Hafslund with solid result in the first three quarters of 2025

03 Nov 2025 11:39 CET

Hafslund delivers a solid result after the third quarter of 2025, despite lower
power production and a challenging market.

The profit after tax in the first three quarters of 2025 ended at NOK 2,829
million. This is an increase of NOK 178 million compared to the same period last
year. The operating profit was NOK 7,110 million, compared to NOK 6,328 million
in the corresponding period in 2024. The achieved power price was 68 øre per
kWh, 12 øre higher than last year, and 15 percent above the spot prices in the
company's production areas.

– We are pleased to deliver a solid result in a quarter characterized by both
weather-related and market-related challenges. Good production optimization and
operations in both the power production and district heating businesses have
been crucial to the result, says CEO of Hafslund, Finn Bjørn Ruyter.

Power production was 12.9 TWh as of the third quarter, down 9 percent from last
year and 7 percent lower than normal for the period. This is mainly due to less
snow in the winter season, which resulted in lower snowmelt and production
throughout the spring and summer. The production includes 0.6 TWh from
structural growth through the acquisitions of Tonstad Vindkraft in 2024 and
Sarpsfoss Limited in 2025.

District heating sales ended at 1,087 GWh, compared to 1,197 GWh in the same
period last year due to a mild winter. Despite good operations and somewhat
better sales margins, the district heating business had a negative result after
tax of NOK 167 million so far this year, partly due to weakened framework
conditions.

The market expects somewhat lower power prices, which places stricter
requirements on investment decisions and profitability in new projects. Hafslund
will continue to develop renewable energy and district heating to ensure
long-term growth and value creation for the City of Oslo.

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

Hafslund AS
Oslo, 3 November 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

658565_Hafslund Interim report 01.01-30.09 2025.pdf