Fortum: Painful journey and a silver lining
Fortum will publish its Q2 report on Thursday at around 9.00 am. The result will be shocking due to the loss of more than EUR 9 billion reported by subsidiary Uniper in Q2, but Fortum's Nordic core business is set for record results in the coming years if electricity prices remain exceptionally high. The gap left by Uniper's huge losses on the balance sheet will be filled by the German stabilization package when it is implemented. We have reviewed our estimates and made positive changes, but until the stabilization package is implemented, modeling is extremely difficult, and the estimates can change in the coming months too.
