In 2025, the underlying operating profit increased due to improved development of price hedging on the continent and improved results from the nuclear operations.
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Vattenfall ends 2025 with a positive earnings development in the fourth quarter. We are continuing to work towards a fossil-free society and are presenting a comprehensive investment plan for the next five years.
Higher average electricity prices despite very low prices in the north
Electricity prices in the Nordics were on average 10% higher in 2025 compared to last year. The development was driven by higher electricity prices in southern Sweden, Denmark and on the continent. Electricity prices in the north were at low levels due to a strong hydrological balance. In Germany and the Netherlands, electricity prices rose by 14% and 12% respectively, due to higher prices for gas and carbon dioxide emission allowances.
Strong development of the underlying operating profit
The underlying operating profit for the full year 2025 increased by SEK 13.9 billion compared to 2024 and amounted to SEK 30.9 billion. This improvement was primarily driven by an improved development of price hedging in Vattenfall’s continental markets and a higher contribution from nuclear operations. Lower contributions from hydro power in the Nordics and from the sales operations had a partially offsetting effect. In addition, the comparison was negatively affected by the divestment of the heat operations in Berlin (SEK -2.8 billion) which was consolidated until the beginning of May 2024.
The profit for the year amounted to SEK 19.7 billion and the Board of Directors proposes a dividend of SEK 8 billion. The result in 2024 was SEK 13.7 billion higher due to one-off effects of SEK 22.4 billion from the sale of the wind power projects Norfolk and 49% of Nordlicht as well as positive market value changes for energy derivatives.
Continued clear direction towards fossil freedom
Thanks to our diversified and integrated business model, we can deliver good results and keep a high pace of our investments, even when conditions are challenging. Vattenfall plans to invest a total of SEK 165 billion between 2026 and 2030. Of the planned investments, 56% are growth investments. Important projects include the offshore wind power project Nordlicht in Germany, for which we made a final investment decision during the year, and the Zeevonk wind power project in the Netherlands which combines wind, solar and hydrogen. In 2025, we invested more than ever in strengthening and extending the Swedish electricity grid. Over the next five years, we plan to invest nearly SEK 47 billion to continue ensuring a secure and stable electricity grid.
In 2025, we have taken important steps on the journey towards new nuclear power in Sweden and, among other things, we have moved forward with two suppliers of modular reactors. We have also deepened our collaboration with the industrial consortium Industrikraft, which has acquired 20% of the shares in the project company Videberg Kraft AB. At the end of the year, we submitted the application for state aid required to take the next step towards new nuclear power on the Värö Peninsula at Ringhals.
The progress we made during the year would not have been possible without the dedication of our employees, which was evident not least during the intensive work to restore electricity supply for our customers after the storm Johannes hit during the last days of the year. Now the journey towards fossil freedom continues with profitable investments, more efficient ways of working and collaborations with our customers and partners.
Business highlights, January–December 2025
- Final investment decision was taken for the Nordlicht I and II offshore wind farms in the North Sea, Germany’s largest wind power project
- Decision made to proceed with two suppliers of modular reactors on the path towards new nuclear power
- Vattenfall's project company Videberg Kraft AB applied for financing according to the Swedish state’s risk sharing model for investments in new nuclear power and an agreement was entered to sell 20% of the company to the consortium Industrikraft
- During the year, SEK 10.9 billion was invested in the electricity grid in Sweden to ensure a secure and stable electricity supply
- Vattenfall assesses ownership of its district heating operations across all markets
- Vattenfall received the highest rating in the Climate Disclosure Project’s annual climate ranking, confirming our continuous efforts towards fossil freedom
Financial highlights, January–December 2025
- Underlying operating profit of SEK 30,937 million (17,059)
- Operating profit of SEK 27,102 million (38,851), where of items affecting comparability SEK -3,835 million (21,792)
- Profit for the period of SEK 19,700 million (33,380), where of items affecting comparability SEK -3,835 million (21,792)
- The Board of Directors proposes a dividend of SEK 8,000 million
Financial highlights, October–December 2025
- Underlying operating profit of SEK 9,467 million (922)
- Operating profit of SEK 9,279 million (5,023), where of items affecting comparability SEK -188 million (4,101)
- Profit for the period of SEK 6,603 million (5,084), where of items affecting comparability SEK -188 million (4,101)
Full year-report
See also
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