Finnish utility Fortum's Q2 profit lags estimates, shares ease (updated)

Fortum Oyj

21/07/2026 08:13

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July 21 (Reuters) - Finnish utility Fortum FORTUM.HE reported a second-quarter operating profit below market expectations on Tuesday, due to lower achieved power price and higher fixed costs, the company said.
The utility, which relies on nuclear and hydropower for most of its electricity generation, has faced pressure on earnings in the past year from unplanned nuclear plant outages and weaker hydro inflows.
Share price down 0.6% at 0713 GMT.
Q2 comparable operating profit fell to €106 million  ($121.02 million) from a year earlier €115 million, against a median forecast of €122 million in a company-provided poll.
The Generation segment's achieved power price amounted to 44.9 EUR/MWh, a decrease of 7%, or 3.2 EUR/MWh, mainly due to lower physical value creation
"Extended nuclear outages and low spring floods increased the realised hedge ratio, limiting our ability to benefit from higher spot prices," Fortum CEO Markus Rauramo said in a statement.
Fortum said it expects nuclear generation volumes to be in the range of 23.0–23.5 TWh in 2026 (previously: 23.5–24 TWh).
($1 = 0.8759 euros)

 (Reporting by Elviira Luoma, editing by Terje Solsvik)
 ((Elviira.luoma@thomsonreuters.com; +48 58 769 66 46))