Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Investor Presentation (December 2025)
53 slides from Fortum Oyj's investor presentation, December 2025
Slide 1: Equity story of Fortum
Equity story of FORTUM Powering a thriving world Investor / Analyst material December 2025
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 JAN-SEP 2025 22 – 30 APPENDICES 31 – 45 NUCLEAR SPENT FUEL AND SERVICES 46 – 47 FORTUM’S EVOLUTION AND STRATEGIC ROUTE 48 HISTORICAL ACHIEVED PRICES 49 CLIMATE AND BIODIVERSITY TRAGETS 50 – 52 IR CONTACTS AND CALENDAR 53 3
Slide 4: As one of the largest Nordic energy providers, Fortum is well positioned to serve its customers
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 9 g CO2/kWh ⚫ Consumer Solutions 16% ⚫ Nuclear 53% ⚫ Hydro 42% Finland Comp. Power EBITDA generation Norway *) €1.3bn
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 Nordics is an attractive region for data centres
The Nordics is an attractive region 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
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, mitigate business and market risks
Strategic targets to capture long-term opportunities, mitigate business and market risks STRATEGIC OPERATIONS COMMERCIALISATION DEVELOPMENT FOCUS AREAS Strong competitiveness and Rationale optimisation Stable, scenario-resilient cash flows Future-proofed portfolio Reach full value creation potential
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 • Drives
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 fit
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 and
Slide 19: Power generation capacity of Fortum
Power generation capacity of Fortum GENERATION CAPACITY MW FINLAND MW Hydro 4,669 Hydro 1,574 Nuclear 3,247 Nuclear 1,892 Wind 380 Wind 380 CHP 425 CHP 280 Other thermal 565 Other thermal 565 Generation capacity 4,692 Generation capacity, MW 9,286 Figures 31 December 2024 SWEDEN, by price area MW SE
Slide 20: Nordic, Baltic, Continental and UK markets are integrating
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 1 EU’s Connecting Europe Facility co-financed 3rd EE-LV interconnector
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–September 2025
INTERIM REPORT JANUARY–SEPTEMBER 2025 Fortum Corporation
Slide 23: 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 24: 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 Generation segment 0.14 349 158 0.08 97 131 Cash flow decreased due to lower comparable EBITDA Q3 2024 Q3 2025 Q3 2024 Q3 202
Slide 25: Nordic hydro reservoirs and power prices
Nordic hydro reservoirs and power prices Hydro reservoirs Power price Reservoir content (TWh) TWh EUR/MWh 120 120 500 500 Realised daily system price 100 Futures 19 November 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 Q1 Q
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: Appendix
APPENDIX @fortum Powering a thriving world
Slide 32: 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 33: Nordic prices supported by dry weather and declined reservoirs
Nordic prices supported by dry weather and declined reservoirs EUR / MWh Nordic power prices EUR //tCO tCO2 2 CO22 price CO price (ICE (EUA) EUA) 150 150 125 125 Realised • Commodity markets were calm overall in Q3. 120 120 100 100 Futures 19 Nov 2025 With gas and carbon prices steady and coal 90 90
Slide 34: 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 35: 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 36: Consumer Solutions: Growing net revenues with a scalable platform
CONSUMER SOLUTIONS: Growing net revenues with a scalable platform – improving EBITDA by mid-single digits and RONA to high-teens NET REVENUES (MEUR) EBITDA (MEUR) RETURN ON NET ASSETS (%) CAGR +1% CAGR +5% +790 bp 201 17.8 173 161 11.4 108 9.9 4.8 2022 2023 2024 2025 LTM 2022 2023 2024 2025 LTM 2022
Slide 37: Consumer Solutions: Best-in-class EBITDA per customer performance
CONSUMER SOLUTIONS: Achieving best-in-class EBITDA per customer performance – despite being sub-scale in size compared to European peers PEER GROUP NUMBER OF CUSTOMERS PEER GROUP EBITDA / CUSTOMER (MILLIONS, Q2 2025) (EUR) 54.5 80.6 80.4 Fortum Consumer Solutions 80 50 47.0 70.4 Enel Retail 70 E.ON
Slide 38: 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
Slide 39: 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 2024 Fortum’s Nordic heat production in 2024 Coal 11% Nuclear power 53% Waste 26% Nordic Nordic Bio 19% power generation heat production Wind 2% 45.8 TWh 3.0 TWh Other 1% Coal 0% Natural gas 11% Oil 1%
Slide 40: Fortum's power generation and heat production by source
Fortum's power generation and heat production by source Fortum’s power generation in 2024 Fortum’s heat production in 2024 Nuclear power 52% Waste 26% Coal 23% Total Total Coal 1% power generation heat production Waste 1% Wind 2% 46.3 TWh 4.1 TWh Natural gas 8% Bio 18% Oil 1% Hydropower 44% Heat pum
Slide 41: Largest CO2 free generators in Europe
Largest CO2 free generators in Europe Power generation Other, incl. bio Wind, solar, geoth. Nuclear Hydro Source: Company information, Fortum analyses, 2022 figures pro forma. *2021 figures for Ukrainian companies. 41 Fortum continuing operations. EPH incl. LEAG. Å Energi is formed from Agder and Gl
Slide 42: 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 49% 42% 16.5 million Andel 429 TWh Statkraft customers >350 companies ~350 companies Elmera Fortum E.ON Hafslund Helen Ørsted Uniper Norlys Eviny PVO Lumm
Slide 43: Wholesale power price
Wholesale power price EUR/MWh Nord Pool Weekly System Price Futures 350 350 300 300 250 250 200 200 150 150 100 100 50 50 19 Nov 2025 00 1995 05 1997 05 1999 052001 052003 052005 052007 052009 052011 05 052013 052015 052017 052019 052021 052023 052025 052027 052029 052031 052033 052035 Source: Nord
Slide 44: Nordic year futures
Nordic year futures Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 forward Year 19 forward Year 20 forward Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year11 Year12 Year13 Year14 Year15 Year16 Year17 Year18 Year19 Year20 Year21 Year22 Year23 Year24 Year25 Year26 Year27 E
Slide 45: German and Nordic futures spread
German and Nordic futures spread Nordic and German daily spot prices in 2023 – 2025 Nordic and German year 2026 futures in 2023 – 2025 Sep Oct Nov 2025 2025 2025 EUR/MWh EUR/MWh 500 500 200 200 400 400 150 150 300 300 100 100 200 200 50 50 100 100 0 00 0 01/01/2023 Q101/04/2023 01/07/2023 Q2 Q301/10
Slide 46: Posiva's final disposal of spent nuclear fuel in Onkalo
Posiva’s final disposal of spent nuclear fuel in Onkalo® www.posiva.fi 46
Slide 47: 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 48: 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 49: Hedging improves stability and predictability
Hedging improves stability and predictability – principles based on risk mitigation, (Outright generation) 49 From 2009 onwards thermal and import from Russia excluded. Earlier than 2023 outright volume split (40/40/20), and from 2023 onwards (46/37/17).
Slide 50: 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 51: 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 52: 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 Scope 1-2 Total absolute fossil emissions (Mt CO2-eq)1) Scope 1&2 emissions Coal exit by 2027 Scope 3 emissions • Meri-Pori Planned Planned • Espoo Clean Heat (exit 2024) decarbonisation in own decarbonisation in • Poland operations val
Slide 53: Fortum Investor Relations and Financial Communications
FORTUM INVESTOR NEXT EVENTS Financial Calendar Financial Statements Bulletin for the year 2025 will be published on 3 February 2026 Fortum Annual General Meeting 2026 is planned to be held on 31 March 2026 RELATIONS AND January-March Interim Report 2026 on 29 April 2026 January-June Half-year Report