Fortum to acquire Telge Energi AB - one of the 10 largest electricity solutions providers in Sweden

FORTUM CORPORATION INVESTOR NEWS 7 JUNE 2023 AT 14:00 EEST

Fortum has agreed to acquire the entire shareholding in the Swedish electricity solutions provider Telge Energi AB on a cash and debt-free basis for approximately SEK 450 million (EUR 39 million) from Telge AB. The acquisition supports Fortum's strategic priorities to deliver reliable and clean energy, to drive decarbonisation of its customers' processes, and to transform and develop. The transaction further strengthens Fortum's leading position in providing clean electricity solutions to consumer and enterprise customers in the Nordics.

Telge Energi is among the 10 largest clean electricity retailers in Sweden with a portfolio of approximately 150,000 customer contracts. The customer base consists of retail customers and households as well as small and mid-sized enterprise customers.

In 2022, Telge Energi delivered 1.8 TWh of electricity, the total of which was clean energy with an EBITDA of SEK 23 million (approximately EUR 2 million). The company has approximately 100 employees.

The transaction is subject to clearance by the Swedish Competition Authority and approval by the municipal government and the local government council of the Södertälje municipality. Telge AB is owned by the Södertälje municipality. The closing of the transaction is expected during the third quarter of 2023.

"Telge Energi is one of the most well-known clean electricity solutions providers in Sweden, with high customer satisfaction and strong customer loyalty. The combination of Telge Energi and Fortum will have synergy benefits, which will enhance the development of new solutions and services for our consumer and enterprise customers. We are naturally very excited to be able to develop our sustainable solutions further in our geographical core markets", says Mikael Rönnblad, Executive Vice President of Fortum's Consumer Solutions business.

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



Fortum

Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com

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