Fortum concludes the sale of its 50 % stake in Fortum Oslo Varme AS

FORTUM CORPORATION STOCK EXCHANGE RELEASE 19 May 2022 AT 16.10 EEST

Release category: Other information disclosed according to the rules of the Exchange

Fortum has today concluded the sale of its 50% ownership in the district heating company Fortum Oslo Varme AS in Norway to a consortium of institutional investors of Hafslund Eco, Infranode and HitecVision. The signing of the transaction was announced on 22 March 2022.

The total consideration of the sale amounts to approximately EUR 1 billion on a cash and debt free basis and as part of the transaction, Fortum will deconsolidate a related EUR 0.2 billion loan from the City of Oslo. The loan was recognised as liabilities related to assets held for sale in Fortum's first quarter interim report of 2022. Fortum will record a tax-exempt capital gain of approximately EUR 0.6 billion in the City Solutions segment's second-quarter 2022 results.

Over the past years, Fortum has divested several of its heating and cooling businesses. In 2020, Fortum divested its district heating businesses in Joensuu and Järvenpää in Finland, and in 2021, Fortum sold its district heating businesses in the Baltics and its 50% ownership in Stockholm Exergi in Sweden.

Fortum Corporation

Ingela Ulfves
Vice President, Investor relations and Financial Communications

Further information:

Ingela Ulfves, Vice President, Investor Relations and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, Manager, Investor Relations, tel. +358 10 453 6150
Carlo Beck, Manager, Investor Relations, tel. +49 172 751 2480
Nora Hallberg, Manager, Investor Relations, tel. +358 40 720 1775

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www.fortum.com

Fortum
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