Vattenfall Reports Strong Financial Performance and Renewable Energy Milestones in Q1 2024

Vattenfall Reports Strong Financial Performance and Renewable Energy Milestones in Q1 2024

(IN BRIEF) Vattenfall’s financial report for January-March 2024 highlights a 21% decrease in net sales, offset by a 45% increase in underlying operating profit and a 27% increase in operating profit. Profit for the period surged by 43%, indicating robust performance. The company achieved significant business milestones during this period, including the completion of the sale of the Norfolk Offshore Wind Zone in the UK, the commissioning of the Vesterhav Nord offshore wind farm in Denmark, and the signing of long-term power purchase agreements for solar projects in Germany. Additionally, Vattenfall initiated work to connect SSAB’s electric arc furnace in Oxelösund to the electricity grid and completed a feasibility study showing favorable conditions for new nuclear construction at Ringhals. Looking ahead, Vattenfall signed a purchase agreement with BASF for 49% of the Nordlicht 1 and 2 offshore wind farms in the German North Sea. The company’s President and CEO, Anna Borg, along with CFO Kerstin Ahlfont and Head of Strategic Development Andreas Regnell, presented these results in a live broadcast.

(PRESS RELEASE) STOCKHOLM, 30-Apr-2024 — /EuropaWire/ —

Financial highlights, January-March 2024

• Net sales decreased by 21% (21% excluding currency effects) to SEK 76,499 million (96,788)
• Underlying operating profit increased by 45% to SEK 13,884 million (9,545)
• Operating profit increased by 27% to SEK 20,755 million (16,332)
• Profit for the period increased by 43% to SEK 16,879 million (11,818)

Business highlights, January-March 2024

• Vattenfall completed the sale of the Norfolk Offshore Wind Zone in the UK, which accounted for a capital gain amounting to SEK 4.6 billion.
• Completion of the offshore wind farm Vesterhav Nord in Denmark.
• Vattenfall signed a long-term hydropower purchase agreement with Borealis contributing to reduced carbon dioxide emissions.
• The feasibility study on new nuclear is completed and results show good prerequisites for building new nuclear at Ringhals.
• New long-term Power Purchase Agreements signed for solar projects in Germany.
• Vattenfall has initiated the work to connect SSAB’s electric arc furnace in Oxelösund to the electricity grid.

Events after the balance sheet day: Vattenfall has signed purchase agreement with BASF for 49% of Nordlicht 1 and 2 offshore wind farms in the German North Sea.

The complete interim report and presentation images can be found at group.vattenfall.com.

At a live studio broadcast at 09.30 CEST Vattenfall’s President and CEO Anna Borg and CFO Kerstin Ahlfont will present the results together with Head of Strategic Development Andreas Regnell.

The broadcast can be found at Vattenfall Q1 2024

To join by telephone, please dial one of the numbers a few minutes before the broadcast starts:

+46 8 505 218 52 (Sweden)
+44 20 3321 5273 (UK)
Telephone conference ID: 122 969 346#

The information was submitted for publication, through the agency of the contact persons set out below, at 08.00 CEST on April 30 2024. This report has been prepared in both Swedish and English versions. In the event of discrepancies between the two versions, the Swedish version shall govern.

Media Contacts:

Johan Sahlqvist
Head of Group Control & Investor Relations
+46 72 226 40 51
johan.sahlqvist@vattenfall.com

Johan Sennerö
Press Officer
+46 73 046 40 45 johan.senneroe@vattenfall.com

Vattenfall Press Office
+46 87 39 50 10
press@vattenfall.com

SOURCE: Vattenfall AB