Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Fortum Oyj Corp Ord — Q1 2026 Earnings Presentation
50 slides from Fortum Oyj's earnings presentation, Apr 29, 2026
Slide 1: Equity story of Fortum
Equity story of FORTUM Powering a thriving world Investor / Analyst material May 2026
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. Any references to the fut
Slide 3: Content
Content FORTUM AND POWER MARKET 4 – 21 INTERIM REPORT Q1 2026 22 – 29 APPENDICES 30 – 42 NUCLEAR SPENT FUEL AND SERVICES 43 – 44 FORTUM’S EVOLUTION AND STRATEGIC ROUTE 45 HISTORICAL ACHIEVED PRICES 46 CLIMATE AND BIODIVERSITY TRAGETS 47 – 49 IR CONTACTS AND CALENDAR 50 3
Slide 4: As one of the largest Nordic energy providers, Fortum is well positioned
As one of the largest Nordic energy providers, Fortum is well positioned to serve its customers EARNINGS DOMINATED POWER GENERATION, Sweden BY POWER GENERATION Specific emissions of 8 gCO2/kWh Consumer Solutions 12% Nuclear 52% Hydro 44% Finland Comp. Power Norway EBITDA generation *) € 1.2 bn
Slide 5: Our purpose and strategic priorities
Our purpose is TO POWER A WORLD WHERE PEOPLE, BUSINESSES AND NATURE THRIVE TOGETHER. STRATEGIC PRIORITIES Deliver reliable Drive energy to decarbonisation customers in industries Transform and develop VALUES Aim high With care Win together 5
Slide 6: Strategy execution – optimise existing businesses, utilise core competences and grow
Strategy execution – optimise existing businesses, utilise core competences and grow FOCUS AREAS LONG-TERM TARGETS COMMERCIALISATION DEVELOPMENT Partner with industrial customers and grow in long-term supply contracts Reflect customer demand in COMPARABLE ready-to-build renewables RONA New offerings
Slide 7: Low-carbon power and competitive prices in the Nordic power market
Low-carbon power and competitive prices in the Nordic power market – attracting new demand WHY NORDICS? MARKET PRICE (€/MWh, 2027) ~40€ Higher Low-carbon Waste heat utilisation ~100€ Lower Affordable Land and water ~80€ electricity availability ~90€ Grid and Skilled ~60€ infrastructure workforce ~10
Slide 8: Projected power demand growth provides attractive business opportunities for Fortum
Projected power demand growth provides attractive business opportunities for Fortum NORDIC POWER DEMAND PROJECTED NORDIC DEMAND TWh/a 975 Data centres Data centres General consumption Ammonia and fertilisers, existing refineries Green metals Industrial consumption Hydrogen Battery manufacturing EVs
Slide 9: The Nordic region is attractive for data centres
The Nordic region is attractive for data centres KEY ADVANTAGES OF THE NORDICS 1 Oslo, NO 1 Falun, SE 1 Rennesøy, NO 2 Gävle, SE 2 Borlänge, SE Rjukan, NO Land availability 2 3 Sandviken, SE 3 Oslo 1, NO 13 4 Staffanstorp, SE 4 Oslo 2, NO Cold climate ~25 TWh 9 5 Espoo, FI 6 Kirkkonummi, FI 1 2 Vant
Slide 10: Fortum is driving power demand through partnerships
Fortum is driving power demand through partnerships - from supplying powered land to holistic energy management • Sites suitable for industrial purposes – Plot areas up to 1,100 acres Kaskinen Jyväskylä • Sites with strong connection to power Tahkoluoto – 60 MW to 1.3 GW per site Ahlainen Meri-Pori
Slide 11: A tighter market will provide attractive pricing opportunities
A tighter market will provide attractive pricing opportunities With increasing demand, new baseload power is needed. …provides the opportunity to offer power with various A tighter supply/demand balance … value elements based on customer demand Illustrative Baseload from new assets Illustrative Base
Slide 12: New investments require higher prices
New investments require higher prices 150−200 LCOE (EUR/MWh) Achieved price (EUR/MWh) 126 56 51 Average market forward price: 45 ~45 EUR/MWh 38 30 32 Onshore wind Utility solar Offshore wind Nuclear Source: Based on the averages of several external sources, 23 October 2025. Assumed capture rates: on
Slide 13: Fortum's renewables development portfolio to serve future customer needs
Fortum’s renewables development portfolio to serve future customer needs 3 2 1 Pjelax (380 MW) 2 Reinelva & Skarvberget 3 Bjørnviktuva 380 MW 4 Honkamaa & Kotapalo 5 Lakkasuo Fortum builds future in operation 6 Ala-korpivaara 7 Jeppo optionality for additional Sweden 8 Sikokangas & Tuulikangas 4 5 6
Slide 14: Flexible generation fleet provides strong value creation – optimisation premium
Flexible generation fleet provides strong value creation – optimisation premium is a clear competitive advantage Components of the optimisation premium in Fortum’s achieved power price from outright generation: 1. Hydropower flexibility 2. Environmental values OPTIMISATION PREMIUM*) • Hourly/daily/w
Slide 15: Strategic targets to capture long-term opportunities, outcome for 2025
Strategic targets to capture long-term opportunities, outcome for 2025 STRATEGIC OPERATIONS COMMERCIALISATION DEVELOPMENT FOCUS AREAS Strong competitiveness and Rationale optimisation Stable, scenario-resilient cash flows Future-proofed portfolio Reach full value creation potential of Create custome
Slide 16: Capital allocation: Balance between investments and distribution
Capital allocation: Balance between investments and distribution aligns with shareholder expectations and supports long-term growth CAPITAL EXPENDITURE 2026–2030 GROUP COMPARABLE RONA 14% Objective: sustain and grow business through Objective: efficient use of capital strategic investments, € 2.0 bn
Slide 17: Outlook on capital expenditure: 2026–2030
Outlook on capital expenditure: 2026–2030 Capex outlook 2026–2030 (€bn) Potential capex (non-committed), • Additional potential capex up to € 2.5 bn potential areas • Renewables capex limited to projects with secured PPAs Renewables • Individual investment decisions will have to DH meet strategic fi
Slide 18: Earnings improvement with own actions
Earnings improvement with own actions – Comparable operating profit of € 330* million by 2030 Generation segment: • Generation availability, +/- € volumes • Heating & Cooling €30 • Improved performance in co-owned assets Millions €40 €330 Consumer Solutions segment: • Organic growth • Operational an
Slide 19: Power generation capacity of Fortum
Power generation capacity of Fortum GENERATION CAPACITY MW FINLAND MW Hydro 4,671 Hydro 1,576 Nuclear 3,255 Nuclear 1,892 SE1 Wind 380 Wind 380 CHP 425 CHP 280 Other thermal 565 NO4 Other thermal 565 FI Generation capacity 4,694 SE2 Generation capacity, MW 9,296 NO3 Figures 31 Dec 2025 NO1 NO5 NO2 S
Slide 20: Interconnector capacity (GW)
Nordic, Baltic, Continental and UK markets are integrating – Interconnection capacity growing to over 13 GW during 2026 Several new interconnectors have started operation, and more are under construction or Current Nordic/Baltic 800 MW 3rd 400 kV SE1-FI Aurora Line was completed 1 planned to be buil
Slide 21: Fortum is well positioned to drive the transition and create shareholder value
Fortum is well positioned to drive the transition and create shareholder value Attractive choice Best-in-class Enabling Prudent capital for our operations industrial allocation customers with sustainable decarbonisation with focus on cash flows by electrification growth Comprehensive Competitive and
Slide 22: Interim report January-March 2026
INTERIM REPORT JANUARY-MARCH 2026 Fortum Corporation 29 April 2026
Slide 23: Highlights Q1 2026
Highlights Q1 2026 • Solid achieved power price of 62.5 €/MWh (60.1 €/MWh) – Supported by double-digit optimisation premium Drive • Improved generation volume Deliver reliable decarbonisation energy to of industries – Higher hydro generation driven by higher spot prices customers – Nuclear volume s
Slide 24: Higher generation volume and achieved power price
Higher generation volume and achieved power price Comparable operating profit increased mainly due to Generation segment Key financial indicators result Cash flow Higher EBITDA, but Comp. OP Comp. EPS OCF Leverage negative change in 521 0.42 0.45 453 355 2.5x working capital due to 462 higher prices
Slide 25: Nordic power prices were volatile and elevated in Q1
Nordic power prices were volatile and elevated in Q1 due to cold weather, high power demand, and low wind availability Power price Hydro reservoirs EUR/MWh Reservoir content (TWh) 250 120 Realised daily system price Futures 24 April 2026 100 200 80 150 60 100 40 Norway 50 20 Sweden 2003 2020 2025 20
Slide 26: Key figures
Key figures LTM performance MEUR I/2026 I/2025 2025 LTM • Comparable operating profit Sales 1,992 1,642 4,989 5,339 at EUR 982 million 600 538 1,240 1,302 Comparable EBITDA • Credit metrics with Net debt- Comparable operating profit 521 462 924 982 to-Comparable EBITDA ratio Comparable net profit 40
Slide 27: Results driven by higher volume and price
Q1 2026 Results driven by higher volume Generation and price Comparable operating profit increased mainly due to higher spot prices and hydro volumes, partly offset by high hedge ratio. The district heating result was positive and increased, mainly impacted by cold weather and higher sales price for
Slide 28: Low leverage and strong liquidity
Low leverage and strong liquidity Solid credit metrics 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 and good
Slide 29: Outlook
Outlook Generation’s Nordic outright: Capital expenditure guidance: Hedges: For 2026–2030: For the rest of 2026: 75% hedged at 39 €/MWh Capital expenditure, excl. potential acquisitions, of € 2.0 bn (previously reported: N/A) • maintenance of € 250 million per year For 2027: 60% hedged at 40 €/MWh •
Slide 30: Appendices
APPENDICES ~~ @fortum Powering a thriving world
Slide 31: Income statement
Income statement MEUR I/2026 I/2025 2025 LTM Sales 1,992 1,642 4,989 5,339 • Share of profits of associates include Other Income 6 6 24 23 nuclear-related items in Sweden and Finland Materials and services -1,190 -911 -2,901 -3,180 Fixed costs -208 -200 -873 -880 • Comparable ‘Finance costs – net’,
Slide 32: Weather and geopolitics - high and volatile commodity and power prices
Weather and geopolitics - high and Prolonged cold weather and falling reservoir levels supported volatile commodity and power prices Nordic prices EUR / MWh 150 Nordic power prices EUR / tCO2 CO2 price (ICE EUA) • Spot prices were elevated from 125 Realised mid-January through late February, 120 100
Slide 33: Generation: Higher volume and sales price
GENERATION: Higher volume and sales price Power generation volumes, TWh I/2026 I/2025 5.9 6.4 6.5 Q1 2026 vs. Q1 2025 5.2 0.3 0.3 Comparable operating profit increased to EUR 503 million Hydro Nuclear Wind mainly by higher spot prices and hydro volumes, partly offset by the LTM 2025 high hedge ratio
Slide 34: Consumer Solutions: Good results
CONSUMER SOLUTIONS: Good results Number of customers (‘000) 2,310 2,320 Q1 2026 vs. Q1 2025 Comparable operating profit of EUR 46 million Marginally affected by slightly higher fixed costs. The result is the second highest ever first-quarter result for Consumer Solutions. The reporting period includ
Slide 35: Other Operations: Results around EUR -100 million for last twelve months
OTHER OPERATIONS: Results around EUR -100 million for last twelve months Q1 2026 vs. Q1 2025 Comparable operating profit decreased to EUR -28 million MEUR I/2026 I/2025 2025 LTM mainly due to higher fixed costs and lower internal charges for Sales 42 46 187 183 services of enabling functions. The re
Slide 36: Fortum's power generation and heat production by source
Fortum’s power generation and heat production by source Fortum’s power generation in 2025 Fortum’s heat production in 2025 Nuclear power 52 % Coal 23% Bio 22% Waste 8% Total Total Coal 1% power generation heat production Waste 0% 42.3 TWh 3.2 TWh Wind 2% Other 1 % Natural gas 14% Hydro power 44 % He
Slide 37: Fortum's Nordic power generation and heat production by source
Fortum’s Nordic power generation and heat production by source Fortum’s Nordic power generation in 2025 Fortum’s Nordic heat production in 2025 Bio 28% Nuclear power 53% Nordic Coal 0% Nordic power generation Waste 0% heat production Oil 0% Wind 3% 41.8 TWh 2.0 TWh Other 0% Coal 0% Natural gas 23% H
Slide 38: Largest nuclear and hydro generators in Europe
Largest nuclear and hydro generators in Europe (TWh) Power generation Source: Company information, Fortum analyses, 2024 figures pro forma. Fortum continuing operations. 38
Slide 39: Fortum a leading player in a highly fragmented Nordic power market
Fortum a leading player in a highly fragmented Nordic power market Power generation Electricity retail Vattenfall Fortum Vattenfall Others Others Statkraft 50% 42% 16.6 million Andel 442 TWh customers >350 companies ~350 companies Elmera Fortum E.ON Uniper Oomi Ørsted Hafslund Eviny Helen PVO Norlys
Slide 40: Wholesale power price
Wholesale power price EUR/MWh Nord Pool Weekly System Price Futures 350 300 250 200 150 100 50 24 Apr 2026 0 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 Source: Nord Pool, Nasdaq Commodities 40
Slide 41: Nordic year futures
Nordic year futures Year12 Year13 Year14 Year15 Year16 Year17 Year18 Year19 Year20 Year21 Year22 Year23 Year24 Year25 Year26 Year27 Year28 EUR/MWh 24 Apr 2026 300 Year27 Year28 250 200 Feb Mar Apr 150 100 50 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 42: German and Nordic futures spread
German and Nordic futures spread Nordic and German daily spot prices in 2024 – 2026 Nordic and German year 2027 futures in 2024 – 2026 Feb Mar Apr EUR/MWh EUR/MWh 500 100 400 75 300 50 200 25 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 2024 2025 2026 27 April 2
Slide 43: Posiva's final disposal of spent nuclear fuel in Onkalo
Posiva’s final disposal of spent nuclear fuel in Onkalo® www.posiva.fi 43
Slide 44: Fortum nuclear services - covering the entire nuclear power plant lifecycle
Fortum nuclear services - covering the entire nuclear power plant lifecycle Nuclear operator Proactive and strong Strong in-house Projects delivered to a global experience based on co-operation in international nuclear engineering customer base proven solutions nuclear forums Newbuild, licensing and
Slide 45: Fortum's evolution and strategic route
Fortum’s evolution and strategic route Skandinaviska Birka Energi Länsivoima Elnova Østfold Elverk 50% Fortum →100% 50% → 100% 50% Stockholm Gullspång merged Shares in Divestment of Divestment of with Hafslund Fingrid shares small scale hydro Gullspång Stora Kraft Birka Energi TGC-1 E.ON Divestment
Slide 46: Hedging improves stability and predictability
Hedging improves stability and predictability – principles based on risk mitigation, (Outright generation) 46 Fortum generation outright volume split (Fortum blended price): Finland 46%, SE3 37% and SE2 17%. From 2009 onwards thermal and import from Russia excluded.
Slide 47: Sustainability is at the core of Fortum's strategy and operations
Sustainability is at the core of Fortum’s strategy and operations with ambitious climate targets CLIMATE TARGETS ILLUSTRATIVE TRANSITION PLAN BIODIVERSITY TARGETS Total absolute fossil emissions (Mt CO2-eq) • SBTi-validated, 1.5°C-aligned • Aquatic climate targets* Coal exit – Increase the ecologica
Slide 48: Climate and biodiversity targets are interlinked
Climate and biodiversity targets are interlinked • Reach net-zero GHG emissions across the • Reduce absolute Scope 3 GHG value chain by 2040 emissions from the use of sold • Reduce Scope 1 and 2 GHG emissions products for sold fossil fuels • by 85% per MWh by 2030 and • by 55% by 2033 and • by 90% p
Slide 49: Net zero by 2040: 1.5°C-aligned transition plan and key actions
Net zero by 2040: 1.5°C-aligned transition plan and key actions Total absolute fossil emissions (Mt CO2-eq) Planned Planned decarbonisation decarbonisation in Planned in own operations value chain Scope 1 and 2 emissions activity growth Scope 3 emissions 2024-2030 Meri-Pori Espoo Coal exit Poland Cl
Slide 50: Fortum investor relations and financial communications
FORTUM INVESTOR NEXT EVENTS Financial Calendar January-June Half-year Financial Report on 21 July 2026 RELATIONS AND January-September Interim Report 2026 on 28 October 2026 FINANCIAL COMMUNICATIONS For more information, To subscribe Fortum's releases, please fill out the subscription form on our we