Fortum (FORTUM) investor relations material

Executive summary

• Achieved a realized market price of EUR 53.1/MWh in Q2 2026, up from EUR 26.4/MWh year-over-year, but the achieved power price fell to EUR 44.9/MWh from EUR 48.1/MWh due to hedging.

• Outright generation volume reached 9.1 TWh, up 0.6 TWh year-over-year, with nuclear generation nearly flat and some hydro volumes allocated in Q1.

• Announced a conditional voluntary cash tender offer to acquire Elmera ASA/Group ASA, aiming to strengthen the Consumer Solutions business and create a leading Nordic retail platform.

• Decided to close the Meri-Pori coal power plant by March 2027, advancing the coal exit strategy and net zero target by 2040.

• Maintained a robust financial position after paying a EUR 664 million dividend.

Financial highlights

• Q2 2026 sales rose to EUR 1,124 million (Q2 2025: EUR 974 million); H1 2026 sales reached EUR 3,116 million (H1 2025: EUR 2,616 million).

• Comparable operating profit in Q2 was EUR 106 million (Q2 2025: EUR 115 million), and for H1 2026 was EUR 627 million (H1 2025: EUR 577 million).

• Net cash from operating activities in H1 2026 was EUR 679 million, up from EUR 656 million.

• Net debt at quarter-end was EUR 1,761 million, with a leverage ratio of 1.4x net debt to comparable EBITDA.

• Dividend of EUR 0.74 per share (EUR 664 million total) paid in Q2/April 2026.

Outlook and guidance

• Optimization premium for 2026 guided at EUR 8–10/MWh; for 2027 and beyond, EUR 6–8/MWh.

• Nuclear output for 2026 estimated at 23–23.5 TWh, below the normal 26 TWh, due to outages.

• Capital expenditure guidance unchanged: EUR 550 million for 2026, EUR 2 billion for 2026–2030 (EUR 750 million growth, EUR 250 million annual maintenance).

• Corporate tax rate expected at 18–20% for 2026.

• Hedge ratio for the rest of 2026 is 80% at EUR 40/MWh; for 2027, 65% at EUR 41/MWh.