Finnish energy group Fortum reported first-quarter results that came in ahead of market expectations.
Net sales rose 21.3 percent to 1,992 million euro (1,642). This performance compares favorably with the Vara Research analyst consensus of 1,794 million euro.
Comparable EBITDA amounted to 600 million euro (538), beating the 568 million euro estimate, with a comparable EBITDA margin of 30.1 percent (32.8).
Operating profit reached 536 million euro (470), representing an operating margin of 26.9 percent (28.6).
Comparable operating profit stood at 521 million euro (462), with a comparable operating margin of 26.2 percent (28.1).
Profit after tax totaled 421 million euro (363).
Earnings per share amounted to 0.47 euro (0.40).
'Our first-quarter results were solid, reflecting high spot prices despite our high hedging ratio. Our achieved power price was higher than a year ago at 62.5 EUR/MWh, thanks to a strong double-digit optimization premium. The Generation segment delivered a stable performance, benefiting from high electricity prices and strong hydropower production volumes. The Consumer Solutions segment achieved another strong quarter, in line with last year's record results', commented CEO Markus Rauramo.
Fortum is making an adjustment to its 2026 outlook. Nuclear power production is now projected to be between 23.5 and 24 TWh, compared to the previous guidance of 24-24.5 TWh.
Fortum Oyj is one of the leading Nordic electricity producers.
Net sales are distributed geographically as follows: Nordic countries (67.1%), Poland (29.7%), and other (3.2%).
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