While Fortum’s results are severely affected by Uniper’s headwinds, leading to a massive loss of €11.6bn at the operating profit level, the latter must not mask the solid resilience of Fortum stand-alone. We note a particularly good performance of Generation and Russia vs the first quarter. However, the Q3 is at risk given current energy prices and the recognition of further Uniper losses from the gas curtailment. The worst might be yet to come.
25 Aug 2022
H1 22: Uniper must not mask the solid resilience, Q3 at risk
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H1 22: Uniper must not mask the solid resilience, Q3 at risk
Fortum Oyj (FORTUM:HEL) | 0 0 0.0%
- Published:
25 Aug 2022 -
Author:
Nicolas Bouthors | Olivier de Wismes -
Pages:
3
While Fortum’s results are severely affected by Uniper’s headwinds, leading to a massive loss of €11.6bn at the operating profit level, the latter must not mask the solid resilience of Fortum stand-alone. We note a particularly good performance of Generation and Russia vs the first quarter. However, the Q3 is at risk given current energy prices and the recognition of further Uniper losses from the gas curtailment. The worst might be yet to come.