Helen’s financial statements release 2025: Emissions halved and business performance strengthened

October–December 2025 

• Consolidated net sales decreased compared to the corresponding period in the previous year and amounted to EUR 398 million (421). 

• Operating profit increased to EUR 81 million (67). 

• Electricity sales decreased by 7 per cent and totalled 1,631 GWh (1,762). 

• Electricity distribution in Helsinki increased by 23 per cent and totalled 1,535 GWh (1,252). 

• Heat sales decreased by 5 per cent and amounted to 1,681 GWh (1,775). 

• Cooling sales decreased by 8 per cent and totalled 36 GWh (39). 

January–December 2025 

• Consolidated net sales decreased compared to the corresponding period in the previous year and amounted to EUR 1,373 million (1,523). 

• Operating profit increased significantly to EUR 189 million (159). 

• Electricity sales increased by 9 per cent and totalled 5,764 GWh (5,283). 

• Electricity distribution in Helsinki increased by 18 per cent and totalled 5,393 GWh (4,571). 

• Heat sales decreased by 9 per cent and amounted to 5,425 GWh (5,981). 

• Cooling sales decreased by 12 per cent and totalled 215 GWh (244). 

Consolidated key figures 

Financial performance 

Helen’s net sales decreased by 10% yearonyear, mainly due to the decline in wholesale electricity prices, and totalled EUR 1,373 million (1,523). The average spot price of electricity in 2025 was EUR 41 per MWh (46), which was clearly lower than the previous year’s average. Net sales from electricity production declined, driven in particular by lower market prices. Retail electricity prices for customers also decreased correspondingly, which further reduced net sales. District heating net sales fell significantly due to weak demand caused by the mild earlyyear weather. Net sales from electricity distribution increased. 

A key factor in Helen’s business profitability was the return of district heating to a profitable level as a result of reduced production costs. Production costs have decreased as the use of fossil fuels continues to decline. Profitability was also supported by the lower need for emission allowances. The profitability of electricity production weakened substantially from the previous year mainly due to falling electricity prices. The electricity price achieved by wind power production declined even more sharply than the overall market price level. The retail electricity sales business returned to profitable performance. 

Depreciation amounted to EUR 151 million (146). Depreciation for the comparison year included EUR 18 million of accelerated depreciation related to the discontinuation of coalbased production at the Salmisaari power plant. The depreciation level for the period under review was therefore EUR 23 million higher than the comparable amount for the previous year. Operating profit improved to EUR 189 million (159). Comparable operating profit, adjusted for items affecting comparability, was EUR 177 million (185). Comparable relative profitability increased compared to the corresponding period of the previous year and was 13% (12). Reported return on capital employed remained unchanged at 5% (5). 

Comments by CEO Olli Sirkka 

The year 2025 was a historic one for Helen. We closed the Salmisaari coal-fired power plant and permanently discontinued the use of coal, a key element in the structural transformation of district heating and the long-term implementation of our strategy. 

The change had wide-ranging impacts: Helen’s annual emissions were halved, which also significantly reduced emissions in the city of Helsinki. Customer prices for heating were lowered twice during the year, strengthening the competitiveness of district heating in the heating market. At the same time, the company’s profitability improved, as costs related to fuels and emission allowances decreased with the shift in production towards solutions increasingly based on electricity and waste heat. 

The year was also notable from a business growth perspective. Through corporate acquisitions, Helen became the market leader in electricity retail in Finland, providing a strong foundation for even more ambitious development of services and customer experience. This will be one of the key priorities in 2026. 

The decline in wholesale electricity prices challenged the entire energy sector and led to a sharp decrease in the profitability of electricity production. Despite this, the Group’s result strengthened. The return on capital employed amounted to 5%. Improving this will require further efforts in the coming years, particularly in optimising energy production and consumption – an area that is becoming an increasingly important foundation of Helen’s competitiveness. 

Our investments focused on the electrification of heat production, renewable electricity production and enhancing the flexibility of the energy system. We commissioned 100 MW of electric boiler capacity and converted one heat boiler to pellet use. The completion of the Niinimäki wind farm in Pieksämäki marked the conclusion of a major investment programme, bringing Helen’s wind power capacity to more than 900 MW across Finland. In addition, we advanced the construction of electricity and heat storage facilities and developed new grid connections to strengthen the electricity network in the Helsinki metropolitan area. One of Finland’s largest battery storage facilities was commissioned in Nurmijärvi at the end of the year. 

The rise of data centres as part of Finland’s investment landscape opens up new opportunities for Helen. The utilisation of waste heat from data centres reduces district heating emissions and strengthens its competitiveness. 

Our nuclear energy programme progressed as planned during the year. We initiated environmental impact assessments at three potential sites and selected potential technology suppliers for further development. The construction of SMR capacity is a long-term process in which regulatory development and local acceptance play a key role. Helen’s nuclear energy programme, together with investments in electrification and flexibility, are essential steps towards our goal of phasing out combustion by 2040. At the same time, fully realising the energy system’s potential will require more flexible energy use across society and strong transmission capacity, especially in the Helsinki region. 

The year 2025 demonstrated that we are on the right path: emissions are decreasing, profitability is improving, and the energy platform we are building enables increasingly flexible energy production and consumption. We will continue to advance the development of a flexible energy system, one solution at a time. 

Significant events during the financial year 

• The parent company closed the Salmisaari coal‑fired power plant and discontinued the use of coal. As a result of ending coal‑based energy production, Helen’s annual emissions were halved compared to the previous year. 

• Two new electric boilers at the Salmisaari production site, an industrial‑scale air‑to‑water heat pump plant and a heat boiler converted from coal to pellet were taken into commercial operation. 

• The Niinimäki wind farm, owned jointly by the parent company and the Ålandsbanken Wind Power Special Investment Fund, was completed in Pieksämäki. 

• The Nurmijärvi battery storage facility, owned jointly by the parent company and Evli Fund Management Company’s renewable energy fund, entered commercial operation. 

• The electricity sales company Väre Ltd became part of the Helen Group. In addition, the parent company acquired the electricity sales business of Raaseporin Energia Oy. 

• The parent company launched a competitive tendering process to select a technology supplier for its small modular reactor project, signed framework agreements with four partners for technical support within the nuclear energy programme, selected three potential site alternatives for more detailed studies, and decided to lease the facilities of the decommissioned Salmisaari coal‑fired power plant for the construction of a test facility for the small modular reactor. No nuclear fuel will be installed in the test facility; the reactor core will be equipped with an electric resistance unit. 

• Construction of the 3H2 pilot plant for producing green hydrogen began in Vuosaari. Hydrogen production is scheduled to start at the end of 2026. 

Significant events after the financial year 

• Helen established a separate company for nuclear power project development. Helen Ydinvoima Ltd, a wholly owned subsidiary, is tasked with assessing the conditions for constructing nuclear power in Helsinki and preparing the project for an investment decision. 

• Helen initiated change negotiations with the aim of responding to the requirements of a changing business environment through Group‑wide reorganisation and the development of operating models. As part of the process, planning began for the integration of the subsidiary Väre Ltd into the parent company. 

Outlook

The global geopolitical situation remains tense, and rapid, unforeseen changes are possible. The energy market is closely linked to this development: price volatility, security of supply and investment predictability are increasingly influenced by international events. Factors such as the continuation of the war in Ukraine, tightening trade relations between the United States and China, and conflicts in the Middle East may cause unexpected fluctuations in the markets. At the same time, the growing global supply of energy and moderate demand, particularly in Europe, support greater price stability. Together with the development of emission allowance prices, these factors influence electricity price expectations in Europe and indirectly affect electricity prices in Finland. 

In Finland, potential growth in electricity demand is the most significant factor affecting the market outlook in the near term. The construction of new electric boilers and data centres is expected to increase total electricity demand as early as 2026. The growth of wind power production, however, is expected to slow, as the next wave of wind farms currently under construction will not be completed in Finland until 2027 at the earliest.

Helen operates in the electricity market in multiple roles, as a producer, seller and consumer, which reduces the impact of market volatility. In addition, Helen aims to take advantage of the opportunities created by fluctuations in electricity prices. Through the implementation of its strategy, the company will in future be able to balance price volatility more effectively by increasing electricity consumption when supply is abundant and reducing usage when supply is scarce. 

The company’s outlook for 2026 is expected to weaken compared to the previous year. Lower electricity prices challenge the profitability of electricity production, but the changing cost structure of district heating strengthens the financial performance of heat production. The substantial growth in Helen’s retail electricity customer base provides an opportunity to benefit from resulting economies of scale. In an uncertain market environment, the company’s diversified business portfolio offers greater financial stability than a narrowly focused approach. Local weather conditions in Finland will nevertheless continue to influence earnings. Prolonged periods of cold and low‑wind weather in particular increase production costs and weaken results. 

Helen’s investments in clean electricity, heat and cooling are materialising as existing production sites in Helsinki evolve. Heat production is increasingly electrified and consists to a growing extent of heat pumps, electric boilers and sustainable bioenergy. The company’s wind power capacity under construction has been completed, and new solar farms and battery storage facilities are being developed across Finland. 

Green hydrogen is emerging as a new element in Helen’s production mix, and the pilot plant will provide the basis for assessing the conditions for large‑scale hydrogen production. Work to determine the role of small‑scale nuclear energy as part of a sustainable energy system is also progressing. 

It is important for Finland to maintain its position as a stable and predictable investment environment where sufficient clean electricity will be available in the future. Helen’s long‑term work to enhance the flexibility and security of supply of the energy system supports this goal. The expansion of renewable energy production, the piloting of hydrogen solutions, the development of small‑scale nuclear energy and the increasing use of intelligent control form a whole that strengthens Finland’s energy infrastructure and improves its capacity to withstand future uncertainties. 

Helen’s annual review 2025 will be published on 18 March 2026.