Stock exchange release

Fortum January–March 2024 Interim Report: Solid performance and good results despite lower power prices in the Nordics

30 April 2024, 9:00 EEST


This release is a summary of Fortum’s January–March 2024 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 2024

  • Comparable EBITDA was EUR 622 (781) million.
  • Comparable operating profit was EUR 530 (698) million.
  • Operating profit was EUR 571 (769) million. Items affecting comparability included fair value changes in non-hedge-accounted derivatives of EUR 39 (62) million.
  • Comparable earnings per share were EUR 0.48 (0.54).
  • Earnings per share were EUR 0.53 (0.60).
  • Cash flow from operating activities totalled EUR 538 (474) million.

Summary of outlook

  • The Generation segment’s Nordic outright generation hedges: approximately 70% at EUR 43 per MWh for the remainder of 2024, and approximately 50% at EUR 42 per MWh for 2025. As of the first quarter of 2024, the hedge ratios and prices also include the Group’s wind generation volumes.
  • The current annual outright portfolio amounts to approximately 47 TWh, an increase of approximately 2 TWh due to the Olkiluoto nuclear power plant’s third unit and the Pjelax wind farm.
  • Capital expenditure is expected to be approximately EUR 550 million in 2024 of which the maintenance capital expenditure is EUR 300 million.

Key figures, continuing operations

EUR million or as indicated I/2024 I/2023
2023 LTM
Sales 2,015 2,265 6,711 6,461
Operating profit 571 769 1,662 1,465
Share of profit/loss of associates and joint ventures 21 22 59 58
Net profit 473 542 1,515 1,446
Net profit (after non-controlling interests) 471 540 1,514 1,445
Earnings per share, EUR 0.53 0.60 1.68 1.61
Net cash from operating activities 538 474 1,710 1,774
EUR million or as indicated I/2024 I/2023
2023 LTM
EBITDA 622 781 1,903 1,744
Operating profit 530 698 1,544 1,376
Share of profit/loss of associates and joint ventures 12 10 7 9
Net profit (after non-controlling interests) 430 483 1,150 1,097
Earnings per share, EUR 0.48 0.54 1.28 1.22
EUR million or as indicated LTM 2023
Financial position
Financial net debt (at period-end) 528 942
Financial net debt/comparable EBITDA 0.3 0.5

Key figures, total of continuing and discontinued operations

Fortum’s condensed consolidated income statement and consolidated cash flow statement include the Russia segment as discontinued operations in 2023.

EUR million or as indicated I/2024 I/2023 2023 LTM
Net profit (after non-controlling interests) 471 565 -2,069 -2,163
Earnings per share, EUR 0.53 0.63 -2.31 -2.41
Net cash from operating activities 538 583 1,819 1,774
Net profit (after non-controlling interests) 430 517 1,184 1,097
Earnings per share, EUR 0.48 0.58 1.32 1.22

Fortum’s President and CEO Markus Rauramo:

“During the first quarter of 2024, the mild winter in Continental Europe together with healthy LNG supply and steadily increasing renewable power generation further contributed to the downward trend in the European gas and power prices. In the Nordics, January was cold and lead to higher spot prices especially in Finland and the Baltics, but February and March were somewhat milder than usual. Driven by decreased Continental European power futures and above normal precipitation levels, Nordic power futures declined during the quarter.

The lower Nordic spot power price is reflected in our first-quarter results. The achieved power price was at a good level but significantly lower than a year ago. The first-quarter achieved price was supported by a strong, double-digit, optimisation premium above the annual guidance of 6–8 EUR/MWh. The lower achieved price is reflected in the Generation segment’s result which, however, was supported by higher hydro volumes and commissioning volumes from the Pjelax wind farm. After a difficult year in 2023, the Consumer Solutions segment had a strong first quarter with normalised results, mainly driven by higher electricity sales margins in more stable market conditions.

S&P Global Ratings (S&P) upgraded Fortum’s current long-term credit rating to BBB+ with Stable Outlook, while Fitch Ratings affirmed our long-term rating of BBB with Stable Outlook. We are extremely satisfied with S&P’s upgrade as it reflects our systematic efforts to strengthen our financial position and our strategic focus on clean energy. Our financial position is very strong, and this supports our objective to maintain a credit rating of at least BBB. At the end of March, our leverage was at a low level of 0.3 times, and we continue to have sufficient liquidity and credit lines. To finance potential future investments in clean energy, we launched our Green Finance Framework in January.

In February, we clarified our strategy by specifying our business portfolio and capital allocation priorities as well as setting new strategic targets with measurable key performance indicators. Our renewed strategy, launched in March 2023, remains unchanged, and we continue to implement it determinedly.

One of our strategic priorities is to deliver reliable and clean energy. Electrification of district heating not only provides clean heating but is also a source of flexibility for the whole energy system. Our Espoo Clean Heat programme is based on the same priorities, and we started to build more emission-free and flexible district heating in Espoo. In addition, we decided to close down our last coal-fired district heat unit in Espoo, Finland in late April. Hence, our heating and cooling business will phase out coal one year earlier than expected. Further, Finland’s last coal-fired condensing plant, Meri-Pori, was transferred to the national production reserve aimed for emergency situations as of 1 April. Fortum’s biggest and Finland’s third largest wind farm, the 380-MW Pjelax in Ostrobothnia, has been gradually commissioned and will start commercial operations through the power purchase agreement (PPA) with the Finnish company Helen in July.

Our second strategic priority is to drive decarbonisation of industries for which we are building preparedness for an electrification and growth phase longer term. Our aim is to actively facilitate such industry projects and offer clean and stable power to enable industrial customers to meet their decarbonisation targets. As decarbonisation drives power demand, this provides us with growth opportunities longer term through investments in new clean energy production. As one example, in April we announced a new five-year, progressive-priced PPA contract with the Swedish ferroalloys producer Vargön Alloys.

Within the scope of our third strategic priority to transform and develop, we continued our efficiency improvement programme with the target to gradually lower annual fixed costs by EUR 100 million (excluding inflation) by the end of 2025 with a full run-rate from the beginning of 2026. The Consumer Solutions business and our IT unit concluded their change negotiations, resulting in redundancies of approximately 70 people. Fortum expects to reduce its recurring fixed cost base by more than EUR 50 million by the end of 2024.

Geopolitical tensions remained high during the beginning of the year. In February, Fortum initiated arbitration proceedings against the Russian Federation and will claim compensation for the unlawful expropriation of its Russian assets in order to protect its legal position and shareholder rights. The economic environment in Fortum’s geographical areas is still soft with elevated inflation, but interest rate cuts are expected to start during the summer. The political strikes in Finland did not have any significant direct impacts on Fortum’s financial result.

As one of the cleanest power generators in Europe and with a unique ability to deliver clean energy at a large scale, we want to drive the energy transition by setting ambitious climate targets in line with the Science Based Targets initiative (SBTi) Net-Zero Standard. As we announced in April, Fortum has gone through the SBTi due diligence process after having submitted its official commitment letter last year. We have already started to set near- and long-term company-wide emissions reduction targets in line with climate science to reduce greenhouse gas emissions both in our own operations and in the value chain, to enable the transition to a low-carbon economy.”

Espoo, 29 April 2024

Fortum Corporation
Board of Directors


A combined live webcast/teleconference for media, investors, and analysts will be arranged online on 30 April 2024 at 11:00 EEST on Fortum’s website

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 after the event.

Further information:

Investor Relations and Financial Communications: Ingela Ulfves, tel. +358 40 515 1531, Rauno Tiihonen, tel. +358 10 453 6150, Siri Markula tel. +358 40 743 2177, Pirjo Lifländer, tel. +358 40 643 3317, and investors [at] fortum [dot] com

Media: Fortum News Desk, tel. +358 40 198 2843

Financial calendar in 2024

Fortum’s interim reports in 2024:

  • January-June on 15 August 2024 at approx. 9.00 EEST
  • January-September on 29 October 2024 at approx. 9.00 EET


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