Fortum (FORTUM) Q1 2026 earnings summary

Executive summary

• Achieved power price in Q1 2026 was EUR 62.5/MWh, supported by a double-digit optimization premium and improved hydro generation; realized market price was EUR 85.7/MWh, up from EUR 46/MWh in Q1 2025.

• Sales rose 21% year-over-year to EUR 1,992 million, with comparable EBITDA at EUR 600 million and strong hydro output maximizing generation.

• Robust customer demand, especially from industrial sectors and data centers, with two new site development agreements signed and ongoing feasibility studies for new nuclear projects.

• Strong financial position with net debt/comparable EBITDA at 1.1x, ample liquidity, and a dividend of EUR 0.74/share paid in April 2026.

Financial highlights

• Comparable operating profit for Q1 2026 was EUR 521 million (up from EUR 462 million), and comparable EBITDA reached EUR 600 million (up from EUR 538 million).

• Comparable net profit was EUR 404 million; comparable EPS rose to EUR 0.45 from EUR 0.42.

• Net profit after non-controlling interests was EUR 421 million; EPS was EUR 0.47.

• Operative cash flow decreased to EUR 355 million due to higher working capital from increased sales prices.

Outlook and guidance

• Full-year optimization premium guidance maintained at EUR 8–10/MWh for 2026 and EUR 6–8/MWh for 2027; 75% of Nordic generation hedged at EUR 39/MWh for 2026, 60% at EUR 40/MWh for 2027.

• Nuclear output for 2026 estimated at 23.5–24 TWh, below the normal 26 TWh due to outages.

• CapEx guidance unchanged: EUR 550 million committed for 2026, EUR 2 billion for 2026–2030.

• Comparable operating profit targeted to improve by EUR 330 million by 2030 from a EUR 930 million baseline, excluding capex, M&A, or power price changes.

• Corporate tax rate expected at 18%–20% for 2026; potential decrease to 18% in 2027 pending legislation.