Fortum Oyj Corp Ord

It is my pleasure to welcome you to Fortum's joint webcast and news conference for the investor community and media on our fourth quarter and full year 24 financial results. My name is Ingela Ulves and I'm head of investor relations at Fortum. As always, this event is being recorded and you will find a replay on our website later today. With me here in the studio are our CEO, Markus Raurama, and our CFO, Tiina Tuomela. Markus and Tiina will present the group's financial and operational performance during both the fourth quarter and the full year 24, and how our strategy execution has progressed during the year. After the presentations, we again open up for questions on our Q&A session. I now hand over to Markus to start.

Thank you very much, Ingella. A warm welcome to our investor and media call also from my side. I will start by going through the key elements of our financial performance, market fundamentals and follow up on our strategy implementation. After that, Tiina will provide more details, especially on the financials and how this turned into our results. Let me now start with the highlights. For Fortum, 2024 was a year dedicated to our core businesses to optimize our best-in-class operations, divest non-core operations and implement efficiency improvement actions. With these measures, we are building the foundation for future growth. Our goal is to ensure strong financial performance, even in turbulent operating environments. The year 2024 was wet, warm and windy, meaning that the operating conditions were tough. The temperature was above normal. Hydrology increased from below normal to above normal level, and we experienced record high wind generation. At the same time, demand for power developed positively. In 2024, the Nordic consumption increased by nine terawatt hours to 395 terawatt hours, while consumption in the fourth quarter declined by five terawatt hours to 107 terawatt hour compared to previous year. Throughout the year, the lower Nordic spot power prices were reflected, especially in our generation segments financial results. However, due to our flexible and competitive CO2-free generation fleet, our achieved power price reached a good level in 2024, both through successful hedging and physical optimization. The result improved in the consumer solution and other operations segments, both in the fourth quarter and for the full year 2024. Regarding our strategic key performance indicators set in 2024, Our optimization premium reached 8.7 euros per megawatt hour in 2024, thus exceeding our annual target of 6 to 8 euro per megawatt hour. I will come back to these KPIs a bit later in my presentation. Within the scope of our strategic priority to transform and develop, we continued our efficiency improvement program with the target to gradually lower annual fixed cost by 100 million euros, excluding inflation by the end of 2025 with the full run rate from the beginning of 2026. During the year, we continue to reshape our group structure through investments and divestments. The strategic review of the circular solution businesses progressed well during 2024. The biggest transaction was the divestment of our recycling and waste business. The total consideration for the sale amounted to 800 million euros and Fortum recorded a tax exempt capital gain of 176 million euros in the fourth quarter. In May, Fortum successfully divested its stake in the 185 megawatt solar portfolio in India for 33 million euros and recorded a sales gain of 16 million euros in the second quarter. Considering the unlevered balance sheet in combination with ample liquidity and current modest investments, our capital allocation focused on returning capital to our shareholders. The board's proposal is that Fortum would pay a dividend of 1 euro 40 cent per share. 90 cents per share according to our dividend policy, meaning 90% payout from one euro comparable earnings per share. And in addition to that, a special dividend of 50 cents per share to correct the balance sheet and liquidity. The proposal is to pay the dividend in the second quarter of 2025 in one go to correct the balance sheet. We will come back to this topic later in the presentation. Then I move over to our main figures and financial KPIs. These are the familiar compatible KPIs for both the Group's fourth quarter and full year 2024. Considering all external factors, I'm satisfied with our performance. I am especially happy about our ability to optimize our generation as the performance was even above the guided level. In 2024, power prices were at a clearly lower level than in 2023. Consequently, our comparable operating profit declined both for the quarter and on an annual basis. Lower power prices especially affected the result of our generation segment. In the fourth quarter, comparable operating profit for the group amounted to 257 million euros and consequently totaled 1,178,000,000 euros for the full year 2024. Our comparable EPS also declined both on a quarterly and cumulative basis with the full year comparable EPS amounting to exactly one euro per share. For the full year, our operative cash flow decreased and was 1 billion 392 million. However, for the fourth quarter, the operative cash flow increased to 167 million euros. Finally, a few words on the balance sheet and most importantly, our leverage. Defined as financial net debt to comparable EBITDA, leverage was at 0.2 times at the end of 2024 compared to 0.5 times at the end of 2023. Next, I will say a few words about the commodity markets. European gas prices increased and reached 50 euro per megawatt hour by the end of the year. The price increase was attributed to supply side risks related to the expectation that Russian pipeline gas transit via Ukraine would end by the end of December. As Ukraine then eventually terminated the transit agreement, that put pressure on Europe's reliance on LNG and increased competition with Asia. Both our prices were reflected in the continental futures and spot markets. This, however, had limited impact on the Nordics. The year 2024 was warm, wet and windy in the Nordics. High precipitation amounts in October and December further added to the already well-filled hydro reservoirs, especially in the northernmost hydro areas. Turning around from a deficit in the beginning of the year, the reservoir balance reached its highest level since the fourth quarter of 2020. Most of the surplus was in Norway, where Fortum does not have any hydropower generation. Looking at the current hydro reservoirs, they are currently at an all-time high level. In combination with the wet weather conditions, also the Nordic temperatures were 1.5 degrees higher than normal during Q4, resulting in lower than expected Nordic demand. All of this put pressure on spot prices, which declined to very low levels by late November. A temporary recall upwards took place in early December on the back of a bit colder than normal weather, but then temperatures again increased during the holiday season and prices declined by the end of the year. As noted already, we set a new Nordic wind power output record as wind output in the Nordics increased by eight terawatt hours to more than 31 terawatt hours during the fourth quarter, even though wind speeds were slightly below the normal level. Also for the full year, a record was made as wind generation reached 95 terawatt hours. The power prices on the Nordic's future market overall declined over the quarter, especially during the latter part of November and in December. CO2 prices have increased since we reported a quarter ago. On an annual basis, CO2 prices decreased. In 2024, the average price being approximately 67 euros per ton, and in 2023, average price being approximately 85 euros per ton. Then I move over to the strategy execution during the year 2024. We continue to execute our strategy in line with our strategic priorities. We deliver reliable, clean energy. We drive decarbonization of industries and we transform and develop. At the Loisa nuclear power plant, the lifetime extension until 2050 is progressing well. During the year, we made decisions both to modernize the low-pressure turbines and, in the fourth quarter, to renew the main seawater pumps. We also reached an important milestone in securing reliable Western nuclear fuel as we loaded the first batch of Westinghouse fuel in August. In our renewables business, the Pielax wind farm, the third largest in Finland, was fully commissioned in the second quarter and began its commercial operations through the power purchase agreement with Finnish utility Helen in the beginning of July. This was a well-executed project which was both on time and budget with good safety performance. To meet future demand growth from decarbonization, we have actively been working on developing a ready-to-build renewables project pipeline that we can offer our customers through PPAs. As a part of this target, we announced that we acquired a renewables development portfolio from the Finnish wind developer Enersens. In our district heating business, the Espoo Clean Heat program is making significant progress at Espoo and Kirkkonummi sites. We are making preparations for the waste heat offtake from the upcoming Microsoft data centers, as well as at the electricity-based plant in Nuujala, Espoo. As part of the decarbonization program, we closed down our last coal-fired unit in Suomenoja, used for district heating, one year ahead of schedule. As part of our commitment to exit coal by 2027, we made a decision in the fourth quarter to invest 100 million euros during 2025-2026 in the decarbonization of our Czestochowa CHP plant in Poland. Our generation fleet has one of the lowest CO2 emission intensities in Europe. So our strategy so far has been successful and we have had a good starting point to reduce our emissions even further. I will come back to our science-based targets on the next slide. On our strategic priority to drive decarbonization in industries and to support the projected power demand growth from electrification, we have actively developed several potential industrial sites across Finland that we can offer to our industrial customers, including data centers. In addition to the above-mentioned Microsoft data centers, one additional example of this is a site in Rauma that we started to develop for sustainable synthetic aviation fuel production, ESAF, together with Norsk eFuel and the Port of Rauma. In the fourth quarter, we took on the role as an energy partner to support a feasibility study exploring low-carbon aluminum manufacturing opportunities in Kokkola and Kruunupy in Finland. The facility, if realized, would consume approximately seven terawatt-hours of electricity annually. Further, we began to build a two megawatt hydrogen pilot production plant in Lovisa. Recently, there have been active public discussions about possible new nuclear projects in both Sweden and Finland. At Fortum, we see that the electrification of industries, including data centers and transport, require a balance of different power generation technologies. Predictability of the availability and cost of energy is critical in the coming decades. As the share of generation with intermittent renewables increases, hydropower has a vital role in balancing the energy system in the Nordics. In addition to flexible supply, a well-functioning power system would benefit from stable foundation, which nuclear power provides. Our nuclear feasibility study on both conventional nuclear and SMRs is in its final stages, and we will soon come back with more detailed key findings and conclusions. Regarding the economic conditions for new nuclear, we have previously already noted that the current power price levels in the Nordics do not cover commercial requirements for new nuclear. At Fortum, we consider it positive that the Swedish and Finnish governments are investigating financing and risk sharing models, as well as electricity market mechanisms for new nuclear power projects and have requested input from companies. However, we are still very far from required technical and profitability conditions and making any potential investment decisions. And as everybody knows, constructing a nuclear power plant will take a long time, which means that new nuclear would provide power for the demand in the late 2030s at the earliest. When it comes to power demand and growth longer term, we continue to see robust underlying demand for long term power purchase agreements. This supports the global trend, which also indicates demand for nuclear power. As the economical preconditions for new nuclear are currently challenging, lifetime extensions are a very valid solution. We are well positioned with the Lovisa lifetime extension, which provides 1,000 megawatts of capacity for the coming 22 years, corresponding to approximately 177 terawatt hours of additional reliable CO2-free baseload power until 2050, which we can offer to our industrial customers. Furthermore, Fortum and the other owners of our co-owned nuclear plants in Sweden decided to investigate extensions up to 80 years of the operating lifetime of both the Oskarshamn and Forsmark nuclear power plants. Also, TVO is looking into lifetime extensions of Alkiloto 1 and 2. Regarding flexible power in the energy system, we have today announced that we are starting a two-year feasibility study to explore prerequisites for new pumped hydro storage in Sweden. Pumped hydro storage would provide much needed flexible balancing power as it has the ability to both produce, store and consume electricity during long periods of time and in big amounts. In Finland, Fortum's associated company, Kemioki Oy, is exploring pumped storage hydropower plants in northern Finland. On our third priority, to transform and develop, we have been focusing both on efficiency improvement and divestments of non-core assets and businesses. The strategic review of our circular solutions business took a huge step during the third and fourth quarters. In July, we signed an agreement to sell our recycling and waste business to Summa Equity for approximately 800 million euros. During the year, we also divested the biobased solutions as well as our turbine and generator services. In addition, we also sold our last operative renewables business in India. We continue our efforts with the efficiency improvement program with the target to gradually lower our annual fixed cost by 100 million euros, excluding inflation, to achieve a new lower fixed cost base in 2026. However, as we simultaneously are preparing for growth, it means that we, while cutting and reallocating costs, are also increasing our development cost, for example, through renewables and site development. During the year, we also took some further actions to defend our shareholder rights in Russia. We initiated legal proceedings against former PAO Fortum to recover approximately 800 million euros in intercompany loans, including interest. There is only upside related to this legal case, as there is no impairment risk. This process, which is separate from the already ongoing arbitration proceedings against the Russian Federation due to the unlawful seizure of our Russian assets, is expected to take some years. Then I move over to the metering of our strategy execution. In line with our commitment to the clean transition, one of our key focus areas in 2024 was our commitment to set science-based climate targets aligned with the 1.5 degrees Celsius path. Throughout 2024, we worked on setting our climate targets to get them validated by the International Science-Based Targets Initiative. In January this year, we were happy to announce our ambitious SBTI verified targets, which include net zero greenhouse gas emissions across our whole value chain by 2040. We also aim to cut emissions from our own operations, meaning our scope one and two emissions by 85% by 2030. This is even more ambitious than the 1.5 degrees aligned target level. As you can see in this picture, the lighter green sections, our scope one and two emissions, are already now really low. For our specific emissions, i.e. the amount of emissions per produced energy unit, we have one of the lowest specific CO2 emissions in Europe. In 2024, our specific emissions for power generation was just 11 grams of CO2 per kilowatt hour. And for total energy production, i.e. power and heat, it was 26 grams of CO2 per kilowatt hour. This picture also shows our transition plan with concrete actions that we are taking to achieve net zero by 2040. As you can see, the main levers for our Scope 1 and 2 emission reductions concern the decarbonization and coal exit of our own operations. The Meripore coal-fired power plant is now reserved only for severe national disruptions and emergencies until the end of 2026, and we are committed to its coal exit. As mentioned before, the Espoo Clean Heat program already exited coal in April 2024, and in October we announced the decarbonization of the Czestochowa Combined Heat and Power Plant in Poland. Regarding Scope 3 emissions, our main lever is increasing the share of renewable and nuclear-based electricity in the product portfolio in all markets. This requires the solar electricity to have certificates of guarantees of origin, GOOs, which verify the source of the electricity to be low carbon, for example, wind, hydro or nuclear power. We are very excited to continue this journey and will report regularly on the progress of our transition plans and results. As you remember, we set four strategic targets with measurable KPIs one year ago. Here you see these KPIs, targets and the outcome at the end of 2024. Availability of our outright generation fleet is crucial and we set long term targets for the availability of hydro and nuclear. In hydro, the performance in 2024 was good and we reached the target. The outcome was 97% availability, exceeding the target of 95. In nuclear, we did not reach the target of 90% availability, and the outcome was 84. 90% availability is very challenging to reach, and during 2024, there were both prolonged and unplanned outages. When calculating the availability for nuclear, also planned outages are taken into account, counting us on availability. The next target is the optimization premium guided to be in the range of 6 to 8 euro per megawatt hour annually. Our optimization premium exceeded this guidance and was 8.7 euro per megawatt hour in 2024. This is clearly one of our competitive edges and we achieved a very good result last year. The guidance remains the same going forward, even though the outcome exceeded the target range in 2024. The third KPI is long-term hedging, aiming at reducing our merchant exposure and increasing predictability of cash flows. At the end of 2024, the hedged share of rolling 10-year outright generation volume was 18% compared to our target to be at least 20% by the end of 2026. Consequently, we are on track with this target. While the target is to ensure 10-year hedging, currently we see demand for shorter PPA durations and smaller volumes. Hedges done during 2024 were mainly done for the years 2025 to 29 with more than 100 counterparties. At the end of 2023, the hedged share of the rolling 10-year volume was 15%. The last target is to develop growth options and serve customer demand. The KPI is to have a ready to build pipeline for solar and onshore wind of at least 800 megawatts by the end of 2026. At the end of 2024, we did not have any projects that would have reached the ready to build state. However, projects in the underlying pipeline are developing and currently we have a pipeline of approximately five gigawatts of onshore wind and solar projects in the permit process pipeline across the Nordics with even more in an early development phase. This also includes the EnerSense portfolio acquisition that we announced in December. Consequently, the development is progressing and we see that we will reach our target. It is good to note that the prerequisite for making any investment decisions on new renewables is that they are linked to profitable PPAs. Then a couple of words about our capital allocation principles. Our balance sheet is very strong, even overcapitalized, as financial net debt to comparable EBITDA is at 0.2 times. Our objective is to maintain a credit rating of at least BBB+. At the end of 2024, we also had ample liquidity, totaling 8.2 billion euros. With the proposed dividend, we would both activate the balance sheet as well as reduce the liquidity position. Further, we mitigate the effect from changing interest rates, which are lowering deposit rates and thus increasing the net interest costs. The reason for the continued modest capex guidance is that currently power prices do not support new investments and demand has not yet picked up. This guidance of 1.4 billion euros, including annual maintenance capex of 250 million euros, includes already allocated investments. However, if the market sentiment and investment environment improve and projects would meet our investment and profitability criteria, we would make new investment decisions. In 2024, our capital expenditure was below €500 million. As part of the efficiency improvement, we focus on prudent cost allocation for both fixed and development costs to optimize our cash flow. In this situation, with the overcapitalized balance sheet in combination with ample liquidity and modest investments, our priority for capital allocation is to return capital to our shareholders. When it comes to shareholder returns, we prefer cash dividends and do not intend to launch any share buyback programs. With the proposed dividend payment totaling 1.256 billion euros, we would instantly activate the balance sheet and rectify our strong liquidity position. With this special dividend, the dividend yield is approximately 10%, which makes Fortum an attractive investment objective for our shareholders, while it reflects that in the nearest years there is limited organic growth. I hope this clarifies our approach regarding our cash flow focus and capital allocation principles. We are currently focusing on building the preparedness for future growth to be ready for new investments when demand picks up. We see that the Nordic countries are a good location for clean industrial investments, and it is part of our strategy to facilitate them. As mentioned, we are preparing a ready-to-build pipeline of renewable projects. For the longer term in the 2030s, we are exploring prerequisites for pumped hydro and new nuclear, which would provide flexible and stable supply for projected new demand. With this, I end my part and hand over to Tiina for more details.

Thank you, Markus. Good morning, everyone, also on my behalf. I will now go through our financials in more detail. Let's start with the key financials. So let me first comment on some of the comparable KPIs. The comparable operating profit for the fourth quarter amounted to 257 million euros and 1,178 million euros for the year 2024. In the fourth quarter, our comparable net profit and comparable EPS decreased, reflecting the lower result in the generation segment. Our comparable net profit for the quarter declined to €169 million and €900 million for the full year. Consequently, our comparable EPS for the 2024 declined to €1 compared to €1.2 in 2023. On a positive note, our cash flow during the quarter improved to 167 million euros and totaled 1,392 million euros for the full year. Especially due to the divestment of the recycling and waste business, our leverage came further down and was very low with financial net debt to comparable EPTA at 0.2 times at the end of the year. However, taking into account the dividend proposal presented today and adding the dividend payment to our net debt, the leverage would decrease about one time. Let's move over to the income statement to look at certain items in more detail. As we have communicated on our Efficiency Improvement Programme, the target is to reduce the fixed cost base by €100 million, excluding inflation and compared to the baseline year 2022. For 2024, our fixed costs show a small decrease as our annual fixed costs are slightly below €1 billion despite inflation. The fixed cost base continues to go down during this year as we now have actions in place to reduce it further. I will come back to more details on this program at the end of my presentation. Items affecting comparability for the fourth quarter and the full year 2024 mainly reflect the €176 million tax-exempt capital gain from the divestment of the recycling and waste business unchanged in fair value of derivatives, while the majority part in 2023 was related to fair value changes. Share of profits of associated and joint ventures includes updated cost estimate for the Swedish nuclear waste related provision in co-owned nuclear companies, as these are reported in comparable numbers. Our finance cost net was positive. Net interest turned positive. Interest income includes interest income from a Belgian tax case. And in the fourth quarter, we recorded some interest income from a settlement of a commercial dispute recorded. Taxes have been at the normal guided level in 2024. Then over to the result waterfalls for comparable operating profit. Let's look at the waterfall for the fourth quarter comparable operating profit for our segments. Compared to the previous year, the result in our generation segment decreased, while consumer solution and other operation segments improved. In the generation segment, comparable operating profit decreased by 125 million to 265 million euros due to the lower spot and hedge prices and because of lower hydro and nuclear volumes. The negative effect from the volume and price components was partly offset by the positive effect from lower nuclear waste cost in co-owned nuclear production in Finland. The result contribution of the Belax wind farm was slightly positive. The result of the district heating business improved mainly due to the lower fuel cost following more electricity-based productions in Finland and higher sales price for power in Poland. In our consumer solution segment, comparable operating profit increased by 4 million to 16 million euros, mainly due to the reduced scope of the regulated price gap for electricity end users in Poland. This was partly offset by higher depreciation and amortization of customer acquisition costs. In the other operation segment, comparable operating profit improved by 19 million and was 24 million euros negative, mainly due to the higher internal charges to the businesses for services of enabling functions. The result of the circular solution business decreased mainly due to the completion of the recycling and waste business divestment in November. Then, when looking at the comparable operating profit for the year 2024, the same pattern continues. The generation segment result declined, while both consumer solution and the other operation segment improved. The result deviation is basically related to the generation segment. The generation segment's comparable operating profit decreased by 461 million to 1,218 million euros, mainly by the lowest pot and hedge prices, but also lower generation volumes for both nuclear and hydro. and higher cost for Olkiloto's third unit as the first months of 2023 was a test period. The result of the renewable business was positively impacted by a sale gain of 16 million euros from the divestment of Fortum's remaining share in the Indian 185 megawatt solar power portfolio. The result contribution of the Peelax wind farm was slightly positive. The result of the district heating business improved and turned positive, mainly due to the lower fuel costs, which were supported by more electricity-based heat production in Finland and the higher sales price for heat and power in Poland. Comparable operating profit in the consumer segment increased by 38 million to 76 million euros, mainly due to the higher electricity sales margin. Reduced scope of regulated price gap for electricity end users in Poland and higher sales margin for value-adding services. The positive effect was partly offset by lower gas margins in Poland and higher amortization of customer acquisition costs. In the other operation segment, the compatible operating profit improved by 57 million euros and was 116 million negative, mainly due to the higher internal charges for services of enabling functions. The result of the circular solution business decreased mainly due to the completion of the recycling and waste business divestment in November. Then some comments on our financial position, debt and liquidity. Our financial position continues to be very strong, which supports our objective to maintain a credit rating of at least BBB. When considering our capital allocation principles, we balance between leverage, investments and dividends, while always keeping the credit rating in mind. I want to go through the reconciliation of our financial net debt in the fourth quarter. At the end of the third quarter, our financial net debt was 655 million euros. In the fourth quarter, the operating cash flow was 167 million euros and investment amounted to 133 million euros. Realized capex for 2024 totaled 483 million euros. The cash flow effect from our divestment, mainly the recycling and waste business, totaled 758 million euros. In the fourth quarter, we also paid the second installment of the dividend, 511 million euros. The change in interest bearing receivables amounted to 24 million, while FX and other FX was 18 million euros. So at the end of year 2024, our financial net debt was 367 million euros and the leverage ratio for financial net debt to comparable EBITDA was at 0.2 times. Looking at our debt portfolio and the loan maturity profile, I want to highlight a few things. We use bond as primary source of funding. Our maturity profile continues to be very balanced and there are no large maturities in any single year. All in all, our gross debt excluding leases totals €4.7 billion. At the same time, our liquidity position is strong. We have ample liquidity reserves of €8.2 billion. with 4.1 billion of liquid funds and 4.1 billion euros of undrawn committed credit facilities and overdrafts. The cost for our 4.7 billion euro loan portfolio is 3.8%, while the interest income that we get for our 4.1 billion euro liquid funds is 3%. With a strong liquidity position, we will continue to optimize our cash and credit lines. The overall objective is to have sufficient liquidity while optimizing the balance between debt and cash to minimize funding costs. I would like to remind you that considering the Board's dividend proposal, we would pay total dividends of 1,256 million euros in the beginning of the second quarter. As all dividends are paid in one go, the balance sheet and the liquidity position will be rectified at once. Going forward, we would consider returning to dividend payments with two installments. So with this, let's have a look a bit more detail of our leverage and liquidity. This shows a three-year development of our key figures related to leverage and liquidity. our cross-debt and margining requirements have clearly decreased over the time period. Meanwhile, our liquid funds have been relatively stable, which has resulted in a lower net debt. Over this time period, also our EBITDA has decreased and our financial net debt to comparable EBITDA is now at 0.2 times. When adding the proposed dividend to the net debt at the year end, our leverage ratio would be above one time. Market prices of today indicate that EBITDA could go down in the next few years, so with that our leverage would increase. Our maximum leverage is somewhere between 2 to 2.5 times. We are, however, not targeting the maximum levels because we want to maintain a certain level of flexibility. As bonds are our main source of funding, we want to maintain our investment grade rating and have good access to bond markets. Investments need to be profitable and generate new EBITDA, which is challenging in the current price environment. This is reflected in our CAPEX guidance at the moment. As cash generation is aimed for investments and dividends, we also aim to be a good dividend payer for our shareholders, as today's proposal also shows. With these priorities, we also balance our liquidity position. Then over to the outlook section. The outlook section comprises in essence four elements. Guidance for outright hedges, an optimization premium, taxes, capex guidance and our fixed cost reduction program. First, a reminder that our annual outright volume is approximately 47 terawatt hours. Already in connection with our first quarter result, we disclosed new weights of our different price areas. Starting with the hedges. At the end of the year, the hedge price for 2025 was at the same level as last quarter at 42 euros per megawatt hour. The hedge ratio increased by 10% point to 75%. The hedge price for 2026 is the same as last quarter at 41 euros, while the hedge ratio increased by 5 percentage points to 45%. There are no changes to the annual optimization premium guidance. It continues to be at the level of 6 to 8 euros per megawatt hour. While the guidance for the annual level, there might be the quarterly variation. The guidance for our corporate tax rate also remains unchanged. We expect the comparable effect income tax rate to be in the range of 18 to 20%. In 2024, tax rate was 19.1%. I also want to repeat that in Sweden there will be a revision of the property taxes from 2025. For Fortum, the increase of the property taxes is now estimated to be approximately 30 million euros for the years 2025 to 2030. This means that the increase is 30 million euros from 2024 to 2025, after which it stays at the level for the six year period, including 2030. A major part of this cost increase will be recorded in our fixed cost. Our previous estimate last autumn was that the increase would have been 25 million euros. Then to the guidance of our capital expenditure. Capital expenditures for the years 2025 to 2027 is expected to be 1.4 billion euros. This includes maintenance, but excludes potential acquisition. The annual maintenance capex is expected to be approximately 250 million euros for the guided time period and continues to be clearly below our depreciation level of approximately 300 million euros. Growth capex will be in the range of 150 to 300 million euros per year, showing a declining trend between the year. Depending on how the general market develops and if the investment sentiment improves, we can always make new investment decisions. Finally, a few words of our fixed cost reduction program. We target to reduce our recurring annual fixed cost base by 100 million euros, excluding inflation and gradually until the end of 2025 with a new run rate from the beginning of 2026. The divestment in circular solutions, mainly for recycling and waste business, reduces the group's fixed cost base by approximately 150 million euros from 2025. In 2024, we implemented actions that reduced the recurring fixed cost base by more than 60 million euros. Our current estimate is that the new run rate for its fixed cost base in 2026 will be approximately 850 million, excluding the increase in the Swedish property tax from 2025. We have already in 2024 taken actions to build preparedness for future growth, which consumed development cost of approximately 50 million euros. As Markus already mentioned simultaneously, there are additional costs for growth. These are related, for example, renewable development, site development, build up of the commercial organization and the hydrogen pilot project. So this was all from my part, and now we are happy to answer your questions. So with this, Ingela, over to you.