Our targets
At Vattenfall we aspire to contribute to a sustainable energy system in all parts of the value chain.
Our goal is to be a truly customer-centric company as we transition towards a long-term sustainable production portfolio.
Strategic targets for 2025
Vattenfall’s targets are based on the five strategic focus areas that guide our strategic direction. Read more about our strategic focus areas
In 2020 Vattenfall set six strategic targets for 2025 for the Group.
Strategic focus area | Target for 2025 | Outcome 2022 (2021) | Comments |
Driving decarbonisation with our customers and partners | |||
+18 Customer engagement, Net Promoter Score (NPS)1 |
+ 16 (+10) | Higher NPS mainly owing to improvement within the Customers & Solutions operating segment as a result of strong performance in Germany and the Netherlands. | |
Securing fossil-free energy supply | |||
≤ 86 gCO2e/kWh CO2 emissions intensity2, 3 |
78 (82) |
Improvement due to lower fossil-based generation following a lower share of fossil-based production following a mild winter and high energy prices which reduced overall consumption of electricity and heat (see page 57). |
|
Conducting high-performing operations | |||
22%–27% Funds from operations (FFO)/adjusted net debt |
55.0% (171.2%) | Above target interval as a result of continued strong underlying EBITDA. The metric continues to be positively affected by temporary reduction in adjusted net debt following a positive net change in margin calls received related to our price hedging. | |
8% Return On Capital Employed (ROCE)4 |
4.2% (22.2%) | Outcome below target, and was heavily impacted by temporary effects from changes in the fair value of energy derivatives and inventory. | |
Motivating and empowering our people | |||
≤1.0 Lost Time Injury Frequency (LTIF)5 |
1.1 (1.7) | Improved results after initiatives to improve safety, including common H&S strategy and framework for following up throughout the organisation (see pages 76-77). | |
75 Employee Engagement Index6 |
80 (75) |
Outcome above target level after continued improved performance with more engaged employees (see page 26). |
Notes to strategic targets
1. NPS is a tool for measuring customer loyalty and for gaining an understanding of customers’ perceptions of Vattenfall’s products and services.
2. Including other greenhouse gases, such as N2O and SF6.
3. Direct emissions (Scope 1) and indirect emissions from purchased electricity and heat (Scope 2) as defined in the Greenhouse Gas Protocol standard.
4. The key ratio is based on EBIT and average capital employed (see page 193 in the Annual and sustainability report).
5. Lost Time Injury Frequency (LTIF) is expressed in terms of the number of lost time work injuries (per 1 million hours worked), i.e. work-related accidents resulting in absence longer than one day, and accidents resulting in fatality. The ratio pertains only to Vattenfall employees.
6. Documentation for measurement of target achievement is derived from the results of the My Opinion employee survey, which is conducted on an annual basis.
Financial targets
Vattenfall’s owner has set three financial targets for the group.
Targets over a business cycle1 | Outcome 2022 (2021) | Comments | |
Profitability | ≥8% Return on capital employed (ROCE)2 |
4.2% (22.2%) | Outcome below target, which was heavily impacted by temporary effects from changes in the fair value of energy derivatives and inventory. |
Capital structure | 22%–27% Funds from operations (FFO)/adjusted net debt |
55.0% (171.2.%) | Above target interval as a result of continued strong underlying EBITDA. The metric continues to be positively affected by temporary decrease in adjusted net debt following a positive net change in margin calls received related to our price hedging. |
Dividend policy | 40%–70% Dividend: share of the year’s profit after tax |
4.0 SEK billion3 (23.4) |
The Board of Directors has proposed a dividend of SEK 4 billion. |
Notes to financial targets
1. 5–7 years.
2. The key ratio is based on EBIT and average capital employed (see page 193 in the Annual and sustainability report).
3. Dividend proposed by the Board of Directors.

Annual and sustainability report 2022
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Vattenfall is a leading European energy company.

Vattenfall's strategy originates from our purpose to Power Climate Smarter Living.

Vattenfall AB is 100% owned by the Swedish state. The Group has around 20,000 employees.