Fortum: Fortum January-September 2026 Interim Report: Fortum signed its largest-ever PPA - comparable operating profit increased in the third quarter

FORTUM CORPORATION INTERIM REPORT 28 OCTOBER 2026 AT 9:00 EET

This release is a summary of Fortum's January-September 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 fortum.com/investors.

Fortum signed its largest-ever PPA - comparable operating profit increased in the third quarter

July-September 2026

• Comparable EBITDA was EUR 182 (175) million.
• Comparable operating profit was EUR 102 (97) million, supported by higher nuclear volumes.
• Operating profit was EUR 72 (60) million.
• Comparable earnings per share were EUR 0.08 (0.08).
• Earnings per share were EUR 0.04 (0.06).
• Cash flow from operating activities totalled EUR 134 (131) million.
• Fortum and Google signed a 22-year nuclear Power Purchase Agreement (PPA) starting in 2028 with up to 50% of the Loviisa nuclear power plant's generation capacity contracted in 2030-2049.
• After the reporting period, Fortum completed the acquisition of 91.92% of the Norwegian electricity retail company Elmera Group ASA; Elmera is expected to be consolidated into the Consumer Solutions segment from 31 October 2026.

January-September 2026

• Comparable EBITDA was EUR 967 (903) million.
• Comparable operating profit was EUR 729 (674) million, primarily due to higher spot prices and volumes.
• Operating profit was EUR 699 (634) million.
• Comparable earnings per share were EUR 0.61 (0.59).
• Earnings per share were EUR 0.63 (0.58).
• Cash flow from operating activities totalled EUR 813 (787) million.

Summary of outlook

• The Generation segment's estimated Nordic generation hedges: approximately 80% at EUR 43 per MWh for the remainder of 2026, approximately 70% at EUR 42 per MWh for 2027 and approximately 45% at EUR 42 per MWh for 2028.
• In 2026, the optimisation premium is expected to be 8-10 EUR/MWh, and from 2027 onwards 6-8 EUR/MWh.
• UPDATED: In 2026, nuclear generation volumes are expected to be approximately 23.0 TWh (previously: 23.0-23.5 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	III/2026	III/2025	I-III/2026	I-III/2025	2025	LTM
Reported
Sales	1,114	929	4,229	3,545	4,989	5,673
Operating profit	72	60	699	634	939	1,004
Share of profit of associates and joint ventures	-20	9	24	45	56	34
Net profit (after non-controlling interests)	31	52	561	520	765	807
Earnings per share, EUR	0.04	0.06	0.63	0.58	0.85	0.90
Net cash from operating activities	134	131	813	787	840	866
Number of employees			4,654	4,602	4,551
EUR million or as indicated	III/2026	III/2025	I-III/2026	I-III/2025	2025	LTM
Comparable
EBITDA	182	175	967	903	1,240	1,303
Operating profit	102	97	729	674	924	979
Share of profit of associates and joint ventures	-1	-1	-5	14	28	9
Return on net assets (RONA), %					10.9	10.9
Net assets (at period-end)			9,047	8,674	9,150
Net profit (after non-controlling interests)	65	70	544	531	739	751
Earnings per share, EUR	0.08	0.08	0.61	0.59	0.82	0.84

EUR million or as indicated	2025	LTM
Financial position 1)
Net debt (at period-end)	1,843	1,811
Net debt/comparable EBITDA	1.5	1.4
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 third quarter of 2026, we took significant steps in implementing our strategy and strengthening Fortum's position as a partner for industrial and energy customers in the Nordics.

Most importantly, we signed a 22-year nuclear power purchase agreement with Google, the largest sales agreement in Fortum's history. It is also the first large-scale lifetime extension nuclear PPA in Europe. The agreement provides economic certainty for the lifetime extension and power upgrade of the Loviisa nuclear power plant through 2050 and demonstrates the important role of nuclear power in meeting growing customer demand for reliable, low-carbon electricity. Alongside the agreement, we also signed a memorandum of understanding covering potential future cooperation in renewables, flexibility solutions, nuclear newbuild and overall energy portfolio management services for Google.

We also continued to advance our Consumer Solutions business. In August, we launched a recommended voluntary cash tender offer for the Norwegian electricity retail company Elmera Group ASA. The acquisition was completed on 23 October following settlement of the shares tendered in the offer. The acquisition represents an important strategic growth step towards a larger and more efficient platform serving Nordic consumer and small- and medium-sized enterprise customers. We expect the combination to create value through scale benefits, operational efficiencies and strengthened commercial capabilities, benefiting customers and shareholders. Elmera is expected to be consolidated into Fortum's financial statements as part of the Consumer Solutions segment from 31 October 2026.

During the third quarter, Nordic spot prices increased compared to the previous year - doubling in some areas - while Finland was the exception. The increase was driven by lower hydro reservoir levels, lower nuclear availability and exceptionally high Continental European power prices. Gas prices also increased sharply amid heightened geopolitical tensions and continued uncertainty regarding supply normalisation.

Our comparable operating profit increased from the comparison period, primarily driven by higher nuclear generation volumes in the Generation segment. Consumer Solutions' result decreased from the exceptionally strong level recorded in the third quarter of 2025.

Our financial position remained strong. Net debt amounted to EUR 1.8 billion and leverage, measured as Net debt-to-Comparable EBITDA, was 1.4 times. Our robust balance sheet and moderate leverage continue to provide strategic flexibility as we pursue value-creating growth opportunities.

Long-term electricity demand remains robust, particularly from data centres, with activity in Finland at a very high level, and Fortum engaged in dialogue with a broad range of customers. Realisation of demand in the near term remains gradual, however, and industrial electrification projects continue to progress at different speeds, depending on the sector. Fortum is prioritising large strategic partnerships and repeat opportunities with customers through our diverse product offering at scale.

The agreement with Google and the acquisition of Elmera demonstrate clear progress in the implementation of our strategy. We remain focused on operational excellence, capital discipline and profitable growth, building on our strong financial position."

Espoo, 27 October 2026

Fortum Corporation
Board of Directors

Webcast/teleconference

A combined live webcast/teleconference for investors, analysts and media will be arranged online on 28 October 2026 at 11:00 EET. For the webcast, use the link at fortum.com/investors.

To ask questions, please join the teleconference by registering using this link. 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 on fortum.com/investors after the event.

Further information:

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

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

Financial calendar

Fortum Corporation's Financial Statements Bulletin for the year 2026 will be published on 2 February 2027 at approximately 9:00 EET. Fortum's Financial Statements and Operating and Financial Review for 2026 will be published during week 6, starting on 8 February 2027, at the latest.

Fortum will publish three interim reports in 2027:

• January-March on 28 April 2027 at approximately 9:00 EEST
• January-June on 20 July 2027 at approximately 9:00 EEST
• January-September on 27 October 2027 at approximately 9:00 EEST

Fortum Annual General Meeting 2027 is planned to be held on 31 March 2027. The Board of Directors will summon the Annual General Meeting and publish the dates related to a possible dividend at a later date.

Distribution

Nasdaq Helsinki
Key media
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