Helen’s interim report January–September 2026: Investments advanced the electrification of district heating and reduced emissions
The figures presented in this interim report are for January–September 2026, unless otherwise stated. The comparison figures in brackets refer to the corresponding period of the previous year.
July–September 2026, IFRS
- Consolidated net sales increased compared with the corresponding period of the previous year and amounted to EUR 186 million (EUR 154 million).
- Operating profit remained at the previous year’s level and amounted to EUR 41 million (EUR 29 million).
- Electricity sales decreased by 2% to 1,219 GWh (1,242 GWh).
- Electricity distribution in Helsinki decreased by 6% to 1,065 GWh (1,127 GWh).
- Heat sales increased by 1% to 512 GWh (509 GWh).
- Cooling sales decreased by 24% to 75 GWh (99 GWh).
January–September 2026, IFRS
- Consolidated net sales increased compared with the corresponding period of the previous year and amounted to EUR 1,099 million (EUR 792 million).
- Operating profit increased to EUR 182 million (EUR 151 million).
- Electricity sales increased by 5% to 4,355 GWh (4,133 GWh).
- Electricity distribution in Helsinki increased by 5% to 3,971 GWh (3,800 GWh).
- Heat sales increased by 10% to 4,122 GWh (3,744 GWh).
- Cooling sales decreased by 12% to 157 GWh (179 GWh).
Consolidated key figures, IFRS
| EUR million unless otherwise noted | Q3/2026 | Q3/2025 | Change | Q1–Q3/2026 | Q1–Q3/2025 | Change | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales | 186 | 154 | 21% | 1,099 | 792 | 39% | 1,115 |
| Operating profit before depreciations (EBITDA) | 74 | 57 | 30% | 279 | 230 | 21% | 346 |
| % of net sales | 40% | 37% | 8% | 25% | 29% | -14% | 31% |
| Comparable EBITDA | 51 | 60 | -15% | 254 | 230 | 10% | 360 |
| Operating profit (EBIT) | 41 | 29 | 41% | 182 | 151 | 21% | 240 |
| % of net sales | 22% | 18% | 22% | 17% | 19% | -11% | 22% |
| Comparable EBIT | 18 | 32 | -44% | 158 | 151 | 5% | 254 |
| Profit before taxes | 27 | 20 | 35% | 152 | 126 | 21% | 210 |
| % of net sales | 15% | 13% | 15% | 14% | 16% | -13% | 19% |
| Gross capital expenditure | 27 | 86 | -69% | 156 | 236 | -34% | 424 |
| Cash flow from operating activities | 88 | 35 | 151% | 401 | 315 | 27% | 358 |
| Net debt | 1,272 | 1,335 | -5% | 1,483 | |||
| Net debt/EBITDA LTM | 3.2 | -* | 4.2 | ||||
| Gearing, % | 63% | 76% | -17% | 82% | |||
| Equity ratio, % | 47% | 45% | 4% | 43% | |||
| Return on capital employed (ROCE) LTM, % | 7.8% | -* | 7.2% | ||||
| Balance sheet total | 4,275 | 3,918 | 9% | 4,231 | |||
| Personnel, average | 678 | 707 | -4% | 706 |
*Key figures have not been calculated, as the IFRS transition commenced on 1 January 2025 and the comparative period extends to 2024.
Financial performance in January–September
Helen’s net sales increased by 39% compared with the corresponding period of the previous year, driven by higher electricity market prices and an increase in the customer base following the integration of Väre Ltd into the Group. Net sales amounted to EUR 1,099 million (EUR 792 million). The average spot price of electricity was EUR 70 (EUR 39) per MWh, significantly higher than the average price in the previous year. The impacts of electricity price fluctuations were mitigated through derivative contracts used for price hedging, which smoothed price volatility in both wholesale electricity sales and purchases.
Revenue from electricity generation increased compared with the previous year. Revenue from retail electricity sales increased significantly due to the integration of Väre Ltd into the Group and the resulting growth in the customer base, as well as higher electricity market prices during the early part of the year. Revenue from district heating also increased significantly due to strong demand driven by cold weather at the beginning of the year. Revenue from electricity distribution increased slightly compared with the corresponding period of the previous year.
The profitability of Helen’s operations was adversely affected in particular by the weaker performance of the district heating business and increased emissions. In the first quarter, cold weather increased heating demand, while fuel and emission allowance costs also rose significantly. In the second quarter, warmer-than-normal weather reduced heat demand, resulting in lower sales volumes.
Depreciation, amortisation and impairment amounted to EUR 96 million (EUR 79 million). Changes in fair value recognised in items affecting comparability had a positive impact of EUR 33 million on profit. This was mainly attributable to changes in the fair value of derivative instruments not covered by hedge accounting, such as natural gas and emission allowance derivatives, as well as timing effects related to the adoption of IFRS. Comparable operating profit, excluding non-recurring items, amounted to EUR 158 million (EUR 151 million), and comparable relative profitability declined to 14% (19%). Operating profit increased from the previous year to EUR 182 million (EUR 151 million). Relative profitability, however, decreased to 17% (19%). Return on capital employed was 7.8% (comparative figure not applicable).
Comments by CEO Olli Sirkka
Electricity prices and their outlook for the coming winter were widely discussed in Finland during the autumn. Helen’s role is to ensure a reliable supply of energy even as market conditions fluctuate. During January–September, our business developed steadily: net sales and operating profit increased as a result of higher electricity prices and growth in the customer base following the integration of Väre Ltd into the Group. A strong financial development enables us to continue transforming the energy system and further electrifying district heating.
We reached an important milestone in the electrification of heat production during the third quarter when the Eiranranta heat pump plant entered commercial operation. The plant increases Helen’s already substantial heat pump and electric boiler capacity, and the heat it produces will serve our customers during the coming heating season. In addition, we agreed with OnZero Finland Oy to connect waste heat from a new data centre to Helsinki’s district heating network. Utilising waste heat from data centres is both resource-efficient and in the broader interests of society, as it reduces the need for other electricity consumption and heat production based on combustion. As a result, the energy efficiency of data centres is nearly doubled, significantly increasing the overall societal benefit they generate.
At the end of the summer, we celebrated the completion of the latest addition to Helen’s renewable electricity generation portfolio: the Kalanti solar farm in Uusikaupunki. As Finland’s largest solar farm, it strengthens the supply of domestically produced renewable electricity and contributes to the wider electrification of society. The solar farm also supports long-term local vitality and economic activity.
During the reporting period, Helen divested its electric vehicle charging business, which has developed into an established and well-functioning market in the Helsinki metropolitan area in recent years. The timing is right to enable the business to continue its development under companies specialising in the sector. The transaction also supports Helen’s strategic objective of focusing capital and expertise on businesses where we can have the greatest impact in accelerating the energy transition and reducing dependence on combustion-based energy production.
As the share of weather-dependent power generation increases, the importance of flexibility in the energy system continues to grow. Helen’s strength lies in its ability to optimise the operation of the electricity and heating systems as one integrated whole. We are actively developing solutions that enable us to respond efficiently to market fluctuations while ensuring reliable energy supply for our customers in all situations. Helen’s ability to deliver continuously increasing flexibility to the market and thereby help moderate electricity price volatility across Finland is at the core of our business.
We also continue to prepare long-term investments. Our target of phasing out combustion-based energy production by 2040 guides our decision-making, and the nuclear energy project established to support this objective is progressing according to plan. The next major phase of the project is the environmental impact assessment procedure, preparations for which are under way.
The operating environment of the energy market remains uncertain due to geopolitical tensions, but Helen’s strategic direction is clear. We are investing in low-emission energy production, energy system flexibility and new technologies that strengthen security of supply and competitiveness, while enabling the transition towards nuclear energy and an energy system free from combustion.
Significant events in July–September
- The parent company commissioned the Eiranranta heat pump plant, which produces district heat and district cooling from waste energy contained in treated wastewater. The facility also includes a 30 MW electric boiler.
- The parent company entered into an agreement with OnZero Finland Oy to connect waste heat from a new data centre to Helsinki’s district heating network. The facility is capable of supplying more than 500,000 MWh of heat annually to the district heating network.
- Helen Electricity Network Ltd increased its network service charges from October onwards. The increase is based on a material change in operating conditions. Investment requirements for the electricity network have grown, and the costs of network operations have increased.
- Helen’s electric vehicle charging business was transferred to Plugit Finland Oy. The transaction supports Helen’s strategic objective of phasing out combustion-based energy production, as the company focuses on the production and sale of electricity, heat and cooling, and on increasing flexibility in the energy system.
- Tuomas Teuri, SVP, Digital solutions, announced that he will be leaving Helen. He will remain with the company during a transition period. The process to recruit his successor has been initiated.
Outlook
Developments in the energy market over the coming months will depend on the evolution of the geopolitical situation and on Europe’s ability to secure adequate energy supplies for the upcoming winter season. Key factors include developments in the Middle East, the continuity of LNG deliveries and the security of shipping through the Strait of Hormuz. Any new disruptions to global supply chains could quickly increase energy prices and lead to significant changes in the market outlook even over a short period.
Europe’s relatively low gas storage levels leave the region exposed to price fluctuations caused by winter weather conditions. If heating demand exceeds expectations during the winter season, upward pressure on natural gas and electricity prices could intensify significantly. Although conditions in the LNG market have stabilised somewhat as autumn has progressed, the market remains highly sensitive to both weather developments and geopolitical events.
In the Nordic region, market developments will be shaped primarily by reservoir levels, winter weather conditions and the return of nuclear power generation to normal levels following the annual maintenance season. Hydrological conditions are expected to remain weaker than normal, despite the typical increase in precipitation during the autumn. The exceptionally extensive annual maintenance outages at nuclear power plants have temporarily reduced regional generation capacity, and any delays in the completion of maintenance work or unexpected generation disruptions could increase upward pressure on prices as the winter season approaches.
Helen operates in the electricity market in multiple roles, as a producer, retailer and consumer, which mitigates the impact of market fluctuations on the company. In addition, Helen seeks to capture the opportunities created by electricity price volatility. Through the implementation of its strategy, the company will increasingly be able to balance price fluctuations by increasing electricity consumption when supply is abundant and reducing consumption when supply is scarce.
Helen’s financial performance is expected to weaken in 2026 compared with the previous year. Over the long term, lower average electricity prices will challenge the profitability of electricity generation, while changes in the cost structure of district heating have strengthened the financial position of heat production. The increase in Helen’s customer base resulting from acquisitions provides opportunities to realise economies of scale. In an uncertain market environment, the company’s diversified business portfolio provides greater financial stability than a narrowly focused strategy.
Helen’s heat production has been largely electrified and is primarily based on heat pumps, electric boilers and bioenergy. The company’s long-term efforts to evaluate the replacement of combustion-based energy production with small-scale nuclear energy continue in a systematic manner. More than 90% of Helen’s power generation capacity is based on low-emission technologies, including hydropower, nuclear power, wind power and solar power. Hydrogen is emerging as a new element in Helen’s generation portfolio, with the potential for large-scale production being explored through a pilot project.
It is important for Finland to maintain its position as a stable and predictable investment environment where low-emission electricity will remain available in sufficient quantities in the future. Helen’s long-term work to enhance the flexibility and security of supply of the energy system supports this objective. Open and efficiently functioning electricity markets are the best way to ensure that investments are directed, at the right time, towards solutions that strengthen the competitiveness and security of supply of the energy system. Renewable energy production, the development of small-scale nuclear energy, the piloting of hydrogen solutions and smart system control will strengthen Finland’s energy infrastructure and improve its resilience.
Helen’s financial statements for 2026 will be published in March 2027.