Fortum Oyj Corp Ord (FOJCF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. A warm welcome to Fortum's joint webcast and news conference on our first quarter 2026 results. My name is Ingela Ulves, and I'm heading the investor relations at Fortum. As always, this event is being recorded, and there will be a replay on the website later today. With me here in the studio are our CEO, Markus Raurama, and our CFO, Tiina Tuomela. They will present the group's financial and operational performance for the first quarter. Now let's go to our presentations, after which we will take your questions in the Q&A session. So with this, I hand over to you, Markus, to start. Thank you very much, Ingella. A warm welcome to this call, also from my side. I will start by going through the key elements of our highlights and our financial performance, then say a couple of words about the market development. After that, Tina will provide more details on the financials and how the operational performance turned into our results. Let me now start with the highlights. Starting with achieved power price. In the first quarter, it was slightly above last year's level. 62.5 euros per megawatt hour compared to 60.1 in the first quarter last year. The realized market price, i.e. the blended price for Fortum's price areas, was 85.7 euros per megawatt hour compared to 46 euros per megawatt hour in the first quarter 2025. One of the clear highlights during the quarter was the optimization premium. It was again double-digit, as it was also one year ago. We keep our full year guidance for the premium intact, and it is expected to be between 8 to 10 euros per megawatt hour. The first quarter was characterized by relatively high spot prices and several price spikes, especially in January and February. Because of these high prices, we maximized our hydro gener...