Vattenfall has reported a 9% year-on-year drop in underlying EBITDA from its wind division in the first half of 2025.
EBITDA for the business unit fell to SEK6.5m (€580,000) compared to SEK7.2m (€639,327) in the first six months of 2024.
Underlying profit was down 29% over the period, which the developer attributed to decreased production volumes due to lower wind speeds, higher depreciation from the 1.5GW Hollandse Kust Zuid wind farm off the Netherlands, as well as an uplift booked in 2024 from the sale of wind projects off Norfolk in the UK.
Electricity generation decreased by 12% driven by lower volumes both from offshore and onshore wind power, it stated in a half-year financial update.
Vattenfall added it took impairments totalling SEK640m (€56.8m) relating to onshore wind farms in Sweden, which are “mainly due to a deteriorating outlook of electricity prices”.
The developer meanwhile confirmed all major permits are now in place for the 1.2GW Kattegat Syd offshore wind farm off the coast of Falkenberg, Sweden, although a final investment decision has not yet been taken.
Group-wide EBITDA fell 41% year-on-year to SEK25.3m (€2.2m), with profitability affected by capital gains related to asset sales including a 49% stake in the 1.6GW Nordlicht 1 and 2 wind farms off Germany that was later repurchased.
“In 2025, the energy landscape continues to be characterised by geopolitical unrest and economic pressure,” said chief executive Anna Borg (pictured).
“The pace of electrification is currently slower than expected, but the direction forward is clear. We have good conditions to expand the electricity system at the same time as the industry wants to change.
“Sticking to climate goals creates predictability for necessary investments. It’s about facing uncertainty with action.”