Statkraft delivered strong results in the second quarter of 2026, driven by significantly higher Nordic power prices, which boosted underlying EBITDA to NOK 6.6 billion from NOK 4.5 billion in the same period last year. Despite the improved operating performance, the company reported a net profit of NOK -1.5 billion, compared to NOK -6.5 billion a year earlier, primarily due to a high resource rent tax in Norway that resulted in an effective tax rate of 171 percent. Strategic divestments have been completed, and planned cost reductions remain on track, strengthening the company's competitiveness.

"Statkraft delivered strong results in the second quarter of 2026. Strategic divestments are now completed and planned cost reductions are on track. Over the past year, we have turned our ambitions into results. We have strengthened our core and reduced complexity and cost to improve competitiveness," says Birgitte Ringstad Vartdal, President and CEO of Statkraft.

Key Financial Figures for Q2 2026

Power generation totaled 15.1 TWh, slightly lower than the 15.2 TWh recorded in the prior year, with hydropower production in Norway decreasing by 0.8 TWh due to a tighter hydrological situation. Profit before tax improved to NOK 2.1 billion from a loss of NOK -5.1 billion, driven by lower impairments and less negative currency effects. Impairments for the period totaled NOK 1.8 billion, primarily related to wind power in Germany, partly offset by a reversal of impairments in onshore wind power in Sweden amounting to NOK 907 million.

Strategic Progress and Investments

Following the end of the quarter, Statkraft and Eviny announced the merger of their fast-charging companies, completing the announced strategic divestments subject to necessary legal approvals. The company will now focus on three strategic pillars: being a competitive developer of renewables, a value-maximising owner and operator of assets, and an industry-leading provider of market solutions. Statkraft made several new investment decisions in the second quarter, including upgrades at the Vikfalli hydropower plant in Norway and the Knapsack II gas-fired power plant in Germany, as well as solar projects in the UK and Ireland, and wind projects in Peru and Brazil.

By the end of the first half of 2026, Statkraft had made investment decisions amounting to more than 600 MW of new renewable capacity. The company aims to invest around NOK 80 billion in hydropower and onshore wind in Norway over the coming decade, contingent on timely and efficient processing by authorities. Statkraft ended the quarter with a net interest-bearing debt of NOK 39.2 billion, a decrease of NOK 1.1 billion from year-end 2025, reflecting strong cash generation and disciplined capital allocation.

Segment Performance

The Nordics segment remained the main contributor, improving results due to significantly higher prices in all price areas, partly offset by lower hydropower generation. Europe’s contribution was driven by higher generation and net operating revenues, along with lower operating expenses related to the exit of non-core activities, offset by write-downs in the development portfolio. The International segment’s contribution decreased mainly due to extensions of long-term power sales contracts at reduced price levels and lower generation from curtailments in Brazil. The Markets segment delivered slightly improved results.

Statkraft has decided to invest in Gran Sul, a 280 MW onshore wind project in the state of Rio Grande do Sul, Brazil. The investment strengthens Statkraft’s renewable energy portfolio in one of the company’s key international growth markets. The project will add new renewable power generation to the Brazilian electricity system and enhance Statkraft's position as a significant player in hydropower, wind power, and solar power in Brazil.

The Gran Sul project is located in Santa Vitória do Palmar, an area with strong wind resources in southern Brazil. The project has been developed over several years and has completed the necessary technical, environmental, and regulatory processes. With the investment decision, Gran Sul now moves into the execution phase, with construction scheduled to begin in January 2027.

"Brazil is an important market for Statkraft. Gran Sul fits well with our strategy to build scale in selected markets and develop a competitive renewable energy portfolio. In Brazil, we combine hydropower, wind power, and solar power to deliver reliable and competitive energy solutions that support the energy transition," says Fernando de Lapuerta, Executive Vice President International at Statkraft.

The development will strengthen Statkraft’s presence in Rio Grande do Sul and contribute to regional value creation through jobs, local suppliers, and long-term investments. Statkraft has been present in Brazil since 2008 and today employs more than 300 people in the country. Brazil is one of Statkraft’s key international growth markets for renewable power generation and energy trading.

Statkraft's Operations in Brazil

Statkraft operates a diverse portfolio of renewable energy assets in Brazil, including hydropower, wind, and solar plants. The company's presence in the country has grown significantly, particularly following the acquisition of Enerfin in 2023, which positioned Statkraft among the ten largest wind power producers in Brazil.

Statkraft’s largest wind power asset in Brazil is the Santa Eugênia complex in Bahia, with an installed capacity of 519 MW across 14 wind farms and 91 turbines. Brazil is Statkraft’s second-largest power generation market after Norway.