Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Fortum Oyj Corp Ord — FY2025 Earnings Presentation
19 slides from Fortum Oyj's earnings presentation, Feb 3, 2026
Slide 1: Financial Statements 2025
FINANCIAL STATEMENTS 2025 Fortum Corporation 3 February 2026
Slide 2: Markus Rauramo, President and CEO
MARKUS RAURAMO President and CEO
Slide 3: Highlights 2025
Highlights 2025: 2025 was defined by strong optimisation premium, solid achieved power price and low generation volumes • Achieved power price of 51.4 €/MWh (52.5 €/MWh) – Good generation optimisation, premium of 9.7 €/MWh (8.7 €/MWh) • Hydro and nuclear volumes 3.9 TWh lower Drive Deliver reliab
Slide 4: Lower achieved power price and low generation volumes
Lower achieved power price and low generation volumes Comparable operating profit Key financial indicators declined mainly due to Generation segment Comp. OP Comp. EPS OCF 0.23 167 257 0.18 251 Cash flow decreased due to lower 53 comparable EBITDA and change in working Q4 2024 Q4 2025 Q4 2024 Q4 202
Slide 5: Nordic hydro reservoirs affected by very high inflows – high price volatility continues
Nordic hydro reservoirs affected by very high inflows – high price volatility continues Hydro reservoirs Power price Reservoir content (TWh) TWh EUR/MWh 120 120 250 250 Realised daily system price 100 Futures 29 January 2026 100 200 200 80 80 150 150 60 60 100 100 40 40 Norway 50 50 20 20 Sweden 200
Slide 6: 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 Stable, scenario -resilient cash Rationale optimisation flows Future -proofed portfolio Reach full value creation potential Create customer
Slide 7: Tiina Tuomela
rey _I ES] = eo) —_ _ rh — = e) re S) Powering a thriving world @fortum
Slide 8: Key figures
Key figures 2025 performance MEUR IV/2025 IV/2024 2025 2024 • Comparable operating profit Sales 1,444 1,435 4,989 5,800 at EUR 924 million 336 355 1,240 1,556 Comparable EBITDA • Credit metrics with Financial Comparable operating profit 251 257 924 1,178 Net debt-to-Comparable Comparable net profit
Slide 9: Q4 2025 Stable results
Q4 2025 Stable results Generation Comparable OP decreased to EUR 245 mn, mainly due to lower hedge prices, lower Guarantees of Origin sales, and somewhat higher property taxes in Sweden, partly offset by higher hydro volumes. The result of the district heating business was positive Comparable operat
Slide 10: FY 2025 Results impacted by lower volumes and prices
FY 2025 Results impacted by lower Generation Comparable OP decreased to EUR 893 mn, impacted volumes and prices mainly by lower hydro and nuclear volumes, lower hedge prices, and higher property taxes for nuclear and hydro in Sweden, and higher nuclear fuel costs. In 2024, the result of the renewabl
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: Capital expenditure guidance: Hedges: For 2026–2030: For 2026: 75% hedged at 41 €/MWh Capital expenditure, excl. potential acquisitions, of € 2.0 bn (previously reported: 70% at 41 €/MWh) • maintenance of € 250 million per year For 2027: 55% hedged at 40 €/MWh •
Slide 13: Q&A
O&A @fortum Powering a thriving world
Slide 14: Appendix
APPENDIX @fortum Powering a thriving world
Slide 15: Income statement
Income statement MEUR IV/2025 IV/2024 2025 2024 Sales 1,444 1,435 4,989 5,800 • Annual fixed costs EUR 873 million Other Income 8 10 24 48 Materials and services -858 -821 -2,901 -3,295 • Share of profits of associates include nuclear-related items in Sweden and Fixed costs -257 -270 -873 -996 Finla
Slide 16: Nordic prices in 2025 pressured by mild weather and increasing reservoirs
Nordic prices in 2025 pressured by mild weather and increasing reservoirs Q4 2025 • Commodity markets diverged in Q4 with gas prices under pressure while carbon prices continued a strong and steady gains. • Coal prices jumped briefly in mid- October before declining towards end of the year. • Spot p
Slide 17: Generation: Low volumes and lower sales price
GENERATION: Low volumes and lower sales price Power generation volumes, TWh IV/2025 IV/2024 Q4 2025 vs. Q4 2024 Comparable operating profit down to EUR 245 million 5.3 6.1 6.2 4.6 mainly due to lower hedge prices, lower Guarantees of Origin sales, 0.3 0.3 and somewhat higher property taxes for nucle
Slide 18: Consumer Solutions: Record results
CONSUMER SOLUTIONS: Record results Number of customers (‘000) Q4 2025 vs. Q4 2024 2 320 2 300 Comparable operating profit increased to EUR 26 million reaching an all-time-high level in a fourth quarter, mainly due to improved electricity margins in the Nordics and improved gas margins in the enterpr
Slide 19: Other Operations: Results improved
OTHER OPERATIONS: Results improved Q4 2025 vs. Q4 2024 Comparable operating profit improved to EUR -20 million MEUR IV/2025 IV/2024 2025 2024 mainly due to the positive impact from the divestments finalised in Sales 49 141 187 596 2024, partly offset by lower internal charges for services of enablin