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For a Cleaner World

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For a Cleaner World Equity story of FORTUM – For a cleaner world Investor / Analyst material July 2021 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 in brief 4 – 12 Fortum’s strategy 13 – 22 Energy market transition 23 – 27 Interim report Q1 2021 28 – 45 Appendices 46 European and Nordic power markets 47 – 56 Fortum’s Nordic power generation in detail 57 Fortum’s evolution and strategic route 58 Historical achieved prices 59 Dividend 60 IR contact 61 3 Fortum in brief Fortum in brief Power generation assets Key figures 20201 Sales EUR 49.0 bn Comparable EBITDA EUR 2.4 bn Total assets EUR 57.8 bn Personnel 19,933 Main businesses1 Sales (€) Volume2 Capacity India Power 20.8 bn 142 TWh 50.3 GW Gas 22.4 bn ~370 TWh 7.6 bcm3 Heat 0.8 bn 30 TWh 19.5 GW 1) Until 31 of March 2020 Uniper's contribution to the income statement was recognised in the Share of profit/loss of associates and joint ventures. 2) For Power - Power generation, for Gas - Long-term gas supply contracts and for Heat – Heat production 3) Gas storage capacity, billion cubic meters 4 Fortum in brief Strong position to drive the energy transition in Europe 3rd largest 3rd largest 3rd largest 4th largest power generator CO2-free power generator nuclear generator gas storage operator in Europe and Russia in Europe in Europe in Europe 5 TWh 6 ConsolidatedFortum is third thelargest CO Europe 100 200 300 400 500 600 0 EPH incl. LEAG incl. EPH Source: Company information, Fortum analyses, 2019 figures pro forma. EDF Rosenergoatom RusHydro NNEGC Energoatom Vattenfall Fortum+Uniper En+ Enel ENGIE Iberdrola Statkraft RWE CEZ EnBW Verbund E.ON Axpo EDP Slovenské elektrárne Hafslund E-CO Hidroelectrica Ørsted Gazprom Acciona SSE 2 - Naturgy free power generator in Centrica EPS Alpiq Norsk Hydro Power generation by type Agder Energi Hydro Nuclear Wind, geoth. solar, bio incl. Other, Ukrhydroenergo BKK Lyse Energi DEI EPH PGE Fortum in brief DTEK Inter RAO UES T Plus Sibgenco Fortum in brief Renewables and CO2-free power generation capacity of Fortum 14.6 GW Hydro Wind & Solar Nuclear 8.4 GW 1.7 GW 4.5 GW 7 Fortum in brief Fortum is well positioned for the energy transition Third largest CO2-free power generator in Europe with growing portfolio of wind and solar Significant provider of flexible hydro and gas-fired power generation Major provider and trader of gas for Europe’s energy and industrial customers Versatile portfolio of decarbonisation and environmental solutions Phase out or exit announced of ~8 GW coal-fired generation by 2030 8 Fortum in brief Fortum’s CO2-free power generation increases by ~60% as Uniper is consolidated as a subsidiary Fortum's power generation, TWh 150 Fortum*: Other Coal • CO2-free generation 120 Gas 45% CO2-free • Gas-fired power 90 generation 45% Share of coal-fired 60 • generation 9% 30 • Share of coal of sales revenue ~1% * based on 2020 reported figures 0 Note: Fortum actuals 1990-2020. Uniper consolidated from Q2/2020 onwards, Q1/2020 generation of Uniper excluded. 9 Fortum in brief Fortum is a forerunner in sustainability Fortum is listed in several sustainability indices and ratings: Our purpose is to drive the change for a cleaner world. We are securing a fast and reliable transition to a carbon-neutral economy by providing customers and societies with clean energy and sustainable solutions. This way we deliver excellent shareholder value. rd 3 largest CO2-free generator in Europe CO2-free power generation, including renewable and nuclear power, was 64 TWh in 2020. 73% of power generation in Europe, and 45% of total power generation was CO2-free. Specific CO2 emissions Fortum’s specific CO2 emissions from total energy production in Europe were 188 gCO2/kWh in 2020, and 287 gCO2/kWh globally. Growing in solar and wind Targeting a multi-gigawatt wind and solar portfolio, which is subject to the capital recycling business model. Targeting an indicative growth capex for EUR 3 billion for 2021-2025, of which 50-55% to renewables. Signatory of TCFD Fortum an official signatory of TCFD on March 2021 MSCI ESG RATINGS DISCLAIMER STATEMENT: THE USE BY FORTUM CORPORATION OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF FORTUM CORPORATION BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI. 10 Fortum in brief Fortum's power generation and heat production by source Fortum’s power generation in 2020 * Fortum's heat production in 2020 * Natural gas 45% Natural gas 56% Total Total Waste1% power generation Others 1% heat production Wind, solar 1% Heat pumps, Bio 1% 142.1 TWh Hydropower 23% electricity 3% 29.6 TWh Bio 5% Coal 9% Waste 9% Nuclear power 20% Coal 26% * Uniper consolidated as of Q2/2020 11 Fortum in brief Fortum key profitability drivers Key market drivers: Fortum profitability drivers: Fortum Group’s indicative EBITDA by business and market exposure Power market European power generation • EU coal/nuclear capacity closures • CO2-free generation: prices and volumes, hedging, PPAs • Growing share of renewables • Gas-fired generation: capturing the • Importance of gas-fired generation merchant upside • Commodity prices • Coal exit path, value from sites • Increasing interconnections between Gas midstream business Nordics, Continental Europe, and the UK • Long-term contracts and sales • Weather conditions • Gas storage, spread, and volatility • Increased demand from decarbonisation • Optimisation business, price volatility and electrification Russia power generation Gas market • Thermal CSAs gradually shifting to CCS • Decreasing gas production in Europe scheme, selective modernisation projects • More volatile gas demand • Renewables capacity with higher CSAs • Gas storage value • Berezovskaya 3 (CSA) • Weather conditions Growth based on strategy Source: Fortum & Uniper financial reporting PPA= Power Purchase Agreement CSA= Capacity Supply Agreements 12 CCS= Competitive Capacity Selection (=KOM) Fortum’s strategy Our strategy – Driving the clean energy transition and delivering sustainable financial performance For a cleaner world Strengthen and grow in CO2-free Leverage strong position in gas Transform own operations to power generation to enable the energy transition Partner with industrial and carbon neutral infrastructure customers • Supply significant flexible and • Provide security of supply and • Phase out and exit coal reliable CO -free power generation flexibility in the power system • Provide decarbonisation and 2 environmental solutions • Transform gas-fired generation • Grow sizeable portfolio of • Secure supply of gas for heat, towards clean gas renewables power, and industrial processes • Build on first-mover position in hydrogen Value creation targets Carbon neutral as a Group latest by 2050, Sustainable financial performance through Strong financial position and over time in line with the Paris Agreement, and in our attractive value from investments, portfolio increasing dividend European generation latest by 2035 optimisation, and benchmark operations 13 Fortum’s strategy Measuring success for Fortum Climate and environmental targets: • Group carbon neutral latest by 2050 (scope 1, 2, 3) • European generation carbon neutral latest by 2035 (1, 2) • CO2 emission reduction of at least 50% by 2030 in European generation (1, 2) • Scope 3 target for the indirect emissions from fuel sales business (Cat. 11) to be set during 2021 • Biodiversity target: Number of major voluntary measures enhancing biodiversity ≥12 in 2021 Financial targets: Shareholder value creation: • Financial net debt/comparable EBITDA below 2x • Portfolio optimisation and delivering on investments • Hurdle rates for new investments • Realising financial benefits from the cooperation with Uniper • Rating of at least BBB • Stable, sustainable, and over time increasing dividend Social targets: • Safety target: Total recordable incident frequency (TRIF) <1.0 in 2025 14 Fortum’s strategy Fortum – A leader in clean power and gas Core Grow Strategic transformation Transform own operations Assets and businesses that have Businesses with potential Businesses and assets outside to carbon neutral a role in energy transition and to grow profitably strategic scope generate good cash-flow in the energy transition Ambitious Hydro Onshore wind Strengthen and grow in coal exit plan CO2-free power generation District heating business Nuclear Solar in the Baltics Leverage strong position in gas to enable Increasingly clean Hydrogen and 50% stake in the energy transition gas-fired generation clean gas Stockholm Exergi Consumer Solutions Industrial and Provide decarbonisation Gas midstream business and environmental solutions infrastructure solutions for industrial and District heating business infrastructure customers in Poland 15 Fortum’s strategy Strategic steps going forward 2014-2020 2021-2022 2023-2025 Major transformation Balance sheet focus Growth in clean power and gas Active portfolio rotation with Step up in Group
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