FORTUM CORPORATION INVESTOR NEWS 3 MARCH 2022 AT 8:30 EET

In the highly volatile market environment, Fortum has decided to discontinue the reviews on the strategic future alternatives for the company’s electricity retail business (Consumer Solutions) as well as the Polish district heating business.

Fortum will continue to develop the businesses as part of the group. Moreover, Fortum will evaluate alternatives for further decarbonisation of the Polish assets.Fortum Group is committed to carbon neutrality of its European power and heat generation at the latest by 2035.

Fortum’s strategy is to continuously review, optimise, and rotate its portfolio businesses for value creation and to enable new growth. The group has a successful track record in transforming and decarbonising assets and businesses. In 2020–2021, Fortum concluded divestments totalling EUR 5.3 billion of non-core businesses.

Fortum CorporationIngela Ulfves, VP, IR and Financial Communications

Further information:Ingela Ulfves, VP, IR and Financial Communications, tel. +358 40 5151 531Rauno Tiihonen, IR Manager, tel. +358 10 453 6150Carlo Beck, IR Manager, tel. +49 172 751 2480Nora Hallberg, IR Manager, tel. +358 40 720 1775

Consumer Solutions and City Solutions’ heat businesses in brief

Consumer Solutions has electricity and gas retail businesses in Finland, Norway, Sweden, Poland and Spain, including the related customer service and invoicing businesses. Fortum is the largest electricity retail business in the Nordics, with approximately 2.2 million customers across different brands. The business provides electricity, as well as related value-added and digital services, mainly to retail customers and small businesses. In 2021, Consumer Solutions business had approximately 1,100employees.

Fortum’s City Solutions division has heat businesses in Poland, Finland and Norway. In Poland, Fortum operates two combined heat and power (CHP) plants and over 800 km of district heating networks that serve around 360,000 households in the cities of Płock, Wroclaw, Częstochowa, Zabrze and Bytom. In 2021, Fortum had approximately 290 employees in its heating business in Poland.

In Finland, Fortum has a CHP plant in Espoo and a co-owned CHP plant in Naantali. In Norway, Fortum Oslo Varme is jointly owned by Fortum and the City of Oslo, and it is the largest supplier of district heating in the country.