A diverse power generation portfolio with competitive low-cost hydro assets and nuclear fleet. One of the lowest exposures to increases in carbon emission prices in Europe. Stable contributions from the City Solutions segment, comprising district heating operations in the Nordics, Baltics, and Poland and expansion into waste-to-energy activities. Exposure to competitive Nordic power markets and volatile power prices. Exposure to the higher-risk Russian power market and the Russian ruble. Solid financial position with a sizable cash balance expected to be used to fund acquisitions or higher dividends. Clear financial policies including a net debt-to-EBITDA target of around 2.5x. Prudent hedging policy partially mitigating the impact from volatile power prices. Strong credit metrics in the near term due to significant cash
