Why invest in Fortum
Fortum is a power company with the purpose to power a world where people, businesses and nature thrive together. Fortum’s core operations are located in the Nordics and consist of low emission power generation, electricity sales as well as district heating and cooling.
Strong shareholder returns and solid balance sheet
Fortum focuses on sustainable cash flows and a strong financial position. We pay out 60–90% of comparable EPS as dividends.
Read moreSustainable low emission energy
99% of Fortum’s power generation is already from renewable or nuclear sources. We are committed to reach net-zero GHG emissions across the value chain by 2040.
Read moreHighly competitive fleet and best-in-class operations
Fortum’s versatile power generation fleet is highly competitive. Our best-in-class
operations secure reliability, flexibility and
efficiency.
Read more
Strong shareholder returns and solid balance sheet
Fortum’s balance sheet is currently strong with low leverage, providing a substantial buffer to accommodate for the potential uncertain and volatile market conditions and to have the preparedness for future growth. Fortum’s key objective is to maintain a credit rating of at least BBB. To ensure this, the Financial net debt-to-comparable EBITDA ratio can be a maximum of 2.5 times. At year-end 2025, the ratio was at 1.2 times. Fortum's robust risk management framework ensures a sufficient liquidity position to manage margining requirements in various price scenarios.
Fortum is prudent and disciplined in its capital allocation to maximise value creation from flexibility, efficiency, and cash flows.
Fortum's dividend policy is based on a payout ratio of 60–90% of comparable EPS . The upper end of the range of the pay-out ratio is applied in situations with a strong balance sheet and low investments, while the lower end of the range would be applied with high leverage and/or significant investments and high capital expenditure.
Sustainable low emission energy
Fortum’s position as a leading Nordic energy company is complemented by ambitious environmental targets with the aim to be a leader in sustainability.
Fortum has set near- and long-term science-based emissions reduction targets validated by the SBTi. Fortum is committed to reaching net-zero GHG emissions across the value chain by 2040 and will exit all coal-based energy production by the end of 2027.
Fortum’s transition plan to net zero includes decarbonisation of its own operations (Scope 1&2 GHG emissions) and in the value chain (Scope 3). We prioritise direct emission reductions and all residual emissions will be neutralised in line with the SBTi criteria. Fortum is committed, for example, to exit coal-based generation in the company’s own operations by the end of 2027. In the Espoo Clean Heat programme, the last coal-fired unit used for district heat production in Finland was closed down already in spring 2024. Fortum is also investing EUR 185 million in total in the decarbonisation of the Czestochowa and Zabrze combined heat and power (CHP) plants in Poland which are expected to be completed by the end of 2026 and 2027, respectively. The Meri-Pori coal-fired power plant will be in national strategic reserve until the end of 2026 and would only run in situations of severe disruptions and national emergencies. The reduction of emissions in the value chain includes increased sales of ‘Guarantees of Origin’ -certified electricity and changes in the energy mix of the product portfolio, such as increasing the share of biogas.
Highly competitive fleet and best-in-class operations
Fortum has a highly competitive Nordic power generation portfolio consisting of hydro, nuclear and onshore wind generation. Our outright power generation portfolio with 47 TWh per year is among the largest in the Nordics. Building on our versatile assets and strong competence to optimise our power generation fleet, we continue to maintain and develop our best-in-class operations to constantly secure top efficiency and flexibility.
Fortum’s achieved power price consists of achieved hedge and spot prices and the results of optimisation premium. The optimisation premium consists of hydropower flexibility, including ancillary services, and environmental values, especially Guarantees of Origin. For 2026, the optimisation premium is expected to be 8–10 EUR/MWh, and for 2027 onwards 6–8 EUR/MWh, depending on the overall market conditions, level of volatility and electricity prices.
Strategic focus on value creation
Fortum is well-positioned to capture opportunities in the energy transition. In the mid- to long-term, electricity is expected to continue to gain a significantly higher share of total energy consumption through decarbonisation, bringing decades of demand growth for the Nordics.
Fortum’s strategy execution focuses on optimising its current operations, leveraging its core capabilities through successful commercialisation, and developing opportunities for growth. What sets Fortum apart is our comprehensive customer insight, ability to partner with industrial customers, and capacity to provide low-carbon power at scale based on customer needs.
Fortum is uniquely positioned, with our flexible hydro power and baseload nuclear fleet as well as our renewables development portfolio, to capture the upcoming growth. With extensive customer insight and a generation mix that is almost entirely decarbonised, Fortum can quickly respond as demand arises.
The power market’s transition towards direct, long-term partnerships with industrial customers has prompted Fortum to prioritise these relationships and accelerate the commercialisation of customer-centric solutions. This strategic realignment positions Fortum as a preferred energy partner, offering flexible solutions that support our clients’ growth and de- arbonisation goals.
Operational excellence remains the cornerstone of our success. We are committed to ensuring that our generation assets consistently set industry benchmarks for availability, productivity, and efficiency. These are key drivers of value creation for both Fortum and our customers.
Strong player in the Nordic market
We are well‑positioned as a leader in the highly fragmented Nordic electricity market across both power generation and electricity retail.
Fortum is the third-largest power generator in the Nordics and its power generation has one of the lowest specific CO2 emissions in Europe. In 2025, roughly 83% of the Group’s comparable EBITDA originated from the company’s Nordic outright power generation, which is mostly based on flexible hydro and baseload nuclear power, complemented by onshore
wind based power generation. Fortum’s total power generation in 2025 was 42.3 TWh.
Fortum is the largest electricity retailer in the Nordics with 2 million customers representing a market share of 12%. Fortum also has an electricity and gas retail business in Poland.
Furthermore, Fortum has district heating and cooling businesses in Finland and Poland. In 2025, Fortum produced 3.2 TWh of heat mainly from energy-efficient combined heat and power (CHP) plants.