Fortum

The company's Q4 operating profit was well above our expectations thanks to the Generation segment. The outlook for the segment (hedging prices) was also slightly higher than we had anticipated, supporting a slight positive change in our estimates for the coming years.

Follow Fortum's Q4'22 info on Thursday, March 2 at 11:00 am EET on inderesTV.

We have made major estimate revisions ahead of the company's Q4 report, and our estimates for the coming years were significantly lowered. Behind this is 1) the sharp fall in electricity prices (including futures) and 2) Fortum's almost one billion write-down in Russia, which weighs on the Q4'22 reported figures.

Although the Finnish tax proposal was bad news for next year's results, the sharp rise in electricity prices compensated for this and improves the outlook for the coming years.

The Q3 result exceeded our expectations and the rapid increase in hedging prices for 2023 supported our earnings estimates. In the big picture, the report confirmed that the company's liquidity position and balance sheet structure are in order after the finalization of the Uniper arrangement.

Follow Fortum's Q3'22 on Thursday, November 10 at 11:00 am EET on inderesTV.

Our update relates to the restated comparison figures that exclude Uniper published by Fortum, based on which we revised the figures. At the same time, we made minor updates to our estimates, mainly related to electricity price developments.

Fortum announced yesterday that it had reached an agreement with the German State on the nationalization of Uniper. Fortum will recover its EUR 8 billion financing for Uniper (loan and guarantee) and gain EUR 0.5 billion from its Uniper holding. Even...

Follow Fortum's Press Conference on Wednesday, September 21 at 10:00 am EEST on InderesTV.

The company's Q2 result was good operationally and the reported figures were better than expected, but the EUR 5.7 billion loss is still nothing to celebrate.

Follow Fortum's Q2'22 info on Thursday, August 25 at 11:00 am EEST on inderesTV.

Fortum will publish its Q2 report on Thursday at around 9.00 am. The result will be shocking due to the loss of more than EUR 9 billion reported by subsidiary Uniper in Q2, but Fortum's Nordic core business is set for record results in the coming years if electricity prices remain exceptionally high.

Fortum's subsidiary Uniper reported its Q2 result yesterday. We were aware that Uniper's gas business was in disarray following the disruption of gas supplies from Russia, but more problems seem to be piling up all the time.

Germany’s stabilization package prevents Uniper from going bankrupt, but apparently only enables Uniper’s price increases from October 1. Before that, Uniper will generate huge losses if Gazprom's gas streams remain shut and gas prices extremely high...

Fortum press conference Friday Jul. 22 at 14:00 am EEST

Fortum's situation is still confusing due to the European energy crisis resulting from Russian military action, but we believe that the likelihood of a rapid exit from Russia has improved. In addition, with Germany’s Energy Security Act, Uniper's worst...

The operating result of the "old Fortum" was in line with expectations and the company said it would withdraw in a controlled manner from Russia, which is difficult in the current situation. There is plenty of commotion around Russian gas, but in addition to the accelerating bans, we also received news from Germany that diluted the risks around Uniper.

Follow Fortum's Q1’22 info on Thursday, May 12 at 11:00 am EST on inderesTV.

Last night, Fortum's subsidiary Uniper issued a drastic profit warning on the Q1 result and reported impairment charges related to Russia. At the same time, Uniper's risks concerning Russian gas have increased significantly. The situation is unclear ...

Follow Fortum Financial Statements Bulletin 2021 on Thursday, March 3 at 11:00 EET on inderesTV.