Strong fourth quarter results and record-high production

05 Mar 2026 08:00 CET

(Oslo, Norway, 5 March 2026) - Statkraft delivered strong underlying results in
the fourth quarter of 2025, driven by higher Nordic power prices and record-high
production. For the full year, production exceeded 70 TWh for the first time,
while continued cost reductions and portfolio focus reduced net debt and
strengthened competitiveness.

Key figures fourth quarter 2025

* Power generation: 19.4 TWh (19.3 TWh), the highest fourth-quarter level ever
* Underlying EBITDA: NOK 8.3 billion (NOK 7.1 billion)
* Net loss: NOK 0.04 billion (net profit NOK 1.5 billion), impacted by
impairments and high tax costs

Full-year highlights 2025

* Record-high power generation of 72.1 TWh, including 51.2 TWh in Norway
* Underlying EBITDA of NOK 26.8 billion
* Net loss of NOK 0.4 billion, mainly reflecting lower prices in the first
half year, impairments, and high tax costs
* Proposed dividend of NOK 8.4 billion
* Divestment agreements with an enterprise value of NOK 15.8 billion signed
* Investments of NOK 18.0 billion, primarily in the Nordics and Europe

"Statkraft delivered strong underlying results in the fourth quarter, supported
by higher prices, high production, and solid performance in the Nordics", says
Birgitte Ringstad Vartdal, President and CEO of Statkraft.

"Despite lower prices earlier in the year and weaker results from trading and
origination, we generated strong cash flow and reached new production records.
At the same time, impairments and high tax costs led to a net loss for the
year," Vartdal adds.

Progress on strategy and portfolio focus

Statkraft continued to execute on its strategy in 2025, strengthening its
position as a leading international renewable energy company. The company signed
significant divestments of non-core assets with an enterprise value of NOK 15.8
billion, reduced headcount, and prioritised investments in core technologies and
selected markets. Development of new hydrogen projects and further offshore wind
activities was discontinued.

"I am pleased that we have now largely completed our planned divestments of non-
core assets and are on track with our cost reductions. By this we reduced our
net debt by NOK 12 billion and strengthened our financial flexibility and
competitiveness," Vartdal says.

Total investment decisions during the year amounted to 722 MW of new renewable
capacity, and at the same time with 700 MW added to operations. Statkraft
maintains a long-term annual investment capacity of NOK 16-20 billion, subject
to market conditions.

Segment performance in the quarter

Nordics remained the main contributor in the quarter, improving its results due
to higher realised prices and strong hydropower generation.

Europe was negatively affected by lower power prices and weak margins for gas-
fired power plants in Germany.

International's results decreased, reflecting higher curtailment for wind assets
and lower hydropower availability in Brazil.

Markets delivered improved results, driven by stronger origination performance.

Financial development

Profit before tax for the fourth quarter was NOK 4.3 billion (NOK 4.1 billion),
while the full-year result was NOK 11.4 billion (NOK 20.6 billion), impacted by
impairments and negative currency effects. For the quarter the net loss was NOK
42 million (net profit NOK 1474 million), while the full year loss was NOK 413
million (net profit NOK 7028 million). This was driven by higher taxes,
particularly resource rent tax due to higher production of Norwegian hydropower.

Return on average capital employed (ROACE) from assets in operation was 17.0 per
cent in 2025 (22.4 per cent in 2024), reflecting strong returns in the Nordics
and lower returns from newer assets in Europe and International markets.

Outlook

Statkraft enters 2026 with a strengthened balance sheet, a more focused
portfolio, and a clear strategy for disciplined growth within renewable power
generation and market solutions.

The annual report for Statkraft AS Group for 2025 has been approved by the Board
of Statkraft AS.

Note: Statkraft does not publish a separate external report for the fourth
quarter as the annual report is disclosed together with this stock exchange
notice. Selected statements for the fourth quarter are attached as an appendix.

For further information, please contact:

Debt Capital Markets:

* Vice President Stephan Skaane, tel: +47 905 13 652, e-mail:
stephan.skaane@statkraft.com
* Senior Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail:
arild.ratikainen@statkraft.com

Media:

* Corporate Media Relations Lead Lars Magnus Günther, tel: +47 912 41 636, e-
mail: lars.gunther@statkraft.com
* VP External Communications Torbjørn Steen, tel: +47 911 66 888, e-mail:
torbjorn.steen@statkraft.com

or www.statkraft.com

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

About Statkraft

Statkraft is a leading company in hydropower internationally and Europe's
largest generator of renewable energy. The Group produces hydropower, wind
power, solar power, and gas-fired power. Statkraft is a global company in energy
market operations. Statkraft has around 6,500 employees in 20 countries.

More information:
Access the news on Oslo Bors NewsWeb site

667546_2025-Q4 Presentation.pdf
667546_Annual Report 2025 Statkraft AS.pdf
667546_2025 Q4 Selected financial statements.pdf