Fortum: Fortum January-March 2026 Interim Report: Strong power prices and increased generation volumes resulted in good first-quarter results

FORTUM CORPORATION INTERIM REPORT 29 APRIL 2026 AT 9:00 EEST

This release is a summary of Fortum's January-March 2026 Interim Report. The complete report is attached to this release as a PDF file. It is also available on the company's website at www.fortum.com/investors.

Strong power prices and increased generation volumes resulted in good first-quarter results

January-March 2026

• Comparable EBITDA was EUR 600 (538) million.
• Comparable operating profit was EUR 521 (462) million due to higher power prices and generation volumes.
• Operating profit was EUR 536 (470) million.
• Comparable earnings per share were EUR 0.45 (0.42).
• Earnings per share were EUR 0.47 (0.40).
• Cash flow from operating activities totalled EUR 355 (453) million.

Summary of outlook

• The Generation segment's estimated Nordic generation hedges: approximately 75% at EUR 39 per MWh for the remainder of 2026 and approximately 60% at EUR 40 per MWh for 2027.
• For 2026, the optimisation premium is expected to be 8-10 EUR/MWh, and for 2027 onwards 6-8 EUR/MWh.
• UPDATED: In 2026, nuclear generation volumes are expected to be in the range of 23.5-24 TWh (previously: 24-24.5 TWh).
• For the period of 2026-2030, Fortum's committed capital expenditure is expected to be approximately EUR 2.0 billion, excluding acquisitions. This includes growth capex of approximately EUR 750 million in total and maintenance capex of approximately EUR 250 million per year. For 2026, the total committed capital expenditure is expected to be approximately EUR 550 million, excluding acquisitions.

Key figures

EUR million or as indicated	I/2026	I/2025	2025	LTM
Reported
Sales	1,992	1,642	4,989	5,339
Operating profit	536	470	939	1,005
Share of profit of associates and joint ventures	-13	9	56	34
Net profit (after non-controlling interests)	421	363	765	823
Earnings per share, EUR	0.47	0.40	0.85	0.92
Net cash from operating activities	355	453	840	741
Number of employees	4,535	4,451	4,551
Comparable
EBITDA	600	538	1,240	1,302
Operating profit	521	462	924	982
Share of profit of associates and joint ventures	-4	8	28	17
Return on net assets (RONA), %			10.9	11.2
Net assets (at period-end)	9,283	8,755	9,150
Net profit (after non-controlling interests)	404	374	739	769
Earnings per share, EUR	0.45	0.42	0.82	0.85

EUR million or as indicated	2025	LTM
Financial position 1)
Net debt (at period-end)	1,843	1,469
Net debt/comparable EBITDA	1.5	1.1
Financial net debt (at period-end)	1,479	N/A
Financial net debt/comparable EBITDA	1.2	N/A

1) Following the transition of Nasdaq's Nordic power futures business to Euronext, Fortum reports Net debt instead of Financial net debt from the first quarter of 2026 onwards. See Note 12 Interest-bearing net debt.

Fortum's President and CEO Markus Rauramo:

"During the first quarter of 2026, Nordic spot prices surged, nearly doubling compared to last year, due to high power demand driven by cold weather, lower hydro reservoir levels, and weak wind generation. Electricity demand across the Nordics was approximately 8 TWh above the long-term average, mainly due to increased non-industrial consumption. In Finland and Sweden, we saw consumption peaks above and around historical record levels. By the end of the quarter, milder temperatures and improved wind conditions brought down spot prices.

Our first-quarter result was good, reflecting the high spot prices despite our high hedge ratio. Our achieved power price was higher than a year ago, at 62.5 EUR/MWh, supported by a strong double-digit optimisation premium. The Generation segment's solid result benefited from high power prices and hydro generation volumes. The Consumer Solutions segment achieved another strong quarter, at the level of last year's record.

Our financial position continues to be robust with a leverage for Net debt-to-Comparable EBITDA of 1.1 times at the end of the quarter, and we continue to have sufficient liquidity and credit line buffers. After the reporting period, we signed a new EUR 2.7 billion revolving credit facility, which replaces the previous one.

Despite uncertainty in the operating environment, we continue to see robust underlying customer demand from various industrial sectors, which we believe reflects the long-term power demand growth. With our ability to partner with industrial customers, our flexible hydro power and baseload nuclear fleet as well as our renewables development portfolio, Fortum is uniquely positioned to capture the upcoming growth. We see the data centre sector remaining very active, particularly in Finland, where we are progressing the development of sites to meet future customer needs. As we have communicated this year, we are supporting DayOne in its plans to build a data centre in Nurmijärvi and Nscale with its plans to establish a data centre in Harjavalta.

The escalation of the conflict in the Middle East during the quarter has highlighted the fundamentally different exposure of European power markets to geopolitical shocks. While such events immediately affect gas and coal prices - and therefore power prices in more fossil-fuel-dependent markets in Central Europe, the largely decarbonised Nordic power system is structurally less exposed. Nevertheless, prolonged geopolitical tensions and persistently high fuel prices would, if continued, worsen the macroeconomic environment in Europe, increase uncertainty and potentially weigh on economic growth and investment sentiment also in the Nordics."

Espoo, 28 April 2026

Fortum Corporation
Board of Directors

Webcast/teleconference

A combined live webcast/teleconference for investors, analysts and media, will be arranged online on 29 April at 11:00 EEST.

• Join the webcast

To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/fortum/q1-2026/dial-in. After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, please press *5 on your telephone keypad to enter the queue.

A recording of the webcast, as well as the transcript will be published after the event at www.fortum.com/investors.

Further information:

Investor Relations and Financial Communications: Ingela Ulfves, tel. [phone], Rauno Tiihonen, tel. [phone], Siri Markula tel. [phone], Pirjo Lifländer, tel. [phone], and [e-mail]

Media: Fortum News Desk, tel.?[phone]

Fortum's interim reports in 2026:

• January-June on 21 July 2026 at approximately 9:00 EEST
• January-September on 28 October 2026 at approximately 9:00 EET

Distribution:

Nasdaq Helsinki
Key media
www.fortum.com

Fortum
Fortum is a Nordic energy company. We generate and deliver reliable energy to our customers and the Nordic energy system while at the same time helping industries decarbonise their processes and grow. Our core operations comprise efficient and best-in-class low-carbon power generation, customer services, and heating and cooling. Fortum's power generation is already 99% from renewable or nuclear sources with one of the lowest specific CO2-emissions in Europe. We are guided by our ambitious SBTi-validated emission reduction targets on our way towards net-zero by 2040. For our ~4,500 employees, we commit to be a safe and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com