Half Year 2026 Fortum Oyj Earnings Call Transcript
Key Points
- Fortum Oyj (FOJCF) maintained a strong balance sheet and good liquidity, with a leverage ratio of 1.4x.
- The company announced a strategic acquisition of Elmera, which is expected to create a stronger Nordic business with significant synergies.
- Fortum Oyj (FOJCF) continues to see robust underlying customer demand from various industrial sectors, indicating long-term power demand growth.
- The company has committed to ending coal-fired power generation in Finland by 2027, aligning with its goal to reach net zero by 2040.
- Fortum Oyj (FOJCF) reported an increase in operative cash flow to EUR324 million due to a decrease in working capital.
- The achieved power price in Q2 was lower than the previous year, primarily due to lower income from ancillary services and high hedge ratios.
- Comparable operating profit and EPS developed negatively in Q2, with a decrease in operating profit by EUR9 million.
- There were more planned nuclear outage days compared to the previous year, impacting generation volumes.
- The company experienced higher fixed costs, which contributed to a decline in Consumer Solutions' comparable operating profit.
- Fortum Oyj (FOJCF) faces uncertainty in the operating environment, with volatility in the Nordic power market and challenges in ancillary services.
Good morning, everyone. A warm welcome to Fortum's webcast and news conference for the investor community and media on our half year 2026 results. My name is Ingela Ulfves, and I'm heading Investor Relations at Fortum. As always, this event is being recorded, so a replay will be available for you later today on our website. With me here in the studio are both, our CEO, Markus Rauramo; and our CFO, Tiina Tuomela.
Markus and Tiina will present the group's financial and operational performance for the Q2 and half year. Now let's go to our presentation, after which, we can then take your questions in the Q&A session.
I now hand over, Markus, to you, to start.
Thank you very much, Ingela. A warm welcome to this call also from my side. I will start by going through the highlights of our Q2 and our financial performance and then talk about the market
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