Helsinki Exchange: Earnings Summary (Feb 07)
The Helsinki stock index (OMXH25) rose by +0.66% this week, despite several disappointing forecasts. The peak of the earnings season revealed a clear pattern: while many companies managed to grow their profits, the market severely punished those with a weak outlook. RYTM's analysis helps distinguish one-off factors from genuine business success.
Results: Operating profit growth slowed to 3.8%, although profitability is at a record high. Reason: Cost savings helped offset a decline in sales revenue (-4.1%), but the port solutions segment remains weak. Weekly Change: The stock fell by -8.1%. Context: Investors were disappointed with the 2026 forecast, which predicts only stable sales, leading to a sharp drop in the stock price.
Results: Operating profit grew strongly by 16.4%, driven by the maintenance and modernization business. Reason: The high margin of the services segment successfully compensated for the continued weakness in China's new construction market (-8.7% in new equipment sales). Weekly Change: The stock fell by -1.0%. Context: Despite a good quarter, the 2026 forecast remained cautious, which kept the stock under pressure.
Results: Operating profit jumped to €294 million (compared to a loss a year ago). Reason: The sales margin for renewable products nearly doubled, covering the lack of volume growth in fuel sales. Weekly Change: The stock fell by -1.9%. Context: Although the new partnership with Sony is positive, investors are cautious due to the company's forecast of stagnant sales volumes.
Results: Operating profit grew by an impressive 204.6%. Reason: Exceptionally strong investment income fully covered the increase in insurance costs due to storm damages. Weekly Change: The stock fell by -0.7%. Context: The company cancelled 15 million of its own shares, which supports shareholder value, but a weak forecast limited the upside.
Results: Operating profit grew by 9.6%, with the underlying performance being even stronger due to one-off costs. Reason: Equipment sales in the Energy segment surged (+76.7%) thanks to well-timed deliveries. Weekly Change: The stock rose by +3.1%. Context: Although the decline in new orders (-11%) initially caused concern, the stock recovered quickly on expectations of a special dividend.
Results: Operating profit grew by 32.3%, but this is partly technical. Reason: The growth was boosted by a low comparison base from last year (when a large write-down was made). The building and technical trade is recovering slowly. Weekly Change: The stock fell by -2.6%. Context: Analysts downgraded the stock as the company's own outlook was weaker than expected.
Results: The company turned a large loss into a €476 million profit. Reason: The result was mainly due to accounting factors (increase in forest value, fewer write-downs), while sales revenue declined. Weekly Change: The stock rose by +7.9%. Context: A new strategy and asset sale plan encouraged investors, although major investor BlackRock reduced its stake.
Results: The operating loss deepened to €99.2 million. Reason: Paperboard sales volumes plummeted, and the result was burdened by a large software write-down. Weekly Change: The stock rose by +1.9%. Context: Despite a small rise at the end of the week, the dividend cancellation and ongoing losses are a clear warning sign for investors.
Results: The company turned to a profit (€23M vs -€17M last year). Reason: Infrastructure and Central European housing construction supported the result, while costs were brought under control. Weekly Change: The stock fell by -3.6%. Context: The market doubts the sustainability of the growth and reacted by selling, despite a positive forecast.
Results: Operating profit grew by 2.1%, with the Stockmann division becoming profitable. Reason: Lindex's fashion business sales grew by 7.6% due to better product availability and a strong offering. Weekly Change: The stock rose by +6.9%. Context: A strong 2026 forecast and the successful turnaround of the Stockmann division brought investors back to the stock.
Results: Operating profit grew powerfully by 48.1%. Reason: Sales revenue growth (+10.5%) and new acquisitions have restored the company's profitability. Weekly Change: The stock rose by +4.1%. Context: Research firm Inderes upgraded its recommendation for the stock, believing in continued growth and the success of the new strategy.
Results: Operating profit grew by 11.3%, but sales revenue declined. Reason: Cost savings compensated for weakness in the paper segment, but organic growth has stalled. Weekly Change: The stock fell by -5.6%. Context: A stable (i.e., no growth) forecast led to a drop in the stock, as investors had expected a bolder outlook.
Conclusion
This week's results confirm that profit growth alone is no longer enough—investors demand a clear vision for the future. Companies that were able to demonstrate sources of growth even in a challenging environment (Lindex, Digia) were rewarded by the market, while firms with an uncertain outlook (Konecranes, Valmet) came under selling pressure. RYTM will keep an eye on how these trends develop in the coming quarters.
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