Gasum Group H1 2026: Operative performance improved in the second quarter – first half operative financial result remained dampened due to geopolitical turmoil

April-June 2026 (April-June 2025): 

• Sales volumes in Q2 2026 were 2.7 TWh (Q2 2025: 3.0 TWh), down 12 percent, primarily due to lower pipeline natural gas volumes.
• The Group’s revenue increased 18.1 percent to EUR 334.7 million (Q2 2025: EUR 283.3 million). 
• Operating profit (EBIT) was EUR -4.3 million (Q2 2025: EUR 4.3 million). Comparable operating profit (EBIT) improved to EUR 10.8 million (Q2 2025: EUR -3.4 million).  

January-June 2026 (January-June 2025): 

• Sales volumes in H1 2026 were 6.1 TWh (H1 2025: 6.5 TWh), down 6 percent, primarily due to lower pipeline natural gas volumes.
• The Group’s revenue increased 17.5 percent to EUR 747.1 million (H1 2025: 636.1 EUR million). 
• Operating profit (EBIT) was EUR -6.8 million (H1 2025: EUR 4.0 million). Comparable operating profit (EBIT) improved to EUR 14.9 million (H1 2025: EUR -8.3 million).

Gasum Group CEO Mika Wiljanen:

“The war in Iran, which began at the end of February, shifted the energy market’s focus sharply to geopolitical risk and security of supply. The halting of energy flows through the Strait of Hormuz initially drove sharp price increases, higher freight and insurance costs, and significant volatility across both oil and gas markets.

During the second quarter of the year, prices eased from their peaks as negotiations to resolve the situation progressed, but the overall market situation still remains fragile and sensitive to any renewed escalation. The price spread between oil and gas products remained in favor of gas throughout the conflict but the spread narrowed at the end of the period.

For Europe, the situation has added pressure to an already tight gas market: TTF prices remain elevated compared with pre-war figures, and gas storage levels are below normal for this time of year.

Gasum’s result was negatively affected by the volatile market situation especially during March. Throughout the second quarter, the company has been better able to mitigate the turbulence and reach a satisfactory operative result.

The comparable operating profit for the second quarter of 2026 was EUR 10.8 million (Q2 2025: EUR -3.4 million) and the comparable operating profit margin was 3.2 percent (Q2 2025: -1.2 percent). For the cumulative period of 2026, comparable operating profit amounted to EUR 14.9 million (H1 2025: EUR -8.3  million) and the comparable operating profit margin was 2.0 percent (H1 2025: -1.3 percent). The equity ratio at end of June 2026 was 33.4 percent  (30 June 2025: 39.6 percent ).

The implementation of Gasum’s new strategy Accelerate, launched at the beginning of the year, proceeded well during the first half of the year. By the end of the period there were a significant number of active strategy initiatives and notable value already delivered through the activities.

During the first half of the year sales volumes grew well in the maritime customer group. The maritime business was able to sign new customers such as Norwegian ferry operator Fjord1, an important supplier of critical infrastructure to coastal Norway. Interest in liquefied biogas increased notably among maritime customers, driven by the FuelEU Maritime regulation.

Gasum’s first FuelEU Maritime pooling year 2025 was closed as data was submitted to the authorities at the end of April. Gasum pooled a total of 642 vessels making it one of the biggest commercial pools in the market. Feedback received from customers for the service was excellent. Gasum also reported a significant year on year increase in maritime liquefied biogas sales – the share of volumes went from 0.8% in 2024 to 12.3% in 2025.

Gasum’s Power business continued to develop during the period, with a focus on profitable growth, customer onboarding, operational scalability and capability development. Market volatility continued to support demand in energy management, portfolio services and multi market optimization solutions.

Gasum’s newest biogas plant construction project proceeded according to plan in Borlänge, Sweden. Construction was being finalized at the end of the period and seeding is planned to be carried out during the second half of the year. During the second quarter we also reached record production volumes at our own biogas production sites in Sweden and Finland.

In April the legal form of the company changed from a private limited liability company to a public limited liability company. This change will enable Gasum to diversify its financing base going forward.

In May the Finnish Market Court issued a ruling on a matter between Gasum and the Finnish Energy Authority concerning unbundling obligations under the Natural Gas Market Act. According to the decision Gasum is liable to pay a EUR 17 million penalty fee for non-compliance. Gasum does not accept the reasoning presented in the Market Court’s decision and has therefore issued an appeal to the Supreme Administrative Court.

In June Gasum published a renewed Green Finance Framework, which supports the company’s strategic investments that advance cleaner energy solutions, with a focus on biogas production and distribution. The framework’s second party opinion, issued by S&P Global Ratings, remains Dark Green, the highest rating. Gasum’s strength in the assessment was the company’s transitioning business model – we are investing in the production and supply of biogas to gradually replace natural gas in our energy portfolio.

Following several years of unexpected developments, Gasum once again operated in exceptional conditions during the first half of 2026, as global turbulence continued to complicate the operating environment. The past six months suggest that exceptional circumstances are increasingly becoming the norm in the energy market.

I want to thank our customers and partners for their trust and all Gasum employees for their commitment, resilience and strong contribution during a challenging period."

Read the whole review on Gasum’s website

For more information please contact:

Mika Wiljanen, CEO, Gasum
Executive Assistant, Stella Hanafi
+358 40 153 5854, stella.hanafi@gasum.com

Olga Väisänen, Vice President, Communications and Sustainability, Gasum
+358 40 554 0578, olga.vaisanen@gasum.com