Fortum Oyj : January-June 2026 Half-year Financial Report

About this update from Fortum Oyj

January- une 2026 Contents Pursuing growth through the proposed Elmera acquisition - second-quarter result impacted by lower achieved power 3 price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fortum's President and CEO Markus Rauramo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Fortum's strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Financial position and cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Segment reviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Capital expenditures, divestments and investments in shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Operating and regulatory environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Key drivers and risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Group personnel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Legal actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Shares and share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Board authorisations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Other major events during the second quarter of 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Dividend payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Condensed consolidated income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Condensed consolidated statement of comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Condensed consolidated balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Condensed consolidated statement of changes in total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Condensed consolidated cash flow statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Change in net debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Capital risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Key figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Notes to the condensed consolidated interim financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Significant accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Critical accounting estimates and judgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Segment information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Comparable operating profit and comparable net profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Financial risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Acquisitions and disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Share of profit/loss of associates and joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Finance costs - net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Dividend per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Interest-bearing receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Interest-bearing net debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Nuclear-related assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Capital and other commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Pledged assets and contingent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Legal actions and official proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Related party transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Events after the balance sheet date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Definitions and reconciliations of key figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Market conditions and achieved power prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Fortum's production and sales volumes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Figures in brackets refer to the comparison period, i.e. the same period last year, unless otherwise stated. ‌Pursuing growth through the proposed Elmera acquisition - second-quarter result impacted by lower achieved power price April-June 2026 Comparable EBITDA was EUR 185 (191) million. Comparable operating profit was EUR 106 (115) million due to lower achieved power price. Operating profit was EUR 90 (104) million. Comparable earnings per share were EUR 0.08 (0.09). Earnings per share were EUR 0.12 (0.12). Cash flow from operating activities totalled EUR 324 (203) million. On 29 June, Fortum announced its intention to launch a recommended, conditional voluntary cash tender offer for all shares in the Norwegian electricity retail company Elmera Group ASA. January-June 2026 Comparable EBITDA was EUR 785 (729) million. Comparable operating profit was EUR 627 (577) million, mainly due to higher spot prices and hydro volumes. Operating profit was EUR 626 (574) million. Comparable earnings per share were EUR 0.53 (0.51). Earnings per share were EUR 0.59 (0.52). Cash flow from operating activities totalled EUR 679 (656) million. Summary of outlook The Generation segment's estimated Nordic generation hedges: approximately 80% at EUR 40 per MWh for the remainder of 2026 and approximately 65% at EUR 41 per MWh for 2027. For 2026, the optimisation premium is expected to be 8-10 EUR/MWh, and for 2027 onwards 6-8 EUR/MWh. UPDATED: In 2026, nuclear generation volumes are expected to be in the range of 23.0-23.5 TWh (previously: 23.5-24 TWh). For the period of 2026-2030, Fortum's committed capital expenditure is expected to be approximately EUR 2.0 billion, excluding acquisitions. This includes growth capex of approximately EUR 750 million in total and maintenance capex of approximately EUR 250 million per year. For 2026, the total committed capital expenditure is expected to be approximately EUR 550 million, excluding acquisitions. Key figures EUR million or as indicated II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Reported Sales 1,124 974 3,116 2,616 4,989 5,489 Operating profit 90 104 626 574 939 992 Share of profit of associates and joint ventures 57 27 44 37 56 63 Net profit (after non-controlling interests) 109 104 530 468 765 828 Earnings per share, EUR 0.12 0.12 0.59 0.52 0.85 0.92 Net cash from operating activities 324 203 679 656 840 863 Number of employees 4,636 4,620 4,551 EUR million or as indicated II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Comparable EBITDA 185 191 785 729 1,240 1,296 Operating profit 106 115 627 577 924 974 Share of profit of associates and joint ventures -1 7 -5 15 28 9 Return on net assets (RONA), % 10.9 11.0 Net assets (at period-end) 9,046 8,598 9,150 Net profit (after non-controlling interests) 74 87 478 461 739 756 Earnings per share, EUR 0.08 0.09 0.53 0.51 0.82 0.84 EUR million or as indicated 2025 LTM Financial position 1) Net debt (at period-end) 1,843 1,761 Net debt/comparable EBITDA 1.5 1.4 Financial net debt (at period-end) 1,479 N/A Financial net debt/comparable EBITDA 1.2 N/A 1) Following the transition of Nasdaq's Nordic power futures business to Euronext, Fortum reports Net debt instead of Financial net debt from the first quarter of 2026 onwards. See Note 12 Interest-bearing net debt. ‌Fortum's President and CEO Markus Rauramo "During the second quarter of 2026, Fortum took a significant strategic step by announcing the intention to launch a recommended, conditional voluntary cash tender offer for all shares in the Norwegian electricity retail company Elmera Group ASA. For Fortum, the proposed transaction supports growth of our Consumer Solutions business to strengthen our Nordic footprint and scale. We expect the combined business to deliver meaningful cost efficiencies and operational synergies to the benefit of Nordic consumer and enterprise customers. The transaction remains subject to customary conditions and regulatory approvals, and we will provide full details in the formal offer document. During the quarter, Nordic spot prices more than doubled compared to a year ago, driven by notably lower hydro reservoir levels, low spring floods, and strong Continental power prices. Nordic power demand was marginally above the five-year average and broadly in line with last year's second quarter. In June, improved wind conditions and high precipitation softened Nordic weather-driven fundamentals, leading to lower spot prices, especially in the northernmost areas. Towards the end of June, prices rebounded, supported by stronger Continental European power prices amid the extreme heat wave and higher gas prices. Our second-quarter results for the Group and the Generation segment decreased from last year, reflecting the lower achieved power price and higher fixed costs. The achieved power price decreased, mainly due to lower physical value creation. Extended nuclear outages and low spring floods increased the realised hedge ratio, limiting our ability to benefit from higher spot prices. Due to higher power prices in the beginning of the year, part of the hydro volumes was allocated already during the first quarter. Our financial position continues to be robust following the dividend payment of EUR 664 million. Our leverage for Net debt-to-Comparable EBITDA was 1.4 times at the end of the second quarter. During the quarter, we signed a new EUR 2.7 billion revolving credit facility, which replaces the previous one. In June, we announced our decision to end coal-fired power generation in Finland by closing and dismantling the Meri-Pori coal power plant, Fortum's last coal-fired plant in the Nordics. This is part of our commitment to exit coal-based energy production by the end of 2027 and to reach net zero by 2040, in line with our SBTi-validated climate goals. The Meri-Pori plant will be permanently closed as of 1 March 2027. Fortum and the City of Pori are pursuing new growth potential in the Meri-Pori Tahkoluoto area together with other industrial operators, and the area will be developed into a nationally significant clean transition industrial zone. Despite uncertainty in the operating environment, we continue to see robust underlying customer demand from various industrial sectors, which we believe reflects the long-term power demand growth. With our ability to partner with industrial customers, our flexible hydro power and baseload nuclear fleet as well as our renewables development portfolio, Fortum is uniquely positioned to capture upcoming growth opportunities. We see the data centre sector remaining very active, particularly in Finland, where we are advancing the development of sites to enable new investments and meet future customer needs." ‌Fortum's strategy Fortum's strategic priorities are 'deliver reliable energy to customers', 'drive decarbonisation in industries', and 'transform and develop'. The Group's business portfolio is built on hydro and nuclear generation, flexibility and optimisation, demand-driven renewables, electricity solutions business for consumers, and heating and cooling operations. Financial and environmental targets Group Comparable RONA 14%. To ensure a credit rating of at least BBB, Net debt-to-Comparable EBITDA can be a maximum of 2.5 times. S&P Global Ratings and Fitch Ratings currently rate Fortum as BBB+ with Stable Outlook. To ensure the required returns for any potential new investments, Fortum continues to be selective and applies set investment criteria: project-based WACC + 150-400 investment hurdles depending on the technology or investment project, as well as environmental targets. Fortum's dividend policy is a payout ratio of 60-90% of comparable EPS. The upper end of the pay-out ratio range is applied in situations with a strong balance sheet and low investments, while the lower end of the range is applied in situations with high leverage and/or significant investments and high capital expenditure. Fortum seeks to continue to pay competitive cash dividends. Fortum expects its Comparable operating profit to improve by EUR 330 million by 2030 compared to the base line of EUR 930 million. This improvement is based on own actions and does not include effects from capital expenditure, M&A or power price changes. Fortum has set ambitious environmental and decarbonisation goals with SBTi-validated climate targets, including net-zero greenhouse gas emissions across the value chain by 2040, coal exit by the end of 2027, targets for specific emissions, and biodiversity targets. ‌Financial results Sales by segment EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Generation 669 615 1,999 1,737 3,245 3,507 Consumer Solutions 747 573 2,087 1,573 3,029 3,544 Other Operations 47 46 89 92 187 183 Netting of Nord Pool transactions -298 -179 -1,037 -579 -1,136 -1,594 Eliminations -41 -81 -22 -207 -336 -151 Total 1,124 974 3,116 2,616 4,989 5,489 Comparable EBITDA by segment EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Generation 163 172 720 656 1,098 1,161 Consumer Solutions 42 46 109 115 213 208 Other Operations -20 -27 -44 -42 -71 -73 Total 185 191 785 729 1,240 1,296 Comparable operating profit by segment EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Generation 110 121 613 556 893 950 Consumer Solutions 21 26 66 73 122 115 Other Operations -24 -32 -53 -52 -91 -91 Total 106 115 627 577 924 974 Operating profit by segment EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Generation 94 112 614 553 912 972 Consumer Solutions 21 26 65 75 127 117 Other Operations -24 -34 -53 -54 -100 -98 Total 90 104 626 574 939 992 April-June 2026 Sales increased to EUR 1,124 (974) million, due to higher sales in both the Consumer Solutions and Generation segments. Comparable operating profit decreased to EUR 106 (115) million. The Generation segment result decreased to EUR 110 (121) million, mainly as a result of lower achieved power price and higher fixed costs. The result for the Consumer Solutions segment decreased to EUR 21 (26) million, mainly due to higher fixed costs. Operating profit for the period was impacted by EUR -16 (-11) million of items affecting comparability (Note 4). Comparable share of profits of associates and joint ventures was EUR -1 (7) million (Note 7). Comparable earnings per share were EUR 0.08 (0.09) (Note 4.2). January-June 2026 Sales increased to EUR 3,116 (2,616) million, due to higher sales in both the Consumer Solutions and Generation segments, mainly as a result of higher power prices. Comparable operating profit increased to EUR 627 (577) million. The Generation segment result increased to EUR 613 (556) million, mainly as a result of higher power prices and hydro volumes, partly offset by the high hedge ratio. The result for the Consumer Solutions segment decreased to EUR 66 (73) million, mainly due to higher fixed costs. Operating profit for the period was impacted by EUR 0 (-3) million of items affecting comparability (Note 4). Comparable share of profits of associates and joint ventures was EUR -5 (15) million (Note 7). Finance costs - net amounted to EUR -20 (-32) million. Comparable finance costs - net amounted to EUR -26 (-26) million (Note 8). Income taxes totalled EUR -118 (-111) million. The comparable effective income tax rate was 19.8% (19.2%) (Note 9). Net profit after non-controlling interests was EUR 530 (468) million and comparable net profit was EUR 478 (461) million. Comparable net profit is adjusted for items affecting comparability, adjustments to the share of profit of associates and joint ventures, finance costs -net, income tax expenses and non-controlling interests (Note 4.2). Earnings per share were EUR 0.59 (0.52). Comparable earnings per share were EUR 0.53 (0.51) (Note 4.2). ‌Financial position and cash flow Cash flow In January-June 2026, net cash from operating activities increased and totalled EUR 679 (656) million, mainly due to higher comparable EBITDA. Net cash from investing activities totalled EUR -216 (-238) million. Capital expenditure amounted to EUR 212 (229) million. Acquisitions of shares totalled EUR 10 (48) million. The comparison period includes the acquisition of the Polish electricity solutions provider Orange Energia and a project development portfolio for renewable power from Enersense. Net cash used in financing activities totalled EUR -1,253 (-1,415) million. The net repayments of interest-bearing liabilities totalled EUR 610 (126) million, including a EUR 750 million bond repayment in February. The dividend of EUR 664 million for the year 2025, approved by the 2026 Annual General Meeting, was paid in April. The comparison period includes the 2024 dividend payment of EUR 1,256 million. Cash and cash equivalents decreased by EUR 790 (decrease 997) million, and cash and cash equivalents at 30 June 2026 amounted to EUR 2,089 million. For further details, see the 'Financing' section below. Assets At the end of June 2026, total assets amounted to EUR 15,092 (31 Dec 2025: 16,444) million. The decline mainly reflects the repayment of the EUR 750 million maturing bond and the EUR 664 million dividend payment offset by normal seasonality changes. Equity Total equity amounted to EUR 8,227 (31 Dec 2025: 8,620) million. Equity attributable to owners of the parent company totalled EUR 8,143 (31 Dec 2025: 8,539) million. Equity was negatively impacted by the 2025 dividend of EUR 664 million and by the EUR 249 million fair valuation of cash flow hedges, partly offset by the EUR 530 million net profit for the period. The dividend of EUR 664 million for the year 2025, approved by the 2026 Annual General Meeting, was paid on 14 April 2026. Financing The Group's financial position continues to be solid. At the end of June 2026, the Group's ratio for net debt-to-comparable EBITDA was at 1.4 times for the last twelve months (Note 12). At the end of June 2026, net debt was EUR 1,761 (31 Dec 2025: 1,843) million. Fortum's total interest-bearing liabilities were EUR 3,863 (31 Dec 2025: 4,746) million and liquid funds amounted to EUR 2,102 (31 Dec 2025: 2,903) million. In February, Fortum repaid the EUR 750 million maturing bond. At the end of June 2026, Fortum's long-term loans totalled EUR 3,588 million. Short-term loans amounted to EUR 175 million (Note 12). At the end of June 2026, Fortum had undrawn committed credit facilities of EUR 4,300 million. In addition, Fortum has committed overdraft limits of EUR 100 million that are valid until further notice. In April, Fortum signed a EUR 2,700 million revolving credit facility, which replaced the earlier credit facility of approximately EUR 2,200 million. The facility has an initial maturity of five years, and Fortum may request two one-year extension options. Fortum's current long-term credit rating by both S&P Global Ratings and Fitch Ratings is BBB+ with Stable Outlook. ‌Segment reviews Generation Generation is responsible for power generation mainly in the Nordics. It is a customer interface for industrial and corporate customers to drive decarbonisation in industries and provide reliable energy at scale. The segment comprises hydro, nuclear, wind and solar power generation, as well as district heating and cooling, and decarbonisation of heat production assets. The Generation segment is responsible for hedging and value creation both in physical and financial power markets. EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Reported Sales 669 615 1,999 1,737 3,245 3,507 - power sales 546 507 1,621 1,413 2,642 2,850 of which Nordic outright power sales 1) 408 410 1,170 1,107 2,062 2,125 - heat sales 101 91 340 291 533 582 - other sales 22 17 37 33 70 75 Operating profit 94 112 614 553 912 972 Share of profit/loss of associates and joint ventures 2) 52 28 42 35 56 63 Capital expenditure and gross investments in shares 110 92 192 228 501 465 Number of employees 2,250 2,182 2,139 EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Comparable EBITDA 163 172 720 656 1,098 1,161 Operating profit 110 121 613 556 893 950 Share of profit/loss of associates and joint ventures 2) -6 8 -7 13 28 9 Return on net assets (RONA), % 11.8 12.0 Net assets (at period-end) 7,933 7,799 8,135 Nordic outright power sales includes hydro, nuclear and wind generation. It does not include CHP and condensing power generation, minorities, customer business, or other purchases. Power plants are often built jointly with other power producers, and owners purchase power at cost. The share of profit/loss is mainly IFRS Accounting Standards adjustments (e.g., accounting for nuclear-related assets and liabilities) and depreciations on fair-value adjustments from acquisitions (Note 19 in the Consolidated Financial Statements 2025). Power generation by source TWh II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Hydropower, Nordic 4.4 3.7 10.3 8.9 18.5 19.9 Nuclear power, Nordic 4.8 4.9 11.2 11.4 22.1 21.9 Wind power, Nordic 0.2 0.2 0.5 0.5 1.0 0.9 CHP and condensing power 1) 0.1 0.1 0.5 0.4 0.7 0.8 Total 9.5 9.0 22.5 21.3 42.3 43.5 CHP and condensing power generation in Finland and Poland. Sales volumes TWh II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Power sales volume, Nordic 11.4 11.7 26.6 26.7 52.4 52.3 of which Nordic outright power sales volume 1) 9.1 8.5 21.3 20.1 40.1 41.3 Power sales volume, Other 0.1 0.1 0.3 0.3 0.6 0.5 Heat sales volume, Nordic 0.4 0.3 1.4 1.1 1.9 2.2 Heat sales volume, Other 0.5 0.5 2.1 2.0 3.6 3.7 The Nordic outright power sales volume includes hydro, nuclear and wind generation. It does not include CHP and condensing power generation, minorities, customer business, or other purchases. Achieved power price EUR/MWh II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Generation's Nordic achieved power price 1) 44.9 48.1 55.0 55.0 51.4 51.5 The Nordic achieved power price includes hydro, nuclear and wind generation. It does not include CHP and condensing power generation, minorities, customer business, or other purchases. April-June 2026 The Generation segment's total power generation increased compared to last year. Hydro generation volumes increased by 19% and nuclear volumes decreased by 2%. Despite part of hydro generation volumes being allocated already during the first quarter, the hydro generation was higher during the second quarter compared to the exceptionally low hydro volumes in the previous year. Nuclear volumes were slightly lower, mainly due to more planned outage days compared to the previous year. Wind power generation and CHP and condensing power generation remained at the previous year's levels. Heat sales volumes increased by 13%. The achieved power price amounted to 44.9 EUR/MWh, a decrease of 7%, or 3.2 EUR/MWh. The achieved power price decreased, mainly due to lower physical value creation following lower income from ancillary services. In addition, extended nuclear outages and low spring floods resulted in a high realised hedge ratio, which led to limited ability to benefit from the higher spot price. Due to higher power prices in the beginning of year, part of the hydro volumes were allocated to generation already during the first quarter. The blended spot power price in Fortum's generation price areas increased to 53.1 EUR/MWh, compared to 26.4 EUR/MWh in the second quarter of 2025. Comparable operating profit decreased by EUR 11 million, or 9%, to EUR 110 million, impacted mainly by the lower achieved power price and higher fixed costs, partly offset by higher hydro generation volumes. The result of the district heating business increased, impacted mainly by higher volumes and new electricity-based production units, partly offset by higher fuel costs. Operating profit was affected by EUR -16 (-9) million of items affecting comparability, mainly related to the fair-value change of non-hedge-accounted derivatives (Note 3). Comparable share of profits of associates and joint ventures totalled EUR -6 (8) million. On 24 June, Fortum announced its decision to end coal-fired power generation in Finland by closing and dismantling its Meri-Pori coal power plant. The closure is part of Fortum's commitment to exit coal-based energy production by the end of 2027 and reach net zero by 2040. The facility will be permanently closed as of 1 March 2027. The Meri-Pori plant has been reserved for the use of Finland's National Emergency Supply Agency (NESA) since March 2024. During this period, it has not generated electricity apart from test runs. Fortum and the City of Pori are pursuing strong new growth in the Meri-Pori Tahkoluoto area together with other industrial operators, and the area will be developed into a nationally significant clean transition industrial zone. January-June 2026 The Generation segment's total power generation increased compared to the previous year. Hydro generation volumes increased by 16% and nuclear volumes decreased by 2%. Fortum's hydro generation was slightly below the long-term historical average with part of the volumes allocated already during the first quarter. Wind power generation remained at the previous year's level. CHP and condensing power generation was slightly higher than in the comparison period. Heat sales volumes increased by 13%, supported mainly by colder weather in the beginning of the year. The achieved power price was 55.0 EUR/MWh, at the same level as in the comparison period. The blended spot power price in Fortum's generation price areas amounted to 69.3 EUR/MWh, compared to 36.1 EUR/MWh in January-June 2025. The positive effect was dampened by the high hedge ratio. Comparable operating profit increased clearly, by EUR 57 million, or 10%, to EUR 613 million, impacted mainly by higher spot prices and hydro volumes, partly offset by the high hedge ratio. The result contribution of the Pjelax wind farm was positive and increased from the comparison period, following higher power prices and capture rate. The result of the district heating business increased, impacted mainly by higher volumes, higher sales price of power and new electricity-based production assets, partly offset by higher fuel and CO 2 costs. Operating profit was affected by EUR 1 (-4) million of items affecting comparability. (Note 3) Comparable share of profits of associates and joint ventures totalled EUR -7 (13) million. Consumer Solutions Consumer Solutions is responsible for offering energy solutions to consumers, including small- and medium-sized enterprises, predominantly in the Nordics and Poland. Fortum is the largest energy solutions provider in the Nordics, with over two million customers. The business provides electricity, as well as related value-added and digital services, mainly to retail customers. EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Reported Sales 747 573 2,087 1,573 3,029 3,544 - power sales 662 490 1,886 1,349 2,607 3,144 - gas sales 70 75 186 210 387 364 - other sales 15 8 15 14 35 36 Operating profit 21 26 65 75 127 117 Capital expenditure and gross investments in shares 15 34 31 48 78 60 Number of employees 1,114 1,127 1,134 EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Comparable EBITDA 42 46 109 115 213 208 Operating profit 21 26 66 73 122 115 Return on net assets (RONA), % 18.3 16.5 Net assets (at period-end) 730 571 718 Sales volumes TWh II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Electricity 7.3 7.1 18.6 17.6 33.7 34.6 Gas 1.4 1.6 3.8 3.9 7.6 7.5 Number of customers Thousands 1) 30 Jun 2026 30 Jun 2025 31 Dec 2025 Electricity 2,230 2,300 2,250 E-mobility 2) 30 30 30 Gas 40 40 40 Total 2,290 2,370 2,320 Rounded to the nearest 10,000. Measured as average monthly paying customers for the quarter. April-June 2026 The electricity sales volume increased by 3%, mainly due to the increased customer base in Poland following the 2025 Orange Energia acquisition, while the gas sales volume decreased by 9%. Total sales revenues increased by 30% due to higher electricity prices in the Nordics and increased electricity sales volumes. Comparable operating profit decreased by EUR 5 million, or 19%, to EUR 21 million, mainly due to higher fixed costs. The reporting period includes a marginally positive effect of the acquisition of Orange Energia, completed in June 2025. Orange integration and carve-outs have now been completed. On 29 June, Fortum announced its intention to launch a recommended, conditional voluntary cash tender offer for all shares in the Norwegian electricity retail company Elmera Group ASA. The combined business is expected to deliver meaningful cost efficiencies and operational synergies to the benefit of Nordic consumers and enterprises. The transaction remains subject to customary conditions and regulatory approvals, and full details will be provided in the formal offer document in due course. January-June 2026 The electricity sales volume increased by 6%, while the gas sales volume decreased by 3%. The electricity sales volumes increased due to colder weather in the Nordics during the first quarter and the increased customer base in Poland. Total sales revenues increased by 33%, due to higher electricity and gas prices both in the Nordics and in Poland and increased electricity sales volumes. Comparable operating profit decreased by EUR 7 million, or 10%, to EUR 66 million, mainly due to higher fixed costs. Other Operations The Other Operations segment comprises innovation and venturing activities, enabling functions and corporate management. It also includes the remaining Circular Solutions businesses, mainly the battery recycling business. EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Reported Sales 47 46 89 92 187 183 Operating profit -24 -34 -53 -54 -100 -98 Share of profit/loss of associates and joint ventures 4 -1 2 2 0 0 Capital expenditure and gross investments in shares 5 9 10 15 39 34 Number of employees 1,272 1,311 1,278 EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Comparable EBITDA -20 -27 -44 -42 -71 -73 Operating profit -24 -32 -53 -52 -91 -91 Share of profit/loss of associates and joint ventures 4 -1 2 2 0 0 Return on net assets (RONA), % -38.0 -30.8 Net assets 383 228 297 April-June 2026 Comparable operating profit improved by EUR 8 million, or 25%, and amounted to EUR -24 million, mainly due to lower fixed costs. The result of the Circular Solutions businesses was slightly higher compared to the comparison period. January-June 2026 Comparable operating profit decreased slightly by EUR 1 million, or 2%, and amounted to EUR -53 million. The result of the Circular Solutions businesses was slightly higher compared to the comparison period. ‌Capital expenditures, divestments and investments in shares In April-June 2026, capital expenditures and investments in shares totalled EUR 130 (136) million. Capital expenditures were EUR 124 (104) million (Notes 3 and 6). In January-June 2026, capital expenditures and investments in shares totalled EUR 233 (290) million. Capital expenditures were EUR 223 (236) million (Notes 3 and 6). Fortum expects to start, or has started, power and heat production capacity of new power plants and expects to upgrade its existing plants as follows: Type Electricity capacity, MW Heat capacity, MW Capital expenditure, EUR million Supply starts/started Growth Loviisa, Finland Nuclear Lifetime extension, 38 1,000 Espoo Clean Heat, Finland Waste heat utilisation, 300 I/2026 Espoo and Kirkkonummi electrified heating 374 Nuijala, Espoo Electric boiler 50 Czestochowa, Poland Biomass Decarbonisation Decarbonisation 100 IV/2026 Zabrze, Poland Biomass, RDF Decarbonisation Decarbonisation 85 IV/2027 Maintenance Hydro projects Hydro 49 Generation Growth capital expenditure On 16 February 2023, the Finnish Government granted a new operating licence until the end of 2050 for both units at Fortum's Loviisa nuclear power plant. Over the course of the new licence period, the plant is expected to generate up to 180 TWh of electricity. Investments related to the continuation of operations and lifetime extension will amount to an estimated EUR 1 billion during 2023-2050. Individual investment decisions related to the project will be made separately. On 29 May 2024, Fortum announced that it will modernise the Loviisa nuclear power plant's low-pressure turbines as part of the lifetime extension-related investments. The Loviisa power plant is the first nuclear power plant in Finland and has two units: unit 1 started operating in February 1977, and unit 2 in November 1980. The units' previous operating licences are valid until 2027 and 2030. Fortum supports the City of Espoo in achieving its carbon neutrality goal by 2030 by decarbonising district heat production in the Espoo, Kauniainen and Kirkkonummi areas. This joint programme, Espoo Clean Heat, provides a flagship example of efficient decarbonisation and a large-scale transition to more flexible and self-sufficient heating. Fossil fuels will be mostly replaced by electricity-based heating. Fortum's total capital expenditure of the Espoo Clean Heat programme amounts to approximately EUR 300 million. Fortum's investments in the programme have totalled approximately EUR 255 million to date. Electricity-based heat production has started at three new sites. The Nuijala (Espoo) production plant uses electric boilers and a heat accumulator, and large production plants in Hepokorpi (Espoo) and Kolabacken (Kirkkonummi) host heat pumps, electric boilers and a heat accumulator. Initially, the heat pumps capture heat from ambient air and eventually, also waste heat from Microsoft's large-scale data centres that are currently under construction. Ultimately, waste heat from data centres will cover 40% of the district heat consumption in the area. Once fully operational, the heat production capacity of these three plants will total at 424 MW. On 29 October 2024, Fortum announced that it will invest EUR 100 million in decarbonisation of the Czestochowa combined heat and power (CHP) plant in Poland. The Czestochowa plant's retrofit with biomass technology will decrease Fortum's coal capacity by 0.1 GW to 0.9 GW and annual direct CO 2 emissions by approximately 175,000 tonnes. The investment will take place over a period from the fourth quarter of 2024 until the fourth quarter of 2026. On 29 October 2025, Fortum announced that it will invest approximately EUR 85 million in decarbonisation of the Zabrze combined heat and power (CHP) plant in Poland. The Zabrze plant's retrofit with biomass and refuse-derived fuel (RDF) technology will decrease Fortum's coal capacity by 0.1 GW to 0.8 GW and annual direct CO 2 emissions by approximately 280,000 tonnes. The investment will take place over a period from the fourth quarter of 2025 until the fourth quarter of 2027. Maintenance capital expenditure Fortum continuously maintains and upgrades its hydropower fleet and currently has numerous hydropower plant refurbishment and modernisation projects underway. The resulting capacity increase is estimated to be approximately 49 MW in total by 2031. Other Operations In July 2022, Fortum and GIG (Green Investment Group, a specialist green investor within Macquarie Asset Management) agreed to invest in a new waste-to-energy plant in Glasgow, Scotland, through a 50/50 joint venture. In June 2024, Macquarie Asset Management announced that it had reached an agreement to sell its 50% stake in the plant to Gren Energy. When fully commissioned, the South Clyde Waste-to-Energy plant will have an annual processing capacity of 350,000 tonnes of waste. The plant will have a power generation gross capacity of 45 MWe, corresponding to the average annual electricity consumption of approximately 90,000 homes. The facility is expected to enter commercial operations in the first half of 2027. ‌Operating and regulatory environment European power markets In the second quarter of 2026, Nordic spot prices increased significantly, more than doubling year-on-year, driven by notably lower hydro reservoir levels, low spring floods, low nuclear availability in Sweden and strong Continental power prices. Nordic power demand was marginally above the five-year average and broadly in line with the second quarter of 2025. Low inflows, caused by a large snow deficit, reduced the small Nordic reservoir surplus at the start of the quarter (+2 TWh) to a moderate deficit (-5 TWh) by the end of the quarter. In June, Nordic weather-driven fundamentals softened as wind conditions improved and precipitation was high. This led to a clear decline in the Nordic spot prices, especially in the northernmost areas, as well as in near-term futures prices. Towards the end of June, power prices rebounded, supported by stronger Continental European power prices, which reflected the extreme Continental heat wave and higher gas prices. During the second quarter, the average Nordic system price in Nord Pool was 68.2 (26.5) EUR/MWh. The average area price in Finland was 49.3 (28.0) EUR/MWh. In Sweden, the average price in SE3 (Stockholm) was 64.7 (31.6) EUR/MWh, while SE2 (Sundsvall) averaged 38.0 (10.5) EUR/MWh. In Germany, the average spot price in the second quarter was 95.2 (69.7) EUR/MWh. In January-June, the average system spot price in Nord Pool was 79.1 (36.0) EUR/MWh. The average area price in Finland was 70.8 (38.6) EUR/MWh. In Sweden, the average area price in the SE3 area (Stockholm) was 75.3 (43.8) EUR/MWh, and the price in the SE2 area (Sundsvall) was 51.9 (12.6) EUR/MWh. In Germany, the average spot price in January-June 2026 was 98.7 (90.7) EUR/MWh. In the beginning of the year, prices in Finland and the SE3 area in Sweden were above the German price but softened in March relative to Germany due to milder Nordic conditions. In the second quarter, the same happened as Nordic weather patterns normalised. According to preliminary statistics, Nordic power consumption in the second quarter amounted to 89 (89) TWh. Both industrial and non-industrial power demand across the Nordics was broadly flat: Norwegian industrial demand increased marginally, Finnish industrial demand remained low and stable, while Swedish industrial demand showed minor progress. During the first half of the year, power consumption in the Nordics was 212 (205) TWh. In Central Western Europe (Germany, France, Austria, Switzerland, Belgium and the Netherlands), power consumption in the second quarter totalled 304 (298) TWh. Demand remained marginally below the five - year average, with the post - energy - crisis recovery still stalling, but in June demand was very strong on the back of the extreme heatwave. Overall power consumption continued to lag pre - crisis levels by approximately 50 TWh. During January-June, power consumption in Central Western Europe was 666 (658) TWh. At the start of the second quarter, Nordic hydro reservoir levels stood at approximately 43 TWh, around 2 TWh above the long - term average and 19 TWh below the level a year earlier. During the quarter, hydro inflows were below normal, while hydro generation was marginally below the long-term average. By the end of the quarter, reservoir levels had increased to around 79 TWh, corresponding to a deficit of 5 TWh relative to the long - term average and 10 TWh below the level one year ago. In mid-July, the Nordic system forward price on Euronext for the remainder of 2026 was around 74 EUR/MWh and for 2027 around 52 EUR/MWh. Nordic hydro reservoirs stood at approximately 81 TWh, around 10 TWh below the long - term average and 12 TWh below year - ago levels. The German electricity forward price for the remainder of 2026 was around 127 EUR/MWh and for 2027 around 103 EUR/ MWh. European commodity markets In the second quarter, natural gas prices remained elevated following the sharp increase in February-March triggered by the outbreak of war in the Middle East. While immediate concerns around LNG flows through the Strait of Hormuz eased somewhat during April-May, the market continued to price in a persistent geopolitical risk premium, keeping the forward curve supported. Oil prices remained elevated until early June, after which prices fell sharply as anticipated severe supply disruptions did not materialise. Gas consumption in Central Western Europe totalled 302 TWh during the second quarter. Over the same period, regional gas storage levels increased but remained low for the season. Gas storage volumes rose from 122 TWh at the start of the quarter to 257 TWh by quarter - end. This was 92 TWh lower than in the same period last year and 123 TWh below the five - year average (2021-2025). The average TTF front - month gas price in the second quarter was 45.6 EUR/MWh and 42.9 EUR/MWh during the first six months of the year. The 2027 gas forward price decreased from 39.1 EUR/MWh at the start of the quarter to 34.9 EUR/MWh at quarter - end, remaining 5.3 EUR/MWh above the level observed one year earlier. EU Allowance (EUA) prices increased during the quarter, rising from 74.6 EUR/tonne at the start of the quarter to 80.2 EUR/tonne at the end of the period, which was 11.2 EUR/tonne higher than one year earlier. Coal prices declined over the quarter. The ICE Rotterdam 2027 forward contract fell from 125.0 USD/tonne at the start of the quarter to 110.7 USD/tonne by quarter - end, 3.2 USD/tonne lower year - on - year. In mid-July, the TTF gas forward price for the remainder of 2026 was approximately 55 EUR/MWh. The corresponding EUA forward price for 2026 traded around 79 EUR/tonne, while the ICE Rotterdam coal forward price for the remainder of 2026 stood at approximately 119 USD/tonne. Regulatory environment Commission launches proposal to revise the EU ETS On 17 July, the Commission published a proposal for the revision of the Emissions Trading System (ETS) Directive for the period 2031-2040. The proposal is aligned with the EU 2040 climate target and net - zero trajectory to 2050. The revision applies to the existing ETS1, the new ETS2 is excluded. The Commission proposes to loosen up the ETS target (linear reduction factor) from the existing 4.4% per year to 3.7% during 2031-2035 and to 1.7% in 2036-2040. The market stability reserve will be redesigned by setting more dynamic thresholds that would decline by 4% annually and by reducing the intake rate from 24% to 12% from 2028 onwards. The Commission has taken note of the industrial cost concerns and suggests continuing the free allocation until 2038 and giving extended support for industrial decarbonisation, for example through the Industrial Decarbonisation Bank. Rules regarding use of auctioning revenues will be tightened for the member states . The ETS scope will be enlarged to include permanent domestic carbon removals into ETS. International carbon credits will be allowed in ETS from 2036 onwards, accounting for up to 2% of the ETS emissions in 1990. Fortum regrets the lowered ambition but welcomes the proposal as a proper starting point for negotiations. We highlight the need for a stable and credible ETS that supports investments and strengthens European competitiveness. The Commission proposes EU Electrification Action Plan On 17 July, the Commission published its Electrification Action Plan, setting out a non-binding strategy to accelerate the electrification of the EU economy as part of the Clean Industrial Deal agenda. The Plan proposes an indicative EU electrification target of 46% by 2040, measured as the share of electricity in final energy consumption. The Commission identifies five main barriers to electrification: high electricity prices compared with fossil fuels, high upfront investment costs, grid constraints, slow innovation uptake, and the need to strengthen supply chains, manufacturing and skills. The focus is on sectors still heavily dependent on fossil fuels, notably industry, transport and buildings. Key measures include a legislative proposal on network charges, work on electricity-to-gas price ratios, faster deployment of clean electricity, and stronger support for flexibility and storage. The Plan sets a KPI of 200 GW of storage capacity by 2030, up from around 55 GW in 2026, and announces further work on long-duration flexibility needs for 2030, 2040 and 2050. It also gives specific attention to data centres, district heating and cooling, waste heat recovery, and industrial electrification. The Commission also supports cross-border cooperation to accelerate nuclear reactor licensing and recognises lifetime extensions of existing reactors where safe, economic and compatible with high safety standards. For Fortum, the Plan is relevant as it explicitly recognises the role of clean electricity, including renewables and nuclear, as well as flexibility, storage, district heating and waste heat recovery in enabling electrification. Data centres face headwinds and tailwinds in Nordics The Nordics are Europe's fastest-growing data centre region with Finland alone having a project pipeline corresponding to approximately EUR 13 billion. Public discussion has recently been particularly intense and largely critical, with the debate increasingly polarised between the economic and digital benefits on one side and concerns over electricity demand, grid capacity, and broader societal value on the other. Finland removed the reduced electricity tax rate for data centres effective from the beginning of July. In Sweden, the corresponding electricity tax change was implemented already in 2023. In Norway, the government recently supported the development of Nscale's new data centre project by providing a loan guarantee through Eksfin, the country's export credit agency. In March, the European Commission published a draft proposal for an EU sustainability labelling scheme for data centres, aimed at assessing and benchmarking their environmental performance. Fortum supports efforts to improve transparency around the environmental footprint of data centres. However, the proposed framework is not technology-neutral, as it excludes electricity generated from nuclear and hydropower sources. The scheme is expected to reinforce the Nordic region's competitive advantage as a location for energy-efficient, low-carbon data centre investments, while also raising requirements for project design, site selection, and integration with the wider energy system, including waste heat recovery and grid utilisation. Fortum's view is that data centres play a vital role in supporting digitalisation and economic growth. We are ready to develop new generation capacity in response to increasing electricity demand and our customers' evolving needs. New capacity, however, requires higher power prices and/or customer PPAs. Finland prepares a new support scheme to solve electricity capacity adequacy Finland is currently preparing a new "Winter Energy Support Scheme" to strengthen electricity adequacy and security of supply. The scheme represents the latest step in efforts to address emerging capacity adequacy challenges in an increasingly weather-dependent power system. Earlier approaches included the proposed non-fossil flexibility support mechanism, but its preparation failed. The Winter Energy Support Scheme is intended to support investments in new dispatchable bioenergy-based generation capacity as well as upgrades and lifetime extensions of existing combined heat and power (CHP) plants. Details remain under preparation, and legislation is expected before the end of the current government term. ‌Key drivers and risks Fortum's operations are exposed to a number of financial, operational, strategic and sustainability-related risks. Fortum is exposed to these risks both directly and indirectly through its subsidiaries, associated companies and joint ventures. The principal associated companies and joint ventures are Teollisuuden Voima Oyj, Forsmarks Kraftgrupp AB, OKG AB and Kemijoki Oy. For more information, see Fortum's Financial Statements 2025. One of the key objectives in Fortum's strategy is to reduce the Group's strategic business risks. The Nordic power price exposure remains the single largest key driver and financial risk for Fortum, as Fortum's main generation assets are located in the Nordics. It is a key priority for Fortum to mitigate this market risk, including managing the related credit and liquidity risks from hedging this exposure. The main strategic risks are development of the business and/or regulatory environment in ways that have not been foreseen and prepared for. The current geopolitical and economic uncertainty continues to pose material operational and business risks for Fortum as the owner and operator of power and heat generation in the Nordics and Poland. Future energy market, regulatory and climate scenarios, as well as scenarios for how the current geopolitical situation develops, including the impact of these on Fortum's existing and potential new businesses, are regularly updated and used in the development of the strategy. Sustainability-related risks, including exposure to climate change, continue to be a focus area for Fortum, and Fortum is well positioned with the existing portfolio of largely low-carbon power generation to take advantage of opportunities in the green energy transition. Business operating environment Fortum operates in a global business environment, with a main operational focus in the Nordics, and is therefore exposed to political and other risks that affect the macroeconomic development and consumer behaviour in Fortum's markets. The global landscape has experienced a further escalation of conflict and increasing geopolitical uncertainty. Several regional disputes have worsened, increasing instability and insecurity in energy-producing regions, potentially disrupting energy supply chains and raising concerns about energy security. A further escalation of the war in Ukraine may increase the risk of hostile actions by the Russian Federation against foreign companies. This could have severe implications, such as an increased risk of sabotage, including direct physical or cyber-attacks on, for example, energy infrastructure in Fortum's operating countries. The escalation of the conflict in the Middle East has underscored the differing exposure of European power markets to geopolitical shocks. While such events quickly drive gas, coal, and power prices in more fossil-fuel-dependent systems, the largely decarbonised Nordic power market is structurally less exposed. However, prolonged tensions and persistently high fuel prices could still weaken Europe's macroeconomic environment, increase uncertainty, and weigh on growth and investment sentiment in the Nordics. Regulatory environment The energy sector is heavily influenced by national and EU-level energy and climate policies and regulations. The overall complexity and possible regulatory changes in Fortum's operating countries pose risks and create opportunities for the generation and consumer businesses. Fortum analyses and assesses a number of future market and regulatory scenarios, including the impact of these on different generation forms and technologies, as part of its strategy. Fortum maintains an active dialogue with different policymakers and legislators involved in the development of laws, policies and regulations in order to manage these risks and to proactively contribute to the development of the energy and climate policy and regulatory framework in line with Fortum's strategic objectives. Nordic power price exposure and related risks The earnings capability and profitability of Fortum's outright power generation, such as hydro, nuclear and wind power generation, are primarily exposed to fluctuations in the Nordic power prices. In the Nordics, power prices exhibit significant short- and long-term variations on the back of several factors, including, but not limited to, weather conditions, outage patterns in production and transmission lines, CO₂ emission allowance prices, commodity prices, energy mix and the supply-demand balance. An economic downturn, lower commodity prices, warm weather or wet hydrology could lead to significantly lower Nordic power prices, which would negatively impact earnings from Fortum's outright power production. The increased geopolitical uncertainty and fears of escalation of other conflicts may impact power and other commodity prices and volatility, especially in case of disturbances to other sources of power or gas supply. In general, price volatility is expected to continue also with the increasing share of intermittent generation and the occasionally re-emerging concerns over security of energy supply. This also increases the risk of further political market interventions going forward. Fortum hedges its exposure to commodity market prices in order to improve predictability of future results by reducing volatility in earnings while ensuring that there is sufficient cash flow and liquidity to cover financial commitments. Fortum's business is exposed to liquidity and refinancing risks primarily through the need to finance its business operations, including margining payments and collaterals issued for hedging activities. Higher and more volatile commodity prices increase the net margining payments toward clearing houses and clearing banks. Fortum mitigates this risk by entering into over-the-counter (OTC) derivatives contracts directly with bilateral counterparties without margining requirements. Consequently, credit exposure from hedges with OTC counterparties has increased. Due to Fortum's net short position in Nordic power hedges, the credit exposure would increase in line with the value of hedges if Nordic power prices decrease. OTC trading also exposes the Group to liquidity risk in case of a counterparty default. A default could trigger a termination payment in cases where the net market value of the bilateral contracts is positive for the counterparty. Fortum's objective is to maintain a solid investment-grade rating of at least BBB. A downgrade in the credit ratings, in particular to below investment-grade level (BB+ or below), could trigger counterparties' rights to demand additional cash or non-cash collateral. A possible downgrade to below investment-grade level would affect access to the capital markets and increase the cost of new financing. The current long-term credit rating for Fortum by S&P Global Ratings and Fitch Ratings is BBB+ with Stable Outlook. Fortum continues to constantly monitor all rating-related developments and to regularly exchange information with the rating agencies. Operational risks Fortum's business activities include energy generation, storage and control of operations, as well as the construction, modernisation, maintenance and decommissioning of power plants or other energy-related industrial facilities. Any unwanted operational event (which could be caused by, e.g., technical failure, human or process error, natural disaster, sabotage, failure of key suppliers, or terrorist attack) can endanger personal safety or lead to environmental or physical damage, business interruptions, project delays and possible third-party liability. The associated costs can be high, especially in Fortum's largest units and projects. Climate change Fortum believes that the growing awareness and concern about climate change will increase the demand for low-carbon and resource-and energy-efficient energy products and services. The company is leveraging its know-how in hydro, nuclear, wind and solar power by offering its customers low-carbon energy solutions. The electrification of energy-intensive industry, services and transportation is likely to increase the consumption of low-carbon electricity in particular. The development of the hydrogen economy, and especially renewable hydrogen produced with renewable power, will potentially offer future business opportunities for Fortum. Driving the transition to a low-carbon economy is therefore an integral part of Fortum's strategy. Fortum's strategy includes ambitious sustainability and decarbonisation targets. However, the transition to a low-carbon economy poses a number of strategic and operative risks related to changes in energy and climate policy and regulation, technology development and the business environment in which Fortum operates. Fortum's operations are exposed to the physical risks caused by climate change, including changes in weather patterns that could alter energy production volumes and energy demand. Fluctuating precipitation, flooding and extreme temperatures may affect, e.g., hydropower generation, dam safety, availability of cooling water, and the price and availability of biofuels. Hydrological conditions, precipitation, temperatures, and wind conditions also affect the short-term electricity price in the Nordic power market. In addition to climate change mitigation, we also aim to adapt our operations, and we take climate change into consideration in, among other things, the assessment of growth projects and investments, as well as in operation and maintenance planning. Fortum identifies and assesses its assets' resilience towards different acute and chronic physical climate-related risks within different Intergovernmental Panel on Climate Change (IPCC) climate scenarios and creates adaptation plans for the most material risks. ‌Outlook In the near term, the operating environment is impacted by strong geopolitical tensions, which cause uncertainty and turbulence in the general economic outlook and may affect international production chains and commodity markets. Geopolitical risks, heightened uncertainty and reduced visibility may pose challenges to major industrial investments in the Nordics. In the long term, electricity is expected to gain a significantly larger share of total energy consumption. The electricity demand growth rate will be influenced by factors such as macroeconomic and demographic development, improved energy efficiency, and decarbonisation through direct electrification of energy-intensive sectors, including various industries, data centres, transport, and heating and cooling, and, in the longer term, by green hydrogen. Hedging At the end of the second quarter of 2026, approximately 80% of the Generation segment's estimated Nordic power sales volume was hedged at 40 EUR/MWh for the remainder of 2026, and approximately 65% at 41 EUR/MWh for 2027 (at the end of the first quarter of 2026: 60% at 40 EUR/MWh). Fortum's hedge ratios and prices comprise its outright nuclear, hydro and wind generation volumes. The reported hedge ratios are based on hedges and power generation forecasts of the Generation segment. In November 2025, Fortum set a strategic target to have a hedged share of rolling 10-year outright generation volume of more than 25% by the end of 2028. The achievement of this target is updated once a year in connection with the Group's full-year results. At the end of 2025, the hedged share of the rolling 10-year outright generation volume was approximately 19%. The reported hedge ratios may vary significantly, depending on Fortum's actions on the electricity derivatives markets. Hedges are mainly financial contracts, most of which are electricity derivatives quoted on the power futures exchange and traded either on the futures exchange or with bilateral counterparties. As an additional liquidity risk mitigation measure, Fortum is mainly hedging with bilateral agreements, and the exposure on the futures exchange is clearly lower. Fortum continues to utilise dual channels for its hedging: bilateral contracts and trading on the futures exchange, depending on market liquidity and financial optimisation. Generation The Generation segment's achieved Nordic power price typically depends on factors such as hedge ratios, hedge prices, spot prices, availability and utilisation of Fortum's flexible generation portfolio, as well as currency fluctuations. The annual outright portfolio of hydro, nuclear and wind generation amounts to approximately 47 TWh. In 2025, Fortum's total outright generation volume amounted to 41.6 TWh. In 2026, nuclear generation volumes are expected to be in the range of 23.0-23.5 TWh. The split of Fortum's blended price based on its price area exposure of the normalised outright generation portfolio is approximately: Finland 46%, Sweden SE3 37% and Sweden SE2 17%. The volumes depend on various criteria, such as outages, hydrology and other market dynamics. Excluding potential effects from changes in the power generation mix, a 1 EUR/MWh change in the Generation segment's achieved Nordic power price will result in an approximately EUR 47 million change in the segment's annual comparable operating profit (assuming annual generation volumes on a normal level). Fortum's achieved power price includes operations in the physical and financial commodity markets, as well as the optimisation premium of Fortum's outright generation portfolio. For 2026, the annual optimisation premium included in the achieved power price for the whole outright portfolio is estimated to be approximately 8-10 EUR/MWh. For 2027 and beyond, the guidance is 6-8 EUR/MWh. The optimisation premium depends on overall market conditions, level of volatility, and market prices for electricity and environmental value products. In 2025, Fortum's optimisation premium was 9.7 EUR/MWh. The annual property tax in Sweden increased by approximately EUR 30 million starting from the year 2025. The new run-rate of approximately EUR 45 million is effective until the end of 2030, part of which is recorded as cost for power purchase of generation. Efficiency improvements Fortum expects its comparable operating profit to improve by EUR 330 million by 2030 compared to the base line of EUR 930 million. This improvement is based on own actions, for example improved fleet availabilities, efficiency improvements and organic growth. The improvement does not include impacts from capital expenditure, M&A or power price changes. Income taxation The comparable effective income tax rate for Fortum is estimated to be in the range of 18-20% for 2026. Fortum's comparable effective tax rate is impacted by the weight of the comparable profit in different jurisdictions and differences in standard nominal tax rates in these jurisdictions. The tax rate guidance excludes items affecting comparability. Capital expenditure For the period of 2026-2030, Fortum's committed capital expenditure is expected to be approximately EUR 2.0 billion, excluding acquisitions. This includes growth capex of approximately EUR 750 million in total and maintenance capex of approximately EUR 250 million per year. In addition, Fortum has the potential to invest an additional EUR 2.5 billion until 2030, should attractive investment opportunities arise. For 2026, the total committed capital expenditure is expected to be approximately EUR 550 million, excluding acquisitions. ‌Sustainability Sustainability key performance indicators for both environmental and social sustainability are presented in this interim report. Sustainability information based on the double materiality assessment is disclosed annually in the sustainability statement, prepared in accordance with the European Sustainability Reporting Standards (ESRS) of the Corporate Sustainability Reporting Directive (CSRD). Additionally, Fortum annually reports on its sustainability-related financial information, including climate-related disclosures, referencing to the requirements of the International Financial Reporting Standards (IFRS) sustainability disclosure standards S1 (General requirements for disclosure of sustainability-related financial information) and S2 (Climate-related disclosures). Environmental sustainability In this interim report, Fortum's targets and key performance indicators for environmental sustainability focus on greenhouse gas (GHG) emissions, biodiversity, and major environmental incidents. 100% of Fortum's production sites are certified according to the ISO 14001 environmental management system standard. Fortum's transition plan for climate change mitigation includes the decarbonisation of own operations and the value chain. Fortum prioritises direct emission reductions, and residual emissions will be neutralised in line with the international Science Based Targets initiative (SBTi) criteria to reach net-zero emissions. SBTi has approved Fortum's near- and long-term science-based emission reduction targets and its science-based net-zero target by 2040. The targets align with the level of emission reduction needed to limit global warming to 1.5°C. Fortum's commitment to SBTi targets marks a significant milestone on its sustainability journey, being central to the company's strategy and a vital part of its execution. SBTi-verified near- and long-term climate targets are: Reach net-zero GHG emissions across the value chain by 2040. Reduce Scope 1 and 2 GHG emissions by 85% per MWh by 2030 and by 90% per MWh by 2040 from base year 2023 1) . Reduce Scope 1 and 3 GHG emissions from fuel- and energy-related activities covering all sold electricity by 69% per MWh by 2030 and by 94% per MWh by 2040 from base year 2023 1) . Reduce absolute Scope 3 GHG emissions from the use of sold products for sold fossil fuels by 55% by 2033 and by 90% by 2040 from base year 2023. Reduce absolute Scope 3 GHG emissions from fuel- and energy-related activities by 90% by 2040 from base year 2023. The SBTi target boundary includes land-related emissions and removals from bioenergy feedstocks. Fortum's other climate targets are: Coal exit in the company's own operations by the end of 2027. Specific emissions at below 20 g CO 2 /kWh for total energy production and below 10 g CO 2 /kWh for power generation by 2028. The transition plan for climate change mitigation is included in Fortum's annual sustainability statement and available on Fortum's website. Group performance, environmental sustainability II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Emissions Direct CO 2 emissions, Mt 0.1 0.1 0.5 0.4 0.7 0.8 Specific CO 2 emissions from total energy production, gCO 2 /kWh 13 14 20 18 16 17 Specific CO 2 emissions from power generation, gCO 2 /kWh 8 8 10 9 8 9 Emissions subject to ETS, Mt 0.1 0.1 0.5 0.4 0.7 0.8 Other Major environmental incidents, no. 0 0 0 0 0 0 Power generation, TWh 9.5 9.0 22.5 21.3 42.3 43.5 Share of power generation from renewable and nuclear sources, % 1) 99 99 98 98 99 98 Heat and steam production, TWh 0.5 0.6 2.2 1.8 3.2 3.6 Share of heat and steam production from fossil-free sources and waste heat, % 2) 81 73 60 59 60 61 Coal-based capacity, GW 1.0 1.0 1.0 1.0 1.0 Coal-based power generation capacity, GW 0.7 0.7 0.7 0.7 0.7 Coal-based heat production capacity, GW 0.4 0.4 0.4 0.4 0.4 Coal-based power and heat production, TWh 0.2 0.1 0.6 0.6 1.1 1.1 Coal-based power generation, TWh 0.1 0.0 0.2 0.2 0.3 0.3 Coal-based heat production, TWh 0.1 0.1 0.5 0.4 0.7 0.8 Share of coal of sales, % 2 1 2 2 2 2 Share of fossil fuels of production-based sales, % 4 5 6 6 6 6 Share of fossil fuels of sales, % 10 13 12 14 13 13 Renewable sources include mostly hydropower as well as wind power and bio-based fuels. Fossil-free sources include renewable or nuclear electricity (bundled with Guarantees of Origin), heat from the ambient air, as well as bio-based fuels. The 2025 comparative, first reported in I/2026 as 64%, was adjusted in II/2026 to 60%. On 24 June, Fortum announced that it has decided to close and dismantle its Meri-Pori coal power plant in Finland, reducing coal-based power generation capacity by 0.6 GW. Electricity generation at the plant will end, and the facility will be permanently closed as of 1 March 2027. The Meri-Pori plant has been reserved for the use of Finland's National Emergency Supply Agency (NESA) since March 2024. During this period, it has not generated electricity apart from test runs. The agreement with NESA will end at the close of 2026, after which the plant will return to the electricity market for the winter period in January and February 2027, before its final closure. Fortum's biodiversity transition plan outlines interim targets and concrete actions for the coming years for each biodiversity target. Targets cover the impacts of hydropower on aquatic ecosystems, land use change in Fortum's own operations and the impact of biomass sourcing on land use (supply chain impact). The impacts of climate change pressure are addressed through Fortum's SBTi targets. Fortum's biodiversity targets are: Increase the ecological value in river stretches where actions have the most ecological benefit, by 2040. Achieve a net positive impact on land use for our own operations from 2030 onwards. No increase in land use negative impact from procured biomass in existing operations from 2024 levels. Fortum's main terrestrial biodiversity impacts are related to the impacts from GHG emissions, land use and fuel procurement. Terrestrial impacts have been identified with a Biodiversity Footprint Assessment (BFA, by Global Biodiversity Score® tool). In January-June, Fortum continued to implement both voluntary and licence-related biodiversity measures in its hydropower operations to mitigate negative impacts and, where possible, to introduce improvement measures. The key results from Fortum's terrestrial Biodiversity Footprint Assessment (BFA 2025, with GBS® -tool) and Biodiversity transition plan, as well as information containing ongoing and planned voluntary biodiversity-related measures are available on Fortum's website. The website describes Fortum's goals, responsibilities, timelines and partners for local-scale biodiversity projects. Major environmental incidents are monitored, reported, and investigated, and remedial actions are taken. These incidents are defined as those causing significant harm to the environment (air, water or soil) or resulting in environmental non-compliance with legal or regulatory requirements. Fortum's target is to have no major environmental incidents and no major non-compliance cases. There were no major environmental incidents in January-June (I-II/2025: 0). Social sustainability In this interim report, Fortum's targets and key performance indicators for social sustainability focus on occupational safety and employee health and wellbeing. Fortum strives to provide a safe workplace for all employees, contractors, and service providers. Fortum has implemented a certified ISO 45001 safety management system that covers 100% of Fortum's production sites. Fortum's safety targets are: 75% execution rate for Safety improvement plans in 2026. Total Recordable Injury Frequency (TRIF) for own personnel and contractors to be below 1.0 by the end of 2030. No severe injuries. Group performance, social sustainability II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Total Recordable Injury Frequency (TRIF), own personnel and contractors, injuries per million working hours 1.4 1.8 1.3 2.2 2.4 1.9 No severe injuries 0 0 1 0 1 2 Total recordable injury frequency decreased in January-June compared to the corresponding period last year. In the first quarter, one injury to a contractor's employee was classified as severe. Fortum's goal for workplace wellbeing activities is to promote the health and occupational safety of its employees, as well as the functionality of the work community. To monitor this, Fortum conducts a biannual employee survey to measure its employees' perceptions on health and wellbeing and to assess Fortum's efforts in supporting employees' mental, physical and social wellbeing. Fortum's April 2026 health and wellbeing score was 8.1, exceeding the energy and utility sector peer benchmark 8.0. Fortum expects its business partners to act responsibly and to comply with the requirements set forth in the Code of Conduct and the Supplier Code of Conduct. Fortum assesses the performance of its business partners with supplier qualifications, supplier audits and a Know Your Counterparty (KYC) process. Fortum continuously develops its supplier evaluation and supply chain due diligence process. Fortum collaborates with communities and organisations at global, national and local levels through the Corporate Social Responsibility (CSR) programme. This programme aims to foster impactful collaboration on environmental topics (focus on climate change, biodiversity and water) as well as social topics (focus on education, climate change adaptation and equality). In January-June, Fortum supported several organisations through its CSR programme, among others; Save the Children, John Nurminen Foundation and Engineers without Borders. ESG ratings and recognitions Fortum actively participates in the following ESG assessment schemes: ESG Rating Fortum's score Maximum score Latest assessment CDP Climate Change A A December 2025 CDP Supplier Engagement A A April 2026 MSCI ESG Ratings AA AAA March 2026 ISS ESG Corporate Rating B (Prime) A+ June 2026 In addition, Fortum is listed on the Nasdaq Helsinki stock exchange and is included in the OMX Sustainability Finland and ECPI® indices. Fortum has been certified as a Nasdaq ESG Transparency Partner. ‌Group personnel Fortum's operations are mainly based in the Nordic countries. The total number of employees at the end of June 2026 was 4,636 (31 Dec 2025: 4,551). At the end of June 2026, the Generation segment had 2,250 (31 Dec 2025: 2,139) employees, the Consumer Solutions segment 1,114 (31 Dec 2025: 1,134), and the Other Operations segment 1,272 (31 Dec 2025: 1,278). ‌Legal actions There were no major developments in the ongoing legal actions during the second quarter of 2026. For further information on legal actions, see Note 16. ‌Shares and share capital Fortum shares on Nasdaq Helsinki No. of shares Total value High Low Average Last January-June 2026 traded EUR EUR EUR EUR 1) EUR FORTUM 164,027,695 3,351,230,918 22.92 18.10 20.43 20.29 1) Volume-weighted average. 30 June 2026 30 June 2025 Market capitalisation, EUR billion 18.2 14.3 Number of shareholders 198,305 220,428 Finnish State holding, % 51.3 51.3 Nominee registrations and direct foreign shareholders, % 26.0 23.2 Households, % 11.9 13.6 Financial and insurance corporations, % 2.0 2.2 Other Finnish investors, % 8.9 9.8 In addition to Nasdaq Helsinki, Fortum shares were traded on several alternative marketplaces, for example Boat, Cboe and Turquoise, and on the OTC market. In January-June 2026, approximately 72% of Fortum's shares were traded on markets other than Nasdaq Helsinki (source: Bloomberg). On 30 June 2026, Fortum Corporation's share capital was EUR 3,046,185,953 and the total number of registered shares was 897,264,465. Fortum Corporation does not hold any of the company's own shares. ‌Board authorisations The AGM 2026 authorised the Board of Directors to decide on a contribution in the total maximum amount of EUR 1,500,000 to Aalto University for the purpose of establishment of a full-time endowed professorship in the energy strategy area. In April 2026, the Board of Directors resolved to make the contribution of EUR 1,500,000, which will be paid in five equal annual instalments of EUR 300,000 during 2026-2030. The Annual General Meeting further authorised the Board of Directors to decide on contributions in the total maximum amount of EUR 500,000 for charitable or similar purposes, and in addition, a total maximum amount of EUR 1,000,000 for incidental emergency relief or similar purposes as needed, and to decide on the recipients, purposes and other terms of the contributions. The authorisations will be effective until the next Annual General Meeting. As of 20 July 2026, EUR 190,000 of the authorisation for charitable or similar purposes and EUR 100,000 for incidental emergency relief was used. ‌Other major events during the second quarter of 2026 On 15 June, Fortum announced that the following members have been appointed to Fortum Shareholders' Nomination Board for the term 2026-2027: Maija Strandberg, Director General, Prime Minister's Office, Ownership Steering Department (Chair), Mikko Mursula, CEO, Ilmarinen Mutual Pension Insurance Company, and Risto Murto, President and CEO, Varma Mutual Pension Insurance Company. In accordance with the charter of Fortum Shareholders' Nomination Board, three members are appointed to Fortum Shareholders' Nomination Board each year. The company's three largest shareholders as of the first working day of June are each entitled to appoint one member. ‌Dividend payment The Annual General Meeting 2026 approved a dividend of EUR 0.74 per share for the financial year that ended 31 December 2025. The record date for the dividend payment was 2 April 2026, and the dividend was paid on 14 April 2026. Espoo, 20 July 2026 Fortum Corporation Board of Directors Further information Investor Relations and Financial Communications: Ingela Ulfves, tel. +358 40 515 1531, Rauno Tiihonen, tel. +358 10 453 6150, Siri Markula, tel. +358 40 743 2177, Pirjo Lifländer, tel. +358 40 643 3317, and [email protected] Media: Fortum News Desk, tel. +358 40 198 2843 The Interim Report has been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the EU. The interim financials are unaudited. Financial calendar Fortum's January-September Interim report will be published on 28 October 2026 at approximately 9:00 EET. Distribution: Nasdaq Helsinki Key media https://www.fortum.com More information, including detailed quarterly information, is available at https://www.fortum.com/investors . Interim Financial Statements are unaudited. ‌Condensed consolidated income statement EUR million Note II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Sales 3 1,124 974 3,116 2,616 4,989 5,489 Other income 6 5 12 12 24 24 Materials and services -724 -579 -1,914 -1,490 -2,901 -3,325 Employee benefits -112 -107 -221 -207 -419 -433 Depreciation and amortisation 3 -79 -76 -159 -152 -315 -322 Other expenses -108 -102 -207 -202 -454 -458 Comparable operating profit 3 106 115 627 577 924 974 Items affecting comparability 3, 4 -16 -11 0 -3 15 18 Operating profit 3 90 104 626 574 939 992 Share of profit of associates and joint ventures 3, 7 57 27 44 37 56 63 Interest expense -31 -40 -62 -84 -157 -135 Interest income 19 26 39 64 111 86 Other financial items - net -9 11 3 -12 -13 3 Finance costs - net 8 -21 -3 -20 -32 -59 -46 Profit before income tax 126 128 651 578 936 1,008 Income tax expense 9 -13 -23 -118 -111 -173 -180 Net profit 113 106 533 467 763 829 Attributable to: Owners of the parent 109 104 530 468 765 828 Non-controlling interests 3 1 3 0 -2 1 Earnings per share for profit attributable to the equity owners of the company (EUR per share) Basic 0.12 0.12 0.59 0.52 0.85 0.92 As Fortum currently has no dilutive instruments outstanding, diluted earnings per share is the same as basic earnings per share. EUR million Note II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Comparable operating profit 106 115 627 577 924 974 Impairment charges and reversals 0 -10 0 -21 -25 -4 Capital gains and other related items 2 -3 2 -3 -4 1 Changes in fair values of derivatives hedging future cash flow -18 2 -2 22 47 22 Other 0 0 0 -2 -3 -1 Items affecting comparability 3, 4 -16 -11 0 -3 15 18 Operating profit 90 104 626 574 939 992 See Note 19 Definitions and reconciliations of key figures. ‌Condensed consolidated statement of comprehensive income EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Net profit 113 106 533 467 763 829 Other comprehensive income Items that may be reclassified to profit or loss in subsequent periods: Cash flow hedges Fair value gains/losses 1) -158 -146 -300 -20 -115 -396 Transfers to income statement -15 -16 -14 -16 -46 -44 Transfers to inventory/property, plant and equipment 2 0 2 -3 -3 2 Deferred taxes 34 33 64 7 32 88 Net investment hedges Fair value gains/losses -5 3 -1 -3 -7 -5 Deferred taxes 1 -1 0 1 1 1 Exchange differences on translating foreign operations 2) -15 -55 -14 13 63 36 Share of other comprehensive income of associates and joint ventures -5 -3 4 0 1 5 -161 -184 -259 -21 -73 -311 Items that will not be reclassified to profit or loss in subsequent periods: Actuarial gains/losses on defined benefit plans 0 0 0 0 26 26 Actuarial gains/losses on defined benefit plans in associates and joint ventures 0 0 0 0 2 2 0 0 0 0 28 27 Other comprehensive income/expense, net of deferred taxes -161 -184 -260 -21 -45 -284 Total comprehensive income/expense -48 -79 273 446 718 545 Total comprehensive income/expense attributable to: Owners of the parent -51 -79 271 446 718 543 Non-controlling interests 3 0 2 0 0 1 -48 -79 273 446 718 545 Fair valuation of cash flow hedges mainly relates to fair valuation of derivatives, such as futures and forwards, hedging commodity price for future transactions, where hedge accounting is applied. When commodity price is higher (lower) than the hedging price, the impact on equity is negative (positive). Translation differences from translation of foreign entities, mainly from SEK and NOK. ‌Condensed consolidated balance sheet EUR million Note 30 Jun 2026 31 Dec 2025 ASSETS Non-current assets Intangible assets 551 558 Property, plant and equipment and right-of-use assets 6,557 6,572 Participations in associates and joint ventures 1,354 1,335 Share in the State Nuclear Waste Management Fund 13 1,167 1,153 Other non-current assets 277 274 Deferred tax assets 796 812 Derivative financial instruments 5 202 145 Long-term interest-bearing receivables 11 600 565 Total non-current assets 11,504 11,414 Current assets Inventories 481 512 Derivative financial instruments 5 230 188 Short-term interest-bearing receivables 1) 11 134 538 Trade and other receivables 641 889 Liquid funds 12 2,102 2,903 Total current assets 3,588 5,030 Total assets 15,092 16,444 EQUITY Equity attributable to owners of the parent Share capital 3,046 3,046 Share premium 73 73 Retained earnings 5,183 5,333 Other equity components -159 87 Total 8,143 8,539 Non-controlling interests 84 81 Total equity 8,227 8,620 LIABILITIES Non-current liabilities Interest-bearing liabilities 12 3,653 3,595 Derivative financial instruments 5 235 174 Deferred tax liabilities 289 362 Nuclear provisions 13 1,167 1,153 Other non-current liabilities 242 252 Total non-current liabilities 5,587 5,534 Current liabilities Interest-bearing liabilities 12 210 1,151 Derivative financial instruments 5 434 257 Trade and other payables 1) 634 881 Total current liabilities 1,278 2,289 Total liabilities 6,865 7,824 Total equity and liabilities 15,092 16,444 Margin receivables (31 Dec 2025: 179) and margin liabilities (31 Dec 2025: 55) for 2025 are presented in short-term interest-bearing receivables and in trade and other payables respectively. For additional information, see Note 5 Financial risk management. ‌Condensed consolidated statement of changes in total equity EUR million Share capital Share premium Retained earnings Other equity components Owners of the parent Non-controlling interests Total equity Retained earnings Translation of foreign operations Cash flow hedges Other OCI items OCI items associates and joint ventures Total equity 1 January 2026 3,046 73 6,292 -959 2 26 59 8,539 81 8,620 Net profit 530 530 3 533 Translation differences -12 1 0 -1 -13 -1 -14 Other comprehensive income -249 -1 4 -246 0 -246 Total comprehensive income for the period 530 -12 -248 -1 2 271 2 273 Cash dividend -664 -664 0 -664 Transactions with non-controlling interests 0 1 1 Other -4 -4 0 -4 Total equity 30 June 2026 3,046 73 6,154 -971 -246 25 62 8,143 84 8,227 Total equity 1 January 2025 3,046 73 6,780 -1,010 127 5 53 9,074 79 9,154 Net profit 468 468 0 467 Translation differences 7 3 0 1 12 1 13 Other comprehensive income -32 -3 0 -34 0 -34 Total comprehensive income for the period 468 7 -29 -2 2 446 0 446 Cash dividend -1,256 -1,256 0 -1,256 Other 1 1 0 1 Total equity 30 June 2025 3,046 73 5,992 -1,003 99 3 55 8,265 80 8,345 Total equity 1 January 2025 3,046 73 6,780 -1,010 127 5 53 9,074 79 9,154 Net profit 765 765 -2 763 Translation differences 51 6 0 3 61 2 63 Other comprehensive income -132 21 3 -108 0 -108 Total comprehensive income for the period 765 51 -126 21 6 718 0 718 Cash dividend -1,256 -1,256 0 -1,256 Transactions with non-controlling interests 0 2 2 Other 3 3 0 3 Total equity 31 December 2025 3,046 73 6,292 -959 2 26 59 8,539 81 8,620 Additional equity information Translation differences Translation of financial information from operations in foreign currency is done using the average rate for the income statement and the end rate for the balance sheet. The exchange rate differences arising from translation to EUR are recognised in equity (mainly from SEK and NOK). For information regarding exchange rates used, see Note 1.4 Key exchange rates used in consolidated financial statements. Cash flow hedges The impact on equity attributable to owners of the parent from fair valuation of cash flow hedges mainly relates to fair valuation of commodity derivatives, such as futures and forwards, hedging commodity sales price of future transactions, where hedge accounting is applied. When commodity market price is higher (lower) than the hedging price, the impact on equity is negative (positive). Cash dividends A dividend for 2025 of EUR 0.74 per share, amounting to a total of EUR 664 million, was decided in the Annual General Meeting on 31 March 2026. The dividend was paid on 14 April 2026. A dividend for 2024 of EUR 1.40 per share, amounting to a total of EUR 1,256 million, was decided in the Annual General Meeting on 1 April 2025. The dividend was paid on 10 April 2025. See also Note 10 Dividend per share. ‌Condensed consolidated cash flow statement EUR million Note II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Cash flow from operating activities Net profit 113 106 533 467 763 829 Adjustments: Income tax expense 13 23 118 111 173 180 Finance costs - net 21 3 20 32 59 46 Share of profit/loss of associates and joint ventures 7 -57 -27 -44 -37 -56 -63 Depreciation and amortisation 3 79 76 159 152 315 322 Operating profit before depreciations (EBITDA) 169 180 785 726 1,254 1,314 Items affecting comparability 3, 4 16 11 0 3 -15 -18 Comparable EBITDA 185 191 785 729 1,240 1,296 Non-cash and other items -5 -8 -12 -3 -24 -33 Interest received 20 30 42 66 113 89 Interest paid -59 -54 -123 -135 -173 -161 Dividends received 12 13 13 14 23 22 Realised foreign exchange results and other financial items -9 -42 -86 -76 -113 -124 Income taxes paid -34 -19 -73 -83 -147 -137 Funds from operations 110 110 548 514 918 952 Settlements of future contracts -13 0 -8 0 0 -8 Change in working capital 227 93 139 142 -78 -81 Net cash from operating activities 324 203 679 656 840 863 Cash flow from investing activities Capital expenditures 3 -103 -129 -212 -229 -499 -482 Acquisitions of shares 6 -6 -32 -10 -48 -88 -50 Proceeds from sales of property, plant and equipment 0 0 0 0 1 1 Divestments of shares and capital returns 6 2 -2 2 -2 -1 3 Shareholder loans to associated companies and joint ventures 11 -1 -50 -33 -70 -101 -64 Change in margin receivables 11 0 119 -60 45 26 -78 Change in deposits and securities 12 -10 -17 20 -13 57 89 Change in other interest-bearing receivables 11 25 42 76 77 48 48 Net cash from/used in investing activities -92 -68 -216 -238 -557 -535 Cash flow before financing activities 232 135 463 417 283 328 Cash flow from financing activities Proceeds from long-term liabilities 12 0 8 90 10 14 94 Payments of long-term liabilities 12 -13 -14 -768 -18 -35 -784 Change in short-term liabilities 12 51 -50 68 -118 -149 37 Dividends paid to the owners of the parent 10 -664 -1,256 -664 -1,256 -1,256 -664 Change in margin liabilities 0 4 19 -33 -38 15 Other financing activities 1 0 1 0 2 3 Net cash from/used in financing activities -625 -1,309 -1,253 -1,415 -1,461 -1,299 Net increase(+)/decrease(-) in cash and cash equivalents -393 -1,174 -790 -997 -1,179 -972 Cash and cash equivalents at the beginning of the period 12 2,475 4,233 2,870 4,046 4,046 3,051 Foreign exchange differences and expected credit loss allowance in cash and cash equivalents 7 -8 10 2 2 10 Cash and cash equivalents at the end of the period 12 2,089 3,051 2,089 3,051 2,870 2,089 Additional cash flow information Change in working capital EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Change in interest-free receivables, decrease(+)/increase(-) 358 280 235 342 94 -13 Change in inventories, decrease(+)/increase(-) 20 -24 29 -9 -94 -56 Change in interest-free liabilities, decrease(-)/increase(+) -151 -163 -125 -190 -78 -12 Total 227 93 139 142 -78 -81 Change in liability to return emission rights is presented in Change in working capital in I-II/2026 (previously in non-cash and other items) with no change to Net cash from operating activities. Comparatives have been reclassified accordingly. Capital expenditure in cash flow EUR million II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Capital expenditure 124 104 223 236 500 487 Change in not yet paid investments, decrease(+)/increase(-) -17 28 -3 -2 10 9 Capitalised borrowing costs -4 -2 -8 -4 -10 -14 Total 103 129 212 229 499 482 Acquisition of shares in cash flow Acquisition of shares, net of cash acquired, amounted to EUR 10 million during I-II/2026 (I-II/2025: 48). For further information, see Note 6 Acquisitions and disposals. ‌Change in net debt EUR million Note I-II/2026 2025 Net debt, beginning of the period 1,843 692 Net cash flow: Comparable EBITDA 785 1,240 Non-cash and other items -12 -24 Paid net financial costs and dividends received -67 -37 Realised foreign exchange results and other financial items -86 -113 Income taxes paid -73 -147 Settlement of future contracts -8 0 Change in working capital 139 -78 Capital expenditures -212 -499 Acquisitions -10 -88 Divestments and proceeds from sale of property, plant and equipment 2 0 Change in interest-bearing receivables -16 -27 Dividends to the owners of the parent -664 -1,256 Change in margin liabilities 19 -38 Other financing activities 1 2 Net cash flow ('-' increase in net debt) -200 -1,066 Change in collateral debt -260 55 Foreign exchange rate differences and other changes -23 30 Net debt, end of the period 12 1,761 1,843 ‌Capital risk management Fortum's long-term financial targets are: Group Comparable RONA of 14%. To ensure a credit rating of BBB, Net debt to Comparable EBITDA can be a maximum of 2.5 times. S&P Global Ratings and Fitch Ratings currently rate Fortum as BBB+ with Stable Outlook. The definition of the measure for capital structure has been updated to Net debt to Comparable EBITDA from previously reported Financial net debt to Comparable EBITDA from the first quarter of 2026 onwards. See further information in Note 5 Financial risk management and Note 12 Interest-bearing net debt. To ensure required returns for any potential new investments, Fortum continues to be selective and applies set investment criteria; project-based WACC + 150-400 investment hurdles depending on the technology or investment project, as well as environmental targets. Fortum's dividend policy is a payout ratio of 60-90% of comparable EPS. The upper end of the pay-out range is applied in situations with a strong balance sheet and low investments, while the lower end of the range is applied in situations with high leverage and/or significant investments and high capital expenditure. Fortum seeks to continue to pay competitive cash dividends. Fortum expects its Comparable operating profit to improve by EUR 330 million by 2030 compared to the base line of EUR 930 million. This improvement is based on own actions and does not include effects from capital expenditure, M&A or power price changes. Comparable EBITDA and Comparable operating profit are defined as alternative performance measures and used as components in the capital structure target 'Net debt to Comparable EBITDA' and in 'Comparable RONA' respectively. See Note 3 Segment information and Note 19 Definitions and reconciliations of key figures. Net debt/comparable EBITDA EUR million Note LTM 2025 + Interest-bearing liabilities 3,863 4,746 - Liquid funds 2,102 2,903 Net debt 12 1,761 1,843 - Collateral arrangement 241 - Margin receivables 179 +Margin liabilities 55 +/- Net margin liabilities/receivables -124 Financial net debt 1,479 Operating profit 992 939 + Depreciation and amortisation 322 315 EBITDA 1,314 1,254 - Items affecting comparability -18 -15 Comparable EBITDA 1,296 1,240 Net debt/comparable EBITDA 1.4 1.5 Financial net debt/comparable EBITDA N/A 1.2 ‌Key figures EUR million or as indicated II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Reported Sales 1,124 974 3,116 2,616 4,989 5,489 Operating profit 90 104 626 574 939 992 Share of profit of associates and joint ventures 57 27 44 37 56 63 Net profit (after non-controlling interests) 109 104 530 468 765 828 Earnings per share, EUR 0.12 0.12 0.59 0.52 0.85 0.92 Net cash from operating activities 324 203 679 656 840 863 Capital expenditure and gross investments in shares 130 136 233 290 617 560 Capital expenditure 124 104 223 236 500 487 Number of employees 4,636 4,620 4,551 EUR million or as indicated II/2026 II/2025 I-II/2026 I-II/2025 2025 LTM Comparable EBITDA 185 191 785 729 1,240 1,296 Operating profit 106 115 627 577 924 974 Share of profit of associates and joint ventures -1 7 -5 15 28 9 Return on net assets (RONA), % 10.9 11.0 Net assets (at period-end) 9,046 8,598 9,150 Net profit (after non-controlling interests) 74 87 478 461 739 756 Earnings per share, EUR 0.08 0.09 0.53 0.51 0.82 0.84 EUR million or as indicated 2025 LTM Financial position 1) Net debt (at period-end) 1,843 1,761 Net debt/comparable EBITDA 1.5 1.4 Financial net debt (at period-end) 1,479 N/A Financial net debt/comparable EBITDA 1.2 N/A 1) Following the transition of Nasdaq's Nordic power futures business to Euronext, Fortum reports Net debt instead of Financial net debt from the first quarter of 2026 onwards. See Note 12 Interest-bearing net debt. EUR or as indicated 30 Jun 2026 31 Dec 2025 Equity per share, EUR 9.08 9.52 Average number of shares, 1,000 shares 897,264 897,264 Diluted adjusted average number of shares, 1,000 shares 897,264 897,264 Number of registered shares, 1,000 shares 897,264 897,264 ‌Notes to the condensed consolidated interim financial statements ‌Significant accounting policies Basis of preparation The unaudited condensed interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the EU. The term "IFRS Accounting Standards" used in this document refers to IFRS® Accounting standards as issued by the International Accounting Standards Board (IASB) as well as interpretations of these standards as issued by IASB's Standards Interpretation Committee (SIC®) and IFRS Interpretations Committee (IFRIC®). The condensed interim financial report should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025. The figures in the condensed interim financial statements have been rounded and consequently the sum of individual figures may deviat...

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