Strong fourth quarter results and record-high production

Core Insights - Statkraft reported strong underlying results in Q4 2025, driven by higher Nordic power prices and record production levels [1][3] - The company achieved a full-year production of over 70 TWh for the first time, while cost reductions and portfolio focus improved competitiveness and reduced net debt [1][3] Financial Performance - Q4 power generation reached 19.4 TWh, the highest for any fourth quarter, with underlying EBITDA of NOK 8.3 billion, up from NOK 7.1 billion [8] - For the full year, total power generation was 72.1 TWh, with an underlying EBITDA of NOK 26.8 billion, but a net loss of NOK 0.4 billion due to impairments and high tax costs [8][9] - Profit before tax for Q4 was NOK 4.3 billion, while the full-year profit before tax was NOK 11.4 billion, significantly lower than NOK 20.6 billion in 2024 [9] Strategic Developments - Statkraft executed its strategy by divesting non-core assets valued at NOK 15.8 billion, reducing headcount, and focusing investments on core technologies [4][5] - The company discontinued development of new hydrogen projects and further offshore wind activities [4] Investment and Capacity - Total investment decisions in 2025 amounted to 722 MW of new renewable capacity, with 700 MW added to operations [6] - Statkraft maintains an annual investment capacity of NOK 16–20 billion, depending on market conditions [6] Segment Performance - The Nordics segment was the main contributor in Q4, benefiting from higher prices and strong hydropower generation [7] - The European segment faced challenges due to lower power prices and weak margins for gas-fired power plants in Germany [7] - International results declined due to higher curtailment for wind assets and lower hydropower availability in Brazil [7] Outlook - Statkraft enters 2026 with a strengthened balance sheet, a more focused portfolio, and a clear strategy for disciplined growth in renewable power generation [11]