FORTUM CORPORATION INTERIM REPORT 29 OCTOBER 2025 AT 9:00 EET
This release is a summary of Fortum's January-September 2025 Interim Report. The
complete report is attached to this release as a PDF file. It is also available
on the company's website at www.fortum.com/investors.
Solid achieved power price but low generation volumes
July-September 2025
· Comparable EBITDA was EUR 175 (254) million.
· Comparable operating profit was EUR 97 (158) million due to lower generation
volumes.
· Operating profit was EUR 60 (123) million.
· Comparable earnings per share were EUR 0.08 (0.14).
· Earnings per share were EUR 0.06 (0.14).
· Cash flow from operating activities totalled EUR 131 (349) million.
January-September 2025
· Comparable EBITDA was EUR 903 (1,202) million.
· Comparable operating profit was EUR 674 (921) million mainly due to lower
generation volumes and power prices.
· Operating profit was EUR 634 (935) million.
· Comparable earnings per share were EUR 0.59 (0.82).
· Earnings per share were EUR 0.58 (0.91).
· Cash flow from operating activities totalled EUR 787 (1,225) million.
Summary of outlook
· The Generation segment's estimated Nordic generation hedges: approximately
90% at EUR 42 per MWh for the remainder of 2025, approximately 70% at EUR 41 per
MWh for 2026 and approximately 45% at EUR 39 per MWh for 2027.
· UPDATED: For 2025, the annual optimisation premium included in the achieved
power price for the whole outright portfolio is estimated to be approximately 10
EUR/MWh (previously 7-9 EUR/MWh).
· UPDATED: In 2025, the total generation volumes are expected to be clearly
below the normal level. Currently, the expected decrease of total nuclear
volumes for the full year is 3.6 TWh, 3.0 TWh of which realised in the first
three quarters of 2025. Fortum assumes that its annual hydro volume in 2025 will
be below that of a normal hydro year, which has been 20-20.5 TWh.
· Capital expenditure for 2025-2027, including maintenance but excluding
acquisitions, is expected to be approximately EUR 1.4 billion, of which annual
growth capital expenditure is expected to be EUR 150-300 million and annual
maintenance capital expenditure EUR 250 million.
· Capital expenditure for 2025-2027, including maintenance but excluding
acquisitions, is expected to be approximately EUR 1.4 billion, of which annual
growth capital expenditure is expected to be EUR 150-300 million and annual
maintenance capital expenditure EUR 250 million.
Key figures
EUR million III/2025 III/2024 I-III/2025 I-III/2024 2024
LTM
or as
indicated
Reported
Sales
929 1,094 3,545 4,365 5,800
4,980
Operating
profit 60 123 634 935 1,325
1,024
Share of
profit of 9 34 45 57 19
7
associates
and joint
ventures
Net profit
(after non 52 132 520 820 1,164
864
-controlling
interests)
Earnings
per share, 0.06 0.14 0.58 0.91 1.30
0.97
EUR
Net cash
from 131 349 787 1,225 1,392
954
operating
activities
Number of
employees 4,602 5,594 4,466
EUR million III/2025 III/2024 I-III/2025 I-III/2024 2024
LTM
or as
indicated
Comparable
EBITDA
175 254 903 1,202 1,556
1,258
Operating
profit 97 158 674 921 1,178
930
Share of
profit of -1 -5 14 5 -30
-21
associates
and joint
ventures
Net profit
(after non 70 117 531 731 900
700
-controlling
interests)
Earnings
per share, 0.08 0.14 0.59 0.82 1.00
0.77
EUR
EUR million or as indicated LTM 2024
Financial position
Financial net debt (at period-end) 1,283 367
Financial net debt/comparable EBITDA 1.0 0.2
Fortum's President and CEO Markus Rauramo:
“The third quarter is typically a quarter with seasonally lower power prices and
volumes. This year, spot prices in the third quarter were notably higher than
last year due to lower hydro reservoir levels, nuclear availability and wind
speeds. Nordic energy demand in the quarter was at the same level as last year,
with a rise in non-industrial consumption. After showing signs of recovery
earlier this year, industrial demand experienced a slowdown, particularly in
Sweden.
Our third-quarter comparable result was affected by the decline in the
Generation segment's result mainly due to lower generation volumes but also due
to lower hedge prices. Our nuclear and hydro output was as much as 1.7 TWh below
last year's third quarter, mainly due to the continued unplanned outage
throughout the quarter at the Oskarshamn nuclear plant and lower hydro inflows.
Despite this, our achieved power price of 46.1 EUR/MWh was two euros higher than
last year, supported by higher spot prices and strong physical optimisation. We
also updated our optimisation premium for full-year 2025 to be approximately 10
EUR/MWh from earlier guidance of 7-9 EUR/MWh. The Consumer Solutions segment
recorded another strong quarter with its strongest third-quarter comparable
operating profit so far, driven by improved electricity and gas sales margins.
The Other Operations segment also saw an improvement in its comparable result.
Our financial position remains strong with financial net debt of EUR 1.3 billion
and a leverage ratio of 1.0 times at the end of the third quarter.
During the third quarter, we announced the acquisition of a project development
portfolio for wind power in Finland from the German renewables developer and
constructor ABO Energy. With the acquired 4.4 GW portfolio, Fortum's pipeline of
onshore wind and solar projects in the permitting phase across the Nordic
countries reaches approximately 8 GW, with more projects in the early
development phase. The transaction is expected to be completed in the fourth
quarter.
After the reporting period, we announced that our coal exit is progressing with
the decarbonisation of the Zabrze combined heat and power (CHP) plant in Poland.
We will invest approximately EUR 85 million in the Zabrze plant's retrofit and
are committed to exiting coal in all our operations by the end of 2027. A year
ago, we announced the decarbonisation of the Czestochowa CHP plant in Poland.
We continue to see robust underlying customer demand from various industrial
sectors, which we believe reflects the long-term power demand growth despite the
recent slight decrease in Nordic industrial demand. The operating environment in
the Nordics is influenced by current political and regulatory uncertainties,
which can impact the timing of large-scale industrial investment decisions.“
Espoo, 28 October 2025
Fortum Corporation
Board of Directors
Webcast/teleconference
A combined live webcast/teleconference for media, investors, and analysts will
be arranged online on 29 October at 11:00 EET. For the webcast, use the link at
www.fortum.com/investors.
To ask questions, please join the teleconference by registering using the
following link: https://events.inderes.com/fortum/q3-2025/dial-in. After the
registration you will be provided with phone numbers and a conference ID to
access the conference. To ask a question, please press *5 on your telephone
keypad to enter the queue.
A recording of the webcast, as well as the transcript will be published on
www.fortum.com/investors after the event.
Further information:
Investor Relations and Financial Communications: Ingela Ulfves, tel. +358 40 515
1531, Rauno Tiihonen, tel. +358 10 453 6150, Siri Markula tel. +358 40 743 2177,
Pirjo Lifländer, tel. +358 40 643 3317, and investors@fortum.com
Media: Fortum News Desk, tel. +358 40 198 2843
Financial calendar
Fortum is arranging an Investor Day for analysts, institutional investors, other
capital markets representatives and media on Tuesday, 25 November 2025 at 10:00
a.m. EET. The event will be held in Helsinki, Finland, and as a live webcast
open to all. More information and registration instructions are available at
Fortum Investor Day 2025 (https://www.fortum.com/investors/calendar-and
-events/capital-markets-day).
Fortum's Financial Statements Bulletin for the year 2025 will be published on 3
February 2026 at approximately 9:00 EET. Fortum's Financial Statements and
Operating and Financial Review for 2025 will be published during week 7,
starting on 9 February 2026, at the latest.
Fortum will publish three interim reports in 2026:
· January-March on 29 April 2026 at approximately 9:00 EEST
· January-June on 21 July 2026 at approximately 9:00 EEST
· January-September on 28 October 2026 at approximately 9:00 EET
Fortum Annual General Meeting 2026 is planned to be held on 31 March 2026. The
Board of Directors will summon the Annual General Meeting and publish the dates
related to possible dividend at a later date.
Distribution:
Nasdaq Helsinki
Key media
www.fortum.com
Fortum
Fortum is a Nordic energy company. We generate and deliver reliable energy to
our customers and the Nordic energy system while at the same time helping
industries decarbonise their processes and grow. Our core operations comprise
efficient and best-in-class low-carbon power generation, customer services, and
heating and cooling. Fortum's power generation is already 99% from renewable or
nuclear sources with one of the lowest specific CO2-emissions in Europe. We are
guided by our ambitious SBTi-validated emission reduction targets on our way
towards net-zero by 2040. For our ~4,500 employees, we commit to be a safe and
inspiring workplace. Fortum's share is listed on Nasdaq
Helsinki. fortum.com (https://www.fortum.com)