Småkraft delivers growth in the second half of 2025 despite price-driven production reductions in Northern price areas

25 Feb 2026 07:41 CET

Småkraft, the Nordic region’s largest small-scale hydropower producer, today
reported its results for the second half of 2025. Negative power prices in
Northern Norway required temporary production curtailments during the peak
season, reducing overall output despite favourable hydrological conditions.
However, stronger price levels achieved by the company’s southern power plants
contributed to increased reported revenues.

Småkraft added 54 GWh of new hydroelectric production capacity in the second
half of 2025. Total production for the period was 703 GWh, representing a 26
percent decrease compared to 951 GWh in 2H 2024. The decline was mainly driven
by curtailed production in NO3 and NO4 in response to negative electricity
prices. Adjusted for these curtailments, production was 8 percent below last
year.

Spot prices fluctuated significantly during the second half of the year, with
considerable variation across the Nordic price areas. Småkraft’s financial
performance strengthened from the first to the second half of 2025, driven by
strong price levels across all price areas in November and December.

Reported power revenue reached EUR 28 million, representing a 33 percent
increase compared to the same period last year. Adjusted power revenue,
including realised financial power hedges, was EUR 22.8 million, up 14 percent
year-on-year. Adjusted EBITDA, which isolates operating profit from the
unrealised value change of energy derivatives, amounted to EUR 6.2 million,
compared with EUR 5.3 million in 2H 2024.

“Despite continued volatility across Nordic power markets, we are pleased to
report improved revenue levels, improved adjusted EBITDA, and steady operational
progress. Our long-term investment strategy, strong liquidity position and
robust project pipeline put us in a solid position for continued growth,” said
CEO Terje Vedeler.
Småkraft currently has 15 power stations under construction, expected to add 255
GWh of annual capacity by the end of 2027.

During the period, Småkraft refinanced 15 loan facilities through a new NOK 394
million bank facility, securing continued financial flexibility. The company
closed the year with EUR 33 million in cash and maintained access to an undrawn
EUR 20 million revolving credit facility.

Småkraft continues to prioritize environmental performance. No material HSE
incidents were reported in 2H 2025, and the company observed positive effects
from recently implemented fish welfare measures at the Fosstveit power plant.
The company also continued biodiversity monitoring.

“We believe that renewable energy must go hand in hand with healthy ecosystems.
The progress we have seen in fish migration and biodiversity monitoring
underscores that sustainable hydropower is possible utilizing our internal
environmental competence, collaboration with local partners and landowners, and
investments in innovation. This will continue to be a priority as we expand our
portfolio,” said Terje Vedeler.

Facts about Småkraft AS:
• Owns and operates 254 small-scale hydroelectric power plants in Norway and
Sweden
• Annual production capacity of 2.3 TWh
• Collaborates with more than 1,050 landowners
• 34 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:
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666660_2026-02-24 Småkraft-2H2025 report final.pdf