About Småkraft
Småkraft is a renewable energy producer. Our 254 hydropower plants are spread across Norway and Sweden and deliver a mean annual production capacity of 2.3 TWh, making Småkraft Europe’s largest owner and operator within its field.
Small-scale hydropower borrows water from the river and utilizes the topography of the landscape to produce renewable and sustainable electricity. A minimum water level is maintained in the original river and the borrowed water, used to produce electricity, is returned once it passes through the turbine. The electricity grid transports and distributes our electricity out to consumers.
The value created is also shared with our other stakeholders, including creditors & debt investors, local landowners, local municipalities, and local communities. Småkraft is investing in the production of new renewable energy and our commitment to further growth is our contribution to the energy transition. We enable renewable energy production with minimal impact and careful consideration of the local environment.
Headquartered
Bergen, Norway
Listed Bond loans Oslo Børs Euronext
CEO
Terje Vedeler
Website www.smaakraft.no
Corporate Strategy
Our mission is to create sustainable values for the next generation by investing, developing and operating small-scale hydropower plants.
Quality, Health, Safety and Environment Management are of critical importance to Småkraft, and we strive for high quality performance and safe and secure operations through continuous improvement programs. We aim for organisational robustness, zero injuries and failures, strong cyber and physical security, delivered by a competent and motivated workforce both at Småkraft and by our partners.
We have invested in an operational surveillance centre to operate our power plants, providing technological and management support to back- up operations. This integrated approach delivers tangible benefits, such as increased efficiency, reduced down-time, reduced costs, and improved planning and security.
Core values
Småkraft has identified three core values that help define and lead our business:
Sustainable
- think and act long term
- care about both local and global environment
- conclude our decisions on facts and knowledge
- prioritise security for our employees and business partners
Creative
- seek new and better solutions
- maintain proven processes
- create added value
Honest
- be consistent in our communication and share knowledge
- deliver as promised
- tell the truth
Småkraft at a glance
2025 in brief
Achieving ambitious growth targets
- Solid pipeline of power stations under construction and planning
- Power revenue and adj. EBITDA further curbed by reduced electricity prices
- Increased production capacity with 127 GWh in 2025
Increased renewable power production
Added production capacity of 127 GWh. Total production of 1,488 GWh, 2% percent decrease compared to 2024 adjusted for curtailed production.
Continuously improving sustainability
No material Health, Safety and Environmental (HSE) incidents were experienced during the period
New technical solutions securing passage for fish at Fosstveit powerplant.
Increased system prices, however lower prices in Northern price areas impacted Småkraft negatively
The average monthly Nordpool system price increased from 36 EUR/ MWh in 2024 to 40 EUR/MWh in 2025.
Low prices in Northern price areas due to limited interconnector capacity between north and south.
Adding capacity, expanding powerplant pipeline
Ongoing construction program securing additional 255 GWh over the next two years.
New bank facility of NOK 394 mill.
Key figures for the Group
Alternative Performance Measures (APMs) ref appendix
Adjusted power revenue
EUR million
44.6
-5.4 percent Y/Y
Adjusted EBITDA
EUR million
13.0
-28.3 percent Y/Y
Key metrics
| Amounts in EUR thousand | 2025 | 2024 |
|---|---|---|
| Power revenue | 53 | 54 |
| Profit (loss) before tax | -26 | -21 |
| Cash flow from operations | 16 | 13 |
| Production volume GWh | 1,488 | 1,811 |
| Avg achieved prices (EUR / MWh) *) | 35.6 | 30.1 |
| *) Large variations between the different price areas. Details about Småkraft production volumes and achieved prices per price area in Note 8. | ||