-- フィンランドの国営エネルギー企業フォルタムは、水曜日に発表した第1四半期決算で、発電量、需要、価格の大幅な上昇を報告した。 同社の総発電量は、前年同期の12.3テラワット時（TWh）から13.0TWhに増加した。これは主に水力発電量が5.9TWh（前年同期は5.2TWh）に増加したことによる。 その他の事業部門の業績はまちまちで、原子力発電量は6.4TWh（前年同期は6.5TWh）に減少、風力発電量は0.3TWhで横ばい、コージェネレーションは0.4TWh（前年同期は0.3TWh）とわずかに増加した。 需要面では、北欧における電力販売量は15.2TWhと前年同期の15.0TWhからわずかに増加し、うち12.2TWhは北欧における直接販売でした。一方、熱販売量は北欧で1.0TWh、その他の市場で1.6TWhとなり、それぞれ前年同期の0.8TWh、1.5TWhから増加しました。 また、同社は1MWhあたり62.5ユーロ（73.14ドル）という高い販売価格を達成しました。これは前年同期の60.1ユーロを上回るもので、同社によれば、トレーディングや資産最適化活動によってスポット価格を上回る追加収益である「強力な2桁の最適化プレミアム」によって支えられたとのことです。 Fortumは、2026年の原子力発電量を23.5～24テラワット時と見込んでおり、これは以前の見通しより若干低い値です。 同社はまた、2026年残りの期間の発電量の75％を平均価格1MWhあたり39ユーロで、2027年の予想発電量の60％を1MWhあたり40ユーロでヘッジしている。
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Research Alert: Avt Beats Q3; Expansion Challenges Structural Concerns
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AVT delivered a strong Q3 beat with revenue of $7.12B (+34% Y/Y, +13% Q/Q) vs. $6.4B consensus and adjusted EPS of $1.48 (+76% Y/Y, +41% Q/Q) vs. $1.32 consensus. Operating margins expanded to 2.9% (+58bps Q/Q) with Electronic Components achieving 3.5% margins, demonstrating quality operating leverage as sequential operating income grew more than twice as fast as sales. Broad-based strength across all regions Asia +39%, EMEA +31%, Americas +27% suggests a genuine demand recovery beyond AI infrastructure into traditional electronics markets. Q4 guidance of $7.30B-$7.60B sales (midpoint $7.45B) and adjusted EPS of $1.70-$1.80 significantly exceeded consensus of $6.5B revenue and $1.41 EPS. Inventory optimization reached management's target with total days declining to 77 days, enabling $800M sales growth with only $54M operating cash flow usage. We believe the inventory destocking cycle has conclusively ended and AVT is well-positioned to capitalize on the electronics market recovery with sustained momentum.
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Research Alert: Bip Q1: Data Segment Growth Of 46% Powers 10% Ffo Growth
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Brookfield Infrastructure generated FFO per unit of $0.90, up 10% from $0.82 in the prior year, with total FFO reaching $709M versus $646M, driven by organic growth and $1.4B of new investments. The partnership reported a net loss of $61M compared to net income of $125M in Q1 2025, primarily due to unrealized hedge losses from elevated commodity prices. We view the quarter positively, with FFO growing 10% driven by Data's outsized 46% FFO increase to $149M from the U.S. bulk fiber acquisition and 200 MW of commissioned data center capacity. Management expects hedge losses to settle throughout the year. The partnership secured $400M of new investment opportunities and completed $1B in capital recycling proceeds year-to-date, maintaining $5.3B liquidity with only 5% of debt maturing over 12 months. We expect the 6% distribution increase to $0.455 per unit to be covered by executing partnerships with mega-theme oriented names like Bloom using recycled capital.
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