Hafslund - Good results in the first quarter of 2025

09 May 2025 13:22 CEST

Hafslund reported a profit after tax of NOK 1,980 million in the first quarter
of 2025. This is an increase of NOK 384 million compared to the same period last
year.

Despite the fact that power prices in Southern Norway have decreased, Hafslund
delivered a higher profit in the first quarter than in the same period last
year. This is mainly due to high power production, good production optimization
and positive value changes in power and currency derivatives.

In the first quarter of 2025, power production was high at 5.8 TWh. This is 0.7
TWh higher than in the first quarter of 2024. Power production was 13 percent
above normal production for the quarter. A significantly milder winter in 2025
means that the heating demand in Oslo is lower compared to 2024. This
contributes to a decrease in district heating sales. District heating sales were
711 GWh in the first quarter of 2025, compared to 796 GWh in the same period in
2024.

During the first quarter of 2025, Hafslund made an investment decision on the
group's largest project ever, namely the carbon capture project at Klemetsrud.
Hafslund has also consolidated power production in Sarpefossen through the
acquisition of Sarpsfoss Limited and started the reconstruction of the dam at
Braskereidfoss, which was flooded during the extreme weather event "Hans" in
2023.

– The geopolitical situation makes the work of ensuring a stable supply of
energy even more important going forward. We will continue to contribute to a
comprehensive secure energy system by developing more projects that can provide
more renewable power, power that ensures enough power even during the hours when
the need is greatest, and heat through the utilization of waste heat in the
district heating network, says Hafslund’s CEO, Finn Bjørn Ruyter.

The government's proposal for improved framework conditions that could enable
further development of district heating as an important part of a future energy
system is considered positive.

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

Hafslund AS
Oslo, 9 May 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

645912_Hafslund - Interim report Q1 2025.pdf