European Energy Financial Overview

== EUROPEAN ENERGY Production and sale of electricity Continuous increase in sale of electricity 25 20 20 18 Consolidated sale CAGR: 49% 17 20 20 20 20 20 Key findings • Even without divestments in 2018 and Q1 2019, European Energy made a positive result EURM 15 10 9 6 5 0 2015 2016 10 2017 2018 10 6 Q1 20191 • . Revenue from sale of electricity has been growing steadily with a CAGR of 49% between 2015-2018 • Interest Coverage Ratio¹ without divestments still show significant comfort of 3.4x in 2018 compared to 6.5x including divestments Significant profits are realised upon divestment of completed projects Consolidated sale EE-share in non-consolidated companies Profit/loss statement excluding income from divestments - even without divestment EE made a positive result 2018 EURM Reported 2018 Revenue 96 Sale of projects 73 Without sale of projects 23 Reported Q1 2019 Q1 2019 Sale of projects Without sale of projects 125 115 10 Profit after tax from equity-accounted investments 6 6 1 1 Other income 1 1 Direct costs -61 -55 -5 -100 -98 -2 Gross profit 43 18 25 26 17 9 Staff costs -5 -1 -4 -1 0 -1 Other external costs -4 -1 -3 -1 0 -1 EBITDA 34 16 18 24 17 7 Depreciation & impairment -2 -2 -1 -1 Operating profit (EBIT) 31 15 23 6 Finance income 4 4 1 Finance expenses -9 -9 -3 1 -3 Profit/loss before tax 26 10 21 1) ICR EBITDA / Net interest expenses - | 22

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