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.
