President and CEO Markus Rauramo:

“During the first quarter of 2026, Nordic spot prices surged, nearly doubling compared to last year, due to high power demand driven by cold weather, lower hydro reservoir levels, and weak wind generation. Electricity demand across the Nordics was approximately 8 TWh above the long-term average, mainly due to increased non-industrial consumption. In Finland and Sweden, we saw consumption peaks above and around historical record levels. By the end of the quarter, milder temperatures and improved wind conditions brought down spot prices.

Our first-quarter result was good, reflecting the high spot prices despite our high hedge ratio. Our achieved power price was higher than a year ago, at 62.5 EUR/MWh, supported by a strong double-digit optimisation premium. The Generation segment’s solid result benefited from high power prices and hydro generation volumes. The Consumer Solutions segment achieved another strong quarter, at the level of last year’s record.

Our financial position continues to be robust with a leverage for Net debt-to-Comparable EBITDA of 1.1 times at the end of the quarter, and we continue to have sufficient liquidity and credit line buffers. After the reporting period, we signed a new EUR 2.7 billion revolving credit facility, which replaces the previous one.

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 the upcoming growth. We see the data centre sector remaining very active, particularly in Finland, where we are progressing the development of sites to meet future customer needs. As we have communicated this year, we are supporting DayOne in its plans to build a data centre in Nurmijärvi and Nscale with its plans to establish a data centre in Harjavalta.

The escalation of the conflict in the Middle East during the quarter has highlighted the fundamentally different exposure of European power markets to geopolitical shocks. While such events immediately affect gas and coal prices – and therefore power prices in more fossil‑fuel‑dependent markets in Central Europe, the largely decarbonised Nordic power system is structurally less exposed. Nevertheless, prolonged geopolitical tensions and persistently high fuel prices would, if continued, worsen the macroeconomic environment in Europe, increase uncertainty and potentially weigh on economic growth and investment sentiment also in the Nordics.”