Fortum's generation assets of 9.248GW consist mainly of hydro and nuclear; in 2023 the group generated about 45% and 53%, respectively, of the power generation. Fortum's requirement to invest into the net zero transition is very low since it does not need to invest to replace emitting production capacity, hence investment requirements are lower than most European peers.
Cyborg Score Rationale
Fortum will deliver on the lower range of its financial policy target of max net debt of EBITDA of 2.0x with a strong balance sheet providing good protection from the impact of volatile Nordic power prices. The company benefits from a low-capex transition pathway but faces exposure to power price volatility as a pure power producer.
Top Insights
Fortum expects its Comparable operating profit to improve by EUR 330 million by 2030 based on improved fleet availability, efficiency improvements and organic growth.
Fortum remains committed to its SBTi-validated targets and net zero target by 2040 and coal exit by the end of 2027.
In 2025, Fortum concluded its efficiency improvement programme, reducing annual fixed costs by EUR 100 million (excluding inflation) by the end of 2025.
Fortum's most recent deal was a Corporate Asset Purchase with ABO Energy (4.4 GW Onshore Wind Development Projects in Finland) on 28-Nov-2025.
Named Competitors
Rexel — Electrical distribution and business services
Acciona Energy — Renewable energy generation
Georgia Power — Electric utility services
Recent Developments
(February 2026) Updated long-term financial targets and strategic KPIs; expected EUR 550M capex for 2026
(November 2025) Acquired 4.4 GW onshore wind development projects in Finland from ABO Energy
(November 2025) Completed efficiency improvement programme with EUR 100M annual fixed cost reduction
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