FORTUMNasdaq HelsinkiUtilities - RenewableIFRS · EUR

Fortum Oyj

Fortum is a Finnish energy company focused on providing clean and reliable energy solutions. The company operates primarily in the Nordic region, with a strong emphasis on hydro and nuclear power production. Fortum also engages in district heating and cooling, as well as consumer energy solutions. The company is committed to advancing industrial decarbonization and exploring new business opportunities in renewable energy and clean hydrogen.

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Revenue4,989m EUR
−14.0 %y/y
Operating profit (EBIT)939m EUR
−29.1 %y/y
EBIT margin18.8%
−4.0 ppy/y
Net income763m EUR
−34.2 %y/y
Free cash flow341m EUR
−61.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-250255075100125bn EUR2021: 112.4 bn EUR2021: EBIT -0.59 bn EUR20212022: 8.8 bn EUR2022: EBIT 1.3 bn EUR20222023: 6.7 bn EUR2023: EBIT 1.7 bn EUR20232024: 5.8 bn EUR2024: EBIT 1.3 bn EUR20242025: 5.0 bn EUR2025: EBIT 0.94 bn EUR2025TTM 2026: EBIT 0.81 bn EURTTM0.81
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Hydro and Nuclear Power40 %

Includes hydroelectric and nuclear power generation

District Heating and Cooling20 %

Provides heating and cooling solutions for urban areas

Consumer Solutions25 %

Offers energy solutions to consumers and SMEs

Renewable Energy Projects10 %

Development of wind and solar energy projects

Energy Trading and Optimization5 %

Involves trading and optimizing energy production

Customers

Fortum serves a diverse range of customers, including industrial and commercial clients, as well as individual consumers. In the Nordic region, the company provides energy solutions to over two million customers, focusing on both short and medium-term contracts. Industrial customers rely on Fortum for stable and sustainable energy supplies, crucial for their operations. The company also targets small and medium enterprises with tailored energy solutions, leveraging digital tools to enhance customer experience.

Industrial Clients

Purchase stable energy supplies for operations

Commercial Businesses

Require sustainable energy solutions

Individual Consumers

Buy energy solutions in the Nordic region

Small and Medium Enterprises

Need tailored energy solutions

Strategy

Fortum's strategic priorities include delivering reliable clean energy, supporting industrial decarbonization, and fostering growth in core business areas. The company aims to leverage market volatility in electricity to optimize its production and expand selectively in hydro and nuclear power. Fortum is also preparing for future growth by developing renewable energy projects and exploring clean hydrogen opportunities. Maintaining a strong credit rating and adhering to strict investment criteria are key financial objectives.

Deliver reliable clean energyMedium term

To meet growing demand and regulatory requirements

Support industrial decarbonizationLong term

To align with environmental goals and customer needs

Develop renewable energy projectsMedium term

To diversify energy sources and meet sustainability targets

Geography

Fortum's operations are primarily concentrated in the Nordic region, with significant activities in Finland, Sweden, and Norway. The company also has a presence in other European countries and has recently divested its renewable energy portfolio in India. Fortum's strategic focus on the Nordic market is driven by the region's stable regulatory environment and high demand for clean energy. The company also explores opportunities in other markets to expand its renewable energy projects.

Risks

Fortum faces several risks, including regulatory changes in the energy sector, geopolitical tensions affecting market stability, and fluctuations in Nordic electricity prices. The company's reliance on hydro and nuclear power exposes it to environmental and operational risks. Additionally, the transition to renewable energy involves technological and market uncertainties. Fortum actively engages with policymakers to mitigate regulatory risks and employs financial hedging strategies to manage price volatility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory changes1Electricity price fluctuations3Geopolitical tensions2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory changesImpact: CriticalLikelihood: Medium

    Impact on energy sector operations and investments

  2. Geopolitical tensionsImpact: HighLikelihood: High

    Affect market stability and investment decisions

  3. Electricity price fluctuationsImpact: HighLikelihood: Medium

    Impact profitability of power production

Accounting

Judgemental items
Revenue recognition

Affects timing and reporting of energy sales

Impact: high

Derivatives accounting

Reflects market conditions and hedging strategies

Impact: medium

Estimates and provisions

Significant for environmental liabilities

Impact: high

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Last updated: 24/09/2026