Finnish utility Fortum's Q1 profit up more than expected as power prices and volumes rise (updated)

Fortum Oyj

29/04/2026 07:19

Updates news bulletin with achieved power price, nuclear generation forecast trim and hedging price update for 2026

HELSINKI, April 29 (Reuters) - Fortum FORTUM.HE reported a bigger-than-expected rise in first-quarter comparable operating profit on Wednesday, on the back of higher power prices and recovering generation volumes.

The utility, in which the Finnish state has a controlling stake and which generates most of its electricity from nuclear and hydropower, has faced pressure on earnings in the past year from unplanned nuclear plant outages, weaker hydro inflows and lower Nordic power prices.

Operating profit excluding items affecting comparability rose to 521 million euros ($610 million) from a year-earlier 462 million euros, against a mean forecast of 490 million euros in a poll of analysts provided by Fortum.

Achieved power price rose to 62.5 euros per megawatt-hour, from 60.1 euros a year ago.

"Nordic spot prices surged, nearly doubling compared to last year, due to high power demand driven by cold weather, lower hydro reservoir levels, and weak wind generation," Fortum CEO Markus Rauramo said in a statement.

"Our first-quarter result was good, reflecting the high spot prices despite our high hedge ratio," Rauramo added.

Fortum's 2026 nuclear generation forecast was trimmed to 23.5 to 24 terawatt hours (TWh) from a previous 24 to 24.5 TWh.

Fortum said it has hedged around 75% of its remaining 2026 generation at 39 euros per megawatt-hour, down from 41 euros per megawatt-hour reported at the end of last year.

(Reporting by Essi Lehto, editing by Anna Ringstrom and Alexander Smith)

((essi.lehto@thomsonreuters.com; +358 50 541 2375))