Fortum (FORTUM) Investor presentation summary

Strategic priorities and market positioning

• Focus on delivering reliable energy, driving industrial decarbonisation, and transforming operations to support sustainability and growth.

• Nordic market offers low-carbon, affordable electricity, attracting new demand from sectors like data centres and hydrogen.

• Partnerships and customer-centric offerings, including PPAs and powered land, support industrial growth and energy management.

• Flexible generation fleet and optimisation premium provide a competitive advantage in volatile markets.

• Strategic capital allocation balances investments and shareholder returns, targeting a 14% RONA and maintaining a BBB credit rating.

Financial performance and outlook

• Achieved power price in 2025 was €51.4/MWh, with a strong optimisation premium of €9.7/MWh.

• Comparable operating profit declined to €924 million, mainly due to lower generation volumes and prices.

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

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

• Capital expenditure guidance for 2026–2030 is €2.0 billion, with €250 million annual maintenance and €750 million growth capex.

Operational highlights and business segments

• Power generation in 2025 was 42.3 TWh, dominated by nuclear (52%) and hydro (44%).

• Consumer Solutions segment achieved record profits, driven by improved margins and cost synergies.

• Other Operations improved due to divestments, particularly in Circular Solutions.

• Nordic hydro reservoirs experienced high inflows, contributing to continued price volatility.

• Interconnector capacity in the Nordics is set to exceed 13 GW by end of 2026, enhancing market integration.