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Fortum
Fortum (FORTUM) investor relations material
Fortum Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
2025 featured strong optimisation premiums and solid achieved power prices, but lower generation volumes due to unplanned nuclear outages impacted profitability.
Efficiency programme concluded, reducing annual fixed costs by €100 million and setting a run rate of €870 million from 2026.
Renewables pipeline expanded to ~8 GW in permitting; acquisitions in Poland and Finland advanced strategic goals.
99% of power generation from renewable or nuclear sources; SBTi-validated net zero target by 2040.
Dividend of €0.74/share proposed, representing a 90% payout of comparable EPS, to be paid in April 2026.
Financial highlights
Comparable operating profit for 2025 declined to €924 million from €1,178 million; comparable EBITDA was €1,240 million, down from €1,556 million.
Comparable EPS dropped to €0.82 from €1; operative cash flow fell to €840 million from €1.4 billion.
Q4 comparable EPS increased to €0.23 from €0.18; Q4 comparable operating profit was €251 million.
Net profit after non-controlling interests was €765 million (2024: €1,164 million).
Sales for 2025 were €4,989 million, down from €5,800 million in 2024.
Outlook and guidance
2026 hedge price €41/MWh (75% hedged); 2027 hedge price €40/MWh (55% hedged).
Optimisation premium guidance: €8–10/MWh for 2026, €6–8/MWh from 2027 onwards.
CapEx guidance: €550 million for 2026; €2 billion for 2026–2030, with €750 million for growth.
Fixed cost base for 2026 set at ~€870 million.
Effective tax rate guidance: 18–20% for 2026.
Bridge ready-to-build pipeline gap by 2028
Drivers for EUR 330m comparable profit gain
Finnish data center tax impact on investments
Path to 90% nuclear availability target
Renewable pipeline strategy for PPA tenders
Rationale for 2027+ optimization premium guidance
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Latest events from Fortum
- Solid optimisation premium and renewables growth drive long-term value and climate progress.FORTUM
Investor presentation3 Feb 2026 - Resilient H1 2024 results with strong hedging, cost cuts, and robust financial position.FORTUMQ2 20241 Feb 2026
- Resilient Q3, strong hedging and liquidity, with strategic progress despite lower power prices.FORTUMQ3 202418 Jan 2026
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- New nuclear is a long-term Nordic solution, dependent on risk-sharing and strong partnerships.FORTUMStatus Update7 Jan 2026
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- 14% RONA, €330m profit growth, and net zero by 2040 drive Nordic energy expansion.FORTUMInvestor Day 202525 Nov 2025
- Profits fell on low generation, but hedging and acquisitions supported financial stability.FORTUMQ2 202523 Nov 2025
- Lower generation volumes cut profits, but renewables, liquidity, and cost cuts advanced.FORTUMQ3 202529 Oct 2025
Next Fortum earnings date
AGM 202631 Mar, 2026
Fortum
Next Fortum earnings date
AGM 202631 Mar, 2026
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