FORTUM CORPORATION - Change negotiations concluded at Fortum Consumer Business and the IT unit

Fortum Consumer Business and the IT unit have concluded the change negotiations as part of Fortum efficiency programme.

As a result of the negotiations, the total number of redundancies will be approximately 70.

In total, the negotiations concerned some 1,080 employees at Consumer Solutions and IT unit in Finland, Sweden, Norway, and the IT unit in Poland. According to a preliminary estimate, change negotiations could result in the redundancies of a maximum of 130 job positions. The objective of reorganising operations was the need to adjust to Fortum's organisation to reflect the company's new structure and operating model as well to improve profitability and ensure competitiveness over time.

With its efficiency programme, Fortum targets to reduce its annual fixed costs by EUR 100 million gradually until the end of 2025. The reduction of EUR 100 million corresponds to some 10% of the Group's fixed costs for the year 2022. The efficiency programme includes strategic prioritisation and assessment of allocated resources as well as turnaround actions for underperforming businesses. As communicated in November 2023 when introducing the efficiency program, reaching the programme's targets is expected to require personnel reductions.

Contact:

Ingela Ulfves

Vice President

Tel: +358 40 515 1531

Rauno Tiihonen

Tel: +358 10 453 6150

Media:

Tel: +358 40 198 2843