Statkraft Posts Record Production but Books Annual Loss on Impairments
Event summary
- Statkraft reported record power generation of 72.1 TWh in 2025, with Q4 production hitting 19.4 TWh.
- Underlying EBITDA rose to NOK 26.8 billion for the year, but net loss reached NOK 0.4 billion due to impairments and high tax costs.
- Company completed NOK 15.8 billion in divestments of non-core assets, reducing net debt by NOK 12 billion.
- Investments totaled NOK 18.0 billion, primarily in Nordics and Europe, with 722 MW of new renewable capacity approved.
- ROACE fell to 17.0% in 2025 from 22.4% in 2024, reflecting weaker returns from newer European and international assets.
The big picture
Statkraft's record production highlights its strong position in Nordic hydropower, but impairments and tax costs underscore the challenges of integrating newer assets in Europe. The company's strategic pivot toward divestments and portfolio focus reflects broader industry trends of cost discipline and renewable energy consolidation. With a strengthened balance sheet, Statkraft aims to navigate market volatility through disciplined growth in renewable power generation and market solutions.
What we're watching
- Portfolio Focus
- Whether Statkraft's divestments and cost reductions will sustain financial flexibility amid volatile energy markets.
- Regional Performance
- How lower power prices in Europe and Brazil will impact Statkraft's international segment.
- Investment Strategy
- The pace at which Statkraft can deploy its NOK 16–20 billion annual investment capacity in core markets.
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