Småkraft grows despite lower prices and output

Småkraft, Europe's largest small-scale hydroelectric producer, today releasedits results for the first half of 2025. Electricity prices were low in theperiod, and combined with reduced production, this led to a decline in bothrevenue and adjusted EBITDA. Despite the soft market, Småkraft continued toinvest in new capacity and maintained a strong pipeline of future projects.

Småkraft added 73 GWh of new hydroelectric production capacity in the firsthalfof 2025, while total production in the period was 785 GWh. This represents a 9percent decrease compared to the same period in 2024, primarily due to haltedproduction in NO4 during May and June in response to low and partly negativeelectricity prices.

The average achieved price was 31.3 EUR/MWh, down from 38.7 EUR/MWh in 1H2024.Adjusted power revenue came in at EUR 21.9 million, a 19.4 percentyear-on-yeardecline, while adjusted EBITDA was EUR 6.8 million, down 46.9 percent from thesame period last year.

"While electricity prices and production volumes were lower than last year, wecontinued our work on improving operational efficiency and businessdevelopment.On this backdrop, we are pleased to report continued investment in newcapacity.Our pipeline remains strong, and we are actively working with landowners,municipalities, and regulators to expand our portfolio," said CEO TerjeVedeler.

Småkraft currently has 18 power stations under construction, expected to add258GWh of annual capacity by the end of 2026. These projects represent EUR 135million in investments, with EUR 70 million in committed equity frominvestors.

In July and August, Småkraft further expanded its portfolio with acquisitionsinNorway and Sweden totaling 13 GWh.

Småkraft continues to prioritize environmental performance. No material HSEincidents were reported in the first half of 2025, and the company remainscommitted to upgrading older plants and collaborating with stakeholders topreserve biodiversity.

"Our mission is to develop renewable energy while safeguarding nature andbiodiversity, in close collaboration with local communities and landowners. Weare proud to continue to lead the way in small scale sustainable hydropower,"said Terje Vedeler.

Facts about Småkraft AS:o Owns and operates 246 small-scale hydroelectric power plants in NorwayandSwedeno Production capacity of 2.2 TWh annually.o Collaborates with more than 1,100 landowners o 32 employees across offices in Bergen, Sandnes, Harstad, Verdal, Dale,Førdeand Gävle, Sweden.

For more information, please contact:Terje Vedeler, CEO, +47 907 26 568

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