Fortum: Putting the Balance Sheet to Positive Work with Elmera Transaction

Research evidence excerpt

Fortum: Putting the Balance Sheet to Positive Work with Elmera Transaction

Equity Research

European Utilities & Clean Energy

29 June 2026

Fortum

Putting the Balance Sheet to

Positive Work with Elmera

FORTUM.HE/FORTUM FH EQUAL WEIGHTTransaction

European Utilities & Clean POSITIVE

We view Fortum’s recommended offer for Elmera positively: a Energy Price Target EUR 21.00

sensible Nordic retail bolt-on that deploys under-used Price (26-Jun-26) EUR 19.57

balance-sheet capacity, adds scale in a fragmented low- Potential Upside/Downside +7.3% Source: Bloomberg, Barclays Research

margin market, supports potential synergies, and looks

modestly EPS accretive despite the high headline premium. European Utilities & Clean Energy

Peter Crampton

+44 (0)20 3555 0125

Fortum announces agreement on acquisition of Nordic energy retailer Elmera. Fortum has peter.crampton2@barclays.com

agreed a recommended voluntary cash tender offer for Elmera Group, the Norwegian-listed Barclays, UK

electricity retailer, at NOK 47/share in cash, valuing the company at around NOK 5.1bn

Dominic Nash, PhD(~€450m). The price represents a 59% premium to Elmera’s undisturbed closing price on 24

+44 (0)20 3134 2364

June 2026 and the offer has been unanimously recommended by Elmera’s board, supported by dominic.nash@barclays.com

a fairness opinion from ABG Sundal Collier. The transaction is not conditional on due diligence Barclays, UK

or financing, with Fortum intending to fund the acquisition through existing financial

Laura Marconiarrangements and balance-sheet resources. Initial support is already meaningful, with holders

+44 (0)20 3555 0762

representing ~38% of Elmera’s shares either supporting or pre-accepting the offer, although laura.marconi@barclays.com