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Fortum Misses Profit; Sees Data Centers Driving Demand
28 Oct
Summary
- Fortum's operating profit narrowly missed analyst forecasts in Q3.
- Nuclear generation forecast for 2026 was trimmed to 23.0 TWh.
- Long-term power demand is expected to rise due to data centers.
Finland's leading energy company, Fortum, announced an operating profit of €102 million in the third quarter, a figure that narrowly fell short of the €105 million median forecast. Alongside this financial update, the utility revised its nuclear generation outlook, now expecting approximately 23.0 terawatt-hours in 2026, aligning with the lower end of its prior projection.
Despite near-term demand realization being gradual, Fortum remains optimistic about long-term power demand. CEO Markus Rauramo highlighted the robust activity in Finland's data center market as a significant driver for future energy needs. This optimism is underscored by a recent 22-year power purchase agreement with Google, supporting the life extension and upgrade of Fortum's Loviisa nuclear plant through 2050.
