JPMC Utilities Daily

Research evidence excerpt

JPMC Utilities Daily

J P M O R G A N Europe Equity Research

29 June 2026

29 June: FORTUM, NTGY/ENG

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• Fortum: Announces Acquisition of Elmera Group (Research Available) Pavan Mahbubani, CFA

• Naturgy / Enagas: Final draft of new regulation: Small positive for Naturgy, (44-20)pavan.mahbubani@jpmorgan.com7134-3056

small negative for Enagas (Research Available) J.P. Morgan Securities plc

Alejandra Botbol

(44-20) 3493-8711Sector News

alejandra.botbol@jpmorgan.com

Samanvitha Theegela

(91-22) 6157-5846

Fortum: Announces Acquisition of Elmera Group samanvitha.theegela@jpmchase.com

(Research Available) J.P. Morgan India Private Limited

Mukund Verma

We see this as an acquisition that makes strategic sense from a Consumer Solutions (44-20) 7742-4181

business perspective, while utilising Fortum’s underlevered balance sheet. We mukund.verma@jpmorgan.com

note that the deal is small relative to the size of Fortum - the acquisition price is J.P. Morgan Securities plc

around 3% of market cap with Elmera contributing an incremental ~4% of Specialist Sales contact details:

Bloomberg consensus FY27 EBITDA. Fortum has announced that it has reached

Ian Mitchell - Specialist Sales -

an agreement with the Board of Elmera for a voluntary cash tender offer to acquire European Energy

all issued and outstanding shares at NOK 47/shr, a 59% premium to the closing (44-20) 7134-1356

trading price of NOK 29.6, a total value of c. 5.1bn NOK (around €450m). The ian.e.mitchell@jpmorgan.com

majority of Elmera shareholders have already expressed their support for the offer.

Elmera is a retail electricity provider across the Nordics, primarily in Norway but