Fortum Oyj

Fortum Corporation released its Half-year Financial Report for January-June 2024, highlighting resilient performance in Nordic power generation despite seasonally lower prices. For April-June 2024, Fortum reported a comparable EBITDA of EUR 326 million, a comparable operating profit of EUR 233 million, and an operating profit of EUR 240 million. The company recorded a sales gain of EUR 16 million from divesting its Indian solar power portfolio. For January-June 2024, comparable EBITDA was EUR 948 million, with a comparable operating profit of EUR 763 million and an operating profit of EUR 812 million. Fortum's outlook includes hedging approximately 75% of its Nordic outright generation at 43 EUR/MWh for the remainder of 2024 and 60% at 42 EUR/MWh for 2025. Capital expenditure for 2024 is expected to be EUR 550 million, with maintenance capital expenditure at EUR 300 million, reducing to EUR 250 million annually from 2025 onwards. Fortum's capital expenditure for 2024-2026 is projected to be up to EUR 1.6 billion. Key financial figures include a cash flow from operating activities of EUR 876 million for January-June 2024. Fortum's President and CEO, Markus Rauramo, noted the impact of lower Nordic spot prices on the second-quarter results but highlighted the company's strong balance sheet and strategic focus on clean energy and decarbonisation. Fortum also announced the sale of its recycling and waste business and continued to implement its strategy, including the modernisation of the Loviisa nuclear power plant and the inauguration of the Pjelax wind farm. The company plans to reduce its recurring fixed cost base by over EUR 50 million by the end of 2024 and by EUR 100 million by the end of 2025. Fortum also supports the European Industrial Deal to enhance decarbonisation and economic growth. Fortum will hold a webcast/teleconference on 14 August 2024 to discuss the results. The next financial reports will be published on 29 October 2024, 11 February 2025, 29 April 2025, 15 August 2025, and 29 October 2025, with the Annual General Meeting planned for 1 April 2025. Fortum is listed on Nasdaq Helsinki and focuses on clean, CO2-free power generation and reliable energy supply in the Nordics.