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Vattenfall Q1 Results
        2026
        29 April 2026
Vattenfall Q1 Results 2026
In brief

  • Completion of a new 150 kV power line in Luleå, Northern Sweden, enabling further growth and development in the region

  • 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

  • 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 electricity and gas sales business supports strategic focus on core markets



  • Underlying operating profit increased by SEK 8.7 bn to SEK 17.2 bn:

     • Mainly driven by higher achieved prices in the Nordics, as well as higher volumes from electricity generation driven
       primarily by better availability and higher wind speeds

     • In addition, earnings from the customer and distribution businesses increased



  • Profit for the period increased by SEK 12.1 bn to SEK 18.1 bn

     • Items affecting comparability amounted to SEK 6.5 bn, mainly related to changes in fair value of energy derivatives and
       inventories (SEK 5.2 bn) and capital gains relating to divestment of power plants in the Netherlands and the French
       sales business (SEK 1.4 bn).



                                                                                                                                 2
Vattenfall Q1 Results 2026
Overview

  Result development                                                                                                  Financial targets
  SEK BN                                                           Q1 2026              Q1 2025                 Δ                                                                                      Q1 2026              Q1 2025
  Net Sales                                                         64.1                   68.0                -6%     ROCE excl. items affecting comparability (≥8%)                                   12.9%                 4.7%
                                                                                                                                                                1
  EBITDA                                                            29.2                   13.6                115%    FFO/adjusted net debt (≥25%)                                                     79.3%                43.1%
  Underlying operating profit (EBIT)                                17.2                   8.5                 102%
  EBIT                                                              23.8                   8.4                 184%
  Profit for the period                                             18.1                   6.0                 204%




  Customer sales (TWh)                                                                                                Electricity production (TWh)                                                                  Total
                                                                                                                                                                                                              Q1 2026 29.9 TWh
                                                                                                                                                 10.7    11.3                   11.0                          Q1 2025 27.1 TWh
                             32.5                            2                                                                                                         10.0
                                      27.1            28.6
                                                                 23.7
                                                                                                                                                                                                       6.1
                                                                                                                                                                                               4.3
                                                                                                                             2.0   1.5
                                                                                  1.9          2.0                                                                                                                   0.1     0.0

                              Electricity                    Gas                        Heat                                Fossil power       Nuclear power           Hydro power            Wind power          Biomass, waste
                                                Q1 2025                 Q1 2026                                                                                     Q1 2025       Q1 2026

1 The previously reported key ratio FFO has been removed and adjusted FFO is referred to as FFO from the                       2 The value has been adjusted compared with information previously published in Vattenfall’s financial reports.

first quarter of 2026. The definition of FFO has also been updated. 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                                                                                                                                     3
target level of ≥25% over a business cycle was met for the above periods both before and after the update of
FFO. See the Q1 2026 report for more information and definitions.
Customers & Solutions
Strategic divestment and initiatives to support the energy transition

 Highlights                                                Key data
                                                                Customer base development                                      Sales and production                                     Charging points for electric
 SEK million                        Q1 2026    Q1 2025
                                                                                                                                                                                        vehicles (thousand)
 Net Sales                           57,036     59,612                                                                         30.3
                                                                                                                                                                                                              80.7
 Underlying operating profit          2,916      1,487                                                                                                   25.7                                69.6
                                                                                                                                      22.8                      23.7


 • Net sales decreased by 4%. The underlying
   operating profit increased by 96%, mainly                  7.6    2.4                      7.5   2.5
   attributable to the customer business in Germany                         0.5    1.0                    0.6   1.0                       1.9 2.1                  2.0 1.5
   due to timing effects related to the higher gas grid
                                                                     Q1 2025                        Q1 2026                       Q1 2025                    Q1 2026                       Q1 2025           Q1 2026
   costs imposed in 2025. This was partly offset by a
                                                            Electricity contracts (million)     Heat customer base (million)          Sales of electricity (TWh)       Heat sales (TWh)
   lower result from the condensing business in the
                                                            Gas contracts (million)             Other contracts (million)             Sales of gas (TWh)               Electricity generation (TWh)
   Netherlands following the sale of the power plants
   in the IJmond region on 1 January 2026 as well as
   lower clean spark spreads.
 • The customer base increased by 2% compared to
   the end of 2025, to 12 million contracts, mainly
   due to more customers in Germany
 • 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
                                                                                                                                                                                                                       4
Power Generation
Positive earnings impact from higher prices and volumes

Highlights                                              Key data
                                                           Production and availability              Nordic hydro balance and system price       Electricity futures prices (EUR/MWh)
 SEK million                     Q1 2026     Q1 2025
                                                                                           98.9   20
 Net Sales                        39,412      44,978       93.9                                                                         1 400   120
                                                                                                                                        1 200   100
 Underlying operating profit       8,800       4,393              20.7
                                                                                    22.3          10
                                                                                                                                        1 000    80
                                                                                    11.0           0                                    800      60
                                                                  10.0
• Net sales decreased by 12%. The underlying
                                                                                                                                        600      40
  operating profit increased by 100%, mainly as a                                                 -10
                                                                                                                                        400      20
  result of higher achieved prices in the Nordics. In             10.7              11.3
                                                                                                  -20                                             0
                                                                                                                                        200
  addition, higher generated volumes from hydro                                                                                                    2025                      2026
                                                             Q1 2025              Q1 2026         -30                                   0
  power, higher availability and volumes from                      Nuclear availability (%)          2025                        2026                     SYS CAL-27      SYS CAL-28
  nuclear power and as well as a higher trading                    Hydro (TWh)                              SYS (SEK/MWh, rhs)
                                                                                                                                                          DE CAL-27       DE CAL-28
  result contributed positively                                                                             Hydro Balance (TWh, lhs)
                                                                                                                                                          NL CAL-27       NL CAL-28
                                                                   Nuclear (TWh)
• 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




                                                                                                                                                                                       5
 Wind
 Progress on projects and new commissioned capacity

   Highlights                                                                    Key data
                                                                                       Production2 and availability                         Total installed wind capacity (MW) 2
    SEK million                                       Q1 2026    Q1 2025
    Net Sales                                           7,926      6,063                                   95.5              94.9
                                                                                                                                    94.1
    Underlying operating profit                         3,575      1,995                            91.4                      6.1
                                                                                                                                            2,096                        2,295
                                                                                                           4.4                1.1
   • Net sales increased by 31% compared to 2025.                                                                                                   6,550                    6,749
                                                                                                           0.8
     The underlying operating profit increased by 79%                                                                         5.0                           4,454                   4,454
     driven by higher generated volumes. Electricity                                                       3.6
     generation increased by 41% driven mainly by
     higher production from offshore wind power due to                                                Q1 2025               Q1 2026                                          Q1 2026
                                                                                                                                                Q1 2025
     higher wind speeds and better availability                                                            Onshore (TWh)     Onshore (%)                      Offshore    Onshore
   • Four renewable assets commissioned across                                                             Offshore (TWh)    Offshore (%)
     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




1 Including electricity generation from solar power
2 Added capacity during the last 12 months includes Bruzaholm (132 MW) and Velinga (67 MW)                                                                                                  6
3 The value has been adjusted compared with information previously published in Vattenfall’s financial reports.
Distribution
Working for reliable and stable electricity supply

 Highlights                                                            Key data
                                                                           Service level (SAIDI, min)1   Customers and volumes              Investments in electricity grids (SEK mn)
 SEK million                               Q1 2026       Q1 2025                                                                     22.8
                                                                                                            21.8                                     2,093
 Net Sales                                   6,071         5,372                                31                                                                 1,841

 Underlying operating profit                 2,149           868                 21


 • Net sales increased by 13%. The underlying
                                                                                                             978                     980
   operating profit increased to SEK 2.1bn, mainly                                                                                                           100            119
   explained by higher revenues as a result of tariff                          Q1 2025        Q1 2026      Q1 2025              Q1 2026               Q1 2025       Q1 2026
   adjustments for the local grid, increased
   transited volumes due to cold weather, and                                  Local networks, Sweden       Customer base (thousands)                   Distribution Sweden

   lower costs for the transmission grid.                                                                   Transited volume (TWh)                      Network Solutions

 • 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 to repair the electricity grid
   after heavy wind and snowfall in mid Sweden 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


 1 All outages longer than 1 second in medium and low voltage networks are included.

 Vattenfall’s Swedish network covers both urban areas and large rural areas.                                                                                                            7
Financials


             8
Vattenfall Q1 Results 2026
Financial highlights

  Key data                                                                                    Key developments
SEK bn                                                         Q1 2026        Q1 2025         • Net sales decreased by SEK 3.8 bn (including negative
                                                                                                currency effects of SEK 1.9 bn) mainly due to negative
Net Sales                                                        64.1           68.0            volume effects in the customer sales of electricity and
                                                                                                lower revenues from price hedges, although this was
EBITDA                                                           29.2           13.6
                                                                                                largely offset by positive price effects in electricity sales
Underlying operating profit (EBIT)                               17.2            8.5          • Underlying EBIT increased by SEK 8.7 bn to SEK 17.2 bn,
EBIT                                                             23.8            8.4            driven mainly by higher achieved prices in the Nordics,
                                                                                                higher volumes from wind power, hydro power and nuclear
Profit for the period                                            18.1            6.0            power, as well as higher earnings from the customer and
                                                                                                distribution businesses
Adjusted profit for the period                                   13.8            6.1
                                     1
                                                                                              • Profit for the period increased by SEK 12.1 bn to SEK 18.1
Funds from Operations (FFO)                                      18.9           13.1            bn mainly due to the higher underlying result, but also due
                                                                                                to changes in fair values of energy derivates and
Cash flow operating activities                                   27.6            -1.3
                                                                                                inventories (SEK 5.2 bn) and capital gains relating to
Net debt                                                         -9.4            4.6            divestments of power plants in the Netherlands and the
                                                                                                French sales business (SEK 1.4 bn)
Adjusted net debt                                                65.5           83.5
                                                                                              • ROCE increased to 12.9% mainly due to improved
Adjusted net debt/EBITDA (times)                                  1.0            1.7            underlying EBIT

Financial targets                                                                             • FFO/Adjusted net debt1 increased to 79.3% due to higher
                                                                                                FFO mainly due to higher EBITDA as well as due to lower
ROCE excl. Items affecting comparability (≥8%)                   12.9            4.7            adjusted net debt
                                     1
FFO/adjusted net debt (≥25%)                                     79.3           43.1
1 The previously reported key ratio FFO has been removed and adjusted FFO is referred to as FFO from the

first quarter of 2026. The definition of FFO has also been updated. 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                                                         9
target level of ≥25% over a business cycle was met for the above periods both before and after the update of
FFO. See the Q1 2026 report for more information and definitions.
Development of underlying EBIT Q1 2026
Higher earnings from all operating segments

Change in Q1 2025 vs. Q1 2026                                      Breakdown per operating segment               Highlights
SEK bn                                                             SEK bn
                                                                                                        17.2


                                                                                                         3.6
                                                                                                                 • Power Generation: increase mainly as a
 Underlying EBIT Q1 2025      8.5                                                                                  result of higher achieved prices in the Nordics
                                                                                                                   as well as higher volumes from hydro and
                                                                                                                   nuclear power and a higher trading result
         Power Generation           4.4
                                                                                                         2.9     • Wind: increase mainly driven by offshore wind
                                                                                                                   power due to higher wind speeds and better
                                                                                                                   availability
                    Wind                  1.6
                                                                                                         2.1     • Customers & Solutions: increase mainly
                                                                                               8.5
                                                                                                                   attributable to customer business in Germany
   Customers & Solutions                        1.4                                 Wind       2.0                 due to timing effects related to the higher gas
                                                                                                                   grid costs imposed in 2025
                                                                    Customers & Solutions      1.5               • Distribution: increase mainly explained by
               Distribution                           1.3                                                          higher revenues as a result of tariff
                                                                              Distribution     0.9
                                                                                                         8.8       adjustments for the local grid, increased
                                                                                                                   transited volumes due to cold weather, and
 Underlying EBIT Q1 2026                                    17.2                                                   lower costs for the transmission grid
                                                                        Power Generation       4.4


                                                                                              -0.2      -0.2
                                                                                    Other
                                                                                             Q1 2025   Q1 2026


                                                                                                                                                                 10
Cash flow development Q1 2026
Positive working capital development mainly related to changes in margin calls

 SEK bn

      29.2              -2.2
                                      -0.2           -1.4                                              10.0            27.6              -5.9
                                                                     -7.9
                                                                                                                                                                                                           2.2             24.0
                                                                                                                                                          21.6            -1.8             2.0

                                                                                     17.6




     EBITDA          Tax paid        Interest        Capital        Other1      Cash flow from      Change in WC      Cash flow       Maintenance     Free cash flow      Growth     Divestments, net    Changes in      Cash flow
                                  paid/received,     gains/                        operating                       from operating   and replacement                    investments                       short-term   before financing
                                        net        losses, net                  activities before                     activities      investments                                                       investments      activities
                                                                                  changes in
                                                                                working capital


Main effects
• Change in working capital is mainly driven by net changes in margin calls (SEK +14.5 bn), partly offset by increased working capital in the Customers & Solutions
  segment (SEK -6.2 bn)
• Changes in short-term investments are related to purchases of short-term papers in order to offset the positive impact from the net change in margin calls received


1 ”Other” includes non-cash items included in EBITDA, mainly changes in fair value of
                                                                                                                                                                                                                                   11
commodity derivatives
Capital expenditures
Majority of investments directed to renewables and electricity networks

Investments per category, Q1 2026                                              Detailed overview of investments, Q1 2026
                                                                               SEK bn                 Q1 2026      Q1 2025            FY 2025
                                                      Wind, solar, biomass &
                                                      waste
                   Other1                                                      Hydro                      0.3           0.3    -12%       1.7
                         21%
                                                                               Nuclear                    0.4           0.4     4%        2.4

                                                                               Fossil                     0.0           0.1    -85%       0.5
        Fossil                                                 40%
                 0%                                                            Wind, solar                3.1 SEK 37.1bn 1.5   102%       7.7
        Hydro 3%
                                 SEK 7.7 bn                                    Biomass & waste            0.0           0.0     0%        0.0
      Nuclear 5%
                                                                               Electricity networks       2.0           2.2    -11%      11.4
                   4%
  Heat networks
                                                                               Heat networks              0.3           0.3     8%        1.8

                                                                               Other                      1.6           1.3    32%        4.9
                                   25%
                             Electricity                                       Total                      7.7           6.1     27%      30.4
                              networks




1 For example investments in e-mobility, IT and e-boilers                                                                                       12
Overview of key figures Q1 2026

Amounts in SEK bn unless indicated
                                                 Q1 2026   Q1 2025
otherwise
Net sales                                           64.1      68.0

EBITDA                                              29.2      13.6

EBIT                                                23.8       8.4

Underlying operating profit (EBIT)                  17.2       8.5

Profit for the period                               18.1       6.0

Electricity generation (TWh)                        29.9      27.1

Sales of electricity (TWh)                          39.7      43.8

- of which, customer sales (TWh)                    27.1      32.5

Sales of heat (TWh)                                   2        1.9

Sales of gas (TWh)                                  23.7      28.6

ROCE excl. items affecting comparability (≥8%)      12.9       4.7

Adjusted FFO/adjusted net debt (≥25%)               79.3      43.1


                                                                     13
Appendix


           14
Development of Adjusted Net Debt YTD 2026
Adjusted net debt decreased mainly due to positive cash flow from operating activities before changes in working capital, partly
offset by negative cashflow from investing activities and working capital.

   SEK bn
            73,4



                               -17,6                                                               -0,7             0,6
                                                                              5,8                                                             10,8%
                                                         4,0


                           Decrease due            Increase due to        Increase due       Decrease due to     Other line
                             to positive            negative cash          to negative          changes in         items
                           cash flow from             flow from          cash flow from           nuclear
                              operating             working capital          investing       provision (-1.0),
                              activities              excluding              activities       partly offset by
                               before                changes in             excluding         pension (0.1),                      65,5
                             changes in              margin calls          changes in               and
                               working                  Energy              short-term        environmental
                               capital.                Trading.           investments.       (0.2) provisions.




       Adjusted net   Cash flow from operating    Cash flow from        Cash flow from         Provisions         Other        Adjusted net
      debt Dec 2025   activities before changes   working capital     investing activities                                    debt Mar 2026
                          in working capital


                                                                                                                                                      15
Debt maturity profile1

  SEK bn
 35                                                                                                                                                                        31 Mar.        31 Dec.
                                                                                                                                                                            2026           2025

 30                                                                                                                           Duration (years)                               3.6            3.8

                                                                                                                              Average time to maturity (years)               4.2            4.5
 25                                                                                                                           Average interest rate (%)                      4.0            4.0

                                                                                                                              Net debt (SEK bn)                              -9.4           11.7
 20
                                                                                                                              Available group liquidity (SEK bn)             74.0           51.4
                                                                                                                              Undrawn committed credit facilities
 15                                                                                                                                                                          32.8           32.5
                                                                                                                              (SEK bn)


 10


   5                                                                                                                          Cumulative maturities excl. undrawn back-up facilities

                                                                                                                                                                   2026-       2029-       From
                                                                                                                                                                   2028        2031        2032
   0
       2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040                                             Debt incl. hybrid capital             32.0            5.9      13.8

             Undrawn back-up facilities             Debt (excl. hybrid cap)         Hybrid capital (first call date)          % of total                            62%             11%      27%



1 Short term debt (commercial paper and repo’s: 0.0), loans from associated companies, loans from owners of non-controlling

 interests, margin calls received (CSA) and valuation at fair value are excluded.
 Currency derivatives for hedging debt in foreign currency are included.                                                                                                                            16
Price hedging

Estimated Nordic1 hedge ratio (%) and indicative prices                                                         Achieved prices2 - Nordic portfolio, EUR/MWh

                                          52%                                                                           Q1 2026       Q1 2025      FY 2025
                                                                                                                          63            40           39

                                                                34%




                                                                                      10%



                                          2026                  2027                  2028
     Average indicative
     Nordic hedge
                                           40                    40                    40
     prices in EUR/MWh




Vattenfall’s hedging strategy has the objective to stabilize profits by selling parts of the planned production in the forward markets. The main exposures arise from outright
power in the Nordics (nuclear and hydro), with a growing exposure in wind both in the Nordics and on the Continent/UK. Hedging is mainly based on the Nordic system
price (SYS) while delivery takes place in the price areas where generation assets are located. Vattenfall's achieved price in the Nordics has increased during the first
quarter of 2026 driven by higher spot prices.


1 Nordic: SE, DK, FI
2 Achieved prices from the spot market and hedges. Includes Nordic (SE, DK, FI) hydro, nuclear and wind power
                                                                                                                                                                                 17
generation
Liquidity position

                                                                                                                                 Facility size,
     Group liquidity                                                                     SEK bn    Committed credit facilities        EUR bn      SEK bn
     Cash and cash equivalents                                                             40.0    RCF (2028)                              2.0      21.9

     Short term investments                                                                37.8    RCF (2027)                              1.0      10.9

     Reported cash, cash equivalents & short-                                              77.7    Total undrawn                                    32.8
     term investments
                                                                                                   Debt maturities2                               SEK bn
     Unavailable liquidity1                                                                 -3.7   Within 90 days                                   10.9
     Available liquidity                                                                   74.0    Within 180 days                                  10.9



1 German nuclear ”Solidarvereinbarung” 1.0 SEK bn, Margin calls paid (CSA) 1.8 SEK bn,

Insurance “Provisions for claims outstanding” 0.8 SEK bn.
2 Excluding loans from minority owners and associated companies.




                                                                                                                                                           18
Debt development

SEK bn                                                                                                                              Gross debt      Net debt        Adjusted net debt


200

          176.8
150
                                   125.1
                                                            117.4
                                               108.7                    107.2
                      124.9        121.1                    121.1
          122.3                                                         114.1
100                                            106.6                                                           79.0        83.5        81.4
                                                                                     75.5         69.1                                              72.4         73.4         65.5
                                                                                     80.0         80.3        84.6                     79.2
                      82.5                                                                                                 78.2                     78.6
                                                            68.4                                                                                                 67.5         69.1
 50
                                   48.4                                  53.7
                       41.1                     38.2
           3.9                                                                       14.4         3.2                      4.6          9.7         5.8          11.7
   0
                                                                                                               -2.8                                                           -9.4

 -50
         31.12.22   31.03.23     30.06.23    30.09.23     31.12.23    31.03.24     30.06.24    30.09.24     31.12.24    31.03.25     30.06.25    30.09.25      31.12.25 31.03.2026


Net debt decreased by SEK 21.1 bn compared to the level at 31 December 2025, to net cash of SEK 9.4 bn at 31 March 2026. Adjusted net debt decreased by SEK 8 bn to SEK 65.5 bn
compared to the level 31 December 2025. For the calculation of adjusted net debt, see slide 21.



                                                                                                                                                                                        19
Breakdown of gross debt

    Total debt: SEK 69.1 bn (EUR 6.3 bn)
    External market debt: SEK 60.0 bn (EUR 5.5 bn)
                                                                     Debt issuing programmes   Size (EUR bn)   Utilization (EUR bn)

                                                                     EUR 10bn Euro MTN                  10.0                    2.7
                             EMTN 1                          44%
                                                                     EUR 10bn Euro CP                   10.0                    0.1

                                                                     Total                              20.0                    2.8
                      Hybrid capital                   30%



                              Lease              12%


                                                                   • All public debt is issued by Vattenfall AB.
             Liabilities to owners of
            non-controlling interests
                                                11%                • The main part of debt portfolio has no currency exposure that
                                                                     has an impact on the income statement. Debt in foreign
                                                                     currency is either swapped to SEK or booked as hedge against
Loans from associated companies          2%                          net foreign investments.
                                                                   • No structural subordination.

                     Other liabilities   1%




1   EMTN= Euro Medium Term Notes
                                                                                                                                      20
Reported and adjusted net debt

 Reported net debt                                    31 Mar.   31 Dec.   Adjusted net debt                                         31 Dec.   31 Dec.
 (SEK bn)                                                2026      2025   (SEK bn)                                                     2026      2025

 Hybrid capital                                          20.8      20.5   Total interest-bearing liabilities                           69.1      67.5

 Bond issues and liabilities to credit institutions      30.2      30.0   50% of Hybrid capital                                       -10.4     -10.3

 Short-term debt, commercial papers and repo              0.1       0.1   Present value of pension obligations                         25.2      25.1

 Liabilities to associated companies                      1.3       0.3   Dismantling and other environmental provisions               17.1      16.8

 Liabilities to owners of non-controlling interests       7.8       7.6   Provisions for nuclear power (net)                           37.8      38.8

 Lease liabilities                                        8.2       8.2   Less margin calls received treasury                          -0.2      -0.2

 Other liabilities                                        0.7       0.7   Less liabilities to owners of non-controlling interests      -7.8      -7.6

 Total interest-bearing liabilities                      69.1      67.5   Adjustment related to assets/liabilities held for sale        0.0       0.0

 Reported cash, cash equivalents & short-term                             = Adjusted interest-bearing liabilities                     130.8     130.1
                                                         77.7      55.3
 investments
                                                                          Reported cash, cash equivalents
                                                                                                                                       77.7      55.3
 Loans to minority owners of foreign subsidiaries         0.7       0.5   & short-term investments

 Net debt                                                -9.4      11.7   Less margin calls energy trading                             -8.7       5.2

                                                                          Unavailable liquidity                                        -3.7      -3.9

                                                                          = Adjusted interest-bearing assets                           65.3      56.6

                                                                          = Adjusted net debt                                          65.5      73.4


                                                                                                                                                        21
Nuclear provisions
   Reactor1                                   Net capacity          Start (year)         Vattenfall share      Vattenfall provisions, SEK                Vattenfall provisions,         Sw nuclear waste fund
                                                     (MW)                                             (%)           bn (IFRS accounting)                     SEK bn (pro rata)          SEK bn (Vattenfall pro
                                                                                                                                                                                                   rata share)

   Ringhals 1                                             879           1976                           70.4
   Ringhals 2                                             809           1975                           70.4
   Ringhals 3                                           1,070           1981                           70.4
   Ringhals 4                                             942           1983                           70.4            Total Ringhals: 41.8               Total Ringhals: 41.82
   Forsmark 1                                             984           1980                           66.0
   Forsmark 2                                           1,120           1981                           66.0
   Forsmark 3                                           1,170           1985                           66.0           Total Forsmark: 40.1                Total Forsmark: 26.6
   Total Sweden                                         6,974               -                                                            86.23                               70.43                           48.14
   Brunsbüttel                                            771           1977                           66.7                                9.7                                  6.5
   Brokdorf                                             1,410           1986                           20.0                                   -                                 2.5
   Krümmel                                              1,346           1984                           50.0                                6.9                                  6.9
   Stade                                                  640           1972                           33.3                                   -                                 0.2
   Total Germany                                        4,167               -                              -                              16.6                                19.2
   Total SE & DE                                      11,141                                                                             102.8                                86.4
1 Five reactors are in commercial operation in Sweden; Ringhals 3 & 4 and             3 Total provisions in Sweden (IFRS accounting) include provisions of SEK 0.2 bn (pro rata SEK 0.2 bn) related to Ågesta, SEK 3.7 bn

Forsmark 1, 2 & 3. Ringhals 1 & 2 and all reactors in Germany are taken out of        (pro rata SEK 2.0 bn) related to SVAFO and SEK 0.4 bn (pro rata SEK 0.0 bn) related to SKB.
commercial operation. Stade is being dismantled.                                      4 Vattenfall’s share of the Nuclear Waste Fund. IFRS consolidated value is SEK 58.1 bn.
2 Vattenfall is 100% liability of Ringhals decommissioning, while owning only 70.4%




                                                                                                                                                                                                                      22
Items affecting comparability

                                                                          Jan-Mar    Jan-Mar   Full year   Last 12
Amounts in SEK million                                                       2026       2025       2025    months      Major items Q1 2026
                                                                                                                       • Items affecting comparability during the first quarter
Items affecting comparability                                                6 589     - 135     - 3 835     2 889
                                                                                                                         2026 amounted to SEK 6.6 bn
  - of which, capital gains                                                  1 401        10        680      2 071
                                                                                                                       • Capital gains amounted to SEK 1.4 bn, relating to
  - of which, capital losses                                                     -       - 8       - 65       - 57       divestment of power plants in the Netherlands as
  - of which, impairment losses                                                  -       - -     - 1 514   - 1 514       well as the French sales business in the operating
  - of which, provisions                                                         -        35        654          619     segment Customers & Solutions
  - of which, changes in the fair value of energy derivatives                4 498       572     - 2 766     1 160     • The changes in fair value of energy derivatives and
  - of which, changes in the fair value of inventories                        697      - 744      - 810          631     inventories amounted to SEK 5.2 bn in total
  - of which, other non-recurring items affecting comparability                - 7         -       - 14       - 21




Impairment losses and reversed impairment losses
• Impairment losses of SEK 0.4 bn (-) were recognised in the first quarter of 2026. The impairment relates to
  assets within the Wind operating segment. Impairment was recorded as part of the underlying operating profit
  and therefore not part of the table over items affect comparability above
• No previously recognised impairment losses have been reversed in the income statement during the period




                                                                                                                                                                             23
Wind & Solar – Capacity in operation (MW1) Q1 2026
                      Solar    Onshore Offshore Batteries       Total    United Kingdom                                    Denmark                                     The Netherlands
United Kingdom            -        623      685        42       1,350        Thanet                               300         Kriegers Flak                      605       Hollandskust Zuid (51%)        1,509
Denmark                   -        196    1,514         -       1,710        Ormonde (51%)                        150         Horns Rev 3                        407       Princess Ariane4                 301
The Netherlands         134        632    1,509    15.00        2,290        Aberdeen                              96         Horns Rev 1 (60%)                  158       Princess Alexia                  122
Sweden                    -        837      110    93.00        1,041        Kentish Flats                         90         Vesterhav                          344       Windplan Blauw                    77
Germany               117.5         7.0   636.0       1.0         761        Kentish Flats Extension               50         Klim (98%)                          67       A16 / Klaverspoor                 34
Total (MW)              251      2,295    4,454      151        7,151        South Kyle (0%, AMA²)                240         Nørrekær Enge 1 (99%)               30       Slufterdam                        29
                                                                             Pen Y Cymoedd                        228         Rejsby Hede                         23       Moerdijk                          27
                                                                             Ray                                   54         Hagesholm                           23       Haringvliet                       22
                                                                             Edinbane                              41         Tjæreborg Enge                      17       Echteld                            8
                   Batteries                                                 Clashindarroch                        37         Bajlum (89%)                        15       Oom Kees (12%)                     6
                   Solar                                                     Swinford                              22         DræbyFed                             9       Oudendijk                          5
                   Onshore                                                   Battery@Ray                           20         Ejsing (97%)                         7       Haringvliet                       38
                   Offshore                                                  Battery@PyC                           22         Lyngmose                             5       Blossom Zeewolde                  22
                                                                         Capacity in operation [MW]             1,350      Capacity in operation [MW]          1,710       Sas van Gent                      19
                                                                                                                                                                           Goirle                            15
                                                                         Sweden                                            Germany                                         Echteld Spoorstraat               13
                                                                             Lillgrund                            110          DanTysk (51%)                     288       Kooypunt                         12
                                                                            Blakliden + Fäbodberget (30%)         353         Sandbank (51%)                     288      Velsen                              2
                                                                            Bruzaholm                             132         Alpha Ventus (26%)                  60      Hemweg                              2
                                                                            Stor-Rotliden                          78         Westküste (20%)                      7      Diemen                              1
                                                                            Velinga                                67         Tützpatz                            77      Symbizon                            1
                                                                            Grönhult (0%, AMA²)                    67         Silberstedt                         24      Decentral Solar installations       8
                                                                            Högabjär-Kärsås (50%)                  38         Decentral Solar installations       10      Alexia                              3
                                                                            Höge Väg (50%)                         37         Geesthacht (0%³)                     2      Haringvliet                        12
                                                                            Hjuleberg (50%)                        36         Markersbach Damm (0%³)               4   Capacity in operation [MW]         2,290
                                                                            Juktan (50%)                           29         Ingredion                            1
                                                                            Toledo                                 55      Capacity in operation [MW]            761
                                                                            Bruzaholm                              38
                                                                         Capacity in operation [MW]             1,041
1 Capacity in operation: total capacity of the wind farms that Vattenfall has an ownership in or is responsible for the operation. Minority shares included as 100%
2 Assets divested but in operation by Vattenfall under Asset Management Agreement (AMA)
3 Assets on VF Hydro’ sites, but operated by BA Wind
4 Windfarm Princess Ariane is only partly owned (184 MW) but fully operated by VF (118 MW via AMA), in total 301 MW


                                                                                                                                                                                                                  24
Main projects BA Wind in our 5 core countries
                                                                                                                                                                                                                                                       Offshore

                                                                                                                                                                                                                                                       Onshore

                                                                                                                                                                                                                                                       Solar

                                                                                                                                                                                                                                                       Batteries




* cPPA stands for Commercial Power Purchase Agreement. For these projects, BA Wind has signed a contract with a partner for the sale of contractually agreed amount of MW per year, for a fixed period of time (usually ranging between 10-15 years)




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