Helsinki Q4: The 20 Most Important Results of the Season
The Q4 2025 earnings season on the Helsinki Stock Exchange took place amid a market rally, with the OMX Helsinki 25 index rising by 3.73%. The results revealed a clear divide: some companies grew profits through cost cuts and strong pricing, while others struggled with cooling demand. Many results were also distorted by large one-off income and expense items.
Results: Operating profit grew exceptionally year-on-year by 156.7% to EUR 15.4 million. Reasons: The growth was driven by a near-doubling of sales revenue in the defense and security segment, supported by record orders. Reaction: The stock initially reacted with a 5% rise, but this was followed by strong profit-taking. Since the results were published, the stock has fallen by over 23%, a classic "sell the news" scenario.
Results: The company reported an operating loss of SEK 0.5 billion, compared to a profit of SEK 1.3 billion last year. Reasons: The result was misleading as it was caused by a one-off expense of SEK 3.7 billion related to the copper network upgrade. Underlying profitability actually improved. Reaction: The market saw through the one-off expense. After a small initial dip, the stock has risen by over 24% as investors appreciated the strength of the core business.
Results: The decline in operating profit accelerated, falling 37.3% year-on-year to EUR 544 million. Reasons: The main reason for the decline was a 21% increase in R&D expenses, related to investments in future technologies. Reaction: The stock fell nearly 9% on the day of the results. However, it has since recovered strongly and is up nearly 20% thanks to strategic partnership announcements that validate the investment direction.
Results: Operating profit growth accelerated to an impressive 54.9%, reaching EUR 60.2 million. Reasons: The strong result was driven by a 10.6% increase in sales revenue in the equipment segment and successful cost management. Reaction: The stock reacted to the results with a 7.2% rise and has continued to climb, now up nearly 14% since the announcement.
Results: The company's operating profit unexpectedly turned to a loss of EUR 4.2 million. Reasons: The main reason for the loss was a sharp increase in personnel costs, resulting from bonuses related to exceeding order targets. Reaction: The market reacted to the unexpected loss with shock. The stock plummeted 17.9% on the day of the results and has remained at a low level, reflecting investor disappointment.
Results: The decline in operating profit slowed but remained negative at -17.6%. Sales revenue growth recovered to 12.6%. Reasons: Profit was still hampered by rising personnel costs and one-off expenses related to the acquisition of IAR Systems Group. Reaction: The stock fell 8.2% on the day of the results and has continued to decline, now down 18%. The main reason for the reaction was the disappointing profitability guidance for 2026.
Results: Operating profit turned to a decline, falling 4.4% year-on-year to EUR 8.6 million. Reasons: Strong growth in the Asia-Pacific region could not offset a 4% decline in retail sales in the Finnish home market, reflecting consumer uncertainty. Reaction: The stock plummeted 14.2% on the day of the results and has continued to fall, trading at new 52-week lows.
Results: Operating profit grew by a seemingly impressive 127.9% to EUR 13.9 million. Reasons: The growth was due to a one-off income of EUR 9.5 million from the sale of the vessel M/S Kallio. Meanwhile, the company's core business revenue declined. Reaction: Investors saw through the one-off income. The stock fell 6.5% on the day of the results and has continued to decline since.
Results: Operating profit fell sharply by 64.6% to EUR 23.7 million. Reasons: The decline was due to large one-off restructuring costs. Core business profitability also weakened due to lower sales volumes caused by a soft market situation. Reaction: The stock initially reacted with a moderate 2.9% decline but has since continued its downward trend.
Results: Operating profit growth unexpectedly accelerated to 23.0%, reaching EUR 10.2 million. Reasons: The growth was driven by a 13% increase in heater sales and successful cost control. Reaction: Despite the strong profit, the stock fell 10.6% on the day of the results as investors focused on the slowdown in sales growth to 5.3%. The stock has remained under pressure.
Results: The company made an impressive turnaround, reaching an operating profit of EUR 23 million compared to a loss of EUR 17 million last year. Reasons: The turnaround was driven by strong results in infrastructure and Central European housing construction. Reaction: Nevertheless, the stock fell 5.6% and has remained weak. Investors were disappointed by the decision not to pay a dividend and the continued weakness in Finnish housing construction.
Results: Operating profit grew strongly by 32.3% to EUR 160.1 million. Reasons: The growth was supported by a recovery in the building and technical trade segment, as last year's result was burdened by a large one-off expense. Grocery sales also returned to growth. Reaction: The stock fell 5.3% on the day of the results and has continued to decline, suggesting profit-taking after a strong result.
Results: Operating profit grew exceptionally by 73.5% to EUR 58.8 million, despite a 1.6% decline in sales revenue. Reasons: The result was driven by very successful cost management and efficiency improvements, especially in the banking software segment. Reaction: The market rewarded the efficiency, and the stock jumped 14.0% on the day of the results. It has held on to most of its gains.
Results: Operating profit growth accelerated to 16.4%, reaching EUR 388.4 million. Reasons: The company's profitable modernization and maintenance business successfully compensated for the decline in new equipment sales caused by weakness in the Chinese new construction market. Reaction: The stock fell 5.5% on the day of the results, suggesting concern about the Chinese market, but has since stabilized.
Results: Operating profit growth slowed significantly to 3.8%, reaching EUR 150.3 million. Reasons: Although cost management remained strong, investors were disappointed by the decline in sales revenue and the modest outlook. Reaction: The stock plummeted 12.3% on the day of the results. It has recovered slightly but remains significantly below its pre-results level.
Results: Operating profit grew explosively by 253.9% to EUR 328.1 million. Reasons: The main reason for the growth was a one-off income of EUR 180.8 million for drug development. However, the core business, especially sales of the drug Nubeqa®, also showed strong growth. Reaction: The stock fell 9.9% on the day of the results, suggesting that the positive news was already priced in.
Results: Operating profit grew by 204.6% to EUR 667 million. Reasons: The growth was driven by exceptionally good investment income, which more than quintupled. This overshadowed increased costs in the core insurance business due to storm damages. Reaction: The stock fell 3.6% and has continued to decline, as the market focused on the modest guidance rather than the one-off income.
Results: The company turned last year's EUR 110 million loss into a EUR 294 million profit. Reasons: The impressive turnaround was driven by a sharp improvement in the profitability of the renewable products segment, where the sales margin nearly doubled. Reaction: The stock initially fell 4.1% but has since begun a strong rally, reaching new highs as investors re-evaluated the potential of renewable energy.
Results: Operating profit made an impressive turnaround, growing by 72.5% to EUR 16.2 million. Reasons: Successful price increases and improved cost-efficiency compensated for a slight decline in sales volumes, demonstrating strong pricing power. Reaction: The stock reacted stably to the results and has remained strong, reflecting the market's approval of the company's strategy.
Results: The company's operating loss deepened sharply, reaching EUR 99.2 million. Reasons: The weak result was caused by a continued decline in paperboard delivery volumes and a large, EUR 33.6 million one-off expense related to a software project write-down. Reaction: The stock initially reacted with a slight rise but has since fallen, as the board's proposal to skip the dividend outweighed everything else.
Conclusion
The Helsinki Q4 earnings season was mixed, but positive overall. Several clear themes emerged. First, many results were distorted by large one-off items (e.g., Telia, Sampo, Orion, Aspo), requiring investors to look beyond the surface to understand the true state of the underlying business. Second, cost control proved to be the main source of profit for many industrial and technology companies (e.g., Tieto, Valmet) in a situation where revenue growth was modest or negative. Third, a clear differentiation emerged in the consumer sector: while Marimekko suffered from weak domestic demand, Olvi and Harvia were able to show resilience thanks to their strong brands and pricing power. In summary, the market rewarded companies that demonstrated operational efficiency and pricing power, while those operating in cyclical markets, such as the packaging industry, faced significant challenges. In the next season, it will be closely watched whether broad-based revenue growth can start to drive profits.
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