Fortum to Acquire Elmera, Reports Lower Second-Quarter Profit
Fortum Oyj announced its intention to acquire Norwegian electricity retailer Elmera Group ASA, aiming to expand its consumer business in the Nordic region. The company's second-quarter results were impacted by lower achieved power prices.
Helsinki – Fortum Oyj announced on July 21, 2026, its intention to launch a tender offer for Norwegian electricity retailer Elmera Group ASA, seeking to grow its consumer solutions business in the Nordic region. The proposed acquisition aims to strengthen Fortum's Nordic footprint and scale.
The transaction supports the growth of Fortum's Consumer Solutions segment, and the company anticipates that the combined entity will yield significant cost efficiencies and operational synergies. The deal remains subject to customary conditions and regulatory approvals.
For the second quarter of 2026, Fortum's comparable EBITDA was EUR 185 million, down from EUR 191 million in the same period last year. Comparable operating profit decreased to EUR 106 million from EUR 115 million, primarily due to lower achieved power prices. Comparable earnings per share stood at EUR 0.08.
During the first half of 2026, comparable EBITDA reached EUR 785 million, an increase from EUR 729 million in the first six months of 2025. Comparable operating profit rose to EUR 627 million from EUR 577 million, mainly driven by higher spot prices and hydro volumes. Comparable earnings per share for the period were EUR 0.53.