Fortum (FORTUM) Q3 2026 earnings summary

Executive summary

• Q3 comparable operating profit rose to €102 million from €97 million; comparable EPS remained €0.08. 9M comparable operating profit increased to €729 million from €674 million.

• Higher nuclear generation supported Q3 results, partly offset by lower physical value creation and weaker hydro output.

• The Google nuclear PPA and Elmera acquisition advanced growth in industrial power supply and Nordic consumer solutions.

Financial highlights

• Q3 sales were €1,114 million versus €929 million; comparable EBITDA was €182 million versus €175 million and reported operating profit was €72 million versus €60 million.

• Q3 comparable net profit was €65 million versus €70 million; reported net profit was €28 million versus €51 million.

• 9M sales rose to €4,229 million from €3,545 million; comparable net profit was €544 million versus €531 million and reported net profit was €561 million versus €520 million.

• Q3 Nordic achieved power price was €45.5/MWh versus €46.1/MWh; realised blended market price was €46.0/MWh versus €36.7/MWh.

• 9M operating cash flow was €813 million versus €787 million; cash and cash equivalents at September-end were €2,250 million.

Outlook and guidance

• Generation hedges: remainder of 2026, 80% at €43/MWh; 2027, 70% at €42/MWh; 2028, 45% at €42/MWh.

• Optimisation premium guidance is €8–10/MWh for 2026 and €6–8/MWh from 2027 onward; 2026 nuclear generation is expected at 23.0 TWh.

• 2026–2030 committed capex is €2.0 billion excluding acquisitions, including €750 million growth capex and €250 million annual maintenance capex; 2026 committed capex is €550 million.

• 2026 comparable effective income tax rate guidance is 18–20%.

• Comparable operating profit target: €330 million improvement by 2030 from a €930 million baseline, excluding capex, M&A and power-price changes.