Berenberg: Fortum Poised to Benefit from Power Demand Growth in Nordics; Forecasts Revised

Berenberg revised its earnings estimates for Fortum (FORTUM.HE), noting the Nordic region's attractiveness for the electrification of industry and transport, data center expansion and eventual hydrogen production. "Fortum is well positioned in the Nordic market to capture opportunities relating to the region's potential for growth in power demand, and a tightening supply-demand balance, including the possibility of signing new power purchase agreements (PPAs). However, questions remain about when, for how much power and at what price new contracts can be secured," the research firm said in a note released Friday. "Furthermore, our EUR19 price target and Hold rating are already based on above-consensus 2026E-30E expectations for realised power prices and generation profits." With these in mind, analysts increased their 2026 EPS and EBITDA estimates by 12% and 10.4%, respectively. Meanwhile, the projections for both metrics were reduced for 2027 and 2028. The Nordic energy company's rating and price target were left unchanged.