FORTUM CORPORATION FINANCIAL STATEMENTS BULLETIN 2 FEBRUARY 2026 AT 9:00 EET
This release is a summary of Fortum's January-December 2025 Financial Statements Bulletin. The complete report is attached to this release as a PDF file. It is also available on the company's website at www.fortum.com/investors.
2025 was defined by strong optimisation premium, solid achieved power price and low generation volumes
October-December 2025
- Comparable EBITDA was EUR 336 (355) million.
- Comparable operating profit was EUR 251 (257) million due to lower generation volumes.
- Operating profit was EUR 305 (390) million.
- Comparable earnings per share were EUR 0.23 (0.18).
- Earnings per share were EUR 0.27 (0.39).
- Cash flow from operating activities totalled EUR 53 (167) million.
January-December 2025
- Comparable EBITDA was EUR 1,240 (1,556) million.
- Comparable operating profit was EUR 924 (1,178) million mainly due to lower generation volumes and power prices.
- Operating profit was EUR 939 (1,325) million.
- Comparable earnings per share were EUR 0.82 (1.00).
- Earnings per share were EUR 0.85 (1.30).
- Cash flow from operating activities totalled EUR 840 (1,392) million.
- In 2025, the optimisation premium included in the achieved power price for the whole outright portfolio was 9.7 EUR/MWh.
- Fortum's Board of Directors proposes a dividend of EUR 0.74 (1.40) per share and that the dividend will be paid in the second quarter.
Summary of outlook
- The Generation segment's estimated Nordic generation hedges: approximately 75% at EUR 41 per MWh for 2026 and approximately 55% at EUR 40 per MWh for 2027.
- For 2026, the optimisation premium is expected to be 8-10 EUR/MWh, and for 2027 onwards 6-8 EUR/MWh.
- For the period of 2026-2030, Fortum's committed capital expenditure is expected to be approximately EUR 2.0 billion excluding acquisitions. This includes growth capex of approximately EUR 750 million in total and maintenance capex of approximately EUR 250 million per year. For 2026, the total committed capital expenditure is expected to be approximately EUR 550 million excluding acquisitions.
Key figures
| EUR million or as indicated | IV/2025 | IV/2024 | 2025 | 2024 |
| Reported | ||||
| Sales | 1,444 | 1,435 | 4,989 | 5,800 |
| Operating profit | 305 | 390 | 939 | 1,325 |
| Share of profit of associates and joint ventures | 10 | -38 | 56 | 19 |
| Net profit (after non-controlling interests) | 246 | 344 | 765 | 1,164 |
| Earnings per share, EUR | 0.27 | 0.39 | 0.85 | 1.30 |
| Net cash from operating activities | 53 | 167 | 840 | 1,392 |
| Number of employees | 4,551 | 4,466 | ||
| EUR million or as indicated | IV/2025 | IV/2024 | 2025 | 2024 |
| Comparable | ||||
| EBITDA | 336 | 355 | 1,240 | 1,556 |
| Operating profit | 251 | 257 | 924 | 1,178 |
| Share of profit of associates and joint ventures | 14 | -35 | 28 | -30 |
| Return on net assets (RONA), % | 10.9 | 13.0 | ||
| Net assets (at period-end) | 9,150 | 8,554 | ||
| Net profit (after non-controlling interests) | 207 | 169 | 739 | 900 |
| Earnings per share, EUR | 0.23 | 0.18 | 0.82 | 1.00 |
| EUR million or as indicated | 2025 | 2024 |
| Financial position | ||
| Financial net debt (at period-end) | 1,479 | 367 |
| Financial net debt/comparable EBITDA | 1.2 | 0.2 |
Fortum's President and CEO Markus Rauramo:
"For Fortum, 2025 was marked by a strong optimisation premium and solid achieved power price despite low generation volumes. At the end of the year, we updated our long-term financial targets as well as strategic targets and KPIs to ensure value creation from both existing operations and upcoming opportunities. We are confident that electricity demand in the Nordics will grow - driven by data centres, decarbonisation and electrification of industry, and the broader transition to a low-carbon society. With Fortum's unique position in the Nordics, we are ready to lead that wave.
In 2025, the Nordic power market was characterised by continued strong price volatility. A warm start to the year and the surplus in hydro reservoir levels lowered Nordic spot prices early in the year, especially in the north. Mild weather persisted into the second quarter. Reduced hydro inflows and increased generation soon decreased the surplus, pushing up prices by summer. At the beginning of the third quarter, low rainfall returned hydro reservoirs to average, further supporting prices. In the fourth quarter, Nordic spot prices were higher compared to the previous year due to lower reservoir levels and lower wind speeds. Nordic power demand remained unchanged compared to 2024, primarily sustained by non-industrial consumption, while electricity exports from the Nordic region saw a slight decrease.
Our 2025 financial year comparable result was affected by the decline in the Generation segment's result. The main reason was lower generation volumes, but also lower hedge power prices had a negative effect. Our nuclear and hydro output was as much as 3.9 TWh below last year's output, mainly due to the long unplanned outage at the Oskarshamn nuclear plant but also lower hydro inflows. However, our achieved power price of 51.4 EUR/MWh was strong, supported by successful physical optimisation and hedging. The optimisation premium of 9.7 EUR/MWh clearly improved from 2024. The optimisation premium in particular confirms Fortum's ability to create value from its very competitive outright generation portfolio. In the fourth quarter, the Generation segment's comparable operating profit declined mainly due to lower hedge prices, partly offset by higher hydro generation. Further, we are very pleased that our Consumer Solutions segment recorded its strongest fourth-quarter and full-year comparable operating profit so far, driven by improved gas and electricity margins and realised cost synergies from the brand mergers completed in 2024. The Other Operations segment also saw an improvement in its comparable result in 2025 due to divestments of non-core businesses carried out the year before.
Our financial position continues to be robust with a leverage for Financial net debt-to-Comparable EBITDA of 1.2 times, and we continued to have sufficient liquidity and credit line buffers at the end of the year.
Based on our Group results and financial position, Fortum's Board of Directors is proposing to the Annual General Meeting a dividend of EUR 0.74 per share corresponding to a 90% payout of comparable EPS, in line with Fortum's dividend policy. Adding the proposed dividend payment to the net debt-to-comparable EBITDA at the end of 2025, it would be 1.7 times.
In 2025, Fortum committed to its SBTi-validated short- and long-term targets and net zero target by 2040, and we will exit coal by the end of 2027. In 2025, 99% of Fortum's power generation came from renewable (hydro and wind) or nuclear sources, leading to one of the lowest specific CO2 emissions among European utilities. We are proud to announce that in 2025 we already achieved our ambitious targets for specific emissions, both for total energy production and for power generation - reinforcing our position as a climate leader in the industry. In 2025, we also updated our terrestrial and aquatic biodiversity targets, outlined our first biodiversity plan with concrete actions for the upcoming years and published our terrestrial biodiversity footprint for the first time.
In November, we held our Investor Day and updated our strategic targets and KPIs regarding our strategic focus areas: operations, commercialisation and development. Our strategic priorities remained fundamentally the same.
Regarding our strategic priority to deliver reliable energy to our customers, in 2025 we focused on our core operations and advanced several significant projects to even better meet the needs of our customers, the society and the Nordic energy system. At the Loviisa nuclear power plant, the preparations for the lifetime extension until 2050 are advancing well, and we continued the introduction of Western fuel into the plant's second unit. A significant amount of the fuel load at Loviisa nuclear power plant is now of Western origin. In March, we announced the results of our extensive feasibility study exploring the prerequisites for new nuclear in Finland and Sweden. The study concluded that with the current power market outlook, new nuclear power is not economically viable on a merchant basis only. Fortum will continue to develop new nuclear power as a long-term option to meet projected customer demand growth. Fortum also started a feasibility study to explore possibilities for flexible pumped-storage hydropower in Sweden. In Consumer Solutions, we announced the acquisition of Orange Energia in June, one of the largest independent electricity solutions providers in Poland. The Espoo Clean Heat programme is making significant progress: we have now commissioned our own electrified district heat production at the Espoo and Kirkkonummi data centre sites with future waste heat offtake from the upcoming Microsoft data centres. Additionally, the electricity-powered district heating facility in Nuijala, Espoo, has also begun production. In the fourth quarter, we made the decision to invest EUR 85 million in decarbonisation of our Zabrze CHP plant in Poland, following last year's similar investment decision in the Czestochowa plant.
On our strategic priority to drive decarbonisation in industries, we have continued to develop several sites across Finland that can be offered to our customers for data centre or industrial use. In addition, we have continued in the role of energy partner to support a feasibility study exploring low-carbon aluminium manufacturing opportunities in Kokkola and Kruunupyy, Finland. In 2025, we also expanded our renewable energy development pipeline through two major onshore wind power portfolio acquisitions in Finland. We secured a 2.6-GW development portfolio from Enersense and a 4.4-GW development portfolio from ABO Energy, bringing our permitting-phase wind and solar pipeline across the Nordics to approximately 8 GW, with more projects in the early development phase.
To ensure competitiveness also in future years, Fortum's third strategic priority is to transform and develop. In 2025, Fortum concluded its efficiency improvement programme, reducing annual fixed costs by EUR 100 million (excluding inflation) by the end of 2025. In 2026, fixed costs are expected to be approximately EUR 870 million. Going forward, Fortum expects its Comparable operating profit to improve by EUR 330 million by 2030. This improvement is based on our own actions, for example improved fleet availability, efficiency improvements and organic growth. The improvement does not include impacts from capital expenditure, M&A or power price changes.
In the near term, the operating environment continues to be impacted by strong geopolitical tensions, which cause uncertainty and turbulence and may pose challenges to major industrial investments in the Nordics. However, we continue to see robust underlying customer demand from various industrial sectors, which we believe reflects the long-term power demand growth. We continue to develop our opportunities for customer-driven profitable growth as well as our competitiveness and efficiency.
To conclude, I want to sincerely thank all our employees for their commitment and effort over the past year. I'm also grateful to our customers, partners, shareholders, and other stakeholders for placing their trust in us as we work towards creating a world where people, businesses and nature thrive together."
Dividend distribution proposal
The Board of Directors proposes that a dividend of EUR 0.74 per share be paid for the financial year 2025, which corresponds to 90% payout of the Group's comparable earnings per share (EPS) of EUR 0.82.
In Fortum's dividend policy, the payout ratio is 60-90% of the Group's comparable EPS. The upper end of the pay-out ratio range is applied in situations with a strong balance sheet and low investments, while the lower end of the range is applied in situations with high leverage and/or significant investments and high capital expenditure. Fortum seeks to continue to pay competitive cash dividends.
Based on the number of shares registered as at 2 February 2026, the dividend payment would total EUR 663,975,704.
The dividend would be paid to shareholders who on the record date of the dividend payment 2 April 2026 are recorded in the Company's shareholders' register held by Euroclear Finland Oy. The Board of Directors proposes that the dividend be paid on 14 April 2026.
Espoo, 2 February 2026
Fortum Corporation
Board of Directors
Webcast/teleconference
A combined live webcast/teleconference for investors, analysts and media will be arranged online on 3 February at 11:00 EET. For the webcast, use the link at www.fortum.com/investors.
To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/fortum/q4-2025/dial-in. After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, please press *5 on your telephone keypad to enter the queue.
A recording of the webcast, as well as the transcript will be published on www.fortum.com/investors after the event.
Further information:
Investor Relations and Financial Communications: Ingela Ulfves, tel. +358 40 515 1531, Rauno Tiihonen, tel. +358 10 453 6150, Siri Markula tel. +358 40 743 2177, Pirjo Lifländer, tel. +358 40 643 3317, and investors@fortum.com
Media: Fortum News Desk, tel.?+358 40 198 2843
Fortum's Financial Statements and Operating and Financial Review for 2025 will be published during week 7, starting on 9 February 2026, at the latest.
Fortum will publish three interim reports in 2026:
- January-March on 29 April 2026 at approximately 9:00 EEST
- January-June on 21 July 2026 at approximately 9:00 EEST
- January-September on 28 October 2026 at approximately 9:00 EET
Fortum Annual General Meeting 2026 is planned to be held on 31 March 2026. The Board of Directors will summon the Annual General Meeting at a later date.
Distribution:
Nasdaq Helsinki
Key media
www.fortum.com
Fortum
Fortum is a Nordic energy company. We generate and deliver reliable energy to our customers and the Nordic energy system while at the same time helping industries decarbonise their processes and grow. Our core operations comprise efficient and best-in-class low-carbon power generation, customer services, and heating and cooling. Fortum's power generation is already 99% from renewable or nuclear sources with one of the lowest specific CO2-emissions in Europe. We are guided by our ambitious SBTi-validated emission reduction targets on our way towards net-zero by 2040. For our ~4,500 employees, we commit to be a safe and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com
