Fortum (FORTUM) AGM 2025 summary

Opening remarks and agenda

• Welcomed shareholders and outlined a review of company status, 2024 performance, and strategic direction.

• CEO Markus Rauramo opened the meeting, highlighting the company's strong position as a Nordic clean energy producer and outlining the agenda for the AGM.

Financial performance review

• 2024 saw lower power prices, impacting financial results, but hedging and optimization maintained good achieved prices.

• Comparable EBITDA was €1.6 billion, with Generation contributing 90% and Consumer Solutions 10%.

• Revenue decreased to €5.8 billion in 2024 from €6.7 billion in 2023, reflecting lower electricity prices.

• Net debt to EBITDA dropped to 0.2x, with a strong liquidity reserve of €8.2 billion.

• Majority of earnings derived from clean energy production, with 46.3 TWh generated, mainly from nuclear (52%) and hydro (44%).

Board and executive committee updates

• Leadership team diversified, with 38% women in top management and new appointments in legal and HR.

• Leadership team features diverse expertise in energy, with key roles in nuclear, hydro, renewables, finance, sustainability, and legal.