Statkraft increased underlying earnings in the first quarter of 2026, driven by significantly higher Nordic power prices despite lower production.
Underlying EBITDA hit €1.2bn (NOK 13.3 billion) in the first three months, up from €1bn (NOK 10.9 billion).
The company said power generation fell to 20.3TWh from 21.7TWh due to lower Norwegian hydropower production, while net profit increased to €740m (NOK 8.1 billion) from €620m (NOK 6.8 billion).
“Statkraft delivered strong quarterly results in the first quarter, driven primarily by higher power prices in the Nordics and solid operational performance,” said Birgitte Ringstad Vartdal (pictured), president and chief executive of Statkraft.
“We are on track with our strategy implementation program, and divestments and cost-cutting measures are starting to show results in our cost development.”
Statkraft continued to execute on its strategy in the first quarter of 2026, closing divestments of a hydrogen project in Sweden, three small hydropower plants in Peru and Brazil and the Tidong hydropower project in India.
In Norway, several onshore wind projects reached important milestones and investment decisions were made for the rehabilitation of Bjølsegrø dam and two maintenance projects at the Oksla and Sima hydropower plants.
The investment decisions made in the quarter amounted to 13MW of new renewable capacity, while Statkraft maintained a long-term annual investment capacity of NOK 16-20 billion subject to market conditions.
“Increased geopolitical turmoil and market volatility underscores the focus on our core strengths, keeping costs down and strengthening the balance sheet,” said Vartdal.
“Having a diversified portfolio of profitable technologies and geographies increases our robustness amid geopolitical uncertainty.”