Investing.com — reported full-year 2025 results broadly in line with market expectations, with comparable EBITDA coming in at €1.24 billion, down from €1.56 billion a year earlier and slightly below the consensus of €1.28 billion cited by RBC Capital Markets.
Comparable operating profit reached €924 million versus €1.18 billion in 2024, and also below the consensus of €954.7 million expected by analysts, while comparable earnings per share stood at €0.82, broadly matching forecasts.
Fortum shares fell 1.7% in early trading.
Generation remained the main drag on performance, with segment EBITDA falling 23% to €1.10 billion as lower power prices and weaker output weighed on results. Combined nuclear and hydro production declined by around 3.9 terawatt hours year-on-year, reflecting unplanned outages and softer hydro flows, with achieved power prices averaging €51.4 per megawatt hour.
Consumer Solutions delivered a bright spot, posting EBITDA of €213 million, up 32%, supported by improved gas and electricity margins and cost synergies from last year’s brand mergers. Other operations posted a €71 million loss.
Fortum achieved an optimisation premium of €9.7 per megawatt hour for 2025, in line with guidance, and maintained its outlook of €8 to €10 for 2026 and €6 to €8 from 2027 onward.
The company also proposed a dividend of €0.74 per share.
Net debt rose sharply to €1.48 billion, taking leverage to 1.2 times comparable EBITDA. Hedges in the generation segment stand at around 75% for 2026 at €41 per megawatt hour and 55% for 2027 at €40.
On investment plans, Fortum said committed capital expenditure for 2026 to 2030 is expected to be around €2 billion excluding acquisitions, including €750 million of growth capex and roughly €250 million per year in maintenance spending. For 2026 alone, total committed capex is expected to be about €550 million, excluding acquisitions.
RBC analyst Alexander Wheeler said results were “still awaiting additional colour on demand growth,” adding that the market remains focused on Nordic power demand and any visibility on potential data centre agreements, with shares already reflecting “a material amount of upside in this regard.”