Fortum clears Elmera threshold as Fortum stock falls 1.01 percent

Fortum stock (ISIN FI0009007132) was trading at EUR 23.46 at Lang & Schwarz on October 1, 2026 at 11:59 a.m. CEST, down 1.01 percent versus the prior close of EUR 23.70. The company has cleared the 90.00 percent minimum acceptance condition in its Elmera tender offer, giving the transaction a concrete path toward completion.

Elmera clears the key threshold

According to Fortum on September 25, 2026, acceptances covered 102,940,761 Elmera shares, equal to 90.02 percent of the issued share capital and voting rights. The offer price remains NOK 47 per Elmera share, while the acceptance period expires on October 2, 2026, at 4:30 p.m. CEST.

The threshold matters because Fortum said the minimum acceptance closing condition had been satisfied, although other closing conditions still apply. Fortum also stated that it intends to pursue a compulsory acquisition of remaining Elmera shares and seek a delisting from Euronext Oslo Bors if the offer is completed.

Q2 profit shows the counterweight

Fortum's second-quarter operating picture was less supportive. In its Q2 2026 earnings call, Yahoo Finance reported comparable operating profit of EUR 106 million, down EUR 9 million from the second quarter of 2025. Comparable earnings per share declined to EUR 0.08 from EUR 0.09, while operating cash flow rose to EUR 324 million.

The comparison highlights the tension in the investment case: Fortum is expanding its Nordic customer platform through Elmera while lower achieved power prices and higher fixed costs weighed on second-quarter earnings. Management maintained its 2026 optimization premium guidance at EUR 8 to EUR 10 per MWh during the call.

Results date gives the next marker

MarketScreener lists October 28, 2026, as Fortum's Q3 2026 earnings release date. The same page reports that SEB raised its Fortum rating to Buy and its target to EUR 29 from EUR 21 on September 10, 2026, but the stock's Lang & Schwarz price remains below that target in a separate euro quotation.

Stock trades below prior close

Fortum was trading at EUR 23.46 at Lang & Schwarz on October 1, 2026 at 11:59 a.m. CEST, versus the EUR 23.70 prior close, a decline of 1.01 percent. The finance quote for Nasdaq Helsinki showed a EUR 15.97 to EUR 25.84 52-week range and market capitalization of EUR 21.0 billion as of October 1, 2026.

The further course of trading is shown by the continuously updated real-time quote of Fortum stock.

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