Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Investor Presentation (March 2026)
51 slides from Fortum Oyj's investor presentation, March 2026
Slide 1: Equity story of Fortum
Equity story of FORTUM Powering a thriving world Investor / Analyst material March 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 FINANCIAL STATEMENTS 2025 22 – 30 APPENDICES 31 – 43 NUCLEAR SPENT FUEL AND SERVICES 44 – 45 FORTUM’S EVOLUTION AND STRATEGIC ROUTE 46 HISTORICAL ACHIEVED PRICES 47 CLIMATE AND BIODIVERSITY TRAGETS 48 – 50 IR CONTACTS AND CALENDAR 51 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 8 gCO2/kWh Consumer Solutions 12% Nuclear 52% Hydro 44% Finland Comp. Power Norway EBITDA generation *) € 1.2 bn
Slide 5: Our purpose is to power a world where people, businesses and nature thrive together
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 – attracting new demand
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: 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 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: Financial Statements 2025
FINANCIAL STATEMENTS 2025 Fortum Corporation 3 February 2026
Slide 23: 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 24: 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 Cash flow 251 decreased due to lower 53 comparable EBITDA and change in working Q4 2024 Q4 2025 Q4 2024 Q4 202
Slide 25: 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) EUR/MWh 120 250 Realised daily system price 100 Futures 27 February 2026 200 80 150 60 100 40 Norway 50 20 Sweden 2003 2020 2025 2026 Average 0 Finland 0 Q1 Q2
Slide 26: Key figures
Key figures 2025 performance MEUR IV/2025 IV/2024 2025 2024 • Comparable operating profit Sales at EUR 924 million 1,444 1,435 4,989 5,800 Comparable EBITDA 336 355 1,240 1,556 • Credit metrics with Financial Comparable operating profit 251 257 924 1,178 Net debt-to-Comparable EBITDA ratio at 1.2x C
Slide 27: 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 28: 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 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: 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 31: Appendices
APPENDICES — @fortum Powering a thriving world
Slide 32: 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 • Share of profits of associates include Materials and services -858 -821 -2,901 -3,295 nuclear-related items in Sweden and Fixed costs -257 -270 -873 -996 Finla
Slide 33: Nordic prices in 2025 pressured by mild weather and increasing reservoirs
Nordic prices in 2025 pressured by mild weather and increasing reservoirs Q4 2025 EUR / MWh Nordic power prices EUR / tCO2 CO2 price (ICE EUA) 150 125 Realised Futures 27 Feb 2026 120 100 • Commodity markets diverged in 90 75 Q4 with gas prices under pressure 60 50 while carbon prices continued a 30
Slide 34: 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 35: 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 36: 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
Slide 37: 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% Natural gas 14% Other 1 % Oil 0% Hydro power
Slide 38: 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 39: 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. 39
Slide 40: 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 41: Wholesale power price
Wholesale power price EUR/MWh Nord Pool Weekly System Price Futures 350 300 250 200 150 100 50 27 Feb 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 41
Slide 42: 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 27 Feb 2026 300 Year27 Year28 250 200 Dec Jan Feb 150 100 50 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 43: 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 Dec Jan Feb 2025 2026 2026 EUR/MWh EUR/MWh 500 100 400 75 300 50 200 25 100 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 2024 2025 2026 1
Slide 44: Posiva's final disposal of spent nuclear fuel in Onkalo
Posiva’s final disposal of spent nuclear fuel in Onkalo® www.posiva.fi 44
Slide 45: 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 46: 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 47: Hedging improves stability and predictability
Hedging improves stability and predictability – principles based on risk mitigation, (Outright generation) 47 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 48: 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 49: 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 50: 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 51: Fortum Investor Relations and Financial Communications
FORTUM INVESTOR NEXT EVENTS Financial Calendar Fortum Annual General Meeting 2026 on 31 March 2026 RELATIONS AND January-March Interim Report 2026 on 29 April 2026 January-June Half-year Financial Report on 21 July 2026 January-September Interim Report 2026 on 28 October 2026 FINANCIAL COMMUNICATION