Fortum will report FY25 results pre-market on Tuesday 3 February. Ahead of the release we have spoken to the company; we highlight there has been no change to guidance. Overall, we think minor nuclear outages in Q4 imply numbers coming out a touch below FY consensus, but we wouldn''t expect any major negative revisions ahead of numbers. We expect both volumes and achieved pricing to be roughly flat YoY in Q4, with nuclear outages but better hydro driving the former, and already-disclosed hedge prices along with strong spot prices driving the latter. That would imply 4Q COP of ~EUR260m and FY COP of ~930-940m / CNP of ~EUR200m, so within ~3% of current Bbg. consensus. We therefore wouldn''t expect any major moves in consensus FY estimates as previews come out over the next few weeks.