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

研报英文原文证据摘录

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

Research you can’t miss from past two weeks

European Utilities: Re-pricing the US Renewable industry: EDPR upgraded to Buy (EDP up to Neutral)

Powering Up Europe: Electrification keeps driving power demand higher

Pennon Group: EPS downgrades a negative, clarity to come at strategic update

SSE: Update post FY 2026 results

RWE: Heading towards vertical integration? The Amprion opportunity

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?