Baltic Q1: Complete Earnings Season Summary
The Baltic market showed strength during the first quarter earnings season, with the OMX Baltic index rising 7,85% from 24. March to 23. May. However, the results were mixed: the energy sector and selected technology companies showed strength, while banking and parts of the industrial sector were pressured by rising costs. The season was characterized by cross-sector contrasts and better-than-expected consumer confidence.
LHV1TLHV Group (LHV1T)
Results: LHV Group's first quarter net profit fell by 32,5% year-over-year to 19,7 million euros. The bank's net revenues decreased by 7,2%, while operating expenses grew by 21,4%.
Reasons: The main reason for the profit decline was rapidly growing personnel and administrative expenses, which significantly exceeded revenue levels and heavily pressured profitability.
Market reaction: The stock reacted negatively to the results, falling 1,1% on the day of the earnings release, and has continued to decline since, trading near its 52-week low.
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