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Interim Report
January–March 2026
Business highlights, January–March 2026 Financial highlights, January–March 2026
• Completion of a new 150 kV power line in Luleå, Northern • Underlying operating profit1 of SEK 17,209 million (8,502)
Sweden, enabling further growth and development in the • Operating profit1 of SEK 23,798 million (8,367), whereof
region items affecting comparability SEK 6,589 million (-135)
• The Hydroelectric Environmental Fund has re-opened for • Profit for the period of SEK 18,115 million (5,961)
applications and Vattenfall has started the revision of large-
scale hydro power to fulfil modern environmental conditions
• Four renewable assets commissioned across wind, solar,
battery storage in Sweden and the Netherlands, including
Velinga onshore wind farm (67 MW) in Sweden
• Intensive work performed by Vattenfall’s service operations
business in Sweden to repair the electricity grid after heavy
wind and snowfall in the first days of the year
• Divestment of the French sales business supports strategic
focus on core markets
KEY DATA
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million unless indicated otherwise 2026 2025 2025 months
Net sales 64 130 67 960 234 915 231 085
Operating profit before depreciation, amortisation and impairment losses (EBITDA)1 29 215 13 582 49 236 64 869
Operating profit (EBIT)1 23 798 8 367 27 102 42 533
Underlying EBIT1 17 209 8 502 30 937 39 644
Profit for the period 18 115 5 961 19 700 31 854
Electricity generation, TWh 29.9 27.1 102.1 104.9
Sales of electricity, TWh2 39.7 43.8 164.9 160.8
- of which, customer sales 27.1 32.5 116.5 111.1
Sales of heat, TWh 2.0 1.9 4.5 4.6
Sales of gas, TWh 23.7 28.63 65.0 60.1
Return on capital employed excl. Items affecting comparability, %1 12.94 4.74 10.2 12.9
FFO/adjusted net debt, %1,5 79.34 43.14 62.8 79.3
1) See Definitions and calculations of key ratios for definitions of Alternative Performance Measures.
2) Sales of electricity also include sales to Nord Pool Spot and deliveries to minority shareholders.
3) The value has been adjusted compared with information previously published in Vattenfall’s financial reports.
4) Last 12-month values.
5) The previously reported key ratio FFO has been removed and adjusted FFO is referred to as FFO from the first quarter of 2026. From the same point in time, Net
payments to/from the Swedish Nuclear Waste Fund and Payments for provisions affecting adjusted net debt, are excluded from FFO. Prior periods have been restated.
1
VATTENFALL INTERIM REPORT JANUARY-MARCH 2026
CEO’s comment
Resilient execution and strong results
Vattenfall delivers strong results in the first quarter of 2026 driven While we have a strong financial result in the quarter, it’s worth
by improved earnings across all operating segments. At the same mentioning that this level of volatility is not healthy for the energy market
time, geopolitical uncertainty has increased with the escalation of as a whole, as we depend on stable and predictable conditions both for
the conflict in the Middle East. Against this backdrop, it is even us and our customers including industry.
more important to deliver on our strategy. We stay focused on
Fossil freedom is the way forward
operational excellence and financial discipline, while continuing to
Following rising energy prices, the EU Emission Trading System (ETS)
ensure reliable and stable electricity supply to customers, investing
and electricity market design have been increasingly debated. The
in fossil-free energy supply and enabling profitable business
discussions reflect real concerns among businesses, however,
models in the energy transition. That is how Vattenfall contributes
weakening the ETS or marginal pricing would mean prioritising short-
to increased resilience by reducing societal dependence on fossil
term relief over long-term solutions. Regulatory stability is essential to
fuels.
stay the course towards fossil freedom, as it enables the investments
Turbulent first quarter highlighted the importance of resilience needed to improve affordability, security of supply and competitiveness.
The recent development of the energy market is once again
During the quarter, Vattenfall has continued to deliver on our strategy at
demonstrating how continued dependency on fossil fuels results in
a steady pace, with progress across our portfolio. Several assets have
societal vulnerability and higher energy costs. Sharp price increases put
been commissioned including the Velinga onshore wind farm (67 MW)
pressure on households and businesses, particularly those relying on
and a new battery at the Bruzaholm hybrid wind farm in Sweden and two
fossil fuels. We are mindful of the situation and of our responsibility as an
new solar power parks in the Netherlands. The work towards new
energy company. We support customers by offering long-term contracts,
nuclear power in Sweden has continued, and the Nordlicht project in
by solutions that help reduce consumption through efficiency and
Germany is on track with the first monopiles and transition pieces for
electrification, and by continuing to ensure reliable supply.
Nordlicht I completed ahead of schedule. Vattenfall has also expanded
The importance of a resilient energy system was also highlighted when the regional grid in Luleå with a new 150 kV power line which
severe weather damaged the electricity grid in Sweden in the first days of strengthens security of supply and supports electrification in northern
the quarter. Through preparedness and strong collaboration, Vattenfall Sweden.
carried out essential repair and safety work under demanding conditions
Through our dedicated progress towards fossil freedom, we aim to
to restore supply to customers.
contribute to a more stable and resilient energy system over time. We
Higher electricity prices in the Nordic markets are conscious that this transition is taking place during a period when
In the Nordics, the electricity market was characterised by cold weather many customers are under pressure from high electricity prices and
conditions, low wind production as well as weak hydrology. This drove up broader cost increases. That makes our responsibility very clear, to act
the average electricity prices, which were almost twice as high as in the with discipline, deliver reliably, and stay focused on long‑term
first quarter of 2025. In Vattenfall’s Continental markets, electricity prices investments that reduce dependence on fossil fuels.
were about 10 per cent lower compared to the same quarter last year.
This was due to lower average gas prices in the full quarter, despite
rising gas prices in March, as well as higher wind production.
Strong underlying result supported by operational performance
Vattenfall reports a strong underlying operating performance in the first
quarter. The underlying operating profit increased by SEK 8.7 billion [navn skjult]
compared with the first quarter of 2025, amounting to SEK 17.2 billion. President and CEO
Results improved across all business areas, especially in electricity
generation where we delivered high availability and were impacted by the
higher prices in the Nordics. Profit for the period increased by SEK 12.1
billion to SEK 18.1 billion.
FFO/adjusted net debt1
Underlying operating profit Profit for the period
79.3%
(43.1)
17.2 18.1 Return on capital employed excl. items
SEK billion SEK billion affecting comparability
(8.5) (6.0)
12.9%
(4.7)
1 The key ratio has been adjusted and prior periods have been restated, see Definitions of key ratios for more information.
2
VATTENFALL INTERIM REPORT JANUARY-MARCH 2026
Group overview
Vattenfall generates electricity and heat from a portfolio of NORDIC HYDROLOGICAL BALANCE (TWH)
energy sources, such as hydro power, nuclear power, wind
power, and some fossil fuels. We sell electricity, gas, and heat 20
to private customers and businesses primarily in northern 10
Europe. Vattenfall hedges parts of its future electricity 0
-10
generation through sales on the forward and futures markets.
-20
-30
Market development
-40
The year started with low temperatures and low wind 2025 2026
production, leading to higher electricity prices in the Nordics. At Since the start of the year, the hydrological balance in the
the same time, electricity prices on Vattenfall’s continental system has decreased from around normal levels, to well below
markets were lower compared to the same period last year, normal at the end of the first quarter. The hydrological balance
driven by lower gas prices and higher wind production. Later in is also lower compared to the same period last year. The
the quarter, geopolitical uncertainty resulted in increased reservoir levels of Vattenfall amounted to 5.4 TWh (10.8 TWh)
volatility and higher fossil fuel prices. This drove up the at the end of the quarter, which is 0.6 TWh higher than the
electricity prices on the Continent which also affected the normal level.
electricity prices in southern Sweden as these are closely
interlinked, although the effect was counteracted by mild NORDIC PRICE AREA DIFFERENCES
weather. The electricity market in the Nordics is divided into different
price areas. In Sweden, there are four price areas and
ELECTRICITY SPOT PRICES, EUR/MWh Vattenfall's hydro power assets are mainly in SE1 and SE2,
The average spot price during the first quarter of 2026 were while the nuclear power assets are in SE3. Vattenfall also has
higher in the Nordics and lower on Vattenfall’s Continental wind power assets, most of which are located in SE4. In
markets, compared to in the same period 2025. In the Nordics, Denmark, there are two price areas, and Vattenfall has wind
the higher average spot prices were explained by cold power assets in both areas, DK1 and DK2. The Nordic system
weather, lower wind production as well as low hydrological price (SYS) is a reference price for all price areas and is
balance. On Vattenfall’s continental markets, average spot calculated by the electricity exchange Nord Pool. Vattenfall
prices were lower compared to the first quarter of 2025 due to hedges a substantial portion of its electricity production against
lower gas prices as well as higher wind production. the Nordic system price. Thereby, price area differences have
an effect on the company’s result development.
Jan-Mar
EUR/MWh 2026 2025 Change SPOT PRICES PER PRICE AREA AND SYSTEM PRICE
(EUR/MWH)
Nordics (SYS) 90.0 45.5 98%
Germany 102.2 111.9 -9% 150
The Netherlands 100.0 110.9 -10%
100
NORDIC HYDROLOGY
Hydrological balance is a measure of the expected amount of
energy that is stored in the form of snow, water reservoirs and
50
groundwater in relation to normal circumstances. Historically,
the electricity prices in the Nordics have had a negative
correlation with the hydrological balance because the available
hydropower capacity usually determines which type of energy is 0
2024 2025 2026
used. The electricity prices in the northern parts of the Nordics
SE1¹ SE2¹ SE3 SE4
are still linked to the hydrological balance, while the correlation DK1 DK2 SYS
to the system price and price development in the southern parts 1
Difference between SE1 and SE2 is invisible due to high correlation
has weakened.
The price area differences in Sweden have been smaller in the
first quarter 2026 compared to the same period last year.
Prices in SE1 and SE2 increased relative to SYS, while prices
in SE3 and SE4 decreased relative to SYS.
3
VATTENFALL INTERIM REPORT JANUARY-MARCH 2026
INDICATIVE NORDIC HEDGE PRICES AND VOLUME PRICE MARGINS
HEDGE RATIO (SE, DK, FI) AS PER 31 MARCH 2026 The clean spark spread is the margin between the electricity
Vattenfall's price hedging strategy is primarily focused on the price and the cost of gas and emissions allowances used for
Nordic generation assets because the primary risk exposure is its generation. These spreads affect Vattenfall’s heat business
linked to production of nuclear power and hydro power. The in the Netherlands where the fossil-fired combined heat-and
degree of hedging is highest for the next few years and power (CHP) plants and condensing plants are located. Gas
decreases thereafter. constitutes a majority of the fuel supply for Vattenfall's heat
production, but a smaller share of the company's electricity
2026 2027 2028 production.
EUR/MWh 40 40 40
Hedge ratio (%) 52 34 10
CLEAN SPARK SPREAD (EUR/MWh)
20
ACHIEVED NORDIC ELECTRICITY PRICES (SE, DK, FI)1 10
The achieved price is the average price that Vattenfall
0
received for its electricity production during the period and is
-10
impacted by the hedge ratio and hedge price (see above), the
spot price and effects from price area differentials. -20
-30
Jan-Mar 2025 2026
Clean Spark Spread NL (52% efficiency)
2026 2025
EUR/MWh 63 40 The clean spark spread in the Netherlands was on average
above the level in the first quarter of 2025 but decreased
Vattenfall's achieved price in the Nordics has increased during during March due higher gas prices following the interruption
the first quarter of 2026 driven by higher spot prices. of transport of LNG through the Strait of Hormuz.
FUEL PRICES
The price of gas and carbon emission allowances affect mainly
Vattenfall’s heat operations in the Netherlands. Gas prices
also affect the operations within the operating segment
Customers & Solutions, which is responsible for gas sales to
customers. Fuel prices have an impact on the electricity prices
on the Continent which impacts the generations operations.
Jan-Mar
2026 2025 Change
Gas (EUR/MWh) 39.8 46.9 -15%
CO2 (EUR/t) 76.3 73.4 4%
The average price of gas was lower in the first quarter of 2026
compared with the first quarter 2025, despite rising prices in
March 2026 due to increased geopolitical uncertainty. High
prices during the first months of 2025, based on concerns
about the low storage levels, affects the year-on-year
comparison. The price of carbon emission allowances also
increased compared with the first quarter of 2025, as the free
allocation of allowances within the EU Emissions Trading
System is gradually reduced starting from 2026.
1
Achieved prices from the spot market and hedges. Includes Nordic hydro,
nuclear and wind power generation
4
VATTENFALL INTERIM REPORT JANUARY-MARCH 2026
Generation development INSTALLED WIND CAPACITY
Total electricity generation increased by 2.8 TWh to 29.9 New installed wind power capacity in the last 12 months
(27.1) TWh in the first quarter of 2026. Wind power generation amounted to 199 MW and is attributable to Bruzaholm
increased (+1.8 TWh) mainly as a result of higher wind (132 MW) and Velinga (67 MW).
speeds, better availability and grid constraints in the same
period last year. Generation from hydro power also increased 31 Mar 31 Mar
2026 2025
(+1.0 TWh) as well as generation from nuclear power
(+0.6 TWh). The nuclear power generation primarily increased Onshore wind 2,295 2,0962
as a result of higher availability at Ringhals. Finally, generation Offshore wind 4,454 4,454
from fossil-based power decreased due to the divestment of
Total (MW) 6,749 6,550
the power plants in the IJmond region in the Netherlands on 1
January 2026 (-0.5 TWh).
Sales development
Electricity sales, excluding sales to Nord Pool Spot and
ELECTRICITY GENERATION (TWh)
deliveries to minority owners, decreased by 5.4 TWh to
27.1 (32.5) TWh due to lower sales to grid operators in France.
11 11 11
12 10 Gas sales decreased by 4.9 TWh to 23.7 (28.6) TWh, mainly
10
due to termination of gas sales to the previously owned heat
8 6
business in Berlin. From the divestment in May 2024, until the
6 4
4
end of October 2025, Vattenfall sold gas externally to the
1 2
2 company. In addition, Heat sales increased by 0.1 to 2.0 (1.9)
0.1 0.1
0 TWh due to lower temperatures in Sweden.
Nuclear Hydro Wind Fossil Biomass,
waste Jan-Mar
Jan-Mar 2026 Jan-Mar 2025
2026 2025 Change
AVAILABILITY
Sales of electricity to customers, TWh 27.1 32.5 -17%
The availability of nuclear power and wind power is not
comparable given that different methods are used as Sales of gas, TWh 23.7 28.62 -17%
generation of electricity from nuclear power is plannable and
Sales of heat, TWh 2.0 1.9 5%
generation of electricity from wind power is dependent on wind
speeds. Availability of nuclear power is calculated as the
available generation divided by the generation possible if TEMPERATURE EFFECTS
operating at full capacity during the same period, excluding Temperature effects have an impact on the sales volume
planned outages. Availability of wind power is calculated as within the Customers & Solutions operating segment. Lower
the ratio of actual revenue to the sum of lost revenue and temperatures usually mean an increased demand for heating
actual revenue. Availability of nuclear power measures (including gas) and electricity. In the Nordic countries, this
performance in terms of production optimisation while for wind mainly affects sales of electricity and heat. In Germany and the
the performance is measured in terms of revenue optimisation. Netherlands, gas is still the main source of heat, which means
Jan-Mar that lower temperatures increase the demand for gas in
2026 2025 addition to increased heat sales.
Nuclear1 98.9% 93.9%
TEMPERATURE DEVIATION FROM NORMAL LEVELS (ºC)
Wind - offshore 94.9% 91.4% Jan-Mar
Wind – onshore 94.1% 95.5% 2026 2025
Nordics -1.1 1.7
The availability of Vattenfall’s nuclear power increased during The Netherlands 1.0 0.5
the first quarter 2026, mainly as a result of higher availability at
Germany 0.7 0.6
Ringhals. The availability of offshore wind power increased
while the availability of onshore wind power decreased.
In the first quarter of 2026, temperatures in the Nordics were
lower than normal, which affected sales positively.
Temperatures in the Netherlands and Germany were higher
than normal.
1) From the second quarter of 2025, nuclear availability is expressed according to 2) The value has been adjusted compared with information previously published in
UCR (Unit Capability Ratio) which isolates the effect of unplanned outages to give Vattenfall’s financial reports.
a more accurate picture of technical availability.
5
VATTENFALL INTERIM REPORT JANUARY-MARCH 2026
Net sales
January–March: Consolidated net sales decreased by Items affecting comparability totalled SEK 6.6 billion (0.1),
SEK 3.8 billion (including negative currency effects of SEK 1.9 mainly related to changes in fair value of energy derivatives and
billion). The decrease is mainly explained by negative volume inventories (SEK 5.2 billion) and capital gains relating to
effects in the customer sales of electricity and lower revenues divestment of power plants in the Netherlands and the French
from price hedges. This was largely offset by positive price sales business (SEK 1.4 billion). See note 4 for further
effects in electricity sales. information.
Earnings Cash flow
January– March: The underlying operating profit increased by January– March: Cash flow from operating activities before
SEK 8.7 billion in total, which is explained by: changes in operating assets and liabilities increased by SEK 5.4
• Higher earnings contribution from the Power Generation billion mainly as a result of higher operating profit before
operating segment (SEK +4.4 billion) mainly due to higher depreciation, amortisation and impairment losses (EBITDA).
achieved prices in the Nordics. In addition, higher volumes This was partly offset by an increase in paid tax relating both to
from hydro and nuclear power and a higher trading result current year and additional payments for previous tax years.
contributed positively Cash flow from changes in working capital totalled SEK 10.0
• Higher earnings contribution from the Wind operating billion. The main contributor was the net of received and paid
segment (SEK +1.6 billion) mainly from offshore wind power margin calls (SEK +14.5 billion). This was partly offset by
due to higher wind speeds and better availability increased working capital in the Customers & Solutions
segment (SEK -6.2 billion).
• Higher earnings contribution from the Customers & Solutions
operating segment (SEK +1.4 billion) mainly due to timing
effects related to higher gas grid costs that impacted the
customer business in Germany in the same quarter last year
• Higher earnings contribution from the Distribution operating
segment (SEK +1.3 billion), mainly explained by higher
revenues as a result of tariff adjustments for the local grid,
increased transited volumes due to cold weather, and lower
costs for the transmission grid
KEY FIGURES – GROUP OVERVIEW
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Net sales 64 130 67 960 234 915 231 085
Operating profit before depreciation, amortisation and impairment losses (EBITDA)1 29 215 13 582 49 236 64 869
Operating profit (EBIT)1 23 798 8 367 27 102 42 533
Underlying operating profit1 17 209 8 502 30 937 39 644
Items affecting comparability1 6 589 - 135 - 3 835 2 889
Profit for the period 18 115 5 961 19 700 31 854
Funds from operations (FFO)1 18 861 13 099 46 145 51 907
Cash flow from changes in working capital 9 964 - 13 503 - 18 602 4 865
Cash flow from operating activities 27 556 - 1 333 23 245 52 134
1) See Definitions and calculations of key ratios for definitions of Alternative Performance Measures.
6
VATTENFALL INTERIM REPORT JANUARY-MARCH 2026
Capital structure
As of 31 March 2026, cash, cash equivalents and short-term investments amounted to SEK 77.7 billion, an increase of SEK 22.5
billion compared to SEK 55.3 billion as per 31 December 2025. Vattenfall’s credit facilities consist of a EUR 2.0 billion Revolving
Credit Facility maturing 2028 and a EUR 1.0 billion facility maturing 2027. As per 31 March 2026, available liquid assets, including
the credit facilities amounted to 46.3% of net sales. Vattenfall’s policy is to maintain liquidity sources to cover the higher of 10% of
the Group’s annual turnover, or 90-days’ stressed liquidity needs.
As per 31 March 2026, net cash amounted to SEK 9.4 billion compared to net debt of SEK 11.7 billion as per 31 December 2025.
Adjusted net debt amounted to SEK 65.5 billion, a decrease of SEK 8.0 billion compared to 31 December 2025. The decrease is
mainly explained by positive cash flow from operating activities before changes in working capital (SEK 17.6 billion) partially
counteracted by a negative cash flow from investments (SEK 7.8 billion).
NET DEBT ADJUSTED NET DEBT
MSEK MSEK %
100,000 100
80,000
80,000
80
60,000 60,000
60
40,000 40,000
20,000 40
0 20,000 20
-20,000 0 0
Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1
2025 2025 2025 2025 2026 2025 2025 2025 2025 2026
Interest-bearing liabilities, MSEK Net debt, MSEK Adjusted net debt, MSEK
FFO/adjusted net debt, %1
1) The previously reported key ratio FFO has been removed and adjusted FFO is referred to as FFO from the first quarter of 2026. From the same point in time, Net
payments to/from the Swedish Nuclear Waste Fund and Payments for provisions affecting adjusted net debt, are excluded from FFO. Prior periods have been restated.
Strategic focus areas and targets for 2030
Strategic focus area Targets for 2030 Outcome Q1 2026 Outcome 2025
Driving decarbonisation with Customer engagement, Net Promoter Score
our customers and partners (NPS)1: +20 - +19
Securing fossil-free energy Absolute CO2e emissions (includes scope 1, 2 and
supply 3)2: 18.2 Mt. 7.6 23.53
Motivating and empowering Total recordable injury frequency (TRIF+)
3.54 3.5
our people with a zero fatality threshold2: <2.0
- 85
Employee Engagement Index1,2: 86
34 34
Driving diverse leadership5: 40%
Conduct high-performing Funds From Operations (FFO)/adjusted net debt,7,8,9
79.3%4 62.8%10
operations6 ≥25%
Return On Capital Employed (ROCE) excl. items
12.9%4 10.2%10
affecting comparability7,9: ≥8%
1) Reported on an annual basis.
2) For target definition and methodology see page 12 of Vattenfall’s Annual and Sustainability report 2025.
3) Absolute emissions defined in accordance with Vattenfall’s Science-Based targets. The value is reflecting emissions during the period January-December 2025.
Gas volumes sold to companies previously owned are not included in the target yet (2.4 Mio. tCO2e). With these gas volumes included the total absolute Scope 1,
2, 3 emissions are 25.9 Mio. tCO2e.
4) Rolling 12-month values.
5) Metric measured by the Female Manager Ratio.
6) Financial targets set over a business cycle, 5-7 years.
7) For definition see page 30.
8) The previously reported key ratio FFO has been removed and adjusted FFO is referred to as FFO from the first quarter of 2026. The definition of FFO has also
been updated. For reconciliation and more information, see supplementary information in connection with the consolidated statement of cash flows. As a result of
the updated definition of FFO, the outcome for FFO/adjusted net debt increased by 10.7 percentage points as at 31 March 2026. The target level of ≥25% over a
business cycle was met for the above periods both before and after the update of FFO. See Definitions of key ratios for more information.
9) The key ratio has been adjusted and prior periods have been restated, see Definitions of key ratios for more information.
10) The value has been adjusted compared with information previously published in Vattenfall’s financial reports.
7
VATTENFALL INTERIM REPORT JANUARY-MARCH 2026
Operating segments
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Underlying EBIT
Customers & Solutions 2 916 1 487 4 885 6 314
- of which, heat operations 826 991 894 729
[navn skjult] 8 800 4 393 17 402 21 809
- of which, trading result 705 486 1 787 2 006
Wind 3 575 1 995 6 079 7 659
Distribution 2 149 868 3 280 4 561
Other1 - 234 - 247 - 745 - 732
Eliminations 3 6 36 33
Underlying operating profit 17 209 8 502 30 937 39 644
1) “Other” pertains mainly to all Staff functions, including Treasury, Shared Service Centres and capital gains and -losses from divestment of shares.
8
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Customers & Solutions
The Customers & Solutions Business Area is responsible for
Vattenfall’s customer relations, heat plants and gas-fired condensing
plants as well as sales of electricity, gas, heat and energy services.
Strategic divestment and initiatives to support the
energy transition
• Commissioning of large-scale electric boiler for sustainable
district heating in the Netherlands
• Smart charging partnership with Toyota that supports cost
efficient charging of electric vehicles and grid stability
• Divestment of French sales business supports strategic
focus on core markets
Q1: Net sales decreased by 4% compared to the first quarter of In the Netherlands, Vattenfall and Toyota has expanded their
2025. The underlying operating profit increased by 96%, mainly collaboration to offer private electric vehicle customers an
attributable to the customer business in Germany due to timing integrated smart charging solution via Toyota dealers. The offer
effects related to the higher gas grid costs imposed in 2025. combines a smart home charger, dynamic load balancing and
This was partly offset by a lower result from the condensing tailored energy contracts. By shifting charging away from peak
business in the Netherlands following the sale of the power hours, the initiative enables cost efficient charging while
plants in the IJmond region in the Netherlands on 1 January supporting grid stability and renewable integration.
2026 as well as lower clean spark spreads.
In March, Vattenfall divested its French electricity and gas sales
The customer base increased by 2% compared to the end of business to Alterna énergie. The divestment covers the full
2025, to 12 million contracts, mainly due to more customers in customer portfolio, including more than 15,000 business
Germany. Electricity sales decreased by 15% driven by lower customers, 3,000 large accounts and 175,000 residential
sales volumes to grid operators in France. Sales of gas contracts, as well as the transfer of all employees in Vattenfall’s
increased by 4% mainly driven by higher volumes to business French subsidiary. The transaction supports Vattenfall’s
customers in the Netherlands and more customers in Germany. strategic priority to focus future investments on markets where
our integrated utility model can deliver the greatest contribution
Vattenfall has commissioned a 150 MW electric boiler at its to the energy transition.
Diemen site, supplying sustainable heat to the district heating
networks of Amsterdam and Almere in the Netherlands. The
installation can provide heat for approximately 20,000 homes.
By converting renewable electricity into heat and storing surplus
production in a local heat buffer, the electric boiler reduces
reliance on gas-fired heat production, lowers CO₂ emissions and
supports balance in the electricity system.
KEY FIGURES – CUSTOMERS & SOLUTIONS
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million unless indicated otherwise 2026 2025 2025 months
Net sales 57 036 59 612 181 551 178 975
External net sales 52 245 54 350 166 183 164 078
Underlying EBITDA 3 539 2 157 7 563 8 945
Underlying EBIT 2 916 1 487 4 885 6 314
Electricity generation - TWh 1.5 2.1 7.3 6.7
- of which, fossil-based power 1.5 2.0 7.1 6.6
- of which, biomass, waste — 0.1 0.2 0.1
Sales of electricity, TWh 25.7 30.3 108.2 103.6
- of which, private customers 8.5 8.2 26.2 26.5
- of which, resellers 4.0 8.2 28.9 24.7
- of which, business customers 13.2 13.9 53.1 52.4
Sales of gas, TWh 23.7 22.8 54.9 55.8
Sales of heat, TWh 2.0 1.9 4.5 4.6
Number of employees, full-time equivalents 5 371 5 573 5 518
9
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Power Generation
Power Generation comprises the Generation and Markets
Business Areas. The segment includes Vattenfall’s hydro and
nuclear power operations as well as optimisation and trading
operations including certain large business customers. The
result from hedging of the Group’s net exposure in electricity
and fuel is reported in this segment.
Positive earnings impact from higher prices and
volumes
• Vattenfall’s hydro power generation was at the highest level
in six years
• The Hydroelectric Environmental Fund has re-opened for
applications and Vattenfall has started the revision of large-
scale hydro power to fulfil modern environmental conditions
• Commercial marketing of decentralised battery storage
portfolio in Germany
Q1: Net sales decreased by 12%. The underlying operating role of hydro power in the electricity system through several
profit increased by 100%, mainly as a result of higher achieved initiatives.
prices in the Nordics. In addition, higher volumes from hydro
power, higher availability and volumes from nuclear power and Vattenfall has during the quarter submitted its application for
as well as a higher trading result contributed positively. revision of the first large-scale hydro power plants to meet
modern environmental requirements to the land and
Given the unusually cold weather with low winds in Sweden, environment court. The Älvkarleby and Söderfors hydro power
hydro power had a crucial role in stabilising the electricity stations in the Dalälven are the first plants to be reviewed, with
system and Vattenfall’s hydro power generation was at the several measures proposed for to promote biodiversity.
highest level in six years. The high production volumes was
partially a result of suitable weather conditions but also well- During the first quarter, Vattenfall continued the work towards
filled reservoirs due to long-term planning and intensive work at new nuclear power. In March, the third public consultation
the hydro power stations. regarding new nuclear power at the Värö Peninsula was held
with municipalities, national authorities and the public. Vattenfall
In March, the Hydroelectric Environmental Fund re-opened after also continued the preparation for transfer of the new nuclear
being paused since May 2024. The fund was paused to secure project to Videberg Kraft AB, which took place 1 April 2026.
long-term financing while awaiting clarifications from the
government and authorities ahead of the implementation of the In January, Vattenfall started the commercial marketing of a
national plan for revision of hydro power. Important premises decentralised battery storage portfolio in Germany in
when the fund was established were that the revisions to fulfil cooperation with the energy storage company terralayr. Initially,
modern environmental requirements should be carried out 5 MW of battery capacity is being optimised in energy markets,
efficiently, entail a maximum loss of 1.5 TWh of electricity from with a step up planned to a total of 55 MW across eight
hydro power, and that the regulating capability of hydro power distributed battery sites. Optimisation of large-scale battery
should be maintained. Now, the government has clarified the storage is contributing to system flexibility and promotes
effective integration of renewable energy.
KEY FIGURES – POWER GENERATION
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million unless indicated otherwise 2026 2025 2025 months
Net sales 39 412 44 978 150 969 145 403
External net sales 5 482 7 470 45 652 43 664
Underlying EBITDA 10 054 5 635 22 445 26 864
Underlying EBIT 8 800 4 393 17 402 21 809
- of which, trading result 705 486 1 787 2 006
Electricity generation, TWh 22.3 20.7 77.5 79.1
- of which, hydro power 11.0 10.0 37.3 38.3
- of which, nuclear power 11.3 10.7 40.2 40.8
Sales of electricity, TWh 1.1 2.0 7.4 6.5
- of which, resellers — 1.6 5.4 3.8
- of which, business customers 1.1 0.4 2.0 2.7
Sales of gas, TWh — 5.8 1 10.1 4.3
Number of employees, full-time equivalents 5 585 5 540 5 561
1) The value has been adjusted compared with information previously published in Vattenfall’s financial reports.
10
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Wind
The Business Area Wind is responsible for development,
construction and operation of Vattenfall’s wind farms as well as
solar power parks and batteries.
Progress on projects and new commissioned capacity
• Four renewable assets commissioned across wind, solar,
battery storage in Sweden and the Netherlands, including
Velinga onshore wind farm (67 MW) in Sweden
• Components completed ahead of schedule for the Nordlicht
I project, which is on track to become Germany’s largest
offshore wind farm
• Construction of Vattenfall’s first German hybrid park,
combining onshore wind and solar power
Q1: Net sales increased by 31% compared to 2025. The The first monopiles and transition pieces for Nordlicht I offshore
underlying operating profit increased by 79% driven by higher wind farm have been completed ahead of schedule. In total, 68
generated volumes. Electricity generation increased by 41% sets will be installed for Nordlicht I, which is on track to become
driven by higher production from offshore wind power, mainly Germany’s largest offshore wind farm within the next three
due to higher wind speeds and better availability. years, with an installed capacity of 1 GW.
During the quarter, Vattenfall has commissioned four new Vattenfall has started construction of the Hommerdingen-
assets across its renewable portfolio. In Sweden, the Velinga Biesdorf power plant, the company’s first German hybrid park.
onshore wind farm with a capacity of 67 MW, and a 38 MW The park will consist of four wind turbines with a total capacity of
battery at the Bruzaholm hybrid wind park have been 17 MW and more than 12,000 solar modules delivering 7.6
commissioned. In addition, two large-scale solar PV sites in the MWp, with commissioning planned for autumn 2026. The
Netherlands have been commissioned: Echtheld Spoorstraat combination of wind and solar power enables more efficient use
(13 MWp) and Goirle (15 MWp). of grid infrastructure, reduces the risk of grid overload and also
lowers the cost for grid connection compared to stand-alone
power plants.
KEY FIGURES – WIND
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million unless indicated otherwise 2026 2025 2025 months
Net sales 7 926 6 063 22 885 24 748
External net sales 473 922 3 825 3 376
Underlying EBITDA 5 969 4 158 14 493 16 304
Underlying EBIT 3 575 1 995 6 079 7 659
Electricity generation - wind power TWh1 6.1 4.3 17.3 19.1
Sales of electricity, TWh 0.3 0.2 0.9 1.0
Number of employees, full-time equivalents 1 846 1 829 1 849
1) Including electricity generation from solar power.
11
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Distribution
The Business Area Distribution consists of Vattenfall’s electricity
distribution operations in Sweden, Vattenfall’s service operations
business and Power-as-a-Service offering.
Working for reliable and stable electricity supply
• Completion of a new 150 kV power line in Luleå, Northern
Sweden, enabling further growth and development in the
region
• Intensive work performed by Vattenfall’s service operations
business in Sweden to repair the electricity grid after heavy
wind and snowfall in the first days of the year
• Awaiting new regulations from the Swedish Energy Market
Inspectorate, Vattenfall has decided to not introduce the
capacity tariff in autumn 2026 as previously planned
Q1: Net sales increased by 13% compared with 2025. The January began with heavy snowfall and strong winds that
underlying operating profit increased to SEK 2.1 billion, which caused widespread power outages for around 60,000 of
is mainly explained by higher revenues as a result of tariff Vattenfall’s grid customers. This resulted in an intensive start of
adjustments for the local grid, increased transited volumes due the year for Vattenfall’s service operations business, which
to cold weather, and lower costs for the transmission grid. delivers service and field operations to Sweden’s three biggest
electricity grid operators. At peak, restoration work was carried
Vattenfall has completed a new 150 kV power line between out by around 700 technicians as well as forestry teams,
Lerbäcken and Hertsöfältet in Luleå in Northern Sweden. This machines and other resources.
marks the completion of the first stage of Vattenfall’s expansion
of the regional grid in Luleå. The grid expansion aims at Vattenfall has decided not to introduce the capacity tariff in
ensuring reliable and stable electricity supply and supports autumn 2026, while awaiting new regulations from the Swedish
further growth and electrification in the region. Between 2025 Energy Market Inspectorate. Vattenfall has a positive view on
and 2028, Vattenfall has planned investments of about SEK 6.5 increased harmonisation and clarity in the regulatory framework
billion in the electricity grid in the Norrbotten region where Luleå to make things simpler for customers and strengthen the
is located. credibility of the model.
KEY FIGURES – DISTRIBUTION
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million unless indicated otherwise 2026 2025 2025 months
Net sales 6 071 5 372 20 035 20 734
External net sales 5 804 5 043 18 607 19 368
Underlying EBITDA 3 053 1 704 6 773 8 122
Underlying EBIT 2 149 868 3 280 4 561
Number of employees, full-time equivalents 4 217 4 360 4 326
12
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Other
Other pertains mainly to all Staff functions, including Treasury, Net sales consist primarily of revenues attributable to
Shared Service Centres and capital gains and -losses from Vattenfall’s service organisations such as Shared Services, IT
divestment of shares. and Vattenfall Insurance.
KEY FIGURES – OTHER
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million unless indicated otherwise 2026 2025 2025 months
Net sales 2 415 2 761 11 175 10 829
External net sales 126 175 648 599
Underlying EBITDA 8 57 247 198
Underlying EBIT - 234 - 247 - 745 - 732
Number of employees, full-time equivalents 3 618 3 555 3 615
13
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Consolidated income statement
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Net sales 64 130 67 960 234 915 231 085
Cost of purchases - 26 897 - 44 057 - 145 015 - 127 855
Other external expenses - 3 576 - 4 483 - 17 929 - 17 022
Personnel expenses - 6 237 - 6 114 - 24 288 - 24 411
Other operating income and expenses, net 1 477 13 1 187 2 651
Share of profit from associated companies and joint ventures 318 263 366 421
Operating profit before depreciation, amortisation and impairment losses (EBITDA) 29 215 13 582 49 236 64 869
Depreciation, amortisation and impairments - 5 417 - 5 215 - 22 134 - 22 336
Operating profit (EBIT) 23 798 8 367 27 102 42 533
Financial income 820 1 201 2 956 2 575
Financial expenses - 1 475 - 1 385 - 6 086 - 6 176
Return from the Swedish Nuclear Waste Fund - 33 - 597 2 011 2 575
Profit before income taxes 23 110 7 586 25 983 41 507
Income taxes - 4 995 - 1 625 - 6 283 - 9 653
Profit for the period 18 115 5 961 19 700 31 854
Attributable to owner of the parent company 17 648 5 792 18 614 30 470
Attributable to non-controlling interests 467 169 1 086 1 384
Supplementary information
Underlying EBITDA1,2 22 626 13 717 51 557 60 466
Underlying EBIT1,2 17 209 8 502 30 937 39 644
Adjusted profit for the period2 13 842 6 149 19 849 27 542
1) See Note 4 for information on items affecting comparability.
2) See Definitions of key ratios for more information.
14
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Consolidated statement of comprehensive
income
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Profit for the period 18 115 5 961 19 700 31 854
Other comprehensive income
Items that may be reclassified to the income statement
Cash flow hedges
- Changes in fair value 7 520 - 4 785 - 13 609 - 1 304
- Transferred to the income statement 1 435 909 6 889 7 415
- Transferred to the balance sheet 27 - 2 17 46
Hedging of net investments in foreign operations - 420 2 044 2 530 66
Exchange rate differences, divested companies 10 — - 58 - 48
Exchange rate differences 1 642 - 7 949 - 8 933 658
Income taxes related to items that may be reclassified - 3 019 626 1 105 - 2 540
Total items that may be reclassified to the income statement 7 195 - 9 157 - 12 059 4 293
Items that will not be reclassified to the income statement
Remeasurement of defined benefit obligations — — 1 559 1 559
Income taxes related to items that will not be reclassified — — - 687 - 687
Total items that will not be reclassified to the income statement — — 872 872
Total other comprehensive income, net after income taxes 7 195 - 9 157 - 11 187 5 165
Total comprehensive income for the period 25 310 - 3 196 8 513 37 019
- Whereof attributable to owner of the parent company 24 648 - 2 285 8 560 35 493
- Whereof attributable to non-controlling interests 662 - 911 - 47 1 526
15
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Operating segments, Vattenfall Group
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Total net sales
Customers & Solutions 57 036 59 612 181 551 178 975
- of which external sales 52 245 54 350 166 183 164 078
[navn skjult] 39 412 44 978 150 969 145 403
- of which external sales 5 482 7 470 45 652 43 664
Wind 7 926 6 063 22 885 24 748
- of which external sales 473 922 3 825 3 376
Distribution 6 071 5 372 20 035 20 734
- of which external sales 5 804 5 043 18 607 19 368
Other1 2 415 2 761 11 175 10 829
- of which external sales 126 175 648 599
Eliminations - 48 730 - 50 826 - 151 700 - 149 604
Total net sales 64 130 67 960 234 915 231 085
Operating profit before depreciation, amortisation and impairment losses (EBITDA)
Customers & Solutions 4 071 2 153 7 529 9 447
[navn skjult] 15 252 5 498 19 528 29 282
Wind 5 969 4 158 14 493 16 304
Distribution 3 055 1 708 6 782 8 129
Other1 865 59 868 1 674
Eliminations 3 6 36 33
Total 29 215 13 582 49 236 64 869
Underlying EBITDA
Customers & Solutions 3 539 2 157 7 563 8 945
[navn skjult] 10 054 5 635 22 445 26 864
Wind 5 969 4 158 14 493 16 304
Distribution 3 053 1 704 6 773 8 122
Other1 8 57 247 198
Eliminations 3 6 36 33
Total 22 626 13 717 51 557 60 466
Operating profit (EBIT)
Customers & Solutions 3 447 1 483 4 089 6 053
[navn skjult] 13 998 4 256 14 486 24 228
Wind 3 575 1 995 5 327 6 907
Distribution 2 150 872 3 289 4 567
Other1 625 - 245 - 125 745
Eliminations 3 6 36 33
Total2 23 798 8 367 27 102 42 533
Underlying EBIT
Customers & Solutions 2 916 1 487 4 885 6 314
[navn skjult] 8 800 4 393 17 402 21 809
Wind 3 575 1 995 6 079 7 659
Distribution 2 149 868 3 280 4 561
Other1 - 234 - 247 - 745 - 732
Eliminations 3 6 36 33
Total 17 209 8 502 30 937 39 644
1) “Other” pertains mainly to all Staff functions, including Treasury, Shared Service Centres and capital gains and -losses from divestment of shares.
2) Total operating profit plus financial net in the consolidated income statement amount to profit before tax.
16
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Consolidated balance sheet
31 Mar 31 Mar 31 Dec
Amounts in SEK million 2026 2025 2025
Assets
Non-current assets
Property, plant and equipment 278 365 268 218 275 353
Goodwill 15 012 14 833 14 848
Other intangible assets 4 458 3 559 4 303
Participations in associated companies and joint ventures 5 790 4 628 4 912
Other shares and participations 201 215 199
Share in the Swedish Nuclear Waste Fund 58 075 55 099 58 201
Derivative assets 5 700 4 319 3 898
Deferred tax assets 3 217 6 937 6 100
Other assets 3 426 3 320 3 165
Total non-current assets 374 244 361 128 370 979
Current assets
Inventories 28 831 25 268 27 605
Trade receivables and other receivables 43 545 45 324 35 791
Prepaid expenses and accrued income 16 758 18 507 16 058
Other assets 2 043 1 112 1 899
Current tax assets 944 787 746
Margin receivables 3 538 5 559 2 879
Derivative assets 12 099 6 241 5 959
Short-term investments 35 926 42 821 37 325
Cash and cash equivalents 39 988 27 087 15 931
Assets held for sale 592 — 2 841
Total current assets 184 264 172 706 147 034
Total assets 558 508 533 834 518 013
Equity and liabilities
Equity
Attributable to owner of the parent company 197 324 168 624 172 676
Attributable to non-controlling interests 26 820 26 879 26 718
Total equity 224 144 195 503 199 394
Non-current liabilities
Hybrid Capital1 20 762 20 856 20 539
Other interest-bearing liabilities 34 276 44 586 33 338
Derivative liabilities 7 389 7 252 6 543
Interest-bearing provisions 122 021 124 662 122 710
Pension provisions 25 207 27 011 25 122
Deferred tax liabilities 16 374 12 840 13 936
Other non interest-bearing liabilities 15 530 13 572 15 283
Total non-current liabilities 241 559 250 779 237 471
Current liabilities
Trade payables and other liabilities 27 206 29 774 23 995
Other interest-bearing liabilities 13 782 12 259 13 404
Derivative liabilities 15 882 12 955 7 958
Interest-bearing provisions 3 153 2 744 3 166
Accrued expenses and deferred income 26 168 25 277 25 516
Other non interest-bearing liabilities 1 577 1 765 1 696
Margin liabilities 423 736 360
Current tax liabilities 4 070 2 042 3 306
Liabilities associated with assets held for sale 544 — 1 747
Total current liabilities 92 805 87 552 81 148
Total equity and liabilities 558 508 533 834 518 013
1) One of the hybrid bonds amounting to SEK 10.9 billion has its first call date in the first quarter of 2027. Vattenfall intends to settle the bond at that time.
17
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
SUPPLEMENTARY INFORMATION
31 Mar 31 Mar 31 Dec
Amounts in SEK million 2026 2025 2025
Calculation of capital employed
Property, plant and equipment 278 365 268 218 275 353
Goodwill 15 012 14 833 14 848
Other intangible assets 4 458 3 559 4 303
Participations in associated companies and joint ventures 5 790 4 628 4 912
Deferred and current tax assets 4 161 7 724 6 846
Inventories 28 831 25 268 27 605
Trade receivables and other receivables 43 545 45 324 35 791
Prepaid expenses and accrued income 16 758 18 507 16 058
Unavailable liquidity 3 705 4 739 3 890
Other assets (non-interest-bearing) 3 918 2 427 3 524
Total assets included in capital employed 404 543 395 227 393 130
Deferred and current tax liabilities - 20 444 - 14 882 - 17 242
Other non-interest-bearing liabilities - 17 107 - 15 337 - 16 979
Trade payables and other liabilities - 27 206 - 29 774 - 23 995
Accrued expenses and deferred income - 26 168 - 25 277 - 25 516
Total noninterest-bearing liabilities - 90 925 - 85 270 - 83 732
Other interest-bearing provisions not related to adjusted net debt1 - 5 262 - 5 770 - 5 205
Adjustment related to assets/liabilities held for sale 46 — 1 055
Capital employed2 308 402 304 187 305 248
Capital employed, average 306 295 315 090 304 650
Calculation of net debt
[navn skjult] - 20 762 - 20 856 - 20 539
Other interest-bearing liabilities - 48 058 - 56 845 - 46 742
Margin liabilities, interest rate and currency derivatives - 240 - 462 - 197
Total interest-bearing liabilities - 69 060 - 78 163 - 67 478
Cash and cash equivalents 39 988 27 087 15 931
Short-term investments incl. margin receivables treasury 37 760 45 701 39 355
Loans to owners of non-controlling interests in foreign Group companies 711 759 464
Net debt2 9 399 - 4 616 - 11 728
Calculation of adjusted net debt
Total interest-bearing liabilities - 69 060 - 78 163 - 67 478
Less 50% of Hybrid Capital3 10 381 10 428 10 270
Pension obligations - 25 207 - 27 011 - 25 122
Dismantling and other environmental provisions - 17 098 - 15 828 - 16 850
Provisions for nuclear power (net)4 - 37 820 - 43 359 - 38 776
Less margin calls received treasury 240 462 197
Less liabilities to owners of non-controlling interests 7 779 7 035 7 645
Adjustment related to assets/liabilities held for sale 2 — 39
Adjusted interest-bearing liabilities - 130 783 - 146 436 - 130 075
Cash and cash equivalents and short-term investments incl. margin receivables treasury 77 748 72 788 55 286
Less margin calls energy trading - 8 715 - 5 076 5 237
Unavailable liquidity - 3 705 - 4 739 - 3 890
Adjusted interest-bearing assets 65 328 62 973 56 633
Adjusted net debt2 - 65 455 - 83 463 - 73 442
1) Includes personnel-related provisions for non-pension purposes, provisions for tax and legal disputes and certain other provisions.
2) See Definitions and calculations of key ratios for definitions of Alternative Performance Measures.
3) 50% of Hybrid Capital is treated as equity by the rating agencies, which thereby reduces adjusted net debt.
4) The calculation is based on Vattenfall’s share of ownership in the respective nuclear power plants, less Vattenfall’s share in the Swedish Nuclear Waste Fund and
liabilities relating to funding of decommissioning obligations in Stade and Brokdorf. Vattenfall has the following ownership interests in the respective plants: Forsmark
66%, Ringhals 70.4%, Brokdorf 20%, Brunsbüttel 66.7%, Krümmel 50% and Stade 33.3%. (According to a special agreement, Vattenfall is responsible for 100% of the
provisions for Ringhals.)
18
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Consolidated statement of cash flows
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Operating activities
Operating profit before depreciation, amortisation and impairment losses (EBITDA) 29 215 13 582 49 236 64 869
Tax paid - 2 200 - 184 - 1 911 - 3 927
Capital gains/losses, net - 1 401 - 2 - 615 - 2 014
Interest received 544 764 2 237 2 017
Interest paid - 696 - 816 - 3 383 - 3 263
Other, incl. non-cash items - 7 870 - 1 174 - 3 717 - 10 413
Cash flow from operating activities before changes in working capital1 17 592 12 170 41 847 47 269
Changes in inventories - 237 737 - 907 - 1 881
Changes in operating receivables - 8 595 - 6 131 - 2 488 - 4 952
Changes in operating liabilities 4 466 - 2 997 - 1 828 5 635
Changes in margin calls 14 542 - 4 563 - 13 083 6 022
Other changes - 212 - 549 - 296 41
Cash flow from changes in working capital 9 964 - 13 503 - 18 602 4 865
Cash flow from operating activities 27 556 - 1 333 23 245 52 134
Investing activities
Acquisitions in Group companies — - 901 - 1 089 - 188
Investments in associated companies and other shares and participations - 875 358 - 206 - 1 439
Investments in property, plant and equipment - 6 372 - 5 171 - 27 290 - 28 491
Investments in intangible assets - 506 - 373 - 1 825 - 1 958
Total investments - 7 753 - 6 087 - 30 410 - 32 076
Divestments 1 975 476 1 477 2 976
Changes in short-term investments 2 163 4 739 9 698 7 122
Changes in interest-bearing receivables — — 3 121 3 121
Cash flow from investing activities - 3 615 - 872 - 16 114 - 18 857
Cash flow before financing activities 23 941 - 2 205 7 131 33 277
Financing activities
Changes in loans to owners of non-controlling interests in foreign Group companies - 237 - 547 - 239 71
Loans raised2 2 622 7 113 7 163 2 672
Amortisation of debt pertaining to acquisitions of Group companies — - 4 - 151 - 147
Amortisation of other debt2 - 1 920 - 11 138 - 23 000 - 13 782
Acquisitions of shares in Group companies from owners of non-controlling interests — — - 13 - 13
Dividends paid to owners - 160 - 260 - 8 448 - 8 348
Contribution to owners of non-controlling interests - 400 - 563 - 1 175 - 1 012
Contribution from owners of non-controlling interests — 39 38 - 1
Cash flow from financing activities - 95 - 5 360 - 25 825 - 20 560
Cash flow for the period 23 846 - 7 565 - 18 694 12 717
Cash and cash equivalents
Cash and cash equivalents at start of period 15 931 35 117 35 117 27 087
Cash and cash equivalents included in assets held for sale 56 — - 59 - 3
Cash flow for the period 23 846 - 7 565 - 18 694 12 717
Translation differences 155 - 465 - 433 187
Cash and cash equivalents at end of period 39 988 27 087 15 931 39 988
1) As from the first quarter of 2026, this subtotal is referred to as Cash flow from operating activities before changes in working capital, instead of Funds from operations
(FFO). For further information, see Definitions of key ratios.
2) Short-term borrowings in which the duration is three months or shorter are reported net.
19
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
SUPPLEMENTARY INFORMATION
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
FFO (funds from operations)
Cash flow from operating activities before changes in working capital 17 592 12 170 41 847 47 269
Net payments to/from the Swedish Nuclear Waste Fund - 92 46 539 401
Payments for provisions affecting adjusted net debt 1 921 1 706 6 382 6 597
Dividends paid to owners of non-controlling interests - 160 - 260 - 1 448 - 1 348
Contribution to owners of non-controlling interests - 400 - 563 - 1 175 - 1 012
FFO1,2 18 861 13 099 46 145 51 907
Cash flow after dividend
Cash flow before financing activities 23 941 - 2 205 7 131 33 277
Change in margin calls from financing operations - 196 985 135 - 1 046
Changes in short-term investments - 2 163 - 4 739 - 9 698 - 7 122
Acquisitions of shares in Group companies from owners of non-controlling interests — — - 13 - 13
Dividends paid to owners - 160 - 260 - 8 448 - 8 348
Contribution to/from owners of non-controlling interests - 400 - 524 - 1 137 - 1 013
Cash flow after dividend 21 022 - 6 743 - 12 030 15 735
Change in net debt
Net debt at start of period - 11 728 2 767 2 767 - 11 728
Cash flow after dividend 21 022 - 6 743 - 12 030 15 735
Changes as a result of valuation at fair value 165 42 37 160
Changes in liabilities for leasing - 190 - 1 053 - 2 873 - 2 010
Interest-bearing liabilities/short-term investments acquired/divested — — 190 190
Changes in liabilities pertaining to acquisitions of Group companies, discounting effects — — 7 7
Cash and cash equivalents included in assets held for sale 56 — - 59 - 3
Translation differences on net debt 74 371 233 - 64
Net debt1 at end of period 9 399 - 4 616 - 11 728 2 287
Cash flow from operating activities 27 556 - 1 333 23 245 52 134
Maintenance/replacement investments - 5 919 - 3 294 - 16 853 - 19 478
Free cash flow1 21 637 - 4 627 6 392 32 656
INVESTMENTS
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Electricity generation
Wind power and solar PV 3 132 1 549 7 715 9 298
Nuclear power 425 410 2 414 2 429
Hydro power 257 292 1 699 1 664
Gas — 27 119 92
Biomass, waste 1 1 10 10
Total electricity generation 3 815 2 279 11 957 13 493
Total electricity networks 1 960 2 193 11 389 11 156
Combined heat and power/heat
Heat networks 301 279 1 833 1 855
Fossil-based power 17 84 338 271
Other 1 48 254 207
Total combined heat and power/heat 319 411 2 425 2 333
Purchases of shares, shareholder contributions 875 544 1 304 1 635
Other 773 660 3 338 3 451
Total investments 7 742 6 087 30 413 32 068
Accrued investments, unpaid invoices (-)/release of accrued investments (+) 11 — 6 17
Cash and cash equivalents in acquired companies — — - 9 - 9
Total investments with cash flow effect 7 753 6 087 30 410 32 076
1) See Definitions of key ratios for definitions of Alternative Performance Measures.
2) The previously reported key ratio FFO has been removed and adjusted FFO is referred to as FFO as from the first quarter of 2026. From the same point in time, Net
payments to/from the Swedish Nuclear Waste Fund and Payments for provisions affecting adjusted net debt, are excluded from FFO. The revised definition is more
closely aligned with the definition used by credit rating agencies. The key ratio has been restated retrospectively. For further information, see Definitions of key ratios.
20
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Consolidated statement of changes in equity
31 Mar 2026 31 Mar 2025 31 Dec 2025
Attributable Attributable Attributable Attributable Attributable Attributable
to owner of to non- to owner of to non- to owner of to non-
the Parent controlling Total the Parent controlling Total the Parent controlling Total
Amounts in SEK million Company interests equity Company interests equity Company interests equity
Balance brought forward 172 676 26 718 199 394 171 196 30 725 201 921 171 196 30 725 201 921
Profit for the period 17 648 467 18 115 5 792 169 5 961 18 614 1 086 19 700
Total other comprehensive
income for the period 7 000 195 7 195 - 8 077 - 1 080 - 9 157 - 10 054 - 1 133 - 11 187
Total comprehensive income
for the period 24 648 662 25 310 - 2 285 - 911 - 3 196 8 560 - 47 8 513
Dividends paid to owners — - 160 - 160 — - 664 - 664 - 7 000 - 1 448 - 8 448
Group contributions
from(+)/to(-) owners of non-
controlling interests — — — — — — — 583 583
Changes in ownership in
Group companies on
acquisition/divestments of
shares to owners of non-
controlling interests — — — - 2871 - 1 7471 - 2 034 - 3041 - 1 7341 - 2 038
Contribution to/from owners of
non-controlling interests — - 400 - 400 — - 524 - 524 — - 1 137 - 1 137
Other changes — — — — — — 224 - 224 —
Total transactions with
equity holders — - 560 - 560 - 287 - 2 935 - 3 222 - 7 080 - 3 960 - 11 040
Balance carried forward 197 324 26 820 224 144 168 624 26 879 195 503 172 676 26 718 199 394
- Of which, reserve for hedges - 1 869 8 - 1 861 - 5 498 8 - 5 490 - 7 745 8 - 7 737
1) Relates to the investment of shares in Nordlicht.
21
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Quarterly information, Vattenfall Group
Q1 Q4 Q3 Q2 Q1
Amounts in SEK million 2026 2025 2025 2025 2025
Income statement
Net sales 64 130 67 134 49 268 50 553 67 960
Operating profit before depreciation, amortisation and impairment losses (EBITDA) 29 215 15 337 8 536 11 782 13 582
Underlying EBITDA1 22 626 14 651 11 302 11 889 13 717
Operating profit (EBIT) 23 798 9 279 3 388 6 067 8 367
Underlying EBIT1 17 209 9 467 6 154 6 814 8 502
Profit before income taxes 23 110 8 688 3 026 6 682 7 586
Profit for the period 18 115 6 603 2 269 4 867 5 961
- of which, attributable to owner of the parent company 17 648 6 180 2 164 4 479 5 792
Adjusted profit for the period1 13 842 5 926 4 060 3 713 6 149
Balance sheet
Equity 224 144 199 394 195 069 194 788 195 503
- of which, attributable to owners of the parent company 197 324 172 676 167 902 167 352 168 624
Net debt1 9 399 - 11 728 - 5 768 - 9 702 - 4 616
Adjusted net debt1 - 65 455 - 73 442 - 72 370 - 81 442 - 83 463
Capital employed, average1 306 295 304 650 293 546 298 881 315 090
Cash flow
Cash flow from operating activities before changes in working capital 2 17 592 12 505 8 563 8 609 12 170
FFO (Funds from operations)1,2 18 861 13 312 9 795 9 939 13 099
Cash flow from operating activities 27 556 5 283 11 758 7 536 - 1 333
Cash flow from investing activities - 3 615 - 10 556 - 3 564 - 1 120 - 872
Cash flow from financing activities - 95 - 11 926 - 723 - 7 816 - 5 360
Cash flow for the period 23 846 - 17 199 7 471 - 1 400 - 7 565
Free cash flow1 21 637 367 8 275 2 921 - 4 627
Q1 Q4 Q3 Q2 Q1
Last 12-month values 2026 2025 2025 2025 2025
Financial targets1
Return on capital employed excl. items affecting comparability, % (target ≥8%) 12.9 10.2 7.6 5.9 4.7
FFO/adjusted net debt3, % (target ≥25%) 79.3 62.8 60.2 49.1 43.1
Other key ratios1
Return on equity, % 16.7 10.6 9.6 9.8 12.6
Cash flow interest cover (times) 11.3 10.4 9.2 8.5 7.5
Net debt/EBITDA (times) - 0.1 0.2 0.1 0.2 0.1
Adjusted net debt/EBITDA (times) 1.0 1.5 1.6 1.9 1.7
Return on capital employed, % 13.9 8.9 7.8 6.9 8.4
1) See Definitions of key ratios for more information.
2) The previously reported key ratio FFO has been removed and adjusted FFO is referred to as FFO as from the first quarter of 2026. The definition has been updated
and the key ratio has been restated retrospectively. The subtotal previously referred to as FFO in the Consolidated statement of cash flows is now presented as cash
flow from operating activities before changes in working capital. See Definitions of key ratios for further information.
3) As a result of the updated definition of FFO, the outcome for FFO/adjusted net debt increased by 10,7 percentage points (8,1) as at 31 March 2026. The target level of
≥25% over a business cycle was met for the above periods both before and after the update of FFO. See Definitions of key ratios for further information.
22
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
NOTE 1 | Accounting policies, risks and uncertainties
Accounting policies Changes regarding key ratios
This interim report for the Group has been prepared in accordance with Changes have been made to the following key ratios since Vattenfall’s
IAS 34 “Interim Financial Reporting”, and the Swedish Annual Accounts Annual and Sustainability Report 2025:
Act. The accounting policies and calculation methods applied in this
interim report are the same as those described in Vattenfall’s Annual and • FFO (Funds from operations)
Sustainability Report 2025. No amended accounting standards or • Adjusted FFO
interpretations effective from 1 January 2026 have had a material impact
• FFO/adjusted net debt
on the Vattenfall Group’s financial statements.
• Adjusted FFO/adjusted net debt
Risks and uncertainties For further information regarding changes, see Definitions of key ratios.
For a description of risks, uncertainties and risk management, please
refer to Vattenfall’s Annual and Sustainability Report 2025, pages 45-57. Other
Apart from the below and the information provided under “Business Significant related-party transactions are described in Note 45 to the
highlights” in this report, no other material changes have taken place consolidated accounts in Vattenfall’s Annual and Sustainability Report
since publication of the Annual and Sustainability Report 2025. 2025. No material changes have taken place in relations or transactions
with related parties since the publication.
The geopolitical situation deteriorated during the first quarter as a result
of an escalation of the conflict in the Middle East. This development has
contributed to increased uncertainty in the global energy and commodity
markets, as well as disruptions to international trade and transport flows.
Vattenfall is closely monitoring the situation and continuously assessing
any potential impacts on its operations.
NOTE 2 | Exchange rates
KEY EXCHANGE RATES APPLIED IN THE ACCOUNTS OF THE VATTENFALL GROUP
Jan-Mar Jan-Mar Full year
2026 2025 2025
Average rate
EUR 10.7373 11.2425 11.0728
DKK 1.4373 1.5071 1.4837
GBP 13.3298 13.5185 12.9654
USD 9.1469 10.7120 9.8763
31 Mar 31 Mar 31 Dec
2026 2025 2025
Closing rate
EUR 10.9430 10.8490 10.8215
DKK 1.4643 1.4540 1.4489
GBP 12.6024 12.9872 12.4014
USD 9.5173 10.0314 9.2098
23
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
NOTE 3 | Financial instruments
Accounting policy Fair value hierarchy level 3
For accounting policies applied, refer to Note 30, Financial instruments, Derivative liabilities within level 3 consist of an option to enter into a
in Vattenfall’s Annual and Sustainability Report 2025. power purchase agreement (PPA) at a fixed price that Vattenfall granted
to BASF as part of the consideration for the shares in Nordlicht. Due to
Difference between carrying amount and fair value the long duration of the PPA, power forward rates are not observable for
the duration of the contract. As the German power price is only
The carrying amounts of financial assets measured at amortised cost do
observable for up to five years, Vattenfall has used a fundamental long-
not differ significantly from their fair values. The difference between
term market outlook for forward rates based on historical forward curves
carrying amounts and fair values for financial liabilities measured at
which has been extrapolated to estimate volatility.
amortised cost amounts to SEK 1,833 million (31 December 2025:
1,228).
FAIR VALUE HIERARCHY AS PER 31 MARCH 2026
Amounts in SEK million Level 1 Level 2 Level 3 Total
Assets
Share in the Swedish Nuclear Waste Fund 58 075 — — 58 075
Derivative assets — 17 799 — 17 799
Short-term investments, cash equivalents and other shares and participations 42 004 4 801 — 46 805
Total assets 100 079 22 600 — 122 679
Liabilities
Derivative liabilities — 22 251 1 020 23 271
Other financial liabilities — — 165 165
Total liabilities — 22 251 1 185 23 436
FAIR VALUE HIERARCHY AS PER 31 DECEMBER 2025
Amounts in SEK million Level 1 Level 2 Level 3 Total
Assets
Share in the Swedish Nuclear Waste Fund 58 201 — — 58 201
Derivative assets — 9 857 — 9 857
Short-term investments, cash equivalents and other shares and participations 36 691 4 314 — 41 005
Total assets 94 892 14 171 — 109 063
Liabilities
Derivative liabilities — 13 492 1 009 14 501
Other financial liabilities — — 163 163
Total liabilities — 13 492 1 172 14 664
24
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
NOTE 4 | Items affecting comparability
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Capital gains1 1 401 10 680 2 071
Capital losses — - 8 - 65 - 57
Impairment losses — — - 1 514 - 1 514
Provisions — 35 654 619
Changes in the fair value of energy derivatives 4 498 572 - 2 766 1 160
Changes in the fair value of inventories 697 - 744 - 810 631
Other non-recurring items affecting comparability - 7 — - 14 - 21
Items affecting comparability2 6 589 - 135 - 3 835 2 889
Items affecting comparability during the first quarter 2026 amounted to Items affecting comparability during the first quarter 2025 amounted to
SEK 6,589 million. Capital gains amounted to SEK 1,401 million, relating SEK -135 million, most of which pertains to changes in market value for
to divestment of power plants in the Netherlands as well as the French energy derivatives and inventories.
sales business in the operating segment Customers & Solutions. The
changes in fair value of energy derivatives and inventories amounted to
SEK 5,195 million in total.
1) For more information on capital gains see Note 5, Acquired and divested operations.
2) See Definitions of key ratios for definitions of Alternative Performance Measures.
25
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
NOTE 5 | Acquired and divested operations
Acquired operations Assets held for sale
Vattenfall did not make any material acquisitions during the period. Some assets related to the Customers & Solutions operating segment
continue to be classified as assets held for sale, as it is highly probable
Divested operations that these assets will be recovered principally through a divestment
rather than through continued use. The assets are available for
Sales business in France
immediate sale in their present condition. The divestment is expected to
On 31 March 2026, Vattenfall completed the divestment of its French
be finalised during 2026.
electricity and gas sales business, the capital gain amounted to
SEK 821 million.
The sales business in France and the power plants in the Netherlands
that were divested during the first quarter of 2026 were classified as
No other major operations have been divested during the period.
assets held for sale as at 31 December 2025.
Divested assets
Power plants in the Netherlands
On 1 January 2026, Vattenfall completed the divestment of its power
plants in the IJmond-region in the Netherlands. The divestment includes
two power plants and one combined heat and power plant. The capital
gain amounted to SEK 538 million.
NOTE 6 | Impairment losses and reversed
impairment losses
Accounting policy Impairment losses
Assessments are made on a regular basis throughout the year for any Impairment losses of SEK 376 million (-) were recognised in the first
indication that an asset may have decreased in value. If any such quarter of 2026. The impairment relates to assets within the Wind
indication is identified, the asset’s recoverable amount is estimated and operating segment.
an impairment test is performed. The principles for impairment test are
described in Note 27, Impairment losses and reversed impairment No previously recognised impairment losses have been reversed in the
losses, in Vattenfall’s Annual and Sustainability Report 2025. income statement during the period.
NOTE 7 | Events after the balance sheet date
No events have occurred after the balance sheet date that are expected
to have a significant impact on the consolidated financial statements.
26
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
The parent company Vattenfall AB
Accounting policies
This interim report for the parent company has been prepared in • The balance sheet total amounts to SEK 333,478 million
accordance with the Swedish Annual Accounts Act and RFR 2, (31 December 2025: 312,038).
Accounting for Legal Entities. The accounting policies applied in this
• Shares and participations amounted to SEK 166,311 million (31
interim report are the same as those described in Vattenfall's Annual and
Sustainability Report 2025. December 2025: 165,711). The increase is explained by an
unconditional shareholder contribution of SEK 600 million made to
the associate company Videberg Kraft AB during the first quarter.
• Cash and cash equivalents, and short-term investments amounted
Period in brief January – March 2026 to SEK 67,141 million (31 December 2025: 50,192).
• Net sales amounted to SEK 19,390 million (13,686). The higher net
sales are mainly explained by the positive development in electricity Risks and uncertainties
Refer to Note 1 to the consolidated accounts, Accounting policies, risks
prices.
and uncertainties.
• Costs of purchases amounted to SEK -11,579 million (-6,930).
The higher cost mainly reflects lower unrealised market values of
Other
energy derivatives related to future electricity production.
Significant related-party transactions are disclosed in Note 32, Related
• Result from participations in associated companies amounted to party disclosures, of the parent company, in Vattenfall’s Annual and
SEK 323 million (57) and relate to a dividend from HYBRIT Sustainability Report 2025. No material changes have taken place in
Development AB. relations or transactions with related parties compared with the
• The net financial items amounted to SEK -569 million (2 540). The description in Vattenfall’s Annual and Sustainability Report 2025.
decrease in the net financial items is primarily explained by a
weakening of the SEK against the EUR/GBP, compared with a
strengthening of the SEK against the EUR/GBP during the same
period last year.
• Profit for the period is SEK 3,938 million (4 989).
27
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Parent Company income statement
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Net sales 19 390 13 686 47 189 52 893
Cost of purchases1 - 11 579 - 6 930 - 30 454 - 35 103
Other external expenses1 - 1 565 - 1 852 - 4 403 - 4 116
Personnel expenses - 906 - 911 - 3 317 - 3 312
Other operating incomes 41 29 105 117
Other operating expenses - 64 - 21 - 75 - 118
Operating profit before depreciation, amortisation and impairment losses (EBITDA) 5 317 4 001 9 045 10 361
Depreciation, amortisation and impairments - 213 - 202 - 827 - 838
Operating profit (EBIT) 5 104 3 799 8 218 9 523
Result from participations in subsidiaries 39 — 4 441 4 480
Result from participations in associated companies 323 57 — 266
Other financial income 867 3 689 6 817 3 995
Other financial expenses - 1 436 - 1 149 - 4 157 - 4 444
Profit before appropriations and income taxes 4 897 6 396 15 319 13 820
Appropriations - 18 - 115 - 4 676 - 4 579
Profit before income taxes 4 879 6 281 10 643 9 241
Income taxes - 941 - 1 292 - 1 440 - 1 089
Profit for the period 3 938 4 989 9 203 8 152
1) Cost related to nuclear power have been reclassified from Cost of purchases to Other external expenses, the comparable amounts have been updated.
28
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Parent Company balance sheet
31 Mar 31 Mar 31 Dec
Amounts in SEK million 2026 2025 2025
Assets
Non-current assets
Intangible assets: non-current 1 592 776 1 483
Property, plant and equipment 7 540 7 395 7 453
Shares and participations 166 311 165 724 165 711
Deferred tax assets 1 250 167 638
Other non-current receivables 2 146 3 360 1 844
Other non-current receivables, group 71 667 64 752 66 653
Total non-current assets 250 506 242 174 243 782
Current assets
Inventories 443 510 580
Intangible assets: current 2 3 1
Current receivables 9 395 12 437 8 846
Current receivables, group 5 991 7 834 8 637
Short-term investments 37 869 44 873 39 478
Cash and cash equivalents 29 272 19 150 10 714
Total current assets 82 972 84 807 68 256
Total assets 333 478 326 981 312 038
Equity, provisions and liabilities
Equity
Restricted equity
Share capital (131,700,000 shares with a share quota value of SEK 50) 6 585 6 585 6 585
Other reserves1 1 216 669 1 101
Non-restricted equity
Retained earnings 139 257 137 601 130 169
Profit for the period 3 938 4 989 9 203
Total equity 150 996 149 844 147 058
Untaxed reserves 9 601 6 598 9 583
Provisions2 7 885 10 060 7 662
Non-current liabilities
Hybrid capital3 20 762 20 856 20 539
Other interest-bearing liabilities 23 163 34 989 23 593
Other interest-bearing liabilities, group 196 224 224
Other noninterest-bearing liabilities2 323 317 320
Total non-current liabilities 44 444 56 386 44 676
Current liabilities
Other interest-bearing liabilities 11 152 11 081 10 934
Other interest-bearing liabilities, group 86 320 71 168 71 012
Current tax liabilities 1 369 1 122 755
Other noninterest-bearing liabilities 6 370 7 660 4 946
Other noninterest-bearing liabilities, group 15 341 13 062 15 412
Total current liabilities 120 552 104 093 103 059
Total equity, provisions and liabilities 333 478 326 981 312 038
1) Other reserves concist of Fund for development expenditures.
2) Future commitments for nuclear power operations have been reclassified from Other non-interest-bearing liabilities (long-term) to Provisions. Comparative amounts
have been updated.
3) One of the hybrid bonds amounting to SEK 10.9 billion has its first call date in the first quarter of 2027. Vattenfall intends to settle the bond at that time.
29
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Definitions of key ratios
In order to ensure a fair presentation of the Group’s operations, Vattenfall Return on capital employed excluding items affecting comparability
uses a number of Alternative Performance Measures (APM) that are not (ROCE excl IAC): Underlying operating profit divided by average capital
defined in IFRS or in the Swedish Annual Accounts Act. The APMs that employed. Financial target that measures profitability. This measure
Vattenfall uses are described below. The APMs used are unchanged excludes items affecting comparability to better reflect the underlying
compared with prior periods except for the following measures that have operations. Refer below for reconciliation.
changed since Vattenfall’s Annual and Sustainability report 2025:
Return on equity: Profit for the period attributable to owner of the parent
• FFO (Funds from operations) company divided by average equity attributable to owners of the parent
• Adjusted FFO company, excluding the hedge reserve. The key ratio measures
profitability by showing how much profit is generated in relation to its
• FFO/adjusted net debt
equity. The key ratio is presented because it is a common key ratio for
• Adjusted FFO/adjusted net debt measuring profitability.
For further information on the changes refer to each measure below.
Net debt/EBITDA and adjusted net debt/EBITDA: Net debt/ adjusted
Operating profit (EBIT, Earnings Before Interest and Tax): The net debt divided by operating profit before depreciation, amortisation and
difference between the operating income and the operating expenses, impairment losses (EBITDA). The key ratio measures leverage and
including share of profit from associated companies and joint ventures. indicates the number of years required to repay net debt, given constant
Refer to Consolidated income statement. net debt and EBITDA. The key ratio is used by credit rating agencies in
their assessment of Vattenfall’s credit rating.
Operating profit before depreciation, amortisation and impairment
losses (EBITDA, Earnings Before Interest, Tax, Depreciation and FFO (Funds from operations): The previously reported key ratio FFO
Amortisation): Refer to Consolidated income statement. has been removed, and the subtotal previously referred to as FFO in the
Consolidated statement of cash flows is now presented as cash flow
Items affecting comparability (IAC): Capital gains and capital losses from operating activities before changes in working capital. Adjusted FFO
from sale of shares and other non-current assets, impairment losses and is, as from the first quarter of 2026, referred to as FFO. The key ratio is
reversed impairment losses from assets in operation or under part of the financial target FFO/adjusted net debt. FFO is defined as cash
construction and other material items that are of an infrequent nature. flow from operating activities before changes in working capital excluding
Also included here are changes in the fair value of energy derivatives, dividend and contribution attributable to non-controlling interests. These
which do not qualify for hedge accounting. Changes in fair values of funds are excluded as they are not available for repayment of the
energy derivatives as well as inventory revaluation for proprietary trading Group’s debt. As from the first quarter of 2026, the definition of FFO has
activities are recognized in the underlying operating profit to reflect the been updated to exclude net payments to/from the Swedish Nuclear
overall trading performance. Refer to Note 4, Items affecting Waste Fund and payments for provisions affecting adjusted net debt,
comparability for a reconciliation. from FFO. The revised definition is more closely aligned with the
Underlying operating profit (Underlying EBIT): Operating profit definition used by credit rating agencies. The key ratio has been restated
excluding items affecting comparability. The measure enables improved retrospectively. For a reconciliation, refer to supplementary information in
comparability between periods by excluding items affecting connection with the Consolidated statement of cash flows.
comparability. Refer below for reconciliation. Adjusted FFO: Key ratio which, as from the first quarter of 2026, is
Underlying operating profit before depreciation, amortisation and referred to as FFO. See the definition above for further information.
impairment losses (Underlying EBITDA): Operating profit excluding FFO/adjusted net debt: The previously reported key ratio FFO/adjusted
items affecting comparability, depreciation, amortisation and impairment net debt has been removed and replaced by adjusted FFO/adjusted net
losses. This measure enables a more fair comparison between periods debt as the financial target for the capital structure. As from the first
by excluding items affecting comparability and items not affecting cash quarter of 2026, adjusted FFO/adjusted net debt is referred to as
flow such as depreciation, amortisation and impairment losses. Refer FFO/adjusted net debt. The key ratio measures the Group’s ability to
below for reconciliation. generate operating cash flow in relation to its debt. As from the first
Adjusted profit for the period: Profit for the period, attributable to quarter of 2026, the definition of FFO has been updated; refer above for
owner of the parent company excluding fair value changes and return further information. The key ratio has been restated retrospectively. For
from the Swedish Nuclear Waste Fund. Vattenfall's dividend policy is information on how the adjustment has affected the outcome, see
based on this measure. Quarterly information, Group. Refer below for reconciliation.
Interest-bearing liabilities: Refer to supplementary information in Adjusted FFO/adjusted net debt: Financial target for capital structure
connection with the Consolidated balance sheet for a reconciliation. which, as from the first quarter of 2026, is referred to as FFO/adjusted
net debt. See definition above for further information.
Net debt: Refer to supplementary information in connection with the
Consolidated balance sheet and the Consolidated statement of cash flow Free cash flow: Cash flow from operating activities less maintenance
for reconciliations. investments. Refer to Supplementary information in connection to
Consolidated statement of cash flow, for a reconciliation.
Adjusted net debt: Refer to supplementary information in connection
with the Consolidated balance sheet for reconciliation. Cash flow interest cover (previously FFO interest cover): Cash flow
from operating activities before changes in working capital and financial
Capital employed: Total assets less financial assets, non interest- expenses excluding the unwinding of discount on provisions, divided by
bearing liabilities and certain other interest-bearing provisions which are financial expenses excluding the unwinding of discount on provisions.
not included in adjusted net debt. Refer to supplementary information in This key ratio measures a company’s ability to meet its interest
connection with the Consolidated balance sheet for reconciliation. obligations using cash flow from operating activities before changes in
working capital. The key ratio is used by credit rating agencies in their
Return on capital employed (ROCE): Operating profit divided by
assessment of Vattenfall’s credit rating.
average capital employed. Measures profitability without adjustments for
items affecting comparability. Refer below for reconciliation.
30
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Calculations of key ratios
UNDERLYING EBITDA, UNDERLYING EBIT AND ADJUSTED PROFIT FOR THE PERIOD
Jan-Mar Jan-Mar Full year Last 12
Amounts in SEK million 2026 2025 2025 months
Operating profit before depreciation, amortisation and impairment losses (EBITDA) 29 215 13 582 49 236 64 869
Items affecting comparability excl. impairment losses and reversed impairment losses - 6 589 135 2 321 - 4 403
Underlying EBITDA 22 626 13 717 51 557 60 466
Operating profit (EBIT) 23 798 8 367 27 102 42 533
Items affecting comparability - 6 589 135 3 835 - 2 889
Underlying EBIT 17 209 8 502 30 937 39 644
Profit for the period, attributable to owner of the parent company 17 648 5 792 18 614 30 470
Fair values and return from Nuclear Waste Fund, attributable to owner of the parent company - 5 184 636 1 889 - 3 931
Tax effects 1 378 - 279 - 654 1 003
Adjusted profit for the period 13 842 6 149 19 849 27 542
FINANCIAL TARGETS
Key ratios based on last 12-month values April 2025 – March 2026:
Return on capital employed excl. Underlying EBIT 39 644
= 100 x = 12.9
items affecting comparability, % Capital employed, average 306 295
FFO1 51 907
FFO/adjusted net debt1, % = 100 x = 79.3
Adjusted net debt 65 455
OTHER KEY RATIOS
Key ratios based on last 12-month values April 2025 – March 2026:
Profit for the period attributable to owner of the parent company 30 470
Return on equity, % = 100 x = 16.7
Average equity attributable to owner of the 182 345
parent company excl. the hedging reserve
Cash flow from operating activities before changes in
working capital2 + financial expenses excl.
discounting effects attributable to provisions 51 841
Cash flow interest cover, (times) = = 11.3
Financial expenses excl. discounting effects attributable to 4 572
provisions
Net debt -9 399
Net debt/EBITDA, (times) = = -0.1
EBITDA 64 869
Adjusted net debt/ Adjusted net debt 65 455
= = 1.0
EBITDA, (times) EBITDA 64 869
EBIT 42 533
Return on capital employed, % = 100 x = 13.9
Capital employed, average 306 295
1) The key ratio has been adjusted and restated retrospectively. For further information, see Definitions of key ratios.
2) As from the first quarter of 2026, the previously reported subtotal Funds from operations (FFO) in the Consolidated statement of cash flows is referred to as Cash flow
from operating activities before changes in working capital. For further information, see Definitions of key ratios.
31
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
Interim report signature Contact information
Solna, 29 April 2026 Vattenfall AB (publ)
SE-169 92 Stockholm
[navn skjult] Corporate identity number 556036-2138
President and CEO T +46-8-739 50 00
www.vattenfall.com
This interim report has not been reviewed by the company’s www.vattenfall.com/se
auditor.
[navn skjult]
Financial calendar President and CEO
Interim report January-June, 17 July 2026 T +46-8-739 64 28
Interim report January-September, 29 October 2026 Kerstin Ahlfont
CFO
Year-end report 2026, 5 February 2027 (preliminary) T +46-8-739 51 67
Emmi Östlund
Acting Head of Group Control & Investor Relations
T +46-8-739 72 51
Vattenfall’s press office
T +46-8-739 50 10
[skjult]@vattenfall.com
The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on 29 April
2026. This report has been prepared in both Swedish and English versions. In the event of discrepancies between the two versions,
the Swedish version shall govern.
32
VATTENFALL INTERIM REPORT JANUARY–MARCH 2026
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