Earnings call transcript: Fortum Q3 2026 profit rises as Google deal lifts outlook

Fortum, the Finnish utility, reported a rise in third-quarter comparable operating profit to 102 million euros, up from 97 million euros a year earlier. The improvement was primarily driven by stronger nuclear generation and a robust Nordic power market. The company also announced a landmark 22-year power deal with Google for the Loviisa nuclear plant.

Comparable earnings per share remained steady at 0.08 euro. Fortum's earnings were modest, with a slight increase of 5 million euros year over year in comparable operating profit, and comparable net profit fell slightly to 65 million euros. The company trimmed its 2026 nuclear output guidance to about 23 terawatt hours, lower than the previous range of 23 to 23.5 terawatt hours.

Despite the quarterly result, Fortum remains bullish on the long-term value of the Google deal and its Nordic asset base, while acknowledging a weaker near-term nuclear production outlook.