Fortum (FORTUM) Investor presentation summary

Portfolio and market opportunity

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

• Nordic power demand is projected to rise from 395 TWh in 2023 to 550 TWh in 2030 and 975 TWh in 2050, with data centres currently a key driver.

• Powered-land sites offer plots up to 1,100 acres and 60 MW–1.3 GW per site; the identified portfolio totals ~5 GW.

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

Customer partnerships and growth

• A 22-year nuclear PPA with Google covers up to 50% of Loviisa NPP; contracting 50% of capacity is expected to lift comparable RONA by ~1.4 ppt over time.

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

• Renewables pipeline includes 380 MW in operation and ~8 GW in permitting; target is 1.2 GW ready-to-build by 2028.

• Elmera majority ownership is positioned to combine complementary businesses, capture cost and operational synergies, and support competitive pricing and reliable service.

Financial and operating performance

• Q3 2026 comparable operating profit was €102m vs €97m; 9M comparable operating profit was €729m vs €674m, with Generation contributing €734m in 9M.

• Q3 Generation comparable operating profit rose €29m to €121m, mainly on higher nuclear volume; Consumer Solutions fell €9m to €14m on lower sales margins.

• 9M Generation comparable operating profit increased €86m to €734m, supported by higher spot prices and nuclear and hydro volumes, partly offset by a high hedge ratio.

• At 30 September 2026, net debt was €1,811m and leverage 1.4x; liquidity reserves were €6.7bn, including €2.3bn liquid funds and €4.4bn undrawn committed facilities.