Fortum reports lower first-quarter earnings
Fortum's comparable operating profit fell to 462 million euros in the first quarter of 2025, down from 530 million euros in the previous year.
Energy company Fortum Oyj reported a decline in earnings for the first quarter of 2025, with comparable operating profit reaching 462 million euros compared to 530 million euros in the first quarter of 2024. Comparable EBITDA also decreased to 538 million euros, down from 622 million euros year-on-year.
CEO Markus Rauramo attributed the lower results to reduced spot power prices in the Nordic region, driven by mild weather and high water reservoir levels. Despite these market conditions, Fortum maintained a solid achieved power price through the active optimization of its generation fleet. Consequently, the company raised its 2025 optimization premium guidance to a range of 7–9 euros per MWh.
The Generation segment’s performance was impacted by lower spot prices and reduced nuclear and hydro volumes. In contrast, the Consumer Solutions segment recorded its highest quarterly comparable operating profit to date, supported by improved gas margins in Poland and synergy gains from recent brand restructuring.
Regarding future investment, a feasibility study conducted by the company concluded that new nuclear power capacity in Finland and Sweden is not economically viable on a merchant basis under current market conditions. Fortum maintains a strong financial position, with net debt effectively at zero at the close of the quarter.