Småkraft reports strong first half 2026 results supported by higher Nordic power prices

Småkraft, the Nordic region’s largest small-scale hydropower producer, today reported its results for the first half of 2026. Significantly higher Nordic electricity prices more than offset lower production volumes, resulting in substantial growth in revenue and earnings. The stronger price environment was driven by cold weather conditions combined with low water inflows, which weakened the Nordic power balance and supported power prices throughout the period.

Småkraft produced 741 GWh in the first half of 2026, compared to 785 GWh in the corresponding period of 2025, representing a 6 percent decrease. While production volumes were lower year-on-year, there were no production curtailments related to low power prices during this period. Average achieved power prices increased by 118 percent to EUR 71.3/MWh from EUR 31.3/MWh in the first half of 2025.

Reported power revenue reached EUR 53 million, compared to EUR 25 million in the first half of 2025. Adjusted power revenue, including realised financial power hedges, amounted to EUR 50.2 million, representing an increase of 130 percent year-on-year. Adjusted EBITDA, which isolates operating profit from unrealised value changes in energy derivatives, increased to EUR 32.4 million from EUR 6.8 million in the first half of 2025.

“Higher power prices across the Nordic region contributed to a significant improvement in our financial performance during the first half of the year. Combined with disciplined operations, a strong liquidity position and continued project development, this provides a solid foundation for long-term value creation,” said CEO Terje Vedeler.

Småkraft continues to expand its renewable energy portfolio and currently has 14 power stations under construction, with expected production capacity of 246 GWh. One new project adding 9 GWh of annual production capacity was completed during the first half of the year, while nine new development agreements were signed with landowners.

During the period, Småkraft successfully refinanced its EUR 50 million Green Bond 2 through a bank facility on attractive terms, demonstrating continued access to competitive financing.

Småkraft continued to focus on sustainability and operational quality during the first half of 2026. No lost-time incidents were reported during the period. The company also continued its work to improve environmental performance and biodiversity management across its portfolio. In collaboration with Climate Futures, Småkraft contributed to two scientific papers focused on improving hydropower production forecasting through machine learning and enhanced streamflow estimation.

We remain committed to delivering renewable energy in compliance with biodiversity requirements, while creating long-term value for local communities. Our continued investments in environmental improvements, research and innovation help ensure that sustainable hydropower remains an important contribution to the energy transition,” said Terje Vedeler.

Facts about Småkraft AS:

• Owns and operates 255 small-scale hydroelectric power plants in Norway and Sweden • Annual production capacity of 2.3 TWh • Largest owner and operator of small-scale hydropower in Europe • Collaborates with approximately 1,500 landowners • 35 employees across offices in Bergen, Harstad, Førde, Stjørdal, Dale, Hamar, Sandnes and Gävle (Sweden)

For more information, please contact:

Terje Vedeler, CEO +47 907 26 568