Fortum Oyj

Fortum Corporation released its Half-year Financial Report for January-June 2024, highlighting resilient performance in Nordic power generation despite seasonally lower prices. For April-June 2024, Fortum reported a comparable EBITDA of EUR 326 million, a comparable operating profit of EUR 233 million, and an operating profit of EUR 240 million. The company recorded a sales gain of EUR 16 million from divesting its Indian solar power portfolio. For January-June 2024, comparable EBITDA was EUR 948 million, with a comparable operating profit of EUR 763 million and an operating profit of EUR 812 million. Fortum's outlook includes hedging approximately 75% of its Nordic outright generation at 43 EUR/MWh for the remainder of 2024 and 60% at 42 EUR/MWh for 2025. Capital expenditure for 2024 is expected to be EUR 550 million, with maintenance capital expenditure at EUR 300 million, reducing to EUR 250 million annually from 2025 onwards. Fortum's capital expenditure for 2024-2026 is projected to be up to EUR 1.6 billion. Key financial figures include a cash flow from operating activities of EUR 876 million for January-June 2024. Fortum's President and CEO, Markus Rauramo, noted the impact of lower Nordic spot prices on the second-quarter results but highlighted the company's strong balance sheet and strategic focus on clean energy and decarbonisation. Fortum also announced the sale of its recycling and waste business and continued to implement its strategy, including the modernisation of the Loviisa nuclear power plant and the inauguration of the Pjelax wind farm. The company plans to reduce its recurring fixed cost base by over EUR 50 million by the end of 2024 and by EUR 100 million by the end of 2025. Fortum also supports the European Industrial Deal to enhance decarbonisation and economic growth. Fortum will hold a webcast/teleconference on 14 August 2024 to discuss the results. The next financial reports will be published on 29 October 2024, 11 February 2025, 29 April 2025, 15 August 2025, and 29 October 2025, with the Annual General Meeting planned for 1 April 2025. Fortum is listed on Nasdaq Helsinki and focuses on clean, CO2-free power generation and reliable energy supply in the Nordics.

Fortum Corporation announced that its Financial Statements Bulletin for 2024 will be published on 11 February 2025 at around 9.00 EET. The company will release three interim reports in 2025, with the Financial Statements and Operating and Financial Review for 2024 to be published by 17 February 2025. The Annual General Meeting for 2025 is scheduled for 1 April 2025, with further details on possible dividends to be announced later. Fortum is a Nordic energy company focused on clean energy production and decarbonization. The company's shares are listed on Nasdaq Helsinki. For more information, contact Ingela Ulfves, Rauno Tiihonen, or Siri Markula from the Investor Relations team.

Fortum Corporation has agreed to sell its recycling and waste business to Summa Equity through its portfolio company NG Group for approximately EUR 800 million. Fortum expects to record a tax-exempt capital gain of about EUR 110 million from the sale, though the final amount will depend on the balance sheet value at closing. The transaction, part of Fortum's strategic review initiated in August 2023, is expected to close in the fourth quarter of 2024, subject to customary conditions. This divestment aligns with Fortum's focus on clean energy and decarbonisation in the Nordics, as the recycling and waste business is not central to this strategy. The business to be sold includes waste management and recycling services in Finland, Sweden, Denmark, and Norway, employing around 900 people. Summa Equity aims to enhance the business to support EU climate and pollution goals. Post-sale, Fortum will continue reviewing its remaining Circular Solutions businesses. The transaction will also reduce Fortum's capital expenditure guidance from 2025 onwards.

Fortum Corporation announced that Nora Steiner-Forsberg, Executive Vice President, Legal, General Counsel, and Eveliina Dahl, Executive Vice President, People and Procurement, will leave the company by the end of 2024 to pursue roles in other companies. President and CEO Markus Rauramo praised their significant contributions to Fortum, highlighting their roles in navigating the company through challenges and overseeing structural changes. The recruitment process for their successors will begin immediately. Fortum is a Nordic energy company focused on clean energy production and decarbonization, with operations primarily in the Nordics. The company's shares are listed on Nasdaq Helsinki.