Quarterly summary of events

Major announcements during Q2 2025

On 17 June, Fitch Ratings (Fitch) upgraded Fortum’s current long-term credit rating to BBB+ with Stable Outlook. The previous rating was BBB with Stable Outlook. According to Fitch, the rating upgrade is driven by Fortum’s sustained de-leveraging path achieved since 2023, coupled with Fitch’s expectation that Fortum’s funds from operations (FFO) Net Leverage, as defined by Fitch, will remain low at an average of 1.8x over 2025–2028 despite the low power price environment in the Nordics. According to Fitch, Fortum benefits from its CO2-free and flexible generation assets. The Stable Outlook reflects Fitch’s view that Fortum will balance dividend distributions and investments to adhere to its publicly stated financial policy and keep Fortum’s defined leverage adequately below the maximum threshold for financial net debt to comparable EBITDA set at 2.0x–2.5x.

To the release on 17 June: Fitch Ratings upgrades Fortum’s long-term rating to BBB+ with Stable Outlook | Fortum
To Fitch's release (pdf)

On 8 May: S&P Global Ratings affirmed Fortums long-term credit rating to BBB+ with Stable Outlook (valid from March 2024).
To S&P research update (pdf)

On 12 June, Fortum announced the conclusion of change negotiations in its Finance and Sustainability and Corporate Relations functions originally announced in March. The negotiations resulted in the reduction of 62 job positions in these functions, comprising retirements, transfers to other positions at Fortum as well as lay-offs. The plans concerned approximately 640 employees in Finland, Sweden, Norway and Poland. The aim of the change negotiations and the enabling functions’ reorganisation was to reflect Fortum’s current business structure and operating model, improve efficiency and develop ways of working.

To the release on 12 June: Change negotiations concluded at Fortum’s enabling functions | Fortum
To the release on 18 March: Fortum initiates change negotiations in its Enabling functions | Fortum

On 13 June, Fortum announced that the following members have been appointed to Fortum Shareholders' Nomination Board:

• Maija Strandberg, Director General, Prime Minister’s Office, Ownership Steering Department (Chair)
• Mikko Mursula, Chief Investment Officer, Deputy CEO, Ilmarinen Mutual Pension Insurance Company, and
• Risto Murto, President and CEO, Varma Mutual Pension Insurance Company.

To the release on 13 June: Fortum Shareholders' Nomination Board 2025–2026 | Fortum

Karin Svenske Nyberg (M.Sc.)  started as Executive Vice President, People and member of the Fortum Leadership Team on 1 May 2025. In addition, Kati Levoranta (LL.M., MBA)  started as Executive Vice President, Legal, General Counsel and member of the Fortum Leadership Team on 1 June 2025. 

Transactions in the comparison period of 2024

There were no meaningful capital gains affecting the operating profit or comparable operating profit during the second quarter of 2024.

Financial calendar 2025