Fortum schedules October 28 report: UBS lifts Fortum stock target to EUR 24.50

Published on 10/18/2026 at 13:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Elmera acceptances reached 91.61 percent on October 2, 2026. UBS set EUR 24.50 for Fortum stock, and second-quarter cash flow reached EUR 324 million.

Company events and valuation

Fortum announced its October 28, 2026 interim report date on October 14, 2026.
Elmera shareholders accepted 91.61 percent of the offer on October 2, 2026.
UBS raised its Fortum target to EUR 24.50 on October 2, 2026.

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 (ISIN FI0009007132) will publish its January-September 2026 interim report on October 28, 2026, with the release scheduled for approximately 9:00 a.m. EET. The company said in a Cision release dated October 14, 2026, that investors and analysts can join a webcast at 11:00 a.m. EET. The date gives the stock a clear near-term reporting catalyst.

Elmera deal reaches 91.61 percent

Fortum's consumer subsidiary received acceptances for 104,755,535 Elmera shares by the October 2, 2026 offer deadline, equal to 91.61 percent of Elmera's issued shares and voting rights. The settlement is expected on October 23, 2026, subject to the remaining closing conditions, according to Fortum. The offer price was NOK 47 per Elmera share.

What does the target imply?

UBS upgraded Fortum to Neutral from Sell on October 2, 2026 and lifted its target from EUR 14.60 to EUR 24.50 after Fortum signed a 4 TWh power purchase agreement with Google. Investing.com reported that UBS increased its 2030 earnings-per-share estimate by 45 percent and projected 13 percent annual earnings-per-share growth from 2025 through 2030. The target change shows how strongly the Google agreement has altered the valuation debate.

Three events set the timeline

On September 25, 2026, Fortum said Elmera acceptances had passed 90.02 percent. On October 2, 2026, the final acceptance figure reached 91.61 percent and the settlement notice followed. On October 14, 2026, Fortum announced the October 28, 2026 interim report date. Together, the figures move the story from transaction execution toward the next operating update.

Dates for investors

The next stated dates are October 23, 2026, for expected Elmera settlement, and October 28, 2026, for Fortum's January-September 2026 interim report and webcast. The coming report will provide the next reported view of power generation, customer solutions and the financial effect of the Elmera transaction.

Fortum's market position

Fortum is listed on Nasdaq Helsinki under ticker FORTUM and operates in low-carbon power generation, customer services, and heating and cooling. Its electricity generation was 99 percent renewable or nuclear in 2025, according to the company's investor information. The finance snapshot showed a market capitalization of EUR 21.1 billion and a 52-week range of EUR 16.96 to EUR 25.84 as of October 16, 2026.

Report date shapes the next move

The October 28 report is the next hard test for the Google and Elmera investment case. Investors will have to weigh the higher long-term power-contract expectations against the operating figures delivered for the January-September 2026 period.

The further course of trading is shown by the continuously updated real-time quote of Fortum stock.