Latest news with #Nordics
Yahoo
2 hours ago
- Business
- Yahoo
Strong operational performance, but lower prices – refocused strategy for continued profitable growth
(Oslo, Norway, 22 July 2025) – Statkraft delivered strong operational performance in the second quarter of 2025, despite lower prices, especially in the northern price areas of Norway and Sweden. Net results were negatively impacted by impairments, mostly due to lower estimated future power prices in certain regions, and currency effects. Statkraft continues to refocus for profitable growth. Power generation in the second quarter 2025 was 15.2 TWh (14.4), and generation was record-high at 36.9 TWh in the first half of 2025 (33.7). Power prices were 26.5 EUR/MWh in the Nordic region in the quarter, down 8.8 EUR/MWh from the second quarter 2024. The average base price in Germany fell by 2.1 EUR/MWh from the second quarter of 2024 to 69.8 EUR/MWh in the quarter. Net operating revenues were NOK 9.3 billion in the second quarter 2025 compared to NOK 11.2 billion in the second quarter last year. Underlying EBITDA was NOK 4.5 billion (NOK 6.5 billion). Statkraft had impairments of NOK 6.3 billion in the second quarter, mainly caused by lower estimated future power prices, particularly in the northern part of the Nordics, following Statkraft's annual update of the long-term price forecast. This included NOK 2.5 billion in impairments related to Swedish wind power assets and NOK 0.5 billion related to Norwegian wind power assets. Net financial items were NOK -2.4 billion (NOK 1.6 billion), including net currency losses of NOK 2.1 billion, while profit before tax was NOK -5.1 billion (NOK 1.0 billion) and net profit was NOK -6.5 billion (NOK -1.0 billion). Statkraft announced further plans for investments in Norwegian hydropower, including license applications for large capacity upgrades of the Nore and Aura hydropower plants. Final investment decisions were made for two hybrid solar projects (203 MW) in connection to the Jerusalém and Boqueirão wind complex in Brazil, and the 97 MW Necton rotating stabiliser project in the UK. Statkraft's largest solar farm to date, the 450 MW Khidrat solar farm in India reached commercial operation. Statkraft signed a number of power purchase and sales agreements, including its first two long-term power purchase contracts of renewable electricity in the US. Statkraft signed an agreement to sell the Enerfin assets in Colombia in the quarter. In July Statkraft sold the development activities in Croatia. Statkraft further sharpened its strategy and announced an aim to decrease complexity and reduce costs with around NOK 2.9 billion annually by 2027, compared to the estimate for 2025. 'Statkraft had high power generation and record-high realised price-margin contributing to strong operational performance in the quarter. Power prices were lower in the Nordics – especially in the northern price areas of Norway and Sweden. Lower estimated future power prices in this region contributed to impairments of NOK 3.0 billion related to our Swedish and Norwegian onshore wind portfolio,' says Statkraft President and CEO, Birgitte Ringstad Vartdal. Refocused strategy After a period of high energy prices following the Russian war on Ukraine, prices are now down. The cost per MW has increased across several technologies, financing costs are higher, and global uncertainty has reached extraordinary levels. All these developments are impacting our investment capacity and cost base, as well as negatively affecting investor confidence, leading to delays in some investment decisions and in Statkraft's planned divestments. After Birgitte Ringstad Vartdal took over as CEO in April 2024, Statkraft announced to streamline the portfolio and operations – focusing on fewer technologies and markets – and freeing up investment capacity to build scale in core activities and markets. To reduce the international footprint, Statkraft has successfully closed the sales of its development activities in Croatia and Enerfin assets in the US. An agreement to sell Enerfin assets in Colombia has also been signed. Sales processes for solar- and hydropower assets in India, solar assets and development activities in the Netherlands, and Enerfin assets in Canada continue, along with an assessment of the investment position in solar, wind and batteries in Poland. The development activities in Portugal and Australia have been stopped. To reduce the number of technologies, Statkraft is seeking new owners for the district heating operations, as well as working on bringing new owners into the biofuels company Silva Green Fuel and the EV charging company Mer. These processes are still ongoing. In the annual strategic review in June, Statkraft decided on a new, refocused strategy to strengthen core activities, optimise the portfolio and reduce cost and complexity. Measures following from the new strategy includes stopping new development of green hydrogen projects and further offshore wind activities, except for the development of the North Irish Sea Array (NISA) project. 'Given the current market situation and geopolitical realities, combined with Statkraft's recent high activity and investment level, we are adjusting our strategic ambitions. By concentrating on our core competitive advantages and prioritising investments in near-term profitable opportunities, we can continue our growth and value creation, while contributing significantly to energy security and the energy transition,' says Birgitte Ringstad Vartdal. By focusing on fewer technologies and countries, Statkraft aims to decrease the complexity of the company and reduce costs with around NOK 2.9 billion annually by 2027, a 15 per cent reduction compared to the estimate for 2025. Operating expenses stabilised in the first half of 2025, ending at the same level as the first half of 2024. Statkraft's ambition is to invest NOK 16-20 billion per year in the coming years, focused on large hydropower capacity upgrades in Norway, as well as maintenance of other large hydropower plants and new onshore wind power developments in Norway and Sweden. In Europe and South America, Statkraft will continue to grow in solar, wind, batteries and grid services, but at a lower rate than in the previous strategy. Technologies and projects with shorter time to cashflow will be prioritised. 'The energy markets are characterised by continuous change, with higher volatility and more geopolitical uncertainty than before. While the current conditions are challenging for the entire industry and all businesses, the energy transition will prevail with continued opportunities for profitable growth, especially in solar, onshore wind and batteries. We will manage and leverage this by reducing complexity and cost. Unfortunately, the changes we are making will include redundancies and we will do what we can to limit uncertainty and mitigate negative effects on our most important asset: Our people,' says Birgitte Ringstad Vartdal. She adds: 'Statkraft recently marked our 130th anniversary, and we have over the years delivered solid value creation to our owner. Towards 2030, we will transition Statkraft to a more focused, competitive and financially robust company to ensure that we become one of the most profitable renewable energy companies'. Prices, market development, and generation The average system price in the Nordic region was 26.5 EUR/MWh in the second quarter of 2025, down 8.8 EUR/MWh from the second quarter of 2024 and down 19.5 EUR/MWh from the first quarter of 2025. The main drivers behind the year-on-year changes were increased wind power generation and decreased net export from the Nordic region. Price area differences were higher compared to the same period last year, driven by increased prices in southern Norway and decreased prices in northern Norway and Sweden. The average base price in the German market (EEX) was 69.8 EUR/MWh in the quarter, down 2.1 EUR/MWh from the same quarter last year, and down 42.7 EUR/MWh since the first quarter of 2025. Power prices dropped mainly due to increased solar capacity and generation, despite rising gas prices in the period. Negative prices were observed during high solar generation hours. Statkraft's generation was 15.2 TWh in the second quarter of 2025, 0.9 TWh higher than the same quarter in 2024. The increase was mainly due to higher hydropower generation in Norway, as well as new wind farms coming in operation in Brazil and Spain. Total wind power generation was 2.0 TWh in the second quarter (1.6 TWh), while hydropower generation was 12.6 TWh (12.2 TWh). Financial development Underlying EBITDA was NOK 4.5 billion in the second quarter (NOK 6.5 billion), as results from energy management and power generation continued to be strong. Nordics was the main contributor to the results with an underlying EBITDA of NOK 4.1 billion (NOK 5.2 billion). The decrease was driven by lower Nordic power prices and higher operating expenses, partly offset by increased generation from Norwegian hydropower. Markets delivered an underlying EBITDA of NOK 0.4 billion in the quarter (NOK 1.1 billion), as the contribution from both Trading and Origination was lower. Geopolitical uncertainty contributes to a more challenging market environment for both activities. Changes in power systems and regulations have created significant challenges, especially in the intraday and balancing markets. Europe had an underlying EBITDA of NOK -0.3 billion (NOK -0.2 billion), while the contribution from International improved to NOK 0.7 billion (NOK 0.5 billion) mostly due to increased generation capacity following newly acquired assets and constructed assets coming in operation. Statkraft had impairments of NOK 6.3 billion in the second quarter, mainly caused by lower estimated future power prices, particularly in the northern part of Nordics, following Statkraft's updated long-term price forecast. This included NOK 2,5 billion in impairments related to Swedish wind power assets and NOK 0,5 billion related to Norwegian wind power assets. Other impairments included battery energy storage systems investments in the UK, joint venture hydropower plants in Chile, and the corporate development portfolio. Including impairments and negative net financial items mainly due to weaker NOK vs. EUR, Statkraft reported a profit before tax of NOK -5.1 billion (NOK 1.1 billion), and a net profit of NOK -6.5 billion (NOK -1.0 billion). Return on average capital employed (ROACE) for assets in operation in Nordics for the last twelve months, containing mostly old and depreciated hydropower plants at low book values, fell to 22.9 per cent in the second quarter (34.8 per cent), primarily due to the significantly lower power prices. ROACE for assets in operation in Europe and International were 5.2 (15.3) and 5.8 (6.5) per cent respectively. These numbers do not include items such as business development costs and assets under construction. ROACE for Europe and International is affected by many new built and acquired assets with high book values, compared to ROACE for Nordics. For further information, please contact: Debt Capital Markets: Vice President Stephan Skaane, tel: +47 905 13 652, e-mail: Financial Advisor Arild Ratikainen, tel: +47 971 74 132, e-mail: Media:Corporate Media Relations Lead Lars Magnus Günther, tel: +47 912 41 636, e-mail: External Communications Torbjørn Steen, tel: +47 911 66 888, e-mail: or This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. About StatkraftStatkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has around 7,000 employees in more than 20 countries. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachments Statkraft AS - Interim Report Q2 2025 Statkraft AS - Presentation Q2 2025Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Business
- Yahoo
Telenor ASA (TELNF) Q2 2025 Earnings Call Highlights: Strong Nordic Growth Amidst Asian Challenges
Release Date: July 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Telenor ASA (TELNF) reported a strong Q2 with a 33% increase in adjusted EPS, driven by exceptional performance in the Nordics. The company achieved a 16.1% EBITA growth in Norway, a level not seen for over a decade, contributing to a 12.5% EBITA growth for the Nordics. Telenor ASA (TELNF) announced plans to expand fiber reach in Norway and upgrade DNA's infrastructure in Finland, indicating strategic growth in core markets. The company maintained a stable OpEx in Q2, with a 1.6% reduction in the Nordics, driven by transformation efforts and cost discipline. Telenor ASA (TELNF) raised its EBITA outlook for the Nordics to high single-digit growth, reflecting confidence in continued strong performance. Negative Points The company's free cash flow before M&A was impacted by negative developments in operating working capital and a disputed tax case in Pakistan. Telenor ASA (TELNF) faced challenges in Asia, with macroeconomic and regulatory pressures affecting performance, particularly in Bangladesh and Malaysia. The leverage ratio increased to 2.4 times, influenced by dividend payments and unfavorable currency effects, indicating potential financial strain. The company anticipates higher spending on sales and marketing activities in the second half, which may impact EBITA growth. Telenor ASA (TELNF) acknowledged that the recovery in Bangladesh is likely to be delayed until post-election in 2026, indicating ongoing challenges in that market. Q & A Highlights Warning! GuruFocus has detected 7 Warning Sign with TELNF. Q: Despite the increase in EBITDA guidance, why hasn't the free cash flow guidance for the year been adjusted? Is it due to higher CapEx or other factors like spectrum auction costs in Thailand? A: There are several factors at play, including FX impacts, the payment of disputed tax claims in Pakistan, working capital fluctuations, and higher CapEx related to fiber rollout in Finland and resilience investments in Norway. These factors collectively lead us to maintain the free cash flow guidance for the year. CFO Q: Regarding the Global Connect deal, will subscribers see improvements in service quality, such as bandwidth or speed, due to integration investments? A: Initially, Global Connect's customers will have the same experience, but we plan to offer additional services like security and TV services, which could enhance their experience and potentially increase our top line. CEO Q: Can you explain the drivers behind the strong Nordic EBITDA growth and whether this level of growth is sustainable? A: The growth is driven by a combination of service revenue increases and a focus on structural cost efficiencies. While both are crucial, the timing of price adjustments and the roaming agreement effects also contributed. However, we do not expect to maintain this growth rate every quarter due to anticipated higher market activity spending and resilience-related OpEx. CFO Q: With the competitive dynamics in Sweden, how do you view potential market consolidation, and would you consider further exits from Asia to finance such deals? A: We support the principle of market consolidation from four to three players in the Nordics. However, any financing decisions would depend on specific deals, and we do not comment on potential asset sales in Asia unless there is a concrete transaction. CFO Q: What are your thoughts on the fiber regulation in Norway and its potential impact on your business? A: The fiber regulations remain unchanged since Q1, with discussions ongoing about potential deregulation by 2026. This could impact our strategic decisions, but no definitive changes have been made yet. CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Business
- Yahoo
Telenor ASA (TELNF) Q2 2025 Earnings Call Highlights: Strong Nordic Growth Amidst Asian Challenges
Release Date: July 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Telenor ASA (TELNF) reported a strong Q2 with a 33% increase in adjusted EPS, driven by exceptional performance in the Nordics. The company achieved a 16.1% EBITA growth in Norway, a level not seen for over a decade, contributing to a 12.5% EBITA growth for the Nordics. Telenor ASA (TELNF) announced plans to expand fiber reach in Norway and upgrade DNA's infrastructure in Finland, indicating strategic growth in core markets. The company maintained a stable OpEx in Q2, with a 1.6% reduction in the Nordics, driven by transformation efforts and cost discipline. Telenor ASA (TELNF) raised its EBITA outlook for the Nordics to high single-digit growth, reflecting confidence in continued strong performance. Negative Points The company's free cash flow before M&A was impacted by negative developments in operating working capital and a disputed tax case in Pakistan. Telenor ASA (TELNF) faced challenges in Asia, with macroeconomic and regulatory pressures affecting performance, particularly in Bangladesh and Malaysia. The leverage ratio increased to 2.4 times, influenced by dividend payments and unfavorable currency effects, indicating potential financial strain. The company anticipates higher spending on sales and marketing activities in the second half, which may impact EBITA growth. Telenor ASA (TELNF) acknowledged that the recovery in Bangladesh is likely to be delayed until post-election in 2026, indicating ongoing challenges in that market. Q & A Highlights Warning! GuruFocus has detected 7 Warning Sign with TELNF. Q: Despite the increase in EBITDA guidance, why hasn't the free cash flow guidance for the year been adjusted? Is it due to higher CapEx or other factors like spectrum auction costs in Thailand? A: There are several factors at play, including FX impacts, the payment of disputed tax claims in Pakistan, working capital fluctuations, and higher CapEx related to fiber rollout in Finland and resilience investments in Norway. These factors collectively lead us to maintain the free cash flow guidance for the year. CFO Q: Regarding the Global Connect deal, will subscribers see improvements in service quality, such as bandwidth or speed, due to integration investments? A: Initially, Global Connect's customers will have the same experience, but we plan to offer additional services like security and TV services, which could enhance their experience and potentially increase our top line. CEO Q: Can you explain the drivers behind the strong Nordic EBITDA growth and whether this level of growth is sustainable? A: The growth is driven by a combination of service revenue increases and a focus on structural cost efficiencies. While both are crucial, the timing of price adjustments and the roaming agreement effects also contributed. However, we do not expect to maintain this growth rate every quarter due to anticipated higher market activity spending and resilience-related OpEx. CFO Q: With the competitive dynamics in Sweden, how do you view potential market consolidation, and would you consider further exits from Asia to finance such deals? A: We support the principle of market consolidation from four to three players in the Nordics. However, any financing decisions would depend on specific deals, and we do not comment on potential asset sales in Asia unless there is a concrete transaction. CFO Q: What are your thoughts on the fiber regulation in Norway and its potential impact on your business? A: The fiber regulations remain unchanged since Q1, with discussions ongoing about potential deregulation by 2026. This could impact our strategic decisions, but no definitive changes have been made yet. CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Glasgow Times
3 days ago
- Glasgow Times
Is Bergen worth visiting? What to do, see and where to stay
A bright, optimistic and yellow-lettered question that, without you even knowing it yet, will shape your entire city break. Directly on the mountainside, it reads: 'Bergen?'. I learned later that this short but sweet question is a permanent art installation by the Icelandic artist Ragnar Kjartansson. Bergen? art installation outside the airport (Newsquest) (Image: Newsquest) Can you guess what it means? Now, the answer will become clear to you very soon, but I'll keep you curious a while longer. Meanwhile, here are 7 very obvious reasons that you need to book a trip to Bergen for 2026 (but believe me, it was hard to whittle these down). Why you should visit Bergen 1. Convenient When it comes to city breaks, we Brits look for convenience, and Bergen ticks all of those boxes. You can fly to Bergen in under two hours from the UK, making it ideal for a weekend jaunt. It couldn't be a better time to explore Norway either, as launches its biggest ever Bergen programme. The popular airline flies to Bergen from seven UK airports, so it's handy to get to from wherever you are in the country, including Bristol, Birmingham, Edinburgh, Leeds Bradford, Manchester, Newcastle International, and London Stansted airports. From next year, you'll also be able to fly to Bergen from three new airports (Belfast International, East Midlands and Liverpool John Lennon). Jet2 is similarly expanding its programmes to the Norwegian city from Birmingham, Bristol, Manchester and London Stansted. If you want to learn more, check prices and even book your next city break to Bergen (which I couldn't recommend more), visit the Jet2 website. 2. Eco-friendly I was completely taken with how green Bergen was as a destination. Considered as one of the most sustainable cities in the world (Global Destination Sustainability Index), it's actually the largest place in the Nordics that holds a Sustainable Destination certificate. The city champions sustainability across the board, from its cruise to recycling industries. Unbelievably, 80% of car sales in Norway were electric vehicles (2023). Frankly, they're putting the UK to shame with only 4.6% o of our roughly 34 million cars being fully electric. Bergen is an inspiring place to be, but its passion for sustainability doesn't just benefit the locals. Tourists can enjoy free use of the Light Rail and buses as well as discounts at attractions, activities and accommodation which can be reached by walking or via public transport. You can pick up a Bergen card online, tourist information office or at selected hotels, hostels and campsites too. I didn't use it myself on my trip, but if I were going again – even for just 24 hours (you can pick up a pass for 48, 72, 96 hours too) – I would definitely be picking up a card for the convenience and the savings. You get free or discounted entry to over 30 museums and attractions, including the Fløibanen funicular, Bergen Science Centre VilVite and Bergen Aquarium. A 48-hour adult pass will cost you 504 NOK (£39.51), meanwhile, a child's pass will set you back 106 NOK (£11.97). If you get the digital version, you can activate it whenever you want, so it's ideal for saving money on those sightseeing days. In my days there, I found Bergen to be an incredibly walkable and compact city, although it wasn't my favourite way to get around, but more on that later. The UNESCO World Heritage site of Bryggen is postcard-perfect (Newsquest) (Image: Newsquest) 3. History Speaking of museums and attractions, Bergen is overflowing with history to uncover. When you think of this Nordic city, you might picture its iconic UNESCO World Heritage site, Bryggen. It's the ideal Instagram pic or a classic backdrop on your postcard to home, but it's so much more than that. This colourful harbour spot has something for everyone. History buffs will be able to get a glimpse into Bergen's trading past as they explore the incredibly well-preserved medieval architecture. If you're more into shopping, you can spend hours browsing for the perfect souvenir in one of its many shops. If you're peckish, I couldn't recommend a visit to Baker Brun more. Their staff were incredibly friendly and the pastries were delicious! The composer Edvard Grieg's home has been turned into a museum, exhibition and concert hall (Image: Newsquest) But beyond the city centre, I'd recommend a trip to Troldhaugen – the home turned museum of Norwegian composer Edvard Grieg and his wife, Nina. If you haven't heard of Grieg, don't worry – neither had I before my visit. However, it's more than likely that you have heard at least one of his songs if you have been to one of the UK's most popular theme parks, Alton Towers. I was a little embarrassed that the only way I knew Grieg's "In the Hall of the Mountain King" was because of the adverts for a British roller coaster resort. However, a guided tour around his home, the exhibition centre and his garden composing hut set me straight. Edvard Grieg lived in the house for 20 years (Newsquest) (Image: Newsquest) It's very reasonably priced at NOK 175.00 ( £12.54) for an adult ticket, and children under 16 go free. If you visit in the summer, they host daily concerts, which you can buy tickets for separately on their website. If I had to choose another historic highlight for me on this trip, it would have to be the Fantoft Stave church. This striking church was unlike anything I had ever seen. I was taken aback by the beautiful wooden medieval architecture, which became more important still when I learned that only 28 Stave churches still exist in Norway today. There used to be over 1500 in the country, but over the years, they have tragically disappeared. This church, located just 6km from Bergen city centre, was originally built in Fortun in Sogn in 1170. Fantoft Stave church celebrates elements of Norse religion and Christianity within its architecture (Image: Newsquest) Over the years, there have been many changes to the building before it was moved to Fantoft in the late 19th century. In June 1992, the church made headline news after it was set on fire and burned to the ground. Lucky for us, a quick decision was made to rebuild it. Re-opening in 1997, visitors and locals alike were able to visit and take in the architecture and celebrate the beautiful blend of Christianity and the Old Norse religion. Take a trip up Mount Ulriken on the Ulriksbanen (Image: Newsquest) 4. The views Coined as the city of the 7 mountains, Bergen is not short on incredible views. Lucky for us tourists, we don't need to go far – or hike very high – to find them either. After arriving at Bergen airport in the early morning, we were quickly whisked off to the city's highest mountain, Mount Ulriken. As a Scot, I'm no stranger to a hike or two, but I was relieved to see that a shiny yellow cable car was taking us to the top of the steep 643m high mountain. Riding the gondola is an experience in itself. The short but smooth trip lets you take in the most spectacular vista of the city and sea, mountains and fjords. Once you reach the top, you can take a few selfies before indulging yourself with a truly unforgettable dining experience at the Skyskraperen restaurant (but more on that later). The view from the top of Mount Ulriken at the Skyskraperen restaurant was breathtaking (Image: Newsquest) If you don't want to leave the comforts and convenience of the city centre, you simply must take the trip up Mount Fløyen. Norwegians really do put the fun in funicular (sorry). The 6-minute trip treats you to breathtaking views of the city below and the surrounding fjords and mountains. The Fløibanen funicular is a 6-minute journey with incredible views (Image: Newsquest) At the top, you can enjoy a bite to eat at the Fløirestaurant or the exclusive eatery Schou. If you prefer a smaller snack before heading out to explore, it's worth visiting the Fløistuen shop and café. There's plenty to entertain you at the top, including various beautiful walking and cycling routes (you can rent bikes up there), Lake Skomakerdiket (where you can canoe), a large playground and even a Troll forest! I went on a tour around Bergen's city centre on two wheels (Image: Newsquest) 5. Adventurous activities If you love a sense of adventure from a city break, you won't be disappointed with the offering in Bergen. I have never ridden a bike abroad, and now it's something I want to do in every city I go to. A tour with Bergen Bike Rent on our first evening completely converted me to the charms of seeing a city on two wheels. Our fantastic guide showed us the sights of the bustling city centre from the Cathedral to the fish market. We went through picturesque alleys and across the pretty city square. I'm not a confident cyclist, but our knowledgeable guide showed us the ropes of riding an electric bike and reassured us throughout. We did the Bergen Downtown route, but there are also two others you can do – a dark blue route designed for the more active amongst us and a new route through the largest bike and pedestrian tunnel in the world. I can't wait to go back because I'm simply desperate to try it. Special thanks to Bergen Bike Rent for the guided tour (Image: Newsquest) Beyond biking, Bergen and the west of Norway boast access to amazing activities like kayaking and rafting, golf courses, zip lines, glacier tours and more. You can find out more and book your next adventure via the Visit Bergen website. 6. Delicious places to eat When I used to think of Norway, I simply pictured the snow-dusted landscapes, jaw-dropping fjords, Norse Gods and Viking hats. Truthfully, I had never considered Norway as a foodie destination, but how wrong I was! I didn't have a bad meal when I was there, but there were a few standout meals that I have to mention. Norwegian pastries are the perfect snack to enjoy as you mooch about the city (Image: Newsquest) Snacks and pastries As I teased earlier, I couldn't recommend a visit to Baker Brun. Their service was incredible, especially with a group of hungry journalists with lots and lots of questions. No traveller's day is complete for me without a taste of a traditional pastry and a mooch about a city centre. Bergen's answer was a delicious Skillingsboulle, which scored very highly with the entire group. The menu at Skyskraperen is seasonal and beautifully made. ( Newsquest) (Image: Newsquest) Lunch I'm not about to forget lunch at the Skyskraperen restaurant in a hurry. Lunch at the top of Mount Ulriken was our welcome meal, and what a welcome it was. Between the spectacular view and the delicious seasonal menu, I was completely speechless. Whilst we enjoyed the 3-course menu of modern Norwegian dishes, the restaurant caters for both hikers and visitors from the cable car. The food was divine, but I must recommend treating yourself to a glass bottle of Alde cider. We raved about it the entire time we were in Norway, and we all bought ourselves a bottle at Duty Free to take home. All in all, you simply can't go to Bergen without experiencing this wonderful restaurant for yourself. You've got to pick up a bottle of Alde (Image: Newsquest) Dinner When it comes to dinner, I couldn't recommend a visit to Bryggen Tracteusted more. Located in one of the oldest and best-preserved wooden buildings in the UNESCO site, everything about it feels warm and welcoming, from the staff to the traditional Bergen recipes. Take a look inside Bryggen Tracteusted (Image: Newsquest) We ate here on our last night, and it was a very fond farewell feast indeed. 7. Gateway to the Fjords I can't write a story about a trip to Norway without mentioning its beautiful Fjords. A bucket list experience for many, Bergen is the ideal gateway to the West of Norway and some truly breathtaking scenery. Simply hop on the train at Bergen station and enjoy the delights of one of the most scenic train journeys in the world. You're going to want to get a window seat for the journey to Flåm through Myrdal (trust me). Snow-dusted mountains and stunning waterfalls can be seen throughout the journey (Image: Newsquest) From snow-dusted mountains almost all year round to traditional colourful wooden houses decorating the mountainside, my jaw dropped and my nose was pressed to the window for almost the entire time (which must have been a sight for the other passengers, I'm sure). Travellers can enjoy a 5-minute photo stop at the Kjosfossen waterfall (Image: Newsquest) A highlight of the journey – before you even get to the Fjord village of Flåm - has to be the 5-minute photo stop at the truly stunning Kjosfossen waterfall. The picture above speaks for itself. This memorable train journey connects you to the beauty of the UNESCO Nærøyfjord. This electric cruise from Flam to Gudvangen is probably the most peaceful two hours I've spent in a long time. The 20km Fjord gives nature lovers plenty of time to try and spot some seals and porpoises from the deck. Spot seals and porpoises from the deck of the Nærøyfjord cruise (Image: Newsquest) The route has plenty of points of interest, including one of the smallest churches in Scandinavia – Underdal church – which fits only 40 people. The cruise showcases the very best of Norway in a neat nutshell and is an absolute must for your trip. Recommended reading There you have it, 7 reasons why you absolutely need to make Bergen your next city break. As Europe's rainiest city, you might not get guaranteed sunshine, but you can be assured that you'll experience culture, history, beautiful views, delicious places to eat and wonderful people to show you the way. Special thanks to all of our guides and our new Norwegian friends, Linn and Stein, for welcoming us with open arms. Other cities will give you your bog-standard welcome sign, but not Bergen. This delightful, curious and vibrant city gives you an invitation as soon as you step off the plane. But it's more than an invite; that question mark is a challenge. You've arrived in Bergen, what will you do now?
Yahoo
3 days ago
- Business
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Magnora ASA (SVMRF) Q2 2025 Earnings Call Highlights: Strong Portfolio Growth Amidst Market ...
Release Date: July 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Magnora ASA (SVMRF) has achieved a significant portfolio growth of 65% over the last 12 months, reaching 8 gigawatts and is on track to meet its 10 gigawatt goal by the end of 2025. The company has successfully transitioned to a 100% renewable energy company, selling its remaining shares in Hermana Holding. Magnora ASA (SVMRF) has a strong cash position with NOK373 million available, zero debt, and a low cash burn rate. The company has a diversified portfolio with strong growth opportunities in Italy and Germany, and is in discussions with multiple infrastructure and energy companies. Magnora ASA (SVMRF) has a robust capital distribution program, including dividends and share buybacks, with an average annual share return of 34% since 2020. Negative Points The company reported a negative EBITDA of NOK24.4 million and an operating loss of NOK27.8 million for Q2 2025. There are high risks associated with the portfolio, although mitigated by diversification and early sales strategies. Progress on the offshore wind project in Sweden is slow, with potential delays until after a new election. The company faces challenges in the Nordics with low wholesale prices and slow progress in offshore wind projects, particularly in Norway and Sweden. Magnora ASA (SVMRF) is experiencing increased costs due to ramping up operations in Italy and Germany, although these are expected to be offset by future project sales. Q & A Highlights Warning! GuruFocus has detected 9 Warning Signs with SVMRF. Q: Can you elaborate on the strategic focus for Magnora ASA in the coming quarters? A: Erik Sneve, CEO, highlighted that Magnora ASA will focus on expanding its renewable energy portfolio, particularly in Germany and Italy, while maintaining a strong presence in South Africa. The company aims to reach a 10 gigawatt portfolio by the end of 2025. They are also exploring opportunities in the data center market, which aligns with their existing assets. Q: What are the financial highlights from Q2 2025? A: The company reported a negative EBITDA of NOK24.4 million, primarily due to lower operating revenue and increased costs associated with project development in Italy and Germany. Despite this, Magnora maintains a strong cash position with NOK373 million available, supported by a zero-debt structure. Q: How is Magnora ASA addressing the challenges in the renewable energy market? A: Erik Sneve explained that the company is leveraging its asset-light model to mitigate risks and capitalize on high-return projects. They are focusing on early sales and maintaining a diversified portfolio to adapt to market fluctuations, such as negative electricity prices and regulatory changes. Q: What are the key growth areas for Magnora ASA? A: The CEO identified Germany and Italy as key growth markets due to high demand for renewable projects. In South Africa, Magnora is advancing its onshore wind and solar projects. The company is also exploring data center opportunities, which could complement their renewable energy assets. Q: Can you provide an update on the company's project pipeline? A: Magnora's project pipeline includes over 8 gigawatts of renewable energy projects, with significant growth expected in Italy and Germany. The company is also progressing with its onshore wind and solar projects in South Africa and is in discussions for new projects in the UK and Norway. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
