Investor / Analyst material February 2026 Equity story of FORTUM Powering a thriving world DISCLAIMER This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. Any references to the future represent the management's current best understanding. However, the final outcome may differ from them. 2 Content | F ...

Core Insights - The groundbreaking ceremony for a RM31 million biomass steam plant marks a significant step in Malaysia's renewable energy and industrial decarbonization efforts [1][2] Group 1: Project Overview - The biomass steam plant, developed under a 20-year steam supply and purchase agreement, will provide Kaneka Malaysia with up to 30 tonnes per hour of green steam, replacing conventional natural gas-based steam generation [2][3] - The project is a collaboration between Kaneka Malaysia, Bacre Gebeng Sdn Bhd, Knight Frank Project Services Sdn Bhd, and Boilermech Sdn Bhd, with financial support from Bank Islam Malaysia Bhd [3][4] Group 2: Environmental Impact - Kaneka Malaysia aims to reduce its greenhouse gas emissions by 70% by 2030 and achieve net zero by 2050, with the biomass steam plant expected to reduce carbon emissions by approximately 30,000 tCO2e annually [2][5] - The plant is projected to avoid 24,240 tonnes of CO₂ emissions each year and an additional 70,032 tCO₂ reduction over 10 years through methane avoidance [6] Group 3: Strategic Importance - The biomass steam plant aligns with Malaysia's national agenda of MyRER and the National Energy Transition Roadmap, promoting clean energy from agricultural waste and enhancing local employment opportunities [7] - The initiative reinforces circular economy principles and aims to improve Malaysia's competitiveness in environmental, social, and governance-led industries [7]

ZESTY Technology and Funding - Calix has secured a grant agreement with ARENA for $44.9 million to fund up to 50% of the ZESTY Demonstration Plant Project in Australia[43, 46] - The total project budget for the ZESTY demonstration plant, including commissioning and initial testing, is estimated at $90 million[44] - ZESTY is protected by 12 patent families[132] Market Opportunity and Drivers - The iron and steel industry accounts for up to 8% of global CO2 emissions[76] - Countries representing 78% of global GDP have net-zero commitments, driving demand for low-emission technologies[76] - The estimated total addressable market for ZESTY is projected to grow to approximately 790 million tonnes per annum (MT pa) of DRI by 2050[137, 162] ZESTY's Competitive Advantages - ZESTY's technology targets a low hydrogen consumption approach, aiming for the theoretical minimum required for reduction[132, 143, 161] - Pilot testing of ZESTY has achieved metallisation degrees ranging from 70% to 98%[143] - The estimated production cost of green HBI using ZESTY is between US$390 and US$500 per tonne[143]