Our targets

Vattenfall aims to contribute to a sustainable energy system in all parts of the value chain.

Vattenfall's goals are based on the five strategic focus areas that guide our strategic direction. Vattenfall’s strategic targets for 2030 reflect our ambition to be a leader in the energy transition while ensuring a strong customer focus as a profitable energy company.

Vattenfall's financial targets are intended to ensure that we create value and generate a market rate of return, that our capital structure is efficient, and that financial risk is kept at a reasonable level.

Financial targets

Strategic targets for 2030

	Target for 2030	Definition	Outcome 2025	Comments
Driving decarbonisation with our customers and partners
	+20 Customer engagement, Net Promoter Score (NPS)	NPS is a tool that measures customer loyalty and for gaining an understanding of customers’ perceptions of Vattenfall’s products and services.	+19	Increase in NPS (+15 in 2024) mainly as a result of improvements in the German customer business.
Securing a fossil-free energy supply
	18.9¹ Mt. absolute CO₂eemissions (includes scope 1, 2 and 3)	Total absolute CO₂e emissions including Scope 1, 2 and 3, as covered by Vattenfall’s 2040 net zero targets validated by SBTi.	23.7²	Total emissions decreased compared with 2024, when they amounted to 24.6 Mt. The reduction is mainly due to more fossil-free electricity sales in the Netherlands.
Conduct high-performing operations, target over a business cycle³
	≥25% Funds from operations (FFO)⁴/adjusted net debt	Capital structure metric based on proportional fund from operations excluding dividend attributable to non-controlling interests. Adjusted net debt is excluding margin calls.	62.8%⁵	Above target interval and outcome in 2024 due to higher FFO as a result of higher underlying EBITDA.
	≥8% Return on capital employed (ROCE) excl. items affecting comparability	Profitability metric based on underlying EBIT excluding items affecting comparability.	10.2%	Outcome above target mainly due to an increase in the underlying operating profit. This is primarily a result of an improved development of price hedging in Vattenfall’s continental markets and an improved result from the nuclear power operations.
Motivating and empowering our people
	<2,0 Total recordable injury frequency (TRIF+) with a zero fatality threshold⁶	Workplace safety metric that includes occupational fatal accidents, injuries resulting in lost workdays, accidents requiring medical treatment beyond first aid, and incidents that restrict people's ability to perform their regular duties.	3.5	High focus on actions in order to enhance safety. For more information see pages 111-112 in the Annual and sustainability report.
	86 Employee Engagement Index⁷	Employee engagement is measured as the degree of employees’ connection to their organisation, reflected in their commitment to achieving goals.	85	The outcome was at a high level and continued efforts to maintain and strengthen employee engagement are underway.
	40% Driving diverse leadership	Target that focuses on increasing female representation in leadership roles. This metric is measured by the Female Manager Ratio, which reflects progress toward gender diversity in leadership.	34	Outcome was unchanged compared with 2024 and continuous work ongoing to reach the target.

^{1. Strategic target based on near-term science-based targets; updated in line with the mandatory adjustments of SBTi-approved targets following a 1.5˚C trajectory. This means that our ambition level stays the same.
2. As a result of divestments, updated emission factors, and improved contract classification, an update of the baseline was triggered in line with SBTi requirements. The 2025 outcome has been adjusted accordingly.
3. 5–7 years.
4. Metric based on FFO excluding dividends attributable to non-controlling interests. Adjusted FFO is referred to as FFO from the first quarter of 2026. From the same point in time, Net payments to/from the Swedish Nuclear Waste Fund and Payments for provisions affecting adjusted net debt, are excluded from FFO. Adjusted net debt is excluding margin calls.
5. The value has been adjusted compared with information previously published in Vattenfall’s financial reports.
6. Per 1 million hours worked. This metric includes both Vattenfall employees and contractors. In case of fatality, this target cannot be achieved.
7. Documentation for measurement of target achievement is derived from the results of the My Opinion employee survey, which is conducted on an annual basis.}

Financial targets

Vattenfall's owner has set three financial targets for the group.

Targets over a business cycle¹		Outcome 2025	Comments
Profitability	≥8% Return on capital employed (ROCE) excl. items affecting comparability²	10.2%	Outcome above target mainly due to an increase in the underlying operating profit. This is primarily a result of an improved development of price hedging in Vattenfall’s continental markets and an improved result from the nuclear power operations.
Capital structure	≥25% Funds from operations (FFO)/ adjusted net debt³	62.8%⁴	Above target interval and outcome in 2024 due to higher FFO as a result of higher underlying EBITDA.
Dividend policy	40%–70% Of adjusted net profit⁵	8.0 SEK billion	A dividend of SEK 8.0 billion has been paid to the owner, corresponding to 40% of the adjusted net profit.

^{1. 5–7 years.
2. Based on underlying EBIT excluding items affecting comparability and average capital employed. More information on page 215 in the Annual and sustainability report.
3. Metric based on FFO excluding dividends attributable to non-controlling interests. Adjusted FFO is referred to as FFO from the first quarter of 2026. From the same point in time, Net payments to/from the Swedish Nuclear Waste Fund and Payments for provisions affecting adjusted net debt, are excluded from FFO. Adjusted net debt is excluding margin calls.
4. The value has been adjusted compared with information previously published in Vattenfall’s financial reports.
5. Adjusted net profit is excluding fair values and return from nuclear waste fund. The dividend policy takes into account future developments in capital structure and investment needs.}