Core Insights - Fingrid's financial performance for January to September 2025 shows a decrease in turnover by 17.7% compared to the same period in 2024, primarily due to lower imbalance power prices, while the result for the period increased by 15.0% [3][7][8] - The company is investing significantly in grid infrastructure, with a gross capital expenditure of €342 million during the reporting period and plans for a total of approximately €2 billion from 2025 to 2028 [5][7][9] - Fingrid's strategy focuses on enhancing the reliability and competitiveness of Finland's electricity system, with ongoing projects like the Lowlands Line aimed at increasing transmission capacity [4][5][6] Financial Performance - Turnover for January to September 2025 was €791.2 million, down from €961.6 million in 2024, reflecting an 18% decrease [3][7] - Operating result decreased by 10.6% to €150.0 million, while the result before taxes fell by 11.8% to €142.3 million [3][7] - The result for the period improved to €128.0 million from €111.4 million in the previous year [3][7] Operational Highlights - Net cash flow from operations significantly increased to €352.6 million from €108.1 million in the previous year, indicating strong operational efficiency [3][7] - The transmission reliability rate remained exceptionally high at 99.99999% [3][7] - Electricity consumption in Finland grew slightly to 61.3 TWh from 60.8 TWh, with Fingrid transmitting 81.7% of the total electricity consumption [3][15] Investment and Infrastructure - Fingrid is committed to investing over €160 million in the main transmission line project from Alajärvi to Hausjärvi, which will enhance transmission capacity by approximately 1,500 megawatts [5][6] - The company has adopted a conditional connection agreement model to facilitate grid connections for large industrial projects [4][5] - Fingrid plans to raise grid service fees by 8% starting January 2026 to cover rising operational and capital expenditure costs [9][15] Regulatory and Legal Developments - The Market Court ruled in favor of Fingrid regarding the Olkiluoto 3 protection scheme, affirming that Fingrid is not solely responsible for all actions necessary for its operation [11][16] - Fingrid's appeal against the Energy Authority's decision on balance service terms was dismissed, leading to significant changes in collateral requirements for balance responsible parties [20][21] Environmental and Safety Metrics - The emission factor for electricity consumed in Finland improved to 27 gCO2/kWh from 34 gCO2/kWh, reflecting a cleaner energy mix [3][7] - The lost-time injury frequency (LTIF) rate decreased to 4.5 from 6.5, indicating improved safety performance [3][15]

Core Viewpoint - Fingrid's half-year report for 2025 indicates a significant decline in turnover due to a mild winter, while the company continues to attract investments in data centers and energy storage, reflecting a shift in the energy landscape in Finland [3][4]. Financial Performance - Turnover for January–June 2025 was €572.1 million, down 23.4% from €746.7 million in the same period of 2024 [2]. - Operating result decreased by 7.3% to €140.0 million from €150.9 million year-on-year [2]. - Result before taxes fell by 8.8% to €134.5 million compared to €147.4 million in the previous year [2]. - Net cash flow from operations increased significantly to €261.2 million from €109.7 million, a 138.2% rise [2]. - Accumulated congestion income rose to €168.4 million, up 21.0% from €139.2 million [2]. - Interest-bearing net debt increased by 49.6% to €1,047.6 million from €700.1 million [2]. Operational Highlights - The transmission reliability rate of Fingrid's grid remained very high at 99.99999% [2][4]. - Electricity consumption in Finland was stable at 43.3 TWh, slightly up from 43.1 TWh [2][9]. - The company connected 794 MW of new renewable production to the grid, an increase from 585 MW [2][9]. - The number of connection enquiries for new electricity consumption exceeded 400 GW, with approximately 30 GW for grid energy storage [9]. Investment and Development - Fingrid's gross capital expenditure is projected to be around €1.7 billion from 2025 to 2028, with €629.8 million already committed [4]. - Key projects, including the Aurora Line and EstLink 2, are progressing on schedule, enhancing cross-border transmission capacity [7][9]. - The company raised grid service fees by 8% starting January 2025 to cover increased operational costs [4][9]. Market Dynamics - The energy transformation in Finland is accelerating, with a notable increase in interest for data centers and energy storage investments [3][4]. - The balance service's share of turnover decreased to 46% from 57% due to lower imbalance power prices [4]. - The electricity market is experiencing significant price volatility, impacting operational costs and risk management [10][17]. Regulatory and Legal Matters - Fingrid is involved in legal proceedings regarding the Energy Authority's decisions on balance service terms and profit specification for electricity transmission operations [11][12][13]. - The company is actively reviewing its investment needs as part of a 10-year grid development plan [6]. Future Outlook - The company anticipates continued growth in electricity consumption in Finland and plans to maintain its investment capacity to meet customer needs [17]. - Fingrid's debt service capacity is expected to remain stable, with no changes to its earnings guidance [17].

Core Viewpoint - Fingrid's financial performance in the first quarter of 2025 showed a decline in turnover compared to the previous year, but improvements in net cash flow and a strong financial position were noted, alongside significant developments in the electricity market and infrastructure [2][4][9]. Financial Performance - Turnover for January–March 2025 was €370.7 million, down 21.6% from €472.9 million in the same period of 2024 [3]. - Operating result was €119.5 million, slightly down from €119.8 million year-on-year [3]. - Result before taxes decreased to €115.9 million from €118.1 million [3]. - Net cash flow from operations surged to €220.8 million, a 502% increase from €36.7 million [3]. - The result for the period improved to €81.6 million from €64.9 million, marking a 25.7% increase [3]. Operational Highlights - Electricity consumption in Finland decreased to 23.8 TWh from 24.6 TWh, attributed to a mild winter [4][9]. - Fingrid's transmission accounted for 79.0% of Finland's total electricity consumption, transmitting 18.8 TWh [9]. - The system security rate remained high at 100% [3][4]. - Renewable production capacity connected to the main grid was 432 MW, down from 528 MW [3][9]. Market Developments - The transition to a 15-minute electricity market progressed, with the new market time unit introduced successfully in January and March [9]. - The Nordic mFRR energy action market was rolled out, experiencing significant price volatility [9]. - Fingrid's share of accrued congestion income was €71.4 million, down from €75.0 million [4]. Capital Expenditure and Investments - Fingrid estimates gross capital expenditure of approximately €1.7 billion from 2025 to 2028, with €623 million already committed [4]. - Capital expenditure for the first quarter was €93.0 million, up 20.8% from €77.0 million [3]. Legal and Regulatory Matters - Fingrid has appealed against the Energy Authority's decisions regarding balance service terms and profit specification methods for electricity transmission operations [11][12]. - Ongoing legal proceedings concern the connection of the Olkiluoto 3 nuclear power plant to the grid, with Fingrid asserting compliance with its obligations [13]. Governance and Leadership - The Annual General Meeting approved the financial statements for 2024 and decided on dividend distribution, with Eeva-Liisa Virkkunen elected as the new Chair of the Board [17].