Dear readers. Thank you for reading along. Since day one, the goal of Nordic Edge has been to share thoughtful investment ideas, gather feedback to sharpen my process, and connect with likeminded investors. To better align my time-spend with that purpose, Monday Morning Espresso as you know it (perhaps not so Espresso-y anymore) will be retired. Going forward, I will post noteworthy events, weekly performers, etc. in Notes. Thank you for your continued support and for being part of this journey!

Week 44 marked another earnings-heavy stretch, with ~225 Nordic companies reporting. Market tone remained bifurcated, with upbeat sentiment from consensus beats often fading mid-day, and vice versa. The Nordic all-share index ended the week down -0.9%.

Looking ahead, the calendar will be similarly dense in week 45 as ~300 names are set to report earnings.

Denmark

Although earnings season has yet to fully ramp in Copenhagen, the week did feature the first wave of reports alongside notable M&A activity. Sentiment tilted negative, with the all-share index down -2.5% and large-cap -1.1% on the week.

Sydbank (CPSE:SYDB), Arbejdernes Landsbank (not listed), and Vestjysk Bank (CPSE:VJBA) agreed on a landmark merger, creating one of Denmark’s largest retail and corporate banks under the new name AL Sydbank. Vestjysk Bank (+35%) will be acquired at a 34.2% premium, while Sydbank rose 5.5% to a record DKK 553.5. The merger is expected to deliver annual synergies of DKK 1.2bn from 2028, primarily from IT integration, branch overlaps, and gradual headcount reductions.

Relevant news/events:

• GreenMobility (CPSE:GREENM) lifted its FY2025 guidance for the third time in 2025, now expecting revenue growth of 15-17% (prev. 13-15%) and EBITDA growth of 42-47% (prev. 32-42%) vs 2024. The upward revision reflects strong domestic performance following last year’s exit from international markets; the company now operates 1,400 EVs across Copenhagen and Aarhus.

• ChemoMetec raised its FY2025/26 outlook following stronger-than-expected interest in its XcytoMatic platform, now guiding revenue of DKK 565-580m (prev. 545-565m) and EBITDA of DKK 320-335m (prev. 295-315m). Q1’25/26 trading update is due November 6.

• H+H (CPSE:HH) cut its 2025 guidance on a sharp UK slowdown in October; now sees ~0% organic growth (prev. ~4%) and adj. EBIT of DKK 85-115m (prev. DKK 100-150m), as housebuilders pause new projects amid falling sales rates. Prelim Q3 otherwise in line with revenue DKK 738m (+2% org) and EBIT bsi DKK 53m.

• Novo Nordisk (CPSE:NOVO B) has submitted a bid of up to USD 9 bn to acquire Metsera, which was already in agreement to be acquired by Pfizer for USD 7.3bn. The move signals an intensifying arms race in the obesity‑drug space, and can be viewed as a defensive play to block rivals and secure differentiated next‑gen assets (e.g., Metsera’s MET‑097i and MET‑233i in GLP‑1/amylin). Pfizer has resorted to sue both parties to block the deal.

• Trophy Games (CPSE:TGAMES): sales at DKK 40.2m (+62% y/y) hit an all-time high, driven by the Transport series and the launch of Farm Manager, now the top game by DAUs. EBITDA DKK 7.7m (+57% y/y, 19% margin) and EBT DKK 4.9m (vs. loss LY) on improved scale and cost control despite higher marketing spend (43% of sales). FCF timing impacted by settlement cycles; cash stood at DKK 25.5m (no debt). Mgmt. cited continued momentum ahead, supported by record user growth (+92% y/y paying users).

• AO Johansen (CPSE:AOJ): Q3 sales up +10.5% y/y (8.8% org.) to DKK 1,465m, driven by strong B2C growth (+25% y/y) and resilient B2B performance despite project margin pressure. EBITDA at DKK 98m (+15% y/y) with group margin up 150bps y/y ex one-offs, supported by mix shift and cost discipline. Net leverage at 3.0x with further deleveraging to 2.5x expected by YE. Mgmt. narrowed FY2025 guidance to revenue DKK 6,000-6,100 (prev. 5,950-6,100m) and EBITDA DKK 420-440m (420-450m), citing sustained B2C momentum but ongoing project margin pressure in Denmark and Sweden.

• Netcompany (CPSE:NETC): Q3 revenue DKK 2,172m (+34.6% y/y; +8.5% org) by strong public/private demand and NBS (formerly SDC) integration, which added DKK 421m sales. Adj. EBITDA margin 16.6% (org. 19%) rose y/y on efficiency gains, but special items (DKK 351m YTD) tied to NBS restructuring led to net loss DKK 67.9m and negative FCF. Net leverage 1.7x. Separately, the company hosted CMD, aiming for annual organic growth at 5-10% toward 2029 alongside an EBITDA reaching 20%.

• Tivoli (CPSE:TIV): Q3 revenue DKK 886.5m (-1% y/y) and EBITDA DKK 123.2m (vs. 147.0m LY) reflected fewer opening days but solid per-day attendance and record guest satisfaction. OCF DKK 110.8m (-4% y/y) remained strong, supporting elevated CapEx of DKK 165.5m for the new themed attraction opening summer 2026. Mgmt. raised FY2025 outlook to revenue DKK ~1.33bn and PBT DKK ~145m, expecting Halloween and Christmas season to offset early-year softness.

• Carlsberg (CPSE:CARL): Q3 revenue DKK 24.1bn (+17.8% y/y) driven by the Britvic acquisition (ahead of plan) and Gorkha consolidation, while organic revenue fell -1.4% (ex-San Miguel +0.3%) amid soft demand and Ukraine headwinds. Volumes +16.2% reported, -3.0% organic (ex-San Miguel -1.7%). Premium and international brands (Tuborg, 1664) grew 5%, offsetting mainstream weakness; soft drinks up 4% organically, now 28% of volume. Britvic synergy target raised to GBP 110m. Guidance maintained.

• Trifork (CPSE:TRIFOR): Q3 revenue EUR 49.3m (+4.7% y/y) with adj. EBITDA EUR 7.9m (16.0% margin vs. 12.3% LY) and EBIT EUR 3.4m (6.9% margin), driven by 49% growth in the Run segment and 14% public-sector expansion. Build (-3.9%) and Inspire (-19.8%) declined as focus shifted to higher-margin, product-led projects. Net cash EUR 37m. FY2025 guidance narrowed to revenue EUR 217.5-222.5m and adj. EBITDA EUR 32-34.5m (14.4-15.9% margin). Deconsolidation of Trifork Security will trim sales slightly but lift EBIT by EUR 3m.

Sweden

Stockholm saw a week dominated by earnings reports, though market reaction was more muted vis-á-vis last week. The all-share (-0.9%) and large-cap (-0.7%) indices both drifted lower.

Relevant news/events:

• Balco Group (OM:BALCO): Q3 sales of SEK 277m (cons. 293m), down 16% y/y, driven by delayed project starts in Sweden and Norway and weak UK activity; organic growth -13%. Renovation (SEK 206m, -17% y/y) fell on customer postponements, while New Build (SEK 70m, -17%) remains pressured by macro headwinds. EBITA SEK 3m (vs. 17m SPLY). Net leverage rose sharply to 6.8x (from 2.8x). Mgmt. flagged continued focus on cost discipline and mix improvement, and “encouraging” Nordic renovation momentum.

• Hanza (OM:HANZA): Q3 sales at SEK 1,4bn (in line, +27% y/y), with 2% organic growth and contribution from Milectria and Leden integration. Main Markets +29% y/y aided by strong Nordic demand; Other Markets +24% y/y (margin 7.1%) driven by industrial clients, partly offset by German softness. Gross margin up 390bps y/y to 44.6% on operational efficiencies and mix improvements, while EBIT margin reached 8.8% (+130bps y/y) aided by one-off earn-out release. Net leverage at 1.8x (<2.5x target. Guidance reaffirmed, mgmt. flagging accelerating organic growth Q4 onward, supported by rising defense and energy order intake.

• Storytel (OM:STORY): Q3 sales at SEK 1,013m (cons. 995m), up 6% y/y (9% CC), driven by driven by both Streaming (+4%) which recorded +10% subs (2.6 m) and record‑low churn, and Publishing (+14%) which was aided by Bokfabriken deal and new titles. Adj. EBITDA at SEK 224m for a new high margin at 22.1% on scale and prudent cost control. Net debt at 0.3x and liquidity solid with SEK 527m cash at hand. Management tone confident, citing local‑content moat and Klarna integration tailwind.

• Engcon (OM:ENGCON): Q3 sales at SEK 415m (cons. SEK 430m), up (+1% y/y, +4% organic), supported by robust order intake (+27%) but offset by softer deliveries in Europe. Nordics led with SEK 173m sales (+25% organic) on resilient demand; Europe (-10% organic) and Americas (-4%) weighed, while Asia-Oceania sales were stable. Gross margin fell to 42.6% (46.1%) on adverse mix and FX, compressing EBIT margin to 16.9% (cons. 18.9%; 22.0% LY). Cash generation held back by inventory buildup; net debt rose to SEK 144m (from net cash; SEK 239m unutilized facilities). Management flagged normalizing seasonal demand and upbeat long-term prospects supported by record order book and strategic OEM partnerships.

• Alfa Laval (OM:ALFA) Q3 sales at SEK 17,244m (cons. 16,993m), up +6% y/y (+8% organic), driven by broad strength across divisions despite a 10-13% order intake drag. Energy (+9% sales and 16.6% EBITA margin) aided by Fives Cryogenics; Food & Water (+2% sales, 16.1% margin); Marine (+9% sales, 23.5% margin). Adj. EBITA at SEK 3.2bn for a record margin of 18.4%. FCF of SEK 1.7bn (‑48% y/y) on higher WC and acquisitions; net leverage rose to 1.1x. Liquidity remains robust at SEK 18.6bn. Mgmt. reiterated stable near‑term demand, raised long‑term growth target to 7% p.a., and reaffirmed margin ambition of 17% over the cycle.

• Scandic Hotels (OM:SHOT): Q3 sa.es at SEK 6,372m (cons. 6,472m), up +3% y/y (5.3% organic). RevPAR landed at SEK 966 (cons. 941) and occupancy 74.2% underscored solid demand in Sweden (+8%) and Norway (+6%), offset by softness in Finland (-7%), and pricing initiatives. Adj. EBITDA of SEK 1,088m (cons. 1,089m) for a 17.1% margin (cons. 17.4%), weighed by commercial costs and FX. Dalata acquisition closing in Nov’25 adds 56 hotels ans +15 EPS accretion at 2024 6x EBITDA (2024). CEO flagged good growth, cash flow and stable autumn bookings.

• Sweco (OM:SWEC B): Q3 sales of SEK 7,138m (cons. 7,092m) and EBITA SEK 702m (cons. 630m) ,lifting margin to 9.8% (cons. 8.9%) on continued price hikes and efficiency gains. Order intake and backlog improved, with firm demand across energy, infrastructure, water and environment, and growing exposure to defense and security, offsetting persistent weakness in construction and real estate.

• Hansa Biopharma (OM:HANSA): Q3 revenue SEK 30.8m (-37% y/y), o/w product sales SEK 30.1m (-24% y/y) dragged by temporary European reimbursement headwinds EBIT loss SEK -147.6m on improved gross margin improved to 60% (vs. 50% LY). Pro forma cash at SEK 924m post-October raise and debt restructuring. The pivotal US Phase 3 Confides trial for imlifidase in kidney transplantation met its primary endpoint (eGFR 51.5 vs. 19.3; p<0.0001), de-risking the upcoming BLA filing and paving the way for a 2026 US launch.

• Electrolux (OM:ELUX): Q3 sales at SEK 32.3bn (cons. SEK 31.8bn) up +4.6% organic y/y, while EBIT landed at SEK 890m (SEK 889m), up from SEK 349m LY. North America returned to profit for the first time in years, driven by 10.9% organic growth and cost efficiencies; Europe and APAC saw modest gains, while LatAm remained flat. Leverage at 3.5×. FY2025 capex guidance cut to SEK 3.5-4bn (prev. 4-5bn).

Finland

For the second consecutive week, the industrial-heavy Finnish market diverged from the broader Nordics, sending the all-share (+1.1%) and large-cap (+1.6%) higher. Sentiment was buoyed by generally solid earnings and a rebound in names that sold off the week prior.

Relevant news/events:

• Nokia (HLSE:NOKIA) shares surged after announcing a USD ~1bn strategic investment from Nvidia, involving issuance of ~166m new shares at EUR 5.16/share (2.9% stake). As part of the partnership, Nokia will deploy Nvidia chips to advance its 5G/6G network development, while Nvidia explores integrating Nokia’s datacenter technology into future AI infrastructure.

• Wärtsilä (HLSE:WRT1V): Q3 sales at EUR 1,600m (cons. 1,756m), down -5% y/y on delayed Energy deliveries, while order intake held at EUR 1,800m (+6% org) and book-to-bill stayed healthy at 1.1x. Comparable EBIT rose 10% y/y to EUR 195m (11.9% margin), driven by strong Marine and Energy execution offsetting sharp order declines in Energy Storage (-80% y/y). Cash generation solid, net cash position EUR 1,415m. Mgmt. flagged continued Marine and Energy resilience but Energy Storage weakness from U.S. tariffs and regulation.

• F-secure (HLSE:FSECURE): Q3 sales at EUR 36.1m (cons. EUR 36.5m) down -0.8% y/y (+1.3% CC), with Embedded Services (+10%) offsetting softness in Security Suite (-1.9%) and direct channel (-6%). Adj. EBITA margin at 37% (flat q/q, +30bp y/y) as Opex discipline offset mix-shift and FX headwind. OCF at EUR 11.6m (78% conversion), FCF at EUR 8.2m weighed by tech and HQ investments; net leverage 2.9x.

• Nokian Reenkat (HLSE:TYRES): Q3 sales at EUR 344m (cons. EUR 335m), up +10.8% y/y in CC as strong pricing and mix offset slightly lower volumes (-3%). Passenger Car Tyres led (+13%, 16.6% margin) on premium mix and North American outperformance, while Heavy Tyres fell 4% and Vianor improved despite seasonal losses. Group EBIT at EUR 21.8m on pricing, lower costs, and mix. OCF aied by inventory release; net leverage elevated at 6.7x. FY guidance reaffirmed for higher sales and profitability.

• Posti (HLSE:POSTI) Q3 revenue EUR 343.8m (-3.9% y/y) and EBITDA reached EUR 48.3m (14.0% margin) despite impact from discontinuation of unaddressed mail and soft macro. Parcel volumes rose +8% y/y, led by consumer and recommerce demand, offsetting weaker B2B and freight activity. Outlook reiterated; revenue EUR 1.44-1.50bn, adj. EBIT EUR 65-77m. Management expects a seasonally stronger Q4 but cites continued macro softness and postal decline.

• Valmet (OM:VALMT): Q3 revenue EUR 1,295m (cons. 1,301m), flay y/y (+2% organic) and comparable EBITA at EUR 159m (12.3% margin, record), supported by EUR 15m RR opex savings under the “Lead the Way” program. Orders rose +7% to EUR 1.1bn, led by Process Performance (+11%) and a record U.S. tissue line deal, driving backlog to EUR 4.5bn. FCF at EUR 94m and balance sheet solid with net leverage at 1.5x EBITDA and and liquidity of EUR 479m.

• Kempower (HLSE:KEMPOWR): Q3 sales EUR 73.7m, up 41% y/y on strong North America (+242%) and Europe ex-Nordics (+76%) growth offsetting Nordic softness (-16%). Order intake rose 45% y/y to EUR 74.7m, backlog EUR 117.3m. Gross margin contracted to 45.8% (–550bps y/y) on scrapping, obsolescence, and mix effects, though EBIT turned positive at EUR 0.2m (vs. EUR -7.9m LY) on scale and cost-out. Mgmt. narrowed FY2025 growth to 10-15% (from 10-30%) but reiterated medium-term targets (EUR 750m sales, 10-15% EBIT margin by ‘26-’28).

• Outokumpu (HLSE:OUT1V): Q3 sales at EUR 1,298m (cons. EUR 1,346m), down -14% y/y on weak European demand and high Asian imports, with stainless deliveries -11% y/y to 432kt. Adj. EBITDA of EUR 34m, down from EUR 86m LY and EUR 75m in Q2, pressured by maintenance, ERP rollout, and lower ferrochrome prices. Mgmt. guided Q4 deliveries -5-15% q/q and lower EBITDA, as European weakness persists despite cost savings and ongoing restructuring.

• Qt Group (HLSE:QTCOM): Q3 sales EUR 40.7m (-3% y/y; -0.2% cc) and EBITA at EUR 4.3m (10.5% margin, -59% y/y) reflected smaller deal sizes, fewer large contracts, and cautious customer spend. Cash flow remained solid (YTD EUR 32.4m) with cash EUR 93.9m. The IAR acquisition (EUR 204m) completed, adding EUR 8-10m to 2025e sales but reducing EBITA by EUR 6-7m on one-offs. 2025 guidance maintained.

• Kojamo (HLSE:KOJAMO): Q3 revenue EUR 343.6m (+1.4% y/y) and net rental income EUR 231.6m (+1.4%) on improved occupancy (96.1%) and steady rental demand, offset by higher repair and financing costs driving FFO down 6.7% y/y to EUR 44.1m. Major sale of ~2,000 apartments enabled EUR 200m debt repayment and launch of a EUR 75m buyback, reducing LTV to 42.2% (-2.5pp y/y). Fair value of properties stable at EUR 7.6bn (-3.6% y/y). Guidance maintained. Moody’s affirmed Baa2 rating with a stable outlook.

• Finnair (HLSE:FIA1S): Q3 revenue EUR 834.9m (+2% y/y) supported by Asian strength (mainly Japan) and stable Europe/domestic markets, offset by North Atlantic and Middle East weakness. Comparable EBIT EUR 50.7m (6.1% margin) dragged by EUR 18m strike impact and higher crew, traffic, and maintenance costs. Mgmt. cut FY2025 guidance, with revenue now at EUR ~3.1bn, EBIT EUR 30-60m, citing industrial action, soft North Atlantic yields, and rising EU SAF costs.

• Glaston (HLSE:GLA1V): Q3 sales EUR 56.5m (+2% y/y) with EBITA EUR 4.8m (8.5% margin vs. 7.5% LY) as Services (38% of sales) offset weaker equipment demand. Order intake fell -18% y/y to EUR 43.4m. OCF at EUR -2.8m on lower advances. Cost program targeting EUR 6m annual savings (EUR 2.6m realized) to cushion margins amid soft market conditions. FY2025 guidance cut: revenue EUR 206-215m and EBITA EUR 13.1-15.1m, due to weakness in architectural glass investments.

• Kalmar (HLSE:KALMAR): Q3 sales at EUR 436m (+3% y/y) with record-high comparable EBIT margin of 13.8% driven by strong Services (+12% orders, +8% sales) and eco-portfolio growth (+17%). Equipment orders -20% y/y amid tariff and macro uncertainty, but total backlog rose 6% to EUR ~1bn, with Services order book +27%. Cash conversion 75%, leverage 0.3x. Guidance reiterated. Europe remained solid, Americas subdued, AMEA stable; electrification and low-emission solutions underpin continued structural margin strength.

• Kesko (HLSE:KESKOB) Q3 sales EUR 3.23bn (in line) up 3.5% y/y, and comparable EBIT at EUR 208.1m (-3.8% vs. cons.) on broad-based growth across grocery, building/technical, and car trades. Grocery sales (+2.2% y/y) driven by online (+9.9%); Building & Technical (+9.4%) aided by acquisitions in Denmark, Poland, Baltics; Car trade (+20.3%) on strong used and new car volumes. FCF EUR 147m, net leverage 1.8x. FY2025 EBIT guidance narrowed to EUR 640-690m (from 640-700m), citing slow building recovery

• Technotree (HLSE:TEM1V): Q3 sales at EUR 18.6m (cons. EUR 20.1m) and EBIT EUR 3.6m (cons. EUR 8.3m) for a 19% margin, dragged by lower license revenue and provisions. EBITDA EUR 5.1m and FCF positive for the sixth straight quarter (EUR 3.2m YTD). Order backlog hit a record EUR 105.5m (+40% y/y). FY2025 guidance unchanged: LSD sales growth in CC, +200 bps EBIT margin expansion, FCF EUR >4m.

• Citycon (HLSE:CTY1S): Q3 NRI EUR 52.2m (cons. EUR 52.5m), down -4.4% y/y. Operative EBIT EUT 45.8m (vs 47.0m cons., 49.1m LY). LFL NRI +6.8% y/y on rent growth (+3.9%) and 95.2% occupancy; admin expenses -22% y/y. LTV 46.9%, net leverage 9.6x, liquidity EUR 279m after EUR 750m debt repayments. EPRA NRV EUR 8.33 (-6.6% y/y). Guidance narrowed to EPRA EPS EUR 0.41-0.46 (excl. hybrid EUR 0.60-0.65) (prev. EUR 0.41-0.50 / EUR0.60–0.69.)

Norway

Shares in Oslo remain volatile amid oil-price swings and softer-than-expected large-cap earnings. Despite this, the index retains its position as the region’s top performer YTD. This week, however, the all-share (-1.6%) and large-cap (-2.5%) both ended in red territory.

Among reporting companies was the recently covered, Vend (OM:VEND). The company posted Q3 sales -1.8% y/y to NOK 1,595m (cons. 1,629m), with performance driven by ARPA uplift in Mobility (+9.4% y/y) and Real Estate (9.1%) offsetting lower volumes. Jobs (-12%) and Recommerce (-13%) came in softer vs. SPLY, but was largely expected given discontinuation of select revenue streams. EBITDA landed at NOK 640 (cons 584m) aided by faster TSA phaseout (and associated costs) and user monetization in Mobility and Real Estate. In my view, one of the more attractive opportunities in the Nordics, as elaborated in the below write-up:

Relevant news/events:

• Sats (OB:SATS): Q3 sales +8% y/y to NOK 1,293m (cons. 1.309bn), driven by a 4% rise in members to 756k and higher ARPM (+5% to NOK 576). Segments decent across markets: Norway +6-9% y/y (EBITDA margin 30%) and Sweden +7-10% (EBITDA margin 20%), while Finland and Denmark delivered modest 2-5% top-line gains and margin lift to 10% and 6%, respectively. Group EBITDA (pre-IFRS 16) rose to NOK 192m (15% margin) aided by pricing and utilization; FCF NOK 125m with 69-74% LTM conversion. Net debt 1.3x EBITDA, well below 3.5x covenant. Mgmt. reiterated NOK 1.1bn midterm EBITDA target and signaled >50% of 2025 net profit returned via dividends and buybacks.

• Elopak (OB:ELO): Q3 sales at EUR 289.7m (cons. 304m), +1.2% organic y/y as strong Americas (+18% CC) driven by robust carton/closure volumes, offset EMEA softness (-4.8%) weighed by mix and Roll Fed competition. Group EBITDA at EUR 49.1m (17.0% margin), a record high, aided by operational leverage. OCF at EUR ~55m; capex centered on U.S. expansion (EUR 30m for third line in Little Rock) and sustainability spend. Net leverage 2.1x, near midterm target; EUR 210m RCF adds flexibility. Management reaffirmed 4-6% organic growth and >15% EBITDA margin targets, flagging price increases in 2026 amid rising board costs.

• Nordic Semiconductor (OB:NOD): Q3 sales at USD 179m (cons. 178m), up +13% y/y driven by Industrial & Healthcare (+40%). Gross margin 52% (+240 bps q/q) benefited from mix and Memfault cloud integration. Adj. EBITDA at USD 18m (cons. 23.3m) for a 10.2% margin. Q4 guide: USD 155-175m revenue, >50% GM; Mgmt reiterates medium-term ambition of >20% topline CAGR and 25% EBITDA margin.

• Telenor (OB:TEL): Q3 revenue at 20,304m (cons. 20,249m) up 1.3% y/y, and adj. EBITDA of 9,472m (cons. 9,602m). CEO cited strong momentum in Nordics, yet flagged continued temporary softening in Asia. Cash generation (FCF at NOK 4,173m) and balance sheet (2.3x levered) remains healthy.

• Equinor (OB:EQNR) Q3 revenue at USD 23,388m (cons. USD 23,388m), flat y/y, with 7% production growth (2,130 mboe/d) driven by Bacalhau, Johan Sverdrup ,and Johan Castberg fields. Adj. EBIT at USD 6,210m (cons. USD 6,610m), down 35% y/y on weaker trading in MMP (-45% y/y) and USD 754m impairments from lower long-term oil assumptions. USD 5,650m capital returned via dividends and buybacks. Mg.t reaffirmed 4% 2025 production growth and USD 9bn capital distribution.

• Goodtech (OB:GOD): Q3 revenue NOK 168.0m (+16% y/y) EBITA NOK 9.9m (8.5% margin, +240 bps y/y) on cost discipline and higher utilization. Order intake up 28% y/y to 140 MNOK, backlog 317 MNOK (-9% y/y) supported by a NOK 45m offshore wind contract with Equinor (Bałtyk 2 & 3). Mgmt. sees sustained industrial investment and margin expansion potential via growing service and aftermarket offerings.

• Höegh Autoliners (OB:HAUTO): Q3 revenue at USD 370m (+1.4% vs cons.), supported by record Asian export volumes (+16.7% y/y) and full vessel utilization (43 vessels, 35 owned). EBITDA USD 155m (+0.4% vs cons.) aided by USD 20m gain from sale of Höegh Beijing. CFO at USD 173m; cash balance USD 230m; net leverage 1x. Dividend USD 30m declared, temporarily reduced due to new policy linking payout to quarter-end cash. Guidance implies slightly lower Q4 EBITDA on USD 20m U.S. port fee headwind (USD 60-70m annualized).

• Europris (OB:EPR): Q3 sales NOK 3,500m (cons. NOK 3,475m), up 9% y/y on strong growth in Norway (11.6%), where Europris outperformed the retail market (LFL +10.7%) driven by higher footfall, basket size, and campaign effectiveness; Sweden (~3%) more soft amid store remodelling, though pilot stores showing early positive signs. EBIT came in at NOK 256m (cons. NOK 264m), with margin expansion from gross margin +1ppt to 40.7% and opex/sales -0.6ppt to 25.9%. Mgmt. guides for a strong Q4 on real wage growth and signals major Sweden remodel push from 2026-2027.

• Kongsberg (OM_KOG): Q3 group sales NOK 13,300m (cons. NOK 14,483m), up 12% y/y, driven by 38% growth in Defence & Aerospace (NOK 5,890m) on strong missile and air defense demand; Maritime declined -1% but posted 46% newbuild order intake growth and record backlog, while Discovery was flat. EBIT NOK 2,000m (cons. NOK 2,215m), margin 15.2%, aided by mix and scale effects in Defence, while Maritime margin held at 15.4% despite revenue dip. Company proposes to demerge Kongsberg Maritime into a separately listed entity by April 2026, creating two sector-focused companies—Maritime and Defence & Discovery.

In case you missed it…

The earnings avalanche is fully underway in the Nordics with ~350 reports hitting the tape last week and resetting expectations across sectors. The tone (for now, at least) has leaned constructively positive as beats are outnumbering misses, guidance remaining broadly intact, and management teams signaling demand resilience despite geopolitical noise. Investors have rewarded delivery and punished execution slip-ups cynically, but the center of gravity is upwards, with the Nordic all-share index ending the week up +2.5%.

Denmark

Slower week in Copenhagen compared to the neighboring countries, the week did feature the first few reports for this quarter’s earnings season. Shares traded largely range-bound with the all-share (+0.5%) and large-cap (+0.2%) ending the week flattish.

Relevant news/events:

• Permira/Nordic Capital has cut the minimum acceptance threshold from 75% to 66.6% — the minimum level needed to change the articles of association. Current acceptances stand at 36%. Large holders, incl. ATP (10 %), continue to reject the bid as too low. I sold my shares 17/10/2025 at a +50% gain over 6 months due to the skewed short-term R/R in the event the deal falls through.

• Novo Nordisk (CPSE:NOVO B) chairman, Helge Lund, steps down following disagreement over strategy, and will be replaced by Lars Rebien Sorensen (former CEO and chair of Novo’s largest shareholder). The overhaul sees over half the board departing and follows the recent CEO change.

• Demant (CPSE:DEMANT) has agreed to sell its bone-anchored hearing unit, Oticon Medical, to PE firm Impilo. The transaction includes a DKK 325m cash upfront and DKK 250m tied to milestones.

• Genmab (CPSE:GMAB) fell despite “encouraging” new Phase 1/2 data on Rina-S in advanced endometrial cancer showed positive follow-up efficacy signals in heavily pretreated patients.

• Danish building and installation group, Mendole (CPSE:MENDO) set to debut on the spotlight stock market, raising DKK 4m (gross) for M&A in roofing, energy, lighting and electrical installation services. The IPO was oversubscribed at 1.53x and values the company at DKK 39m.

• DSV (CPSE:DSV) Q3 broadly in line with Schenker synergies cushioning freight markets. Revenue at DKK 72.0bn (cons. DKK 74.2bn) and EBIT DKK 5.43bn (cons. DKK 5.41bn), aided by cost synergies. Schenker contributed DKK 1.46 bn to EBIT in its first full quarter, offsetting soft Air & Sea volumes and inflation pressure in Road. Guidance tightened to EBIT DKK 19.5-20.5bn as market remains sluggish; synergy delivery on track with DKK ~800m expected FY2025 and full DKK 9bn by 2028. Strong cash generation (FCF DKK 4.3bn, 96 % conversion) supports deleveraging, with net leverage eased to 2.7x.

• Embla (CPSE:EMBLA) reported Q3 sales of USD 237m (cons. USD 232m, +11% y/y, +7% organic) driven by Prosthetics & Neuro Orthotics (+13%) and strong regional momentum in APAC (+18%), while Patient Care and Bracing & Supports were flat due to rebranding and U.S. tariff headwinds. EBITDA margin expanded 100bps y/y to 22%, supported by operating leverage and mix. FCF landed at USD 38m, aided by normalized capex (3.6% of sales) and healthy earnings quality. Net leverage at 2.5x stays mid-range of the 2-3x target, backed by USD 191m in available liquidity. FY2025 guidance of 5-6% organic growth and 20-21% EBITDA margin reiterated.

• cBrain (CPSE:CBRAIN) lowered its 2025 revenue growth guidance to 0-5% (prev. 10-15%) following delayed government procurements and slower international ramp-up (U.S., Germany, Africa). To offset lower sales, cBrain will scale back DKK ~30m of planned one-time investments in international initiatives, prompting an EBT margin upgrade to 24-27% (prev. 18-23%), equivalent to DKK 64-77m vs DKK 53-70m previously.

Sweden

Busy week in Stockholm with ~260 companies reporting earnings. Sentiment swung noticeably positive on the back of strong reports with only a few blemishes. The all-share (+3.7%) and large-cap (+3.2%) both ended the week on strong footing.

Among the reporting companies, portfolio company, Swedish Orphan Biovitrum (OM:SOBI), reported a decent set of figures and upgraded its FY2025 guidance. I covered the earnings in more detail in a separate post, linked below:

Relevant news/events:

• Assa Abloy (OM:ASSA B) Q3 sales SEK 38.15bn (cons. 38.16bn) and with organic growth at +3.0% (cons. +3.3 %) driven by solid performance in EMEIA, Entrance Systems, and Americas, though but China was weak (APAC -4 %). Adj. EBIT SEK 6.42bn (cons. 6.35bn) and margin 16.8% (cons. 16.6%); the highest quarterly level in a decade, supported by MFP savings, tariff mitigation, and mix shift toward higher-margin units. OCF improved to SEK 6.97bn (LY 6.34bn). CEO sees 2025 tracking toward another strong year despite tariffs and currency pressure.

• Indutrade (OM:INDT) Q3 sales SEK 7.85bn (cons. 7.84bn) with organic sales down -1%, mainly due to tough comps in Life Science. EBITA at SEK 1.14bn (cons. 1.10bn) for a margin of 14.6% (cons. 14.1%); organic EBITA -5pp offset by M&A (+3pp) and divestments (+1pp). Mgmt. cited decent order intake (+3% y/y) with demand in Life Science, Tech & Systems, and process industries seeing most traction.

• Lifco (OM:LIFCO) Q3 net sales of SEK 6,842m (cons. SEK 6,750m, +8.9% y/y) driven by 4.9% organic and 8% acquisitive growth, partly offset by a 4% FX headwind. EBITA landed at to SEK 1,543m (cons. SEK 1,520m), for a 22.6% margin (+40bps y/y) on continued operational efficiency within Demolition & Tools and Dental performance. Systems Solutions improved y/y but margin dilution persists from lower-margin Contract Manufacturing and weaker European industrial demand. OCF at SEK 1,394m, aided by WC discipline, and net leverage stood at 1.9x (2-3x target) despite intensified M&A spending.

• Addtech (OM:ADDT B) reported broad-based strength with Q2’25/26 sales of SEK 5.45bn (cons. SEK 5.35bn) and EBITA SEK 844m (cons. SEK 807m) for a 15.5% margin (+60bps y/y). Organic growth landed at +4% supported by project strength in Industrial Solutions and solid demand in Energy and Electrification, offsetting softness in Automation and Sawmill. Operating cash flow up 45 % y/y to SEK 859m on improved WC mgmt. Outlook remains constructive with robust order intake, balance sheet capacity strong (1.5x leverage).

• Green Landscaping (OM:GREEN) Q3 figures soft with revenue SEK 1.61bn (cons. 1.58bn), up 4% y/y, aided by M&A (7%) yet countered by organic (-3%) on weak Nordic demand and mild weather. EBITA of SEK 114m (cons. 116m) for a 7.1% margin (8.4% LY), hit by NOK 21m write-downs and lower contribution from Sweden (2.2%) and Norway (2.4%), offset by while Germany/Finland (22.7%). Operating cash flow SEK 47m (121m LY) , weighed by project timing and WC build-up post mild winter; typical Q4 rebound expected. Net leverage at 3.0x EBITDA (2.9x in Q2) and SEK 320m undrawn credit facilities remaining.

• Instalco (OM:INSTAL) Q3 revenue SEK 3.03bn (-2.5% vs cons., -3.7% y/y) eflected continued weakness in Sweden and delayed project starts, partly offset by resilient service activity (+2% y/y). EBIT at SEK 148m (-3.1% vs cons., -3% y/y) held stready, supported by cost controls and early benefits from the new country-based operating model. Order backlog +5.8% y/y to SEK 9.0bn; OCF SEK 133m and (112% cash conversion). Net leverage elevated at 3.3x (vs. 2.5x target), tempering near-term M&A activity in the wake of despite three bolt-ons in Germany (now a 20-company platform). Focus remains on margin uplift (target 8%), working capital efficiency, and readiness for a 2026 market recovery.

• Bravida (OM:BRAV) Q3 revenue SEK 6.43bn (+1.6% vs cons., -2% y/y), driven by Denmark (+20% y//), offset by Sweden (-7%), Norway (-10%), and Finland (-18%). EBITA at SEK 342m (+7.7% vs cons., +17% y/y) on stable execution in a weak construction market. Order intake +5% y/y, with backlog stable, to which mgmt. highlights improved quality, particularly in Sweden and Finland. OCF conversion fell to 63% (134%) on project timing, but net leverage remains low at 1.5x, providing balance sheet headroom for M&A. Management reaffirmed ~5% FY margin guidance, emphasizing margin-over-volume strategy ahead of a gradual market recovery expected from 2026.

• Byggmax (OM:BMAX) Q3 sales were SEK 1,949m (cons. 2,104 m), down -0.8% y/y as soft consumer sentiment weighed on larger renovation projects, partly offset by growth in garden/outdoor. Gross margin up +150bps y/y to 37.4% on e‑commerce optimization and lower waste. EBITA rose to  SEK 272m  (14.0% vs. cons. 12.5%; +10.2% y/y), marking a sixth straight quarter of margin expansion driven by efficiency, cost-outs, and mix-shift. FCF at SEK 283m. Net leverage at 0.4x  EBITDA , leaving the group with a solid liquidity buffer (SEK 1.3bn undrawn facilities).

• Hemnet (OM:HEM) posted revenue at SEK 366.7m (cons. SEK 393m) and EBITDA SEK 195m (cons. SEK 211m), pressured by a 19% y/y drop in published listings as high supply, long sales cycles, and weak sentiment continue to dampen activity. ARPL rose 21% y/y but came in below expectations (SEK 7,477 vs 7,977 cons.) as mix shifted toward mid-tier packages. Margin contracted 200 bps y/y to 53.3% despite solid cost control. Medium term upside hinges on market normalization and monetization of new products amid intensifying competition from free platforms.

• Evolution (OM:EVO) soft Q3 with revenue EUR 507m (-5% vs cons.; -2.4% y/y), dragged by weakness in Europe (-6.5% y/y) and Asia (-6.5% y/y) partially offset resilient performance in North America (+14.5% y/y) and LatAm (+6.4% y/y). EBITDA margin held firm at 66.4% (within 66-68% target) despite higher costs sequentially. Operating cash flow EUR 342m (83% conversion) and strong balance sheet supportive for M&A and continued capital returns.

• Getinge (OM:GETI B) Q3 sales SEK 8.23bn (cons. SEK 8.02bn) and adj. EBITA SEK 1.08bn (cons. SEK 0.99bn) for a margin of 13.1%. Order intake SEK 8.48bn (cons. 8.56bn). Tariffs and FX dragged EBITA by SEK 236m, largely tied to U.S. import duties, though management reiterated FY2025 organic growth target of 2-5% and unchanged financial goals.

• Swedenscare (OM:SECARE) Q3 revenue at SEK 713m (cons. SEK 691m) and EBIT SEK 76.1m (cons. SEK 53.6 m), driven by +11% y/y growth and improved mix. Operational EBITDA at SEK 155m (cons. SEK 141m) aided by OPEX leverage. U.S. retail rollout progressing with NaturVet now in 1,400 Walmart and 1,100 CVS stores. NIBD/EBITDA improved to 2.0x. FY2025 guidance points to DD organic growth and margin stability.

• Vimian (OM:VIMIAN) Q3 figures largely in line. Revenue at EUR 104m (cons. EUR 103m) and EBITDA at EUR 29.1m (cons. EUR 28.0m); EBIT of EUR 19.2m (cons.19.5 m). Organic growth at +9% with strong Specialty Pharma and Veterinary Services, alongside MedTech returning to growth after a soft H1. Positive USD 40.2m indemnification ruling adds EUR 15m post-quarter. Leverage 2.1x; outlook calls for continued DD Specialty Pharma growth and steady M&A pipeline.

• HMS Networks (OM:HMS) Q3 revenue at SEK 894m (cons. SEK 887m), driven by 8% organic sales growth, led by IDS and New Industries divisions led growth, while Europe and Japan stayed cautious. EBIT at SEK 213m (cons. 204 m) on higher gross margins from favorable mix and tariff pass-through. Cash flow solid at SEK 258m (91% conversion). Order intake strong at SEK 855, up 25% y/y (o/w 22% organic). FX tailwind aided Q3 but seen reversing in Q4. New 2030 plan targets SEK 7.5bn sales and 25% EBITA margin with ~50 % of growth from M&A.

• Munters (OM:MTRS) delivered a robust Q3 with net sales up 17% y/y (organic 15%) to SEK 3,798m (cons. 3,694 m) driven by DCT and FoodTech, while AirTech weighed on mix. Order intake surged 57% to SEK 4.16bn (book‑to‑bill 1.1x), led by hyperscaler and AI‑driven demand. Adj. EBITA margin fell to 13.5% (-280bps y/y), mainly dragged by FX; cost savings of SEK 250-300m p.a. are targeted by 2026 (SEK ~150m restructuring cost). FCF at SEK 206m with net levarage at 2.8x (2.5c target) after green bond placement and Geoclima acquisition.

• Hexagon (OM:HEXAB) Q3 revenue EUR 1.30bn (in line, +4% organic), with Americas offsetting EMEA weakness. EBIT at EUR 349m (+1% vs cons., -7% y/y) for a 26.8% margin (-70bps y/y) weighed by currency drag and restructuring costs (EUR 299m, incl. EUR 186m impairments). Cash conversion improved to 77% (70% LY), with NWC at 5.3% of sales. The announced EUR 2.7bn sale of Design & Engineering to Cadence (closing Q1’26, EUR1.4bn gain expected) refocuses the group on core digital-reality and autonomy platforms. Octave spin-off remains on track for H1’26 and sees strong SaaS growth and record bookings.

• Lindab (OM:LIAB) Q3 revenue SEK 3.25bn (+0.6% vs cons., −3% y/y) was stable despite weak construction markets, while EBIT SEK 315m (+8% vs cons., +4% y/y) and margin 9.7% (8.2% LY) reflected full impact of SEK 120m cost-outs. Ventilation Systems (80% of sales) grew +2% y/y with record 10.6% margin, offsetting a -17% decline in Profile Systems, still weighed by Swedish and German building softness. Figures helped by SEK 176m one-off gain from Airmaster earn-out adjustment. Mgmt. points to early signs of recovery going into 2026, underpinned by energy-efficient ventilation demand.

• Sandvik (OM:SAND) Q3 order intake at SEK 30,769m (cons. SEK 29,844m), up +16% y/y in CC, driven by strong demand in mining, software, and digital solutions. Revenue landed at SEK 29,218 (cons. SEK 29,849m), with adj. EBITA at SEK 5,539m (cons. SEK 5,725m). FCF generation stable at SEK 4,493m (SEK 3,983m LY). Market reacted positively to strong order momentum despite margin compression.

• AAK (OM:AAK) showed resilience despite soft chocolate demand and FX headwinds. Q3 revenue at SEK 11.5bn (cons. 11.53bn) and EBIT SEK 1.26bn (cons. 1.25bn). Weaker chocolate and bakery volumes (-8 % y/y in Chocolate & Confectionery Fats, -2 % total excl. Hillside) were offset by higher margins from cost-out and pricing discipline. EBIT/kg rose 5% y/y (12 % at CC) to SEK 2.47, supported by mix and cost savings from the Fit to Win program. Strong cash generation FCF SEK 221m; low net leverage 0.6x. Outlook suggest sequential volume recovery expected into 2026 driven by reformulation tailwinds from high cocoa prices and local commercial initiatives.

• Essity (OM:ESSITY B) Q3 revenue at SEK 34.6bn (cons. 34.5bn) with organic growth at +0.9% (cons. +1%), held back by FX and softer tissue volumes. Adj. EBITA landed at SEK 5.06bn (cons. 4.82bn), aided by mix, and variable cost-efficiencies. New SEK 1bn SG&A savings program launched to fund growth in premium and health categories; full effect expected by 2026. Net leverage at 1.2x post share buybacks. Outlook constructive with lower pulp costs to aid Q4 margins, and focus shifting toward profitable volume recovery and innovation-led growth.

• Axfood (OM:AXFO) Q3 landed slightly lower than expected with revenue at SEK 22.3bn (cons. SEK 22.5bn) with decent LFL growth in core Willys (+4.1% y/y) and Hemköp incl. franchise and Tempo (+4.8). Adj. EBIT SEK 1.10bn (cons. SEK 1.12bn), for a margin of 4.9%, dragged by City Gross integration costs (SEK 115m vs 100m guided). City Gross still expected to break even H2 2026. Cash flow remained strong (Q3 SEK 1.35bn), supported by tight working capital. FY2025 capex guidance of SEK 1.6-1.7bn reiterated, though store openings trimmed to 9.

• Telia (OM:TELIA) Q3 revenue SEK 19.9bn (in line; +1.1% y/y LFL), mainly driven by service revenue expansion in Sweden and the Baltics, where broadband, TV, and mobile performed well. EBIT SEK 4.0bn (+3% vs cons.) on improved mix and cost efficiencies. Net debt fell SEK 7.1bn (1.9x), supported by solid FCF generation (SEK 2.9bn), divestment of TV & Media and disciplined CapEx (SEK 13bn). FY2025 guidance raised: FCF SEK ~8bn (prev. 7.5bn), EBITDA ≥5%, service revenue +2%. Capital returns intact under progressive dividend policy.

Finland

Shares in Helsinki saw their strongest weekly performance in a long while, with the all-share (+4.4%) and large-cap (+5.5%) powering through the week with strong momentum on the back of large-cap earnings.

Relevant news/events:

• Wulff (HLSE:WUF1V) Q3 revenue at EUR 31.2 m (cons. EUR 29.2m) and EBIT of EUR 2.3m (cons. EUR 3.0m), both at record highs driven by +71% growth in staffing and accounting services. Workplace products -2 % y/y but margins held firm. Outlook reiterated, with FY2025 growth seen continuing.

• Relais (HLSE:RELAIS) reported Q3 revenue at EUR 101.1m (cons. EUR 101.0m), driven by +35 % y/y growth from M&A and steady organic expansion. Comparable EBITA margin 10.8% (-1.4 pp y/y) as integration costs weighed temporarily. Multiple acquisitions, incl. Team Verksted, Matro Group, and Autodelar, made Relais the largest independent CV workshop operator in the Nordics. Leverage elevated at 3.7x EBITDA; hybrid bond EUR 50m issued to fund M&A. Also, Christian Johansson Gebauer announced as new CEO as of Jan 2026.

• Ponsse (HLSE:PON1V) Q3 revenue EUR 173m (cons. EUR 179m), pressured by Nordic demand softening, partly offset by recovery in Germany, France, and the U.S. Profitability fell short of expectations with EBIT EUR 9.6m (cons. EUR 17.7m) on lower gross margins. FY2025 EBIT expected slightly above 2024; focus remains on cost control, R&D, and network expansion amid challenging forestry markets.

• Olvi (HLSE:OLVAS) Q3 revenue EUR 186m (cons. EUR 196m) dragged by soft consumer sentiment and poor summer weather, particularly in the Baltics and Denmark, though the company still saw market share gains in non-alcoholic and premium segments. EBIT landed at EUR 26.9m (cons. EUR 33.5m); margin expansion driven by mix-shift and operational efficiencies. Guidance cut with FY2025 EBIT now EUR 80-84 m (prev. 82-86 m). Three acquisitions (Latvia, Estonia, Bosnia) expand footprint; Q4 expected stronger as cost phasing normalizes.

• Tietoevry (HLSE:TIETO) Q3 revenue EUR 454m (-1% vs cons., +4% y/y) was aided by a one-off EUR 22m court ruling in Banking. Underlying organic growth stood at -1% y/y, reflecting soft market conditions in Create and Care (-3%), partially offset by Banking (+14%), Industry (3%), and care (2%). EBIT EUR 87.8m (+10% vs cons.) and margin 19.3% (15.2% excl. court ruling) benefited from ongoing cost programs (EUR 75m run-rate savings achieved). FCF EUR 217m was inflated by the Tech Services divestment (EUR 201m proceeds), which also cut NIBD to EUR 552m (2.4x EBITDA). Order backlog rose 11% y/y, but most contribution is expected beyond 2026.

• Metso (HLSE:METSO) Q3 revenue EUR 1.33bn (+7% vs cons., +10% y/y) and EBIT EUR 222m (+10% vs cons., +9% y/y) reflected strong execution across both Minerals (sales +10% y/y, 18% margin) and Aggregates (+9% y/y, 16% margin), with aftermarket mix (53% of sales) underpinning resilience. Orders +2% y/y, driven by robust mining demand, offset softer U.S. aggregates. OCF at EUR 266m (EUR -19m LY) on improved WC. Net leverage at 1.3x. New strategy targets ≥7% annual growth and >18% EBITA margin by 2028, from copper/gold projects, aftermarket expansion, and sustainability-driven product leadership.

• Kone (HLSE:KNEBV) Q3 revenue EUR 2.76bn (+0.1% vs cons.; +3.9% y/y) and EBIT EUR 341m (+0.6% vs cons.;+6.6% y/y) reflected continued pivot toward Service and (+7% y/y) Modernization (+16%) (together >60% of sales), offsetting ongoing China new-build (-5%) weakness. EBIT margin expanded 75bps y/y to 12.3% on mix-shift and efficiency gains. OCF at EUR 444m, aided by WC release (NWC EUR -818m), lifting net cash to EUR 480m. Order intake rose +7.8% y/y and backlog +31% y/y. Management reaffirmed FY2025 guidance (3-5% organic growth, 11.9-12.3% EBIT margin), flagging FX and China as key headwinds.

• Konecranes (HLSE:KCR) Q3 revenue EUR 989m (-5% vs cons., -8% y/y), dragged by lower Port Solutions volumes, partly offset by resilient Service and Equipment demand. However, EBIT lifted to EUR 154m (+16% vs cons., +16% y/y) on mix-shift, and one-offs (EUR ~10m). Order intake surged +23% y/y to EUR 1.15bn, led by Industrial Equipment (+26%) and Port Solutions (+36%), driving backlog above EUR 3bn. FCF at EUR 214m, supported by disciplined working capital management (NWC 6.7% of sales). . Outlook stable: FY2025 sales to remain flat with margin at or above 2024 levels, implying Q4 margin to normalize.

• Hiab (HLSE:HIAB) Q3 revenue EUR 346m (-6% vs cons., -11% y/y) and EBIT EUR 39.6m (-29% vs cons., -28% y/y) reflected soft U.S. Equipment demand and lower delivery volumes, partly offset by continued Service growth (+4% y/y, 23.5% margin). Eco portfolio maintained momentum (+23% y/y, now 40% of sales), supportive amid trade-driven volume pressure. Cash conversion was strong (173%, OCF EUR 69m) aided by inventory discipline. Net cash at EUR 308m. MacGregor divestment strengthened the balance sheet, funding an extra EUR 101m dividend. Outlook steady: FY2025 EBIT margin >13.5%, with a EUR 20m cost program planned for 2026 to offset macro and U.S. tariff headwinds.

• Nokia (HLSE:NOKIA) Q3 revenue EUR 4.83bn (+4% vs cons., +9% y/y cc), supported by broad-based growth across Network Infrastructure (+11%), Cloud & Network Services (+13%), and Mobile Networks (+4%), with AI and cloud demand driving Optical and IP. EBIT EUR 435m (+27% vs cons., flat y/y excl. one-offs) as margins normalized from a strong base; comparable operating margin 9.0% (-220bps y/y) but steady ex one-time benefits. FCF EUR 429m lifted net cash to EUR 3.0bn, despite Infinera integration, which is ahead of plan and contributing positively. Order intake strong and backlog up y/y, reinforcing confidence in upgraded FY2025 EBIT guidance (EUR 1.7-2.2bn) and Q4 above-seasonal growth.

• Scanfil (HLSE:SCANFL) Q3 revenue EUR 191m (-2% vs cons., +10% y/y) marked a clear return to organic growth (+7.8%) as Medtech & Life Science (+16%) and Energy & Cleantech (+26%) offset Industrial softness (-2%). APAC (+26%) and Americas led growth and (+31%), while Central Europe lagged (-3%). EBIT EUR 14.1m (in line, +27% y/y) delivered a 7.4% margin, aided by mix, efficiency, and stable pricing. Order intake remained healthy with EUR 72m of new contracts, and three acquisitions (MB Elettronica, ADCO Circuits, SRXGlobal) broadened sector and regional reach. Balance sheet remains strong net leverage 0.1x). FY2025 guidance EUR 780-920m sales, EUR 55-68m EBITA with focus on integration, cost control, and continued organic momentum into Q4.

• Metsä Board (HLSE:METSA) Q3 revenue EUR 441m (-2% vs cons., -7% y/y) and EBIT EUR -45.6m (vs cons. 13.9m) reflected persistent U.S. tariffs, soft European demand, and production curtailments. Folding boxboard volumes (-9%) and pulp (-13%) weighed on mix, while stable pricing limited further downside. OCF at EUR 122m on EUR 120m WC release. Net cash at EUR 75. A broad cost program launched, targeting material EBITDA uplift and efficiency gains; up to 315 job cuts possible. No near-term guidance, but FY cash flow expected positive; lower wood costs and capacity optimization underpin recovery potential into 2026.

Norway

Sentiment the cyclical-heavy indices in Oslo appear to stabilize with the all-share (+1.3%) and large-cap (+1.0%) both finishing the week higher. Roughly 28 prints hit the tape, and cyclicals led the leaderboard while financials sat at the other end of the spectrum.

The week also featured earnings from watchlisted company, Medistim (OM:MEDI) which has seen its shares soar 20% since publication of my deep-dive.

Q3 showed continued strength with 2025 shaping up to be a banner-year. In Q3, the company delivered revenue of NOK 166.8m (cons. NOK 160m), up +25.7% y/y, driven by double-digit growth in Americas (+35.7%) and APAC (+194%), offset by softer EMEA (-11.8%). Imaging products rose +39.7%, fueled by the MiraQ INTUI launch, while Flow systems grew +25.3%.

The gross margin improved 260bps y/y to 81.5% mainly from pivot to direct GTM and pricing actions, which outweighed drag from mix effects. EBIT landed at NOK 40.6m (cons. NOK 38m, +27.1% y/y). FCF reached NOK 53.1m and balance sheet remains debt free with a net cash balance at NOK 129.1m (post leases and deferred income). I continue to believe the company is overcapitalized and welcome added debt to fund the equity story more aggressively and/or return money to shareholders.

Relevant news/events:

• Market chatter suggests Frontline (OB:FRO) is weighing a sale of its entire LR2 product tanker fleet (USD ~1bn). Some see scope for a sizeable special dividend, others expect redeployment into crude tonnage given firm rates and Fredriksen’s historic bias toward reinvestment.

• HydrogenPro (OB:HYPRO) is being rumored as a takeover target amid green hydrogen consolidation. The OEM, backed by Andritz (16.7 %), Mitsubishi (12.3 %) and LONGi (13.3 %), posted LTM Q2’25 revenue NOK 177m and EBITDA NOK -181m. Strategic partners’ cross-holdings and sector synergies make M&A plausible, though no formal process is underway.

• Kitron (OB:KIT) Q3 revenue EUR 168m (-4% vs cons., +16% y/y) and EBIT EUR 14.6m (-10% vs cons., +36% y/y). Defence & Aerospace (+82% y/y) drove growth, offsetting weaker Connectivity and Medical demand. Order intake at EUR 257m (+73% y/y) lifted backlog to a record EUR 599m (+31%), supporting a raised FY2025 revenue guide (EUR 700-740m) and EBIT (EUR 59-66m). Operating cash flow jumped to EUR 44m (vs EUR 2m LY) on stronger WC mgmt. Leverage at 0.8x and balance sheet supportive of continued capacity expansion in the Nordics and Malaysia. Defence-led growth cycle underpins visibility into 2026, though lumpiness should be a watchpoint.

• ATEA (OB:ATEA) Q3 gross sales rose 9% y/y to NOK 12.3bn, with broad-based demand across hardware (+6%), software/cloud (+17%), and services (+6%). IFRS revenue was NOK 8.4bn (in line) and EBIT NOK 348m (-1% vs cons.) Strong execution in Norway and Sweden, though restructuring in Denmark continues to weigh alongside softer demand in Finland (recovery expected Q4). Operating cash flow solid at NOK 220m; net debt stable at 0.2x EBITDA.

• Zalaris (OB:ZAL) Q3 revenue NOK 375m (+10% y/y) hit a new high, driven by Managed Services (+14% y/y, 77% of total) and robust growth across UK/Ireland and APAC. Adjusted EBIT NOK 47m (+27% y/y, 12.6% margin) marked the strongest Q3 to date, supported by automation, nearshore leverage, and mix shift toward recurring contracts. Operating cash flow NOK 10.9m was seasonally weaker due to timing effects. Balance sheet strengthened, with net leverage down to 0.9x, and refinanced EUR 40m RCF is set to cut annual interest by EUR ~17m. Management reaffirmed its 2028 targets (NOK 2bn revenue, 13-15% EBIT margin), highlighting high visibility and accelerating SAP S/4 HANA migration.

• Norwegian Air Shuttle (OB:NAS) Q3 revenue at NOK 12.3bn (cons. NOK 12.4bn) and EBIT NOK 3.0bn (cons. NOK 2.9bn) for a 25.1% margin (+670bps y/y) on lower unit costs and high load factors. Passenger volumes +9% y/y across Norwegian and Widerøe. FCF landed at NOK 826m. Dividend of NOK 0.90/share (NOK 950 m total) and repaid legacy bonds. Fleet expansion ongoing with 80 new 737 MAX 8s on order. Program X to deliver NOK >1bn profit uplift by 2026; booked winter yields ahead y/y.

• Vår Energi (OB:VAR) Q3 production at 370 kboepd (cons. 386 kboepd), with revenue at USD 2.14bn (cons. USD 2.15bn) and pre-tax profit of USD 1.00bn (cons. USD 0.95bn). FCF strong at USD 508m (Q2: USD 4 m) on stronger operations and prudent cost-control. Dividend at USD 300m maintained. Q4 output guided at ~430 kboepd as Balder X and Castberg reach plateau. CEO Walker flagged transition into “harvest phase” with de-risked portfolio and sustainable FCF at USD 60/bbl oil

• TGS (OB:TGS) Q3 revenue USD 424m (+12% vs cons.) and EBITDA USD 278m (+40%) sharply outperformed on surging multi-client late sales (2.1x sales/investment) and tight cost control post-PGS integration with SG&A down 33% y/y. Order inflow of USD 436m pushing backlog to USD 473m. Cash flow robust and net debt down to 0.9x EBITDA, supporting the USD 0.155 dividend. Capex trimmed to USD 110m as integration synergies accelerate; FY guidance reaffirmed with improving marine utilization and sustained multi-client demand.

In case you missed it…

Despite global indices ending higher, it appears market jitters are building as investors flag signs of revenue roundtripping among mega-cap AI names and rising credit quality concerns following the bankruptcies of First Brands Group and Tricolor Holdings, both of which have hit a handful of large U.S. banks with losses. At this stage, fears remain contained and mainly headline-driven, though the U.S. regional bank index did end the week -6% lower.

In the Nordics, the earnings season is has officially kicked off, with the first batch of companies reporting last week, mainly out of Sweden (37) and to a lesser extent Norway (6) and Finland (2). On the margin, reported figures slightly outperformed consensus yet most shares reacted negatively anyway. The Nordic all-share index ended the week down -0.6%, counter to other regional-/global indices.

Denmark

Diverging sentiment in Copenhagen, with the all-share (-2.5%) and large-cap (-0.1%) both ending down. Obesity-related names (NOVO, ZEAL, GUBRA) faced pressure on the back of President Trump’s vowing to lower prices on weight loss drugs.

Relevant news/events:

• Asetek (CPSE:ASTK) has secured a deal with a returning “tier-one” customer, prompting the company to lift its medium-term Liquid Cooling revenue goal to USD >65m (prev. >USD 50m) and targets adj. EBITDA margins above 25%. The deal comes with minimum volume commitment estimated at $35 million during the first 2-year term, from start of shipments, but revenues may be higher depending on actual order volumes. FY2025 guidance unchanged.

• Nordic Capital and Permira raise their bid DKK 250/share (prev. DKK 230/share) for Bavarian Nordic (CPSE:BAVA) and extended the acceptance deadline to Nov 5, targeting a ≥75% stake. The consortium only reached 25.7% support, though institutional owners equiv. to 5.3% of the share capital have expressed their support of the new offer (i.e. 30.7% official support). The offer implies ~10.1x 2025E EV/EBITDA at the midpoint of FY2025 guidance. I first highlighted BAVA as a sector favorite in April, and flagged likely higher bid on the back of the first offer. I find it difficult to assess the next steps from here, hence I have sold my shares (+56.9% since publication).

• Dataproces (CPSE:DATA) released its 2030 growth target of reaching DKK 200m in topline (vs. DKK 46m in LTM Q2’25), reached by: (i) doubling topline in DK (i.e. to implied DKK 100m) organically; (ii) expansion abroad (Germany and Sweden in process); and (ii) 1-2 acquisition per annum. A few days later, the company announced two new institutional shareholders entering the capital structure for which I shared my thoughts here.

• SKAKO (CPSE:SKAKO) has divested SKAKO Vibration to France’s Vibe Holding for EUR 37.5m (DKK 280m), implying EV/EBIT (Q2’25 LTM) of ~15.7x. The deal follows last year’s divestment of SKAKO Concrete, marking a full exit from industrial operations and transition to a non-operating HoldCo. The company generated DKK 253m in LTM revenue and DKK 17.8m EBIT before special items.

• Novo Nordisk (CPSE:NOVO B) announced its second major deal in a week, acquiring the rare-disease drug Zaltenibart from U.S.-based Omeros for DKK 2.2bn, with potential milestone and royalty payments bringing the total value up to DKK 13.5bn. The therapy targets rare blood and kidney disorders and has shown promising results in PNH (paroxysmal nocturnal hemoglobinuria). The acquisition comes just a week after the DKK 30bn Akero Therapeutics deal. Separately, issues at the Catelent-acquired facilities in the U.S. resurfaced, with the FDA declaring the site non-compliant with the status “official action indicated”.

Sweden

Busy week in Stockholm with a fresh slate of Q3 earnings reports. The all-share (-0.1%) and large-cap (-0.2%) traded largely flat for most of the week.

Relevant news/events:

• Hanza (OM:HANZA) surged after announcing the SEK 2.3bn all-share acquisition of Germany’s BMK Group, roughly half of Hanza’s market cap. BMK is expected to generate SEK 3.3bn in 2025 sales and an EBIT margin of 7.3%, implying an EV/EBIT of ~9.5x. The transaction, structured as a share swap (BMK owners receive 27% of the combined group), and will boost Hanza’s turnover by ~50% to SEK ~10bn, creating Europe’s largest listed contract manufacturer.

• Guldbrev (OM:GULD) debuted on Nasdaq First North Growth Market after an oversubscribed IPO (+2.8x). Existing shareholders sold ~10.5m shares; no new capital raised. Guldbrev operates a digital platform for consumer gold recycling and reported Q2’25 LTM revenue of SEK 287m and EBITDA of SEK 78m.

• Arla Plast (OM:ARLA) announced the acquisition of Finnish-based specialized plastic provider Aikolon (EV EUR ~1m). While this exact acquisition is perhaps immaterial (revenue at EUR 10m and an EBIT of EUR -2m), it follows a recent shift toward M&A fueled growth, best exemplified by the acquisition of Spainish player, Nudec. Assuming RR profitability at the level of the legacy ARLA platform, shares should trade at 90-100 SEK/share.

• Danish family office, William Demant Invest has flagged +20% ownership in Invisio (OM:IVSO).

• Ericsson (OM:ERIC B) earnings elaborated here.

• ABB (OB:ABB) delivered a strong set of Q3 figures. Order intake landed at USD 9,143m (cons. USD 8,927m) with comparable revenue up +9% y/y to USD 9,083 (cons. USD 8,893m) on continued strength in Electrification (+13% y/y) driven by data center demand. Operational EBITA rose +12% y/y to USD 1,738m, with margin improving by 20 bps to 19.2%. FCFF jumped to USD 1,552bn on strong WC management. Company maintained FY guidance for MSD organic growth and narrowed its margin outlook to the upper end of the 16-19% range. Sequential Q4 margin is expected to ease ~150bps, in line with normal seasonality.

• Avanza (OM:AZA) delivered Q3 beat across the board. Total income at SEK 1,142m (cons. SEK 1,122) and operating profit SEK 818m (cons. SEK 779), driven by strong brokerage and FX income. NBI SEK 307m (cons. SEK 295) and NII SEK 398m (in line), while costs came in at -324m (cons -342. Management reiterated 2025 cost growth guidance of +11%, implying a heavier Q4 cost load.

• Autoliv (OM:ALIV) reported reported Q3 sales USD 2.71bn (+5.9% y/y, in line with cons) and adj. EBIT of USD 271m (+14% y/y, 10.0% margin vs cons 9.2%), driven by Americas, India, and China, cost reductions, and tariff recovery. Organic growth landed at 3.9% (cons. 4.4%) and trailed global auto production (+4.6%), due to mix effects in China. Adj. EBIT of USD 271m beat expectations (cons USD 250m), for a 10.0% margin (vs cons 9.2%). Strategic highlights included a new China R&D center, JV with HSAE, and partnership with CATARC. FY2025 guidance reiterated (3% org. growth, 10-10.5% adj. EBIT margin, USD 1.2bn OCF), though FX now seen -1% and capex cut to 4.5% of sales (prev. 5%).

• Note (OM:NOTE) reported Q3 sales of SEK 830m, at 6% organic growth (-3% FX), slightly below cons (SEK 877m). Adj. EBIT was SEK 77m (cons. 82.6m) for a 9.3% margin. FCF remained strong at SEK 121m, and net debt is minimal at SEK 27m, leaving ample room for M&A. Management guides Q4 sales of SEK 1,000-1,050m and 10-11% margin, aligned with consensus.

• Volvo (OM:VOLV B) reported Q3 sales of SEK 110.7bn (-5% y/y, cons. 110.3bn) and adj. EBIT of SEK 11.7bn (cons. 11.3bn). Order intake fell -14% y/y (vs cons 44.4bn). Cash generation was weak with industrial OCF at SEK -1.7bn (vs SEK 3.1bn LY). Segment highlights: Trucks -7% y/y with 9.1% margin, CE +1% with 14.4% margin, and Penta +7% with 18.6% margin. Service and Penta growth partly offset volume and FX headwinds. 2026 truck outlook down ~5pp and CE -1%.

• EQT (OM:EQT) provided a Q3 update, pointing to EUR 19bn realized in exits LTM (EUR 267bn AUM), outpacing investments as EQT focuses on returning liquidity to LPs. Fundraising remains firm with BPEA IX and EQT XI progressing well, while new evergreen and infrastructure vehicles broaden the platform. Fee-related EBITDA margin target ≥55% reiterated; carry expected to ramp as more funds enter carry mode. Still, shares fell late in the week, tracking sector weakness amid U.S. private credit jitters, likely driven by basket-level selling.

Finland

Shares in Helsinki went against the tide with the all-share (+1.2%) and large-cap (+1.0%) ending the week in green.

Relevant news/events:

• Qt Group (HLSE:QTCOM) received 94% shareholder acceptance for its EUR ~200m acquisition of Sweden’s IAR Systems Group, clearing the final hurdle for completion. The target delivered Q2-2025 LTM revenues of SEK 478m and an adjusted EBITDA of SEK 162m, and is valued at an EV of SEK 2,203m (13.6x). Later in the week, the company downgraded its FY2025 expectations, now guiding 3-10% topline growth (prev. 10-20%) and EBIT margin of 20-30% (prev. 30-40%), citing delayed investment behavior by customers.

• Alma Media (HLSE:ALMA) issued a positive profit warning, now guiding FY2025 net sales and adj. EBIT at or above FY2024 levels (EUR 312.7m/76.9m), vs. prior guidance of “at 2024 level.” I am tracking Alma Media in hopes of a split in the media/classifieds business, similar to what has happened to Schibsted/Vend.

• Endomines (HLSE:PAMPALO) rose after new drilling results at its Hosko mine confirmed high-grade gold zones.

• Lassila & Tikanoja (HLSE:LAT1V) narrowed its FY2025 EBIT guidance to EUR 44-48m (prev. “same or better than 2024”), citing solid operational performance in Finland and Sweden. Worth noting the company will demerge into two separate listed companies by year-end, one focusing on the circular economy and the other on facility services. I have it watchlisted as I think there may be good value hidden in circular economy segment post selling-pressure.

• Talenom (HLSE:TNOM) Q3 comparable net sales grew +2.4% y/y to EUR 29.8m, led by Finland (+3.5%) and Spain (+17%), though partially offset by weaker Sweden (-13%). EBITDA landed at EUR 8.6m (28.8% margin), driving a 45% y/y cash flow improvement. The company launched a strategic review of its Easor software unit ahead of a potential spin-off/IPO, now operating with a separate management team. FY2025 guidance reiterated (sales EUR 130-140m, EBITDA EUR 36-42m).

• Nordea (HLSE:NDA FI) reported operating profit of EUR 1.60bn (cons. EUR 1.49bn) as tight cost discipline offset lower rates. Net interest income EUR 1.78bn (cons. EUR 1.76bn) modest beats. Costs EUR 1.33bn (cons. EUR 1.35 bn) on easing investment spend; credit recoveries EUR 19m (cons. EUR -26m) suggest strong portfolio. ROE 15.8% (cons. 14.9%); FY target >15% reiterated. New EUR 250m buyback starting 20 Oct.

Norway

Another red week in Oslo with the all-share (-1.9%) and large-cap (-1.5%) dragged by lower oil prices and shipping headwinds following U.S. announcing higher port fees.

Relevant news/events:

• Wallenius Wilhelmsen (OB:WAWI) withdrew its FY2025 guidance citing higher U.S. port fees and cost uncertainty. The news gave negative read-across to Hoegh Autoliners (OB:HAUTO) as well.

• Norske Skog (OB:NSKOG) announced that the company will cut up to 200 FTEs over the next two years. They have also identified other cost-cutting measures.

• ABG Sundal Collier (OB:ABG) delivered a strong Q3, with revenue up 21% y/y to NOK 476m and EPS rising 56% to NOK 0.14. The quarter was driven by record DCM activity, including a EUR 585m bond for European Entertainment Group, and improving ECM volumes. The company also reported encouraging traction in its recently launched Private Banking arm.

• Tomra (OB:TOM) missed Q3 consensus despite lowered expectations going into the print. Q3 sales EUR 306m (-4% vs cons) and adj. EBITA EUR 30m (-20% vs cons), for a 10% margin (vs cons 12%). Order intake EUR 119m, hurt by weak demand across both Collection (limited Poland contribution) and Recycling (softer mix, delayed investments). Outlook remains cautious for Recycling, though Collection is expected to improve into 2026.

• Mowi (OB:MOWI) pre-released Q3 figures show operational EBIT of EUR 112m, in line with consensus (EUR 112m) but down from EUR 173m LY. Harvest volumes reached a record 166,000t (guidance: 159,500t), while farming costs were EUR 5.42/kg, flat q/q and down y/y. Lower salmon prices weighed on earnings, though recent price recovery and solid performance in Norway, Scotland, and Ireland keep 2025-26 estimates intact.

In case you missed it…

Just as a ceasefire took hold in the Middle East, attention quickly swung back to Washington where President Trump reignited trade drama with a fresh threat of tariffs on China. The announcement, which came late on Friday, triggered a sharp risk-off move in U.S. equities, suggesting Monday will carry the true mark-to-market for European equities. Meanwhile, gold extended its late surge to fresh all-time highs; a unique sight given it happens alongside record equity indices and absent any textbook crisis.

In the Nordics, equities finished the week broadly flat (-0.4%), though the spotlight fell on Verisure (OM:VSURE), the most significant IPO in the Nordics for years. In case you missed it, I shared my take on the listing here:

Denmark

In Copenhagen, good news in some corners was largely offset by weakness elsewhere, leaving the market effectively unchanged. The all-share (+0.0%) and the large-cap index (+0.4%) both ended largely flat.

Relevant news/events:

• Virogates (CPSE:VIROG) received takeover offer from U.S. fund Remedy Ventures at a 40% premium to prior-day close. Remedy, already owning 28%, seeks to raise stake to 59% but keep listing on First North. Buyer signals potential need for new capital, implying dilution risk.

• Jyske Bank (CPSE:JYSK) upgraded its FY2025 net profit guidance to DKK 4.9-5.3bn (prev. upper end of DKK 3.8-4.6bn), citing broad-based strength from favourable financial markets, solid credit quality, and high wealth management activity. Q3 net profit landed at DKK 1.46bn (vs DKK 1.42bn LY). Loan impairments were modest at DKK 25m (vs DKK -82m reversal LY). CFO cautioned that strong Q3 market tailwinds may ease in Q4.

• Bang & Olufsen (CPSE:BO) reported Q1-25/26 revenue at DKK 517m (vs. DKK 544m LY) and EBIT of DKK -27m (vs DKK -20m LY), weighed by U.S. tariffs, weak Asian luxury demand, and 51 monobrand store closures. CEO highlighted global 15% price hikes (incl. U.S. tariff pass-through) dampening reseller appetite. Company is also managing legal disputes against former partner Canvas Hifi an ex-U.S. distributor.

• Tryg (CPSE:TRYG) delivered a solid Q3 beat on underwriting. Net profit came in at DKK 1.5bn (vs cons. 1.4bn, LY 1.6bn) with a technical result of DKK 2.2bn (cons. 2.1bn) and a combined ratio of 78.6% (vs 79.1% LY, cons. 79.2%). Premiums grew 5% YoY to DKK 10.2bn, driven primarily by retail price hikes offsetting claims inflation. Execution remains strong with stable underwriting margins and volume retention despite regulatory noise around competition.

• Netcompany (CPSE:NETC) launched Verà, an AI-driven European defense platform integrating real-time data to counter hybrid threats. It enables monitoring of critical infrastructure, arctic surveillance, and military logistics coordination. CEO cited possibility of Verá constituting 20-30% of group revenue within a few years.

• Ørsted (CPSE:ORSTED) completed Denmark’s largest-ever rights issue of DKK 60bn, with 99.3% subscription. The Danish state, Equinor, and Andel invested pro-rata to their existing stake. Proceeds aimed at strengthening balance sheet and fund six offshore wind projects after DKK >40bn U.S. impairments and comes amid regulatory uncertainty, incl. delays from the Trump administration’s temporary halt to Revolution Wind. Separately, the company announced plans to cut 2,000 jobs (~25% of global workforce) by end-2027, including ~500 before year-end (235 in Denmark).

• Novo Nordisk (CPSE:NOVO B) is acquiring U.S. biotech Akero Therapeutics for DKK 30bn to expand into liver disease (MASH). Akero’s lead candidate efruxifermin is in phase 3 trials ahead of potential FDA approval.

• Per Aarsleff (CPSE:PAAL B) has acquired Sweden’s Styrud Ingenjörsfirma, a specialist in trenchless pipeline construction. Styrud generated SEK 316m revenue and SEK 33m EBITDA in 2024.

Sweden

Shares in Stockholm ended the week slightly down, with the all-share (-0.9%) and large-cap (-0.8%) moving in locksteps. Aside from the Verisure IPO and a few M&A announcements, the week was relatively calm on the corporate news front.

Relevant news/events:

• Verisure (OM:VSURE) debuted on Nasdaq Stockholm at an EV of EUR 18.9bn, and shares jumped +12% from offer price on strong demand. The listing resulted in ~60k new shareholders, with institutional backing from i.a., Alecta, AMF, GIC, Swedbank Robur, and AP3. Proceeds (EUR 3.1m gross) earmarked for debt reduction and ADT Mexico acquisition.

• AstraZeneca (OM:AZN) rose after signing AI-driven gene therapy deal with U.S. biotech Algen Biotechnologies, worth up to USD 555m in milestones. The deal grants exclusive rights to develop and commercialize immune disease therapies using Algen’s AI/CRISPR-based platform. Separately, the company announced that its drug Baxdrostat achieved the primary endpoint in the phase 3 Bax24 study in patients with resistant hypertension (high blood pressure).

• Sweco (OM:SWEC B) announced acquisition of Finland’s Fimpec, an energy and industrial transformation consultancy, reinforcing the M&A-led upward revision trend into 2026. The news comes on the back of last week’s national infrastructure plan from the Swedish Transport Administration, and Sweden’s municipal association guiding SEK 250bn annual local investment plans o/w ~73% in water/wastewater.

• ABB (OM:ABB) cancelled IPO plans for its Robotics division, agreeing instead to sell it to SoftBank Group for USD 5.38bn EV (~17.2x 2024 EBITDA). The unit generated USD 2.3bn revenue in 2024 (~7% of group) with ~7,000 staff. ABB will reorganise into three segments post-sale, expected mid-late 2026.

Finland

Shares in Helsinki traded rangebound for most of the week with the all-share (+0.2%) and large-cap (+0.3%) both ending flat. The week featured the Posti (HLSE:POSTI) IPO, elaborated below.

Relevant news/events:

• Alisa Bank (HLSE:ALISA) is evaluating divestment of consumer finance segment (loan book EUR ~78m) to sharpen focus on SME financing and deposit growth. Exit expected to proceed gradually through 2025-26, with management guiding a positive impact on 2025 pre-tax results excl. one-offs.

• Dovre Group (HLSE:DOV1V) issued a profit warning due to deepening losses in Sweden related to crisis wind farm projects under subsidiary Suvic, with additional margin pressure in Finland. The company warned it cannot meet payment obligations without new financing or project income. Management cited lack of transparency in Suvic’s operations and has terminated plans to acquire the remaining Suvic shares.

• Admicom (HLSE:ADMCM) issued profit warning and trimmed FY25 guidance: recurring annual billings now seen +6-10% (prev. +8-14%), total revenue +5-8% (prev. +6-11%), and adj. EBITDA margin 31-33% (prev. 31-36%). Preliminary Q3 results landed in line with revenue EUR 9.3m (+7% YoY), adj. EBITDA at EUR 3.7m, and EBIT of EUR 2.5m. CEO flagged delayed construction recovery, persistent customer bankruptcies, and weaker sales execution.

• Apetit (HLSE:APETIT) is acquiring Sweden’s largest frozen pea producer Foodhills for SEK 60m, with buyer repaying SEK 20-30m in shareholder loans. The deal adds ~20% inorganic growth to Food Solutions revenue, though potentially diluting margins near term.

• Posti Group (HLSE:POSTI) debuted on Nasdaq Helsinki with shares closing at EUR 8.0 (+6.4% vs offer price EUR 7.50). The offering valued the company at EUR 303m and an EV/EBITDA of ~1.5x. The Finnish state raised EUR ~100m via secondary sales to institutions and retail, while Posti issued EUR ~3m of new shares in an employee offering. The listing attracted ~12,000 shareholders, comparable to Apetit and NoHo Partners, marking one of the broader retail IPO participations in Finland this year.

• Remedy Entertainment (HLSE:REMEDY) is cutting its FY2025 guidance after weak sales of FBC: Firebreak, and now expects revenue to grow YoY but EBIT to turn negative (prev. positive growth). The company will record a EUR 14.9m non-cash impairment covering most of the game’s capitalized development costs and related rights.

Norway

Shares in Oslo fell modestly, with the all-share (-1.0%) and large-cap (-0.8%) both affected by lower oil prices amid ceasefire in the Middle East.

Relevant news/events:

• CodeLab Capital (OB:CODE) has acquired a 50% stake in Cloudya, a fast-growing Norwegian AWS reseller founded in 2024. Cloudya has NOK 23m ARR, targeting NOK 40m by 2026.

• SalMar (OB:SALM) reported Q3 harvest at 93.2kt, up +50% YoY and a new company record (prev. 83.2kt in Q4’24). Mid-Norway accounted for 47kt and North Norway 42.5kt (vs 18kt LY). Strong execution supports LT volume ambitions, though earlier harvest timing may cap price realization.

• TGS (OB:TGS) Q3 update point to multi-client investments expected at USD ~86m, down from USD 129m LY. Resource utilisation exceeded guidance, with OBN staffing at 2.8 (vs ~2.5 guided) and streamer vessel utilisation 73% (vs 65%). CEO highlighted operational efficiency gains despite lower investment activity. Recommend reading Norwegian Hidden Gems’ timely piece on the name.

• According to Financial Times, Permira and Blackstone have hired advisers for an IPO of Mobile.de, Adevinta’s largest unit, at an implied EV of EUR 10bn. This values Adevinta at EUR ~26.7bn, implying Vend (OM:VENDA) 14% stake is worth NOK ~33bn (42% of market cap) vs. current book value NOK 20bn.

• Nel ASA (OM:NEL) received 2.5 MW PEM electrolyzer order from H2 Energy for a green hydrogen plant in Buchs, Switzerland. The facility will supply hydrogen for municipal transport, industrial use, and local networks, and marks the third collaboration between the two firms.

• Solstad Offshore (OB:SOFF) cut FY2025 adj. EBITDA guidance to USD 115m (prev. USD 120-150m) following weaker outlook from Solstad Maritime, which lowered its estimate to USD 290m (prev. USD 360-380m) amid softer North Sea conditions, lower vessel utilization, and project delays. Solstad Offshore’s share of group EBITDA now seen at ~USD 50m (vs USD 60-80m prior).

In case you missed it…

Major global indices continue their extension into all-time highs, shrugging off continued geopolitical turmoil, “hybrid war” threats, and U.S. government shutdowns. Interestingly, the STOXX Europe 600 appears to finally break out of its largely range-bound trading L6M, driven by healthcare, banks, and mining stocks.

In the Nordics, the steel sector benefitted from EU announcing a doubling of tariffs on steel imports to 50%, aligning with U.S., and cut quota volumes nearly in half. Similarly, Pharma names were lifted by relief read-across from the Pfizer-U.S. deal, easing fears of aggressive drug-pricing/tariff policies. Timely reminder of my recent write-up on Sobi (OM:SOBI) this week.

Denmark

The all-share (+4.7%) and large-cap (+3.9%) rebounded strongly last week, aided by an uplift to healthcare stocks on the back of aforementioned U.S.-Pfizer deal.

Relevant news/events:

• Nordic Capital/Permira has extended their DKK 233/share takeover offer for Bavarian Nordic (CPSE:BAVA) to Oct 14. The approval threshold is set to 75%, likely to mitigate negative repercussions of ATP (>10%) blocking the deal outright. The company guided 2025 revenue DKK 5.7-6.7bn and EBITDA margin 26–30% (implying EBITDA DKK 1.6-2.0bn). Hence the offer equates to EV/EBITDA ~11x 2025E at the mid-point, in line with global vaccine peers, though discounting margin-uptick from tech-transfer and momentum in vaccine portfolio.

• The Danish state lifted its ownership in Copenhagen Airports (CPSE:KBHL) to 98.6% via ATP stake purchase (59.4%) for DKK 32.3bn, following competition authority clearance. Mandatory offer to minorities will be launched by Oct 28 with ≥4w acceptance period. Gov’t intends to reduce stake longer term to 50.1% by selling to “responsible, long-term investors.”

• Genmab (CPSE:GMAB) announced a USD 8bn (DKK 51bn) cash acquisition of Dutch biotech Merus (USD 97/share), funded via debt and cash. Key asset is petosemtamab (Ph3 head & neck cancer, US breakthrough status), with launch guided 2027 and sales potential USD +1bn from 2029; consensus peak sales up to USD 3.3bn by 2035. Deal diversifies pipeline ahead of Darzalex LOE in 2030.

• Pandora (CPSE:PNDORA) CEO Alexander Lacik to retire at the AGM on Mar 11, 2026, after ~7 years at the helm. He will be succeeded by current CMO Berta de Pablos-Barbier, credited with driving Pandora’s recent brand repositioning since joining in Nov 2024.

• Ambu (CPSE:AMBU) unveiled its “Zoom Ahead” strategy at CMD with new LT targets: organic sales CAGR 11-13% to FY29/30 (vs prior ≥10% to FY27/28) and EBIT margin >20% by FY29/30. Growth will likely be led by Urology (ureteroscopy) and Pulmonology (SureSight Connect), wheras GI will be more back-ended. Shares trade at 2Y PEG ~1.3x vs Boston Scientific/Coloplast 1.9-2.4x.

• Carlsberg (CPSE:CARL B) outlined its “Accelerate SAIL” strategy at CMD, aiming to build a resilient multi-beverage platform anchored in premium beer, alcohol-free, and soft drinks. The company targets 4-6% organic revenue CAGR and EBIT growth > revenue, driven by premiumization, innovation, and expansion in Vietnam, India, China, CEE, and Central Asia. Integration of Britvic running ahead of plan, with synergies lifted to GBP 110m by Oct ’25 and EBIT contribution GBP 250m by ’26. Gross margin seen returning to pre-COVID 47-49% (with Britvic) via supply-chain and procurement efficiencies. Marketing spend to rise to 8.5% of revenue; SG&A flat. Commitment to 50% payout ratio and resumption of buybacks once leverage <2.5x.

Sweden

Shares in Stockholm moved higher, with the all-share (3.0%) and large-cap (3.2%) moving in lock-steps. Worth noting the Verisure IPO is hitting the market on Oct 08.

Relevant news/events:

• CVC/Waldakt (via Ronneby UK) lifted its stake >90% at SEK 37/share (vs prior ~87%) in Resurs Bank (OM:RESURS), triggering compulsory redemption rights. Ronneby to request delisting from Nasdaq Stockholm. Resurs posted LTM Q2’25 operating income SEK 3.6bn and operating profit SEK 262m.

• Swedish digital healthcare provider, Doktor.se, targets Stockholm listing by 2026 (no later than Q1’27). Pre-IPO raise of SEK 200-250m under way, valuing the company at SEK ~2bn (~12x FY2024 adj. EBITDA). IPO would be first among Sweden’s major digital health players; strategy geared to M&A, esp. in Germany.

• Verisure plans its Stockholm listing Oct 8 at EUR 12.9-13.9bn equity value (SEK 142-153/share), raising up to EUR 3.6bn incl. overallotment (largest Nordic IPO since Volvo Cars 2021). Shares will be traded in EUR rather than SEK. Proceeds aimed at debt reduction and ADT Mexico acquisition; Hellman & Friedman to partially exit.

• Intellego (OM:INT) pre-announced its Q3 figures, with revenue SEK >220m, EBIT SEK >130m (9M EBIT SEK ~417m vs SEK 102m FY24). Liquidity SEK ~750m (cash + unused credit lines). Board recommends synthetic buyback of up to SEK 100m (~2% mkt cap); to be decided at EGM. Full Q3 report due Nov 27. The bull/bear tug of war continues to play out on Substack/X, with the latest bear-take coming from Øystein Barmen. This is getting interesting.

• Netel (OM:NETEL) lowered its FY2025 guidance to revenue of SEK ~3bn (-9% YoY) and adj. EBITA margin 1.5-2% (vs target 5-7%), hit by impairments, weaker Infraservices/Telecom volumes amid softer markets.

• Note (OM:NOTE) to acquire UK contract manufacturer Kasdon for up to GBP 34.1m (SEK ~431m; adj. EV/EBITDA ~6x), strengthening UK footprint and adding defense exposure (~50% of Kasdon sales). Funded via cash + credit lines, though minor share element is possible.

Finland

The all-share (+0.7%) and large-cap (+1.1%) ended slightly higher, mainly driven by EU doubling tariffs on steel imports.

Relevant news/events:

• Posti Group has filed to list on Nasdaq Helsinki, with prelist debut around Oct 10 and Official List around Oct 14. The offering is expected to value the company at EUR 300-400m, implying EV/EBITDA (FY24) 1.4-1.9x. FY24 net sales EUR 1.5bn (-4% YoY), adj. EBITDA EUR 208m.

• Finnish self-storage company, Cityvarasto (HLSE:CITYVA) debuted on Nasdaq First North Finland, with shared opening at the mid-point of guided price range, EUR 16, for a EUR ~130m MCAP and EV/EBITDA (2024) 13x.

• The Diana Bidco consortium, formed by CVC and Risto Siilasmaa, founder of information security company Withsecure, announced that it will extend its bid for Withsecure (HLSE:WITH) until Oct 15.

• Nanoform (HLSE:NANOFH) jumped after announcing a South Korean partner to support local market entry for drugs using its technology.

• Wetteri (HLSE:WETTERI) has completed a sale of its heavy equipment maintenance & spare parts unit to a Relais (HLSE:RELAIS). The divestment also concluded restructuring talks ~52 FTE reductions and 44 role changes, with annual savings of EUR ~4m.

• Metso (HLSE:METSO) launched its five-year “We Go Beyond” strategy at CMD, targeting sales CAGR >7%, adj. EBITA >18%, net debt/EBITDA <1.5x, payout ≥50%. Growth split 5-6% organic, 1-2% M&A. Aims for #1 positions across Aggregates and Minerals with stronger aftermarket and digital service share. Focus areas include digitalization, AI-driven predictive maintenance, and sustainability. Expects mining upcycle in gold/copper and infra-led rebound in Aggregates.

Norway

Shares in Norway ended the week flat, with both the all-share (-0.5%) and large-cap (-0.1%) weighed by energy-/oil related names. Notably, the week included two new small/micro-cap names coming to market.

Relevant news/events:

• Dellia Group (OB:DELIA) completed its IPO on Euronext Oslo at NOK 135/share. The company markets dried fruit brands incl. “Sunshine Delights”, “Dippies”, “A Date With” across ~12,800 Nordic retail stores. The company posted LTM (Jun’25) revenue of NOK 440m (+151% y/y in 2024) and adj. EBIT of NOK 54m. The NOK 100m proceeds are intended to fund European expansion and product development.

• Ace Digital (OB:ACED) listed on Euronext Growth Oslo. The company positions as a Nordic platform for Bitcoin opportunities, holding BTC as a treasury asset while building related products/services. Indicative of current euphoria. I will stay far away from this.

• Vår Energi (OB:VAR) acquired TotalEnergies’ Ekofisk stake, lifting ownership from 12.4% to 52.3%. The deal adds an estimated 38 mmboe in net proved and probable reserves with low operating costs, supporting Vår Energi’s strategy to maintain production of 350–400 kboepd toward 2030.

• Stolt-Nielsen (OB:SNI): Q3 EBITDA at USD 194m (-9% YoY); net profit at USD 60m (-39% YoY), 8% below company estimates and 6% below consensus. FY EBITDA guidance trimmed to USD 770m (from 775m).

• Bakkafrost (OB:BAKKA) announced Q3 harvest of 25.4kt in Faroe Islands (vs 23.6kt cons.) and 5.3kt in Scotland (vs 4.2kt cons.). Avg. weights at 5.2kg (FO)/4.8kg (UK). Incident-based mortality costs landed at DKK ~59m in Scotland (Sept, Portree site). Full Q3 results Nov 04.

In case you missed it…

Just as markets seemed to find their footing, Trump jolted sentiment with “new” tariffs, mainly targeting MedTech and pharma. Though the blow was absorbed fairly quickly, the Nordic all-share index ended the week -1.8% lower.

As September draws to a close, it is worth noting that Europe is on track for its strongest month of IPOs since 2022, led by Stockholm hosting 3/5 largest IPOs this year, bringing long-awaited equity issuance flow after two subdued years. This week saw NOBA Bank (OM:NOBA) and Meds Apotek (OM:MEDS) go public, while Verisure and others are in the pipeline for the coming weeks.

Denmark

Copenhagen equities, once prized for its resilient core of defensive names, have become the Nordic exemplar of Trumps erratic policies. Last week was no different, with the all-share and large-cap index ending down -4.2% and -2.2%, respectively.

Relevant news/events:

• Ørsted (CPSE:ORSTED) rebounded on the back of the U.S. district court blocked the Department of Interior’s stop-work order on the Revolution Wind project, allowing work to resume while the legal dispute continues. The news comes amid Ørsted’s rights issue aimed at providing sufficient liquidity to bridge, inter alia, headwinds from the stop-work order.

• Obesity players, Novo Nordisk (CPSE:NOVO B) and Zealand Pharma (CPSE:ZEAL) fell on the back of Pfizer marking its entrance to the obesity space with its acquisition of Metsera. This was exacerbated by Trump’s announcement of a 100% tariff on branded pharmaceuticals.

• Harboes Bryggeri (CPSE:HARB B): Q1 25/26 net sales DKK 460.8m (-8% y/y) on weaker exports, notably Germany after exit from low-margin contracts; EBITDA DKK 41.3m (LY: 52.1m). Own-brand share in Beverage up 6pp with 11% revenue growth, aided by nationwide Coop listing. FY guidance maintained (PBT DKK 30-60m, EBITDA DKK 130-160m).

Sweden

As noted, continues to top the European IPO league table, adding two new listings this week. Market tone was decent although the all-share (-0.9%) and large cap (-0.1%) ended the week slightly lower. Separately, the Swedish central bank, somewhat surprisingly, cut interest rates by 25bps to 1.75%.

Relevant news/events:

• HM (OM:HM B) Q3’25/26 EBIT at SEK 4.91bn (+40% y/y) vs. cons. SEK 3.7bn, driven by stronger gross margin (52.9% vs. cons. 51.5%) and cost control; sales +2% y/y in LC. Online now ~30% of sales; launched first store in Brazil with LatAm expansion planned. Mgmt flagged tariffs, consumer confidence and higher discounting (incl. Black Friday effect) as potential Q4 headwinds.

• Meds Apotek (OM:MEDS) debuted on Nasdaq First North on Tuesday, surging nearly 19% vs. its SEK 53 subscription price after the first 15 minutes of trading. Shares ended the week at SEK 56/share (+5.6% vs. subscription price). CEO Björn Thorngren reiterated pre-IPO targets of 20-25% annual growth over the next 5-6 years alongside rising profitability as scale improves.

• Noba (OM:NOBA) surged in its Stockholm debut, closing at at SEK 90.9 vs. SEK 70 subscription price (+29.9%), implying a SEK 45.5bn market cap. The IPO was multiple times oversubscribed, adding ~33,000 new shareholders, though no new capital was raised as existing owners Nordic Capital and Sampo sold shares. The company targets organic lending growth of ≥10% annually, reaching SEK 250bn by 2030 (vs. SEK 128bn in H1’25).

• EQL Pharma (OM:EQL) issued a profit warning, citing supplier delivery delays in Q2 (Jul-Sep), which postponed product launches and led to lost sales. FY2025/26 sales growth is guided to 15% (prev. ~30%). EBITDA margin for the year guided at approx. 20% (prev. approx. 25%. Management stressed issues are temporary and five-year targets remain intact.

• AP-fonden (AP6) to sell ~38m shares (~9.9% of capital) of Asker Healthcare Group (OM:ASKER) via ABB to institutional investors, marking the first major selldown since the IPO earlier this year.

• EQT (OM:EQT) faced selling pressure the lock-up period expired, yet much of supply remains sidelined given several affected holders are restricted from selling ahead of the group’s October 16 earnings release. Hence, a “wet-blanket” on shares should persist for a bit.

• Synsam (OM:SYNSAM) lifted its medium-term ambitions at CMD, targeting 8-12% organic growth and 12-15% EBIT margin as it scales its subscription base to 1.21m by 2029, adds ~170 new stores and upgrades flagships, rolls out EyeView tech to triple optometrist capacity, and deepens vertical integration via house brands and Swedish production; capex needs are set to fall with store payback shortening to 2.5 years from 2026, supporting stronger FCF and dividend capacity.

Finland

A bit more movement in Helsinki vis-a-vis previous weeks, featuring fresh IPO news and CMDs. The all-share (-0.0%) and large-cap (-0.2%) both ended the week flat.

Relevant news/events:

• Citycon (HLSE:CTY1S) Chairman and largest shareholder, Chaim Katzman, has increased his stake, now holding 91.3m shares via investment companies, corresponding to ~49.7% of the company.

• Summa Defence (HLSE:SUMMA) held its CMD, reiterating its EUR 500m medium-term revenue target and positioning as a consolidator in defense and dual-use tech, though management admitted its need to clarify portfolio fit, as several units (earthmoving, dredging, space modules, drones) appear loosely related. H1 turnover was EUR 42m with EUR 161m backlog, growth to be driven by both organic expansion and M&A (pipeline >50 targets), with IFRS adoption in 2025 and main-listing transfer targeted for 2026.

• Bittium (HLSE:BITTI) raised long-term targets at CMD, now guiding for 20-30% annual revenue growth and 10-20% EBIT margin (prev. ≥10% growth, >10% margin).

• Metso (HLSE:METSO) updated its 2026-30 strategy, targeting ≥7% annual sales growth, adj. EBITA margin >18% and net debt/EBITDA <1.5x, driven by Aggregates growth from construction/recycling and Minerals demand from copper, electrification, data centers and renewables. CMD on October 2.

• Finnish self-storage company, Cityvarasto has filed for IPO on Nasdaq First North Finland with trading expected October 3. Offering of up to 2.7m shares (mix of primary/secondary) incl. EUR ~15m raise. Price range EUR 14.89–17.02/share implies MCAP EUR 120-135m and EV/EBITDA (2024) 12-13.5x.

Norway

Decent week in Oslo with the all-share (+1.4%) and large-cap (+1.6%) moving higher, aided by the price of a barrel of North Sea oil this week, rising +4.3% last week.

Relevant news/events:

• Lerøy Seafood (OB:LSG) is considering issuing a NOK 500m senior unsecured green bond with a maturity of 4 or 7 years, fixed and/or floating rate, depending on market conditions. Proceeds will be used to finance or refinance eligible green projects.

• TOMRA (OB:TOM) acquires US-based C&C Consolidated, a leading “bag drop” deposit return operator, strengthening its North American footprint. The target comes at a USD 45m price tag with USD 15m of potential earnouts.

• Cool Company (OM:CLCO) has confirmed it is in advanced talks with majority owner EPS Ventures (59.3% stake) on a cash merger at USD 9.65/share, implying a 26% premium to prior-day close and 38% to 90-day VWAP. A delisting would count as the 6th in a stream of recent shipping-takeovers (Belship, Golden Ocean Group, Flex LNG, Svitzer, Gram Car Carriers).

• Nordic Aqua Partners (OB:NOAP) secures NOK 420m equity injection from two Chinese investors (20% stake) and NOK 815m debt facility from Bank of China to refinance loans and expand Ningbo site toward 20kt capacity. The company is also evaluating potential China/HK listing to enhance local presence and funding flexibility.

• Archer (OB:ARCH) set to acquire Premium Oilfield Services, LLC for USD 20m, funded through a NOK ~20m private placement of 8.85m new shares at NOK 22.50/share.

• Dellia Group, highlighted last week, completed its IPO with shares >10x oversubscribed (ex-cornerstones), valuing the Nordic dried fruit group at NOK ~649m. Shares are set to trade on Oslo Børs on Sep-29, with proceeds earmarked for European expansion and product development.

In case you missed it…

Exuberance probably best describes the current “risk-on” environment. Major indices (incl. the MSCI All Country World) are at or near all-time highs, bond spreads are wafer-thin and at multi-year lows. Yet capital continues to pour in with last week marking the largest weekly inflow of 2025 as investors cheered the FEDs 25 bps rate cut. This is despite elevated geopolitical risk, concentrated indices with overlapping thematic exposure (AI), uncertainty related to Trump’s tariff experiment, and his efforts to overrule institutional independence. Markets may always climb a wall of worry, but the room for error is now vanishingly small.

Most of the Nordics (excl. Norway) have been more or less sidelined in the everything rally, though markets did see a sigh of relief last week with the all-share index ending up +1.4% all share index.

Denmark

Slower week in Copenhagen with the all-share (+3.1%) and large-cap (+0.5%) indices both moving higher, the latter held back by Ørsted (CPSE:ORSTED) rights issue.

Relevant news/events:

• Following recent weeks’ events, Ørsted (CPSE:ORSTED) finally launched its prospectus for DKK 60bn raise via 900.8m new shares at DKK 66.6/share, a 67% discount to prior-day close and 39% to TERP (DKK 109.1). Danish state (DKK 30bn) and Equinor (DKK 6bn) committed; 12-bank syndicate underwriting remainder. Rights will trade Sep 17-30, with the subscription period closing Oct 2.

• Rovsing (CPSE:ROV) reported FY2024/25 revenue at DKK 37m (flat y/y) and EBITDA DKK 1.3m, with net loss of DKK ~3m on one-offs tied to project planning. The company guides FY2025/26 revenue DKK 37-41m and EBITDA DKK 1-3m.

• Green Mobility (CPSE:GREENM) rose following CEO and board members’ insider purchases on the back of the company’s second guidance raise last week. The company guides for revenue growth of 13-15% (prev. 10-13%) and EBITDA growth of 32-42% (prev. 25-40%).

• Novo Nordisk (CPSE:NOVO B) rallied after two new studies underscored cardioprotective benefits of Ozempic and Wegovy, showing reduced risk of heart attack, stroke, or death by 23% and 47%, respectively, vs. Eli Lilly’s Trulicity. The company was also subject to reports of shareholder pressure to replace Chair Helge Lund, which may have aided the positive tone.

• ALK (CPSE:ALK B) entered a partnership with China’s GenSci, granting exclusive rights to its HDM allergy products until 2039. ALK receives DKK ~245m upfront, milestone potential up to DKK 1.3bn, plus product supply income. The deal is not expected to impact margins in 2025 but will be accretive mid-/long term.

• Mærsk (CPSE:MAERSK B) reversed recent gains on the back of declining container freight rates. Shanghai Containerized Freight Index fell -14.3% w/w to 1,198 points the steepest weekly drop YTD and marking the 14th consecutive week of declines, driven by U.S.-China trade tensions and Middle East disruptions.

Sweden

Shares in Stockholm ended the week flattish for both the all-share (+0.4%) and large-cap (+0.4%). The week featured IPO news with Verisure set to list as early as next week, and CMDs from Axfood (OM:AXFO), Mildef (OM:MILDEF), and VNV Global (OM:VNV). Also,

Relevant news/events:

• Axfood (OM:AXFO) hosted CMD, outlining 2030 ambitions across formats. Willys is set to become Sweden’s #1 food retailer (ahead of ICA Maxi), implying ~5% CAGR 2026-30 vs 3.5% consensus for ICA Maxi, driven by a higher pace of store openings (10 planned near term). City Gross turnaround remains key, with focus on operational efficiency, sharper price/value positioning, and a new store concept (first pilot in Linköping 2026) to lift share in the hypermarket segment. Dagab reiterated the SEK ~3bn new warehouse capex but gave no timing; synergies from Bålsta on track, while private-label penetration (33% vs 39% EU avg.) remains white space. Management refrained from quantifying the impact of the 2026-27 halving of food VAT but expects both vol/mix tailwinds on the back of previous years’ downtrading.

• Mildef (OM:MILDEF) reiterated its long-term financial targets at its CMD, including sales growth of >15% CAGR, EBITA margin of 12–15% and ROIC of >20%. Management reaffirmed H2’25 delivery target of SEK 1.5bn and guided for continued strong demand across prioritized markets, supported by accelerating European rearmament. CEO Daniel Ljunggren stressed that while political decisions take time to materialize, Mildef is well-positioned for a 5–10Y “growth journey” and highlighted potential upside from a Nordic-Baltic combat vehicle procurement in collaboration with BAE.

• Hexagon (OM:HEXA B) announced it will begin reporting ALI, SIG, ETQ and Bricsys as a single “Octave” division from Q3’25, ahead of a planned spin-off in H1’26 (pending approvals). With lots of dry powder in PE, lenders elbowing for deals, and a bond market willing to underwrite just about anything, I would not be surprised to see it get snatched pre-spin.

• Swedish alarm company, Verisure, confirmed its plans for a Stockholm IPO to raise EUR ~3bn, valuing the company at EUR >20bn, and making it the largest Swedish listing on record. Proceeds aimed to deleverage and fund expansion in Europe/LatAm. The company serves 5.6m customers across 17 countries, reported LTM Q2’25 LTM adj. EBITDA of EUR 1.6bn on ARR at EUR 3.3bn — implying EV/Adj. EBITDA of 12.3x.

• OsteoCentric Technologies’ SEK 939m cash offer (SEK 44/share) for Integrum (OM:INTEG B) failed after reaching only 69.4% acceptance (vs. 90% threshold). Taking a closer look, though, reveals that there was in fact 97.6% acceptance had it not been for a silly mistake from founder/advisors when submitting the vote.

• Swedish FSA has transferred its audit of SSAB’s goodwill impairment disclosures (SEK 33.3bn in Q4’22) to a sanctions review. SSAB maintains its reporting complied with applicable rules.

• BE Group (OM:BEGR) completed an oversubscribed (2.3x) rights issue, raising SEK 135m net proceeds to strengthen balance sheet and support strategic initiatives.

• Engcon (OM:ENGCON) faces new lawsuits from competitor Rototilt alleging patent infringement, despite earlier dismissal of similar claims by Sweden’s Patent and Market Court of Appeal in March.

Finland

Slow week in Helsinki with limited relevant newsflow. The all-share (-0.9%) and large-cap (-1.1%) drifted slightly lower.

Relevant news/events:

• Finland’s government is reportedly considering an IPO of the national postal operator, potentially raising EUR 100-150m as part of its EUR 3bn privatization program. Expected valuation EUR 300-400m (EV/EBITDA FY24e 1.4-1.9x). Posti reported FY24 net sales of EUR 1,521m (-4% y/y) and adj. EBITDA of EUR 208m.

• Nightingale Health (HLSE:HEALTH) jumped after securing order from Aalborg University to provide multiomics analysis for a large-scale research project, a contract worth EUR ~2.4m, equal to 55% of FY24 turnover.

• Kone (HLSE:KNEBV) is reportedly exploring a potential bid for TK Elevator (TKE), as current owners Advent and Cinven weigh an IPO. TKE was acquired by Advent and Cinven in 2020 for EUR 17.2bn, generated FY’23/24 revenues of EUR 9.3bn and adj. EBITDA of EUR 1.5bn. Kone may seek a partner to mitigate competition concerns in Europe.

• SSH Communication Security (HLSE:SSH1V) announced new customer wins for its PrivX solution, though no financial details or agreement terms were disclosed.

Norway

Mixed sentiment in Oslo with the all-share (-0.1%) and large-cap (-1.0%) both ending the week down. The week did feature expected 25bps rate cut from Norges Bank, though broad-based headwind for shipping-names amid eclining container freight rates kept investors at bay.

Euronext has updated the OSEBX index composition, effective as of September 22:

• Joiners: Link Mobility Group (OB:LINK), Norbit (OB:NORBT), Public Property Invest (OB:PUBLI), Thor Medical (OB:TRMED)

• Leavers: Nel (OB:NEL)

Relevant news/events:

• Norbit (OM:NORBT) founder’s family vehicle Draupnir Invest has sold its entire 5.1% stake (3.25m shares) at NOK 200/share for NOK 651m, exiting the company. Founder Steffen Kirknes remains the second-largest shareholder with 9.6% through VHF Invest, though his stake is now below 10%. Norbit will join the OSEBX index on Sep-22.

• Hexagon Composites (OB:HEX) raised NOK 590m via a private placement of 42m new shares at NOK 14/share, a ~14% discount to prior-day close. Proceeds will strengthen the balance sheet ahead of anticipated market improvements. Earlier the company flagged negative EBITDA of NOK 25-30m for Jul-Aug.

• Shelf Drilling (OB:SHLF) received a revised cash takeover offer from ADES International at NOK 18.5/share (vs. NOK 14 prior), now supported by holders of 53.4% of votes. The board unanimously recommends the deal, with EGM postponed to 6 Oct and completion still targeted for Q4’25.

• Elkem (OB:ELK) has entered exclusive talks to divest its Silicones division (LTM revenue NOK 15.7bn, EBITDA NOK 1.0bn) to a large unnamed industrial player, with completion targeted for H1’26. The sale, advised by ABG Sundal Collier, forms part of Elkem’s strategic review and would reallocate capital toward Silicon Products and Carbon Solutions, while also easing ownership-related uncertainties.

• Vend Marketplaces (OB:VENDB) has agreed to divest Lendo Group (incl. Compricer, Mybanker) to Clar Global at an EV of NOK ~1bn, well below expectations at NOK 2-2.5bn. Despite the valuation gap, the transactions is viewed as strategically positive, streamlining Vend’s portfolio and reinforcing focus on core ops. Completion is expected Q1’26, subject to regulatory approvals.

In case you missed it…

Global sentiment remains constructive, with IPO activity accelerating and the classic “IPO-pop” approaching decade highs — Klarna’s debut (+15% day-1) adding to the trend, though at lower magnitude vis-á-vis other recent IPOs. On policy, the ECB kept its benchmark rate at 2% for a second straight meeting, citing Eurozone resilience despite new U.S. tariffs, while attention now turns to the Fed next week where a rate cut is expected.

Geopolitics also flared as Poland shot down Russian drones in its airspace in what officials called an “unprecedented violation”, lifting European defense names, incl. Kongsberg Gruppen (OB:KOG) and Saab (OM:SAAB B).

Denmark

Relatively slow week in Copenhagen with most news being incremental to previous weeks’ events. The all-share (-0.2%) and large-cap (-0.4%) ended the week lower.

Relevant news/events:

• Novo Nordisk (CPSE:NOVO B) will cut 9k jobs (of 78k), booking DKK 9bn in Q3 charges partly offset by a Q4 gain, for a net DKK -8bn impact in 2025. Consequently, EBIT growth guidance was cut to 4-10% at CC (prev. 10-16%).

• Lundbeck (CPSE:HLUN B) will exit 27 markets and cut 602 jobs in a strategic overhaul, transferring sales (DKK 2.7bn, ~12% of 2024 revenue) to partners Swixx, Zuellig, and NewBridge by Dec-25. The move aims to streamline operations, lift margins, and cut 2024 selling and distribution costs of DKK 628m, while incurring DKK 390m in 2025 charges. Guidance is unchanged.

• ISS (CPSE:ISS) has secured a six-year contract with Australia’s Department of Defence worth DKK ~300m annually, starting Q1’26.

• NKT (CPSE:NKT) is under multi-country cartel scrutiny as competition authorities in Slovakia, Germany, and Czechia are investigating alleged price-fixing practices, while a UK court weighs a multi-billion claim tied to an earlier EU cartel findings. With NKT a repeat offender (EU fine upheld in 2020), potential penalties could reach up to 10% of revenue — theoretically DKK ~3.7bn — and could be increased given the repeat-offense status.

• ChemoMetec (CPSE:CHEMM): Q4’24/25 sales DKK ~120m (pre-announced) with instruments -15% y/y miss, partly offset by consumables +24% y/y and services +14% y/y. EBITDA landed at DKK 59.5m (-4% vs cons) impacted by DKK ~12m restructuring costs; underlying profitability improving. FY25/26 guidance: sales DKK 545-565m (cons. 560m) and EBITDA DKK 295-315m (cons. 302m), implying 15-19% org. growth despite ~5% FX headwinds.

Sweden

A bit more activity out of Stockholm vis-á-vis previous weeks, featuring fresh IPO rumors and CMDs from both HMS Networks (OM:HMS) and Meko (OM:MEKO), though limited surprises. The all-share (+0.4%) and large-cap (+0.3%) ended the week slightly up.

Relevant news/events:

• HMS Networks (OM:HMS) unveiled new 2030 targets at its CMD set at SEK 7.5bn sales (>2x vs 2024) with adj. EBIT margin of 25% (CAGR ~16% sales, ~19% EBIT 2024-30), supported by ARR rising to 10% of sales and >65% gross margin ambition. Management cited stronger H2’25 trading vs LY, aided by SEK 15m deferred sales recovery and tariff offsets. Growth plan assumes ~50% from M&A and ~8% organic, lifted by new products. Synergies from Red Lion/PEAK acquisitions starting to take effect with EBIT margins lifted 400-600bp.

• HM (OM:HM) peer Inditex (BME:ITX) reported relatively soft Q2’25 figures, with sales growth of 2% y/y (−2% vs cons). However, the company noted strong start to Q3 (+6% y/y for the first four weeks). H&M reports fiscal Q3 (Jun–Aug) on 25 Sep, with consensus at ~2% LCCY sales growth.

• Clas Ohlson (OM:CLAS B) reported Q1’25 Sales SEK 2.8bn (+10% org. y/y, pre-announced) with EBIT of SEK 278m for a 9.9% margin (cons. 8.9%) on lower input costs. August sales showed continued momentum (+7% org. y/y to SEK 1.0bn). Shares are now +74% YTD.

• Munters (OM:MTRS) invested EUR 2m (SEK ~22m) in Norway’s Capsol (OB:CAPSL) in a directed issue, lifting ownership 7.4% and expanding R&D ties into a commercial partnership around CO2 capture. The share price reaction was likely exacerbated by Oracle’s (NYSE:ORCL) upbeat datacenter outlook as the main trigger.

• Albert (OM:ALBERT) divests Strawbees assets, adding SEK 27m cash and removes SEK ~1m in monthly losses, bringing the Group closer to EBITDA breakeven.

• Swedish financial services provider, NOBA Bank, announced plans for an IPO in the Stockholm during Q3’25. Owned by Nordic Capital and Sampo, the deal implies a market cap of SEK 35bn, making it the largest European bank listing since 2017. NOBA reported Q2’25 operating income of SEK 10.6bn and operating profit of SEK 3.8bn.

• Online pharmacy Meds Apotek intends to list its shares on First North during the Q3’25. The offering will consist of existing shares as well as newly issued shares, with the net proceeds earmarked to “strengthen the balance sheet and increase financial flexibility for potential investments”.

• Sweden-based Klarna (NYSE:KLAR) finally completed its IPO on NYSE, raising USD 1.37bn from 34.3m shares at USD 40/share, valuing the buy-now-pay-later company at USD 15.1bn.

Finland

Subdued tempo of recent weeks carried into W37, with trading largely rangebound. Both the all-share and large-cap indices managed to finish higher, closing the week up +1.5%.

Relevant news/events:

• Aiforia (HLSE:AFORIA) announced a strategic partnership with Siemens Healthineers, paving the way for country-level agreements focused on joint marketing and sales. Siemens’ local subsidiaries will be able to offer Aiforia’s AI pathology solutions as part of their broader portfolio to customers across Europe.

• Olvi (HLSE:OLVAS) has agreed to acquire Banjalucka Pivara, the largest brewery in Bosnia and Herzegovina, with closing expected by Q1’26 pending regulatory approval. The deal follows last week’s announced acquisition of Latvia’s Valmiermuižas alus.

• S&P Global affirmed Oma Savings Bank’s (HLSE:OMASP) BBB/A-2 rating but revised the outlook to negative, citing rising NPLs. The agency expects gradual improvement in loan quality but flagged lingering risk management issues following last year’s misconduct-related provisions, impairments, and ongoing investigations.

• Wärtsilä (HLSE:WRT1V) hosted a strategy call where the CEO highlighted continued strength in Marine demand, with an October IMO decision on the shipping emissions incentive scheme as a supportive catalyst for growth. Energy demand remains robust, supported by hyperscaler data center projects, while Energy Storage is pressured by U.S. tariffs and intensifying Chinese competition — though its profit contribution is negligible.

• Puuilo (HLSE:PUUILO) reported Q2’25/26 sales of EUR 135.8m (+13% y/y, cons. EUR 135.8m), up 1.5% on a LFL basis (cons. +1.0%). Adj. EBITA at EUR 28.2m (cons. EUR 27.6m) for a 20.8% margin. FCF improved to EUR 38m (LY: EUR 32m). Guidance for FY25/26 reiterated: sales EUR 425-455m, adj. EBITA EUR 70-80m. New 2030 targets: sales EUR >800m (prev. EUR >600m), adj. EBITA margin >17%, and >100 stores (pilot entry into Sweden).

• Tekova (HLSE:TEKOVA) raised its FY2025 guidance with sales now guided at EUR 92.5-112.5m (prev. 80-100m) and EBIT of EUR 8.5-11.5m (prev. 7.0-10.0m), reflecting expanded scope of a data center project (EUR ~30m incl. add-ons) and earlier-than-expected project starts.

Norway

Sentiment in Oslo were affected by parliamentary elections, where the Labour Party was re-elected for another four years. Newsflow was otherwise relatively muted, sending the all-share (+1.5%) and large-cap (+1.8%) index higher.

Relevant news/events:

• Dellia Group, a Nordic dried-fruit company, plans to list on Euronext Oslo Børs and raise NOK ~100m via new shares to bolster working capital, production, and innovation. Known for brands Sunshine Delights, Dippies, and A Date With, Dellia posted LTM (Jun’25) revenue of NOK 440m (+151% y/y in 2024) and adj. EBIT of NOK 54m.

• Airthings (OB:AIRX) announced a NOK 105m fully underwritten private placement at NOK 0.10/share, to be followed by a subsequent offering to limit dilution for non-participating holders. The deal requires EGM approval and a prospectus, with the EGM expected around 30 Sep 2025.

• BW Energy (OB:BWE) secured USD 365m project financing, backed by China Export & Credit Insurance Corp, to fund ~80% of costs for refurbishing and deploying the Maromba FPSO offshore Brazil. The company also agreed a short-term interest-only lease with Minsheng Financial Leasing to acquire the Maromba development rig for USD 107.5m.

• Envipco (OB:ENVIP) held its first CMD in Oslo, highlighting a EUR ~4bn 5Y market opportunity driven by EU Packaging and Packaging Waste Regulation (PPWR) regulation and targeting a ≥30% market share. The Dutch-based RVM supplier also introduced new financial goals of 40% gross margin and 20% EBITDA margin.

• Link Mobility (OB:LINK) co-founder Jens Rugseth has sold his remaining stake in the company at NOK 33.5/share. Rugseth cited the need to reduce commitments, calling the sale a natural step given his board exit.

In case you missed it…

Global risk sentiment softened as a broad sell-off in government bonds drove yields higher, with the U.S. 30Y briefly crossing 5% for the first time since July before retracing. Concerns over rising sovereign debt burdens and central bank independence weighed on equities — the latter of which I have pointed out repeatedly as a concern of Trumps’ authoritarian approach and as late as last week.

In the Nordics, sentiment was relatively unaffected with the all-share index ending the week -0.4% lower. With the earnings season is largely behind us and attention now turns to upcoming CMD events, with the first tail having held its CMD this week.

Denmark

Following several busy weeks, week 36 proved comparatively quiet, with most newsflow being incremental to earlier headlines around Ørsted and Bavarian. The key corporate event was Coloplast’s (CPSE:COLO) CMD — elaborated below — which has drawn attention given recent concerns over soft organic growth, sizeable M&A, intensifying competition, and select regulatory headwinds.

The all-share (-0.4%) and large-cap (0.0%) ended the week flat

Relevant news/events:

• Coloplast (CPSE:COLO) hosted its CMD, presenting a new 5Y strategy (“Impact 4”), targeting organic revenue CAGR of 7-8% through FY29/30, with EBIT-growth at/above sales — implying 3-10% EBIT downgrades to consensus but seen as a “clearing event” as expected. Top-line risks stem from U.S. healthcare pricing reforms and Convatec competition, while margins could surprise positively on mix (Kerecis, Atos) and cost control. Management flagged ongoing CEO search, though no timeline was provided.

• Ørsted (CPSE:ORSTED) and partner Skyborn sue U.S. Department of the Interior over Revolution Wind stop-work order, arguing the order lacks legal basis. A full cancellation would imply USD ~6bn in additional costs, while delays alone run at millions of dollars per week. Separately — and ahead of the board authorizing its DKK 60bn rights issue — the company lowered its FY2025 adj. EBITDA guide to DKK 24-27bn (prev. DKK 25-28bn).

• Hafnia (OB:HAFNI) announced its 14.45% stake in Torm (CPSE:TRMD A), acquired from Oaktree Capital, triggering speculation of a potential merger looming ahead. On owned tonnage, a Hafnia–TORM tie-up would control ~200 vessels, putting them ahead on scope and size (by current implied market cap at USD ~5.2bn) — above crude-heavy Frontline at USD 4.8-4.9bn.

• NKT (CPSE:NKT) secured EUR 650m Energinet contract for Bornholm Energy Island link. The contract (DKK ~4.8bn) has no impact on 2025 guidance.

Sweden

Newsflow was muted in Stockholm, though several names tapped markets via rights issues and bond placements. Attention now turns to CMD season, with HMS Networks (OM:HMS) — a name I have tracked for a while — and Meko (OM:MEKO) set to present next week.

The all-share (-0.3%) and large-cap (0.0%) ended the week flat.

Relevant news/events:

• Strategic Value Partners has reached >90% ownership of Nordic Paper (OM:NPAPER), enabling a squeeze-out of remaining shareholders. SVP first announced a public takeover offer for Nordic Paper in October 2024 and had secured an ~83% stake in as of December 2024.

• Roxellen BidCo (led by Terveystalo) has acquired ~98.7% of MedHelp Care (OM:MEDHLP) at SEK 6.80/share, valuing the healthtech firm at an EV of SEK ~215m (2.6x LTM ARR).

• HAKI Safety (OM:HAKI) has launched a SEK 50m rights issue to repay a bridge loan tied to its Trimtec acquisition, with preferential rights for existing shareholders. The move is aimed at strengthen the balance sheet as HAKI targets SEK 2bn revenue by 2027 (LTM Q2’25: revenue SEK 1.1bn, adj. EBITDA SEK 69m).

• Latour (OM:LATO B) issued SEK 750m 5Y bond under its MTN program at a fixed 3.143% coupon. Proceeds to support financial flexibility across its investment portfolio and industrial holdings

• Haypp (OM:HAYPP) to resume U.S. sales of Zyn in September with distribution restarting via direct deliveries from Philip Morris, ending a pause that had limited online access as PMI prioritized physical stores.

• Loomis (OM:LOOMIS) issued SEK 1.8bn sustainability-linked bonds (3Y & 5Y) under its EUR 2bn EMTN program, tied to a 34% carbon reduction target by 2027 vs 2019. The issue was oversubscribed (order book SEK >3bn) and proceeds will refinance debt and support operations. I am bullish on Loomis — deep-dive here.

Finland

Sentiment was mixed with newsflow sparse, with most moves being catch-up from previous weeks’ drag and vice versa. The week did feature CMD from Taaleri (HLSE:TAALA) which was largely a non-event — covered below. Next week, Marimekko (HLSE:MEKKO) will host its investor day.

Despite the lack of news, the all-share (1.2%) and large-cap (1.2%) ended the week higher.

Relevant news/events:

• Taaleri (HLSE:TAALA) hosted its CMD with core message being centered on its continued intent to deploy balance sheet capacity in new investments. The mandate in select pockets, i.e., bioindustry, has been widened. Garantia is defined as a stabilizing cashflow unit, while the private equity funds target growth. Despite cheap valuation (SoTP EUR ~10/share), lack of clarity on capital allocation and restructuring keeps the stock priced at a discount.

• Olvi (HLSE:OLVAS) to acquire Latvia’s Valmiermuižas alus, a premium soft drinks (alcoholic and non-alcholic) company with FY2024 revenue of EUR ~10m. The target will become part of Olvi’s Cēsu alus unit, strengthening its Baltic footprint.

• Spinnova (HLSE:SPINN) likely rallied as investors welcomed the cleared overhang of dependence on partners Suzano and Woodspin, providing greater strategic flexibility.

Norway

Shares mostly traded range-bound for the week with the all-share (+1.2) and large-cap (1.2%) ending the week higher. The oil price continued to slide as OPEC reaffirmed its intent to increase production to take share; supportive of a mid-term tanker market and thus sending tanker-names higher.

Relevant news/events:

• Hafnia (OB:HAFNI) announced its 14.45% stake in Torm (CPSE:TRMD A), acquired from Oaktree Capital, triggering speculation of a potential merger looming ahead. On owned tonnage, a Hafnia–TORM tie-up would control ~200 vessels, putting them ahead on scope and size (by current implied market cap at USD ~5.2bn) — above crude-heavy Frontline at USD 4.8-4.9bn.

• Subsea 7 (OB:SUBC) secured “significant” Taiwan offshore wind contract with deal size guided at USD 150-300m.

• Aker Biomarine (OB:AKBM) signed an agreement for “Superba krill oil” with a customer expected to rank among its top three by revenue. First volumes to be shipped in Q4; financial terms undisclosed.

• DOF Group (OB:DOFG) priced a USD 150m 5Y senior unsecured bond at fixed coupon of 8.125% p.a. Proceeds will refinance debt and fund general corporate purposes. Company hosts its CMD next week.

• Bonheur (OB:BONHR) issued NOK 700m 5Y green bond in an oversubscribed deal priced at 3M NIBOR +215bp, with proceeds earmarked for green projects and refinancing under its Green Finance Framework.

• Equinor (OB:EQNR) has backed Ørsted (CPSE:ORSTED) rights issue with DKK ~6bn to maintain its existing ~10% stake in the company. The move has resurfaced speculation of a potential tie-up in the works. In any case, I don’t think this would be any near-term event.

• Nordic Semiconductor (OB:NOD) completed a NOK ~1bn directed issue, with proceeds earmarked to repayment of a bridge loan tied to the Neuton.ai and Memfault acquisitions.

In case you missed it…

Global equities traded cautiously last week as investors digested Fed Chair Powell’s Jackson Hole remarks and U.S. giants’ earnings. Notably, concerns about political pressures on the Fed and wider risks to monetary policy independence are surfacing more explicitly in market discourse. In the Nordics, news flow is thinning but select corporate updates keep investors engaged. The Nordic all-share index ended the week down -2.6%

Denmark

After a couple of busy weeks in Copenhagen, last week was less eventful though still featuring the tail end of Q2’25 earnings. The all-share (-2.4%) and large-cap (-2.8%) both trended lower. As noted ahead of the week, shares in Ørsted (CPSE:ORSTED) sold off following negative news out of the U.S. government’s stop-work order on wind project, Revolution Wind.

PE funds Nordic Capital and Permira (via Innosera) cut the acceptance threshold for their takeover offer of Bavarian Nordic (CPSE:BAVA) from 90% to 75%, removing ATP’s ability to block the deal, though the endgame of this strategy remains unclear. The bid remains unchanged at DKK 233/share (EV DKK ~19bn, equiv. to ~11x EV/EBITDA at the midpoint of the 2025E guidance). I believe a higher offer — potentially from another bidder — is still quite probable.

Other relevant news & Q2-2025 earnings note:

• Royal Unibrew (CPSE:RBREW): Revenue DKK 4,438m (cons. 4,530m) with organic growth at +5% (cons. 6.6%) on volumes of 5.1mhl (in line). EBIT DKK 740m (cons. 737m) for a 16.7% margin (cons. 16.3%). Northern Europe landed weaker, offset by stronger performance in Western Europe/International with share gains across most markets. FY2025 guidance narrowed: revenue +5-6% (cons. 5.7%, prev. 5-7%), organic EBIT +8-12% (cons. 10.4%, prev. 7-13%). Earnings were followed by a DKK 300m share buyback through Dec’25.

• RTX (CPSE:RTX): Q3’24/25 revenue DKK 147m (+3.5% y/y; +10% CC), driven by Enterprise (+3.3% y/y; +10% CC) on higher retail demand and Healthcare (+85.5% y/y; +91% CC) as Philips raps — though dragged by weaker ProAudio (-34.5% y/y; -28% CC). EBITDA margin landed at 10.2%, up +3.6pp y/y on scale and mix-shift. Cash position strengthened to DKK 119m (no debt); new DKK 20m buyback announced.

• Dataproces (CPSE:DATA): Q1’25/26 revenue landed at DKK 9.6m, up +17.2% y/y, and mainly driven by strong performance in Consulting (+42.5% y/y) while Software (-4.0%) weighed. To the latter point, mgmt. noted y/y figures are slightly distorted by larger one-off upfront installation fees LY, though no additional color was provided. ARR landed at DKK 24.1m (+13% y/y), now accounting for 88% of Group revenue. Adj. EBITDA (excl. capitalized R&D) landed at DKK 0.4m (LY: DKK 1.2m), dragged by higher OPEX amid “ramp” in Germany. I have reached out to management for further color on “clean” Software performance, incl. on the impact of its recent Boelplan acquisition. A full Q2 review will follow as per standard.

• Per Aarsleff (CPSE: PAAL): Q3’24/25 revenue DKK 5,711m (cons. 6,125m) and EBIT DKK 308m (cons. 339m) with Ground Engineering remaining the main drag from temporary capacity issues. Construction and Technical Solutions were broadly in line, while order intake of DKK 5.6bn was on par with consensus. FCF weighed by NWC build. FY2024/25 EBIT guidance narrowed to DKK 1,125-1,175m (prev. 1,100-1,200m), implying a Q4 recovery in Ground Engineering and a solid exit rate into 2025/26.

• Sydbank (CPSE:SYDB): Net profit at DKK 567m (cons. 598m) with NII DKK 899m (cons. 914m) as Cibor 3M decline was less severe than expected, supporting Q3 NII outlook. Loan losses annualized at ~30bp, materially above peers at near-zero, tied to a few struggling corporates — leaving Sydbank closer to a normalized run-rate than peers. Lending grew 1.7% q/q, with retail up ~4% while corporate grew modestly on credit facility drawdowns, though overall appetite remains muted. CET1 landed at 16.7% (flat q/q). Guidance unchanged. Shares trade on ~10% combined dividend/buyback yield, lagging peers Danske Bank (CPSE:DANSKE) and Jyske Bank (CPSE:JYSK) at ~11%.

• Scandinavian Tobacco Group (CPSE:STG): Revenue DKK 2,361m (cons. 2,414m) with organic growth -4.1% (LY +4.8%) as the U.S. Zyn distribution deal ended. EBITDA DKK 499m (cons. 529m; LY 580m) for a 21.1% margin (cons. 21.9%, LY 24.6%). CEO flagged resilience amid tariffs and geopolitics, with progress in Mac Baren integration and stabilization in machine-rolled cigars. FY2025 guidance reiterated with revenue at DKK 9.1-9.5bn and EBITDA margin of 18-22%.

• Matas A/S Group CEO, Gregers Wedell-Wedellsborg, resigns to pursue international opportunities.

• Novo Nordisk (CPSE:NOVO B): At the European Society of Cardiology congress, data from the Steer study showed Wegovy (semaglutide) reduced risk of heart attack, stroke or death in obese patients with CVD by 57% vs. Eli Lilly’s Zepbound (tirzepatide). This complements the Select trial, which demonstrated a 20% overall CV risk reduction and a 39% reduction in systemic inflammation.

Sweden

In Stockholm, news flow was relatively muted, dominated by small-cap earnings — most of which were non-events or outside the scope of Nordic Edge. Both the all-share (-0.8%) and large-cap (-0.8%) ended the week lower. Wider sentiment was supported by defensives and select healthcare names, while cyclicals remained under pressure from softer demand signals.

The MSCI Small Cap Sweden index was updated on August 26 at close, and has been expanded to include: Apotea (OM:APO), Asker Healthcare (OM:ASKER), Dynavox Group (OM:DYNA), Intrum (OM:INTRUM), Logistea (OM:LOGI), Medcap (OM:MEDCAP), Plejd (OM:PLEJD), Sveafastigheter (OM:SVEA), and Zinzino (OM:ZINZO)

Other relevant news & Q2-2025 earnings note:

• Enity (OM:ENITY): Total income of SEK 337m (cons. 289m) with adj. EBIT at SEK 177m (cons. 139m), driven by stronger NII SEK 305m (cons. 286m). Costs landed at SEK -149m (cons. -140m) with loan losses of SEK -11m (cons. -6m). Lending stable at SEK 29.6bn (cons. 29.7bn), CET1 14.7% (cons. 14.6%). No formal outlook. Shares trade at ~25% discount to the sector.

• Elekta (OM:EKTA B): Q1’25/26 orders at SEK 3,838m (cons. 3,822m; -1% org. y/y) and sales SEK 3,646m (cons. 3,822m; +3% org. y/y). Gross margin 36.8% (cons. 37.3%), hit by FX (-100bp) and tariffs (-90bp); excl. this, margin landed at 41.6%. Adj. EBIT SEK 235m (cons. 221m) at 6% margin, aided by lower opex. Cash generation remains challenged with FCF at SEK-361m. FY2025/26 outlook reiterated.

• Gentoo (OM:GEN2): Q2 sales at EUR 24.4m (–19% y/y) and adj. EBITDA of EUR 7.5m for a 30.7% margin, with value of deposits at EUR 195m — of which VoD is higher in Brazil now vs. pre-regulation. Still, management noted weaker performance in Brazil after what looked like a stabilized environment during end of Q1 — though re-recovery seen in Jul/Aug. The company shared a softer 2025 guide with revenue at EUR 100-105 million (prev. similar to LY: EUR 124m) and adj. EBITDA-% at 40-41% (prev. 40-45%). Read-across from Brazil commentary was likely also what pulled larger peer, Better Collective (OM:BETCO) down; a company I am bullish on.

• Saab (OM:SAAB B) received a SEK 5.3bn order from Sweden’s FMV for four Gripen E/F fighter jets to Thailand (three Gripen E, one Gripen F) with deliveries 2025–2030.

Finland

Shares in Helsinki slipped modestly, weighed by broad-based dullness in sentiment with muted news flow and no major catalysts to energize the market. Defensive sectors offered slight support, but overall activity remained tepid with the all-share (-1.9%) and large-cap (-1.8%) both ending lower.

Other relevant news & Q2-2025 earnings note:

• Keskisuomalainen (HLSE:KSL): H1’25 revenue EUR 109.3m (LY 102.6m; +6.5%) driven by Suomen Suoramainonta and recent acquisitions. Comparable EBIT improved sharply to EUR 8.1m (LY 1.8m) for a 7.4% margin (LY 1.8%), supported by EUR ~8m cost savings from restructuring/efficiency measures and municipal election-related ad sales. Guidance raised earlier in the week: FY2025 revenue expected to grow and comparable EBIT to improve significantly y/y.

• Solwers (HLSE:SOLWERS): Q2 revenue EUR 21.9m (LY 20.7m) with EBIT at EUR 0.1m (LY 1.0m), dragged by price competition, earn-outs, wage pressure, and project delays. Management expects gradual market recovery into year-end, with savings of EUR ~1m targeted for FY2025. Strategy remains acquisitive but with a more cautious pace. Johan Ehrnrooth takes over as CEO from November 2025.

• Faron Pharmaceuticals (HLSE:FARON): H1’25 operating loss EUR -11.9m (cons. -14.8m; LY -11.3m), EPS -0.18 (cons. -0.15; LY -0.20), with cash at EUR 13.5m (vs. 30.0m LY). No revenue, as expected. Key progress centred on bexmarilimab: Phase II completed with strong efficacy data presented at ASCO/EHA, and FDA feedback supports direct advancement into a registrational Phase II/III trial in frontline HR-MDS under accelerated approval criteria. Financing strengthened via EUR 12m equity raise and EUR 35m convertible facility (EUR 15m drawn), extending runway to Q1’26. Management highlights clinical momentum and improved financial flexibility as catalysts ahead.

Norway

In Oslo, trading was more subdued after several weeks of strong gains. The all-share (-1.0%) and large-cap (-0.8%) both eased slightly, with sentiment held back by weakness in cyclical names. News flow was limited beyond second-tier earnings.

The MSCI Small Cap Norway index was similarly updated on August 26 at close, with the following changes:

• Joiners: Public Property Invest (OB:PUBLI), Link Mobility (OB:LINK)

• Leavers: FLEX LNG (OB:FLNG), Hexagon Composites (OB:HEX)

Other relevant news & Q2-2025 earnings note:

• Bouvet (OB:BOUV): Revenue at NOK 969m (cons. 1,007m), EBIT of NOK 123m (cons. 109m) for a 12.7% margin (cons. 10.8%) aided by by lower bonus accruals amid temporarily softened growth. Outlook reiterated, citing strong demand in core sectors, but increased competition and weaker pockets.

• Sentia (OB:SNTIA): Revenue at NOK 2,929m (cons. 2,882m) with adj. EBIT of NOK 137m (cons. 141m) for a 4.7% margin (cons. 4.9%). Order intake landed exceptionally strong at NOK 6,018m on contract wins related to Bodø Airport (NOK 1,900m), a tourist experience centre (NOK 398m), and Kaj 16 project in Gothenburg (NOK 688m). Mgmt. cited strong outlook, supported by solid cash generation.

• Smartcraft (OB:SMCRT): ARR landed at NOK 505m (cons. 495m) with organic ARR +7% y/y. Revenue of NOK 141m (cons. NOK 141m) and adj. EBITDA–capex at NOK 41m (cons. 36m) for a 29.4% margin (cons. 25.1%), driven by lower opex. Long-term targets unchanged. Search for new CEO still underway, though interim CEO Hanna Konyi, is likely considered as a credible candidate herself.

• Bakkafrost (OB:BAKKA): Revenue of DKK 1,575m (cons. 1,837m) with EBIT (pre-IFRS 16) at DKK 65m (cons. DKK 65m) and EBIT/kg 2.8 (in line). Farming EBIT at DKK 111m on weak spot prices and high Scottish mortality; VAP EBIT DKK 97m and Feed EBIT DKK 89m. Markets remain focused on the raised 2025 volume guidance (+7kt), improving biomass growth, and normalized mortality trends in Scotland.

• Grieg Seafood (OB:GSF): Core EBIT at NOK 91m (cons. 124m) with EBIT/kg NOK 10.3 (NOK 7.6), harvest in line — incl. divested assets, EBIT landed at NOK 43m (cons. 37m). Capital allocation relatively supportive with 50% equity ratio target, NOK 250m liquidity buffer and prioritization of dividends; potential pay-outs NOK ~40/share vs cons. at ~30/share.

• Wallenius Wilhelmsen (OB:WAWI) paid its USD 1.10/share dividend on August 26, hence the mechanic drop in share price.

• Shares in Airthings (OB:AIRX) collapsed after on the back of its Q2 report showing widening losses. The company is in talks to raise NOK 100m via a private placement at NOK ~0.10/share, implying a deep discount. A delisting proposal is expected post-transaction, resulting in a 97% decline since IPO.

In case you missed it…

Global equities ended the week firmer as investors looked through mixed macro data ahead of the annual central banking forum in Jackson Hole late in the week, where FED chair Jerome Powell took a more “dovish” tone, suggesting interest rate cuts could be on the way — aligning with current consensus.

Nordic market sentiment was similarly constructive upon digesting Q2 prints. Notably Oslo closed at in all-time-highs and Helsinki at YTD-highs. The Nordic all-share index ended the week up +2.7%.

Denmark

Another packed week with Q2-2025 reports largely dominating the news flow — the outcome of earnings skewing marginally positive. The all-share (+5.0%) and large-cap (+3.7%) indices ended in positive territory.

Other relevant news & Q2-2025 earnings note:

• GN Store Nord (CPSE:GN): Sales at DKK 4,160m (cons. 4,092m) with organic growth flat ex-Consumer. On segment level, all figures were in line or above expectations: Hearing at DKK 4,160m (cons. DKK 4,092m), Enterprise at DKK 1,713m (cons. DKK 1,654m), and Gaming/Consumer at DKK 589m (cons. DKK 571m). EBITA landed at DKK 546m (cons. DKK 417m) for a 13.1% margin (cons. 10.2%) on solid cost control in Gaming & Enterprise. Guidance for topline narrowed to -2% to +2% organic growth (prev. -3% to +3%), with EBITA margin at 11-13% and FCF at DKK ~800m unchanged.

• Ambu (CPSE:AMBU B): Q3’24/25 sales at DKK 1,507m (cons. DKK 1,493m), driven by strong performance in Endoscope solutions — particularly the non-Pulmonology segment posting +20.8% organic growth (cons. +19.3%) — and easing U.S. competition. Adj. EBIT of DKK 170m (cons. DKK 197m) missed by 14% on FX headwinds (DKK ~30m) and slightly higher OPEX. FY2025 guidance narrowed to 12-14% organic growth (prev. 11-14%), EBIT margin kept at 13-15%, and FCF cut to DKK ~400m (prev. >500m). CMD in Oct. remains key catalyst for mid-term margin outlook. The company hosts its CMD on October 1st.

• Coloplast (CPSE:COLO B): Q3’24/25 group sales came in at DKK 6,958m (cons. 7,090), dragged by FX headwinds. Organic growth landed at +7.0% y/y (vs. cons. 6.6%). Advanced Wound Care underperformed (-6.4% vs. cons.) due to China recalls and U.S. LCD delay, partly offset by stronger Interventional Urology (3.6% vs. cons.). EBIT landed at DKK 1,915m (cons. DKK 1,936m) for a 27.5% margin (cons. 27.3%). FY2025 guidance reiterated:~7% organic growth, 27-28% adj. EBIT margin, though reported growth trimmed to 3-4% (prev. ~4%). The company hosts its CMD on September 2nd.

• Alk-Abello (CPSE:ALK B): Revenue of DKK 1,527m (cons. 1,504m), up +12% y/y in CC, and EBIT of DKK 375m (cons. 471m) for a 24.6% margin (cons. 23.9%). Growth was driven by AIT tablets (+16% y/y) and strong adrenaline sales boosted by by competitor shortages. SCIT/SLIT declined -2% y/y but is expected to rebound in H2 on improving China sales. FY2025 guidance raised with CC revenue growth 12-14% (prev. 9-13%), EBIT margin ~25%, FCF DKK 600-800m (prev. 500-700m). Pipeline progressing, with Phase II peanut AIT data due Mar/Apr 2026.

• Novonesis (CPSE:NSIS B): Revenue at EUR 1,019m (cons. EUR 1,031m), up +8% organically y/y, dragged by FX (-4.9% on topline, higher on OPEX) and partially offset by M&A (+1%). Adj. EBITDA landed at DKK 371m (cons. DKK 388m) for a 36.4% margin (cons. 37.7%) dragged by OPEX (mainly from FX drag), albeit still best-in-class. FCF (act. EUR 239m) was well above expectations (cons. EUR 164m) on lower capex. FY2025 guidance narrowed to: organic sales growth at 6-8% (prev. 5-8%, cons. 7.7%) and adj. EBITDA margin reiterated to 37-38% (cons. 38%). New 2030 targets include 6-9% OSG and ~39% EBITDA margin with ROIC (excl. GW) at ~16%.

• Rockwool (CPSE:ROCK B): EUR 988m (cons. 1,038m; -2% y/y), with both Insulation (act. EUR 792m vs. cons. EUR 845m) and Systems (act. EUR 196m vs. cons. EUR 204m) hit by weak demand in Eastern Europe (Russia) and a July/August slowdown in North America. Gross margin improved slightly, but higher SG&A pressured profitability. FY2025 guidance cut to flat CC revenue (prev. LSD growth) and EBIT margin <16% (prev. ~16%), implying H2 softness despite stable pricing so far.

• FLSmidth (CPSE:FLS): Revenue DKK 3,378m (cons. 3,508m) with adj. EBITA DKK 514m (cons. 509m) for a 15.2% margin (cons. 13.9%). Orders broadly in line, Products hit by customer-driven delays, offset by strong PC&V and resilient Services. Cash flow improved to DKK 527m (Q2’24: 14m) on higher earnings and NWC release. FY2025 updated guidance reiterated: revenue DKK 14.5-15.0bn (prev. ~15bn) and adj. EBITA margin 15-15.5% (prev. 14-14.5%). Mgmt. expects service growth, PC&V margins ~24-25% through-cycle, and Products to turn positive with volume recovery in H2’26.

• Middelfart Sparekasse has raised its merger offer for Nordfyns Bank (CPSE: NRDF) to DKK 620/share. The news follows a stretched timeseries of lots of back and forth, highlighted in previous MMEs. For more context, I suggest reading the recommended Substack, Sung Capital.

• Vestas (CPSE:VWS) surged as new U.S. tax rules gave clarity on wind project subsidies through 2030, easing previous fears of onerous requirements. Despite this likely spurring activity toward 2026, it is worth mentioning that consensus estimates do not currently factor in incremental orders from the U.S.

• Over the weekend, the U.S. government has put a stop-work order on Ørsted (CPSE:ORSTED) wind project, Revolution Wind. The news comes at a point where the company is already on its knees, seeking raise DKK 60bn from shareholders.

Sweden

Activity in Stockholm was marked by the final tail of small-/mid-cap earnings, most of which were either non-events or outside the scope of Nordic Edge (i.e., consistently loss making, pre-revenue, etc.). Results were mixed, skewing slightly negative. The all-share (+2.3%) and large-cap (+2.1%) indices ended the week higher.

Among notable reports, Better Collective (OM:BETCO) released Q2 results, which I covered in my earnings review here, with a broader company deep-dive/thesis available here. With tougher comps behind us, the set-up going into H2 and 2026 looks attractive.

Other relevant news & Q2-2025 earnings note:

• Ambea (OM:AMBEA): Sales at SEK 4,088m (LY SEK 3,519m), up16% y/y (5% organic, 7% M&A), with adj. EBITA of SEK 311m (vs. 271m LY). Management notes all financial targets now met (growth at 8-10%, EBITA-% at ≥9.5%, leverage <3.25x), with Validia integration progressing ahead of plan.

• Nibe (OM:NIBE B): Revenue at SEK 10,082m (cons. SEK 9,980m), up 1% organically y/y, with EBIT of SEK 944m (cons. SEK 925m) for a 9.4% margin (cons. 9.3%). Topline was driven by improved demand for Climate Solutions on the back of channel destocking, with growth led by Germany, Italy, NL and Sweden. FX headwinds and tariffs weighed, but productivity gains and cost control drove margin recovery. Management reiterates ambition to return to historical margin ranges in 2025, though Stoves recovery may take longer.

• Synsam (OM:SYNSAM): Sales of SEK 1,841m (cons. 1,814m), up 9.1% organically y/y, with EBITDA at SEK 470m (cons. SEK 460m), equivalent to a 25.0% margin (cons. 25.2%). Group growth remains solid, driven by Lifestyle subscriptions (+8.2% y/y, 730k customers), yet churn ticked up for the 9th straight quarter (2.91%). Denmark remains a drag with negative organic growth and weaker margins due to regulatory changes, though management highlights ongoing store upgrades and offering adjustments.

• Karnov (OM:KAR): Revenue at SEK 649m (cons. SEK 637m, LY: SEK 623m), posting 4.6% organic growth y/y, driven by uptake in AI-supported products. Adj. EBITA landed at SEK 148m (cons. 159m, LY 132m) for a 22.8% margin (cons. 24.9%, LY 21.1%), weighed by Southern Europe (-150bps headwind; unit divested end-June), while Northern Europe delivered stronger cost discipline. For a deep-dive into the company-/opportunity, I suggest reading write-up by The Small Cap Strategist.

• Major shareholder announcement in Evolution (OM:EVO) with billionaire Kenneth Dart increasing his stake to 20.3%, making him the largest shareholder.

• Saniona (OM:SANION) surged after signing a global licensing deal with Jazz Pharmaceuticals for epilepsy drug SAN2355, securing a USD 42.5m (SEK 409m) upfront payment and potential milestones of up to USD 192.5m (SEK 1,854m).

Finland

A quieter week in Helsinki with the all-share (+1.7%) and large-cap (+1.9%) indices trading with minimal movement as attention largely shifted away from large-cap earnings. Still, the indices reached YTD-highs on the back of more dovish wording from FED.

Other relevant news & Q2-2025 earnings note:

• Kojamo (HLSE:KOJAMO): LFL rental growth at -0.4% y/y, NRI +2% y/y, occupancy improved to 94.4% (Q1: 92.8%). Portfolio revaluation headwind EUR -48m, EPRA NRV/share EUR 18.38, NIY stable at 3.9%. FY2025 guidance reiterated with revenue +0-2% y/y, FFO EUR 135-141m (excl. one-offs). Mgmt. highlights persistent oversupply in the Helsinki region; recent disposals done ~10% below book value. Shares trade at 44% discount to FY25e adj. NRV and ~19x guided FFO.

• Investors House (HLSE:INVEST) rose following the announcement of a jumbo dividend of EUR 3.14/share (~40% of MCAP at Friday’s close) funded with proceeds from the divestment of real estate JV Apitare.

• Faron Pharmaceuticals (HLSE:FARON) rose after announcing positive FDA feedback on its clinical development plans for bexmarilimab.

Norway

Shares in Oslo extended its gains, with both the all-share (+1.9%) and large-cap (+1.9%) closing at all time highs, supported by broad-based strength in shipping names. The week featured a wave of large-cap earnings, including the pre-announced salmon farmers, who are navigating lower prices only partly offset by higher volumes and contract cover. Overall, earnings delivered few surprises in either direction.

The week also featured earnings from closely tracked company, Medistim (OB:MEDI), which delivered strong figures for which I made an earnings review here. You can also read the full company deep-dive here.

Other relevant news & Q2-2025 earnings note:

• Arctic Bioscience (OB:ABS) surged after a clinical study showed ROMEGA® herring roe oil significantly improved visual field in glaucoma patients, with no adverse effects reported.

• DNO (OB:DNO): Delivered solid figures for Q2. I recommend Substack, Norwegian Hidden Gems, for a thorough deep-dive of results.

• Höegh Autoliners (OB:HAUTO): Revenue of USD 367m (cons. USD 356m), adj. EBITDA at USD 166m (cons. SEK 163m), and net profit USD 123m (cons. USD 124m), broadly in line. Results supported by resilient market conditions, high fleet utilization, and increased contract coverage to 81% (2024: 73%) under the “go long on cargo” strategy, partly offset by higher OPEX and FX headwinds. Dividend declared at USD 137m NOK (~1.4bn).

• Scatec (OB:SCATC): Proportionate revenues of NOK 2,302m (cons. NOK 2,132m) and EBITDA of NOK 1,130m (cons. NOK 1,006m) driven by high activity in Development & Construction and strong Philippine hydrology/ancillary services. FY2025 power production guidance was trimmed to 4.0-4.3TWh (prev. 4.1TWh). Backlog stands at an all-time high (3.2GW) after recent South Africa contract win.

• Zaptech (OB:ZAP): Revenue NOK 383m (cons. NOK 393m), with all-time high EBITDA of NOK 44m (cons. NOK 37m) for a 11.4% margin (cons. 9.5%). Order intake (+30% y/y) and backlog (+24% y/y) reached NOK 445m and NOK 567m, respectively. Topline was supported by strong growth in key regions — Benelux, UK, France, and Germany, with management citing accelerated demand across Europe, bolstered by ramp-up of Zaptec Go 2 and Pro M&E.

• Lerøy Seafood (OB:LSG): Revenue NOK 8,826m (cons. 8,650m), EBITDA NOK 1,138m (cons. 1,090m). The beat was driven by record VAPS&D profitability (NOK 351m) and solid Wild Catch on higher prices/inventory unwind. Farming EBIT fell on sharply lower salmon/trout prices despite +33% harvest and ~6% lower unit costs; 30% contract share cushioned the blow a bit. FY2025 Norway harvest guidance at 195k GWT and VAPS&D NOK 1.25bn EBIT considered within reach.

• Salmar (OB:SALM): Revenue at NOK 6.2bn (cons. NOK 5.8bn) but operational EBIT fell to NOK 524m (cons. NOK 534m) as lower salmon prices outweighed higher volumes (64.5kt harvest) — an industry-wide phenomena. Management flagged strong biology, record-high biomass into Q3, and easing input costs, underpinning an upward revision to 2025 harvest guidance of 298kt (prev. 294kt). NOK 65m share buyback announced alongside results.

• MOWI (OB:MOWI): Revenue EUR 1.39bn (cons. EUR 1.50bn) and operational EBIT EUR 189m (cons. EUR 189m), with harvest volumes at a record 133kt. Results were underpinned by lower costs (biological improvements, reduced mortality, favorable water conditions) and strong Consumer Products performance. The group lifted 2025 harvest guidance to 545kt (prev. 530kt) and targets ≥600kt in 2026 following the Nova Sea stake increase. Dividend of NOK 1.45/share (vs. 1.70 in Q1) declared. Management cited U.S. supply diversification as a means to navigate tariffs, with most exports routed from Canada/Chile.

• SATS (OB:SATS): Revenue came in at NOK 1,393m (cons. NOK 1,390m), up 10% y/y, driven by 3% higher membership base and +7% ARPM on price/mix improvements. EBITDA landed at NOK 580m (cons. NOK 569m) for a margin of 42% (cons. 41%). Country-level performance was strong across the board, all contributing positively. Outlook remains constructive with CMD targets reaffirmed at NOK 1.1bn pre-IFRS16 EBITDA mid-term, supported by higher member revenues, ARPM expansion and efficiency gains. NOK 0.63 DPS (50% H1 net profit) and reiterated focus on disciplined expansion with leverage at 1.3x.

In case you missed it…

Global equities ended week 33 broadly rangebound as investors digested a busy flow of U.S. data and central bank rhetoric ahead of the Jackson Hole FED meeting (Aug. 21-23). In the Nordics, focus was affixed on the large slate of earnings, especially out of Denmark. On balance, earnings surprised to the downside yet bright spots elsewhere cushioned the blow, with the all-share index ending the week largely flat (+0.2%).

Denmark

Packed earnings week in Denmark which leaned negative on most fronts, especially from prominent large-cap names. In that context, the all-share (-0.7%) and large-cap (-1.0%) both held up relatively well.

In case you missed it, I just posted a write-up on Dataproces; a Danish provider of niche SaaS for municipalities:

Other relevant news & Q2-2025 earnings note:

• Ørsted (CPSE:ORSTED) will raise DKK 60bn via rights issue after scrapping the USD ~6bn Sunrise Wind sale, leaving a funding gap of DKK ~40bn. The Danish state (50.1% owner) will subscribe DKK 30bn. Company maintains 2025 guidance and targets DKK 35bn asset sales in 2025-26. The news overshadowed the earnings, showing Q2 EBIT of DKK 3.4bn vs LY loss DKK -1.7bn. FY2025 EBITDA guide maintained at DKK 25-28bn, capex guide lifted to DKK 145bn (prev. DKK 130bn) on higher Sunrise ownership and US tariffs. Mgmt. targets DKK >35bn divestments 2025-26, FFO/net debt >30% from FY2025, and dividend reinstatement FY2026.

• Pandora (CPSE:PNDORA): Q2 sales of DKK 7,075m (cons. 7,171m) with organic growth of 8% (cons. 8.2%) and LFL of 3% (cons. 4.3%). Adj. EBIT landed at DKK 1,287m (cons. 1,289m) for a 18.2% margin (cons. 18.0%). FY2025 guidance maintained, yet FY2026 EBIT margin target set to >24% incl. ~120bps tariff headwind from Thailand (prev. 25%) — to that end, worth noting that U.S. LFL sales landed at 8% y/y.

• Carlsberg (CPSE:CARL B): H1 revenue at DKK 45,855m (cons. 46,541m; -1%) with organic growth at -0.3% y/y (cons. +0.3%) — organic volume growth at -1.7% (vs. cons. -1.3%). Worth noting the China volumes grew 1% y/y and India at LDD; decisively better than peers. Adj. EBIT landed at DKK 7,233m (cons. DKK 7,350m; -2%) for a margin of 15.8% (cons. 15.8%). Management narrowed the EBIT guidance upward, now expecting FY2025 EBIT growth of 3-5% (prev. 1-5%), and maintained the GBP 250 Britvic contribution to EBIT.

• Demant (CPSE:DEMANT): Q2 sales at DKK 5,633m (cons. DKK 5,787m) with 0% organic growth y/y and weakness across the board. Gross margin landed slightly ahead, but OPEX dragged on EBIT at DKK 1,849m (cons. DKK 1,980m). The FY2025 guidance lowered to: organic growth of 1-3% (prev. 1-5%) and EBIT of DKK 3,900-4,300m (prev. DKK 4,100-4,500m) on lower market volume growth at 2-4% (prev. 3-5%).

• Zealand Pharma (CPSE:ZEAL): Q2 revenues DKK 9.1bn (incl. Roche upfront) and EBIT DKK 8.5bn; FY2025 OPEX guidance maintained at DKK 2-2.5bn (ex-Roche costs). Cash stood at DKK 17bn, providing ample runway. Pipeline progressing as planned: petrelintide Ph IIb topline (ZUPREME-1) in H1’26, survodutide Ph III obesity readout early ’26, and dapiglutide Ph II initiation in H2’25. Glepaglutide MAA filed with EMA (SBS) with US Ph III initiation in H2’25. With timelines intact and cash secured, investor focus shifts to late-2025/26 catalysts. CMD scheduled for December 11.

• Lundbeck (CPSE:HLUN B): Q2 sales at DKK 6,023m (cons. DKK 5,980m), driven by Strategic Brands (+18% CC growth) with strong growth in Rexulti (+27% CC) Vyepti (+51% CC). Adj. EBITDA landed at DKK 2,048m (cons. DKK 1,742m) for a 34% margin (cons: 29.1%). The company raised its FY2025 guidance on “strong performance and effective capital allocation”, now targeting 11-13% topline growth (prev. 8-11%) and adj. EBITDA growth of 16-21% (prev. 8-14%) implying DKK 7,601-7,932m (cons. DKK 6,917m) FY2025E adj. EBITDA.

• Matas (CPSE:MATAS): Q1’25/26 revenue at DKK 2,074m (cons, DKK 2,069m), posting LFL growth of 4.7% and reported at 6.0% (cons. 5.8%) — decent outcome considering the end-market softness displayed by larger brands. Adj. EBITDA landed at DKK 297m (cons. DKK 283m) and cash generation was solid with FCF of DKK 371m, aided by NWC unwind and lower capex. Guidance reiterated with group sales of 3-7% (CC), adj. EBITDA of ~15%, and non-M&A capex of 3-4% of sales.

• DFDS (CPSE:DFDS) cut its guidance ahead of its Q2 report next week. The company now expects EBIT of DKK 0.8-1.0bn (prev. ~1.0bn; cons. DKK 1,012m) amid slower EKOL improvement and competition from Grimaldi in Med Ferry.

• The criteria for ATP’s transfer of its controlling stake of CPH Airports (CPSE:KBHL) to the Danish state are now met, triggering a mandatory offer to remaining shareholders under Danish rules. The state is expected to launch the offer in Oct’25.

Sweden

Sentiment in Stockholm leaned slightly more positive with the all-share (+0.8%) and large-cap indices ending in green territory (+1.8%). With most of large-caps already having released earnings, focus turned toward the mid-/small cap names.

Other relevant news & Q2-2025 earnings note:

• Storskogen (OM:STOR B): Sales of SEK 8,452m (-1.5% vs cons 8577m), adj EBITA at SEK 843m (−2% vs cons 864m). Services missed by 11% while group ops loss less than feared at -25m (cons -55e), poor quality mix? Group EBITA margin improved to 10.0% (vs cons 10.1%). H1 sales fell 7% with flat organic growth. CF 527 (855 yoy).

• Embracer (OM:EMBRAC B): Q1’25/26 sales at SEK 3,355m (cons. SEK 3,481m) and adj. EBIT of SEK 75m (cons. SEK 120m). The miss was driven by weak PC/Console back catalogue and softer Mobile. FY2025/26 adj. EBIT guide cut to SEK ≥1bn (prev. SEK ~2.4bn) on cautious release timing, continued soft back catalogue, slower Mobile, and FX headwinds. Separately, the company announced it will spin off Coffee Stain Group by end-2025, aiming to unlock growth via independent operations.

• Yubico (OM:YUBICO): Q2 sales at SEK 499m (cons. 620m; -19%), down -11% y/y (CC) with adj. EBIT at SEK 21m (cons. 104m; -80%) for a 4.2% margin (cons. 16.8%). The miss is driven by FX, smaller starting orderbook, and higher subscription mix delaying revenue recognition. Order intake grew 3% y/y, with subscriptions +41% y/y to 32% of bookings. Board approved buyback of up to 5% of shares; mgmt. reiterates long-term shift to recurring revenue despite near-term EBIT headwinds.

• Novotek (OM:NTEK): Q2 sales at SEK 123.6m (+12% y/y) with order intake SEK 114.0m (-2% y/y). EBIT fell to SEK 7.8m (-24% y/y) for a 6.3% margin (9.4%) on weaker mix and higher internal investment costs. Mgmt. cites delayed customer investment decisions but continued strong interest in industrial data, resilience, and cybersecurity solutions.

• Boozt (OM:BOOZT): Q2 sales at SEK 1.82bn (cons. 1.87bn; flat y/y CC) and adj. EBIT SEK 62m (cons. 84m; -33% y/y) for a 3.4% margin (cons. 4.5%, LY 4.9%), pressured by gross margin decline to 39.1% (LY 41.9%). April-May were cited as weak, but June returned to growth in all categories except women’s fashion. FY2025 guide reiterated with net sales growth of 0-6%, adj. EBIT margin 4.5-5.5%, and FCF ≥SEK 500m. Share buyback program to be expanded from SEK 200m to SEK 300m.

• Asmodee (OM:ASMDEE B): Q1’25/26 sales EUR 349m (cons. 304m; +15%) with 34% organic growth, driven by +64% y/y in TCG offsetting -5% in board games. Adj. EBIT of EUR 33m (cons. 24m; +38%) for a 9.4% margin (cons. 7.9%) aided by operating leverage. FCF EUR 13m; leverage 1.7x (2.1x incl. earnouts). Mgmt. sees organic growth moderating from Q2’25/26 but sustained double-digit EBIT CAGR potential, supported by seasonality, new releases, next Pokémon cycle, and M&A. Separately, chair and largest shareholder Lars Wingefors is in market to sell 4.2m shares (~9.5% of his stake), reducing his holding to 16.9% of capital but retaining 37.5% of votes.

• AstraZeneca (OM:AZN) major shareholder, Capital Group, increased its stake back above 5%. The move follows a recent disclosure that the fund had briefly dipped below 5%. I highlighted AZN as a favorite among Nordic pharma names amid the Pharma tariff scare.

• Evolution (OM:EVO) is named in a New Jersey court filing alleging executives knowingly supplied games to sanctioned/illegal markets incl. Iran, Sudan, China; claims based on Black Cube recordings. Evolution calls material false/defamatory.

Finland

Aside from a few notable earnings which were mainly non-events, news flow was relatively muted in Finland with the all-share (+0.3%) and large-cap (+0.2%) both hovering around flat for the week.

Other relevant news & Q2-2025 earnings note:

• Mandatum (HLSE:MANTA): Q2 fee income EUR 18.6m (cons. EUR 18.6m) with AUM EUR 14.4bn (cons. EUR AUM 14.3bn) and net inflow +1.2% (cons. +1.3%). Net finance result landed soft at EUR 21.6m (cons. EUR 29.2m) on discount rate effects; adj. SII margin 209% (cons. 212%), headline 193% post removal of transitional measures.

• WithSecure (HLSE:WITH) to be acquired by CVC and founder Risto Siilasmaa at EUR 1.70/share, a 72% premium to prior-day close, valuing it at EV EUR ~292m. Q2’25 ARR EUR 84.9m, LTM revenues EUR 144m, adj. EBITDA EUR 2.7m

• Relais (HLSE:RELAIS): Q2 sales EUR 82.9m (cons. 79.9m), down -2% organically y/y, with adj. EBITA EUR 7.6m (cons. EUR 7.6m). EBIT missed by 4% and EPS came in weak on FX-driven net financials; OCF EUR -0.2m (LY 9.5m). Leverage rose to 4.4x (LY 3.0x). Mgmt. reiterated 2025 pro forma EBITA target of EUR 50m, with signs of improving demand in H2 and strategic/financial target update due later this year.

• Enersense (HLSE:ESENSE): Q2 revenue at EUR 76.9m (-24% y/y) with core revenue EUR 74.8m (-10% y/y). Adj. EBITDA landed at EUR 3.1m, while core EBITDA was negative at EUR -0.2m, burdened by EUR -3.3m in adjustment items from strategy renewal costs. Net debt stood at EUR 34.3m (incl. IFRS16); covenants met. FY2025 adj. EBITDA guidance was cut ahead of the report to EUR 16-20m (prev. 23-28m); company targets EUR 5m EBIT improvement run-rate by end-2025 via Value Uplift program.

• Fortum (HLSE:FORTUM): Q2 power generation 9 TWh, down -20% y/y, with Nordic price at EUR 48/MWh (cons. EUR 44/MWh). Clean EBIT for Consumer Solutions and Generation at EUR 26m (cons. EUR 15m) and EUR 121m (cons. 144m), respectively. CFO EUR 203m (LY 338m); net debt EUR 1.3bn, 0.9x EBITDA. FY2025 production volumes guided clearly below “normal”, with >3 TWh at risk from nuclear/hydro availability.

Norway

Equities in Norway continue its march forward, with the all-share (+0.4%) and large-cap (+0.9) ending the week higher. Contrary to the rest of the Nordics, earnings leaned slightly more positive in Norway.

Other relevant news & Q2-2025 earnings note:

• Wallenius Wilhelmsen (OB:WAVI): Q2 revenue at USD 1,350m (cons. USD 1,364m) with EBITDA of USD 472m (cons. USD 508m) for a 35% margin (cons. 37.2%). EPS at USD 0.90 (+2% vs cons). DPS of USD 1.10 was a positive surprise (+21% vs cons) but no special dividend was announced. FY2025 guidance maintained, with EBITDA flat y/y.

• Pexip (OB:PEXIP): Q2 revenue NOK 281.1m (cons. NOK 285.0m) and adj. EBITDA NOK 57.3m (cons. NOK 49.7m) for a ~20% margin, with ARR at USD 119m (cons. USD 118.7m). FCF landed at NOK 32.1m, supported by growth in Secure & Custom (ARR +27% y/y). Zero debt and continued ARR momentum underpin outlook of 10% ARR CAGR and EBITDA margin at >20%.

• AutoStore (OB:AUTO): Q2 sales at USD 133.9m (cons. 93.0m) with adj. EBITDA of USD 63.7m (cons. 28.0m) for a 47.6% margin (cons. 30.1%). Order intake landed at USD 150.3m (cons. 117.0m) though USD ~23m was FX-driven, leaving the underlying flat. Backlog USD 529m (+10% y/y) supports visibility, but order lumpiness and NAM softness keeps the outlook uncertain. Mgmt. continues to guide cautiously, highlighting tariff-related uncertainty and uneven capital investment appetite.

• Nordic Semiconductor (OB:NOD): Q2 revenue came in at USD 164m (cons. USD 155m), with adj. gross margin at 50.7% (cons. 50.0%) and adj. EBIT USD 15m (cons. USD 7m). Strength was largely driven by top-10 customers rather than broad market demand. Short-range grew +26% y/y (cons. 17.9%), long-range grew 75% y/y (in line) but from a low base. Inventory days declined to 153 (vs. 167 cons), but management flagged a likely rebuild in Q3. Q3 guide USD 165-185m is 7% ahead of consensus at midpoint, with gross margin ~50%.

• Kongsberg Automotive (OB:KOA): Q2 revenue EUR 192m (LY: EUR 209m), and EBIT of EUR -2.9m (LY: EUR 6m). Adj. EBIT landed at EUR 0.3m for a 0.2% margin (vs. 1.8% in Q1’25 and 3.8% in Q2’24). Cash flow improved to EUR 17.7m (EUR 1.7m in Q1), net debt at EUR 126.8m (3.7x leverage). Outlook: revenue to fall below H1’25 and H2’24 levels, but H2 EBIT margin guided above both periods, supported by EUR 15m overhead cuts, restructuring, and steer-by-wire tech acquisition.

• According to Bloomberg, Hg Capital-owned and Norway-based SaaS provider, Visma, is preparing for an IPO in London sometime during 2026. An unfortunate outcome if accurate — I had hoped to see it list in the Nordics.

In case you missed it…

Another week dominated by geopolitical headlines and optimism in technology/AI. The 2Y U.S. Treasury yields retreated sharply after soft jobs data, reinforcing market expectations for Fed rate cuts, now sitting at ~95% for the September meeting. The dollar weakened as markets priced in a more dovish stance, yet wider sentiment was tempered by relatively strong corporate earnings.

In the Nordics, markets followed the broader global tone moving cautiously higher with the Nordic all-share index closing up +2.4% for the week on the back of previous week’s sell-off.

Subscribe now

Denmark

The previous week’s large-cap laggards (mainly Novo Nordisk) emerged as leaders last week, pulling the all-share (+2.9%) and large cap (+2.1%) indices into green territory, though still trailing its Nordic neighbors on a YTD basis.

Other relevant news & Q2-2025 earnings note:

• Novo Nordisk (CPSE:NOVO B): Headline figures were pre-released in connection with the guidance revision last week. Revenue landed at DKK 76.8bn (cons. DKK 76.9bn), up 12.9% y/y (18% in CC). Topline was driven by GLP-1 blockbusters, Wegovy (+67.5% y/y) and Ozempic (+10% y/y). EBIT landed at 33.4bn (cons. 34.1bn) for a 43.5% margin (+5.4pp y/y). Shares screen cheaply at 11x 2026E P/E; near decade-low multiples, though uncertainty related to TAM, competition, and longer-term (i.e., post 2031) drivers remains blurry. During end of week, shares rose sharply following weak readouts from Eli Lilly’s oral obesity candidate, orforglipron, delivering 12.4% weight loss over 72 weeks. For context, Novo Nordisk’s equivalent (though not as scalable) delivers 16.6% weight loss over 68 weeks.

• Maersk (CPSE:MAERSK B): EBITDA came in at USD 2.3bn (cons. USD 2.04bn), driven by Ocean EBITDA of USD 1.8bn (+15% vs cons.) on 4.2% volume growth y/y (cons. 0%) and slightly lower than expected rate declines (-6.9% q/q). Terminals grew volumes 9.9% y/y with EBITDA at +7% vs cons., while Logistics EBITDA was +8% vs cons. Mgmt. raised its FY2025 guidance with EBITDA at USD 8.0-9.5bn (prev. 6.0-9.0bn), EBIT at USD 2.0-3.5bn (prev. USD 0-3.0bn), alongside FCF above USD -1bn (prev. USD -3bn). Expectations to global container growth now set to 2-4% (-1% to 4%).

• Ringkjøbing Landbobank (CPSE:RILBA): Net profit DKK 575m (cons. DKK 538m), aided by a DKK 31m extraordinary gain from BankInvest revaluation and NII of DKK 643m (cons. DKK 632m). Lending +1.5% q/q (cons. 1.8%), fees DKK 273m (+1% vs cons.), costs DKK 275m (+2% vs cons.). CET1 landed at 15.2% (cons. 15.4%). Mgmt. raised the FY2025 net profit guidance to DKK 2.00–2.35bn (prev. 1.80–2.20bn).

• July-data from Veteran Affairs point to hearing aid sales of USD 48.7m (+5% m/m), with muted market share moves: GN +17bp to 9.77%, Demant -13bp to 16.40%, Sonova +5bp to 49.72%, Starkey +9bp to 15.49%, and WSA -19bp to 8.61%. Volume trends remain firm post-May contract reset. While Italian peer, Amplifon (BIT:AMP) flagged softness last week, the largest U.S. sales channel continues to show sequential growth.

• TCM Group (CPSE:TCM) is lowering its guidance for FY2025 owing to later than expected closing of its remaining 55% stake in online kitchen retailer Celebert. Revenue is now guided at DKK 1,250–1,325m (prev. DKK 1,250–1,400m), and adj. EBIT at DKK 90–115m (prev. DKK 90–120m). The acquisition is expected to land at DKK 60–85m (capped at DKK 87.5m), equiv. to PF EV/EBITDA (2024) of 6.6x., funded through existing and new credit lines.

Sweden

Relatively calm week in Stockholm, with few companies reporting and a clear summer lull on the corporate news front. Even so, the all-share (+0.8%) and large-cap (+0.9%) indices both finished the week in positive territory.

Other relevant news & Q2-2025 earnings note:

• Asmodee (OM: ASMDEE B): Revenue at EUR 349m (cons. EUR 304m) and adj. EBITDA of EUR 39.9m (cons. EUR 31.4m) for a margin of 11.4% (cons. 10.3%). Performance was aided by by +49% y/y growth in partner-published games, offsetting -1% in self-published titles. U.S. sales were weaker on softer sentiment, distribution friction, FX, and delayed launches.

• Haypp Group (OM:HAYPP): Net sales at SEK 922m (LY: SEK 943m), down 2% y/y, but up 17% on a comparable and CC basis, adjusting for the U.S. Zyn shortage, tobacco phase-out, and state-level closures. Nicotine pouch volumes increased 23% on a comparable basis (+3% reported), with all non-U.S. markets posting DD growth; Core and Growth segment volumes rose 15% and 40%, respectively on a comparable basis. Gross margin expanded to 19.2% (LY: 14.3%) on mix-shift, driving adj. EBIT to SEK 38.3m (LY: SEK 34.4m) and reported EBIT to SEK 10.4m (LY: SEK 9.6m). CEO highlighted ~10pp YTD market share gains for new pouch variants, now at ~15% of the total market.

• Lundin Mining (OM:LUMI): Revenue of USD 937m (cons. USD 860m), driven by higher-than-expected copper (80kt), nickel (2.7kt) and gold (38koz) volumes. Group EBITDA landed at USD 395m (cons. USD 354m) and FCF at USD 157m. 2025 production guidance was maintained (copper 303–330kt, nickel 8–11kt, gold 135–150koz), with Chapada C1 opex cut to USD 1.10–1.30/lb (prev. USD 1.30–1.50/lb) on higher gold prices. Shares trades at EV/EBITDA at 7.3x/6.0x (25E/26E) vs. peers 5-9x.

• EQL Pharma (OM:EQL): Revenue at SEK 107m (LY: SEK 83m) up 30% y/y driven by Medilink acquisition and stronger-than-expected performance outside the Nordics. Gross margin holding up well (-2pp y/y, +2pp q/q) despite Red Sea-related logistical headwinds, and adj. EBIT SEK 20m (LY: SEK 17m) for a 19% margin (LY: 21%). Pipeline expanded to 45 niche generics. FY 2025/26 sales growth guidance of ~30% should be easily met, with upside potential from branded segment execution and possible India–EU trade deal.

• Norwegian oil-tanker and shipping billionaire, John Fredriksen, continues to increase his ownership in Fabege (OM:FABG), now holding a 20.5% stake. With takeover speculation surfacing again, worth noting that Mr. Fredriksen tends to take his time; it took ~8 years before he executed the take-out of Norwegian Property.

Finland

Helsinki saw a busier earnings week, with some of the prior quarters’ winners falling short of expectations, though a handful of solid reports did provide balance. Notably, Sampo (HLSE:SAMPO) delivered; a name I have previously flagged as a sector favorite among Nordic P&C names. The all-share (+2.3%) and large-cap (+2.4%) indices ended the week higher.

Other relevant news & Q2-2025 earnings note:

• Tecnotree (HLSE:TEM1V): Net sales at EUR 17.3m (LY: EUR 18.7m) and EBIT at EUR 5.1m (LY: EUR 3.5m). EPS fell to EUR 0.10 (LY: EUR 0.13), weighed by softer top-line and project timing. Despite the shortfall, the company raised its 2025 revenue guidance to low-to-high single-digit growth (prev. low-to-mid”), citing strong order momentum set to convert later in the year.

• Robit (HLSE:ROBIT): Net sales at EUR 19.6m (LY: EUR 24.6m) and EBIT at EUR -0.6m (LY: EUR 0.7m), driven by weak construction demand and FX headwinds. Order intake also fell sharply to EUR 20.7m (LY: EUR 25.2m). Despite lower volumes, gross margin improved y/y on procurement and freight cost savings. Guidance – already lowered in July – was reiterated: sales to decline vs. 2024 (EUR 90.3m), and EBIT to be flat or lower (EUR 2.5m). As such, delivery hinges on a H2 rebound in construction and sustained mining demand.

• Qt Group (HLSE:QTCOM): Revenue at EUR 51.2m (cons. EUR 54.7m) and EBITA at EUR 11.6m (cons. EUR 16.3m), dragged by sluggish license sales and macro caution, notably in the Americas and Europe. CEO cited the trade war for delaying customer decision-making. Despite the setback, guidance for FY2025 was reiterated at 10-20% revenue growth (cc) and EBITA margin of 30–40%.

• Sampo (HLSE:SAMPO): Pre-tax profit came in at EUR 526m (cons. EUR 430m), driven by underwriting growth and disciplined pricing across Nordic and UK operations. Gross premiums rose 10% y/y to EUR 2.26bn, while underwriting profit jumped 25% to EUR 729m (cc). Combined ratio improved to 83.6% (vs 81.9% cons.), and Solvency II ratio was 174%. The company raised its FY underwriting result guidance to EUR 1,425–1,525bn (prev. EUR 1,400–1,500bn) and launched a new EUR 200m buyback.

• Harvia (HLSE:HARVIA): Revenue grew at EUR 47m (cons. EUR 51.1m), up +9.4% y/y, with EBIT of EUR 7.6m (cons. EUR 10.4m), down from EUR 8.9m LY. CEO cited weaker growth in North America, FX headwinds from a soft USD, and a one-off inventory adjustment tied to IT upgrades. While tariff risk now looks contained, management expects H2 to be more stable.

• Faron Pharmaceuticals (HLSE:FARON) jumped after publishing encouraging new data on bexmarilimab, its investigational immunotherapy. In combination with azacitidine, the drug showed improved efficacy in patients with AML or MDS compared to earlier trials.

Norway

In Norway, market sentiment was lifted by a broader rebound in energy and shipping names, supported by increased demand for LPG transport out of Asia. The all-share (+0.8%) and large-cap (+1.0%) indices landed slightly higher.

Other relevant news & Q2-2025 earnings note:

• Shelf Drilling (OB:SHLF): Saudi-based ADES International has launched a cash offer for Shelf Drilling at NOK 14/share, implying a +62% premium to prior-day close and a valuation of NOK ~3.9bn; PF EV/Adj. EBITDA of ~4.6x. The offer comes after years of volatility for Shelf, which is down >70% L2Y. The company operates 35 jack-up rigs across the Middle East, Asia, West Africa, and the North Sea, with adj. EBITDA last at USD 94m. While formally Oslo-listed, Shelf is headquartered in Dubai.

• Kongsberg Gruppen (OB:KOG) secured a USD 118m contract (~NOK 1.2bn) with the U.S. Marine Corps for full-rate production of 30mm remote weapon stations for the Amphibious Combat Vehicle program. The deal is part of a framework agreement worth up to USD 330m, and follows a USD 51m order announced in November 2024.

• SpareBank1 (OB:SV1NO): Net profit came in at NOK 1,585m (cons. NOK 1,570m), on total income of NOK 3,540m (cons. NOK 3,430m). NII was slightly soft at NOK 2,310m (cons. NOK 2,330m), offset by a strong insurance contribution (NCI) of NOK 858m (cons. NOK 745m). Costs and loan losses were in line, and CET1 landed at 18.6% (cons. 18.7%).

• Norwegian Air Shuttle (OB:NAS) carried 2.9m passengers in July, with Norwegian up 1% y/y to 2.6 million and Widerøe down 3% to ~0.4 million. Norwegian’s load factor came in at 92.4% (-0.2pp y/y) on 1% higher ASK, while Widerøe reported a load factor of 81.4% (-2.2pp y/y) on marginally lower capacity.

• Norse Atlantic Airways (OB:NORSE) carried 204,000 passengers in July, up 15% y/y, supported by 604 scheduled and 54 charter flights. The carrier maintained a 94% load factor for the month (+11pp y/y), marking its ninth consecutive month above 90%. CEO Bjørn Tore Larsen attributed the strong performance to its data-driven marketing strategy introduced late LY.

In case you missed it…

Another week in the books, with the yellow man in the Oval office taking space in the media. The week opened with markets digesting the 15% tariff-level before the president Trump grabbed another opportunity to mark his presence, this time in the context of the Russo-Ukraine war. Aside from the political circus, markets were relatively uneventful aside from a slate of Q2 reports from U.S. tech giants, and the blockbuster IPO of Figma.

In the Nordics, sentiment was clearly in the negative territory, though with large variation as Denmark led the pack (in a negative sense) and Norway escaped with less bruises. Still, the Nordic all-share index ended the week down -6.6%.

Subscribe now

Denmark

Equities in Copenhagen ended the week sharply lower, with the all-share (-14.8%) and large-cap (8.6%) index dragged by the dual announcement in Novo Nordisk (CPSE:NOVO B), elaborated below.

Novo Nordisk is (i) lowering its FY2025 guidance for the 2nd time in less than three months, now expecting sales growth (CER) of 8-14% (May: 13-21%; Jan: 16-24%), with EBIT growth at 10-16% (May: 16-24%, Jan: 19-24%); (ii) appointing Mike Doustdar as the new CEO, effective August 7. The guidance risk has been touted for a while, but the magnitude is greater than expected. On the CEO — and while it stays true to the Novo Nordisk DNA — the market had likely expected the role to be filled by a non-internal, and preferably American candidate. By all accounts, it does optically appear like “kitchen-sinking”; with H1 sales and EBIT growth at 18% and 29%, respectively, the new guidance implies material deceleration in H2.

Other relevant news & Q2-2025 earnings note:

• Nordic Capital and Permira have launched a joint takeover bid for Bavarian Nordic at DKK 233/share, valuing the company at DKK ~19bn. The board recommends the offer, but key shareholders are pushing back. ATP (10.2% stake) has rejected the bid, citing strong growth prospects and undervaluation. I believe a higher bid is the more likely outcome, and with shares closing Friday at DKK 335.6/share, the market believes so too.

• DSV (CPSE:DSV): Revenue at DKK 61.98bn (cons. DKK 63.70bn) with adj. EBIT landing at DKK 4.73bn (cons. DKK 4.85bn). Road underperformed, Air & Sea was in line, and Solutions missed slightly. FY2025 guidance was reiterated. The quarter marked the first to include Schenker, acquired in April. Integration is set to begin in H2-2025, reaching 50% completion by YE-2026 and 75% by YE-2027 — somewhat slower than prior DSV integrations. Targeted synergies of DKK ~9bn by 2028 were maintained.

• H+H International (CPSE:HH): Revenue at DKK 719m (cons. DKK 782m) with adj. EBIT at DKK 24m (cons. DKK 48m). Ahead of the report, the company issued a downward guidance revision for FY2025, now targeting adj. EBIT in the range DKK 100-150m (prev. DKK 120-180m), owing to soft volumes and mounting pricing pressure in Germany. Further, management announced a DKK 600m impairment and DKK ~100m in restructuring charges tied to German plant closures. For what its worth, the company has recently been subject to rumors of a potential takeover from its majority owner, Poland-based Solbet.

• GN (CPSE:GN) and Demant (CPSE:DEMANT) retracted following weak Q2 earnings from Italian peer, Amplifon.

Sweden

Sentiment in Stockholm also turned to risk-off mode, though mainly as a result of macro-related headwinds (i.e. tariffs). While a handful of companies reported, results were mixed with no clear directional pull. The all-share and large-cap indices ended the week lower -3.1% and -2.6%, respectively.

Other relevant news & Q2-2025 earnings note:

• AstraZeneca (OB:AZN): Revenue at USD 14.5bn (cons. USD 14.1bn), up +11% YoY at constant currency, with core EPS of USD 2.17 (+12% YoY, in line with cons.). Oncology revenue rose +18% YoY, with key drugs Tagrisso and Imfinzi up +12% and +26%, respectively. Management reiterated FY guidance (HSD revenue and LSD EPS growth) and highlighted recent progress in its pipeline, including twelve positive Phase III readouts. I have highlighted AstraZeneca as a favorite among Nordic pharma-names.

• Tobii (OB:TOBII): Sales grew 41% YoY to SEK 284m (organic +54%), boosted by a SEK 100m pre-purchase agreement with Dynavox. Gross margin improved to 83% (vs. 79% LY), and EBIT came in at SEK 24m (vs. SEK -66m), including SEK 48m in one-offs (volume deal and impairments). Management noted that Dynavox revenue will normalize by year-end. Co-founder Mårten Skogö sold ~3.5m shares, reducing his stake below 5% ahead of the report.

• Securitas (OM:SECU B): Sales came in at SEK 38,564m (cons. SEK 38,900m), down -5.1% YoY, though organic growth reached 5.0% (cons. 3.5%). Adj. EBITA was SEK 2,798m (cons. SEK 2,752m) for a margin of 7.3% (cons. 7.1%). Profitability was supported by improved performance across both guarding and technology units. The ongoing optimization program remains on track (SEK 200m annual savings by 2025), and management announced the divestment of its Critical Infrastructure business to sharpen strategic focus and lift long-term margins.

• Storytel (OM:STORY B): Revenue of SEK 958m (cons. of SEK 980m) with adj. EBITDA at SEK 163m for a 17% margin (cons. SEK 159m; 16.23% margin). Topline was driven by Publishing (+14% YoY), and while Streaming (+2% YoY) also delivered growth, it was at a lower ARPU (-8% YoY) owing to a mix of currency (-6%) and mix (-2%) toward lower-priced solutions. Balance sheet is healthy at NIBD/EBITDA of 0.17x.

Finland

Sentiment in Helsinki leaned similarly negative with the all-share (-2.6%) and large-cap (-3.0%) stepping lower. Notably, only two large-cap names ended the week in positive territory.

Other relevant news & Q2-2025 earnings note:

• Sanoma (HLSE:SANOMA): Revenue came in at EUR 339.8m (cons. EUR 338.9m; LY: EUR 342.4m) and adj. EBIT at EUR 62.0m (cons. EUR 60.9m; LY: EUR 61.0m). FY2025 guidance reiterated: revenue of EUR 1.28–1.33bn (LY: EUR 1.34bn) and adj. EBIT of EUR 170–190m (LY: EUR 180m). CEO flagged accelerating curriculum-driven growth from 2026, particularly in Poland and Spain.

• Kojamo (HLSE:KOJAMO): Issued a slight profit warning following the sale of 44 rental properties for EUR 242m (at ~10% discount to 2024 book value). 2025 revenue growth guidance is cut to 0–2% (prev. 1–4%), and FFO guidance narrowed to EUR 135–141m excl. one-offs (prev. EUR 135–145m). Simultaneously announced a buyback program of up to 7m shares (max. EUR 75m).

• Outokumpu (HLSE:OUT1V): Sales came in at EUR 1,486m (cons. EUR 1,570m), dragged down by weaker European pricing and lower stainless deliveries. Adj. EBITDA landed at EUR 75m (cons. EUR 69m), driven by strong performance in the Americas and Ferrochrome, while Europe disappointed due to low-price Asian imports. Management raised its 2025 cost savings target to EUR 60m (prev. EUR 50m) and initiated a structural cost-reduction program targeting EUR 100m, largely focused on European operations.

• GRK (HLSE:GRK): Revenue at EUR 232m (cons. EUR 190m) and adj. EBIT at EUR 16.5m (cons. EUR 10.8m), driven by ahead-of-schedule execution, no loss-making projects, and solid cost control; operating FCF improved sharply to EUR 32.1m (LY: EUR -1.3m) while order backlog declined q/q to EUR 789m but excludes EUR 410-470m in won but unbooked contracts. Guidance reiterated with revenue of EUR 730-800m, EBIT EUR 45-55m, with H2 is expected to be seasonally softer vs LY’s back-end loaded EBIT profile.

Norway

Sentiment in Oslo was mixed last week, though still tilting negative with both the all‑share and large‑cap indices down -0.4%. Cracks in sentiment were largely tied to tariffs — Norway landing at 15% in line with its neighbors. Aside from that, news flow was tame.

Other relevant news & Q2-2025 earnings note:

• Aker (OB:AKER / OB:AKH) rose on the back of announcing a EUR ~930m (NOK ~10bn) AI data center project in partnership with OpenAI and Nscale. The initial 230 MW project may scale to 520 MW, targeting 100,000 GPUs by 2026.

• Subsea7 (OB:SUBC): Revenue of USD 1,756m (LY: USD 1,739m) with adj. EBITDA of USD 360m (LY: USD 292m) for a 21% margin (LY: 17%). EPS landed at USD 0.45, up from USD 0.20 LY. Backlog rose to USD 11.8bn on USD 2.5bn in new awards (book-to-bill 1.4x). During the earnings call, management reassured its comfort in the synergies from the recently announced merger with peer, Saipem.

• Photocure (OB:PHO): Group revenue landed at NOK 135.6m (LY: NOK 145.4m), down 7% YoY, though LY was biased upward by a one-off milestone payment of NOK 23m. Adjusting for this, core revenues (Hexvix/Cysview) were up +11% YoY. Adj, EBITDA came in at NOK 22.6m (vs NOK 7.5m LY), driven OPEX leverage. The company raised FY2025 guidance, now expecting revenues of NOK 515–535m (prev. 495–520m) and positive EBITDA (unchanged), citing continued demand momentum and improved U.S. hospital access.

In case you missed it…

Market sentiment remained constructive last week, supported by progress on U.S. tariff negotiations — with agreements struck with Japan, Indonesia, and the Philippines. The Nordic equities mirrored global sentiment with the all-share index closing +2.4% higher.

Over the weekend, the U.S. and EU finalized an agreement setting tariffs at 15%; 15pp below the levels flagged as “likely” earlier this month, though still materially higher than the prior 2-3% average. Having said that — and drawing on the president’s previous actions — a looming uncertainty as to whether this will be the final call still lingers.

Subscribe now

Denmark

It was a quiet summer week on the company announcement front, with limited new reports — though one major announcement dominated headlines (see below). The all-share (+4.7%) and large-cap (+3.2%) both rebounded on positive sentiment.

Bavarian Nordic (CPSE:BAVA) — a company I have highlighted as a sector favorite — confirmed the rumors of a potential takeover from Nordic Capital and Permira, though no formal bid has been placed. I believe it is reasonable to expect other PE (e.g. CVC, EQT) and strategic buyers potentially joining the party if a bid is low-balled. The news comes amid the Chikungunya outbreak in China (the largest on record) for which BAVA remains one of the few players with an effective vaccine (“VIMKUNYA”).

Other relevant news:

• Embla Medical (CPSE:EMBLA): Revenue of USD 232m (+7% YoY, +5% organic) and EBITDA margin of 21%, supported by efficient production and cost control. Growth was led by Prosthetics & Neuro Orthotics (+9% org.), while Patient Care was flat and Bracing & Supports declined (-2%). FY2025 organic growth guidance narrowed to 5-6% (prev. 5-8%), margin guide unchanged at 20-21%. Embla also announced a majority stake acquisition in Streifeneder and secured a new U.S. reimbursement code for a Neuro Orthotics product.

• Lundbeck (CPSE:HLUND B) fell following an FDA advisory panel voted against recommending Rexulti for PTSD in combination with Sertraline, citing insufficient evidence of efficacy. The outcome was largely expected.

Sweden

Busy week in Stockholm with a fresh slate of Q2-2025 reports. One of the names in focus was Loomis (OM:LOOMIS), a holding of mine. Shares briefly surged +11% intraday but ended the session up just +0.7%. I’m generally pleased with the report as elaborated in the earnings review.

The all-share (+1.2%) and large-cap (+2.0%) indices both ended the week higher.

Provider of bone-anchored prostheses, Integrum (OM: INTEG B), received a takeover bid from OsteoCentric at SEK 44/share, valuing the company at SEK ~939m (equiv. EV/sales at ~10x, EBITDA negative).

Other relevant news:

• Hexagon (OM:HEXA B): Revenue landed at EUR 1.37bn (cons. EUR 1.34m), with organic growth of +3% (+260bps vs cons.). Adj. EBITA of EUR 361m (cons. EUR 369m) for a 26.3% margin (‑120bps vs cons.), pressured by ‑210bps organic drag and ‑130bps FX headwind. Divisional growth was solid in ALI (+5%) and AS (+11%), but Geosystems declined (‑1%) on sensor and robotics softness. Software & services rose +5% YoY, and now accounts for 61.5% of group sales. Mgmt. flagged delayed decision-making tied to geopolitical/tariff uncertainty.

• Stillfront (OM:SF): Sales of SEK 1,436m (cons. SEK 1,473m) and adj. EBITDA of SEK 374m (cons. SEK 379m), with organic sales down -11% YoY. Management expects the decline to slow in H2, supported by new releases, operational improvements, and user acquisition. Cost-saving program delivered SEK 225m in annual savings by Q2-end, driven by efficiencies across North America, MENA & APAC, and Europe.

• Sinch (OM:SINCH): Revenue of SEK 6,616m (cons. SEK 6,682m), gross profit of SEK 2,322m (cons. SEK 2,272m, +6% organic), and adj. EBITDA of SEK 869m (cons. SEK 808m). Gross margin improved to 35% (LY 34%), but management flagged disappointment with modest +2% organic sales growth. Strategic focus remains on accelerating growth across enterprise, self-service, partnerships, and RCS. A 10% share buyback was announced.

• Kambi (OM:KAMBI): Revenue of EUR 40.5m (LY EUR 45.7m) and EBIT of EUR 1.6m (LY EUR 6.2m), for a 4.0% margin (LY 13.5%). FY EBITA guide of EUR 20-25m and cost base of EUR 150-155m were reiterated. Results were impacted by tough comps (Euro/CopaAm LY), FX losses, and regulatory drag in the Netherlands and Colombia. Trading margin was 11.5% (above long-term range).

• Alfa Laval (OM:ALFA): Order intake of SEK 16.3bn (cons. SEK 16.5bn, with net sales of SEK 16.8bn and adj. EBITA of SEK 3.0bn (margin 17.8%, cons. 17.4%). Marine normalization weighed on orders, but Energy and other divisions showed underlying strength. Management guided for slightly higher demand going into Q3 and noted margin tailwinds from pricing and restructuring.

• Intrum (OM:INTRUM): Revenue of SEK 4,206m (cons. 4,377), down -8.6% YoY. EBIT came in at SEK 1,326m (cons. 1,212), supported by cost-out. Servicing margin improved to 24% (vs. 21% Q1), nearing the >25% FY26 target. Portfolio investments were light at SEK 140m (vs. 272m Q1), with CEO noting the trade-off between debt paydown and reinvestment. Net debt/EBITDA ticked up to 4.8x (4.5x Q1), but is expected to fall post-recap of US operations.

• Meko (OM:MEKO): Revenue at SEK 4,508m, down -4% YoY and organic growth at -5%. EBIT collapsed to SEK 91m (vs. SEK 284m LY), for a 2.0% margin (6.0% LY), driven by broad-based demand weakness and FX headwinds (-3p.p.). EPS fell to SEK -0.12 (vs. 2.86). Management is launching a SEK 100m cost-out program including staff reductions and restructuring of group leadership.

Finland

Similarly busy week in Finland with lots of new reports. The week featured an eyewatering number of downward guidance revisions (e.g., Nokia (HLSE:NOKIA), Incap (HLSE:ICP1V), Kesko (HLSE:KESKOB), Vaisala (HLSE:VAIAS)). Still, the all-share (+1.9%) and large cap (+2.2%) indices both ended the week higher.

In other news, worth noting a change in the Helsinki Large Cap index, where Kalmar (HLSE:KALMAR) will be replaced by SSAB (HLSE:SSABBH), effective August 1.

Other relevant news:

• Valmet (HLSE:VALMT): Orders intake at EUR 1.52bn (cons. EUR 1.20bn,+18% YoY), driven by strength in Paper; book-to-bill at 1.22 (cons. 0.92). Sales declined to EUR 1.24bn (cons. EUR 1.31bn, -6% YoY) and adj. EBITA came in at EUR 143m (cons. EUR 143). FY guidance (stable sales and EBITA) maintained, though outlook for Service (33% of 2024 orders, 51% of EBITA) was downgraded to “slightly decreasing” on weak transactional demand in Europe. Cost savings and FX hedges expected to cushion H2.

• Kempower (HLSE:KEMPOWR): Order intake at EUR 74.3m (cons. 65.9m, +37% YoY), driven by strength in Europe ex-Nordics and North America. Revenue came in at EUR 62.2m (cons. 61.9, +9% YoY), while EBIT improved to EUR  -1.7m (cons. -2.6, -8.5m LY). Order backlog ended at EUR 116.4m, up from EUR 106.5m in Q1. FY2025 guidance of 10–30% sales growth and significant EBIT improvement was reiterated.

• Nokia (HLSE:NOKIA): Sales at EUR 4.551bn (cons. EUR 4.815bn) and adj. EBIT at EUR 301m (cons. EUR 402m), pressured by FX revaluation (EUR –60m) and tariffs (~110bps gross margin drag on Network Infrastructure). FCF was EUR 88m (vs. EUR 394m LY); net cash at EUR 2.9bn. Ahead of the report, management lowered the FY2025 EBIT guidance to EUR 1.6–2.1bn (prior EUR 1.9–2.4bn).

• Kesko (HLSE:KESKOB): Sales of EUR 3,189m (cons. EUR 3,194m) and adj. EBIT of EUR 177m (cons. EUR 182m). Full-year 2025 EBIT guidance narrowed to EUR 640-700m (prev. EUR 640-740m), citing a slower-than-expected recovery in construction and technical trade.

• Tietoevry (HLSE:TIETO): Revenue of EUR 463m (cons. EUR 469m) and adj. EBITA of EUR 43.7m (cons. EUR 47.9m). Newly appointed CEO Endre Rangnes noted that the company will need to make "difficult decisions" in the coming months, signaling further cost actions amid a subdued demand environment.

• YIT (HLSE:YIT): Revenue came in at EUR 412m (cons. EUR 386m), down -5% YoY but ahead of expectations. Adj. EBIT was EUR 10m (cons. EUR 10m), driven by strong performance in Housing Finland, where profitability turned positive. The group margin improved to 2.4% (1.6% LY). Order backlog held firm at EUR 2.96bn (Q1: EUR 3.03bn), while housing inventory declined. FY adj. EBIT guidance was raised to EUR 30-60m (prev. EUR 20-60m) following H1 stability.

• Konecranes (HLSE:KCR): Order intake came in at EUR 1,096.8m (cons. EUR 973.5m), up from EUR 967.7m LY, driven by strength in Port Solutions. Adj. EBITA reached EUR 150.3m (cons. EUR 136.2m), driven by strong operational leverage and resilient demand. FCF improved sharply to EUR 118.4m (LY EUR 21.5m). Management flagged macro uncertainty and tariff risks but sees continued strength from its diversified global setup.

• Kalmar (HLSE:KALMAR): Order intake at EUR 450m (cons. EUR 387m), driving a book-to-bill of 1.07 (vs. cons. 0.92). Revenues landed at EUR 420m (cons. EUR 421), while adj. EBIT was EUR 55m (cons. EUR 53m) for a 13.1% margin (cons. 12.5%). Equipment was the main driver of the beat; aftermarket margins were softer. Guidance for FY2025 reiterated, pointing to comparable EBIT margin >12%.

• Hiab (HLSE:HIAB): Order intake reached EUR 377m (cons. EUR 349.3m, +8% YoY organically), with a backlog at EUR 556m (cons. EUR 546.3m). Sales landed at EUR 402m (cons. EUR 402.3m) and EBITA landed at EUR 61m (cons. EUR 60.1m). Guidance for FY2025 comparable EBIT above 13.5% (prev. >12%). Sale of MacGregor to Triton expected to close July 31, unlocking EUR ~225m cash.

Norway

Newsflow was muted in Oslo last week. The Oslo index appears increasingly negatively correlated with the broader Nordic complex, with both the all-share (-0.3%) and large-cap (-0.6%) giving back gains for the week. Still, the Norwegian stock market has been among the best performers globally on a YTD basis.

Other relevant news:

• Norsk Hydro (OB:NHY): Revenue of NOK 53bn (cons. NOK 51.5bn) and adj. EBITDA of NOK 7.79bn (cons. NOK 7.61bn), supported by higher aluminum and energy prices and release of internal profits, partly offset by FX and raw material costs. The 2025 capex guide was cut by NOK 1.5bn to NOK 13.5bn amid macro uncertainty; focus shifts to flexibility and risk reduction.

• Vår Energi (OB:VAR): Revenue of USD 1.85bn (cons. USD 1.9bn) and adj. EBITDA of USD 1.34bn (cons. USD 1.43bn), with higher costs tied to maintenance and project ramp-ups. Production averaged 288k boe/d in Q2, with 430k boe/d targeted by Q4-2025 as new fields ramp. A Q2-2025 dividend of USD 300m (NOK 1.2/share) was confirmed; FY 2025 dividend guidance reiterated at USD 1.2bn.

• Equinor (OB:EQNR): Adj. EBIT at USD 6,535m (cons. USD 6,535m), supported by strong gas performance and portfolio pricing resilience. EPN (+1.1%) and EPI (+31.2%) drove upside, while EP US (-20.1%) and MMP (-21.5%) underdelivered.

  Renewables impairment of USD ~1bn, equal to a ~30% haircut on a USD 3.3bn book value, was expected and marks a likely exit from future US offshore wind investments (notably EW2 and SBMT). Guidance and USD 9bn 2025E distributions reiterated.

In case you missed it…

The Q2-2025 earnings season is in full swing, and so is market euphoria. SPACs are back, Bitcoin is hovering near all-time highs, and most major indices continue to defy gravity; all this despite mounting levels of uncertainty looming in the horizon (e.g., tariffs, wars, etc.). We are increasingly wary that markets are discounting most of Trump’s threats upfront — perhaps justified, but ultimately a sign of growing distrust toward the administration, which may not be restored during Trump’s term.

In the Nordics, the week featured the first major wave of Q2-2025 earnings reports (+250 reports), including the big four Nordic banks. At first glance, earnings surprises skewed slightly negative, though select names delivered solid results. The Nordic all-share index ended the week down -0.4%.

Subscribe now

Denmark

Slow week in Copenhagen before first big batch of earnings in a couple of weeks, hence shares mostly traded on read-across from peer reports. The all-share (-1.6%) and large cap (+0.1%) ended the week.

Relevant news:

• Alm. Brand (CPSE:ALMB) raised FY2025 guidance following a strong Q2-2025, with insurance result now expected at DKK 1.6-1.8bn (prev. DKK 1.55-1.75bn) and investment result raised by DKK 50m to DKK 250m. Q2 insurance result came in at DKK 520m (cons. DKK 494m) — the strongest ever — driven by higher prices and customer growth in the private segment. Combined ratio improved to 82.3% (cons. 82.9%) on mild weather and fewer large claims.

• Columbus (CPSE:COLUM) cut its FY2025 guidance citing macro-driven delays in IT project decisions. Organic revenue growth is now expected flat YoY at DKK 1.7bn (prev. +7-9%), with EBITDA margin lowered to 7-9% (prev. 10-12%). Further details to follow with Q2 results on August 21.

• Genmab (CPSE: GMAB) shares rose after strong Q2-2025 updates from partners Johnson & Johnson and Novartis, both key royalty contributors. J&J reported Darzalex sales of USD 3.54bn (cons. USD 3.25bn), and Novartis posted Kesimpta sales of USD 1.08bn (cons: USD 1.06bn). Genmab will report Q2-2025 results on August 7.

• Novo Nordisk (CPSE:NOVO B) finally looks to take market share from Eli Lilly. Scripts data for the week ending July 11 points to total NRx gains of +13.1% for Wegovy vs. +0.2% for Zepbound. This marks the second consecutive week of gains following Novo Nordisk’s CVS Caremark agreement taking effect July 1st. Though it is still early, it is nonetheless encouraging signs.

• Both Vestas (CPSE:VWS) and Ørsted (CPSE:ORSTED) rebounded on new buy recommendations.

Sweden

Busy week in Stockholm with shares pressured by a slate of reports missing expectations, incl. most serial acquirers and industrials. Still, there were a few bight spots, such as Telia’s (OM:TEL2 B) SEK 3.1bn cash offer for Bredband2 (OM:BRE2) at SEK 3.25 per share, representing a 34.9% premium to the prior-day close). The all-share (-1.8%) and large-cap (-1.3%) indices both trended lower.

Evolution (OM:EVO) delivered a solid Q2-2025 print, with net sales of EUR 524m (cons. EUR 519m) and EBITDA of EUR 345m (cons. EUR 338m). The results marked a return to sequential growth in Asia following the cyberattack-related headwinds that had pressured performance through H2-2024 and Q1-2025. Management highlighted that countermeasures implemented to combat these attacks have proven effective earlier than anticipated. Europe remained softer, driven by continued ringfencing measures and regulatory constraints.

Management reiterated its FY2025 guide (EBITDA at 66-68%), citing improved resource allocation and expanded capacity at lower-cost European studios as key drivers of profitability going into H2. With Asia returning to growth and management signaling confidence in cybersecurity and LatAm markets, there is upside to current estimates, though investors may remain in “show-me” mode going into H2. Shares trade at EV/EBITDA of ~8x (2026E).

Earnings notes:

• Serial acquirers:

  • Assa Abloy (OM:ASSA B): Sales of SEK 38,015m (cons. SEK 37,558m), up +3% organically YoY but weighed by FX headwinds (-8%). Americas (+4% YoY, 18.6% EBITA-%) and Global Technologies (+8%, 18.5%) drove the organic beat, partially offset by EMEIA (-1%, 13.9%) and APAC (-1%, 9.6%). Group EBITA landed at SEK 6,555m (cons. SEK 6,386m) aided by operating leverage despite slight M&A dilution. Shares currently trade at a FCF yield of ~5% (2025E), though we believe there is upside-optionality to consensus estimates.

  • Lifco (OM:LIFCO B): Sales of SEK 6,943m (cons. SEK 7,023m) and adj. EBITA of SEK 1,562m (cons. SEK 1,657m), weighed by FX headwinds and organic softness in Systems Solutions; margins held up reasonably at 22.5% (cons. 23.4%). We expect FY2025 consensus estimates to be lowered, although sound balance sheet capacity (NIBD/EBITDA 1.3x) and M&A momentum may support performance in H2.

  • Indutrade (OM:INDT): Sales of SEK 8,121m (cons. SEK 8,825m) and EBITA of SEK 1,115m (cons. SEK 1,289m), driven by -4% organic growth (cons. 0%) and weaker operating leverage, yielding a 14.0% margin (cons. 15.0%). Order intake was flat YoY, but demand softness persisted across all segments.

  • Addtech (OM:ADDT B): Sales of SEK 5,839m (cons. SEK 5,767m) and adj. EBITA of SEK 904m (cons. SEK 864m), with organic growth at 1% YoY and margins expanding 15bp to 15.5%. Energy (+21% YoY) offset softness in Automation (-6% YoY), while Industrial Solutions (+15% YoY) proved more resilient than feared despite tougher macro conditions.

  • Instalco (OM:INSTAL): Sales of SEK 3,509m (cons. SEK 3,599m), with adj. EBITA at SEK 236m (cons. SEK 234m). Order backlog grew 4.6% organically to SEK 9.3bn; encouraging signs for a near-term rebound. Operating cash flow was strong (SEK 202m) despite working capital build-up (SEK 12m), yet leverage landed slightly higher (3.1x) on lower organic EBITDA contribution.

• Mining OEMs:

  • Sandvik (OM:SAND): Orders intake at SEK 32,206m (cons. SEK 30,693m), up +10% YoY, driven by strong performance in Mining. Revenues grew +3% organically YoY to SEK 29,700m (cons. SEK 29,805m), and adj. EBITA came in at SEK 5,629m (cons. SEK 5,740m). Shares currently trade at ~15x fwd EV/EBIT; a slight premium to its historical average of ~13x.

  • Epiroc (OM:EPI A): Order intake at SEK 15.3bn (cons. SEK 15.9bn) and revenue at SEK 15.1bn (cons. SEK 15.7bn). Adj. EBIT was SEK 3.0bn (cons. SEK 3.2bn) for a margin of 19.7% (-30bp vs. cons). By and large, figures disappointed to the downside, especially in the context of peers’ reports.

Finland

Shares in Finland started the week on weak footing but regained strength toward the back half, supported by solid Q2-2025 results. Still, the all-share (-1.1%) and large-cap (-0.7%) indices ended the week in red territory.

Relevant news/earnings notes:

• Scanfil (HLSE:SCANFL) announced the acquisition of Italian EMS provider MB Elettronica (c. 500 employees) to strengthen its position in Southern Europe and accelerate growth in the aerospace and defense sectors. The debt-free EV is EUR ~73m, with an additional earn-out of up to EUR 50m based on 2025-26 results. The transaction will be paid in cash and financed via existing credit facilities.

• Evli (HLSE:EVLI): Sales of EUR 27.5m (cons. EUR 27.6m) and EBIT of EUR 11.1m (cons. EUR 10.2m). EPS landed at EUR 0.33 (cons. EUR 0.28). AUM rose to EUR 19.7bn (LY: EUR 18.7bn). Fee income from traditional and PE funds, asset management, and brokerage grew, while performance and advisory fees declined.

• Verkkokauppa.com (HEL:VERK): Revenue of EUR 116.5m (cons. EUR 108m), driven by robust growth in core categories (IT and Entertainment) and a 40% increase YoY in international sales. EBIT landed at EUR 1.8m (cons. EUR 1.1m), aided by operating leverage amid recent fixed cost reductions.

• Nokian Tyres (HLSE:TYRES): Sales of EUR 344m (cons. EUR 353m) and adj. EBIT of EUR 26m (cons. EUR 22m), driven by a positive surprise in Passenger Car Tyres (7.7% EBIT margin vs. cons. 2.8%). Stronger pricing and mix offset prior cost issues; guidance for FY2025 unchanged.

• Wärtsilä (HLSE:WRT1V): Order intake of EUR 2.19bn (cons. EUR 1.86bn), driven by Energy segment wins. Sales were EUR 1.72bn (cons. EUR 1.69bn) and adj. EBIT EUR 207m (cons. EUR 192m). Guidance reiterated, yet we would expect a slight lift to 2025E EBIT consensus estimates.

• Orion (HLSE:ORNBV): Sales of EUR 417m (cons. EUR 384m) and EBIT of EUR 105m (cons. EUR 94m), driven by strong Nubeqa royalties (EUR 140m, +96% YoY). EPS came in at EUR 0.59 (cons. EUR 0.53). Guidance (EUR 1.63-1.73bn sales, EUR 400-500m EBIT) reiterated after early-July raise. With strong momentum in royalty sales alongside upside optionality from timing of the Bayer milestone (EUR 180m), coming quarters will likely benefit.

Norway

Norwegian equities drifted lower, with the all-share (-1.8%) and large-cap (-1.6%) giving back recent gains. Broadly, we found little to get excited about among this week’s reporting names; our attention is more on the earnings set to come through in August.

Relevant news/earnings notes:

• Airthings (OB:AIRX) has paused asset sale talks with Firda after recently ending negotiations with Zehnder Group over execution concerns. Following the update, CEO Emma Tryti has resigned (effective July 14, 2025), with CFO Helge Øien appointed interim CEO.

• Grieg Seafood (OB:GSF) has agreed to divest its operations in Finnmark and Canada to Cermaq Group for an EV of NOK 10.2bn (USD ~990m). The transaction enables Grieg to exit the challenged Canadian market and refocus on its core Western Norway operations. The divested assets generated EBITDA (FY24A) of NOK 184m, implying an EV/EBITDA of ~55x.

• Vow (OB:VOW) has breached terms of its loan covenants as the company reported an overstated Q1-2025 EBITDA of NOK 9.4m. The revised EBITDA points to NOK -6.6m, with the discrepancy being relate to POC accounting. The company is in discussions with DNB for a waiver.

• Aker BP (OB:AKRBP): Revenue at USD 2.6bn (cons. USD 2.6bn), with EBIT of USD 915m (cons. USD 1.6bn) impacted by USD 700m in goodwill impairments. Net income was USD -324m (LY: USD 1.1bn) on lower realized oil (USD 66.9/bbl) and gas prices (USD 68.7/boe). Production was 415kboed (LY: 443kboed). Despite headwinds, management reiterated its USD 0.63 DPS and highlighted solid project momentum expected to lift production longer term.

• Telenor (OB:TEL): Revenue of NOK 20.3bn (cons. NOK 20.0bn) and adj. EBITDA of NOK 9.3bn (cons. NOK 8.9bn), driven by 12.5% Nordic EBITDA growth led by Norway (+16.1%). Despite a FCF miss at NOK 1.6bn (cons. NOK 2.0bn), due to NWC and bonus provisions, management raised the FY2025 guide to: Group EBITDA growth at MSD (prev. LSD-MSD); Nordic EBITDA growth at HSD (prev. MSD); and FCF at NOK 13bn (unchanged).

• Vend Marketplaces (OB:VENDB): Revenue of NOK 1.68bn (cons. NOK 1.65bn) and adj. EBITDA of NOK 429m (cons. NOK 379m), with margins uptick driven by operational efficiency. Marketplace revenue grew +1% (CC), led by Mobility (+4%) and Real Estate (+10%), while Jobs (-11%) and ReCommerce (-6%) declined amid efforts to exit from non-core segments. Higher ARPA supported growth, though ad revenue remained soft. No formal FY2025 guide provided, but management flagged potentially lower volumes going into H2.

• Tomra (OB:TOM): Revenue of EUR 325m (cons. EUR 332m) and EBITA of EUR 48m (cons. EUR 42m). On segment level, Food landed ahead of expectations (EBITA EUR 21m; cons. EUR 10m), with Collection (EUR 28m; cons. EUR 31m) and Recycling (EUR 6m, cons. EUR 10m) as laggards, with order intake for the latter down -37% YoY.

In case you missed it…

Expectedly, the “reciprocal” tariff deadline has been extended for the second time; now pushed to August 3. Separately, the U.S. president announced a 50% tariff on copper imports, likely aiming to incentivize domestic mining investment — a theme we explored in our recent piece on Nordic mining OEMs. In addition, and true to form, the President unveiled a 30% tariff on imported goods from the EU over the weekend.

While most major indices have returned to all-time highs, the Nordics remain a relative laggard (except for Norway), ending the week flat (+0.1%).

Subscribe now

With the Q2-2025 earnings season officially kicked off, the coming weeks will reveal whether the regional underperformance is justified. Early signals suggest headwinds are real: several industrials have already revised their FY guides lower, citing FX drag from a weaker USD and tariff-related uncertainty.

Denmark

Shares in Copenhagen mirrored the wider Nordic sentiment, with the all-share (-0.5%) and large-cap (+0.2%) index both treading water.

Tryg (CPSE:TRYG) delivered another solid quarter with Q2-2025 PBT of DKK 2,035m, 5% ahead of consensus. Premiums earned came in at DKK 10,120m (cons. DKK 10,009m), with local currency growth of 4.0% YoY (Q1: 3.7%). The insurance service result was DKK 2,307m (cons. DKK 2,191m), supported by benign claims trends. Weather claims (DKK 60m) and large claims (DKK 134m) were both below expectations.

The combined ratio improved to 77.2% (cons. 78.1%), driven by a ~30bp YoY improvement in the underlying claims ratio and continued progress in Norway (CR: 82.1%, ~6pp YoY improvement). Investment income landed at DKK 110m (cons. DKK 116m). DPS of DKK 2.05 was in line with expectations. All in, a stable quarter with slight positive read-through for 2026–27 EPS. The DCCA investigation remains an open item, but management’s remains confident in their ability to overcome any adverse outcomes.

Relevant news:

• GreenMobility (CPSE:GREENM) raised its 2025 guidance after a stronger-than-expected H1. It now expects revenue growth of 10-13% (prev. 7-13%) and EBITDA growth of 25-40% (prev. 20-40%). Preliminary H1 figures show revenue of DKK 74.2m (+29% YoY) and EBITDA of DKK 24.1m (+76% YoY). Full H1 report to be released on August 14.

• Decideact (CPSE:ACT) filed for bankruptcy following a failed sale to US-based Nixxy and unsuccessful financing attempts. The Bornholm-based SaaS firm, listed on First North since 2020, had ARR of DKK 6.1m in 2024 but ran an operating loss of DKK 6.5m and laid off all staff in March.

• SP Group (CPSE:SPG) issued a profit warning after Q2-2025 revenue fell 10.7% YoY to DKK 680.6m (LY: DKK 762.2m) and PBT dropped 30.6% to DKK 63.6m (LY: DKK 91.6m). The downgrade follows delayed customer projects amid geopolitical uncertainty and supply chain disruptions. The updated guide points to FY25 revenue growth of -3% to +3% (prev. +3-10%) but maintains its EBITDA margin guidance of 19-21%.

• Novo Nordisk (CPSE:NOVO B) submitted an EU application for a higher 7.2 mg dose of Wegovy, citing strong Phase III data from “Step Up” trials showing avg. 21% weight loss and +25% in one-third of patients. Safety profile was comparable to the current 2.4 mg formulation.

• Bavarian Nordic (CPSE:BAVA) received a repeat order worth DKK >200m from an unnamed European country for its MVA-BN smallpox/mpox vaccine. The deal is supposedly part of a wider European strategy to secure public preparedness efforts amid rising geopolitical risks. The company is among our three Nordic pharma-picks, outlined on the back of Trump’s tariff scare:

Sweden

Performance in Stockholm was bifurcated, with real estate and telecoms dragging on returns, while financials and industrials provided support. Both the all-share index (+0.5%) and large cap index (+0.6%) closed the week modestly higher.

Byggmax delivered a strong Q2-2025, supported by robust seasonal demand and operational improvements. Net sales came in at SEK 2,199m (+5.6% YoY), with comparable sales growth of 7.3% YoY. EBITA rose to SEK 223m (LY: SEK 170m), aided by higher GM-% from improved inventory management, store network- and e-com logistics efficiencies. Net income reached SEK 161m (LY: SEK 108m), translating to EPS of SEK 2.75 (LY: SEK 1.85).

Management cited continued strong customer flow during the high season and improved execution in store refurbishment and logistics, setting the scene for strong profitability rebound as operating leverage kicks in amid demand recovery.

Relevant news:

• EQT (OM:EQT) was lifted by a series of buy recommendations from various banks

• Industrivärden (OM:INDU C) reported Q2-2025 NAV/share of SEK 384, with SEK 1.45bn deployed across Sandvik (OM:SAND), Volvo (OM:VOLV), SCA, (OM;:SCA B) and Essity (OM:ESSITY B) — all existing holdings. The share trades at a ~13% discount to NAV.

• Kinnevik (OM:KINV B) reported Q2-2025 NAV/share of SEK 133 (+2% QoQ), in line with expectations. Portfolio value rose 3% (+5% in CC), driven by operational strength and modest multiple expansion. SEK 860m was deployed, incl. SEK 333m in Tandem Health and SEK 335m in an undisclosed biotech name. The share trades at a ~30% discount to NAV, with continued valuation support and upside optionality from future IPOs.

• Hexatronic (OM:HTRO) headline figures far from expectations. Q2-2025 sales came in at 1,906m (-6% vs. cons) with EBITA of SEK 169m (-26% vs. cons). The shortfall was driven by weaker FTTH demand and added price pressure in Fiber Solutions. Notably, the short interest has climbed to 12.1% from 9.1% start of the week. The company is set to report H1 figures on July 14.

• Altor has re-entered Dustin (OM:DUST), acquiring 9.5m shares (~0.7% of capital) following the IT distributor’s SEK 1.27bn rights issue. The move comes after Altor — which took the company public in 2015 — sold its prior 1.3% stake (5.7m shares) ahead of the offering.

Finland

The Finnish market escaped the week with the best regional performance, with the all-share and large-cap index moving in locksteps, ending the week up +0.9%. That said, the week did feature a series of — to an extent — expected profit warnings, incl. Metsä (HLSE:METS B) and Kemira (HLSE:KEMIRA).

Admicom (HLSE:ADMCM) posted a muted Q2-2025 with revenue at EUR 9.7m (cons. EUR 9.8m; +2.1% YoY) and adj. EBITDA at EUR 3.1m (cons. EUR 3.3m; LY EUR 3.6m). EPS fell to EUR 0.26 (cons. EUR 0.34; LY EUR 0.38). The top-line was impacted by lower equalization invoicing, which the company is transitioning away from in favor of more predictable, recurring billing. ARR grew 6% YoY to EUR 35.7m but was flat QoQ.

Management noted headwinds from bankruptcy- and consolidation-related churn, offset by a cohort of new (but smaller) customers. With profitability weaker and demand visibility still soft, the unchanged FY guide (ARR +8–14%, revenue +6–11%, adj. EBITDA margin 31–36%) now looks increasingly back-end loaded.

Relevant news:

• Endomines (HLSE:PAMPALO) acquired Power Mining’s Pampalo gold mine for EUR 2.55m. The deal includes underground equipment and inventory, and is expected to lower gold production costs by EUR 90–120/oz from 2026 as Endomines consolidates operations and ramps up output.

• SSH Communications (HLSE:SSH1V) received a EUR ~160k order for its NQX Quantum Safe encryption solution from a European defense organization. The deal comes just one week after Italian company, Leonardo (BIT:LDO) acquired a 24.6% stake in the company.

• Enersense (HLSE:ESENSE) will divest its marine industry unit to Davie, part of UK-based Inocea Group, for EUR 7.5m (EUR 5m at closing, EUR 2.5m deferred). The deal, expected to close in Q3-2025, concludes a trio of strategic exits from non-core units, as the company’s refocuses on core energy and infrastructure services.

• Kemira (HLSE:KEMIRA) has revised its 2025 guidance due to continued weak demand in packaging and pulp and FX headwinds. It now expects net sales of EUR 2.7–2.95bn (prev. EUR 2.8–3.2bn) and EBITDA of EUR 510–580m (prev. EUR 540–640m). Preliminary Q2-2025 figures show sales of EUR 693.4m (LY: EUR 733.4m) and EBITDA of EUR 131.8m (LY: EUR 140.5m). Full H1 report due July 18.

• Fifax (HLSE:FIFAX) filed for bankruptcy after failing to secure financing to complete its restructuring process. The appointed liquidator deemed continued proceedings unviable, a view supported by the board.

• Canatu (HLSE:CANATU) announced that a reactor delivered to a semiconductor customer passed testing, marking a key milestone. The company listed via a reverse merger with Lifeline SPAC in September 2024.

Norway

Busy week in Norway with a earnings surprises in both directions. The all-share (+0.2%) and large-cap (-0.2%) index closing the week roughly flat.

The insurance sector stood out in Norway this week, with Protector (OB:PROT), Storebrand (OB:STB), and Gjensidige (OB:GJF) all delivering strong Q2-2025 prints. Particularly noteworthy was GJF, which posted a broad-based beat with insurance revenue of NOK 10,493m (cons. NOK 10,307m), underwriting result of NOK 2,200m (cons. NOK 1,784m), and net investment income of NOK 1,102m (cons. NOK 910m). The group combined ratio improved to 79.0% (cons. 82.7%). All 2025 targets were reiterated, and H1-2025 CR-% of 82.8% suggests upward pressure on FY estimates if momentum holds.

Norwegian Air Shuttle (OB:NAS) reported Q2-2025 revenue of NOK 10.3bn (cons. NOK ~10.2bn; LY: NOK 9.4bn) and PBT of NOK 1.1bn (cons. NOK 890m; LY: NOK 477m). EBIT was NOK 1.25bn — the second-highest Q2 in company history — with strong seasonal demand, improved load factors (85.2% for Norwegian, 73.9% for Widerøe) and ongoing efficiency gains. Norwegian declared its first dividend post-restructuring (NOK 0.90/share; ~NOK 950m payout).

The company’s strategic focus now centers on extracting further synergies from Widerøe through integrated networks, IT platforms, and loyalty programs, alongside cost savings under Program X (targeting NOK 1bn in savings by 2026). Management flagged strong booking momentum into H2 and noted positive macro tailwinds with falling fuel prices, a stronger NOK, and easing rates. The company now trades at ~8.0x 2026E P/E, a 20% discount to global LCC peers.

Relevant news:

• Telenor (OB:TEL) has agreed to acquire EQT-owned (OM:EQT) GlobalConnect’s Norwegian B2C fiber business for NOK 6bn. The deal adds ~140,000 customer relationships, infrastructure, and local operations.

• Airthings (OB:AIRX) has ended sale talks of select business units with Switzerland’s Zehnder Group over execution and timing misalignment, and now aims to finalize an asset deal with Firda (29% stake) by August. Firda has completed due diligence.

• Argeo (OB:ARGEO) has paused bankruptcy proceedings after receiving interest from a major industrial player. Argeo had filed for bankruptcy after failing to secure sufficient work despite a NOK 150m capital raise in Feb-2025.

• MPC Container Ships (OB:MPCC) rose after main shareholder MPC Capital increased its stake from ~16.7% to ~20.1%.

• Kongsberg Gruppen (OB:KOG) reported Q2-2025 revenue of NOK 13,741m (cons. NOK 14,240m) and adjusted EBITDA of NOK 2,328m (cons. NOK 2,307m), with group margin of 15.8% (cons. 16.2%). EBITDA margin for KDA fell to 17.1% (–2.2pp YoY), while KM’s EBITDA margin declined to 13.3% (–0.8pp YoY), weighed by softer aftermarket growth (+3–7% YoY). Order intake was sound at NOK 9.8bn (KDA) and NOK 7.5bn (KM); but already fully reflected in the share price.

• TGS (OB:TGS) issued a weak Q2-2025 trading update with produced revenue of USD 306m (cons. USD 394m), missing expectations due to delays in multi-client licensing and operational issues on contract projects. The company is set to report on July 17.

In case you missed it…

Last week, the widely debated Big Beautiful Bill was narrowly passed and signed by Trump — the final bill turned out to be more lenient than initially feared for green energy stocks. Attention now turns to the tariff negotiation deadline set for July 9; an extension seems highly probable given only 3/90 trade agreements have been finalized.

The Nordic all-share index ended the week up 1.2%, as investors anticipate the Q2-2025 earnings season. While broader newsflow was muted, the week still saw several notable M&A and takeover headlines.

Subscribe now

Denmark

It was a relatively tame week in Denmark from a news flow perspective. The all-share (+1.1%) and large-cap (+0.4%) indices both ended the week slightly up, aided by strong recovery in green energy stocks following the less bearish outcome of the U.S. bill.

Next week, TRYG (CPSE:TRYG) will kick-off the DK earnings season July 11. We expect limited surprises, but welcome added nuance on the DCCA investigation and are hopeful of incremental recovery in Private lines. The company-compiled consensus estimates were shared Friday before close.

Relevant news:

• Risma Systems (CPSE:RISMA) will be taken private by Triple Private Equity at DKK 10.23/share, a 49% premium to the 12-month VWAP. The deal, expected to close in Q3-2025.

• FLSmidth (CPSE:FLS) has agreed to sell its Air Pollution Control business to UK-based Rubicon Partners, following its recent sale of the cement division. No financial terms were disclosed, though management expects a small net gain upon closing in H2-2025. Full-year guidance remains unchanged at DKK ~15bn in revenue with an adj. EBITA margin of 14–14.5%.

• Chr. Augustinus Fabrikker will gain control of Tivoli (CPSE:TIV) with a 57% stake after acquiring CW Obel’s holding. Chr. Augustinus Fabrikker aims to be a more active, long-term owner while maintaining Tivoli’s listed status going forward.

• Columbus (CPSE:COLUM) majority owner, 82-year old Ib Kunøe (61.8% via Consolidated Holdings), has told local media that the company is still open to a potential sale, despite “pausing” its formal process in May due to geopolitical market volatility. The failed process reportedly gathered interest from 105 parties.

• ISS (CPSE:ISS) has secured a new partnership with a major Austrian public healthcare institution, valued at DKK ~200m annually. The contract is the largest for ISS Austria ever recorded.

• The Fynske Bank (CPSE:FYNBK) and Nordfyns Bank (CPSE:NRDF) merger took a new turn as the banks agreed on revised terms with a higher exchange ratio of 3.5 shares in Fynske Bank, up from 2.7 shares in the initial offer. The news follows SJF Bank’s (CPSE:SPKSJF) divestment of its 25% stake in Nordfyns to Middelfart Sparekasse just last week.

Sweden

A more eventful week in Stockholm with lots of M&A activity and take-private rumors. The all-share (+2.7%) and large-cap (2.5%) indices ended the week on a strong footing.

The coming week will feature Q2-2025 results from, i.a., Kinnevik (OM:KINV B), Industrivärden (OM:INDU C), Dedicare (OM:DEDI), Elanders (OM:ELAN B), Logistea (OM:LOGI B) Netel (OM:NETEL).

Relevant news:

• Qt Group (HLSE:QTCOM) has launched a SEK 180/share cash bid for IAR Systems (OM:IAR B), a 63.6% premium to the 3-month VWAP. IAR’s board and key shareholders back the offer.

• The Persson family continues to accumulate H&M (OM:HM B) shares, sparking continued speculation of a potential buyout. The family has purchased SEK 6bn worth of stock this year, lifting their stake from to 64.7%.

• AstraZeneca (OM:AZN) is reportedly considering moving its primary listing to the U.S., as CEO Pascal Soriot grows frustrated with UK drug pricing and NHS reimbursement limits.

• Avanza (OM:AZA) is being touted as a takeover candidate, with the Hagströmer family exploring a take-private deal with private equity firms. The move could enable tech upgrades and European expansion, similar to Nordnet’s (OM:SAVE) 2017 buyout by Nordic Capital.

• Hexagon (OM:HEXA B) is divesting non-core businesses within its Safety, Infrastructure & Geospatial (SIG) division to sharpen focus on its core public safety portfolio ahead of the planned Octave spin-off in H1-2026. The segment, generating USD 90m (SEK 850m) revenue in 2024, were acquired by Bart & Associates.

• Karnov Group (OM:KAR) is divesting its Spanish education operations, which have weighed on profitability since Karnov’s expansion into Southern Europe in 2022. The move is intended to refocus on its core legal and tax info business, and restore margins closer to the ~40% EBIT levels seen in the Nordics.

• Saab (OM:SAAB B) has secured a SEK 1.5bn order from the Swedish Defense Materiel Administration for its RBS 70 NG short-range air defense system and missiles. The deal, booked in Q2-2025, includes deliveries for 2027–2028.

Finland

Shares in Helsinki moved more or less sideways for most of the week, despite a relatively busy week on the corporate news front, with the all-share (+0.2%) and large-cap (+0.1%) ending the week on a muted tone.

Fresh figures from Admicom (HLSE:ADMC) — which is the only company set to report for the week — will be released on July 8.

Relevant news:

• Qt Group (HLSE:QTCOM) has launched a SEK 180/share cash bid for IAR Systems (OM:IAR B), a 63.6% premium to the 3-month VWAP. IAR’s board and key shareholders back the offer.

• Leonardo (BIT:LDO) has acquired a 24.6% stake in Finland’s SSH (HLSE:SSH1V) via a EUR 20m share issue. The partnership aims to bolster Leonardo’s cybersecurity capabilities, while Accendo Capital remains a key holder. SSH delivered Q1-2025 LTM revenues of EUR 22.6m and EBITDA of EUR 3.4m.

• Duell (HLSE:DUELL) posted soft Q3-2024/25 results (Feb–May), with net sales of EUR 38.2m (vs. 37.9m LY) and adj. EBITDA down to EUR 2.1m (vs. 3.2m LY). Ahead of the report, management cut its full-year guidance and removed medium-term targets, citing weaker consumer confidence and softer demand. The company now expects revenue to be flat or lower YoY, with adj. EBITDA unchanged.

• Fortum (HLSE:FORTUM) has completed its acquisition of Orange Energia, one of Poland’s largest private electricity retailers with ~130,000 customers, for up to EUR 28m on a debt-free basis. An initial EUR 21m was paid at closing, with potential earn-outs tied to sales volume targets through 2029.

• Kempower (HLSE:KEMPOWR) has been chosen as the preferred supplier of EV charging solutions for Allego, one of Europe’s top five CPOs. The first rollout will cover the Nordics, Benelux, and France in the coming months, with wider European deployment slated for 2026.

• Endomines (HLSE:PAMPALO) announced strong gold production, with its Pampalo site delivering +25.8% YoY for January–June 2025. Full-year output is expected at 16,000–22,000 ounces (498–684 kg), up from 14,304 ounces (445 kg) in 2024.

• Gofore (HLSE:GOFORE) has agreed to acquire Finnish tech firm Huld, strengthening its presence in smart industry and security. The target generated EUR 38.2m revenue and EUR 3.0m EBIT in FY2024. The deal is valued at EV 54.5, and is expected to close by Sep-2025.

Norway

Following last week’s breather, Norwegian indices resumed their upward trend with the all-share (+1.6%) and large-cap (+1.2%) both trading higher for the week.

Next week will include Q2-2025 reports from Kongsberg Gruppen (OB:KOG), Europris (OB:EPR), StrongPoint (OB:STRO), Norwegian Air Shuttle (OB:NAS), Kirtron (OB:KIT), among other.

Relevant news:

• AutoStore (OB:AUTO) is rumored to as a take-private candidate by major shareholder SoftBank (38.3%), following internal ownership reorganization. The warehouse robotics group has seen significant share price pressure and is implementing cost reductions to address softer demand.

• Sentia (OM:SNTIA) has won a NOK 1.9bn contract from Avinor to build the a new terminal at Bodø Airport. Construction starts August 2025, with completion by summer 2028.

• Friday after close, Argeo (OB:ARGEO) announced it will file for bankruptcy after failing to secure sufficient funding to bridge its liquidity shortfall. Despite a NOK 150m private placement in February 2025, weaker contract flow has left the company unable to reach operational feasibility.

• Norwegian Air Shuttle (OB:NAS) carried a total of 2.77 million passengers in June, up 9% YoY. The weighted group load factor reached ~87.9%, with Norwegian mainline at 88.7% and Widerøe at 70.5%. Capacity (ASK) rose 7% while actual traffic (RPK) rose 12%, reflecting strong demand. CEO Geir Karlsen highlighted this as the best June since 2019, with solid booking momentum heading into the summer peak.

• Aker BP (OB:AKRBP) reported Q2-2025 production of 415,000 boe/d, down from 441,000 boe/d in Q1-2025 but within its guided range (390,000–420,000 boe/d). Realized oil prices fell to $66.9/bbl (from $75), with natural gas dropping to $68.7/boe (from $85.2), broadly in line with estimates.

• BerGenBio (OB:BGBIO) and Oncoinvent (OB:ONCOI) will merge, valuing BerGenBio at NOK 65m and Oncoinvent at NOK 195.5m, with Oncoinvent shareholders owning 75% of the new entity. The deal includes a NOK 130m rights issue to fund development of Radspherin.

In case you missed it…

Last week saw a historic NATO agreement, with all member states committing to raise defense-related spending to 5% of GDP by 2035 (3.5% for defense, 1.5% for security/preparedness). Separately, the European Commission confirmed receiving a new U.S. tariff negotiation offer, with signals from the White House suggesting another potential “tariff pause” ahead.

Sentiment in the Nordics largely mirrored that of wider Europe, with the all-share index ending the slightly up (+0.9%). Meanwhile, U.S. equities returned to all-time highs, fully recovering the losses triggered by Trump’s tariff scare back in April.

Subscribe now

Denmark

Shares in Denmark ended the week slightly down, with the all-share (-2.9%) and large-cap (-1.2%). Notably, the Danish Competition and Consumer Authority (DCCA) launched a market investigation into the private non-life insurance sector, focusing on pricing practices and customer terms — largely anticipated, as outlined in out recent analysis of the Nordic P&C market.

Danish banking M&A chatter took center stage this week, as Sydbank (CPSE:SYDB) rose on local speculation of a potential tie-up with Jyske Bank (CPSE:JYSK), reigniting expectations for further sector consolidation. Meanwhile, Middelfart Sparekasse acquired SJF Bank’s 25% stake in Nordfyns Bank (CPSE:NRDF) at DKK 510/share, a move that comes shortly after SJF blocked Nordfyns Bank’s merger with Fynske Bank at DKK ~378/share.

Relevant news:

• Novo Nordisk (CPSE:NOVO B) has terminated its short-lived partnership with Hims & Hers (NYSE:HIMS), citing sales of unauthorized versions of Wegovy and misleading marketing claims that posed patient safety risks. The move comes amid ongoing concerns over knock-off GLP-1 products, which the company previously flagged as a factor behind lower earnings guidance.

• Flügger (CPSE:FLUG B) is under scrutiny after an investigation has revealed continued sales and marketing of its paint products in Russia, despite EU sanctions banning such exports since April 2022. Management has confirmed post-sanctions sales but claims it was “misled” by former distribution partners and became aware of the issue through a whistleblower in late 2024. The company has since terminated relevant relationships and stresses that it has no market activity or representation in Russia.

• Harboes Bryggeri (CPSE:HARB B) reported FY 2024/2025 results under pressure from higher costs and its exit from low-margin private-label contracts in Germany. Revenue was broadly flat at DKK 1,823m (vs. DKK 1,817.1m LY), while EBITDA declined to DKK 142m (vs. DKK 158m LY), with net income down to DKK 44.8m (vs. DKK 54.8m LY). Management sees stronger margins ahead as the focus shifts to own brands. FY 2025/2026 guidance is EBITDA DKK 130–160m and pre-tax profit of DKK 30–60m.

• GN Store Nord (CPSE:GN) rose after new data showed a notable market share gain in May within the U.S. Veterans Affairs (VA) hearing aid channel — rising to 10.3% from 9.0% in April.

• Ambu (CPSE:AMBU B) jumped as Japanese peer Olympus came under pressure in the U.S., where the FDA issued warnings over quality issues with select products.

Sweden

Shares in Sweden ended the week in positive territory with broad-based gains across all-share (+3.2%) and large-cap (+2.4%) stocks. The week also featured the IPO of Hacksaw (OM:HACK) which ended its first trading week up +2.7%; a stark contrast to the double-digit “IPO-pop” we have observed in other Nordic IPOs this year. Ahead of the listing, we argued that the SEK 22bn valuation was full and flagged inherent risks outlined in the prospectus.

Nasdaq has released the joiners of leavers of the OMX S30 index. The update follows the new selection criteria outlined here.

Relevant news:

• Nordic Paper (OM:NPAPER) proposed an extra dividend of SEK 12/share, reversing its March decision to withhold a 2024 payout. The move follows a new EUR 340m refinancing package (incl. EUR 275m term loan B) aimed at optimizing the capital structure. The company is majority owned (87%) by PE firm Strategic Value Partners who placed a public offer at SEK 50/share late 2024; we view a full takeout/squeeze-out as imminent.

• KKR has completed its bid for Biotage (OM:BIOT), now controlling 93.1% of shares via RWK Bidco, and will move forward with a compulsory redemption under the Swedish Companies Act. The acceptance period has been extended to July 3, 2025, giving remaining shareholders time to tender.

• Intrum (OM:INTRUM) continues to attract attention following large insider purchases, latest with COO Annette Kumlien purchasing ~44,000 shares, bringing total holding to ~142,000 shares. The move happens as the company is approaching its quiet period ahead of Q2-2025 results due July 25.

• Scandinavian Astor Group (OM:ASTOR) has raised SEK 320m through a directed share issue at SEK 38/share; equiv. to 11% discount to day-prior close. The offering, which included both new and existing institutional investors, results in a ~14% dilution. Proceeds are earmarked to support expansion efforts, M&A readiness, and boost financial flexibility.

• H&M (OM:HM-B) delivered Q2-2024/25 sales of SEK 56.7bn (cons. 56.9bn, LY 59.6bn) — slightly below expectations, but in line on a LC basis (act. +1% vs. cons. +0.9%) despite store closures. Gross margin landed at 55.4% (cons. 55.2%, LY 56.3%) and EBIT margin at 10.4% (cons. 10.3%, LY 11.9%), helped by SG&A control and a mix-shift, even as higher USD and shipping costs weighed on purchasing. Preliminary figures for June sales are up +3%, and management reconfirmed its plan to open its first stores in Brazil during H2.

Finland

It was a slow week in Finland with limited news flow. The all-share (+1.4%) and large-cap (+1.6%) index both edging higher.

Relevant news:

• Bioretec (HLSE:BRETEC) raised EUR ~9.2m gross proceeds in an oversubscribed rights issue, with the new shares representing ~20% of total shares outstanding post-transaction. Main shareholder Stephen Industries subscribed for 500,000 shares under its underwriting guarantee, bringing its stake to ~12% (10.4%).

• Citycon (HLSE:CTY1S) has launched a share buyback program of up to EUR 45.6m, targeting a maximum of 12 million shares — equivalent to ~6.5% of shares outstanding. The move aims to return proceeds from prior-year divestments.

• Investors House (HLSE:INVEST) and Ovaro Kiinteistösijoitus (HLSE:OVARO) have sold their stakes in Apitare Oy to Nordisk Renting at an EV of EUR 60m. The deal will generate a Q2-2025 EUR 3.1m profit for Investors House and EUR 1.6m for Ovaro, with the latter planning to reinvest in the Kukkula area. Back of the envelope calculation suggests the deal will leave Investors House overcapitalized, though no plans for the excess capital have been announced.

• Tecnotree (HLSE:TEM1V) has signed a renewable annual agreement worth USD ~2m with an existing Tier 1 telecom operator in the Middle East for its digital Business Support System platform. Revenue is expected to be recognized in Q3-2025, and the company may revise guidance accordingly. The deal follows recent wins, including a USD 19.6m five-year contract in the UK announced earlier in June.

• Outokumpu (HLSE:OUT1V) finalized conversions on its EUR 125m convertible bond maturing in July, issuing 35.3m new shares while simultaneously cancelling 19.1m treasury shares to offset dilution. In total, Outokumpu has converted the bond into 47m shares and cancelled nearly 31m of its own shares. Separately, Moody’s reaffirmed Outokumpu’s Ba2 rating with a stable outlook.

• Endomines (HLSE:ENDOM) reported encouraging results from its Ukkolanvaara (Ukko) gold drilling campaign, confirming a continuous high-grade gold zone extending at least 150 meters deep and 400 meters long. A total of 9/17 planned drill holes have returned assays so far, reinforcing confidence in the deposit’s scale and mineralization within iron formations.

Norway

The Norwegian index has been in a world of its own this year, outpacing its Nordic (and international) peers by a wide margin. Yet, last week finally caught a breath with a pull-back in the all-share (-3.4%) and large-cap (-3.4%) index. The retreat was driven by a sharp drop in oil prices, following easing tensions in the Middle East.

We note that a group of Norwegian micro-caps — including Green Minerals (OB:GEM) and Standard Supply (OB:STSU) — have pivoted from their original corporate strategies to position themselves as Bitcoin holding companies, mimicking a trend seen in the U.S. and reflecting the current euphoric sentiment in the Norwegian market.

Relevant news:

• Tomra (OB:TOM) fell sharply after reports emerged that management had guided analysts’ expectations downward during a pre-close call, despite no formal stock exchange announcement on the matters. Norway’s Financial Supervisory Authority said it may investigate the case, referencing ESMA’s recent warnings about ensuring equal information access to maintain market integrity.

• Navamedic (OB:NAVA) announced the acquisition of DNE Pharma, a Norwegian specialist in addiction treatment, for up to NOK 225m. The deal brings NOK 62m in revenue and an expected NOK 25m in EBITDA (EV/EBITDA ~9x), marking Navamedic’s entry into a new therapeutic area. Financing will come via a NOK 110m loan and a NOK 110–130m rights issue.

• Spir Group (OB:SPIR) is reportedly exploring a carve-out of core subsidiary Sikri, a provider of public sector case management software. NBOs have supposedly already been collected. Sikri reported NOK 271m in LTM revenue and NOK 87m in EBITDA, with ARR growth of 8% YoY and 77% of revenue recurring.

• Moreld (OB:MORELD) has completed its uplisting from Euronext Growth to the main board of Oslo Børs, following a NOK 1bn private placement in late 2024. The industrial engineering group, active in offshore energy and marine sectors, reported NOK 9.1bn in revenue and NOK 1.1bn in adj. EBITDA last year.

• REC Silicon (OB:RECSI) surged after shareholders at the EGM ousted Hanwha-backed board members, a sharp rebuke of its largest owner (33% stake), creditor, and sole US customer. The move follows REC’s recent disclosure of urgent liquidity needs and minority investors (led by Water Street Capital, 8.2%) rejecting Hanwha’s NOK 2.2/share bid earlier this year. An internal investigation into the terminated Qcells contract will now proceed, while Hanwha has stated it will not increase its bid price.

• Kongsberg Gruppen (OB:KOG) and Thales (ENXTPA:HO) will form a 50/50 joint venture to bolster secure defense communications capabilities.

Tensions in the Middle East intensified last week, with renewed focus on the Strait of Hormuz — through which around a fifth of global oil and significant LNG volumes transit. Meanwhile, the June FOMC meeting ended with few surprises as the the federal funds rate were maintained at 4.25–4.50%.

In the Nordics, both the Riksbank and Norges Bank cut policy rates by 25bps to 2.00% and 4.25%, respectively. Nordic equities ended the week lower overall, with the all-share index down -1.1%, though performance varied notably across markets.

Subscribe now

Denmark

Copenhagen equities saw a sharp pullback following two weeks of modest gains, with the all-share (-5.5%) and large-cap (-4.0%) indices both closing in red.

Headlines were dominated by fresh scrutiny of DSV (CPSE:DSV) following a series of media reports detailing alleged misconduct by CEO Jens Lund. According to anonymous former employees, Lund has repeatedly exhibited aggressive behavior in internal settings — ranging from verbal abuse and intimidation to public humiliation of staff. The company has refrained from commenting on the matter.

Relevant news:

• FLSmidth (CPSE:FLS) has agreed to sell its cement business to Pacific Avenue Capital Partners for DKK 550m, with a potential earn-out of an additional DKK 550m. The sale marks the culmination of a strategic process toward a pure-play mining equipment company. Concurrently, FLSmidth launched a DKK 1.4bn share buyback — its first since 2012. Earlier in the week, the company agreed to sell its headquarters for DKK 730m to real estate developers Nrep and AG Gruppen.

• Schouw & Co. (CPSE:SCHO) is exploring an IPO of its aquafeed subsidiary BioMar. A Copenhagen listing could value BioMar at USD ~2bn, according to Bloomberg. Schouw plans to retain a majority stake post-IPO. BioMar is guided to deliver DKK 16.5-17.0bn revenue (excl. DKK 1.5bn revenue contribution from JVs) and DKK 1.41-1.46bn EBITDA in 2025.

• Zealand Pharma (CPSE:ZEAL) sold off after Eli Lilly (NYSE:LLY) released strong Phase 1 data for its amylin analog eloranitid, showing 11.3% weight loss over 12 weeks. The results raise the competitive bar for Zealand’s amylin candidate petrelintide, co-developed with Roche, which delivered 8.6% over 16 weeks. Later in the week, Zealand reported positive early-stage data on its dual GLP-1/GLP-2 agonist, dapiglutide, showing 11.6% weight loss after 28 weeks.

• Vestas (CPSE:VWS) came under pressure after a U.S. Senate proposal suggested materially reducing tax incentives for onshore wind. Under the draft bill, projects would need to start construction by end-2025 to qualify for the full tax credit, falling to 60% in 2026 and 20% in 2027—versus the current framework, which allows full credits through 2031. While this may front-load U.S. order activity into 2025–26, the long-term support outlook for the sector has become less predictable.

• Bavarian Nordic (CPSE:BAVA) has agreed to sell its Priority Review Voucher (PRV) for USD 160m in cash. The company was awarded the PRV in February following FDA approval of its chikungunya vaccine. Under U.S. rules, PRVs allow for expedited FDA review and can be sold to third parties. As part of a 2023 licensing deal, 20% of gross proceeds will go to the NIH, but the transaction will have a positive EBITDA impact, with updated margin guidance expected in due course.

• Novo Nordisk (CPSE:NOVO B) presented full Phase 1/2 data for its next-generation obesity candidate amycretin, showing up to 24.3% weight loss over 36 weeks in patients without diabetes. Phase 3 trials are set to begin in 2026, positioning amycretin as a potential follow-up to Wegovy. The company continues parallel development of Cagrisema, which showed 22.7% weight loss in Phase 3 data published in December.

Sweden

A relatively calm week in Stockholm, with limited news flow and few corporate events. Still, the market took note of sizeable insider purchases (incl. Intrum (OM:INTRUM) and Evolution (OM:EVO)). The all-share (-0.5%) and large-cap (-0.5%) ended the week slightly lower.

Hacksaw Gaming — a global Remote Gaming Server (RGS) platform and game supplier for iGaming operators — is set to debut on Nasdaq Stockholm on June 25 at a SEK 22bn valuation. While the financials certainly look enticing — tough not to love +80% EBIT margins on doubling revenues — we believe shares are fully valued, all things considered (EV/EBIT at ~15.5x). We struggle to gain comfort on core risks, including (i) customer concentration (top-10 accounting for 74% of FY2024A sales) though “efforts” are in place diversify; (ii) dependency on aggregators (30-35% of sales) which may “gatekeep” access to operators upon churn; (iii) significant portions of bets placed with its clients are made with cryptocurrencies and in unregulated markets; (iv) commoditized-/low-barrier segment with limited lock-in and poor visibility; and (v) generally short track-record with limited operating history (founded in 2018).

Relevant news:

• Evolution (OM:EVO) jumped after the announcement of CEO Martin Carlesund’s purchase of 100,000 shares for SEK 67m. Separately, Taiwanese-based Jumbo Technology filed a patent infringement suit, alleging Evolution’s Lightning games use its patented “dynamic odds boost” feature.

• Hexagon (OM:HEXA B) unveiled Octave as the name for its planned spin-off, expected to complete its listing in the U.S. in H1-2026. Octave comprises its Asset Lifecycle Intelligence and Safety, Infrastructure & Geospatial divisions. The unit generated EUR 1.45bn in revenue (27% of group) and had 7,200 employees in 2024. Separately, Hexagon is reportedly exploring a sale of its engineering simulation software business.

• Qliro (OM:QLIRO) announced it has received indicative interest from a reputable financial buyer regarding a potential buyout. No valuation or timeline was disclosed. The announcement comes amid an ongoing SEK 117m rights issue. Qliro has seen its share price halve since listing and currently has a market cap of SEK 380m with Rite Ventures as the largest shareholder (25% stake).

• Studsvik (OM:SVIK) rose following Swiss investor, Daniel Aegerter, increased his stake to just under 30%, becoming a new major shareholder in the nuclear services company.

• Saab (OM:SAAB B) received a SEK 1.4bn order from the Swedish Defence Materiel Administration (FMV), with deliveries scheduled for 2026–2027.

• SSAB (OM:SSAB B) has delayed the start-up of its new fossil-free steel mill in Luleå by 12 months, now targeting end-2029. The delay stems from transmission grid upgrades by Svenska kraftnät and Vattenfall not being completed on schedule. The EUR 4.5bn (SEK 50bn) investment remains on budget, and construction has already begun.

• Sportsbook provider Kambi (OM:KAMBI) has decided to initiate a share buyback worth SEK 165 million, equivalent to ~4% of its market capitalization.

Finland

Last week brought a series of profit warnings across the Finnish market, with downward revisions from Oma Savings Bank (HLSE:OMASP), Alisa Bank (HLSE:ALISA), Kesla (HLSE:KELAS), among other. Meanwhile, Stora Enso (HLSE:STERV) stole headlines with a potential spin-off of its Swedish forest assets. The all-share (-1.1%) and large-cap (-1.0%) both drifted lower.

Relevant news:

• Stora Enso (HLSE:STERV) has launched a strategic review of its Swedish forest assets, valued at SEK 64bn, potentially leading to a spin-off and IPO. The deal follows the company’s recent 12% sale of its Swedish forest assets in a deal worth SEK 9.8bn.

• Private equity firm, Altor, has sold a 5.19% stake in Mandatum (HLSE:MANDATUM) at EUR 5.25/share, representing a 7.5% discount to the day-prior close. Following the sale, Altor retains 11.4% of shares and remains the company’s largest shareholder.

• Sampo (HLSE:SAMPO) appointed Morten Thorsrud as CEO, succeeding Torbjörn Magnusson, who will remain as strategic advisor through year-end. The leadership change comes as Sampo completes its transformation into a pure-play P&C insurer. We recently highlighted Sampo and Tryg as attractive names amid a potential Nordic P&C re-rating.

• Fortum (HLSE:FORTUM) was upgraded by Fitch to BBB+ from BBB, citing successful deleveraging since 2023 and expectations that leverage will remain contained going forward.

• Remedy (HLSE:REMEDY) fell following the release of its new multiplayer title FBC: Firebreak. Early reviews were lukewarm, with a Metacritic critic score of 67/100 as of Friday.

• Newly listed GRK Infra (HLSE:GRK) raised its 2025 guidance, now expecting revenue of EUR 700–800m (prev. EUR 650–730m) and adjusted EBIT of EUR 45–55m (prev. EUR 36–45m). The upgrade reflects strong project execution in H1 and improved visibility on the order book for the rest of the year.

• Finnair (HLSE:FIA1S) cancelled 128 flights from Helsinki Airport on Thursday due to industrial action by the Finnish Aviation Union, affecting around 8,200 passengers. Sentiment has been further pressured by carry-overs from the geopolitical tensions in the Middle East.

Norway

Shares in Oslo extended its winning streak, marking its longest run of gains since 1997. The rally has been heavily supported by surging oil prices, driven by escalating tensions in the Middle East. Heavyweights like Equinor (OB:EQNR), Aker BP (OB:AKRBP), and Vår Energi (OB:VAR) are all up +10% over the past ten days, while rising freight rates have buoyed tanker names.

Relevant news:

• Valinor AS, owned by wind power investor Lars Helge Helvig, sold its entire 11.9% stake in Zaptec (OB:ZAP) via an accelerated bookbuild at NOK 19.50/share — a ~9% discount to day-prior close.

• Airthings (OB:AIRX) signed a non-binding LOI to sell its Business segment to Zehnder Group, with closing expected in early July 2025. The deal includes all operational assets and aims to enhance financial flexibility while refocusing on the Consumer segment, particularly in North America. The unit posted 2024 revenues of USD 6.3m vs. USD 38.5m for the Group.

• Frontline (OB:FRO) tanker “Front Eagle” was involved in a collision with a shadow fleet vessel near the Strait of Hormuz. Frontline described it as a navigational incident, not tied to regional conflict. No major damage or spill has been reported.

• Mowi (OB:MOWI) continues its strategic review of its feed division, expected to conclude by year-end. Potential buyers include BioMar, Skretting, and Cargill, with rumors suggesting a joint bid could be considered to address antitrust concerns. The unit posted EUR 1.1bn in revenue and EUR 62m in EBITDA in 2024, and any deal would likely include a long-term supply agreement with Mowi.

• EAM Solar (OB:EAM) plunged after the Italian Supreme Court rejected all appeals in the company’s long-running legal case.

• Multiconsult (OB:MULTI) acquired ViaNova Group — a provider of technical consulting in transport infrastructure and mobility — for NOK 300m, valuing the company at 1.3x EV/sales and 13.7x EV/EBIT (2024).

• Subsea 7 (OB:SUBC) announced a “substantial” contract award in Scotland, valued between USD 150–300m. The company did not disclose further details but classified it within its defined range for major contracts.