Credit facilities and rating
Fortum's business is capital intensive and the Group has a regular need to raise financing. Fortum has a diversified loan portfolio mainly consisting of long-term financing in EUR and SEK currencies. Long-term financing is primarily raised by issuing bonds under Fortum’s Euro Medium Term Note programme as well as through bilateral and syndicated loan facilities from a variety of different financial institutions. Financing is primarily raised on parent company level and distributed internally through various internal financing arrangements.
Key ratios 2020-2024
EUR million or as indicated | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
Capital employed | 13,981 | 14,408 | 15,522 | 30,885 | 26,239 |
Interest bearing net-debt | N/A | N/A | N/A | N/A | N/A |
Financial net debt | 367 | 942 | 1,084 | 789 | 7,023 |
Net cash from operating activities, total Fortum | 1,392 | 1,819 | -8,767 | 4,970 | 2,555 |
Interest coverage | -169.3 | -16.8 | -75.5 | -12.7 | 27.3 |
Interest coverage including capitalised borrowing costs | -75.5 | -19.7 | -72.2 | -9.4 | 18.6 |
Financial net debt/comparable EBITDA, continuing operations | 0.2 | 0.5 | 0.6 | N/A | N/A |
Gearing, % | 4 | 11 | 14 | 6 | 45 |
Bonds issued
EMTN programme of EUR 6 billion as at 30 September 2025
Notes | Amount, | Carrying amount, | Interest rate, % | Maturity | Rating/Listing |
|---|---|---|---|---|---|
Fixed rate |
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|
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XS1956037664 | 750 | 747 | 1.625 | 2/2026 | Yes/Yes |
XS2606264005 | 500 | 504 | 4.000 | 5/2028 | Yes/Yes |
XS1956027947 | 750 | 745 | 2.125 | 2/2029 | Yes/Yes |
XS2606261597 | 650 | 660 | 4.500 | 5/2033 | Yes/Yes |
XS0939100524 | 100 | 97 | 3.500 | 6/2043 | No/Yes |
Total |
| 2,753 |
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|
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Terms and conditions
Terms and conditions for these bonds issued under the EMTN programme can be found on the Luxembourg Stock Exchange Luxembourg Stock Exchange - External link.
Fortum Oyj's bonds or credit facilities do not include any financial covenants such as restrictions on the amount of debt or limits on ratios relating to interest cover or capitalisation. The notes listed above have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons except pursuant to an exception from such registration.
Green Finance Framework
Fortum established a Green Finance Framework in January 2024 to further integrate the company’s sustainability ambitions into its financing. The framework supports execution of Fortum’s strategy to deliver clean energy reliably, drive decarbonisation in industries in the Nordics and transform and develop.
The Green Finance Framework allows Fortum to raise capital via green bonds and loans (Green Debt) to refinance and finance renewable energy and energy efficiency projects, and/or nuclear power projects. Fortum will always inform at issuance if it intends to finance any nuclear power generation projects with the proceeds of a given Green Debt instrument. Projects financed by Green Debt may include fixed assets, capital expenditures and/or operational expenditures (including R&D expenditures).
Fortum has set near- and long-term science-based emissions reduction targets validated by the SBTi. The company is committed to reach net-zero GHG emissions across the value chain by 2040 and has set the goal to exit all coal-based generation already by the end of 2027. Fortum also has ambitious biodiversity targets.
Second party opinion
Danske Bank has acted as an adviser on the establishment of Fortum’s Green Finance Framework and Sustainalytics has provided a second-party opinion confirming the framework’s alignment with the International Capital Market Association’s (ICMA) Green Bond Principles 2021 and the Green Loan Principles 2023 administered by the Loan Market Association (LMA), the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA).
Disclaimer
Morningstar Sustainalytics, a globally-recognized provider of ESG research, ratings and data, evaluated Fortum’s Framework and the alignment thereof with relevant industry standards and provided views on the robustness and credibility of the Framework. In no event the Second-Party Opinion nor any portion thereof shall be construed as part of the offering, nor shall be considered as an offer or advertisement to buy a security, solicitation of votes or proxies, investment advice, expert opinion or negative assurance letter as defined by the applicable legislation.
Fortum signed its first green loan
Fortum signed its first green loan under the company’s Green Finance Frameworkon 5 June 2024. The EUR 300 million green loan, aimed to refinance renewable energy and energy efficiency projects.
Fortum has not launched any green bonds to the markets.
Fortum's credit rating history
Year | S&P Global Ratings | Fitch Ratings |
|---|---|---|
2012-2014 | A- (from 27 Nov 2012) | A- (from 15 Jan 2013) |
2015-2017 | BBB+ (from 5 Jun 2015) | BBB+ (from 17 Nov 2015) |
2018-2023 | BBB (from 18 Jan 2018) | BBB (from 28 Jun 2018) |
2024- | BBB+ (from 25 Mar 2024) | BBB+ (from 17 June 2025) |
Breakdown of loans 30 September 2025
Maturity profile on 30 September 2025
Maturity of loans on 30 September 2025
Year | MEUR |
|---|---|
2025 | 416 |
2026 | 769 |
2027 | 15 |
2028 | 521 |
2029 | 761 |
2030 and later | 2,211 |
TOTAL | 4,692 |
Liquidity on 30 September 2025
Liquid funds and | Total | Outstanding, | Available, | Maturity |
|---|---|---|---|---|
Committed credit lines |
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Short-term |
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Bilateral overdraft facilities, | 100 | 0 | 100 | Valid until |
Long-term |
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Bilateral credit facility, | 800 | 0 | 800 | June 2027* |
Bilateral credit facility, | 800 | 0 | 800 | January 2027 |
Syndicated credit facility, | 2,206 | 0 | 2,206 | June 2027 |
Total | 3,906 | 0 | 3,906 |
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Liquid funds, Fortum | 3,092 |
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Total liquid funds | 6,998 |
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*) With 1 year extension option by the lender