Fortum Oyj · OMXHEX:FORTUM
Fortum Oyj — Fortum Oyj Cp — Q3 2026 Earnings Presentation
20 slides from Fortum Oyj's earnings presentation, Oct 28, 2026
Slide 1: Interim Report January–September 2026
INTERIM REPORT JANUARY–SEPTEMBER 2026 Fortum Corporation 28 October 2026
Slide 2: Markus Rauramo, President and CEO
MARKUS RAURAMO President and CEO
Slide 3: Highlights Q3 2026
Highlights Q3 2026 • Achieved power price of 45.5 €/MWh (46.1 €/MWh) – Higher realised blended market price 46.0 €/MWh (36.7 €/MWh) – High hedge ratio • Generation volumes affected – Nuclear fewer outage days, higher output – Hydro conditions and volume allocation, lower output • Robust financial po
Slide 4: Nuclear PPA signed – Fortum and Google partner to drive sustainable growth
Nuclear Power Purchase Agreement signed – Fortum and Google partner to drive sustainable growth for Finland Partnership area Description Power Purchase Agreement The 22-year nuclear PPA covers up to 50% of Loviisa NPP* LTE. The contract anchors the commercial relationship, provides the economic cert
Slide 5: Fortum majority owner of Elmera – strong strategic rationale
Fortum majority owner of Elmera – strong strategic rationale, customers benefit from scale and efficiency Structural Combination change in the of two Value creation Nordic consumer complementary for shareholders Fit for the future market businesses & stakeholders Market remains fragmented, scale Cus
Slide 6: Higher generation volumes
11 9 Q2 Q2 2025 2026 Higher generation volumes Comparable operating profit increased due to higher result in Generation segment Key financial indicators Cash flow Comp. OP Comp. EPS OCF increased mainly due to 0.08 0.08 131 134 comparable EBITDA increase 97 102 Net debt-to-Comparable EBITDA at 1.4x,
Slide 7: Nordic reservoir balance decreased further during the quarter
The Nordic reservoir balance decreased further during the quarter – low inflows and dry conditions in July Hydro reservoirs Power price Reservoir content (TWh) TWh EUR/MWh 120 120 250 250 Realised daily system price 100 Futures 22 October 2026 100 200 200 80 80 150 150 60 60 100 100 40 40 Norway 50
Slide 8: Tiina Tuomela
rey _I ES] = eo) —_ _ rh — = e) re S) Powering a thriving world @fortum
Slide 9: Key figures
Key figures LTM MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM • Comparable operating profit Sales 1,114 929 4,229 3,545 4,989 5,673 at EUR 979 million 182 175 967 903 1,240 1,303 Comparable EBITDA • Comparable net profit of Comparable operating profit 102 97 729 674 924 979 EUR 751 million C
Slide 10: Q3 2026 Slightly improved result
Q3 2026 Slightly improved result Generation Comparable operating profit increased by EUR 29 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 r
Slide 11: I-III 2026 Higher hydro and nuclear volumes
I-III 2026 Higher hydro and nuclear volumes Generation Comparable operating profit increased by EUR 86 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 main
Slide 12: Low leverage and strong liquidity
Low leverage and strong liquidity Solid credit metrics Net debt 'BBB+' long-term issuer credit rating, Stable outlook ‘BBB+' long-term issuer credit rating, Stable outlook Fortum’s objective: Maintain solid investment grade rating of at least BBB to preserve financial strength, flexibility and good
Slide 13: Outlook
Outlook Generation’s Nordic outright (changed): Capital expenditure guidance (unchanged): Hedges: For 2026–2030: For the rest of 2026: 80% hedged at 43 €/MWh Capital expenditure, excl. potential acquisitions, of € 2.0 bn (previously reported: N/A) For 2027: 70% hedged at 42 €/MWh • maintenance of €
Slide 14: Powering a thriving world
@fortum Powering a thriving world
Slide 15: Appendix
RLU SPHHEeED gage sebgesseetosed ieee) : eres 2 @fortum Powering a thriving world
Slide 16: Income statement
Income statement MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM Sales 1,114 929 4,229 3,545 4,989 5,673 • Share of profits/loss of associates include nuclear-related items in Other Income 8 4 20 16 24 28 Sweden and Finland Materials and services -722 -553 -2,636 -2,043 -2,901 -3,494 Fixed cos
Slide 17: Low Norwegian hydro reservoirs and strong Continental price signal supported Nordic power prices
Low Norwegian hydro reservoirs and a strong Continental price signal supported Nordic power prices • Nordic spot prices increased during the third quarter, mainly due to the reservoir deficit deepening on the back of low inflows. A key contributor was also the very strong Continental spot price sign
Slide 18: Generation: Higher volume and lower achieved power price
GENERATION: Higher volume and lower achieved power price Power generation volumes, TWh III/2026 III/2025 Q3 2026 vs. Q3 2025 5.6 4.0 4.2 4.6 0.2 0.2 Comparable operating profit up by 32% at EUR 121 million Hydro Nuclear Wind mainly thanks to the higher nuclear volume, partly offset by lower I-III/20
Slide 19: Consumer Solutions: Slight decrease in results
CONSUMER SOLUTIONS: Slight decrease in results Number of customers (‘000) 2 300 2 360 Q3 2026 vs. Q3 2025 Comparable operating profit decreased by EUR 9 million to EUR 14 million mostly due to lower sales margins compared to the extraordinarily strong margins in the comparison period. Sep 2026 Sep 2
Slide 20: Other Operations: Results decreased due to higher fixed costs
OTHER OPERATIONS: Results decreased due to higher fixed costs Q3 2026 vs. Q3 2025 Comparable operating profit decreased by EUR 15 million MEUR III/2026 III/2025 I-III/2026 I-III/2025 2025 LTM to EUR -33 million Sales 45 45 133 138 187 183 mainly due to higher fixed costs, including certain one-off i