Fortum Oyj Corp Ord (FOJCF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. A warm welcome again to Fortum's joint webcast and news conference for the investor community and media on our half-year report, January-June 2025. My name is Ingela Ylves and I'm heading the investor relations at Fortum. As always, this event is being recorded and a replay will be available later today on our website. With me here in the studio are again our CEO, Markus Raurama, and our CFO, Tiina Tuomela. Markus and Tiina will present the group's financial and operational performance during the second quarter and first half of this year. After the presentations, we will take your questions in the Q&A session. So with this, I hand over to Markus to start. Thank you very much, Ingela, and a warm welcome to our investor and media call also from my side. I will start by going through the key elements of our quarterly highlights and our financial performance. Then I will say a couple of words about the hydro situation and the latest update of power demand projections by 2030. After that, Tiina 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 the reminder, in our business, the second and third quarters are typically small quarters result-wise. This also applies to this year. Despite lower power prices, our second quarter achieved power price was almost at last year's level, 48.1 euros per megawatt hour compared to 48.6 euro per megawatt hour, supported by high hedge ratio and good physical optimization. realized market prices were 23% lower than in the second quarter last year. In her presentation, Tiina will explain in detail the dynamics of the optimization premium and hedge effect. This year is especially characterized by low volumes, whi...