Hafslund - Preliminary annual accounts 2025: Solid annual result

26 Feb 2026 13:10 CET

Good production optimization and efficient operations resulted in a profit after
tax of NOK 4.2 billion for Hafslund in 2025.

Hafslund achieved a profit after tax of NOK 4,201 million in 2025. This is an
increase of NOK 444 million compared to the previous year. Operating profit
ended at NOK 11,196 million, compared to NOK 9,130 million in 2024. The result
is influenced by good operations and production optimization combined with high
spot prices and hedging activity, which has resulted in an achieved power price
for 2025 of 70 øre per kWh. This is 14 øre per kWh higher than in 2024 and well
above the average spot price in the production areas in 2025.

Power production in 2025 was 18.4 TWh, which is lower than the previous year,
when production was 19.8 TWh, and slightly below normal production. The decrease
is mainly due to little snow during the winter.

The district heating business delivered an improved operating profit in 2025,
despite lower volumes due to a mild winter. District heating sales were 1,628
GWh, compared to 1,767 GWh in 2024. Better operations and higher sales margins
contributed positively, while the framework conditions remain demanding for the
industry. Profit after tax for the district heating business is negative,
illustrating that the framework conditions for district heating remain
demanding. Hafslund will continue to be a clear voice for sustainable framework
conditions for district heating as part of an emergency prepared and
climate-friendly energy system in cities.

– Higher power prices, efficient operation and targeted optimization have
contributed to solid value creation in the past year. At the same time, we have
taken important strategic steps to strengthen our core business. Investment
decision and construction start on the carbon capture project at Klemetsrud in
Oslo, as well as portfolio priorities such as the acquisition of Sarpsfoss
Limited and the sale of our stake in Fredrikstad Energi AS, are examples of
this. We have also continued to work on developing new power and capacity
projects, including the Hemsil 3 hydropower project. Final investment decision
for this project was made at the end of 2025. At the same time, the year has
been marked by serious incidents, including a tragic fatal accident at one of
our suppliers, which clearly reminds us that safety must always come first, says
Hafslund CEO, Finn Bjørn Ruyter.

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

Hafslund AS
Oslo, 26 February 2026

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

666936_Hafslund - Preliminary annual accounts 2025.pdf