Fortum Results Q2 2026: Revenue, Profit and Margins
In Q2 2026, Fortum’s revenue was €1,124.0 million, up 15.4% from Q2 2025. Operating profit was €90.0 million, an operating margin of 8.0% (Q2 2025: 10.7%). Net income for the period was €113.0 million and earnings per share €0.12.
Fortum income statement Q2 2026: where the revenue went
Of every €100 of revenue in Q2 2026, €8.0 was left as operating profit and €10.1 as net income.
Key figures for Q2 2026
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Revenue, €M | 1,124.0 | 974.0 | +15.4% |
| Operating profit, €M | 90.0 | 104.0 | −13.5% |
| Operating margin | 8.0% | 10.7% | −2.7 pp |
| Adjusted operating profit, €M | 106.0 | 115.0 | −7.8% |
| Net income, €M | 113.0 | 106.0 | +6.6% |
| Net margin | 10.1% | 10.9% | −0.8 pp |
| Earnings per share | €0.12 | €0.12 | 0.0% |
Fortum in charts
Fortum from revenue to net income, Q2 2026
Net income was €113.0 million on revenue of €1,124.0 million, a net margin of 10.1%.
What drove Fortum’s operating profit
Operating profit fell from €104.0 million in Q2 2025 to €90.0 million in Q2 2026. The chart shows which lines of the income statement made up the change.
Fortum revenue by segment
In Q2 2026, the largest segment was Consumer Solutions with €747.0 million, followed by Generation (€669.0 million).
Fortum profitability: profit margins by quarter
In Q2 2026, Fortum’s operating margin was 8.0% (Q2 2025: 10.7%) and net margin 10.1% (Q2 2025: 10.9%). From Q1 2023 to Q2 2026, the operating margin ranged from 6.5% (Q3 2025) to 34.0% (Q1 2023).
Fortum revenue growth by quarter
Revenue was €1,124.0 million in Q2 2026, up 15.4% from Q2 2025. The highest quarter from Q1 2023 to Q2 2026 was Q1 2023, with €2,264.0 million.
Fortum operating profit by quarter
Operating profit was €90.0 million in Q2 2026 (Q2 2025: €104.0 million). Adjusted operating profit was €106.0 million (Q2 2025: €115.0 million).
Fortum revenue and earnings, last twelve months
In the twelve months to the end of Q2 2026, revenue was €5,489.0 million (+6.7% on a year earlier) and net income €828.0 million.
Fortum earnings per share (EPS)
Earnings per share were €0.12 in Q2 2026 (Q2 2025: €0.12).
Quarterly results
| Quarter | Revenue | Change y/y | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|---|
| Q2 2026 | 1,124.0 | +15.4% | 90.0 | 8.0% | 113.0 | €0.12 |
| Q1 2026 | 1,992.0 | +21.3% | 536.0 | 26.9% | 420.0 | €0.47 |
| Q4 2025 | 1,444.0 | +0.6% | 305.0 | 21.1% | 244.0 | €0.27 |
| Q3 2025 | 929.0 | −15.1% | 60.0 | 6.5% | 51.0 | €0.06 |
| Q2 2025 | 974.0 | −22.4% | 104.0 | 10.7% | 106.0 | €0.12 |
| Q1 2025 | 1,642.0 | −18.5% | 470.0 | 28.6% | 362.0 | €0.40 |
| Q4 2024 | 1,435.0 | −22.8% | 390.0 | 27.2% | 338.0 | €0.39 |
| Q3 2024 | 1,094.0 | −10.3% | 123.0 | 11.2% | 133.0 | €0.14 |
Annual results
| Year | Revenue | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|
| 2025 | 4,989.0 | 939.0 | 18.8% | 763.0 | €0.85 |
| 2024 | 5,800.0 | 1,325.0 | 22.8% | 1,160.0 | €1.30 |
| 2023 | 6,711.0 | 1,662.0 | 24.8% | −2,067.0 | −€2.31 |
Revenue by segment
| Segment | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Generation | 669.0 | 615.0 | +8.8% |
| Other Operations | 47.0 | 46.0 | +2.2% |
| Consumer Solutions | 747.0 | 573.0 | +30.4% |
| Eliminations | −339.0 | −260.0 | — |
Dividends
| Financial year | Dividend per share | EPS | Payout ratio | Status | Source |
|---|---|---|---|---|---|
| 2025 | €0.74 | — | — | Board proposal | Release |
| 2024 | €1.40 | — | — | Decided by the AGM | Release |
“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio); N/M means not meaningful (loss).
Guidance vs. actual
What Fortum told investors to expect in each report, and what it then reported for the year.
| Metric | Latest guidance (report) | Actual | Outcome |
|---|---|---|---|
| Capital expenditure, 2026 | About €550M (H1 '26) | — | Year in progress |
| Capital expenditure, 2024 | About €550M (9M '24) | — | Year in progress |
Guidance and actuals are as the company reported them, on the same basis (for example adjusted, or growth at constant currency). “Within guidance” means the actual is inside the latest range or meets the stated minimum or maximum; an “about” figure allows ±5% (±0.5 percentage points for percentages). For a direction such as “flat”, a change of less than 2% (0.5 points for margins) counts as flat. Guidance changed in a separate release between reports is shown from the next report onwards.
Calculate it yourself
- Operating margin calculatorFortum in Q2 2026: 8.0%
- Net margin calculatorFortum in Q2 2026: 10.1%
- Earnings per share calculatorFortum in Q2 2026: €0.12
About Fortum
Fortum is a Nordic energy company majority-owned by the Finnish state. It generates mainly CO2-free electricity from hydro and nuclear power and sells electricity to households and businesses.
- Fortum half-year report Jan–Jun 2026, published Jul 21, 2026
- Fortum interim report Jan–Mar 2026, published Apr 29, 2026
- Fortum financial statements release 2025, published Feb 3, 2026
- Fortum interim report Jan–Sep 2025, published Oct 29, 2025
- Fortum half-year report Jan–Jun 2025, published Aug 15, 2025
- Fortum interim report Jan–Mar 2025, published Apr 29, 2025
- Fortum financial statements release 2024, published Feb 11, 2025
- Fortum interim report Jan–Sep 2024, published Oct 29, 2024
- Fortum half-year report Jan–Jun 2024, published Aug 15, 2024
About these figures. All figures come from Fortum’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.