Slides
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Click the picture icon to add your own image. To change an image, delete it, then click the picture icon and select a new image. Note: If the image appears on top of the text, click the RESET button on the Home tab (next to the New Slide gallery) to reposition the text above the picture. Do not use Send to Back; this will cause the image to cover the Vattenfall logo. Don’t worry! This box won’t print or appear in Slide Show View. Vattenfall FY and Q4 Results 2025
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Vattenfall FY Results 2025 2 • Final investment decision was taken for the Nordlicht I and II offshore wind farms in the North Sea, Germany’s largest wind power project • Decision made to proceed with two suppliers of modular reactors on the path towards new nuclear power • Vattenfall's project company Videberg Kraft AB applied for financing according to the Swedish state’s risk sharing model for investments in new nuclear power and an agreement was entered to sell 20% of the company to the consortium Industrikraft • During the year, SEK 10.9 billion was invested in the electricity grid in Sweden to ensure a secure and stable electricity supply • Vattenfall assesses ownership of its district heating operations across all markets • Vattenfall received the highest rating in the Climate Disclosure Project’s annual climate ranking, confirming our continuous efforts towards fossil freedom • Underlying EBIT increased by SEK 13.9 bn to SEK 30.9 bn: • Mainly driven by an improved development of hedges on Vattenfall’s continental markets, as well as a higher contribution from the nuclear operations • The comparison is negatively affected by the sale of the heat business in Berlin (SEK -2.8 billion) that was consolidated until the beginning of May 2024 • Profit for the period decreased to SEK 19.7 bn from SEK 33.4 bn. The comparison is affected mainly by capital gains relating to the wind power projects Nordlicht I and II (SEK 5.1 bn) and Norfolk (SEK 4.6 bn) as well as changes in fair value of energy derivatives (SEK 12.7 bn) • The Board of Directors proposes a dividend of SEK 8.0 bn In brief
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9.3 37.9 34.7 17.4 0.3 7.1 40.2 37.3 17.3 0.2 Fossil power Nuclear power Hydro power Wind power Biomass, waste FY 2024 FY 2025 Vattenfall FY Results 2025 Overview Result development Financial targets Electricity production (TWh) 3 Customer sales (TWh) SEK BN FY 2025 FY 2024 Δ Net Sales 234.9 245.6 -4% EBITDA 49.2 60.8 -19% Underlying operating profit (EBIT) 30.9 17.1 81% EBIT 27.1 38.9 -30% Profit for the period 19.7 33.4 -41% Total FY 2025 102.1 TWh FY 2024 99.6 TWh 115.9 57.9 9.1 116.5 65.0 4.5 Electricity Gas Heat FY 2024 FY 2025 FY 2025 FY 2024 ROCE excl. items affecting comparability (≥8%) 10.2% 5.4% Adjusted FFO/adjusted net debt (≥25%) 53.4% 41.5% 1 The key ratio has been adjusted and prior periods have been restated, see Definitions of key ratios in the quarterly report for more information. 2 The value has been adjusted compared to previously published information in Vattenfall’s financial reports 1 1 2 2
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Strategic focus area Strategic targets 2025 Actual 2025 Actual 2024 Progress FY 2025 Comments Driving decarbonisation with our customers & partners 2025 Customer engagement, absolute Net Promoter Score (NPS)1: +18 +19 +15 Increase in NPS mainly as a result of improvements in the German customer base Securing fossil-free energy supply 2025 CO2 Emissions Intensity2: ≤86 gCO2e/kWh 34 50 Improvement due to lower fossil-based generation, mainly due to divestment of the heat business in Berlin Empowering our people 2025 Lost Time Injury Frequency (LTIF)2,3: ≤1.0 1.7 1.4 Outcome above target level. Further actions required to enhance safety Employee Engagement Index1,2: ≥75% 813 823 Outcome above target level after continued improved performance with more engaged employees Delivering high-performing operations5 Funds from operations (FFO) / Adjusted Net Debt4: ≥25% 53.4% 41.5%7 Above target interval mainly as a result of higher FFO due to higher underlying EBITDA ROCE excl. items affecting comparability4,6: ≥8% 10.2% 5.4%7 Outcome above target mainly due to higher underlying EBIT, primarily a result of an improved development of price hedging in Vattenfall’s continental markets and an improved result from the nuclear power operations Strategic targets 2025 4 1) Reported on an annual basis 2) For target definition and methodology see page 12 -13 of Vattenfall’s Annual and Sustainability report 2024 3) Rolling 12-month values 4) For definition see page 34 5) Financial targets set over a business cycle, 5 -7 years. Vattenfall’s owner proposed updated financial targets that were approved at the Annual General Meeting 2025 6) The key ratio has been adjusted and prior periods have been restated, see Definitions of key ratios for more information 7) The value has been adjusted compared with information previously published in Vattenfall’s financial reports
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Strategic focus area Strategic targets 2030 Actual 2025 Actual 2024 Comments Driving decarbonisation with our customers & partners 2030 Customer engagement, absolute Net Promoter Score (NPS)1: +20 +19 +15 Increase in NPS mainly as a result of improvements in the German customer base Securing fossil-free energy supply 2030 Mt. Absolute CO2 emissions (includes scope 1, 2 and 3)2: 18.2 23.510 24.6 Lower total emissions mainly due to higher fossil- free electricity sales in the Netherlands Empowering our people 2030 Total recordable injury frequency (TRIF+) with a zero fatality threshold2,3: <2.0 3.5 3.5 Outcome above target level. Further actions required to enhance safety performance Employee Engagement Index1,2,4: 86 85 86 Outcome somewhat below target, continued efforts to maintain and strengthen employee engagement Driving diverse leadership5: 40% 34 34 Outcome unchanged compared with 2024 and below the 2030 target level Delivering high-performing operations7 Funds from operations (FFO) / Adjusted Net Debt6: ≥25% 53.4% 41.5%9 Above target interval mainly as a result of higher FFO due to higher underlying EBITDA ROCE excl. items affecting comparability6,8: ≥8% 10.2% 5.4%9 Outcome above target mainly due to higher underlying EBIT, primarily a result of an improved development of price hedging in Vattenfall’s continental markets and an improved result from the nuclear power operations Strategic targets 2030 5 1) Reported on an annual basis 2) For target definition and methodology see page 12 -13 of Vattenfall’s Annual and Sustainability report 2024 3) Rolling 12-month values 4) For the 2030 target the definition has been changed and includes more questions 5) Metric measured by the Female Manager Ratio 6) For definition see page 34 7) Financial targets set over a business cycle, 5 -7 years. Vattenfall’s owner proposed updated financial targets that were approved at the Annual General Meeting 2025 8) The key ratio has been adjusted and prior periods have been restated, see Definitions of key ratios for more information 9) The value has been adjusted compared with information previously published in Vattenfall’s financial reports 10) 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
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Customers & Solutions Highlights Key data 6 Strategic divestments and solutions supporting grid flexibility • Net sales decreased by 4%, compared to 2024. Underlying operating profit decreased by 26%, primarily driven by strong competition on the German market impacting the margins and customer base, as well as higher gas grid costs in Germany. This was partly offset by a higher result from the heat business in Sweden due to revenues from ancillary services • The customer base decreased by 2% compared to the end of 2024, to 11 million contracts, mainly due to fewer customers in Germany • Divestment of Vattenfall’s three power plants in the IJmond region in the Netherlands • New charging solutions in the Netherlands and Sweden that support grid stability • In Sweden, Vattenfall has divested parts of its customer contract portfolio in electric vehicle charging and will focus on its public charging network going forward 7.7 2024 7.4 2025 2.4 0.6 1.0 2.4 0.5 1.0 Electricity contracts (mln) Gas contracts (mln) Heat customer base (mln) Other contracts (mln)2 2024 2025 106.5 50.4 4.8 6.9 108.2 54.9 4.5 7.2 Sales of electricity (TWh) Sales of gas (TWh) Heat sales (TWh) Electricity generation (TWh) 2024 2025 65.8 79.7 Retail sales development Charging points for electric vehicles (thousand) Sales and production SEK million FY 2025 FY 2024 Net Sales 181,551 188,992 Underlying operating profit 4,885 6,581
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0 20 40 60 80 100 120 2024 2025 SYS CAL-26 SYS CAL-27 DE CAL-26 DE CAL-27 NL CAL-26 NL CAL-27 Power Generation Further steps on the path towards new nuclear power Highlights Key data 7 Production and availability Nordic hydro balance and system price Electricity futures prices (EUR/MWh) 2024 2025 72.6 77.8 93.7 34.7 37.9 94.4 37.6 40.2 Nuclear availability (%) Hydro (TWh) Nuclear (TWh) -20 -15 -10 -5 0 5 10 15 20 0 200 400 600 800 1 000 1 200 2024 2025 • Net sales decreased by 7% compared with last year. Underlying operating profit increased, mainly due to a better result from continental hedges in 2025, and higher cost for provisions related to future nuclear obligations that had a negative impact on 2024. Higher production volumes in both hydro power and nuclear power also had a positive impact. This was partly offset by lower electricity prices affecting Nordic hydro power • Vattenfall's project company Videberg Kraft AB has applied for financing according to the Swedish state’s risk sharing model for investments in new nuclear power • An agreement has been signed with the Industry Consortium Industrikraft regarding the sale of 20% of the shares in the project company Videberg Kraft AB • New initiatives are strengthening Vattenfall’s position within energy flexibility SYS (SEK/MWh, rhs) Hydro Balance (TWh, lhs) SEK million FY 2025 FY 2024 Net Sales 150,969 162,874 Underlying operating profit 17,402 1,329
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Wind Steps towards reduced emissions and new fossil free capacity 1 Added capacity during the last 12 months includes Bruzaholm (126 MW) and Velinga (67 MW) Highlights Key data 8 Production2 and availability Total installed wind capacity (MW) 1 2024 2025 4,454 Onshore (TWh) Offshore (TWh) Onshore (%) Offshore (%) 2024 2025 17.4 17.3 3.3 14.1 96.2 92.0 3.1 14.2 95.8 93.5 • Net sales increased by 6% compared to 2024. The underlying operating profit increased by 3% mainly driven by higher electricity prices. This was partially counteracted by lower subsidies for German offshore wind farms. The comparison is negatively affected by unavailability compensation and insurance compensations in 2024 • Electricity generation was at a similar level as in 2024 • Permit granted for the offshore wind farm Nordlicht II in Germany which thereby confirms final investment decision • Strategic agreements to reduce emissions in the supply chain • Vattenfall’s plans for a large-scale battery solution in Brunsbüttel, Germany, have been approved by local authorities 2 Including electricity generation from solar power SEK million FY 2025 FY 2024 Net Sales 22,885 21,585 Underlying operating profit 6,079 5,884 Offshore Onshore 2,288 6,742 2,096 6,550 4,454
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Distribution Highlights Key data 9 Service level (SAIDI, min)1 Customers and volumes Investments in electricity grids (SEK mn) 123 153 2024 2025 830 618 2024 10,771 2025 9,254 Distribution Sweden Network Solutions 978 978 2024 2025 72.6 72.7 Customer base (thousands) Transited volume (TWh) 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 . 2 Total differs from figures reported in the graph on this page (investments in electricity grids) due to investments in intangible fixed assets. Extensive investments in the electricity grid • Net Sales increased by 12% compared with 2024. The underlying operating profit increased by 27%. The profit was positively affected by higher revenues as a result of tariff adjustments for the local grid, lower costs for grid losses, and improved result from the services operations business thanks to new contracts. This was partly offset by higher depreciation as a result of growth • Investments increased to SEK 10.9 billion (9.4)2 in 2025 to enable a secure and stable electricity supply • New contracts worth SEK 1.4 billion secured in Vattenfall's service operations business • Vattenfall has divested its electricity distribution operations in the UK SEK million FY 2025 FY 2024 Net Sales 20,035 17,957 Underlying operating profit 3,280 2,581
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Financials 10
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Vattenfall FY Results 2025 Financial highlights Key data Key developments 11 • Net sales decreased by SEK 10.7 bn to SEK 234.9 bn mainly due to the sale of the heating business in Berlin, the geographical composition of customer sales of electricity and negative price effects in customer sales of electricity and gas, partially offset by higher gas sales to customers • Underlying EBIT increased by SEK 13.9 bn to SEK 30.9 bn, mainly due to improved development of hedges on Vattenfall’s continental markets and higher contribution from the nuclear power operations, mainly due to a higher cost for provisions that negatively impacted the result in 2024 • Profit for the period decreased by SEK 13.7 bn to SEK 19.7 bn mainly due to positive effects in 2024 from changes in fair value of energy derivatives and capital gains from divestment of offshore wind power projects • Underlying ROCE increased to 10.2% mainly due to improved underlying EBIT • Adjusted FFO/Adjusted net debt increased to 53.4% mainly due to higher FFO as a result of higher underlying EBITDA SEK bn FY 2025 FY 2024 Net Sales 234.9 245.6 EBITDA 49.2 60.8 Underlying operating profit (EBIT) 30.9 17.1 EBIT 27.1 38.9 Profit for the period 19.7 33.4 Adjusted profit for the period 19.8 20.0 Funds from Operations (FFO) 41.8 35.5 Cash flow operating activities 23.2 61.9 Net debt 11.7 -2.8 Adjusted net debt 73.4 79.0 Adjusted net debt/EBITDA (times) 1.5 1.3 Financial targets ROCE excl. items affecting comparability (≥8%) 10.2% 5.4% Adjusted FFO/adjusted net debt (≥25%) 53.4% 41.5% 1 The key ratio has been adjusted and prior periods have been restated, see Definitions of key ratios in the quarterly report for more information 2 Last 12-month values 1,2 1,2
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Development of underlying EBIT FY 2025 Increase driven mainly by Power Generation Change in FY 2025 vs. FY 2024 Highlights 12 6.6 1.3 5.9 2.6 0.7 2024 4.9 17.4 6.1 3.3 -0.7 2025 Customers & Solutions Power Generation Wind Distribution Other 17.1 30.9 Breakdown per operating segment SEK bn SEK bn • Power Generation: increase mainly due to a better result from continental hedges and provisions for nuclear power that weighed down the result in 2024 • Distribution: higher revenues due to adjusted tariffs for local grids and lower costs for grid losses • Customers & Solutions: decrease mainly due to high competition on the German market impacting the margins and customer base as well as higher gas grid costs in Germany • Wind: increase mainly due to higher electricity prices • Other: decrease due to the sale of the heat business in Berlin, that was completed in the second quarter 2024 17.1Underlying EBIT 2024 16.1Power Generation 0.7Distribution 0.2Wind -1.7Customers & Solutions -1.4Net other effects Underlying EBIT 2025 30.9
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Cash flow development FY 2025 Negative working capital development mainly related to changes in margin calls 1 ”Other” includes non-cash items included in EBITDA, mainly changes in fair value of commodity derivatives 13 -1.9 Tax paid -1.1 Interest paid/received, net -13.6 9.7 1.5 Changes in short-term investments2 3.1 Growth investments Changes in interest-bearing receivables 7.1 Divestments, net Cash flow before financing activities Free cash flow 6.4 Maintenance and replacement investments -16.9 Cash flow from operating activities 23.2 Change in WC -18.6 EBITDA FFO -0.6 41.8 Other1 -3.7 49.2 Capital gains/ losses, net SEK bn Main effects • Change in working capital is mainly driven by net changes in margin calls (SEK -13.1 bn) and higher working capital in the Wind operating segment (SEK -3.8 bn). This was partially offset by decreased working capital in the Customers & Solutions operating segment (SEK +1.6 bn) • Changes in short-term investments are related to sale of short-term papers in order to manage the short-term liquidity
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Capital expenditures Majority of investments directed to renewables and electricity networks Investments per category, FY 2025 14 25% 37% 6% 8% 6% 16% Wind, solar, biomass & waste Electricity networks Heat networks Nuclear Hydro 2% Fossil Other1 Detailed overview of investments, FY & Q4 2025 SEK 30.4bn 1 For example investments in e-mobility, IT and e-boilers SEK bn FY 2025 FY 2024 Q4 2025 Q4 2024 Hydro 1.7 1.3 35% 0.7 0.5 36% Nuclear 2.4 1.6 47% 0.9 0.5 87% Fossil 0.5 0.5 -2% 0.1 0.1 16% Wind, solar, biomass & waste 7.7 8.9 -13% 2.2 3.3 -32% Electricity networks 11.4 10.1 13% 3.7 3.7 2% Heat networks 1.8 1.8 -1% 0.7 0.6 25% Other 4.9 4.9 0% 1.6 1.7 -2% Total 30.4 29.1 4% 10.0 10.3 -3%
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165 bn SEK 165 bn SEK 92 bn SEK 92 bn SEK 15% Growth capex per technology Net capex 2026-2030 Investment plan 2026-2030 Net capex 15 Net capex per technology 165 bn SEK Net capex per country Growth capex per country 1 Mainly E-mobility, facility and IT investments 2 Mainly E-mobility TI UI EI 0 50 100 56% 32% 12% 92 bn SEK 52 bn SEK 21 bn SEK Growth Maintanance Replacement 38% 32% 27% 4% The Netherlands, 35 bn SEK Sweden, 29 bn SEK Germany, 25 bn SEK Other, 3 bn SEK 65% 15% 8% 12% Wind power, 59 bn SEK Electricity distribution, 14 bn SEK Heat supply, 7 bn SEK Other, 12 bn SEK 38% 28% 13% 8% 6% 6% Wind power, 62 bn SEK Electricity distribution, 47 bn SEK Other, 22 bn SEK Hydro power, 14 bn SEK Heat supply, 11 bn SEK Nuclear power, 10 bn SEK 54% 24% 18% Sweden, 89 bn SEK The Netherlands, 39 bn SEK Germany, 30 bn SEK Finland, 3 bn SEK United Kingdom, 2 bn SEK Denmark, 2 bn SEK
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Overview of key figures FY and Q4 2025 16 Amounts in SEK bn unless indicated otherwise FY 2025 FY 2024 Q4 2025 Q4 2024 Net sales 234.9 245.6 67.1 68.5 EBITDA 49.2 60.8 15.3 10.7 EBIT 27.1 38.9 9.3 5.0 Underlying operating profit (EBIT) 30.9 17.1 9.5 0.9 Profit for the period 19.7 33.4 6.6 5.1 Electricity generation (TWh) 102.8 99.6 28.5 24.4 Sales of electricity (TWh) 164.9 160.2 42.3 41 - of which, customer sales (TWh) 116.5 115.9 29.2 30.4 Sales of heat (TWh) 4.5 9.1 1.4 1.6 Sales of gas (TWh) 65.0 57.9 19.1 22.1 ROCE excl. items affecting comparability (≥8%) 10.2% 5.4% 10.2% 5.4% Adjusted FFO/adjusted net debt (≥25%) 53.4% 41.5% 53.4% 41.5% 1 The key ratio has been adjusted and prior periods have been restated, see Definitions of key ratios in the quarterly report for more information 2 Last 12-month values 2 22 2 2 22 21 1
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Appendix 17
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Development of adjusted net debt FY 2025 18 SEK bn 79.0 Adjusted net debt Q4 2024 -41.8 Funds from operations 6.5 Cash flow from changes in operating assets and operating liabilities 25.8 Cash flow from investing activitites 7.0 Dividend -8.5 Provisions 5.4 Other 73.4 Adjusted net debt Q4 2025 -7.05% Increase due to negative cash flow from investing activities2 Decrease due to positive funds from operations Adjusted net debt decreased mainly due to positive cashflow from FFO, partly offset by negative cashflow from investing activities. Increase due to negative cash flow from changes in operating assets and operating liabilities1 Decrease due to lower nuclear (net 6.0)3, and pension (2.8) provisions, partly offset by environmental provisions (0.3) 1 Excluding short-term investment which amount to 9.7 SEK bn. 2 Excluding changes in margin calls Energy Trading which amount 12.1 SEK bn. 3 Nuclear provision decreased net by 6.0 SEK bn, whereof Sweden 3.2 SEK bn and Germany 2.8 SEK bn. Increase due to other line items Increase due to dividend to owner
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Debt maturity profile1 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. 19 31 Dec. 2025 31 Dec. 2024 Duration (years) 3.8 4.5 Average time to maturity (years) 4.5 4.8 Average interest rate (%) 4.0 3.6 Net debt (SEK bn) 11.7 -2.8 Available group liquidity (SEK bn) 51.4 83.3 Undrawn committed credit facilities (SEK bn) 32.5 22.9 Cumulative maturities excl. undrawn back-up facilities 2026- 2028 2029- 2031 From 2032 Debt incl. hybrid capital 31.7 5.9 13.6 % of total 62% 11% 27% 0 5 10 15 20 25 30 35 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Undrawn back-up facilities Debt (excl. hybrid cap) Hybrid capital (first call date) SEK bn
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Price hedging 1 Nordic: SE, DK, FI 2 Achieved prices from the spot market and hedges. Includes Nordic (SE, DK, FI) hydro, nuclear and wind power generation 20 Estimated Nordic1 hedge ratio (%) and indicative prices 53% 27% 7% 2026 2027 2028 Average indicative Nordic hedge prices in EUR/MWh 40 40 39 FY 2025 FY 2024 Q4 2025 Q4 2024 39 42 41 41 Achieved prices2 - Nordic portfolio, EUR/MWh Vattenfall’s hedging strategy has the objective to stabilise 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 to a significant extent based on the Nordic system price (SYS) while delivery takes place in the price areas where generation assets are located. The achieved price during the full year of 2025 decreased mainly due to lower spot prices in northern Sweden.
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Liquidity position 1 German nuclear ”Solidarvereinbarung” 1.0 SEK bn, Margin calls paid (CSA) 2.0 SEK bn, Insurance “Provisions for claims outstanding” 0.8 SEK bn. 2 Excluding loans from minority owners and associated companies. 21 Group liquidity SEK bn Cash and cash equivalents 15.9 Short term investments 39.4 Reported cash, cash equivalents & short- term investments 55.3 Unavailable liquidity1 -3.9 Available liquidity 68.2 Committed credit facilities Facility size, EUR bn SEK bn RCF (2028) 2.0 21.6 RCF (2027) 1.0 10.8 Total undrawn 32.5 Debt maturities2 SEK bn Within 90 days 0.0 Within 180 days 5.4
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Debt development 153.9 176.8 124.9 121.1 106.6 121.1 114.1 80.0 80.3 84.6 78.2 79.2 78.6 67.5 -116.0 3.9 41.1 48.4 38.2 68.4 53.7 14.4 3.2 -2.8 4.6 9.7 5.8 11.7 111.5 122.3 82.5 125.1 108.7 117.4 107.2 75.5 69.1 79.0 83.5 81.4 72.4 73.4 -150 -100 -50 0 50 100 150 200 30.09.22 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 22 Net debtGross debt Adjusted net debt Net debt amounted to SEK 11.7 bn compared to net cash of SEK 2.8 bn at 31 December 2024. Adjusted net debt decreased by SEK 5.6 bn to SEK 73.4 bn compared to the level 31 December 2024. For the calculation of adjusted net debt, see slide 24. SEK bn
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Breakdown of gross debt 1 EMTN= Euro Medium Term Notes 23 • All public debt is issued by Vattenfall AB. • 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 net foreign investments. • No structural subordination. Total debt: SEK 67.5 bn (EUR 6.2 bn) External market debt: SEK 59.5 bn (EUR 6.5 bn) Debt issuing programmes Size (EUR bn) Utilization (EUR bn) EUR 10bn Euro MTN 10.0 2.7 EUR 10bn Euro CP 10.0 0.1 Total 20.0 2.8 EMTN 1 Hybrid capital Lease Liabilities to owners of non-controlling interests Other liabilities 45% 30% 12% 11% 2%
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Reported and adjusted net debt 24 Reported net debt (SEK bn) 31 Dec. 2025 31 Dec. 2024 Hybrid capital 20.5 21.9 Bond issues and liabilities to credit institutions 30.0 43.0 Short-term debt, commercial papers and repo 0.1 3.9 Liabilities to associated companies 0.3 0.4 Liabilities to owners of non-controlling interests 7.6 6.8 Lease liabilities 8.2 7.2 Other liabilities 0.7 1.4 Total interest-bearing liabilities 67.5 84.6 Reported cash, cash equivalents & short-term investments 55.3 87.1 Loans to minority owners of foreign subsidiaries 0.5 0.2 Net debt 11.7 -2.8 Adjusted net debt (SEK bn) 31 Dec. 2025 31 Dec. 2024 Total interest-bearing liabilities 67.5 84.6 Less 50% of Hybrid capital -10.3 -10.9 Pension obligations 25.1 27.9 Dismantling and other environmental provisions 16.8 16.5 Provisions for nuclear power (net) 38.8 44.8 Less margin calls received treasury -0.2 -0.6 Less liabilities to owners of non-controlling interests -7.6 -6.8 Adjustment related to assets/liabilities held for sale 0.0 - = Adjusted interest-bearing liabilities 130.1 155.4 Reported cash, cash equivalents & short-term investments 55.3 87.1 Less margin calls energy trading 5.2 -6.9 Unavailable liquidity -3.9 -3.8 = Adjusted interest-bearing assets 56.6 76.4 = Adjusted net debt 73.4 79.0
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Nuclear provisions 25 Reactor1 Net capacity (MW) Start (year) Vattenfall share (%) Vattenfall provisions, SEK bn (IFRS accounting) Vattenfall provisions, SEK bn (pro rata) Sw nuclear waste fund 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: 42.3 Total Ringhals: 42.32 Forsmark 1 984 1980 66.0 Forsmark 2 1,120 1981 66.0 Forsmark 3 1,170 1985 66.0 Total Forsmark: 40.3 Total Forsmark: 26.6 Total Sweden 6,974 - 86.93 71.13 48.34 Brunsbüttel 771 1977 66.7 9.9 6.6 Brokdorf 1,410 1986 20.0 - 2.5 Krümmel 1,346 1984 50.0 7.0 7.0 Stade5 640 1972 33.3 - 0.2 Total Germany 4,167 - - 16.9 16.3 Total SE & DE 11,141 103.8 87.3 1 Five reactors are in commercial operation in Sweden; Ringhals 3 & 4 and Forsmark 1, 2 & 3. Ringhals 1 & 2 and all reactors in Germany are taken out of commercial operation. Stade is being dismantled. 2 Vattenfall is 100% liability of Ringhals decommissioning, while owning only 70.4% 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 (pro rata SEK 2.0 bn) related to SVAFO and SEK 0.4 bn (pro rata SEK 0.0 bn) related to SKB. 4 Vattenfall’s share of the Nuclear Waste Fund. IFRS consolidated value is SEK 58.2 bn.
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Items affecting comparability 26 Full year Full year Oct-Dec Oct-Dec Amounts in SEK million 2025 2024 2025 2024 Items affecting comparability -3 835 21 792 -188 4 101 - of which, capital gains 680 9 852 540 80 - of which, capital losses -65 - 1 765 -874 -31 - of which, impairment losses -1514 - 1 335 - 2 - of which, reversed impairment losses - 15 152 15 - of which, provisions 654 643 -101 327 - of which, changes in the fair value of energy derivatives -2 766 12 668 145 2 848 - of which, changes in the fair value of inventories -810 1 528 -4 673 - of which, other non-recurring items affecting comparability -14 186 186 191 Major items FY 2025 • Impairment losses amounted to SEK -1.5 billion, relating to district heating assets in the Customers & Solutions operating segment and assets within the operating segment Wind. • The changes in fair value of energy derivatives and inventories amounted to SEK -3.6 billion in total Impairment losses and reversed impairment losses • In the fourth quarter, an impairment of SEK 762 million was recognised relating to district heating assets within the operating segment Customers & Solutions, driven by expected lower future cash flows. In addition, an impairment of SEK 112 million related to wind power assets within the operating segment Wind was recognised, primarily driven by detoriating outlook for electricity prices. • In the second quarter 2025, impairments of SEK 640 million were recorded. The impairments are related to onshore wind assets in Sweden and were mainly driven by deteriorating outlook for electricity prices.
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Wind & Solar - Installed capacity (MW1) Q4 2025 1 Capacity in operation: total capacity of the wind farms that Vattenfall has an ownership 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) 27 Solar Onshore Offshore Batteries Total - 623 685 42 1.350 Thanet 300 Kriegers Flak 605 Hollandskust Zuid (51%) 1.509 - 196 1.514 - 1.710 Ormonde (51%) 150 Horns Rev 3 407 Princess Ariane4 301 86 632 1.509 15,00 2.242 Aberdeen 96 Horns Rev 1 (60%) 158 Princess Alexia 122 - 830 110 55,00 995 Kentish Flats 90 Vesterhav 344 Windplan Blauw 77 117,5 7,0 636,0 1,0 761 Kentish Flats Extension 50 Klim (98%) 67 A16 / Klaverspoor 34 Total (MW) 204 2.288 4.454 113 7.059 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 21 1.350 1.710 Kooypunt 12 Velsen 2 Hemweg 2 Lillgrund 110 DanTysk (51%) 288 Diemen 1 Blakliden + Fäbodberget (30%) 353 Sandbank (51%) 288 Symbizon 1 Bruzaholm 126 Alpha Ventus (26%) 60 Decentral Solar installations 8 Stor-Rotliden 78 Westküste (20%) 7 Alexia 3 Velinga 67 Tützpatz 77 Haringvliet 12 Grönhult (0%, AMA²) 67 Silberstedt 24 2.242 Högabjär-Kärsås (50%) 38 Decentral Solar installations 10 Höge Väg (50%) 37 Geesthacht (0%³) 2 Hjuleberg (50%) 36 Markersbach Damm (0%³) 4 Juktan (50%) 29 Ingredion 1 Toledo 55 761 995 The NetherlandsUnited Kingdom Installed capacity (MW) Denmark Installed capacity (MW) Installed capacity (MW) Installed capacity (MW) Germany Sweden United Kingdom Denmark The Netherlands Sweden Germany Installed capacity (MW)
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Main projects BA Wind in our 5 core countries 28 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) Support scheme DE Nordlicht I 980 - 100 2028 FID received in March 2025 DE Nordlicht II 630 - 100 2028 conditional Final Investment Decision (FID) in March 2025, project permit was declared irrevocable -> FID was granted unconditionally in January 2026 DE Wolfsberg 17 D2S 2025/2026 Develop2Sell project; under construction SE Bruzaholm 139 100 2025/2026 Under construction, cPPA* signed, 126 out of 138 MW commissioned and reported SE Battery@Bruzaholm 38 100 2025/2026 Under construction UK Clashindarroch II 63 D2S 2026 FID secured on August 29th, under construction DE Neubrandenburg 84 D2S 2026 Develop2Sell project; under construction, cPPA* signed DE Nauen 46 D2S 2025 Develop2Sell project; under construction, cPPA* signed DE Martensdorf 94 D2S 2026 Develop2Sell project, FID received in June 2025 DE Döbrichau 70 D2S 2026 Develop2Sell project, FID received in June 2025 DE Bärwalde 18 D2S 2026 Develop2Sell project, FID received in June 2025 In construction 2.179 NL Zeevonk (Ijmuiden Ver Beta) 2.000 50 2030 Bid awarded in June 2024, partnering with CIP, permit amendment achieved for phased development approach UK Muir Mhor (Scotwind) 750 CfD 50 2030 Under development with consenting and permitting progressing to ensure participation in the CfD bid, JV with Fred Olsen UK Ourack 250 D2S 2028 Permit granted and irrevocable DE Terpt 195 D2S 2027/2028 Irrevocable permit PV received , FID planned for 2026 DE Battery @ Tützpatz 48 D2S 2025 also: Battery@Breesen, FID planned for 2026 In development (mature stage) 3.243 Owner- ship (% ) Commission- ing Current statusCountry Name Capacity (MW)