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Fortum (FORTUM) investor relations material
Fortum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved power prices increased in Q3, but generation volumes were abnormally low due to hydro and nuclear outages, impacting profitability; these are expected to be temporary.
Efficiency improvement program targets EUR 100 million in annual fixed cost reductions by end of 2025, with full effect from 2026.
Renewables pipeline strengthened by acquiring a 4.4 GW wind project portfolio in Finland, bringing total onshore wind and solar projects in permitting to 8 GW.
Coal exit progresses with an EUR 85 million investment in the Zabrze CHP plant retrofit in Poland, supporting decarbonization goals.
Strategic focus remains on Nordic clean energy, decarbonisation, and growth in renewables.
Financial highlights
Q3 2025 sales were EUR 929 million, down from EUR 1,094 million in Q3 2024; comparable EBITDA was EUR 175 million, down from EUR 254 million.
Q3 comparable operating profit was EUR 97 million, down year-over-year due to lower generation volumes; comparable EPS for 9M 2025 was EUR 0.59.
Net profit for January–September 2025 was EUR 520 million, compared to EUR 820 million in the same period last year.
Operative cash flow for 9M 2025 was EUR 787 million, down from EUR 1,225 million.
Dividend of EUR 1.40 per share (EUR 1,256 million) paid in April 2025.
Outlook and guidance
Generation segment’s Nordic power sales hedged: 90% at EUR 42/MWh for 2025, 70% at EUR 41/MWh for 2026, 45% at EUR 39/MWh for 2027.
Annual nuclear output for 2025 is estimated to be 3.6 TWh lower than normal due to outages; hydro output for the last 12 months was 17.8 TWh versus a normal 20–20.5 TWh.
Optimization premium for 2025 is now estimated at EUR 10/MWh, up from previous guidance of EUR 7–9/MWh, driven by higher power price volatility.
Effective income tax rate guidance remains 18–20% for 2025–2026; Finnish corporate tax may decrease to 18% from 2027.
Capital expenditure for 2025–2027 is expected at EUR 1.4 billion, with EUR 250 million per year for maintenance and EUR 150–300 million per year for growth.
New nuclear: What conditions enable investment?
What drove the increased optimisation premium?
What is the purpose of the 8 GW renewables pipeline?
Consumer Solutions profitability outlook
Long-term PPA pricing and volume commitment
Optimization premium with normalized nuclear
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Frequently asked questions
Fortum Oyj, operates in the generation and sale of electricity and heat. The company has hydroelectric power plants; cogeneration; wind power; solar power and bio mass power plants; and a heat network in Finland. It also involves into Baltic Sea oil shale-based power plant; Uusnurmes plant in Estonia; Eastern Wind Power Oy renewable energy projects, which consist of wind turbines; and Lohja Energy Ab, a waste-to-energy facility. In addition, the company operates a private nuclear power plant in Finland. The company is based in Epsoo, Finland.
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