Full Year 2025 Fortum Oyj Earnings Call Transcript
Key Points
- Fortum Oyj (FOJCF) achieved a strong optimization premium of €9.7 per megawatt hour in 2025, exceeding expectations.
- The company successfully reduced its annual fixed costs by €100 million, excluding inflation, with the full run rate effective from 2026.
- Fortum Oyj (FOJCF) expanded its renewables portfolio by acquiring two development project portfolios in Finland, increasing its pipeline to approximately 8 gigawatts.
- The company made significant progress in decarbonization, with 99% of its power generation in 2025 coming from renewable or nuclear sources.
- Fortum Oyj (FOJCF) maintained a strong financial position with a leverage ratio of 1.2 times and proposed a dividend of EUR74 cents per share, reflecting a 90% payout of comparable earnings per share.
- The achieved power price for the full year 2025 was slightly below the previous year's level, at €51.4 per megawatt hour compared to €52.5.
- Generation volumes were significantly impacted by prolonged unplanned outages at the Ososhham nuclear power plant, resulting in lower hydro and nuclear volumes.
- Comparable operating profit for the full year 2025 declined to €924 million, reflecting lower generation volumes.
- Operative cash flow decreased significantly from approximately €1.4 billion to €840 million.
- Nuclear availability was below target, with a 75% availability rate, far below the target of 90%, due to significant outages.
Mr President, good morning everyone and greetings from a cold Helsinki. A warm welcome to Fortum's joint webcast and news conference for the investor community and media on our full year financial statements 2025. My name is Ingela Ulves and I am heading the investor relations at Forum.
As always, this event is being recorded and there will be a replay for you later today to be found on our website. With me here in the studio are again our CEO Marcus Raurrama, and our CFO, Tina Tuamella.
Marcus Santina will present the group's financial and operational performance during the 4th quarter and full year 2025.
Now let us go to our presentations, after which we will take your questions in the QFA session.
So I hand over to Marcus to start.
Thank you very much, Sella. A warm welcome to our full year 2025 results call also from my side.
I will start by going through the key elements of our highlights and our financial
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