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For a Cleaner World

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For a Cleaner World FORTUM – For a cleaner world Investor / Analyst material March 2018 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. Any references to the future represent the management’s current best understanding. However the final outcome may differ from them. 2 Content Fortum today pages 4 – 18 European and Nordic power markets pages 19 – 26 Fortum’s nuclear fleet pages 27 – 30 Russia pages 31 – 33 Power capacity split in Russia page 33 Historical achieved prices page 34 Financial Statements Bulletin 2017 pages 35 – 55 Uniper investment pages 56 - 59 IR contacts pages 60 3 Appr. 130,000 shareholders • Power and heat company in the Nordic countries, Russia, Poland and the Baltics • Listed at the Helsinki Stock Exchange since 1998 • Among the most traded shares on the Nasdaq Helsinki stock exchange • Market cap ~16 billion euros Finnish households 10.3% Financial and insurance institutions 1.4% Other Finnish investors 7.2% Finnish State 50.8% Foreign investors 30.4% 28 February 2018 4 Capital returns: 2017 EUR 1.10 per share ~ EUR 1 billion • Fortum’s dividend policy is based on the following preconditions: – The dividend policy ensures that shareholders receive a fair remuneration for their entrusted capital, supported by the company’s long-term strategy that aims at increasing earnings per share and thereby the dividend. – When proposing the dividend, the Board of Directors looks at a range of factors, including the macro environment, balance sheet strength as well as future investment plans. 5 year dividend per share (EUR) history 1.3 Fortum's target is to pay a stable, 1.1 0.2 1.1 1.1 1.1 sustainable and over time increasing 1.1 dividend of 50-80% of earnings per share excluding one-off items Fortum has since 1998 annually paid dividends in total ~14,580 MEUR 2013 2014 2015 2016 2017* 81% 37% 24% 196% 112% * The BoD proposal for the AGM 5 Fortum – For a cleaner world 6 Our strategic route Østfold Skandinaviska Birka Energi Stora Kraft Birka Energi Shares in TGC-1 Divestment Elverk 50% Fortum 50% → 100% Hafslund established of Lenenergo shares 50% Stockholm Shares in Gullspång merged Lenenergo Gullspång with Stockholm Energi Länsivoima Lenenergo Länsivoima Elnova District heating Oil business E.ON 45% → 65% shares → →100% 50% → 100% in Poland → spin-off Finland IVO Fortum Neste 1996 1997 1998 2000 2002 2003 2005 2006 2007 2008 2011 2012 2014 2015 2016 2017 TGC-10 Divestment of Divestment of Divestment of electricity Divestment of DUON Nordkraft ​​Russian wind Fingrid shares small scale distribution business electricity wind power power JV hydro distribution business Ekokem Divestment of electricity Restructuring Divestment of distribution and heat ownership in heat operations Divestment of businesses Hafslund outside of non-strategic Divestment Turebergs Stockholm heat business Divestment of of Gasum Recycling Grangemouth power plant shares 7 Our current geographical presence Nordic countries Key figures 2017 Sales EUR 4.5 bn Power Comparable operating profit EUR 0.8 bn generation Power generation 45.4 TWh Balance sheet EUR 22 bn Personnel 8,800 Heat Heat sales 4.3 TWh Russia Electricity Electricity customers 2.4 million PAO Fortum sales Power generation 26.3 TWh Heat sales 19.8 TWh Poland Baltic countries India Power generation 0.5 TWh Power generation 0.7 TWh Power generation 0.3 TWh Heat sales 3.7 TWh Heat sales 1.4 TWh 8 Still a highly fragmented Nordic power market Fortum has largest electricity customer base in the Nordics Power generation in 2016 Electricity retail 395 TWh 15 million customers >350 companies ~350 companies Vattenfall Others Fortum Others 36% Vattenfall Statkraft 52% DONG Energy E.ON BKK Statkraft Agder Energi Fortum SEAS-NVE DONG Energy Helen E-CO Energi PVO Uniper SE-Syd Energi Norsk Hydro Din El, Göteborg Jämtkraft 9 Source: Fortum, company data, shares of the largest actors, pro forma 2016 figures (Fortum incl. Hafslund’s 1.1 million customers). Fortum mid-sized European power generation player; major producer in global heat Power generation Heat production Customers Largest producers in Europe and Russia, 2015 Largest global producers, 2015 Electricity customers in EU, 2015 TWh TWh Millions EDF Gazprom Enel RWE T Plus EDF Rosenergoatom Inter RAO UES Enel Veolia RWE Gazprom E.ON Uniper RusHydro Inter RAO UES EDF Iberdrola ENGIE EuroSibEnergo CEZ RusHydro Sibgenco Vattenfall Fortum DEI NNEGC Energoat. Quadra Centrica EPH Vattenfall EDP Iberdrola Beijing DH Vattenfall Fortum TGC-2 EuroSibEnergo SIBECO ENGIE CEZ Lukoil EnBW T Plus KDHC SSE EnBW Minskenergo E.ON PGE PGE Tatenergo DTEK Tauron Statkraft Gas Natural EDP PGNiG Fenosa DTEK Dong Energy Fortum TGC-14 Sibgengo Hafslund EPS Fortum Värme DEI CEZ Dong Energy 0 100 200 300 400 500 600 0 20 40 60 80 100 120 140 0 10 20 30 40 Source: Company information, Fortum analyses, 2015 figures pro forma, Chinese heat production data incomplete. 10 Biggest 11 Source: Company information, Fortum analyses, 2013 analyses, 2013 information,forma Fortum Source: Company figures pro GDF SUEZ Formerly 1) nuclear and hydro nuclear and hydro generators TWh 600 550 in Total generation 500 Europe Europe and Russia 450 Other 400 Nuclear 350 Hydro 300 250 200 150 100 50 0 IES DEI EDF Enel CEZ BKK SSE EDP PGE Alpiq Axpo RWE E.ON DTEK EnBW ENGIE Fortum Statkraft Centrica Verbund Iberdrola 1) Gazprom Vattenfall RusHydro Lyse Energi Lyse EPS, Serbia EPS, Norsk Hydro Norsk E-CO Energi E-CO Agder Energi Agder Hidroelectrica Inter RAO UES RAO Inter EuroSibEnergo Rosenergoatom Ukrhydroenergo Gas Natural Fenosa Natural Gas NNEGC Energoatom NNEGC Fortum in the Nordic electricity value chain Large customers Nordic wholesale market Retail customers Power generation Power exchange and bilateral agreements Private customers, small businesses 12 Fortum's power and heat production by source Fortum's power generation Fortum's heat production in 2017 in 2017 Natural gas Natural gas 35% Nuclear power 65% 31% Others 1% Peat 1% Biomass 1% Heat pumps, electricity 2% Coal 4% Biomass 7% Waste 8% Hydropower 28% Coal 17% Total generation 73.2 TWh Total production 28.6 TWh (Generation capacity 13,722 MW) (Production capacity 14,765 MW) 13 Fortum's European power and heat production Fortum's European Fortum's European power generation in 2017 heat production in 2017 Nuclear power Coal 32% 49% Others 1% Waste 27% Waste 1% Peat 5% Biomass 2% Coal 3% Heat pumps, electricity 7% Hydropower 44% Natural gas 7% Biomass 22% European generation 46.6 TWh European production 8.6 TWh (Generation capacity 8,743 MW) (Production capacity 4,671 MW) 14 Fortum’s Nordic, Baltic and Polish generation capacity Norway Price areas MW NO4, Wind 32 Generation capacity MW Finland MW NO1, CHP 19 Hydro 4 672 NO4 SE1 Hydro 1 547 Nuclear 2 814 Generation capacity Nuclear 1 480 in Norway 51 CHP 774 CHP 451 Other thermal 376 Sweden SE2 FI Other thermal 376 NO3 Wind 107 Price areas MW Generation capacity SE2 in Finland 3 854 Nordic, Baltic and Polish NO5 NO1 generation capacity 8 743 Hydro 1 550 Figures 31 December 2017 Wind 75 NO2 SE3 EE Baltics and Poland MW SE3 Generation capacity, CHP Hydro 1 575 LV SE4 in Estonia 49 Nuclear 1 334 DK1 in Latvia 26 LT CHP 9 DK2 in Lithuania 18 Generation capacity in Poland 186 in Sweden 4 543 PL Denmark, DK2 MW Associated companies’ plants (not included in the MWs) Generation capacity, CHP Stockholm Exergi (Former Fortum Värme), in Denmark 16 15 Stockholm; TSE, Naantali Fortum a forerunner in sustainability We engage our customers and society to drive the change towards a cleaner world. Our role is to accelerate this change by reshaping the energy system, improving resource efficiency and providing smart solutions. This way we deliver excellent shareholder value. Fortum is listed in several sustainability indexes: • CDP Nordic rating • STOXX® Global ESG Leaders indices • ECPI® Indices • oekom • OMX GES Sustainability Finland index • Euronext Vigeo Eurozone 120 index 16 Fortum's carbon exposure among the lowest in Europe g CO2/kWh electricity, 2016 1 000 800 2017 61% of Fortum's total power generation CO2-free 96% of Fortum’s power generation in the EU CO2-free 600 400 200 173 28 0 DEI A2A CEZ Enel SSE EPH EDP Drax RWE E.ON EnBW Eneco Uniper Statkraft Verbund Iberdrola Vattenfall Fortum EU Fortum Fortum total Fortum Note: Fenosa Gas Natural All figures, except “Fortum total”, include only European power generation. Fortum’s specific emissions of the power generation in 2017 in the EU were 28 g/kWh and in total 173 g/kWh, same as in the previous year. Source: PwC, December 2017, Climate Change and Electricity (including those companies with data for power generation available only), Fortum 17 Fortum is growing towards gigawatt scale target in solar and wind power production Portfolio Technology Status Capacity Fortum share Supply starts/started Ånstadblåheia 50 MW MW MW Norway 179 179 Nygårdsfjellet 32 MW Nygårdsfjellet Wind Operational 32 32 2006 and 2011 Sørfjord 97 MW Ånstadblåheia Wind Under construction 50 50 2018 Blaiken 37 MW (Fortum share) Sørfjord Wind Under construction 97 97 2019 Solberg 38 MW (Fortum share) Sweden 323 75 Blaiken Wind Operational 248 37 (15%) 2017* Solberg Wind Operational 76 38 (50%) 2018 Ulyanovsk-2 25 MW (Fortum share) Russia 1 070 570 Ulyanovsk 35 MW Bugulchanskaya Solar Operational 15 15 2016-2017 Pleshanovskaya Solar Operational 10 10 2017 35 MW solar power plants Grachevskaya Solar Operational 10 10 2017 Ulyanovsk Wind Operational 35 35 2018 Ulyanovsk-2 Wind Under construction 50 25 (50%) 2019 Rusnano JV Wind Under development 950 475 (50%) 2018-2022 India 185 185 Amrit Solar Operational 5 5 2012 Kapeli Solar Operational 10 10 2014 Bhadla Solar Operational 70 70 2017 Pavagada Solar Operational 100 100 2017 Bhadla 70 MW Amrit 5 MW Total portfolio 1 758 1 009 Under development 950 475 Under construction 197 172 Kapeli 10 MW Operational 611 362 First focus markets * Blaiken last stage IV inaugurated in 2017.
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