FORTUM CORPORATION INTERIM REPORT 29 APRIL 2026 AT 9:00 EEST
This release is a summary of Fortum's January-March 2026 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.
Strong power prices and increased generation volumes resulted in good first
-quarter results
January-March 2026
· Comparable EBITDA was EUR 600 (538) million.
· Comparable operating profit was EUR 521 (462) million due to higher power
prices and generation volumes.
· Operating profit was EUR 536 (470) million.
· Comparable earnings per share were EUR 0.45 (0.42).
· Earnings per share were EUR 0.47 (0.40).
· Cash flow from operating activities totalled EUR 355 (453) million.
Summary of outlook
· The Generation segment's estimated Nordic generation hedges: approximately
75% at EUR 39 per MWh for the remainder of 2026 and approximately 60% at EUR 40
per MWh for 2027.
· For 2026, the optimisation premium is expected to be 8-10 EUR/MWh, and for
2027 onwards 6-8 EUR/MWh.
· UPDATED: In 2026, nuclear generation volumes are expected to be in the range
of 23.5-24 TWh (previously: 24-24.5 TWh).
· For the period of 2026-2030, Fortum's committed capital expenditure is
expected to be approximately EUR 2.0 billion, excluding acquisitions. This
includes growth capex of approximately EUR 750 million in total and maintenance
capex of approximately EUR 250 million per year. For 2026, the total committed
capital expenditure is expected to be approximately EUR 550 million, excluding
acquisitions.
Key figures
EUR million or as indicated I/2026 I/2025 2025 LTM
Reported
Sales 1,992 1,642 4,989 5,339
Operating profit 536 470 939 1,005
Share of profit of associates and joint ventures -13 9 56 34
Net profit (after non-controlling interests) 421 363 765 823
Earnings per share, EUR 0.47 0.40 0.85 0.92
Net cash from operating activities 355 453 840 741
Number of employees 4,535 4,451 4,551
Comparable
EBITDA 600 538 1,240 1,302
Operating profit 521 462 924 982
Share of profit of associates and joint ventures -4 8 28 17
Return on net assets (RONA), % 10.9 11.2
Net assets (at period-end) 9,283 8,755 9,150
Net profit (after non-controlling interests) 404 374 739 769
Earnings per share, EUR 0.45 0.42 0.82 0.85
[]
EUR million or as indicated 2025 LTM
Financial position [1)]
Net debt (at period-end) 1,843 1,469
Net debt/comparable EBITDA 1.5 1.1
Financial net debt (at period-end) 1,479 N/A
Financial net debt/comparable EBITDA 1.2 N/A
1) Following the transition of Nasdaq's Nordic power futures business to
Euronext, Fortum reports Net debt instead of Financial net debt from the first
quarter of 2026 onwards. See Note 12 Interest-bearing net debt.
Fortum's President and CEO Markus Rauramo:
“During the first quarter of 2026, Nordic spot prices surged, nearly doubling
compared to last year, due to high power demand driven by cold weather, lower
hydro reservoir levels, and weak wind generation. Electricity demand across the
Nordics was approximately 8 TWh above the long-term average, mainly due to
increased non-industrial consumption. In Finland and Sweden, we saw consumption
peaks above and around historical record levels. By the end of the quarter,
milder temperatures and improved wind conditions brought down spot prices.
Our first-quarter result was good, reflecting the high spot prices despite our
high hedge ratio. Our achieved power price was higher than a year ago, at 62.5
EUR/MWh, supported by a strong double-digit optimisation premium. The Generation
segment's solid result benefited from high power prices and hydro generation
volumes. The Consumer Solutions segment achieved another strong quarter, at the
level of last year's record.
Our financial position continues to be robust with a leverage for Net debt-to
-Comparable EBITDA of 1.1 times at the end of the quarter, and we continue to
have sufficient liquidity and credit line buffers. After the reporting period,
we signed a new EUR 2.7 billion revolving credit facility, which replaces the
previous one.
Despite uncertainty in the operating environment, we continue to see robust
underlying customer demand from various industrial sectors, which we believe
reflects the long-term power demand growth. With our ability to partner with
industrial customers, our flexible hydro power and baseload nuclear fleet as
well as our renewables development portfolio, Fortum is uniquely positioned to
capture the upcoming growth. We see the data centre sector remaining very
active, particularly in Finland, where we are progressing the development of
sites to meet future customer needs. As we have communicated this year, we are
supporting DayOne in its plans to build a data centre in Nurmijärvi and Nscale
with its plans to establish a data centre in Harjavalta.
The escalation of the conflict in the Middle East during the quarter has
highlighted the fundamentally different exposure of European power markets to
geopolitical shocks. While such events immediately affect gas and coal prices -
and therefore power prices in more fossil‑fuel‑dependent markets in Central
Europe, the largely decarbonised Nordic power system is structurally less
exposed. Nevertheless, prolonged geopolitical tensions and persistently high
fuel prices would, if continued, worsen the macroeconomic environment in Europe,
increase uncertainty and potentially weigh on economic growth and investment
sentiment also in the Nordics.”
Espoo, 28 April 2026
Fortum Corporation
Board of Directors
Webcast/teleconference
A combined live webcast/teleconference for investors, analysts and media, will
be arranged online on 29 April at 11:00 EEST.
· Join the webcast (https://fortum.events.inderes.com/q1-2026)
To ask questions, please join the teleconference by registering using the
following link: https://events.inderes.com/fortum/q1-2026/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 after
the event at www.fortum.com/investors.
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
Fortum's interim reports in 2026:
· January-June on 21 July 2026 at approximately 9:00 EEST
· January-September on 28 October 2026 at approximately 9:00 EET
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)