Fortum signs Google power deal as Fortum stock sits 8.28 percent below its high

Published on 10/06/2026 at 09:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

UBS lifted its target from EUR 14.60 to EUR 24.50 on October 2, 2026. Fortum stock costs EUR 23.70 on October 6, 2026 after EUR 23.66.

Photorealistic nordic hydropower dam at frozen lake under polar twilight sky with snow-covered conifers — Fortum FI0009007132 nordisches Wasserkraftwerk an verschneitem See bei polarer Dämmerung mit Spiegelung, Illustration mit AI erstellt.

Fortum stock was trading at EUR 23.70 at Lang & Schwarz on October 6, 2026 at 9:16 a.m. CEST, 8.28 percent below its 52-week high of EUR 25.84. As Investing.com reported on October 2, 2026, Fortum signed a 4 TWh power purchase agreement with Google, giving UBS a basis to upgrade the stock from Sell to Neutral.

Google deal raises the growth case

The agreement is tied to data center power demand and covers electricity from Fortum's Loviisa nuclear plant. Investing.com said UBS raised its price target from EUR 14.60 to EUR 24.50 and increased its 2030 earnings per share estimate by 45 percent. UBS also forecast a 13 percent annual earnings per share growth rate for 2025 through 2030, while incorporating potential further power purchase agreements totaling 11 TWh.

The market case therefore rests on monetizing long-term electricity demand rather than on a single-quarter improvement. The higher target is already close to the Lang & Schwarz price, leaving the execution of additional data center agreements central to the valuation argument.

Second-quarter figures show the tradeoff

Fortum's second-quarter 2026 comparable operating profit fell to EUR 106.0 million from EUR 128.0 million in the second quarter of 2025, according to Investing.com. Comparable earnings per share declined to EUR 0.08 from EUR 0.09, while operating cash flow increased to EUR 324.0 million from EUR 203.0 million.

The contrast matters: profitability weakened year over year, but cash generation improved by EUR 121.0 million. Fortum also lowered its 2026 nuclear output guidance to 23 TWh to 23.5 TWh from 23.5 TWh to 24 TWh, adding an operational constraint to the data center opportunity.

Stock remains below the yearly high

Fortum's market capitalization was EUR 21.3 billion on October 6, 2026, while its 52-week range was EUR 16.11 to EUR 25.84. MarketScreener lists October 28, 2026 as the scheduled release date for Fortum's third-quarter 2026 earnings.

At Lang & Schwarz, Fortum was trading at EUR 23.70 on October 6, 2026 at 9:16 a.m. CEST, up 0.17 percent versus the prior close of EUR 23.66. The further course of trading is shown by the continuously updated real-time quote of Fortum stock.