Interim report for January-June 2023

20 July 2023

Financial highlights, January–June 2023

• Net salest sales increased by 47% (38% excluding currency effects) to SEK 158,539 million (107,749)
• Underlying operating profit¹ of SEK 14,604 million (16,314)
• Operating profit¹ of SEK 13,541 million (24,513)
• Profit for the period of SEK 6,923 million (10,295)

Financial highlights, April–June 2023

• Net sales increased by 28% (18% excluding currency effects) to SEK 61,750 million (48,170)
• Underlying operating profit¹ of SEK 5,057 million (6,811)
• Operating profit¹ of SEK -2,791 million (11,730)
• Profit for the period of SEK -4,895 million (4,231)

Business highlights, April–June 2023

• Lower electricity prices and reduced price area differences
• Vattenfall stops the development of the offshore wind power project Norfolk Boreas in the UK which gave rise to a negative impact on earnings of SEK 5.5 billion
• Vattenfall's goal of net-zero emissions by 2040 has been approved by the Science Based Targets initiative
• Work started on increasing capacity at four existing sites for hydro power generation in Sweden
• Inauguration of the South Kyle onshore wind farm in the UK and completed construction of the Hollandse Kust Zuid offshore wind farm in the Netherlands
• Vattenfall has been allocated more capacity by the Swedish TSO Svenska kraftnät, which will enable continued expansion of the electricity grid

^{1) See Definitions and calculations of key ratios for definitions of Alternative Performance Measures.}

Studio broadcast

Vattenfall’s President and CEO Anna Borg and CFO Kerstin Ahlfont presented the results together with Andreas Regnell, Senior Vice President Strategic Development, and Helene Biström, Vice President for Business Area Wind, in a live studio broadcast.

An on-demand version of the broadcast is available below.

For more information, please contact:

Johan Sahlqvist, Head of Group Control & Investor Relations, +46 72 226 40 51, johan.sahlqvist@vattenfall.com
Johan Sennerö, press officer, +46 73 046 40 45, johan.senneroe@vattenfall.com