Big Q1 beat but we think some of the drivers are transitory and we still see limited underlying organic growth or catalyst potential. The data centre angle presents an upside risk, but we don''t see any tangible sign that Fortum is poised to sign a super-material US-style premium PPA in the near term. Good first Q. But how much is sustainable? Fortum beat EPS by 20% on 1) strong optimisation premiums in generation, 2) consumer solutions recovery and 3) finance costs. We think (3) is partly sustainable but the other two probably less-so: management were a little vague on OP drivers in our view and declined to talk-up l-t guidance whilst alluding to potential delayed impact of declining guarantee of origin prices. Meanwhile in consumer solutions the suggestion was Q1 tailwinds were partly transitory with the co effectively reiterating past FY guidance. We raise EPS a touch for FY24 but cut FY25+ and lower our PT slightly. Limited additional fuel for data centre excitement Amidst the intense focus on potential data centre winners especially amongst US investors, Fortum were surprisingly reticent on the opportunity, playing down potential for US-style premium PPA deals, citing more abundant supply of firm renewables capacity in the Nordics than in the US. The co also did not announce any specific new data centre initiatives or PPA offtaker discussions. U/P thesis remains despite data centre upside risk Our view YTD on Fortum has been that with limited underlying organic growth drivers (recent decision to cut growth capex) or catalysts (played down special divi or SBB at FY23 results), there is limited impetus for money to flow into to the shares and long term earnings are likely to lag more growth-oriented peers. There is nothing specific from 1Q results to change this view. And whilst new data centre PPAs present a potential upside risk, we see the chance of an imminent, very large, premium-priced PPA big enough to meaningfully impact earnings or...