Fortum Oyj Q3 2026 Earnings Recap

Fortum’s shares fell 2.2% after the report, a broadly muted reaction. Comparable operating profit rose modestly, but EPS was flat and the achieved power price edged down year on year despite higher realized market prices.

Key Takeaways

• Q3 comparable operating profit was €102 million, up €5 million year on year; comparable EPS remained €0.08.
• Achieved power price declined to €45.5/MWh from €46.1/MWh, while the realized market price rose to €46/MWh from €36.7/MWh. Fortum attributed the lower achieved price to reduced physical value creation and a high hedge ratio.
• Outright generation increased by 0.7 TWh to 9.8 TWh. Higher nuclear output was partly offset by weaker hydro conditions and hydro volumes allocated to future periods.
• Operating cash flow increased slightly to €134 million, and net debt to comparable EBITDA was 1.4x.
• Fortum settled its Elmera tender offer for approximately €463 million, securing nearly 92% of the company’s issued and outstanding share capital; consolidation was expected from 31 October.