– The first-half results demonstrate the value of flexible hydropower and active production optimisation in a market characterised by uncertainty. At the same time, we continue to invest heavily in projects that strengthen security of supply, increase power capacity and contribute to the energy transition. I am also pleased to see that the injury statistics have improved significantly following two serious incidents in 2025. We will continue our targeted health, safety and environment efforts, with particular emphasis on learning and continuous improvement, says CEO Finn Bjørn Ruyter.

Operating profit amounted to NOK 7,892 million, compared with NOK 5,690 million in the corresponding period last year. The increase in operating profit was mainly due to higher power prices than in the first half of 2025, solid operations and effective production optimisation in both the power generation and district heating businesses.

The achieved power price was NOK 0.99 per kWh in the first half of 2026, up NOK 0.29 per kWh from the same period last year. Power generation totalled 9 TWh, which is 6 percent below normal production for the six-month period. Operating profit from the power generation business was NOK 7,554 million, compared with NOK 5,437 million in the corresponding period last year.

District heating sales reached 1,100 GWh due to a colder winter and consequently higher demand for heating in the capital. The district heating business delivered an operating profit of NOK 435 million. This was NOK 238 million higher than in the first half of 2025. However, the improvement in profit must be viewed in light of special circumstances during the period, and the current regulatory framework remains challenging for long-term profitability.

During the first half of the year, Hafslund reached several important milestones. The carbon capture project at Klemetsrud is progressing according to schedule and within budget, one of the two generating units at Braskereidfoss hydropower plant has been brought back into operation following the extreme weather event “Hans” in 2023, and an investment decision has been made to upgrade Nes hydropower plant in Hallingdal. The Group has also submitted a licence application for the upgrade of Hol 1 hydropower plant. Over the next ten years, Hafslund plans to invest around NOK 40 billion in hydropower facilities.