Helsinki: Weekly Results Summary, Feb 21
The OMX Helsinki 25 rose by +2.61% this week. The earnings season shows that investors are digging into the details. While Scanfil's and Aspo's profits were inflated by one-off gains, the market's reaction depended on the future outlook. Bittium's case proves that high expectations can lead to selling pressure even with record results.
The company's operating profit grew by 20.3%, but this was distorted by a one-off gain of €9.9 million from the SRXGlobal transaction. Meanwhile, revenue fell by 0.6%, mainly due to weakness in the Asian market. Nevertheless, the stock ended the week with a strong +6.4% gain. Investors looked past the one-off factors and focused on the positive 2026 forecast and the proposed dividend increase, which instilled confidence.
Bittium reported an exceptional 156.7% growth in operating profit and a 62.3% increase in revenue, driven by the doubling of its defense segment. Despite this, the stock fell by -10.6% for the week. This was a classic case of 'selling the news'—analysts downgraded their ratings due to the high valuation, and the market felt the good news was already priced in.
The forest machine manufacturer's operating profit fell by 35.2% and revenue by 1.8%. Although the decline is slowing, profitability remains under pressure from high input costs. The stock dropped -2.3% for the week. On the positive side, the service business volume has grown strongly in recent years, providing stability, but a 25% drop in new machine orders is keeping investors cautious.
Aspo reported a 127.9% increase in operating profit, but this was entirely due to a one-off gain from the sale of a vessel. Actual revenue fell by 4.2%, and the core business profitability is under pressure. The market reacted harshly—the stock plummeted -14.5% for the week. Investors were not misled by the headline numbers and punished the company for its weakening core business and uncertain outlook.
Conclusion
The week's results highlight the importance of quality over quantity. Investors are clearly distinguishing between growth from one-off transactions (Aspo) and sustainable business success. Meanwhile, Bittium's case shows that even strong results don't guarantee a stock price increase if expectations are set too high. Follow the RYTM platform to stay informed about the latest developments.
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