January-September 2026 Interim Report

January- Sep e

ber 2026

Fortum signed its largest-ever PPA - comparable operating profit increased in the third quarter . . . . . . . . . . . . . . . . . . . . . . 3

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Operating and regulatory environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Key drivers and risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Group personnel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Legal actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Shares and share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Board authorisations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Events after the balance sheet date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

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

1. Significant accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

2. Critical accounting estimates and judgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

3. Segment information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

4. Comparable operating profit and comparable net profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

5. Financial risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

6. Acquisitions and disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

7. Share of profit/loss of associates and joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

8. Finance costs - net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

9. Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

10. Dividend per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

11. Interest-bearing receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

12. Interest-bearing net debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

13. Nuclear-related assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

14. Capital and other commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

15. Pledged assets and contingent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

16. Legal actions and official proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

17. Related party transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

18. Events after the balance sheet date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

19. Definitions and reconciliations of key figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

Market conditions and achieved power prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Fortum's production and sales volumes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Figures in brackets refer to the comparison period, i.e. the same period last year, unless otherwise stated.

‌INTERIM REPORT

• Comparable EBITDA was EUR 182 (175) million.

• Comparable operating profit was EUR 102 (97) million, supported by higher nuclear volumes.

• Operating profit was EUR 72 (60) million.

• Comparable earnings per share were EUR 0.08 (0.08).

• Earnings per share were EUR 0.04 (0.06).

• Cash flow from operating activities totalled EUR 134 (131) million.

• Fortum and Google signed a 22-year nuclear Power Purchase Agreement (PPA) starting in 2028 with up to 50% of the Loviisa nuclear power plant's generation capacity contracted in 2030-2049.

• After the reporting period, Fortum completed the acquisition of 91.92% of the Norwegian electricity retail company Elmera Group ASA; Elmera is expected to be consolidated into the Consumer Solutions segment from 31 October 2026.

  January-September 2026

• Comparable EBITDA was EUR 967 (903) million.

• Comparable operating profit was EUR 729 (674) million, primarily due to higher spot prices and volumes.

• Operating profit was EUR 699 (634) million.

• Comparable earnings per share were EUR 0.61 (0.59).

• Earnings per share were EUR 0.63 (0.58).

• Cash flow from operating activities totalled EUR 813 (787) million.

  Summary of outlook

• The Generation segment's estimated Nordic generation hedges: approximately 80% at EUR 43 per MWh for the remainder of 2026, approximately 70% at EUR 42 per MWh for 2027 and approximately 45% at EUR 42 per MWh for 2028.

• In 2026, the optimisation premium is expected to be 8-10 EUR/MWh, and from 2027 onwards 6-8 EUR/MWh.

• UPDATED: In 2026, nuclear generation volumes are expected to be approximately 23.0 TWh (previously: 23.0-23.5 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.

EUR million or as indicated III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million or as indicated III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million or as indicated 2025 LTM

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.

"During the third quarter of 2026, we took significant steps in implementing our strategy and strengthening Fortum's position as a partner for industrial and energy customers in the Nordics.

Most importantly, we signed a 22-year nuclear power purchase agreement with Google, the largest sales agreement in Fortum's history. It is also the first large-scale lifetime extension nuclear PPA in Europe. The agreement provides economic certainty for the lifetime extension and power upgrade of the Loviisa nuclear power plant through 2050 and demonstrates the important role of nuclear power in meeting growing customer demand for reliable, low-carbon electricity. Alongside the agreement, we also signed a memorandum of understanding covering potential future cooperation in renewables, flexibility solutions, nuclear newbuild and overall energy portfolio management services for Google.

We also continued to advance our Consumer Solutions business. In August, we launched a recommended voluntary cash tender offer for the Norwegian electricity retail company Elmera Group ASA. The acquisition was completed on 23 October following settlement of the shares tendered in the offer. The acquisition represents an important strategic growth step towards a larger and more efficient platform serving Nordic consumer and small- and medium-sized enterprise customers. We expect the combination to create value through scale benefits, operational efficiencies and strengthened commercial capabilities, benefiting customers and shareholders. Elmera is expected to be consolidated into Fortum's financial statements as part of the Consumer Solutions segment from 31 October 2026.

During the third quarter, Nordic spot prices increased compared to the previous year - doubling in some areas - while Finland was the exception. The increase was driven by lower hydro reservoir levels, lower nuclear availability and exceptionally high Continental European power prices. Gas prices also increased sharply amid heightened geopolitical tensions and continued uncertainty regarding supply normalisation.

Our comparable operating profit increased from the comparison period, primarily driven by higher nuclear generation volumes in the Generation segment. Consumer Solutions' result decreased from the exceptionally strong level recorded in the third quarter of 2025.

Our financial position remained strong. Net debt amounted to EUR 1.8 billion and leverage, measured as Net debt-to-Comparable EBITDA, was 1.4 times. Our robust balance sheet and moderate leverage continue to provide strategic flexibility as we pursue value-creating growth opportunities.

Long-term electricity demand remains robust, particularly from data centres, with activity in Finland at a very high level, and Fortum engaged in dialogue with a broad range of customers. Realisation of demand in the near term remains gradual, however, and industrial electrification projects continue to progress at different speeds, depending on the sector. Fortum is prioritising large strategic partnerships and repeat opportunities with customers through our diverse product offering at scale.

The agreement with Google and the acquisition of Elmera demonstrate clear progress in the implementation of our strategy. We remain focused on operational excellence, capital discipline and profitable growth, building on our strong financial position."

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.

• Long-term 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 the 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.

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

Sales increased to EUR 1,114 (929) million, driven by higher sales in both the Consumer Solutions and the Generation segment.

Comparable operating profit increased to EUR 102 (97) million. The Generation segment result increased to EUR 121 (92) million, primarily due to higher nuclear volumes, partly offset by a somewhat lower achieved power price. The result for the Consumer Solutions segment decreased to EUR 14 (23) million, mainly due to lower electricity and gas margins compared to the record-high result in the comparison period.

Operating profit for the period was impacted by EUR -30 (-36) million of items affecting comparability (Note 4). Comparable share of profits of associates and joint ventures was EUR -1 (-1) million (Note 7).

Comparable earnings per share were EUR 0.08 (0.08) (Note 4.2).

Sales increased to EUR 4,229 (3,545) million, driven by higher sales in both the Consumer Solutions and the Generation segments, mainly as a result of higher power prices.

Comparable operating profit increased to EUR 729 (674) million. The Generation segment result increased to EUR 734 (648) million, mainly as a result of higher spot prices as well as higher nuclear and hydro volumes, partly offset by a high hedge ratio. The result of the Consumer Solutions segment decreased to EUR 80 (96) million, mainly due to lower sales margins compared to the record-high result in the comparison period and higher fixed costs.

Operating profit for the period was impacted by EUR -30 (-40) million of items affecting comparability (Note 4). Comparable share of profits of associates and joint ventures was EUR -5 (14) million (Note 7).

Finance costs - net amounted to EUR -27 (-44) million. Comparable finance costs - net amounted to EUR -39 (-40) million (Note 8). Income taxes totalled EUR -135 (-117) million. The comparable effective income tax rate was 20.5% (18.8%) (Note 9).

Net profit after non-controlling interests was EUR 561 (520) million and comparable net profit was EUR 544 (531) 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 0.63 (0.58). Comparable earnings per share were EUR 0.61 (0.59) (Note 4.2).

In January-September 2026, net cash from operating activities increased and totalled EUR 813 (787) million, mainly due to higher comparable EBITDA.

Net cash from investing activities totalled EUR -467 (-320) million. Capital expenditure amounted to EUR 347 (341) million. Acquisitions of shares totalled EUR 21 (57) 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 -975 (-1,473) million. The net repayments of interest-bearing liabilities totalled EUR 331 (144) 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 629 (decrease 1,006) million and amounted to EUR 2,250 million on 30 September 2026. For further details, see the 'Financing' section below.

At the end of September 2026, total assets amounted to EUR 15,846 (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 higher fair values of derivatives.

Total equity amounted to EUR 7,979 (31 Dec 2025: 8,620) million. Equity attributable to owners of the parent company totalled EUR 7,898 (31 Dec 2025: 8,539) million. Equity was negatively impacted by the 2025 dividend of EUR 664 million and by the EUR 514 million fair valuation of cash flow hedges, partly offset by the EUR 561 million net profit for the period.

The Group's financial position continues to be solid. At the end of September 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 September 2026, net debt was EUR 1,811 (31 Dec 2025: 1,843) million. Fortum's total interest-bearing liabilities were EUR 4,136 (31 Dec 2025: 4,746) million and liquid funds amounted to EUR 2,325 (31 Dec 2025: 2,903) million.

At the end of September 2026, Fortum's long-term loans totalled EUR 3,563 million. Short-term loans amounted to EUR 477 million (Note 12).

At the end of September 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.

Fortum's current long-term credit rating by both S&P Global Ratings and Fitch Ratings is BBB+ with Stable Outlook.

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 III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

1. 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.

2. 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).

TWh III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

1. CHP and condensing power generation in Finland and Poland.

TWh III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

1. 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.

EUR/MWh III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

1. 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.

The Generation segment's total power generation increased from the comparison period. Nuclear volumes increased by 22%, driven by improved availability at Oskarshamn 3, which was subject to an unplanned outage for the entire third quarter of 2025, compared to nine days in the same period in 2026. Hydro generation volumes decreased by 5%, due to volume allocation to future periods. Wind power generation remained stable, while CHP and condensing power generation decreased.

The achieved power price amounted to 45.5 EUR/MWh, a decrease of 1%, or 0.6 EUR/MWh. The achieved power price decreased, mainly due to a lower hedge price and reduced physical value creation, partly offset by a higher spot price. The blended spot power price in Fortum's generation price areas increased to 46.0 EUR/MWh, compared to 36.7 EUR/MWh in the third quarter of 2025.

Comparable operating profit increased by EUR 29 million, or 32%, to EUR 121 million, impacted mainly by the higher nuclear volume, partly offset by lower physical value creation. The result of the district heating business decreased somewhat, impacted mainly by reduced availability related to ongoing decarbonisation projects and lower power prices in Poland, partly offset by higher volumes in the Nordics.

Operating profit was affected by EUR -25 (-38) 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 0 (0) million.

On 9 September, Fortum and Google signed a 22-year nuclear Power Purchase Agreement (PPA) that provides economic certainty for the lifetime extension and power upgrade of the Loviisa nuclear power plant through 2050. The PPA will start in 2028 with a smaller capacity and will reach 50% of the plant's capacity in 2030-2049. The PPA is expected to increase Fortum's Group comparable return on net assets (RONA) by approximately 1.4 percentage points over time, once 50% of the plant's generation capacity is contracted. Furthermore, the partners established a Memorandum of Understanding on the development of new nuclear, renewable capacities and flexibility solutions, as well as energy portfolio management services.

On 27 August, Fortum announced that NuCore Energi, a Fortum-owned project company established to develop new nuclear power in Sweden, submitted a state aid application to initiate discussions with the Swedish state on the framework and conditions required to advance a new nuclear power project in Oskarshamn. Fortum and NuCore Energi have not made investment decisions at this stage. The final scope of the project, currently ranging from 1,200 to 3,400 MW of electricity, will depend on several factors, including technology selection, benefits of building multiple reactor units, expected growth in electricity demand in Sweden, as well as risk-sharing between the project and the state, making the project viable and financeable for the owners.

The Generation segment's total power generation increased from the comparison period. Hydro generation volumes increased by 8% but were still slightly below the long-term historic average, with part of the volumes allocated to future periods. Nuclear volumes increased by 6%, primarily reflecting an extensive outage at Oskarshamn and longer planned outages at Olkiluoto in the comparison period. CHP and condensing power generation remained stable. Heat sales volumes increased by 17%, supported mainly by colder weather at the beginning of the year.

The achieved power price was 52.1 EUR/MWh, slightly lower than in the comparison period. The blended spot power price in Fortum's generation price areas amounted to 61.4 EUR/MWh, compared to 36.3 EUR/MWh in January-September 2025. The positive effect of the higher power price was dampened by a high hedge ratio.

Comparable operating profit increased by EUR 86 million, or 13%, to EUR 734 million, impacted mainly by higher spot prices as well as higher nuclear and hydro volumes, partly offset by a high hedge ratio. The result of the district heating business increased, impacted mainly by higher volumes, higher sales prices of power and new electricity-based production assets, partly offset by higher fuel costs and reduced availability in Poland.

Operating profit was affected by EUR -24 (-42) million of items affecting comparability. (Note 3) Comparable share of profits of associates and joint ventures totalled EUR -7 (13) 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. The plant will be available for production in January and February 2027 before its final closure. The existing power line connected to Meri-Pori plant will remain in place to support future electricity-intensive operations.

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 III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

1. Rounded to the nearest 10,000.

2. Measured as average monthly paying customers for the quarter.

Electricity sales volume increased by 8%, mainly due to a larger enterprise customer base in both Sweden and Poland. Total sales revenue increased by 30%, thanks to higher electricity prices in the Nordics and a larger electricity sales volume.

Comparable operating profit decreased by EUR 9 million, or 39%, to EUR 14 million, mostly due to lower sales margins compared to the extraordinarily strong margins in the comparison period.

On 21 August, Fortum launched a recommended voluntary cash tender offer to the shareholders of the Norwegian electricity retail company Elmera Group ASA. The offer was settled after the reporting period on 23 October, with Fortum now holding approximately 91.92% of Elmera's issued and outstanding share capital and voting rights (96.12% excluding Elmera's treasury shares). Elmera is expected to be consolidated into Fortum Group as part of the Consumer Solutions segment from 31 October 2026. Fortum intends to carry out a compulsory acquisition of the remaining shares and to pursue a delisting of Elmera's shares from Euronext Oslo Børs.

Electricity sales volume increased by 6%, due to colder weather in the Nordics during the first quarter and a larger customer base in Poland. Gas sales volume decreased by 7%. Total sales revenue increased by 32%, supported by higher electricity and gas prices both in the Nordics and in Poland and a larger electricity sales volume.

Comparable operating profit decreased by EUR 16 million, or 17%, to EUR 80 million, mainly due to lower sales margins compared to the strong sales margins in the comparison period and higher fixed costs.

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 III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

Comparable operating profit decreased by EUR 15 million, or 83%, and amounted to EUR -33 million, mainly due to higher fixed costs, including certain one-off items. The result of the Circular Solutions businesses was slightly lower than in the comparison period.

Comparable operating profit decreased by EUR 16 million, or 23%, and amounted to EUR -86 million. The result of the Circular Solutions businesses was slightly higher than in the comparison period.

In July-September 2026, capital expenditures and investments in shares totalled EUR 150 (114) million. Capital expenditures were EUR 139 (104) million (Notes 3 and 6).

In January-September 2026, capital expenditures and investments in shares totalled EUR 383 (404) million. Capital expenditures were EUR 362 (340) 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:

Maintenance

Hydro projects Hydro 41

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. On 9 September 2026, Fortum and Google signed a 22-year nuclear Power Purchase Agreement that provides economic certainty for the lifetime extension and power upgrade of the plant through 2050 by contracting for up to 50% of the plant's capacity. Furthermore, the agreement is expected to enable a new 10 MW power increase of the plant, in addition to the already planned 38 MW uprate which is expected to be live in 2028.

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 on the Espoo Clean Heat programme amounts to approximately EUR 300 million. To date, Fortum's investments in the programme have totalled approximately EUR 261 million. 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 approximately 40% of the district heat consumption in the area. Once fully operational, the heat production capacity of these three plants will total 424 MW.

On 29 October 2024, Fortum announced that it will invest approximately EUR 100 million in the 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 CO2 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 the 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 CO2 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.

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 41 MW in total by 2031.

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.

In the third quarter of 2026, Nordic spot prices increased compared to the same period in the previous year. This was primarily attributable to markedly reduced hydro reservoir levels, lower nuclear availability and exceptionally high Continental power prices, which were driven by higher gas prices. Finnish spot prices were a notable outlier, declining year-on-year due to expanded transmission capacity from northern Sweden through the Aurora transmission line. Nordic power demand was marginally above the five-year average, as well as slightly ahead of levels in the third quarter of 2025. Low hydro inflows, caused by the previous winter's substantial snow deficit, deepened the Nordic reservoir deficit from a moderate gap (-5 TWh) at the beginning of the quarter to a considerable deficit (-13 TWh) by the end of it. During July, below-normal energy precipitation, together with weak inflows, caused the Nordic reservoir balance to decline sharply. Lower Nordic nuclear availability and escalating gas prices, influenced by the US-Iran tension escalations during August and September, resulted in a rapid increase in both Nordic spot and futures prices.

During the third quarter, the average Nordic system price in Nord Pool was 74.4 (36.0) EUR/MWh. The average area price in Finland was

37.7 (40.4) EUR/MWh. In Sweden, the average price in SE3 (Stockholm) was 62.0 (41.3) EUR/MWh, while SE2 (Sundsvall) averaged 33.7 (16.6) EUR/MWh. In Germany, the average spot price in the third quarter was 125.5 (82.8) EUR/MWh.

In January-September, the average system spot price in Nord Pool was 77.5 (36.0) EUR/MWh. The average area price in Finland was 59.7 (39.2) EUR/MWh. In Sweden, the average area price in the SE3 area (Stockholm) was 70.8 (43.0) EUR/MWh, and the price in the SE2 area (Sundsvall) was 45.8 (13.9) EUR/MWh. In Germany, the average spot price in January-September was 107.7 (88.0) EUR/MWh. At the beginning of the year, electricity prices in Finland and the SE3 area in Sweden exceeded German price levels but eased in March relative to Germany as Nordic weather conditions turned milder.

According to preliminary statistics, Nordic power consumption in the third quarter amounted to 85 (84) TWh. Both industrial and non-industrial power demand across the Nordics largely held steady, with Norwegian industrial demand increasing marginally and Finnish non-industrial demand showing some improvement. During January-September, power consumption in the Nordics increased to 297

(288) TWh. In Central Western Europe (Germany, France, Austria, Switzerland, Belgium and the Netherlands), power consumption in the third quarter totalled 304 (299) TWh. While demand was slightly above the five-year average and July saw a surge in demand driven by a sustained heatwave, the post-energy-crisis recovery remained sluggish. Overall power consumption remained approximately 40 TWh below pre-crisis levels. During January-September, power consumption in Central Western Europe was 970 (958) TWh.

At the start of the third quarter, Nordic hydro reservoir levels stood at approximately 79 TWh, around 5 TWh below the long-term average and 10 TWh below the level a year earlier. During the quarter, hydro inflows were below normal. Hydro generation was slightly below the long-term average. By the end of the quarter, reservoir levels had increased to around 88 TWh, corresponding to a deficit of 13 TWh relative to the long-term average and 12 TWh below the level one year ago.

In late October, the Nordic system forward price on Euronext for the remainder of 2026 was around 116 EUR/MWh and for 2027 around 74 EUR/MWh. Nordic hydro reservoirs stood at approximately 90 TWh, around 11 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 195 EUR/MWh and for 2027 around 150 EUR/ MWh.

In the third quarter, natural gas prices increased sharply, in the wake of the breakdown of the June interim ceasefire agreement in the Middle East. With LNG flows and Strait of Hormuz shipping activity still running below pre-conflict levels, the European gas markets were left in a tight position ahead of the winter period. Low storage inventories and ongoing uncertainty surrounding the pace of supply normalisation supported a persistent geopolitical risk premium, keeping gas forward curves at elevated levels. Oil prices similarly remained highly sensitive to developments in the Middle East, though having stabilised at levels below the peaks recorded at the beginning of the conflict.

Gas consumption in Central Western Europe totalled 233 TWh during the third quarter. Over the same period, regional gas storage levels increased but remained low for the season. Gas storage volumes rose from 257 TWh at the start of the quarter to 405 TWh by

quarter-end. This was 97 TWh lower than in the same period last year and 136 TWh below the five-year average (2021-2025).

The average TTF front-month gas price in the third quarter was 63.7 EUR/MWh and 50.0 EUR/MWh during January-September. The 2027 gas forward price increased from 34.9 EUR/MWh at the start of the quarter to 56.8 EUR/MWh at quarter-end, remaining 27.7 EUR/MWh above the level observed one year earlier.

EU Allowance (EUA) prices increased during the quarter from 80.2 EUR/tonne to 85.1 EUR/tonne, which was 9.4 EUR/tonne higher than one year earlier.

Coal prices increased over the quarter. The ICE Rotterdam 2027 forward contract rose from 110.7 USD/tonne at the start of the quarter to

136.1 USD/tonne by quarter-end, 29.6 USD/tonne higher year-on-year.

In late October, the TTF gas forward price for the remainder of 2026 was approximately 93 EUR/MWh. The corresponding EUA forward price for 2026 traded around 86 EUR/tonne, while the ICE Rotterdam coal forward price for the remainder of 2026 stood at approximately 149 USD/tonne.

On 21 September, the European Commission proposed a sustainability rating scheme for data centres, supporting its ambition to triple EU capacity within five to seven years, while improving transparency on energy and water use. The delegated regulation is still subject to a two-month scrutiny period by the European Parliament and Council before entering into force. From August 2027, public ratings will apply to operating facilities with installed IT power demand above 500 kW. The criteria include energy and water efficiency, electricity sourcing, grid flexibility, waste heat reuse and contributions to new clean generation.

The scheme recognises nuclear and renewables, including hydropower, in parallel and should support demand for clean power purchase agreements and guarantees of origin. It also highlights data centres' role in system flexibility and district heating.

For Fortum, this creates opportunities in low-carbon electricity supply, PPAs, guarantees of origin, flexibility services and waste heat solutions, while strengthening the Nordics' appeal for data centre investment.

Following the Swedish parliamentary election in September 2026, the political landscape remains fragmented as the centre-left bloc secured only a slim majority of 176 to 173 seats in the parliament. Discussions to form a new government are ongoing. Official election results indicate that broad political support may be required for major legislative initiatives.

For the energy sector, the outcome is expected to increase the importance of cross-party cooperation on issues such as electrification, energy security, industrial competitiveness, and low-carbon power generation. Policy development may rely more heavily on inquiries, committees, and negotiated solutions, potentially extending decision-making timelines. The election outcome is not expected to have any immediate impact on Fortum. However, continued monitoring of developments related to nuclear energy, renewable energy, grid expansion, flexibility, and electrification remains important, as the new political agenda takes shape.

The Finnish Government has proposed a new grid connection prioritisation framework as part of an amendment to the Electricity Market Act. The proposal is a response to the intensified public debate around data centres, electricity prices and the allocation of scarce grid capacity.

Fortum has submitted a statement on the draft by the Ministry of Economic Affairs and Employment and actively engages in the legislative process. The legislation is planned to take effect on 1 January 2027.

Fortum considers that the proposed framework risks undermining investments, electrification and Finland's competitiveness, while offering limited benefits to the electricity system. Grid connection prioritisation should remain a last-resort, technology-neutral and non-discriminatory measure focused on efficient network use and advancing mature projects, with broader electricity market challenges addressed through separate market-based solutions and a thorough impact assessment conducted before adoption.

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 relate to the 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.

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 up 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.

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.

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.

Long-term contractual power sales arrangements reduce exposure to market power price fluctuations and improve the predictability of future cash flows. At the same time, their long duration may increase counterparty concentration and replacement risks. Such arrangements may also reduce flexibility to respond to changes in market conditions, regulation or the generation portfolio and, where collateral or other credit-support provisions apply, may affect liquidity requirements. Fortum manages these risks through contractual structuring, counterparty credit risk management and ongoing monitoring of the related financial exposures.

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 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.

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.

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.

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.

At the end of September, approximately 80% of the Generation segment's estimated Nordic power sales volume was hedged at EUR 43/ MWh for the remainder of 2026, approximately 70% at EUR 42/MWh for 2027 (30 Jun 2026: 65% at 41 EUR/MWh) and approximately 45% at EUR 42/MWh for 2028. 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 / PPAs and trading on the futures exchange, depending on market liquidity and financial optimisation.

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 approximately 23.0 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.

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.

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.

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.

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).

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 standard for environmental management systems.

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 20231).

• 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 20231).

• 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.

1. 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 CO2/kWh for total energy production and below 10 g CO2/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.

III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

1. Renewable sources include mostly hydropower as well as wind power and bio-based fuels.

2. 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-September 2026, 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-September 2026 (I-III/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

     III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

     Total Recordable Injury Frequency (TRIF), own personnel and contractors, injuries per million working hours	3.4	4.3	2.2	2.9 2.4	1.8
     Severe injuries, no.	0	0	1	0 1	2

     Total recordable injury frequency decreased in January-September 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 of 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-September, Fortum supported several organisations through its CSR programme, among others; Save the Children, World Food Programme (WFP), 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+	September 2026

     In addition, Fortum is listed on the Nasdaq Helsinki stock exchange and is included in the OMX Sustainability Finland and ECPI® indices.

     ‌Group personnel

     Fortum's operations are mainly based in the Nordic countries. The total number of employees at the end of September 2026 was 4,654 (31 Dec 2025: 4,551).

     At the end of September 2026, the Generation segment had 2,254 (31 Dec 2025: 2,139) employees, the Consumer Solutions segment 1,128 (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 third quarter of 2026. For further information on legal actions, see Note 16.

     ‌Shares and share capital Fortum shares on Nasdaq Helsinki

     January-September	No. of shares	Total value	High	Low	Average	Last
     2026	traded	EUR	EUR	EUR	EUR 1)	EUR
     FORTUM	237,956,620	4,945,530,158	25.84	18.10	20.79	23.71
     1) Volume-weighted average.					30 September 2026	30 September 2025

     Market capitalisation, EUR billion	21.3	14.5
     Number of shareholders	196,174	217,024
     Finnish State holding, %	51.3	51.3
     Nominee registrations and direct foreign shareholders, %	25.7	23.3
     Households, %	11.7	13.3
     Financial and insurance corporations, %	2.1	2.4
     Other Finnish investors, %	9.3	9.4

     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-September 2026, approximately 72% of Fortum's shares were traded on markets other than Nasdaq Helsinki (source: Bloomberg).

     On 30 September 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 27 October 2026, EUR 190,000 of the authorisation for charitable or similar purposes and EUR 200,000 for incidental emergency relief or similar purposes was used.

     ‌Events after the balance sheet date

     On 2 October, Fortum announced that it had received acceptances from the shareholders of Elmera Group ASA for 91.61% of the issued and outstanding share capital and voting rights of Elmera (95.80% excluding treasury shares) under the previously launched recommended voluntary cash tender offer.

     On 23 October, Fortum announced that it had settled the voluntary cash tender offer for all issued and outstanding shares in Elmera Group ASA, except for shares owned by Elmera, for NOK 47 per share, corresponding to a total consideration of approximately EUR 463 million (NOK 4,940 million). Following settlement of the offer, Fortum has acquired control and holds 105,108,968 shares, representing approximately 91.92% of Elmera's issued and outstanding share capital and voting rights (96.12% excluding Elmera's treasury shares). Elmera is expected to be consolidated into Fortum Group and included in the Consumer Solutions segment from 31 October 2026. Fortum will provide further details on Elmera's consolidation, including the purchase price allocation, in the Financial Statements Bulletin for 2026. Following completion of the offer, Fortum intends to carry out a compulsory acquisition of the remaining shares not owned by Fortum or Elmera, which is expected to be completed in the coming weeks. Following the compulsory acquisition, Fortum intends to pursue a delisting of Elmera's shares from Euronext Oslo Børs.

     Espoo, 27 October 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, Emilia

     Rannanniemi, tel. +358 40 731 4607, Pirjo Lifländer, tel. +358 40 643 3317, and investors@fortum.com

     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 Corporation's Financial Statements Bulletin for the year 2026 will be published on 2 February 2027 at approximately 9:00 EET. Fortum's Financial Statements and Operating and Financial Review for 2026 will be published during week 6, starting on 8 February 2027, at the latest.

     Fortum will publish three interim reports in 2027:

   • January−March on 28 April 2027 at approximately 9:00 EEST

   • January−June on 20 July 2027 at approximately 9:00 EEST

   • January−September on 27 October 2027 at approximately 9:00 EEST

Fortum Annual General Meeting 2027 is planned to be held on 31 March 2027. The Board of Directors will summon the Annual General Meeting and publish the dates related to a possible dividend at a later date.

Distribution:

Nasdaq Helsinki Key media https://www.fortum.com

More information, including detailed quarterly information, is available at fortum.com/investors.

‌INTERIM FINANCIAL STATEMENTS

Interim Financial Statements are unaudited.

EUR million Note III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

As Fortum currently has no dilutive instruments outstanding, diluted earnings per share is the same as basic earnings per share.

EUR million Note III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

See Note 19 Definitions and reconciliations of key figures.

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

1. 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).

2. Translation differences from translation of foreign entities, mainly from SEK and NOK.

EUR million Note 30 Sep 2026 31 Dec 2025

1. 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.

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.

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).

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.

EUR million Note III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

Change in liability to return emission rights is presented in Change in working capital in I-III/2026 (previously in non-cash and other items) with no change to Net cash from operating activities. Comparatives have been reclassified accordingly.

EUR million III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

Acquisition of shares, net of cash acquired, amounted to EUR 21 million during I-III/2026 (I-III/2025: 57). For further information, see Note 6 Acquisitions and disposals.

EUR million Note I-III/2026 2025

Fortum's long-term financial targets are:

• Long-term 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 the 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.

EUR million or as indicated III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million or as indicated III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM

EUR million or as indicated 2025 LTM

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 Sep 2026 31 Dec 2025

1. ‌Significant accounting policies

   1. 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 deviate from the sum presented. Key figures have been calculated using exact figures.

      Part of Fortum's business operations are seasonal, with the comparable operating profit usually being higher for the first and fourth quarter of the year. Columns labelled as 'LTM' or 'last twelve months' present figures for twelve months preceding the reporting date.

   2. Alternative performance measures

      According to the ESMA Guidelines on Alternative Performance Measures, an Alternative Performance Measure (APM) is understood as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.

      Fortum uses APMs, such as Comparable operating profit, Comparable EBITDA and Comparable return on net assets (RONA), in the financial target setting and forecasting, management's follow-up of financial performance of segments and the Group, as well as for the allocation of resources in the Group's performance management process. Items affecting comparability are excluded from Comparable operating profit, Comparable EBITDA and Comparable return on net assets (RONA) and disclosed separately in Fortum's consolidated income statement to support the transparency of underlying business performance when comparing results between periods.

      Fortum's long-term financial target for capital structure measure is Net debt to comparable EBITDA (see Capital risk management and Note 19 Definitions and reconciliations of key figures).

      See also Note 4 Comparable operating profit and comparable net profit and Note 19 Definitions and reconciliations of key figures.

   3. Accounting policies

      The same accounting policies that were applied in the preparation of the consolidated financial statements for the year ended 31 December 2025, have been applied in these condensed interim financial statements. New accounting standards, amendments and interpretations effective from 1 January 2026 did not have a material impact on Fortum's consolidated financial statements.

      IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1 Presentation of Financial Statements. The effective date is 1 January 2027 and Fortum will apply the standard from the effective date. The standard will mainly have an impact on the presentation of the consolidated income statement and the consolidated cash flow statement, but will not impact the recognition or measurement of items. A reconciliation presenting the transition from IAS 1 presentation requirements to the IFRS 18 presentation format will be included in the 2026 Financial Statements Bulletin.

      The consolidated income statement will include separate categories for operating, investing, financing, income taxes and discontinued operations. Although the adoption of IFRS 18 will not have an impact on net profit, the reclassification of income and expense items on the consolidated income statement will have some impact on comparable operating profit, operating profit and the presentation of financial items. The impact on comparable operating profit is expected to be limited, although, some items will be reclassified from finance costs - net. In addition, operating profit will be affected by the reclassification of the return from the nuclear fund and the nuclear fund adjustment from finance costs - net to items affecting comparability. These nuclear-fund related items will be classified as items affecting comparability to support the transparency of underlying business performance when comparing results between periods.

      The current finance costs - net presentation will be replaced by separate investing and financing categories. The investing category is expected to mainly include interest income, foreign exchange differences on internal loan receivables, as well as foreign exchange differences related to hedging activities. The financing category is expected to mainly include interest expenses and unwinding of discounting on nuclear provisions. Some items in finance costs - net will be reclassified to the operating category.

      The new standard also requires disclosure of 'management defined performance measures' in the notes to the consolidated financial statements, similar to what Fortum already presents for alternative performance measures.

      The consolidated cash flow statement presentation will change so that interest income and dividends received that are currently presented in operating cash flows will be included in investing cash flows while interest paid will be included in financing cash flow.

      Other new accounting standards, amendments and interpretations issued and effective from 1 January 2027 or later are not expected to have a material impact on Fortum's consolidated financial statements.

   4. Key exchange rates used in consolidated financial statements

      The balance sheet date rate is based on the exchange rate published by the European Central Bank for the closing date. The average exchange rate is calculated as an average of daily closing rates from the European Central Bank.

      Key exchange rates used in consolidated financial statements:

      Jan-Sep	Jan-Jun	Jan-Mar	Jan-Dec	Jan-Sep	Jan-Jun	Jan-Mar
      2026	2026	2026	2025	2025	2025	2025

      Average rate

      Norway (NOK)	11.0907	11.1707	11.3820	11.7173	11.7076	11.6547	11.6514
      Poland (PLN)	4.2705	4.2423	4.2350	4.2397	4.2405	4.2297	4.2015
      Sweden (SEK)	10.8971	10.7895	10.6947	11.0663	11.1045	11.0787	11.2352

      30 Sep	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar
      2026	2026	2026	2025	2025	2025	2025

      Balance sheet date rate

      Norway (NOK)	10.9015	11.3105	11.2125	11.8430	11.7265	11.8345	11.4130
      Poland (PLN)	4.3690	4.2955	4.2890	4.2210	4.2698	4.2423	4.1840
      Sweden (SEK)	11.3310	11.0935	10.9430	10.8215	11.0565	11.1465	10.8490

2. ‌Critical accounting estimates and judgements

   The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these interim financial statements, significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were materially the same as those that applied to the consolidated financial statements for the year ended 31 December 2025. The Google PPA signed on 9 September has increased the level of estimation uncertainty related to the fair value measurements due to its long duration and reliance on unobservable valuation inputs. See further information in Note 5 Financial risk management.

3. ‌Segment information

   Fortum's reportable segments under IFRS Accounting Standards are:

   • The Generation segment, which includes Hydro Generation, Nuclear Generation, Corporate Customers and Markets, and Renewables and Decarbonisation business units.

   • The Consumer Solutions segment, which consists of the Consumer Solutions business unit.

   • The Other Operations segment, which includes innovation and venturing activities, enabling functions and corporate management. It also includes the remaining Circular Solutions businesses, mainly the battery recycling business.

   Quarter

   EUR million	Note	Generation 1)		Consumer Solutions		Other Operations		Total
   		III/2026	III/2025	III/2026	III/2025	III/2026	III/2025	III/2026	III/2025
   Income statement data by segment
   Power sales		530	513	668	494	0	0	1,198	1,007
   Heat sales		69	64	0	0	0	0	69	64
   Gas sales		0	0	64	69	0	0	64	69
   Other sales		17	13	13	11	45	45	75	69
   Sales		615	590	745	573	45	45	1,405	1,209
   Internal eliminations		10	-17	-10	-4	-42	-39	-42	-60
   Netting of Nord Pool transactions 2)								-250	-220
   External sales		626	573	735	569	3	6	1,114	929
   Comparable EBITDA		175	142	36	46	-29	-13	182	175
   Depreciation and amortisation		-53	-50	-22	-23	-4	-5	-80	-78
   Comparable operating profit		121	92	14	23	-33	-18	102	97
   Impairment charges and reversals		0	0	0	0	0	0	0	0
   Capital gains and other related items	6	0	0	0	0	-2	0	-2	0
   Changes in fair values of derivatives hedging future cash flow		-25	-38	-1	2	0	0	-26	-37
   Other		0	0	0	0	-1	0	-1	0
   Items affecting comparability	4	-25	-38	-1	2	-3	0	-30	-36
   Operating profit		96	54	12	25	-36	-18	72	60
   Comparable share of profit of associates and joint ventures	4, 7	0	0	0	0	-1	0	-1	-1
   Share of profit of associates and joint ventures	7	-19	9	0	0	-1	0	-20	9
   Gross investments / divestments by segment
   Gross investments in shares	6	0	0	0	0	11	9	11	9
   Capital expenditure		120	88	18	15	1	1	139	104
   Gross divestments of shares	6	0	0	0	0	0	0	0	0

   1. Power sales, both internal and external, include effects from realised hedging contracts. Effect on sales can be negative or positive depending on the difference between average contract price and realised spot price. Power sales contains realised result from commodity derivatives, which have not had hedge accounting status under IFRS 9, but have been considered operatively as hedges. Power sales also include sale of renewable and nuclear energy certificates EUR 5 million (III/2025: 15).

   2. Sales and purchases with Nord Pool Spot are netted on Group level on a 15 minutes or an hourly basis depending on the market area and posted either as revenue or cost depending on if Fortum is a net seller or net buyer during any particular 15 minutes or hour.

   Year-to-date

   EUR million	Note	Generation 1)		Consumer Solutions		Other Operations		Total
   		I-III/2026	I-III/2025	I-III/2026	I-III/2025	I-III/2026	I-III/2025	I-III/2026	I-III/2025
   Income statement data by segment
   Power sales		2,151	1,926	2,553	1,843	0	0	4,704	3,769
   Heat sales		409	355	0	0	0	0	409	355
   Gas sales		0	0	251	279	0	0	251	279
   Other sales		54	46	29	25	133	138	216	208
   Sales		2,614	2,327	2,833	2,146	133	138	5,580	4,611
   Internal eliminations		75	-145	-15	-7	-124	-116	-64	-267
   Netting of Nord Pool transactions 2)								-1,287	-798
   External sales		2,689	2,182	2,818	2,140	9	22	4,229	3,545
   Comparable EBITDA		894	798	146	161	-73	-55	967	903
   Depreciation and amortisation		-160	-150	-65	-65	-13	-15	-239	-230
   Comparable operating profit		734	648	80	96	-86	-70	729	674
   Impairment charges and reversals		0	-21	0	0	0	0	0	-21
   Capital gains and other related items	6	2	0	0	-1	-2	-2	0	-3
   Changes in fair values of derivatives hedging future cash flow		-26	-19	-2	5	0	0	-28	-14
   Other		0	-1	0	0	-1	0	-1	-2
   Items affecting comparability	4	-24	-42	-2	4	-3	-2	-30	-40
   Operating profit		710	607	78	100	-89	-72	699	634
   Comparable share of profit of associates and joint ventures	4, 7	-7	13	0	0	1	1	-5	14
   Share of profit of associates and joint ventures	7	23	44	0	0	1	1	24	45
   Gross investments / divestments by segment
   Gross investments in shares	6	3	20	0	21	18	23	21	64
   Capital expenditure		309	296	48	42	4	2	362	340
   Gross divestments of shares	6	2	-2	0	0	0	-2	2	-4

   1. Power sales, both internal and external, include effects from realised hedging contracts. Effect on sales can be negative or positive depending on the difference between average contract price and realised spot price. Power sales contains realised result from commodity derivatives, which have not had hedge accounting status under IFRS 9, but have been considered operatively as hedges. Power sales also include sale of renewable and nuclear energy certificates EUR 88 million (I-III/2025: 113).

   2. Sales and purchases with Nord Pool Spot are netted on Group level on a 15 minutes or an hourly basis depending on the market area and posted either as revenue or cost depending on if Fortum is a net seller or net buyer during any particular 15 minutes or hour.

   Last twelve months

   EUR million	Note	Generation 1)		Consumer Solutions		Other Operations		Total
   		LTM	2025	LTM	2025	LTM	2025	LTM	2025
   Income statement data by segment
   Power sales		2,867	2,642	3,317	2,607	0	0	6,184	5,249
   Heat sales		587	533	0	0	0	0	587	533
   Gas sales		0	0	359	387	0	0	359	387
   Other sales		79	70	39	35	183	187	300	292
   Sales		3,533	3,245	3,716	3,029	183	187	7,431	6,461
   Internal eliminations		50	-170	-16	-8	-167	-158	-133	-336
   Netting of Nord Pool transactions 2)								-1,625	-1,136
   External sales		3,583	3,075	3,700	3,021	16	29	5,673	4,989
   Comparable EBITDA		1,194	1,098	198	213	-89	-71	1,303	1,240
   Depreciation and amortisation		-215	-204	-92	-92	-17	-19	-324	-315
   Comparable operating profit		979	893	106	122	-106	-91	979	924
   Impairment charges and reversals		0	-20	0	0	-5	-5	-4	-25
   Capital gains and other related items	6	2	0	0	-1	-3	-2	-1	-4
   Changes in fair values of derivatives hedging future cash flow		33	40	-1	6	0	0	32	47
   Other		0	-1	0	0	-3	-2	-3	-3
   Items affecting comparability	4	36	18	-1	5	-10	-9	25	15
   Operating profit		1,015	912	105	127	-116	-100	1,004	939
   Comparable share of profit of associates and joint ventures	4, 7	9	28	0	0	0	0	9	28
   Share of profit of associates and joint ventures	7	35	56	0	0	0	0	34	56
   Gross investments / divestments by segment
   Gross investments in shares	6	45	62	-1	20	30	35	74	117
   Capital expenditure		452	438	64	58	6	4	522	500
   Gross divestments of shares	6	2	-2	0	0	0	-1	3	-3

   1. Sales, both internal and external, include effects from realised hedging contracts. Effect on sales can be negative or positive depending on the difference between average contract price and realised spot price. Power sales contains realised result from commodity derivatives, which have not had hedge accounting status under IFRS 9, but have been considered operatively as hedges. Power sales also include sale of renewable and nuclear energy certificates EUR 109 million (2025: 134).

   2. Sales and purchases with Nord Pool Spot are netted on Group level on a 15 minutes or an hourly basis depending on the market area and posted either as revenue or cost depending on if Fortum is a net seller or net buyer during any particular 15 minutes or hour.

   Segment assets and liabilities

   EUR million Note	Generation		Consumer Solutions		Other Operations		Total
   	30 Sep 2026 31 Dec 2025		30 Sep 2026 31 Dec 2025		30 Sep 2026 31 Dec 2025		30 Sep 2026 31 Dec 2025
   Non-interest-bearing assets	7,212	7,491	1,036	1,051	274	286	8,523	8,827
   Participations in associates and joint ventures	1,231	1,243	0	0	109	92	1,339	1,335
   Eliminations							-44	-107
   Total segment assets	8,443	8,734	1,036	1,051	383	377	9,818	10,054
   Interest-bearing receivables 11							786	925
   Deferred tax assets							783	812
   Other assets							2,133	1,750
   Liquid funds							2,325	2,903
   Total assets							15,846	16,444
   Segment liabilities	594	599	193	333	28	80	815	1,012
   Eliminations							-44	-107
   Total segment liabilities							771	905
   Deferred tax liabilities							218	362
   Other liabilities							2,742	1,811
   Total liabilities included in capital employed							3,731	3,078
   Interest-bearing liabilities 12							4,136	4,746
   Total equity							7,979	8,620
   Total equity and liabilities							15,846	16,444
   Number of employees	2,254	2,139	1,128	1,134	1,272	1,278	4,654	4,551

   Comparable operating profit including comparable share of profits of associates and joint ventures and Comparable return on net assets

   EUR million	Note	Generation		Consumer Solutions		Other Operations		Total
   		LTM	31 Dec 2025	LTM	31 Dec 2025	LTM	31 Dec 2025	LTM	31 Dec 2025
   Comparable operating profit		979	893	106	122	-106	-91	979	924
   Comparable share of profit of associates and joint ventures	4, 7	9	28	0	0	0	0	9	28
   Comparable operating profit including comparable share of profit/loss of associates and joint ventures		988	922	106	122	-106	-91	988	952
   Segment assets at the end of the period		8,443	8,734	1,036	1,051	383	377	9,818	10,054
   Segment liabilities at the end of the period		594	599	193	333	28	80	771	905
   Comparable net assets		7,848	8,135	843	718	355	297	9,047	9,150
   Comparable net assets average 1)		7,966	7,841	752	666	321	240	9,040	8,746
   Comparable return on net assets (RONA), %		12.4	11.8	14.1	18.3	-33.0	-38.0	10.9	10.9

   1. Average net assets are calculated using the opening balance of the financial year and each quarter's closing value.

4. ‌Comparable operating profit and comparable net profit
   1. Reconciliation of operating profit to comparable operating profit Quarter

      EUR million	Unadjusted		Impairment charges and reversals		Capital gains and other related items		Changes in fair values of derivatives hedging future cash flow		Other		Reported
      	III/2026	III/2025	III/2026	III/2025	III/2026	III/2025	III/2026	III/2025	III/2026	III/2025	III/2026	III/2025
      Sales	1,168	926	0	0	0	0	-55	3	0	0	1,114	929
      Other income	-71	-31	0	0	0	0	79	36	0	0	8	4
      Materials and services	-722	-552	0	0	0	0	0	-1	0	0	-722	-553
      Employee benefits	-101	-97	0	0	0	0	0	0	0	0	-101	-98
      Depreciation and amortisation	-80	-78	0	0	0	0	0	0	0	0	-80	-78
      Other expenses	-122	-108	0	0	2	0	1	-1	1	0	-117	-109
      Comparable operating profit			0	0	2	0	26	37	1	0	102	97
      Items affecting comparability			0	0	-2	0	-26	-37	-1	0	-30	-36
      Operating profit	72	60									72	60

      Year-to-date

      EUR million	Unadjusted		Impairment charges and reversals		Capital gains and other related items		Changes in fair values of derivatives hedging future cash flow		Other		Reported
      	I-III/2026	I-III/2025	I-III/2026	I-III/2025	I-III/2026	I-III/2025	I-III/2026	I-III/2025	I-III/2026	I-III/2025	I-III/2026	I-III/2025
      Sales	4,236	3,551	0	0	0	0	-7	-6	0	0	4,229	3,545
      Other income	-11	-10	0	0	-2	1	33	25	0	0	20	16
      Materials and services	-2,636	-2,041	0	0	0	0	0	-2	0	0	-2,636	-2,043
      Employee benefits	-322	-306	0	0	0	0	0	0	0	1	-322	-304
      Depreciation and amortisation	-239	-251	0	21	0	0	0	0	0	0	-239	-230
      Other expenses	-329	-309	0	0	2	1	2	-3	1	0	-324	-311
      Comparable operating profit			0	21	0	2	28	14	1	2	729	674
      Items affecting comparability			0	-21	0	-3	-28	-14	-1	-2	-30	-40
      Operating profit	699	634									699	634

      Last twelve months

      EUR million	Unadjusted		Impairment charges and reversals		Capital gains and other related items		Changes in fair values of derivatives hedging future cash flow		Other		Reported
      	LTM	2025	LTM	2025	LTM	2025	LTM	2025	LTM	2025	LTM	2025
      Sales	5,691	5,006	0	0	0	0	-18	-17	0	0	5,673	4,989
      Other income	46	47	0	0	-3	0	-16	-23	0	0	28	24
      Materials and services	-3,495	-2,900	0	0	0	0	0	-2	0	0	-3,494	-2,901
      Employee benefits	-436	-420	0	0	0	0	0	0	0	1	-436	-419
      Depreciation and amortisation	-328	-341	4	25	0	0	0	0	0	0	-324	-315
      Other expenses	-473	-453	0	0	4	3	0	-5	2	2	-467	-454
      Comparable operating profit			4	25	1	3	-32	-47	3	3	979	924
      Items affecting comparability			-4	-25	-1	-4	32	47	-3	-3	25	15
      Operating profit	1,004	939									1,004	939

      Impairment charges and reversals

      Impairment charges are adjusted from depreciation and amortisation and presented in items affecting comparability. In 2025 impairment charges and reversals included mainly impairment charges of assets in India.

      Capital gains and other related items

      Capital gains and transaction costs from acquisitions are adjusted from other income and other expenses and presented in items affecting comparability. See Note 6 Acquisitions and disposals.

      Changes in fair values of derivatives hedging future cash flow

      Fair value changes of derivatives to which hedge accounting is not applied and which hedge future cash flows are adjusted from other income and other expenses and presented in items affecting comparability. Impacts from settlement of physical contracts that have been treated as derivatives are adjusted from other income and other expenses to sales and materials and services to reflect the contract pricing as opposed to market pricing.

      Other

      Restructuring and cost management expenses, and other miscellaneous non-operating items are adjusted mainly from materials and services or other expenses.

   2. Reconciliation from comparable operating profit to comparable net profit