Helsinki Stock Exchange illusions: four misleading earnings reports
In the stock market, there is often a rule that accounting is like a car's paint job – it can hide rust as well as conceal true power. The first quarter earnings season of 2026 on the Helsinki Stock Exchange offered several such examples where the initial big numbers led investors astray. Now, at the end of May, when the initial emotion has faded and the market is quietly starting to set expectations for the next quarter, it is the right moment to look behind the numbers. We examine four well-known companies whose headline profit growth or decline has been heavily distorted by extraordinary events.
FSKRSFiskars (FSKRS)
Fiskars' first quarter report initially gave the impression of an exceptionally successful business period, as the company's operating profit grew by a staggering 526,1% and reached 19,6 million euros. At the same time, however, the company's sales revenue fell by 3,1% to 282,9 million euros. This contradiction clearly shows that the powerful profit jump that made the headlines is deceptive and does not reflect the actual sales success of the products.
Behind the massive growth is actually the weak comparison base of the same period last year, when the company wrote off 26,4 million euros worth of digital and IT assets. If this one-off cost is removed from the picture, we see that Fiskars is improving its result primarily through strict cost control, not through growing demand – operating expenses decreased by 11,2% year-on-year. For investors, this means that although the company has become more efficient, actual sales growth is still waiting for its time.
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