Stock exchange release

Fortum January-March 2023 Interim Report: Strong start for the year in clean power generation

11 May 2023, 09:00 EEST

Fortum-4390 1


This release is a summary of Fortum’s January–March 2023 Interim Report. The complete report is attached to this release as a PDF file. It is also available on the company's website at


January−March 2023, continuing operations

  • Comparable EBITDA was EUR 891 (527) million
  • Comparable operating profit was EUR 784 (388) million
  • Operating profit was EUR 855 (246) million, mainly impacted by fair values changes in non-hedge-accounted derivatives. The comparison period included EUR 275 million of impairments related to Fortum’s Russia segment.
  • Comparable earnings per share were EUR 0.58 (0.42). Comparable earnings per share excluding Russia were EUR 0.54 (0.26)
  • Earnings per share were EUR 0.63 (-0.02).
  • Cash flow from operating activities totalled EUR 583 (365) million
  • Financial net debt-to-comparable EBITDA ratio at 0.3 times and 0.4 times excluding Russia, below the long-term guidance of 2.0–2.5 times.
  • The Group’s new strategy and new financial and environmental targets were published. A renewed Group operating model, business structure and a revised Fortum Leadership Team (FLT) to drive the execution of the new strategy became effective at the end of March.

Summary of outlook

  • The Generation segment’s Nordic generation hedges: approximately 70% at EUR 50 per MWh for the remainder of 2023, and approximately 45% at EUR 43 per MWh for 2024.
  • Capital expenditure, including maintenance but excluding acquisitions, is expected to be approximately EUR 700 million in 2023 (excluding the Russia segment).
  • On 25 April, due to the Presidential decree (No. 302), the Russian authorities seized control of Fortum’s assets in Russia. Fortum has formally notified the administration of the President of the Russian Federation that it strongly objects to the decree. Based on control assessment, Fortum has lost control of its Russian operations and the Russia segment will consequently be deconsolidated and reported as discontinued operations in the second quarter of 2023.
  • In the second quarter of 2023, Fortum will record impairments of EUR 1.7 billion (full book value) and related translation differences.
  • Due to the effect of Russia deconsolidation and related impairments, Fortum is updating its tax guidance.

Key figures, continuing operations

EUR million or as indicated I/2023 I/2022 2022 LTM
Sales 2,552 2,162 8,804 9,194
Operating profit 855 246 1,277 1,886
Share of profit/loss of associates and joint ventures 48 -215 -629 -366
Net profit 568 -14 1,011 1,593
Net profit (after non-controlling interests) 565 -21 1,011 1,597
Earnings per share, EUR 0.63 -0.02 1.14 1.79
Net cash from operating activities 583 365 2,104 2,322
EUR million or as indicated I/2023 I/2022 2022 LTM
EBITDA 891 527 2,436 2,800
Operating profit 784 388 1,871 2,267
Share of profit/loss of associates and joint ventures 36 21 -11 4
Net profit (after non-controlling interests) 517 375 1,550 1,692
Earnings per share, EUR 0.58 0.42 1.74 1.90
EUR million or as indicated     31 Dec 2022 LTM
Financial position        
Financial net debt (at period-end)     1,084 794
Financial net debt/comparable EBITDA, continuing operations   0.4 0.3

Key figures, continuing operations excl. Russia

In the fourth quarter of 2022, Fortum introduced new APMs to provide additional financial information excluding Fortum’s Russian operations. See also Note 1.

EUR million or as indicated I/2023 I/2022 2022 LTM
EBITDA 781 435 2,025 2,371
Operating profit 698 326 1,611 1,982
Share of profit/loss of associates and joint ventures 10 8 -40 -39
Net profit (after non-controlling interests) 483 228 1,076 1,331
Earnings per share, EUR 0.54 0.26 1.21 1.49
Financial position        
Financial net debt (at period-end)     1,127 900
Financial net debt/comparable EBITDA     0.6 0.4

Key figures, total of continuing and discontinued operations

Fortum’s condensed consolidated income statement and consolidated cash flow statement include Uniper segment as discontinued operations in 2022. Russia segment continues to be consolidated at 31 March 2023 and is reported as continuing operations in the first quarter of 2023 and 2022. See further details in Note 19 ‘Events after the balance sheet date’.

EUR million or as indicated I/2023 I/2022 2022 LTM
Net profit (after non-controlling interests) 565 -2,222 -2,416 371
Earnings per share, EUR 0.63 -2.50 -2.72 0.42
Net cash from operating activities 583 -1,529 -8,767 -6,654
Net profit (after non-controlling interests) 517 -99 -988 -371
Earnings per share, EUR 0.58 -0.11 -1.11 -0.42

Fortum’s President and CEO Markus Rauramo:

“During the first quarter, commodity prices came down from the peak levels seen in 2022 as the winter turned out to be mild and windy, gas storage levels in Europe remained high and the demand for energy decreased. Nevertheless, power and other commodity prices remained elevated compared to the long-term average. This was due to concerns over security of supply and the effects of Russia’s brutal war in Ukraine as well as worries that the turbulence in the financial sector would further increase global inflation and dampen growth.

Unfortunately, still after a year of full-blown war in Ukraine, there are no signs of peace or a way out of the conflict. Russia continues to use energy as a weapon of war and as a means to exert pressure on Europe. At the end of April, Fortum’s subsidiary PAO Fortum was seized by the Russian authorities under the guise of a presidential decree. As a consequence, we are deprived of our shareholder rights and have assessed that we no longer have control over our Russian operations. In the second-quarter 2023 results, the Russia segment will be deconsolidated and the Russian assets written down in full. We consider Russia’s actions to be a crude violation of international law and of Fortum’s rights as a foreign investor. Fortum is preparing to take all necessary measures to protect its rights under relevant international legislation.

In March, we announced our new strategy and purpose. One strategic priority is to deliver energy reliably, maintain high availability of our plants and focus on optimisation, efficiency and safety of our Nordic fleet. In the first quarter, we were granted a new operating licence for our Loviisa nuclear power plant until the end of 2050. This is a concrete example of ensuring productivity in the long run alongside our ongoing rebuild of the Forshuvud hydropower dam in Sweden. The Loviisa lifetime extension until 2050 offers up to 170 TWh of additional CO2 free power with capital expenditure of approximately EUR 1 billion over some 25 years. In general, the support for nuclear power in Finland is record high at the moment and I am very pleased that TVO’s long-awaited third Olkiluoto nuclear power plant unit in Finland started regular power generation in April and commercial operation in May.

Another priority is to drive decarbonisation in industries. Our aim is to build new clean energy production in partnership with strategic customers and to actively develop projects to enable growth over time. In the first quarter, we announced partnerships with the Finnish steel company Outokumpu and the UK-based Rolls-Royce SMR related to our nuclear feasibility study covering both small modular reactors (SMRs) and conventional nuclear. We also launched a pre-feasibility study with Metsä Group to examine the technological and business potential of the further processing of wood-derived carbon dioxide.

We are committed to ambitious financial and environmental targets and have a new dividend policy to create value for our stakeholders and societies. At the same time, with the new operating model headed by the new Fortum Leadership Team, we are developing a more integrated way of leading and operating at Fortum. Our growth will be selective with growth capital expenditure (excluding acquisitions) of up to EUR 1.5 billion for the next three years.

Fortum's first quarter results improved significantly and comparable operating profit of continuing operations excluding Russia more than doubled to EUR 698 million. The higher achieved power price was the main driver that strengthened the results of the Generation segment. Consumer Solutions’ results fell close to zero mainly due to losses from customer outflow from certain hedged customer contracts in very volatile and high-price market conditions.

At the end of the first quarter, our financial position continued to be solid with undrawn credit facilities of EUR 5.8 billion and liquid funds of EUR 3.7 billion. In March, we repaid the drawn amount of EUR 350 million of the bridge financing loan and cancelled the entire EUR 2.35 billion facility provided by Solidium. Our decisive actions to stabilise our operations have been recognised by the rating agencies. In March 2023, both Standard & Poor’s and Fitch affirmed Fortum’s BBB long-term credit rating and revised the outlook to Stable. We have the aim to refinance the current bank debt during 2023 and to return to the European fixed income market.

The clean energy transition is truly speeding up in Europe, which makes our business more relevant than ever. Fortum is well positioned in this transition. We have the needed expertise and assets, and we aim to take an active role in successfully and affordably driving the transition towards carbon neutrality in the Nordics. We want to power a world where there is a healthy balance between the wellbeing of people and society, the success of businesses, and the diversity of nature.”

Espoo, 11 May 2023

Fortum Corporation
Board of Directors


A combined live webcast/teleconference for media, investors, and analysts will be arranged on 11 May 2023 at 11:00 EEST. For the webcast, use the link at

To ask questions, please join the teleconference by registering using the following link: After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, please press *5 on your telephone keypad to enter the queue.

A recording of the webcast, as well as the transcript will be published on the company’s website after the event.

Further information:

Investor Relations and Financial Communications: Ingela Ulfves, tel. +358 40 515 1531, Rauno Tiihonen, tel. +358 10 453 6150, Carlo Beck, tel. +49 172 751 2480, Nora Hallberg, tel. +358 40 720 1775, Pirjo Lifländer, tel. +358 40 643 3317, and investors [at] fortum [dot] com

Media: Fortum News Desk, tel. +358 040 198 2843

Financial calendar in 2023

Fortum’s interim reports in 2023:

  • January-June on 4 August 2023
  • January-September on 2 November 2023


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