Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Fortum Oyj Corp Ord — Q1 2025 Earnings Presentation
18 slides from Fortum Oyj's earnings presentation, Apr 29, 2025
Slide 1: Interim Report January-March 2025
INTERIM REPORT JANUARY-MARCH 2025 Fortum Corporation 29 April 2025
Slide 2: Markus Rauramo, President and CEO
MARKUS RAURAMO President and CEO
Slide 3: Highlights Q1 2025
Highlights Q1 2025 • Good generation optimisation – Achieved power price of 60.1 €/MWh (63.9 €/MWh) – Double-digit optimisation premium in Q1, outlook improved for 2025 – Hydro and nuclear volume 0.5 TWh lower • Strategy implementation proceeding – Renewables pipeline developing – Pumped hydro feasi
Slide 4: Solid achieved power price driven by successful power generation optimisation
Solid achieved power price driven by Q1 2025 successful power generation optimisation Comparable operating profit declined due to lower achieved power price and lower power volumes in the Key financial indicators Generation segment Cash flow decreased due to lower Comp. OP Comp. EPS OCF Leverage com
Slide 5: Softer power prices on warmer weather and filled hydro reservoirs
Softer power prices on warmer Higher temperatures and weather and filled hydro reservoirs inflows drove the Nordic Q1 prices • In Q1, European gas prices experienced significant volatility due to supply concerns, including the expiration of the Russian gas transit agreement and substantial withdrawa
Slide 6: Tiina Tuomela, CFO
TIINA TUOMELA CFO | @fortum Powering a thriving world
Slide 7: Key figures
Key figures Lower power prices reflected in the result (LTM) MEUR I/2025 I/2024 2024 LTM • Comparable operating profit Sales 1,642 2,015 5,800 5,427 at EUR 1,110 million 538 622 1,556 1,472 Comparable EBITDA • Excellent credit metrics with Comparable operating profit 462 530 1,178 1,110 Financial ne
Slide 8: Income statement
Income statement Q1 2025 MEUR I/2025 I/2024 2024 LTM • Recycling and waste business Sales 1,642 2,015 5,800 5,427 divested in November 2024 Other Income 6 10 48 44 Materials and services -911 -1,167 -3,295 -3,039 • Quarterly fixed costs decreased to Fixed costs -200 -235 -996 -960 EUR 200 million -7
Slide 9: Results impacted by lower power prices
Q1 2025 Results impacted by lower Generation power prices Lower result mainly due to lower spot and hedge power prices, lower hydro and nuclear volumes, and somewhat higher property taxes in nuclear and hydro in Sweden. The negative effect was partly offset by the double-digit optimisation premium.
Slide 10: 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 maintain financial strength, preserve fin
Slide 11: Updated optimisation premium for 2025
Updated optimisation premium for 2025 – increased remuneration from flexible generation fleet Components of the optimisation premium in Fortum’s achieved power price from outright generation: 1. Hydropower flexibility 2. Environmental values OPTIMISATION PREMIUM • Hourly/daily/weekly/seasonal • Guar
Slide 12: Outlook
Outlook Generation’s Nordic outright (changed): Capital expenditure guidance (unchanged): Hedges: 2025–2027: Capital expenditure, excluding potential acquisitions, of € 1.4 bn For the rest of 2025: 75% hedged at 40 €/MWh • maintenance of € 250 million per year (previously reported: na) • growth of €
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rete cteeeey } perenerhencaary tay Uaerinn eset @fortum Powering a thriving world
Slide 14: Appendix
APPENDIX «<” @fortum Powering a thriving world
Slide 15: Nordic hydro reservoirs and wholesale power price
Nordic hydro reservoirs and wholesale power price Hydro reservoirs Power price Reservoir content (TWh) TWh EUR/MWh 120 500 120 500 Realised daily system price 100 Futures 24 Apr 2025 100 400 400 80 80 300 300 60 60 200 200 40 40 Norway 100 100 20 20 Sweden 2003 2020 2024 2025 Average Finland 00 0 0
Slide 16: Generation: Achieved power price declined
GENERATION: Achieved power price declined Q1 2025 vs. Q1 2024 Power generation volumes, TWh I/2025 I/2024 Comparable operating profit down by 15% to EUR 436 million mainly by lower spot and hedge power prices and lower hydro and 6.5 6.7 nuclear volumes, and somewhat higher property taxes in nuclear
Slide 17: Consumer Solutions: Improved results
CONSUMER SOLUTIONS: Improved results Number of customers (‘000) 2,270 2,360 Q1 2025 vs. Q1 2024 Comparable operating profit increased by EUR 5 million to EUR 47 million mainly due to improved gas margins in enterprise business in Poland and approximately EUR 6 million cost synergies from the Mar 202
Slide 18: Other Operations: Results improved
OTHER OPERATIONS: Results improved Q1 2025 vs. Q1 2024 Comparable operating profit improved by EUR 5 million MEUR I/2025 I/2024 2024 LTM to EUR -20 million Sales 46 144 596 498 mainly due to higher internal charges for services of enabling Comparable EBITDA -15 -3 -26 -38 functions. The result of th