European Energy Financial Overview

== EUROPEAN ENERGY European Energy providing stable earnings growth Stable high growth in EBITDA with strong margins 2015-Q1 2019 17.7% 18.3% 14.6% 10.8 FY 2015 34.9% 34.2 33.6 24.9 23.6 FY 2016 FY 2017 FY 2018 EBITDA (EURm) EBITDA margin (%) Q1 2019 Considerations . • • EBITDA is stable with a continuously positive development from 2015 - Q12019 EBITDA remains stable under volatile revenues due to the inclusion of profit after tax from equity-accounted investments and the high margin on the increased electricity sales from operational projects not yet divested Profit before tax (EBT) follows the development in EBITDA with European Energy delivering the best-ever results in 2018 The strong EBITDA has continuously resulted in strong EBT results 13.8% 12.7% 8.6% 27.0% 25.8 25.9 17.9 20.7 EBT (EURM) EBT margin (%) 6.4 FY 2015 FY 2016 FY 2017 FY 2018 Q1 2019 | 29

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