Citi lifts Fortum to 'neutral' on power price outlook

Fortum Oyj

02/04/2026 11:12

** Citigroup upgrades Finnish utility Fortum FORTUM.HE to "neutral" from "sell", citing scope for positive earnings surprises driven by higher power prices

** The broker says 2026 earnings are likely to surprise the market positively on the back of higher spot power prices, with its 2026 EPS estimate of EUR 1.15, about 13% above Bloomberg consensus

** It adds that the data centre and electrification theme is unlikely to fade, keeping investor interest high and potentially positioning Fortum as a key beneficiary among European utilities

** "The benefit to Fortum could be due to higher long-term power prices and possible site sales (c.5GW)," Citi says

** Out of 24 analysts that cover Fortum, one rates it "buy", nine rate it "hold", and 14 rate it "sell" or "strong sell" - LSEG data

 (Reporting by Elviira Luoma)

 ((Elviira.luoma@thosmonreuters.com))