Fortum reports profit growth and secures long-term nuclear power agreement
Fortum's comparable operating profit rose to EUR 102 million in the third quarter. The company also signed a 22-year nuclear power purchase agreement with Google.
Fortum reported a comparable operating profit of EUR 102 million for the third quarter of 2026, up from EUR 97 million in the same period last year. The results were primarily driven by higher production volumes from the company's nuclear assets. For the first nine months of the year, the comparable operating profit reached EUR 729 million, supported by stronger spot prices and generation volumes.
The company announced its largest-ever power purchase agreement (PPA), a 22-year contract with Google regarding output from the Loviisa nuclear power plant. The agreement covers up to 50% of the plant's capacity from 2030 through 2049, providing a financial foundation for the plant’s life extension and modernization efforts. The parties also signed a memorandum of understanding to explore further cooperation in renewables, flexibility solutions, and nuclear newbuild projects.
Operational expansion continued in the consumer sector with the completion of the acquisition of Norwegian retailer Elmera Group ASA. The entity is scheduled to be integrated into Fortum's Consumer Solutions segment effective October 31, 2026.
Looking ahead, Fortum has revised its 2026 nuclear generation estimate to approximately 23.0 TWh. Total committed capital expenditure for 2026–2030 remains set at approximately EUR 2.0 billion, focusing on growth projects and maintenance.