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Research

Fortum: Back to the past

By Juha KinnunenAnalyst
Fortum
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Fortum announced yesterday that it had reached an agreement with the German State on the nationalization of Uniper. Fortum will recover its EUR 8 billion financing for Uniper (loan and guarantee) and gain EUR 0.5 billion from its Uniper holding. Even though the Uniper adventure was extremely expensive, the Fortum that hatches from the solution has a relatively attractive profile and with the current electricity market outlook the balance sheet will recover quite quickly. Of course, there are still risks: final separation from Uniper, exit from Russia, windfall taxes and the sustainability of high electricity prices.

Fortum is active in the energy sector. In addition to the provision of electricity, a number of technical solutions are offered in heat optimization as well as apps that are used to keep track of energy consumption. The company also provides charging stations for electric cars. The largest activity is found around the Nordic market. The company was founded in 1998 and is headquartered in Espoo.

Read more on company page

Key Estimate Figures22.09.2022

202122e23e
Revenue112,400.08,408.89,596.0
growth-%129.3 %-92.5 %14.1 %
EBIT (adj.)2,536.01,571.52,479.8
EBIT-% (adj.)2.3 %18.7 %25.8 %
EPS (adj.)2.00-3.751.94
Dividend1.140.000.00
Dividend %4.2 %
P/E (adj.)13.5neg.11.6
EV/EBITDA47.211.88.4

Forum discussions

News Powered by Cision Fortum tukee globaalia tekoälyinfrastruktuuriyhtiö Nscalea datakeskuksen... FORTUM OYJ LEHDISTÖTIEDOTE 2.4.2026 Eurooppalainen...
4/2/2026, 7:09 AM
by Cadel
11
Well, that was a comprehensive package, thank you. Here’s one more center, not the smallest one: Historiallinen investointi Lappeenrantaan: ...
3/31/2026, 7:53 AM
by VahvaRupla
8
The EIA for the Forssa data center is currently underway, and today, March 31st, is the last day to submit comments. Forssan datakeskus
3/31/2026, 5:59 AM
by NMP...
6
Satakunnan Kansa – 28 Jan 26 Kaavoitus | Datakeskuksen tuleva operaattori astuu esiin lähiaikoina Fortum käy neuvotteluja tulevan toimijan kanssa...
3/30/2026, 5:44 PM
by VahvaRupla
2
Strong Q1 results expected https://www.marketscreener.com/news/barclays-expects-robust-q1-results-for-fortum-on-strong-spot-prices-ce7e5ed3d888f227...
3/25/2026, 11:50 AM
by VahvaRupla
4
This zoning plan was just approved. Max 560 MW power. “The municipality has developed the zoning plan in cooperation with Fortum. Fortum has...
3/24/2026, 7:34 PM
by PörssiPatruuna
8
Slowly, the target prices follow suit https://www.marketscreener.com/news/barclays-raises-fortum-price-target-to-21-50-euros-19-reiterates-equal...
3/23/2026, 8:18 AM
by VahvaRupla
4
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