Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Fortum Oyj Corp Ord — Q2 2025 Earnings Presentation
21 slides from Fortum Oyj's earnings presentation, Aug 14, 2025
Slide 1: Half-Year Financial Report January-June 2025
HALF-YEAR FINANCIAL REPORT JANUARY-JUNE 2025 Fortum Corporation 15 August 2025
Slide 2: Markus Rauramo, President and CEO
MARKUS RAURAMO President and CEO
Slide 3: Highlights Q2 2025
Highlights Q2 2025 • Good achieved power price of 48.1 €/MWh (48.6 €/MWh) – Low realised blended market price 26.4 €/MWh (34.3 €/MWh) – High hedge ratio – Good optimisation premium • Record-low hydro and nuclear volumes, 2.2 TWh lower • Strategy implementation proceeding – COS: Orange Energia acquis
Slide 4: Strong achieved power price and low generation volumes
H1 2025 Strong achieved power price and low generation volumes Comparable operating profit declined mainly due to lower volumes in the Generation Key financial indicators segment Comp. OP Comp. EPS OCF Cash flow 0.20 338 233 decreased due to lower 203 comparable EBITDA 115 0.09 Financial Net debt-to
Slide 5: Nordic hydro reservoirs affected by low inflows after weak spring floods
Nordic hydro reservoirs affected by low inflows caused by weak spring floods following a mild winter Hydro reservoirs Power price Reservoir content (TWh) TWh EUR/MWh 120 120 500 500 Realised daily system price 100 Futures 8 August 2025 100 400 400 80 80 300 300 60 60 200 200 40 40 Norway 100 100 20
Slide 6: Power demand growth projected by Nordic TSOs
Power demand growth projected by Nordic TSOs Nordic large-scale data centres Nordic power demand (update June 2025) 1 Facebook, Luleå 1 Facebook, Odense TWh/a 2 Amazon, Västerås 2 Amazon, Eskilstuna 700 2 Amazon, Katrineholm 3 Google, Skien 3 Google, Hamina 600 550 3 Google Fredericia 3 Google, Horn
Slide 7: Tiina Tuomela, CFO
TIINA TUOMELA CFO | @fortum Powering a thriving world
Slide 8: Key figures
Key figures LTM: Lower volumes and MEUR II/2025 II/2024 I-II/2025 I-II/2024 2024 LTM power prices Sales 974 1,255 2,616 3,270 5,800 5,146 Comparable EBITDA 191 326 729 948 1,556 1,337 • Comparable operating profit Comparable operating profit 115 233 577 763 1,178 992 at EUR 1,337 million Comparable
Slide 9: Income statement Q2 2025
Income statement Q2 2025 • Recycling and waste MEUR II/2025 II/2024 I-II/2025 I-II/2024 2024 LTM business divested in Sales 974 1,255 2,616 3,270 5,800 5,146 November 2024 Other Income 5 23 12 33 48 27 Materials and services -579 -696 -1,490 -1,864 -3,295 -2,922 • Quarterly fixed costs EUR 209 milli
Slide 10: Q2 2025 Results impacted by record low volumes
Q2 2025 Results impacted by record Generation low volumes Comparable operating profit decreased clearly mainly due to lower hydro and nuclear volumes, lower hedge prices and somewhat higher property taxes in Sweden. In the comparison period, the result of the renewables Comparable operating profit b
Slide 11: Components of Fortum's achieved power price (APP)
Components of Fortum’s achieved power price (APP) ILLUSTRATIVE Blended market price* Optimisation Hedge effect** Achieved power price (46/37/17%) premium * Fortum generation price areas: Finland 46%, Sweden SE3 37% and Sweden SE2 17% 11 ** Hedge effect could be positive or negative depending on hedg
Slide 12: Additional value from hedging and optimisation premium
Fortum has generated additional value from its hedging and optimisation premium on top of the market price Blended market price*, Value creation**, (bar), (line), e/MWh e/MWh 64 24 56 21 (e/MWh) 48 18 Blended Value APP market price creation 40 15 Q1 '24 64 63 1 32 12 Q2 '24 49 34 14 Q3 '24 44 20 24
Slide 13: H1 2025 Results impacted by lower volumes and prices
H1 2025 Results impacted by lower Generation volumes and prices Comparable operating profit decreased clearly to EUR 556 million, impacted mainly by lower hydro and nuclear volumes, lower spot and hedge power prices and somewhat higher property taxes in Sweden, partly offset by high hedge ratio in Q
Slide 14: Low leverage and strong liquidity
Low leverage and strong liquidity Solid credit metrics Financial net debt 1,270 35 'BBB+' long-term issuer credit rating, Stable outlook ‘BBB+' long-term issuer 1 256 credit rating, Stable outlook 13 203 8 Fortum’s objective: 162 Maintain solid investment grade rating of at least Financial net CF fr
Slide 15: Outlook
Outlook Generation’s Nordic outright (changed): Capital expenditure guidance (unchanged): Hedges: 2025–2027: Capital expenditure, excluding potential For the rest of 2025: 80% hedged at 41 €/MWh acquisitions, (previously reported: N/A) of € 1.4 bn For 2026: 60% hedged at 40 €/MWh • maintenance of €
Slide 16: PEELE 34647
PEELE 34647 prTeneeelasnaertsae yah HET @fortum Powering a thriving world
Slide 17: Appendix
APPENDIX @fortum Powering a thriving world
Slide 18: Decreasing reservoirs and low inflows drove the Nordic prices
Decreasing reservoirs and low inflows drove the Nordic prices EUR / MWh Nordic power prices EUR //tCO EUR tCO22 price (EUA) CO2 price (ICE EUA) • During Q2, Nordic spot prices were generally 150 150 125 125 Realised lower than a year ago due to the higher reservoir 120 120 Futures 8 Aug 2025 Futures
Slide 19: Generation: Record low volumes and lower power price
GENERATION: Record low volumes and lower power price Power generation volumes, TWh II/2025 II/2024 II/2025 vs. II/2024 Comparable operating profit down by 54% to EUR 121 million 5.4 4.9 5.5 3.7 mainly by lower hydro and nuclear volumes, lower hedge power prices, 0.2 0.2 and somewhat higher property
Slide 20: Consumer Solutions: Highest result in Q2
CONSUMER SOLUTIONS: Highest result in Q2 Number of customers (‘000) II/2025 vs. II/2024 2,370 2,330 Comparable operating profit increased by EUR 14 million to EUR 26 million mainly due to improved gas margins in the enterprise customers business in Poland, improved electricity margins in the Nordics
Slide 21: Other Operations: Results improved
OTHER OPERATIONS: Results improved II/2025 vs. II/2024 Comparable operating profit improved by EUR 11 million MEUR II/2025 II/2024 I-II/2025 I-II/2024 2024 LTM to EUR -32 million Sales 46 146 92 289 596 399 mainly due to the divestments finalised in 2024 in the Circular Solutions business. Comparabl