Fortum (FORTUM) Investor presentation summary

Strategic positioning and market opportunity

• 2025 generation was 42.3 TWh, with nuclear at 52% and hydro at 44%; specific emissions were 8 gCO2/kWh.

• Nordic power demand is projected to rise from 395 TWh in 2023 to 550 TWh in 2030, 760 TWh in 2040 and 975 TWh in 2050; data centres are a current demand driver.

• Nordic export capacity reached 11.7 GW by early 2026 and is expected to exceed 13 GW by year-end.

Commercial growth and development

• A 22-year nuclear PPA with Google covers up to 50% of Loviisa NPP capacity; at full contracted capacity, it is expected to increase comparable RONA by ~1.4 ppt over time.

• The Google MoU covers exploration of renewables, batteries and pumped hydro, energy portfolio management, new nuclear cooperation and powered land for data centres.

• Powered-land sites offer ~5 GW of potential, with 60 MW to 1.3 GW per site; the renewables portfolio includes ~8 GW in permitting and a 1.2 GW ready-to-build target by 2028.

• Majority ownership of Elmera combines complementary businesses in a fragmented Nordic consumer market, with scale and efficiency intended to support customer value and shareholder returns.

Q3 and 9M 2026 performance

• Q3 sales were €1,114m vs €929m YoY; comparable EBITDA was €182m vs €175m and comparable operating profit was €102m vs €97m.

• 9M sales were €4,229m vs €3,545m YoY; comparable EBITDA was €967m vs €903m and comparable operating profit was €729m vs €674m.

• 9M comparable EPS was €0.61 vs €0.59; net cash from operating activities was €813m vs €787m.

• Q3 Generation comparable operating profit rose €29m to €121m on higher nuclear volume; 9M Generation profit rose €86m to €734m, driven by higher spot prices and nuclear and hydro volumes.

• Net debt was €1,811m and net debt/comparable EBITDA was 1.4x at 30 September 2026; liquidity reserves were €6.7bn.