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Fortum Investor presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Investor presentation summary1 Jun, 2026

Strategic priorities and market positioning

Focus on reliable energy delivery, decarbonisation, and customer-centric transformation, underpinned by values of ambition, care, and collaboration.
Nordic market offers low-carbon, affordable electricity, strong infrastructure, and skilled workforce, attracting data centres and industrial demand.
Power generation dominated by nuclear (52%) and hydro (44%), with a total capacity of 9,296 MW as of end 2025.
Flexible generation fleet and optimisation premium provide a competitive edge, with a targeted premium of 8-10 €/MWh in 2026.
Strategic capital allocation balances €2.0 bn investments (2026–2030) between maintenance and growth, aiming for a 14% RONA and 60–90% dividend payout.

Financial performance and outlook

Achieved power price of 62.5 €/MWh in Q1 2026, supported by higher hydro generation and optimisation premium.
Comparable operating profit rose to €521 million in Q1 2026, mainly from higher spot prices and volumes.
Net debt-to-EBITDA at 1.1x, with €1,469 million net debt and liquidity reserves of €6.4 bn.
Capital expenditure guidance for 2026–2030: €2.0 bn, with €250 million annual maintenance and €750 million growth capex.
Dividend policy targets 60–90% payout of comparable EPS, maintaining a solid investment grade rating.

Growth opportunities and operational development

Projected Nordic power demand to rise from 395 TWh (2023) to 975 TWh (2050), driven by data centres, electrification, and green industries.
Renewables pipeline of ~8 GW in permitting, targeting 1.2 GW ready-to-build by 2028.
New investments require higher power prices; LCOE for new nuclear and offshore wind significantly above current market prices.
Expansion of interconnector capacity to over 13 GW by end 2026 enhances market integration and export potential.
Customer partnerships focus on low-carbon PPAs and holistic energy management, with sites adjacent to major infrastructure.

Explain the 2025 nuclear availability shortfall

Drivers for the 2027 optimisation premium decline

Criteria for deploying non-committed growth capex

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