President and CEO Markus Rauramo:

"During the third quarter of 2026, we took significant steps in implementing our strategy and strengthening Fortum’s position as a partner for industrial and energy customers in the Nordics.

Most importantly, we signed a 22-year nuclear power purchase agreement with Google, the largest sales agreement in Fortum's history. It is also the first large-scale lifetime extension nuclear PPA in Europe. The agreement provides economic certainty for the lifetime extension and power upgrade of the Loviisa nuclear power plant through 2050 and demonstrates the important role of nuclear power in meeting growing customer demand for reliable, low-carbon electricity. Alongside the agreement, we also signed a memorandum of understanding covering potential future cooperation in renewables, flexibility solutions, nuclear newbuild and overall energy portfolio management services for Google.

We also continued to advance our Consumer Solutions business. In August, we launched a recommended voluntary cash tender offer for the Norwegian electricity retail company Elmera Group ASA. The acquisition was completed on 23 October following settlement of the shares tendered in the offer. The acquisition represents an important strategic growth step towards a larger and more efficient platform serving Nordic consumer and small- and medium-sized enterprise customers. We expect the combination to create value through scale benefits, operational efficiencies and strengthened commercial capabilities, benefiting customers and shareholders. Elmera is expected to be consolidated into Fortum’s financial statements as part of the Consumer Solutions segment from 31 October 2026.

During the third quarter, Nordic spot prices increased compared to the previous year – doubling in some areas – while Finland was the exception. The increase was driven by lower hydro reservoir levels, lower nuclear availability and exceptionally high Continental European power prices. Gas prices also increased sharply amid heightened geopolitical tensions and continued uncertainty regarding supply normalisation.

Our comparable operating profit increased from the comparison period, primarily driven by higher nuclear generation volumes in the Generation segment. Consumer Solutions' result decreased from the exceptionally strong level recorded in the third quarter of 2025.

Our financial position remained strong. Net debt amounted to EUR 1.8 billion and leverage, measured as Net debt-to-Comparable EBITDA, was 1.4 times. Our robust balance sheet and moderate leverage continue to provide strategic flexibility as we pursue value-creating growth opportunities.

Long-term electricity demand remains robust, particularly from data centres, with activity in Finland at a very high level, and Fortum engaged in dialogue with a broad range of customers. Realisation of demand in the near term remains gradual, however, and industrial electrification projects continue to progress at different speeds, depending on the sector. Fortum is prioritising large strategic partnerships and repeat opportunities with customers through our diverse product offering at scale.

The agreement with Google and the acquisition of Elmera demonstrate clear progress in the implementation of our strategy. We remain focused on operational excellence, capital discipline and profitable growth, building on our strong financial position."