This report previews Q2 2026 earnings for Fortum and discusses potential restructuring at Siemens Energy. It also highlights the broader 'super cycle' trend in European utilities driven by datacenter electrification and grid investment.
Key Takeaways
- 1.Fortum Q2 2026 earnings are expected to be weak due to lower nuclear volumes and normalized hydro volumes.
- 2.Siemens Energy is considering spinning off its 'Transformation of Industry' business, potentially improving group margins and focus.
- 3.European utilities are entering a 'super cycle' driven by datacenter power demand and grid modernization.
Table of Contents
- Research you can't miss from past two weeks
- Fortum: Q2 2026 preview: Weak EPS expected, driven by lower nuclear volumes
- Siemens Energy: Restructuring to bring greater focus & higher margins?
- German government will reportedly not accept offshore wind lease return
- Germany: BDEW sets out 12 grid expansion proposals
- Heavy Industry companies call for ETS carbon prices to be frozen
- UK to adjust EV sales target according to press reports
- Other news
- Research you need to read
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Authors
Alberto GandolfiAjay PatelMafalda PombeiroDhwani KhenwarLawrence Lavizani
Securities
FortumENRGEV
Themes
Datacenter power demandGrid Modernization
Regions
EuropeFinlandGermanyUnited Kingdom