Fortum Exceeds Analysts’ Expectations in First Quarter 2023 Despite Lower Than Average EBITDA and Operating Profit.

Fortum, a leading energy company, has exceeded analysts’ expectations in the first quarter of 2023. Despite falling short of its comparison period last year, Fortum recorded a turnover of EUR 2,015 million in January-March.

However, the company’s comparable EBITDA at the beginning of the year was only 662 million euros, which is lower than the average expectation of 781 million euros recorded in the same period last year. The company’s comparable operating profit was also lower than expected at 530 million euros compared to 698 million euros in the comparison period.

Despite these challenges, Fortum reported earnings per share at EUR 0.53, exceeding analysts’ average expectation of EUR 0.39. In terms of growth investments and annual maintenance investments, Fortum is planning to strategically manage its expenditures and adapt to market dynamics to sustain its growth trajectory and deliver long-term value to shareholders.

Fortum CEO Markus Rauramo attributed the decline in earnings to factors such as the drop in gas and electricity prices in Europe but also highlighted positive developments such as arbitration proceedings against Russia for protecting legal position and interests. He remains optimistic about the future outlook for Fortum despite challenges in national economies and high inflation levels.