Fortum stock trades at EUR 23.83 as Elmera offer clears 90.02 percent

Published on 09/30/2026 at 11:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fortum stock is down 0.21 percent at EUR 23.83 on September 30, 2026. Q2 comparable operating profit fell to EUR 106 million, while first-half profit reached EUR 627 million.

Black and white reportage photo of energy technician in hard hat inspecting power plant switchgear panels — Fortum FI0009007132 Energietechniker mit Helm vor Schaltanlage im Kraftwerk der Schwarz-Weiß Reportage, Illustration mit AI erstellt.

Fortum stock (ISIN FI0009007132) was trading at EUR 23.83 at Lang & Schwarz on September 30, 2026 at 10:51 a.m. CEST, down 0.21 percent versus the prior close of EUR 23.88. The latest corporate milestone is Fortum's Elmera offer, where acceptances have crossed the 90 percent threshold and the offer period now runs to October 2, 2026.

Elmera offer clears 90 percent

According to Fortum on September 25, 2026, shareholders had accepted 102,940,761 shares, equal to 90.02 percent of Elmera's issued and outstanding share capital and voting rights. The offer price is NOK 47 per share, and the remaining timetable keeps completion dependent on the offer process and customary verification.

The threshold matters because Fortum's Consumer Solutions business is seeking scale in Nordic retail power. In the Q2 earnings call, management described Elmera as a business with nearly 1 million customers alongside Fortum's 2.3 million Consumer Solutions customers, creating a combined customer base above 3 million if the transaction completes.

Profit pressure meets expansion

Fortum's Q2 comparable operating profit declined EUR 9 million to EUR 106 million, while comparable earnings per share fell from EUR 0.09 to EUR 0.08. At the same time, first-half comparable operating profit increased EUR 50 million to EUR 627 million, and operating cash flow reached EUR 324 million in Q2, according to Yahoo Finance in the transcript of the July 21, 2026 earnings call.

The pressure came with a lower achieved power price of EUR 44.90 per MWh in Q2 versus EUR 48.10 per MWh a year earlier. Management kept its 2026 optimization premium guidance at EUR 8.00 to EUR 10.00 per MWh and reduced the 2026 nuclear volume range to 23.00 TWh to 23.50 TWh.

Nuclear deal supports valuation debate

Fortum's September 9, 2026 agreement with Google covers up to 50 percent of Loviisa's capacity through 2050 and supports a EUR 1.0 billion investment program, according to Fortum. The long-term contract adds visibility to the nuclear expansion story, while the Q2 figures show that near-term earnings remain sensitive to power prices, outages and fixed costs.

MarketScreener reported on September 22, 2026 that DNB Carnegie raised its Fortum rating from Hold to Buy and its price target from EUR 20.40 to EUR 27.00. The new target lies 13.30 percent above the Lang & Schwarz price of EUR 23.83.

Fortum stock stays below yearly high

Fortum stock was trading at EUR 23.83 at Lang & Schwarz on September 30, 2026 at 10:51 a.m. CEST, down 0.21 percent versus the prior close of EUR 23.88. The 52-week range was EUR 15.77 to EUR 25.84, leaving the price 7.79 percent below the yearly high.