Helen’s interim report January–September 2025: The clean energy journey continues profitably – wind power investments were completed
July–September 2025
- Consolidated net sales remained at the same level as in the same period last year, amounting to EUR 201 million (EUR 200 million).
- Operating profit decreased significantly and amounted to EUR -3 million (EUR 12 million).
- Electricity sales increased by 3 per cent to 1,242 GWh (1,204 GWh).
- Electricity distribution in Helsinki increased by 11 per cent to 1,127 GWh (1,015 GWh).
- Heat sales increased by 9 per cent to 509 GWh (466 GWh).
- Cooling sales remained at the same level at 99 GWh (99 GWh).
January–September 2025
- Consolidated net sales decreased year-on-year and amounted to EUR 975 million (EUR 1,103 million).
- Operating profit increased, amounting to EUR 108 million (EUR 92 million).
- Electricity sales increased by 16 per cent to 4,133 GWh (3,562 GWh).
- Electricity distribution in Helsinki increased by 15 per cent to 3,800 GWh (3,314 GWh).
- Heat sales decreased by 11 per cent to 3,744 GWh (4,206 GWh).
- Cooling sales decreased by 13 per cent to 179 GWh (205 GWh).
Consolidated key figures
| EUR million unless otherwise noted | Q3/2025 | Q3/2024 | Change | Q1–Q3/2025 | Q1–Q3/2024 | Change | 2024 |
|---|---|---|---|---|---|---|---|
| Net sales | 201 | 200 | 1% | 975 | 1,103 | -12% | 1,523 |
| Operating profit before depreciations (EBITDA) | 36 | 43 | -16% | 221 | 210 | 5% | 306 |
| Operating profit (EBIT) | -3 | 12 | -125% | 108 | 92 | 17% | 159 |
| % of net sales | -2% | 6% | -133% | 11% | 8% | 38% | 10% |
| Profit before taxes | -12 | -2 | 83 | 84 | -1% | 145 | |
| % of net sales | -6% | -1% | 8% | 8% | 0% | 10% | |
| Gross capital expenditure | 86 | 146 | -41% | 236 | 388 | -39% | 568 |
| Cash flow from operating activities | 27 | -8 | 283 | 212 | 33% | 255 | |
| Net debt | 1,151 | 1,003 | 15% | 1,154 | |||
| Net debt/EBITDA LTM | 3.6 | 4.0 | -9% | 3.8 | |||
| Gearing, % | 51% | 46% | 11% | 51% | |||
| Equity ratio, % | 56% | 55% | 2% | 55% | |||
| Return on capital employed (ROCE) LTM, % | 3% | 3% | -13% | 5% | |||
| Balance sheet total | 4,036 | 4,001 | 1% | 4,120 | |||
| Personnel, average | 707 | 783 | -10% | 777 |
Financial performance in January–September
Helen's net sales decreased by 12 per cent year-on-year, mainly due to a decline in the market price of electricity, and amounted to EUR 975 million (EUR 1,103 million). The average spot price of electricity during the period was EUR 39 (EUR 47) per MWh, which is significantly lower than the average price of the previous year. Net sales derived from electricity production were lower than the previous year due to the decline in the market price, among other factors. Customer prices in electricity retail decreased accordingly, which reduced net sales. Net sales from district heating declined significantly due to weak demand caused by the mild weather in the early part of the year. Net sales from electricity transmission increased.
A key development with regard to the profitability of Helen’s business units is district heating turning profitable due to lower production costs. Production costs have decreased significantly as a result of the reduced use of fossil fuels. The company’s profitability was also significantly improved by the lower use of emission allowances. The profitability of electricity production declined year-on-year, mainly due to the decreased market price of electricity. The electricity retail business returned to profitability.
Depreciation amounted to EUR 114 million (EUR 118 million). The depreciation reported for the previous year included accelerated depreciation of EUR 18 million associated with the discontinuation of coal-based production at the Salmisaari power plant. Consequently, depreciation recognised during the review period was EUR 14 million higher than the comparable amount of depreciation in the previous year.
Operating profit improved, amounting to EUR 108 million (EUR 92 million). The improvement in operating profit was attributable to lower material costs due to the decreased share of fossil fuels. Comparable adjusted operating profit, excluding non-recurring items, was EUR 108 million (EUR 110 million). Comparable relative profitability improved year-on-year to 11 per cent (10 per cent). The reported return on capital employed remained at the same level as in the same period last year at 3 per cent (3 per cent).
Comments by CEO Olli Sirkka
A coal-free Helsinki is finally a reality, as the city started its first heating season without coal this autumn. The transition is not only reflected in a significant reduction in emissions but also in concrete investments in the future: in the third quarter, we started construction on Europe’s largest electric boiler plant in Helsinki's Hanasaari district. The plant will be completed in time for next year's heating season, providing us with significant flexibility in our heat production and strengthening our commitment to Helsinki's climate targets.
The implementation of our strategy is progressing according to plan, and we are well on our way towards our vision of clean and flexible energy. Although the market price of electricity remained low throughout the summer and the price of district heat has already been reduced several times, we expect our result to improve and our emissions to decrease in line with our targets. As the use of fossil fuels continues to decline, the capital previously tied to them is being released for other business operations and investments. This shift is already clearly visible. Investments in clean energy enable competitive prices for our customers and will support continued growth in the future.
We expect volatility to increase in the electricity market during the coming winter as the share of wind power in electricity production increases. We reached a significant milestone on our own investment path when the Niinimäki wind farm in Pieksämäki was completed. As all of the wind farms we have had under construction are now completed, our wind power capacity is as high as 900 MW. The combined power plants in Vuosaari continue to guarantee the security of supply in electricity production.
As we complete our investments in electricity production, we will increasingly shift our focus to flexibility and the optimal management of the energy system as a whole. We will purposefully continue to invest in energy system flexibility solutions, such as the electrification of district heating, demand response and energy storage. This enables us to respond to rapid changes in the market and ensure the supply reliability of energy in all circumstances.
According to our assessments, small-scale nuclear power is the best possible path towards our goal of phasing out combustion-based energy production by 2040. The nuclear energy programme we published in autumn 2024 to support the achievement of that goal is progressing according to plan and in accordance with the City Strategy approved by the City Council in August. The programme is currently in the preparatory phase, during which we will assess alternative business models and plant suppliers. Our survey of potential plant site options has progressed to the point that we will be able to announce the sites shortlisted for a more detailed assessment by the end of 2025. We are actively monitoring the progress of the comprehensive reform of the Nuclear Energy Act and putting forward our views on legislation enabling small-scale nuclear power.
As part of our transformation journey, we said farewell to the Sähkötalo building and moved to new office premises in the We Land building in Ruoholahti. The modern work environment supports a contemporary workplace culture and employee wellbeing. Focusing on the wellbeing of the personnel has yielded tangible results. Absences related to musculoskeletal disorders among Helen employees have decreased by two-thirds. The joint exercise breaks introduced last year have been a significant factor behind this positive development.
Significant events in July–September
- The Niinimäki wind farm, jointly owned by the parent company and Ålandsbanken Wind Power Fund Non-UCITS, was completed in Pieksämäki. Comprised of 22 wind turbines, the wind farm is the largest in Eastern Finland and it has a total installed capacity of 145.2 MW.
- The foundation stone was laid for the parent company’s electric boiler plant in Hanasaari, which will be the largest of its kind in Europe. The electric boiler plant is scheduled to be completed during the 2026–2027 heating season.
- Helen Electricity Network Ltd announced price increases for network services effective from 1 October 2025. Distribution tariffs, basic charges and power charges, inclusive of value added
Outlook
The import tariffs imposed by the United States have weakened the outlook for European industrial production, which dampens the expectations for growth in energy consumption. Liquefied natural gas imports into Europe have been secured and the 90 per cent storage obligation for natural gas, applicable between the beginning of October and the end of November, is likely to be satisfied without problems. As winter approaches, the demand for heating energy will increase, which may occasionally raise the price level of electricity in Europe. However, nuclear power production in France, for example, has been at a very good level in recent times, which has had a balancing effect on price fluctuations throughout Central Europe.
The conditions for hydropower production in the Nordic region have increased electricity price expectations for the coming winter, which is reflected in slightly increased prices for derivatives. However, there are still fairly large regional differences in water reserves. In the price areas of northern Norway and Sweden, water reserves are still higher than normal, while the reservoir filling levels in the south are under the long-term averages. This increases the risk of high prices in the southern price areas during the winter if heating needs in Central Europe increase and there is a prolonged rise in the prices of natural gas and electricity. These impacts are reflected in the Finnish market via southern Sweden and the Baltic region through electricity transmission connections.
The global geopolitical situation is exceptionally tense, and changes may happen quickly and with unexpected consequences. The energy markets are not separate from these factors. Price fluctuations, supply reliability and the predictability of investments are increasingly closely linked to international developments. Helen operates in electricity markets in diverse roles as a producer, vendor and consumer, which reduces its exposure to the risks caused by market fluctuations. In its business operations, Helen also aims to take advantage of the opportunities presented by price fluctuations. By operating in accordance with its strategy, the company will also be increasingly able to balance fluctuations in prices in the future by increasing electricity consumption when supply is high, and reducing consumption when supply is low. The profit outlook for 2025 is expected to be slightly better than the previous year.
Helen’s investments in clean electricity, heat and cooling production are becoming concrete as the existing production sites in Helsinki are transformed. Heat production is largely electrified and consists increasingly of heat pumps, electric boilers and sustainable bioenergy. Helen has completed the wind power capacity it had under construction, and new solar farms and electricity storage facilities are being built across Finland.
Green hydrogen will emerge as a new addition to Helen’s production palette. The preconditions for large-scale production will be investigated by means of a pilot plant. Assessments of the role of small-scale nuclear power as part of a sustainable energy system are also moving forward.
It is important for Finland to maintain its position as a stable and predictable investment environment that will continue to have a sufficient supply of clean electricity in the future. Helen’s long-term efforts to develop the flexibility and supply reliability of the energy system support this goal. Increasing renewable energy production, piloting hydrogen solutions, developing small-scale nuclear energy and smart control form a whole that strengthens Finland’s energy infrastructure and improves the country's ability to respond to future uncertainties.
Helen’s financial statements for 2025 will be published in March 2026.