Fortum Oyj Corp Ord (FOJCF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and greetings from a cold Helsinki. A warm welcome to Fortum's joint webcast and news conference for the investor community and media on our full year financial statements 2025. My name is Ingella Ylves and I'm heading the investor relations at Fortum. As always, this event is being recorded and there will be a replay for you later today to be found on our website. With me here in the studio are again our CEO Markus Rauramo and our CFO Tiina Tuomela. Markus and Tiina will present the group's financial and operational performance during the fourth quarter and full year 2025. Now let's go to our presentations, after which we will take your questions in the Q&A session. So I hand over to Markus to start. Thank you very much, Ingela. A warm welcome to our full year 2025 results 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 hydrological situation and our strategic KPIs. After that, Dina 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 outright sales price. In the fourth quarter and full year, the achieved power price was slightly below last year's level, 51.4 euro per megawatt hour, compared to 52.5 euros per megawatt hour for the full year. Our realized market price, i.e. the blended price for Fortum's price areas, was almost at the same level as last year, 38.5 euros per megawatt hour in 2025 compared to 38.4 euros per megawatt hour in 2024. One of the clear highlights during last year was the optimization premium. In line with our guidance in the autumn, the realized premium in 2025 was €9.7 per MWh. Last year was abnormal rega...