Fortum January-June 2026 Half-year Financial Report: Pursuing growth through the proposed Elmera acquisition - second-quarter result impacted by lower achieved power price

FORTUM CORPORATION HALF-YEAR FINANCIAL REPORT 21 JULY 2026 AT 9:00 EEST

This release is a summary of Fortum’s January–June 2026 Half-year Financial 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.

Pursuing growth through the proposed Elmera acquisition – second-quarter result impacted by lower achieved power price

April–June 2026

• Comparable EBITDA was EUR 185 (191) million.
• Comparable operating profit was EUR 106 (115) million due to lower achieved power price.
• Operating profit was EUR 90 (104) million.
• Comparable earnings per share were EUR 0.08 (0.09).
• Earnings per share were EUR 0.12 (0.12).
• Cash flow from operating activities totalled EUR 324 (203) million.
• On 29 June, Fortum announced its intention to launch a recommended, conditional voluntary cash tender offer for all shares in the Norwegian electricity retail company Elmera Group ASA.

January–June 2026

• Comparable EBITDA was EUR 785 (729) million.
• Comparable operating profit was EUR 627 (577) million, mainly due to higher spot prices and hydro volumes.
• Operating profit was EUR 626 (574) million.
• Comparable earnings per share were EUR 0.53 (0.51).
• Earnings per share were EUR 0.59 (0.52).
• Cash flow from operating activities totalled EUR 679 (656) million.

Summary of outlook

• The Generation segment’s estimated Nordic generation hedges: approximately 80% at EUR 40 per MWh for the remainder of 2026 and approximately 65% at EUR 41 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 23.0–23.5 TWh (previously: 23.5–24 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

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 second quarter of 2026, Fortum took a significant strategic step by announcing the intention to launch a recommended, conditional voluntary cash tender offer for all shares in the Norwegian electricity retail company Elmera Group ASA. For Fortum, the proposed transaction supports growth of our Consumer Solutions business to strengthen our Nordic footprint and scale. We expect the combined business to deliver meaningful cost efficiencies and operational synergies to the benefit of Nordic consumer and enterprise customers. The transaction remains subject to customary conditions and regulatory approvals, and we will provide full details in the formal offer document.

During the quarter, Nordic spot prices more than doubled compared to a year ago, driven by notably lower hydro reservoir levels, low spring floods, and strong Continental power prices. Nordic power demand was marginally above the five-year average and broadly in line with last year’s second quarter. In June, improved wind conditions and high precipitation softened Nordic weather-driven fundamentals, leading to lower spot prices, especially in the northernmost areas. Towards the end of June, prices rebounded, supported by stronger Continental European power prices amid the extreme heat wave and higher gas prices.

Our second-quarter results for the Group and the Generation segment decreased from last year, reflecting the lower achieved power price and higher fixed costs. The achieved power price decreased, mainly due to lower physical value creation. Extended nuclear outages and low spring floods increased the realised hedge ratio, limiting our ability to benefit from higher spot prices. Due to higher power prices in the beginning of the year, part of the hydro volumes was allocated already during the first quarter.

Our financial position continues to be robust following the dividend payment of EUR 664 million. Our leverage for Net debt-to-Comparable EBITDA was 1.4 times at the end of the second quarter. During the quarter, we signed a new EUR 2.7 billion revolving credit facility, which replaces the previous one.

In June, we announced our decision to end coal-fired power generation in Finland by closing and dismantling the Meri-Pori coal power plant, Fortum’s last coal-fired plant in the Nordics. This is part of our commitment to exit coal-based energy production by the end of 2027 and to reach net zero by 2040, in line with our SBTi-validated climate goals. The Meri-Pori plant will be permanently closed as of 1 March 2027. Fortum and the City of Pori are pursuing new growth potential in the Meri-Pori Tahkoluoto area together with other industrial operators, and the area will be developed into a nationally significant clean transition industrial zone.

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 upcoming growth opportunities. We see the data centre sector remaining very active, particularly in Finland, where we are advancing the development of sites to enable new investments and meet future customer needs."

Espoo, 20 July 2026

Fortum Corporation
Board of Directors

Webcast/teleconference

A combined live webcast/teleconference for investors, analysts and media will be arranged online on 21 July at 11:00 EEST. For the webcast, use the link at www.fortum.com/investors.

To ask questions, please join the teleconference by registering using the following link: https://events.inderes.com/fortum/q2-2026/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 on www.fortum.com/investors after the event.

Further information:

Investor Relations and Financial Communications: Ingela Ulfves, tel. +358 40 515 1531, Rauno Tiihonen, tel. +358 10 453 6150, Siri Markula tel. +358 40 743 2177, Pirjo Lifländer, tel. +358 40 643 3317, and investors@fortum.com

Media: Fortum News Desk, tel. +358 40 198 2843

Financial calendar

Fortum's January–September Interim report will be published on 28 October 2026 at approximately 9:00 EET.

Distribution:

Nasdaq Helsinki
Key media
www.fortum.com

More information, including detailed quarterly information, is available at www.fortum.com/investors.

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