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UTILITIES: Fortum (FUMVFH Baa2/BBB+/BBB): 2Q24 Results

UTILITIES

Positives here at the margin, little spread impact expected.

  • Fortum reported adj. EBITDA 11% better than expected, down 5% YoY on lower prices.
  • FCF fell from to €230mn from €470mn, mainly on less favourable WC changes, with FFO little changed and capex lower YoY.
  • Financial leverage unchanged from FYH23 at 0.5x, well below its 2-2.5x maximum range.
  • Maintenance capex guidance from 2025 lowered 17% to €250mn.
  • Webcast 09.00 BST https://fortum.videosync.fi/q2-2024-result.

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