Vattenfall’s interim report for the period January to March 2025 indicates a decline in financial performance compared to the same period last year.
Net sales decreased by 11% to SEK 67,960 million, while underlying operating profit fell by 21% to SEK 8,502 million. Operating profit declined by 60% to SEK 8,367 million, and profit for the period decreased by 65% to SEK 5,961 million.
During the quarter, Vattenfall made progress across several areas of its business. A final investment decision was reached for the Nordlicht 1 and 2 offshore wind farms in the North Sea, and Vattenfall acquired full ownership by purchasing the remaining 49% shareholding in these projects. A new power purchase agreement was also signed with chemicals group LyondellBasell, covering the supply of 450 GWh of electricity annually from Nordlicht 1.
Work related to new nuclear energy continued, with preparations under way for an application for financing under the Swedish state’s risk-sharing model. Vattenfall also announced that it is assessing the ownership structure of its district heating operations. In collaboration with Svenska Kraftnät, the company introduced a pilot initiative aimed at enabling faster grid connections.
Progress was made in permitting activities, with Vattenfall securing approvals for the Kattegat Syd offshore wind farm in Sweden and the Ourack onshore wind farm in the United Kingdom.
