GS Utilities Daily: Fortum: Q2 26 preview: Weak EPS expected, driven by lower nuclear volumes // Siemens Energy: Restructuring to bring

Research evidence excerpt

GS Utilities Daily: Fortum: Q2 26 preview: Weak EPS expected, driven by lower nuclear volumes // Siemens Energy: Restructuring to bring

Goldman Sachs GS Utilities Daily

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Fortum: Q2 2026 preview: Weak EPS expected, driven by lower nuclear volumes

Fortum will release its Q2 2026 results on July 21st. We now forecast Q2 2026

comparable EBIT of €180mn and EPS of €0.14 which is below company-compiled

consensus (€197mn EBIT, €0.16 EPS). We expect the weakness versus consensus to be

largely driven by more normalised hydro volumes and an additional nuclear outage. At

Q1 2026, Fortum highlighted nuclear generation volumes were expected at 23.5-24.0

TWh (previously: 24.0-24.5 TWh) but we have since seen further delays to the restart of

Oskarshamn 3 after its outage which implies a lower level than guidance, in our view.

Fortum expects its optimisation premium for 2026 to be c.€8-10/MWh. On hedging, the

company has stated that for the remainder of 2026 it is 75% hedged at 39 €/MWh and

for 2027 it is 60% hedged at 40 €/MWh. We see key areas of interest being: (1) any

updates on developments around the potential data centre opportunity in the Nordics;

(2) Any new information on capital investment; (3) The updated hedging profile; and (4)

Implications to regulatory changes on the subject of affordability. More here

Siemens Energy: Restructuring to bring greater focus & higher margins?