Strong result and extensive investments for future energy needs
Vattenfall – year-end report 2025
Vattenfall reports a strong result for the full year 2025. Underlying earnings increased, mainly due to improved development of price hedging on the continent and an improved performance from the nuclear business. We are now continuing the work for a fossil-free society and presenting a comprehensive investment plan for the next five years.
Financial highlights, January-December 2025
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Underlying operating profit of SEK 30,937 million (17,059)
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Operating profit of SEK 27,102 million (38,851), whereof items affecting comparability SEK -3,835 million (21,792)
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Profit for the period of SEK 19,700 million (33,380), whereof items affecting comparability SEK -3,835 million (21,792)
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The Board of Directors proposes a dividend of SEK 8,000 million
Financial highlights, October-December 2025
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Underlying operating profit of SEK 9,467 million (922)
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Operating profit of SEK 9,279 million (5,023), whereof items affecting comparability SEK -188 million (4,101)
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Profit for the period of SEK 6,603 million (5,084), whereof items affecting comparability SEK -188 million (4,101)
Business highlights, January-December 2025
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Final investment decision was taken for the offshore wind farms Nordlicht I and II in the North Sea, Germany’s largest wind power project
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Decision made to proceed with two suppliers of modular reactors on the path towards new nuclear power
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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
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During the year, SEK 10.9 billion was invested in the electricity grid in Sweden to ensure a secure and stable electricity supply
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Vattenfall assesses ownership of its district heating operations across all markets
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Vattenfall received the highest rating in the Climate Disclosure Project’s annual climate ranking, confirming our continuous efforts towards fossil freedom
The complete interim report and presentation images are available on group.vattenfall.com.
At a live studio broadcast at 09.30 CET Vattenfall’s President and CEO Anna Borg and CFO Kerstin Ahlfont will present the results together with Head of Strategic Development Andreas Regnell.
The broadcast can be found at Vattenfall 2025 year-end report
To join by telephone, please dial one of the numbers before the broadcast starts:
+46 8 505 218 52 (Sweden)
+44 20 3321 5273 (UK)
Telephone conference ID: 152 497 174#
For more information, please contact:
Emmi Östlund, Group Control & Investor Relations +46 76 139 49 23, emmi.ostlund@vatttenfall.com
Johan Sennerö, Media Relations Officer +46 73 046 40 45, johan.senneroe@vattenfall.com
Vattenfall Media Relations +46 8 739 50 10, press@vattenfall.com
See also
Full-year 2025: Vattenfall's CEO Anna Borg comments on the report
In 2025, the underlying operating profit increased due to improved development of price hedging on the continent and improved results from the nuclear operations.
Third quarter 2025: Positive earnings development on the path towards fossil-freedom
Vattenfall continues to strengthen its position as a leading player in the energy transition. During the first nine months of the year, the underlying operating profit increased, mainly as a...
First six months 2025: Investments today – for a fossil-free future
Electricity prices in the Nordic region fell during the first half of 2025 and Vattenfall’s total electricity generation declined. Despite this, Vattenfall reports an improved underlying ope...