Fortum (FORTUM) Investor presentation summary

Strategic priorities and market positioning

• Focus on reliable energy delivery, industrial decarbonisation, and customer-centric transformation, underpinned by values of ambition, care, and collaboration.

• Nordic market offers low-carbon, affordable electricity, strong infrastructure, and skilled workforce, attracting data centres and industrial demand.

• Power generation dominated by nuclear (52%) and hydro (44%), with a total capacity of 9,296 MW as of end 2025.

• Flexible generation fleet and optimisation premium provide a competitive edge, with a premium of 9.7 €/MWh achieved in 2025.

• Strategic targets include >90% nuclear and >95% hydro fleet availability, and a customer satisfaction index of 76 by 2028.

Financial performance and capital allocation

• Achieved power price of 51.4 €/MWh in 2025, with strong optimisation premium but lower generation volumes.

• Comparable operating profit declined to €924 million in 2025, mainly due to lower hydro and nuclear volumes and prices.

• Net cash from operating activities was €840 million, with financial net debt to comparable EBITDA at 1.2x.

• Dividend proposal of €0.74/share for 2025, representing a 90% payout.

• Capital expenditure guidance for 2026–2030 is €2.0 billion, with €1.25 billion for maintenance and €750 million for growth.

Growth, sustainability, and outlook

• Renewables development pipeline of ~8 GW in permitting, targeting 1.2 GW ready-to-build by 2028.

• Committed to SBTi-validated, 1.5°C-aligned climate targets, coal exit by 2027, and net-zero by 2040.

• Specific emissions target below 10 gCO2/kWh by 2028 for power generation.

• Nordic power demand projected to rise, driven by data centres, electrification, and industrial growth.

• Outlook for 2026: 75% of Nordic generation hedged at 41 €/MWh, with an optimisation premium of 8–10 €/MWh.