Fortum Oyj Corp Ord (FOJCF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. A warm welcome to Fortum's webcast and news conference for the investor community and media on our half-year 2026 results. My name is Ingela Ulves and I'm heading investor relations at Fort. As always, this event is being recorded, so a replay will be available for you later today on our website. With me here in the studio are both our CEO, Markus Rauramaa, and our CFO, Tiina Tuomela. Markus and Tiina will present the group's financial and operational performance for the Q2 and half year. Now let's go to our presentation after which we can then take your questions in the Q&A session. I now hand over Markus to you to start. Thank you very much, Ingela. A warm welcome to this call also from my side. I will start by going through the highlights of our Q2 and our financial performance and then talk 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. As you all know, Q2 and Q3 are relatively small quarters result-wise, and we typically generate most of the results during Q1 and Q4. Before we dive deeper into the results, let's look at the highlights of Q2. Our achieved power price in the second quarter amounted to 44.9 euros per megawatt hour compared to 48.1 euros per megawatt hour last year. The realized market price, which is the blended price for Fortum's price areas, was 53.1 euros per megawatt hour compared with 26.4 one year ago. One reason for the lower achieved power price was lower physical value creation, mainly due to lower income from ancillary services. Due to lower than normal generation volumes, the realized head ratio was high. There were more planned nuclear outage days compared to Q2 last year,...