RBC lifts Fortum target to EUR 23.00 as Fortum stock nears results

Published on 10/13/2026 at 04:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cash flow hit EUR 324 million in the second quarter of 2026, up from EUR 203 million. UBS set EUR 24.50 for Fortum stock on September 30, 2026.

Key points in brief

RBC lifted Fortum's target from EUR 17.50 to EUR 23.00 on September 30, 2026, while retaining Sector Perform.
Fortum generated EUR 324.0 million in operating cash flow in the second quarter of 2026, up from EUR 203.0 million.
Fortum stock was last at EUR 23.37 at Lang & Schwarz on October 12, 2026, with a EUR 21.0 billion market capitalization.

Isometric 3D illustration cube showing energy cross-sections: hydro turbine, nuclear reactor, wind turbine, district heating pipes — Fortum FI0009007132 3D Wuerfel Wasserturbine Kernreaktor Windrad Fernwaermerohr isometrisch Energie Teal Technik, Illustration mit AI erstellt.

RBC lifted its Fortum target from EUR 17.50 to EUR 23.00 on September 30, 2026, while retaining Sector Perform, according to Affärsvärlden. The revised target gives the analyst view a clear numerical anchor as Fortum approaches its October reporting date.

Three milestones shape the story

On June 30, 2026, Fortum reported second-quarter revenue of EUR 1.124 billion and net income of EUR 109.0 million. Investing.com also reported comparable operating profit of EUR 106.0 million, down from EUR 115.0 million, while operating cash flow rose to EUR 324.0 million from EUR 203.0 million.

On September 9, 2026, Fortum signed a 4.00 TWh power purchase agreement with Google, a deal that UBS cited when raising its 2030 earnings-per-share estimate by 45 percent. On September 30, RBC raised its target to EUR 23.00 from EUR 17.50, according to Affärsvärlden.

What does the next report test?

The next report will show whether the weaker second-quarter operating result was offset by cash generation and improved power-market conditions. The comparison is concrete: operating cash flow exceeded the second-quarter figure by EUR 121.0 million, while comparable operating profit was EUR 9.0 million below the prior-year quarter.

Two dates matter next

Settlement of the Elmera offer is expected on or about October 23, 2026, after Fortum received acceptances for 91.61 percent of the issued shares and voting rights on October 2, 2026, according to Nasdaq Helsinki. Fortum's next interim report is scheduled for October 28, 2026, according to Affärsvärlden.

Fortum stock stays near its high

Fortum stock was last at EUR 23.37 at Lang & Schwarz on October 12, 2026 at 11:00 p.m. CEST. Its 52-week range was EUR 16.32 to EUR 25.84, placing the last price EUR 2.47 below the high, while market capitalization stood at EUR 21.0 billion. The company is listed on Nasdaq Helsinki under ticker FORTUM and operates in renewable utilities.

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