Feb 3, 2026
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Finland’s stock market delivered a clear, if understated, verdict as the only two listed companies to publish full-year results today met very different receptions. Fortum’s shares were down nearly 7 percent by early afternoon, trading around EUR 18.60, while asset manager eQ rose about 2 percent to roughly EUR 11.10.
Fortum’s 2025 results showed how quickly conditions can normalize for a Nordic power producer. Comparable EBITDA fell to EUR 1.24 billion from EUR 1.56 billion a year earlier, mainly due to sharply lower hydro and nuclear volumes. Cash flow weakened, and net debt increased, even though achieved power prices held up well thanks to active optimization. The board proposed a dividend of EUR 0.74 per share, roughly half last year’s level.
Chief Executive Markus Rauramo emphasized pricing discipline rather than volumes, noting: “Our achieved power price of 51.4 EUR/MWh was strong, supported by successful physical optimisation and hedging.” Investors appeared less convinced, focusing on the earnings drop and reduced payout.
At eQ, the full year was softer but the near-term picture improved. Operating profit fell 21 percent to EUR 27.4 million, hit by weak corporate finance activity and investment revaluations. Still, the fourth quarter saw a 15 percent rise in operating profit, and assets under management increased to EUR 13.8 billion.
New CEO Jouko Pölönen framed the result as a reset, saying eQ aims “to double our operating profit by the end of 2030.”
Together, the releases showed Fortum reporting lower earnings and cash flow with a reduced dividend, while eQ ended the year with weaker full-year profit but a stronger fourth quarter and growing assets under management.
