2022-06-29 20:23:00 CEST

2022-06-29 20:23:10 CEST


Fortum - Inside information

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


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

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


Nasdaq Helsinki
Main media

Fortum and Uniper form a European energy group committed to enabling a
successful transition to carbon neutrality for everyone. Our 50 gigawatts of
power generating capacity, substantial gas import and storage operations, and
our global energy trading business enable us to provide Europe and other regions
with a reliable supply of low-carbon energy. We are already Europe's third
largest producer of CO\2\-free electricity, and our growth businesses focus on
clean power, low-carbon energy, and the infrastructure for tomorrow's hydrogen
economy. In addition, we design solutions that help companies and cities reduce
their environmental footprint. Our 20,000 professionals and operations in 40
countries give us the skills, resources, and reach to empower the energy
evolution toward a cleaner world. fortum.com; uniper.energy