Småkraft grows despite lower prices and output

26 Aug 2025 09:06 CEST

Småkraft, Europe’s largest small-scale hydroelectric producer, today released
its results for the first half of 2025. Electricity prices were low in the
period, and combined with reduced production, this led to a decline in both
revenue and adjusted EBITDA. Despite the soft market, Småkraft continued to
invest in new capacity and maintained a strong pipeline of future projects.

Småkraft added 73 GWh of new hydroelectric production capacity in the first half
of 2025, while total production in the period was 785 GWh. This represents a 9
percent decrease compared to the same period in 2024, primarily due to halted
production in NO4 during May and June in response to low and partly negative
electricity prices.

The average achieved price was 31.3 EUR/MWh, down from 38.7 EUR/MWh in 1H 2024.
Adjusted power revenue came in at EUR 21.9 million, a 19.4 percent year-on-year
decline, while adjusted EBITDA was EUR 6.8 million, down 46.9 percent from the
same period last year.

“While electricity prices and production volumes were lower than last year, we
continued our work on improving operational efficiency and business development.
On this backdrop, we are pleased to report continued investment in new capacity.
Our pipeline remains strong, and we are actively working with landowners,
municipalities, and regulators to expand our portfolio,” said CEO Terje Vedeler.

Småkraft currently has 18 power stations under construction, expected to add 258
GWh of annual capacity by the end of 2026. These projects represent EUR 135
million in investments, with EUR 70 million in committed equity from investors.

In July and August, Småkraft further expanded its portfolio with acquisitions in
Norway and Sweden totaling 13 GWh.

Småkraft continues to prioritize environmental performance. No material HSE
incidents were reported in the first half of 2025, and the company remains
committed to upgrading older plants and collaborating with stakeholders to
preserve biodiversity.

“Our mission is to develop renewable energy while safeguarding nature and
biodiversity, in close collaboration with local communities and landowners. We
are proud to continue to lead the way in small scale sustainable hydropower,”
said Terje Vedeler.

Facts about Småkraft AS:
• Owns and operates 246 small-scale hydroelectric power plants in Norway and
Sweden
• Production capacity of 2.2 TWh annually.
• Collaborates with more than 1,100 landowners
• 32 employees across offices in Bergen, Sandnes, Harstad, Verdal, Dale, Førde
and Gävle, Sweden.

For more information, please contact:
Terje Vedeler, CEO, +47 907 26 568

More information:
Access the news on Oslo Bors NewsWeb site

653832_2025-08-25 Småkraft AS Report on Review.pdf
653832_35_25 H1-2025 Financial report - final.pdf