- Power generation 20.3 TWh (down from 21.7 TWh) due to lower Norwegian hydropower production.
- Underlying EBITDA NOK 13.3 billion, net profit NOK 8.1 billion; net interest-bearing debt NOK 32 billion, down NOK 8.3 billion from year-end.
- Investment decisions in the quarter added 13 MW of new renewable capacity while maintaining a long-term annual investment capacity of NOK 16-20 billion.
- Divestments closed: a hydrogen project in Sweden, three small hydropower plants in Peru and Brazil, and the Tidong hydropower project in India.
Financial results
Underlying EBITDA was NOK 13.3 billion and net profit NOK 8.1 billion; profit before tax was NOK 15.2 billion. ROACE was 12.3%, above the 12% target. Higher Nordic power prices and a strengthened NOK supported earnings, while higher taxes — notably resource rent tax on Norwegian hydropower — weighed on net profit.
Operational performance
Power generation totaled 20.3 TWh (down from 21.7 TWh) due to lower Norwegian hydropower output driven by the hydrological situation. Nordics remained the main contributor thanks to higher prices. Europe saw higher hydropower generation offset by negative hedging effects. International results fell slightly from higher energy purchase costs for wind assets. Markets improved on origination, though some trading portfolios were hit by recent events in the Middle East.
Strategy and portfolio actions
Quarter divestments included a hydrogen project in Sweden, three small hydropower plants in Peru and Brazil, and the Tidong hydropower project in India. Investment decisions in the quarter added 13 MW of renewable capacity. Projects approved included rehabilitation of Bjølsegrø dam and major maintenance at Oksla and Sima hydropower plants; several onshore wind projects in Norway reached milestones. The company retains a long-term annual investment capacity of NOK 16–20 billion, subject to market conditions.
Balance sheet and outlook
Net interest-bearing debt ended at NOK 32 billion, down NOK 8.3 billion from year-end, reflecting strong cash generation, disciplined capital allocation and proceeds from divestments. The company reports a solid balance sheet heading into the remainder of the year.
