Finland's Fortum Q3 revenue rises on higher nuclear generation volumes

Fortum Oyj

28/10/2026 07:10

Overview
Finland energy firm's Q3 revenue and operating profit rose yr/yr, driven by higher nuclear volumes
Comparable EPS for Q3 was unchanged from last year
Company signed 22-year nuclear PPA with Google and completed Elmera Group ASA acquisition post-quarter

Outlook
Fortum expects 2026 nuclear generation volumes of about 23.0 TWh, down from 23.0–23.5 TWh
Company estimates 80% of Nordic generation hedged at EUR 43/MWh for rest of 2026
Fortum sees committed capex for 2026 at about EUR 550 mln, excluding acquisitions

Result Drivers
NUCLEAR VOLUMES - Co said higher nuclear generation volumes in the Generation segment drove Q3 comparable operating profit
SPOT PRICES - Nordic spot prices increased compared to the previous year, driven by lower hydro reservoir levels, lower nuclear availability and high Continental European power prices
CONSUMER SOLUTIONS - Co said Consumer Solutions result decreased from the exceptionally strong level recorded in Q3 2025

Company press release: ID:nWkr3xF4dj

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Sales
 
EUR 1.11 bln
 
Q3 EPS
 
EUR 0.04
 
Q3 Adjusted EBITDA
 
EUR 182 mln
 
Q3 Adjusted EBIT
 
EUR 102 mln
 
Q3 Adjusted Free Cash Flow
 
EUR 134 mln
 
Q3 EBIT
 
EUR 72 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 12 "hold" and 6 "sell" or "strong sell"
The average consensus recommendation for the electric utilities peer group is "hold"
Wall Street's median 12-month price target for Fortum Oyj is €23.00, about 2.5% below its October 27 closing price of €23.60
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 20 three months ago

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Oct 27 - South Korea approves continued operation of Kori No. 3, 4 nuclear reactors, Yonhap reports

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)