Vattenfall – interim report, January-June 2023

Financial highlights, January-June 2023

• Net sales increased by 47% (38% excluding currency effects) to SEK 158,539 million (107,749)
• Underlying operating profit of SEK 14,604 million (16,314)
• Operating profit 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 profit of SEK 5,057 million (6,811)
• Operating profit 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.

The complete interim report and presentation images can be found at group.vattenfall.com.

At a live studio broadcast at 09.30 CEST Vattenfall’s President and CEO Anna Borg and CFO Kerstin Ahlfont will present the results together with Head of Strategic Development Andreas Regnell. Senior Vice President for Business Area Wind, Helene Biström will also join the presentation.

The broadcast can be found at Vattenfall January-June 2023

To join by telephone, please dial one of the numbers a few minutes before the broadcast starts:

+46 8 505 218 52 (Sweden)

+44 20 3321 5273 (UK)

Telephone conference ID: 617 657 960#

This information is such that Vattenfall AB is required to make public in accordance with the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out below, at 08.00 CEST on July 20 2023.

For more information, 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

Vattenfall Press Office, +46 87 39 50 10, press@vattenfall.com