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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
How will Fortum's 8 GW pipeline address PPA needs?
What drives conviction for 90% nuclear availability?
How will flexibility assets capture market volatility?
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Next Fortum earnings date
AGM 202631 Mar, 2026
Fortum
Next Fortum earnings date
AGM 202631 Mar, 2026
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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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