DB upgrades Fortum on 'dream' deal to power Google's data centres

Fortum Oyj

14/09/2026 13:55

** Deutsche Bank upgrades Fortum FORTUM.HE to "hold" from "sell" after the Finnish utility won a major power supply contract with Alphabet's GOOGL.O Google
** The broker says the long-term nuclear power deal is a "dream announcement" that locks in higher energy prices for Fortum
** The deal covers nearly a 10th of the energy provider's volume at a premium to future market prices, while securing a massive counterparty for new agreements, DB adds
** The brokerage also points to rising wholesale power prices and expected attractive synergies from Fortum's recent Nordic energy retail acquisition, Almera, as reasons for the upgrade
** It sharply raises earnings estimates and lifts PT by nearly 53% to €24, saying it expects up to a quarter of Fortum's power output to be under similar long-term agreements by 2035
** Out of 21 analysts that cover Fortum, one rates it "buy", 13 "hold" and seven "sell" or "strong sell", according to LSEG data

(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))