiber to Eidsiva
Bredbånd. This brought Hafslund's ownership in fiber together in the Eidsiva
Group.

– Adjusted for the sale of Hafslund Fiber AS, the district heating business
delivered a result after tax of NOK -133 million. Weakened framework conditions
have made it challenging to operate district heating business profitably.
Examples of framework conditions that make it demanding are increased
incineration fee and lack of equal treatment of electricity subsidies.
Facilitation for competitive district heating is crucial for security of energy
supply in the cities, says Ruyter.

The report is also available at Hafslund’s website www.hafslund.no.

Hafslund AS
Oslo, 27 February 2025

For further information:
Marte Hortemo, Communication Manager, tel: +47 993 56 242 or e-mail:
marte.hortemo@hafslund.no
Andreas Wik, Head of Treasury, tel: +47 924 97 255 or e-mail:
andreas.wik@hafslund.no

More information:
Access the news on Oslo Bors NewsWeb site

640002_Preliminary annual accounts 2024.pdf