Q1 2026 Fortum Oyj Earnings Call Transcript

Apr 29, 2026 / 08:00AM GMT

Release Date Price: $25.75

Transcript

Key Points

Positve

Fortum Oyj (FOJCF) achieved a higher power price in Q1 2026, with EUR62.5 per megawatt hour compared to EUR60.1 in the previous year.
The company reported a significant increase in realized market price, reaching EUR85.7 per megawatt hour from EUR46 in Q1 2025.
Hydro generation output was maximized due to high spot prices, resulting in 5.9 terawatt hours of output.
Fortum Oyj (FOJCF) maintained a strong balance sheet and good liquidity, with a new EUR2.7 billion revolving credit facility signed.
The company's comparable operating profit increased by EUR59 million to EUR521 million, and comparable earnings per share rose from EUR0.42 to EUR0.45.

Negative

Operating cash flow decreased to EUR355 million due to increased working capital, reflecting higher sales prices.
Nuclear generation faced challenges with an unplanned outage in Oskarshamn 3, affecting overall generation volume.
The Other Operations segment saw a decline in comparable operating profit by EUR8 million, resulting in a negative result of EUR28 million.
There are concerns about future power availability in Finland due to high activity levels from data centers and projected demand growth.
The company's leverage increased to 1.6x after dividend payments, although it remains below the maximum leverage ratio.

Ingela Ulfves

Fortum Oyj - Vice President - Investor Relations and Financial Communications

Good morning, everyone. A warm welcome to Fortum's joint webcast and news conference on our first-quarter 2026 results. My name is Ingela Ulfves, and I'm heading the Investor Relations at Fortum. As always, there will be -- this event is being recorded, and there will be a replay on the website later today.

With me here in the studio are our CEO, Markus Rauramo; and our CFO, Tiina Tuomela. They will present the group's financial and operational performance for the first quarter. Now let's go to our presentations, after which we will take your questions in the Q&A session.

So with this, I hand over to you, Markus, to start.

Markus Rauramo

Fortum Oyj - President, Chief Executive Officer, Member of the Executive Management

Thank you very much, Ingela. A warm welcome to this call also from my side. I will start by going through the key elements of our highlights and our financial performance. Then say a couple of words about the market development.

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