Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Fortum Oyj Corp Ord — Q3 2025 Earnings Presentation
19 slides from Fortum Oyj's earnings presentation, Oct 29, 2025
Slide 1: Interim Report January–September 2025
INTERIM REPORT JANUARY–SEPTEMBER 2025 Fortum Corporation 29 October 2025
Slide 2: Investor Day 25 November, Helsinki
INVESTOR DAY 25 NOVEMBER HELSINKI 2
Slide 3: Markus Rauramo, President and CEO
MARKUS RAURAMO President and CEO
Slide 4: Highlights Q3 2025
Highlights Q3 2025 • Achieved power price of 46.1 EUR/MWh (44.1) – Higher realised blended market price 36.7 EUR/MWh (19.8) – High hedge ratio, lower hedge price – Good optimisation premium UPDATE: • Temporarily low nuclear and hydro volumes, 1.7 TWh lower Optimisation premium for 2025 • Strategy im
Slide 5: Strong achieved power price and low generation volumes
Strong achieved power price and low generation volumes Comparable operating profit Key financial indicators declined mainly due to lower volumes in the Comp. OP Comp. EPS OCF 0.14 Generation segment 349 158 0.08 97 131 Cash flow decreased due to lower comparable EBITDA Q3 2024 Q3 2025 Q3 2024 Q3 202
Slide 6: Nordic hydro reservoirs affected by lower inflows and higher hydro generation
Nordic hydro reservoirs affected by lower inflows and higher hydro generation – high price volatility continues Hydro reservoirs Power price Reservoir content (TWh) EUR/MWh 120 500 Realised daily system price 100 Futures 21 October 2025 400 80 300 60 200 40 Norway 100 20 Sweden 2003 2020 2024 2025 A
Slide 7: Tiina Tuomela
él _I LJ = oO —_ _ ef — = (e) CF Powering a thriving world @fortum
Slide 8: Key figures
Key figures LTM performance MEUR III/2025 III/2024 I-III/2025 I-III/2024 2024 LTM • Comparable operating profit Sales 929 1,094 3,545 4,365 5,800 4,980 at EUR 930 million 175 254 903 1,202 1,556 1,258 Comparable EBITDA • Credit metrics with Financial Comparable operating profit 97 158 674 921 1,178
Slide 9: Q3 2025 Results impacted by low volumes
Q3 2025 Results impacted by low volumes Generation Comparable operating profit decreased clearly, mainly due to lower nuclear and hydro volumes, lower hedge power prices, and somewhat higher property taxes in nuclear and hydro in Sweden. Comparable operating profit The result contribution of the Pje
Slide 10: Q1-Q3 2025 Results impacted by lower volumes and prices
Q1-Q3 2025 Results impacted by lower Generation volumes and prices Comparable operating profit decreased clearly mainly due to lower hydro and nuclear volumes, lower spot and hedge power prices, and somewhat higher property taxes in nuclear and hydro in Sweden as well as higher nuclear fuel costs. T
Slide 11: Low leverage and strong liquidity
Low leverage and strong liquidity Solid credit metrics Financial net debt 'BBB+' long-term issuer credit rating, Stable outlook ‘BBB+' long-term issuer credit rating, Stable outlook Fortum’s objective: Maintain solid investment grade rating of at least BBB to preserve financial strength, flexibility
Slide 12: Outlook
Outlook Generation’s Nordic outright (changed): Capital expenditure guidance (unchanged): Hedges: 2025–2027: For the rest of 2025: 90% hedged at 42 €/MWh Capital expenditure, excl. potential acquisitions, of € 1.4 bn (previously reported: N/A) For 2026: 70% hedged at 41 €/MWh • maintenance of € 250
Slide 13: Q&A
&A @fortum Powering a thriving world
Slide 14: Appendix
APPENDIX @fortum Powering a thriving world
Slide 15: Income statement Q3 2025
Income statement Q3 2025 MEUR III/2025 III/2024 I-III/2025 I-III/2024 2024 LTM • Recycling and waste business divested in November 2024 Sales 929 1,094 3,545 4,365 5,800 4,980 Other Income 4 5 16 38 48 26 • Quarterly fixed costs EUR 207 Materials and services -553 -611 -2,043 -2,474 -3,295 -2,864 mi
Slide 16: Nordic prices supported by dry weather and declined reservoirs
Nordic prices supported by dry weather and declined reservoirs EUR / MWh Nordic power prices EUR / tCO2 CO2 price (ICE EUA) • Commodity markets were calm overall in Q3. 150 125 Realised With gas and carbon prices steady and coal 120 100 Futures 21 Oct 2025 Futures 8 Aug 2025 easing from summer highs
Slide 17: Generation: Low volumes and higher sales price
GENERATION: Low volumes and higher sales price Power generation volumes, TWh III/2025 III/2024 III/2025 vs. III/2024 Comparable operating profit down by 48% to EUR 92 million 5.8 4.2 4.7 4.6 mainly by lower nuclear and hydro volumes, lower hedge power prices, 0.2 0.2 and somewhat higher property tax
Slide 18: Consumer Solutions: Record results
CONSUMER SOLUTIONS: Record results Number of customers (‘000) III/2025 vs. III/2024 2 360 2 320 Comparable operating profit increased by EUR 17 million to EUR 23 million reaching an all-time-high level in a third quarter, mainly due to improved electricity margins in the Nordics and improved gas mar
Slide 19: Other Operations: Results improved
OTHER OPERATIONS: Results improved III/2025 vs. III/2024 Comparable operating profit improved by EUR 6 million MEUR III/2025 III/2024 I-III/2025 I-III/2024 2024 LTM to EUR -18 million Sales 45 165 138 455 596 279 mainly due to lower fixed costs and higher internal charges for Comparable EBITDA -13 3