Stock exchange release

Fortum’s subsidiary Uniper’s first half 2022 results below last year, withdraws full-year result guidance for 2022

29 June 2022, 21:23 EEST

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FORTUM CORPORATION INSIDE INFORMATION 29 JUNE 2022 AT 21:23 EEST

Fortum’s subsidiary Uniper has today published a stock exchange release (‘ad-hoc’) according to which the company’s first half 2022 results will be significantly below the prior year’s comparable numbers. In addition, Uniper has also removed its full year results guidance.

Since 16 June 2022, Russia has significantly reduced gas supplies to Germany, leaving Uniper with only ~40% of the contractually committed gas volumes from Gazprom. Given the low levels of supplies, on 23 June 2022 a national gas shortage was determined, and the alert level of the Gas Emergency Plan was announced by the German Federal Network Agency. However, as of now the compensation mechanism of the Energy Security Act that would limit the higher gas replacement costs currently being incurred by Uniper has not yet been enacted.

Given the prevailing uncertainty in the geopolitical and operating environment Uniper does not provide a revised results guidance for the full year. The company is in discussions with the German government to address the financial implications of securing energy supplies.

Today’s release published by Uniper can be found on Uniper’s website.

Uniper publishes its interim report for January–June 2022 on 2 August 2022 at 7:30 am CET.

Fortum publishes its interim report for January–June 2022 on 12 August 2022 at 9:00 am EEST.

Fortum Corporation

Ingela Ulfves
Vice President, Investor Relations and Financial Communications

Further information:

Carlo Beck, Manager, Investor Relations, tel. +49 172 751 2480

Distribution:

Nasdaq Helsinki
Main media

www.fortum.com