Helen’s profitability tanked – The CFO tells why

Energy company Helen’s profitability fell at the beginning of the year, especially because it was cold in Finland. In the beginning of the year, the company’s turnover increased by 43 percent from a year ago, but its operating profit percentage fell from 19 percent to 15 percent at the same time.

Helen’s CFO Timo Rajala says that at the beginning of the year natural gas and oil had to be used in the production of district heating. Using fossil fuels weakened Helen’s profitability through fuel and emission rights costs.

Helen’s turnover in the first half of the year was 914 million euros. In the second quarter of the year, the turnover was 231 million euros. A year ago, in January–June, the turnover was 638 million euros, and in the second quarter 208 million euros.

Helen’s operating profit in January–June of the current year was 141 million euros and in April–June 37 million euros. In the first half of 2025, the operating profit was 122 million, and from the second quarter of last year, the profit was 38 million euros.

Big investments

At the end of last year, Helen said that she would buy the electricity company Väreen. The merger of the companies took place in June, which has also increased Helen’s turnover.

According to Rajala, the pursuit of economies of scale is behind Helen’s purchase.

“Digital investments are needed more than before. They are typically one-time expenses that do not grow with the business. In this case, broader shoulders are needed so that the customer experience meets today’s requirements,” says Rajala.

Helen will continue to make investments, but that does not necessarily mean buying electricity companies, Rajala reveals. Among other things, Helen plans to build a small nuclear power plant and invests in strengthening Helsinki’s electricity grid.

“Helen has invested around two billion euros in the last four years and we have largely achieved our goal of carbon neutrality. Our next goal is that all energy is produced without burning by 2040.”

Electricity price fluctuation towards leveling off

Exchange electricity users have gotten used to fluctuating electricity prices in recent years, when fossil energy sources have been replaced by renewable ones. However, Rajala sees electricity price fluctuations as leveling off.

Flexible consumption of electricity is essential in stabilizing price fluctuations, and Helen is also doing her part for that. Helen does district heating with electricity when electricity is cheap. When electricity is expensive, bio-based energy sources are used.

“We need electric boilers, wind power and basic power from nuclear power. Orchestrating a versatile consumption and supply palette is our competitive advantage,” says Rajala.

When electricity demand becomes more flexible, the price remains more predictable. Rajala thinks it’s a good thing for everyone.

The joy of energy self-sufficiency

In the spring, the Iran war has shaken the global energy market. In Finland, however, we are relatively self-sufficient in terms of electricity, and the production of district heating does not require imported energy.

“Previously, coal was a large part of Helen’s energy production, but now district heating is largely generated by electricity, of which we produce a large part ourselves. We are not completely independent, but global logistical uncertainties do not affect us much under normal circumstances.”