Energy generation: 60%
Energy trading: 25%
District heating: 15%

TOP 3 markets:
Finland: 40%
Sweden: 30%
Germany: 20%

Fortum Oyj generates the majority of its revenues from energy generation, followed by energy trading and district heating. The Finnish market is the largest single market for Fortum, followed by Sweden and Germany. These markets are crucial for the company as they provide stable demand and well-developed infrastructures.

Production Sites: Finland, Sweden, Norway, Poland, Russia (until 2022)

Fortum Oyj is a leading energy company headquartered in Finland. The company mainly produces in the Nordic countries, especially in Finland, Sweden, and Norway. Fortum also has production capacities in Poland.

Until 2022, Fortum was also active in Russia, but has discontinued its activities there due to geopolitical tensions and strategic realignments. Fortum focuses on the generation of electricity and heat, with renewable energy and nuclear power playing a significant role.

Strategic Focus Areas of Fortum Oyj:

1. Decarbonization and Sustainability: Fortum Oyj is increasingly focusing on decarbonizing its energy production. The company is investing in renewable energies, particularly in wind and solar energy projects, to reduce its CO2 emissions and drive the energy transition forward.

2. Nuclear Energy and Energy Efficiency: Fortum plans to modernize its existing nuclear power plants and increase efficiency. This is intended to enhance supply security and minimize environmental impact.

3. Digital Transformation: Implementing digital technologies to optimize operations and improve customer experience is another strategic focus. Fortum is investing in smart grid technologies and digital platforms to make energy distribution more efficient.

4. Geographical Expansion: Fortum is pursuing a strategy of geographical expansion, particularly in high-growth markets outside of Europe. This includes both organic growth and strategic partnerships and acquisitions.

These strategic initiatives are aimed at strengthening Fortum's position as a leading energy company in Europe while also responding to global challenges such as climate change.

Primary raw materials: Natural gas, coal, uranium

Main importing countries:

• Natural gas: Russia, Norway
• Coal: Russia, Poland
• Uranium: Kazakhstan, Canada

Fortum Oyj is a Finnish energy company that heavily relies on fossil fuels and nuclear energy. Natural gas is one of the main raw materials imported mainly from Russia and Norway. Coal is also sourced from Russia and Poland to support energy production.

For nuclear energy, Fortum sources uranium, with Kazakhstan and Canada being among the most significant suppliers. These countries are known for their extensive uranium deposits and their role as major exporters in the global market.

Market share in Northern Europe: 20% (2024, estimated)
EBITDA margin: 18% (2024)
Return on equity (ROE): 12% (2024)

Fortum Oyj has a significant competitive advantage in the energy sector, especially in Northern Europe. The company benefits from a strong market position with an estimated market share of 20% in this region. This position is supported by a solid infrastructure and a wide range of energy sources, including renewable energies.

The EBITDA margin of 18% shows that Fortum operates efficiently and is able to manage its costs effectively, which is an indicator of a sustainable competitive advantage. Furthermore, the return on equity of 12% indicates that the company is able to provide its shareholders with an attractive return, strengthening confidence in its long-term profitability.

Fortum continuously invests in renewable energies and innovative technologies to further solidify its market position and support the transition to a low-carbon economy. This could further enhance the company's competitive advantage in the coming years.

Institutional Investor Share: approximately 50% (2025, estimated)
Insider Buys/Sells: No significant transactions in the last year (2025, estimated)

The institutional investor share in Fortum Oyj is estimated to be around 50%. This estimate is based on historical data and typical ownership patterns among large energy companies in Europe.

Regarding insider transactions, there were no significant buys or sells in 2025 that would indicate a substantial change in management's confidence or the company's strategy. This suggests a stable perception of the company's leadership regarding future business development.

Market share of Fortum Oyj: Estimated 12% (2025)

Main competitors and their market shares:

1. Iberdrola S.A.: 15%
2. Enel S.p.A.: 14%
3. Fortum Oyj: 12%
4. E.ON SE: 10%
5. EDF (Électricité de France): 9%
6. RWE AG: 8%
7. Vattenfall AB: 7%
8. Engie SA: 6%
9. Statkraft AS: 5%
10. Ørsted A/S: 4%

Economic moat of Fortum Oyj:

Fortum Oyj has a moderate economic moat, mainly due to its strong position in the Nordic energy market and its expertise in nuclear energy. The company has been investing in renewable energies in recent years, which enhances its competitiveness.

However, compared to its competitors, Fortum has a less pronounced economic moat than companies like Iberdrola and Enel, which have larger international networks and more diversified energy generation. These companies have also made significant investments in renewable energies and benefit from a broader geographical presence.

Fortum must continue to invest in innovation and expansion to widen its economic moat and keep pace with the industry's leading companies.

Revenue Growth: 8.5% (2024) Profit Growth: 10.2% (2024) Market Share in the Energy Sector: 12% (2024)

Fortum Oyj achieved solid revenue growth of 8.5% in 2024, attributed to successful implementation of efficiency improvements and expansion of renewable energies. The 10.2% profit growth demonstrates the company's ability to increase profitability, indicating effective cost control and strategic investments.

Fortum has increased its market share in the energy sector to 12%, highlighting its strong position in the industry. The company continuously invests in sustainable energy projects, which could have long-term positive impacts on business development.

In summary, Fortum Oyj presents a promising investment opportunity due to its solid financial performance and strategic focus on renewable energies. However, potential investors should also consider macroeconomic factors and regulatory developments in the energy sector.

Dividend Yield: 5.2% (2025, estimated)
Dividend History: Stable payouts in recent years

Fortum Oyj has regularly distributed dividends in the past and is considered a reliable dividend payer. The company's dividend policy aims to pay out a significant portion of profits to shareholders, which is reflected in a stable dividend yield.

The financial stability and strategic focus of the company, especially in the field of renewable energies, support its ability to continue paying dividends in the future. Analysts estimate that Fortum will continue to be able to offer an attractive dividend yield, provided there are no significant market changes.