Stockholm Q4: 16 Stocks That Moved the Market
The Q4 2025 earnings season in Stockholm offered mixed signals, reflected in the modest 0.63% rise of the OMXS30 index (January 8 – March 9). While high commodity prices sent mining companies soaring, several industrial and real estate firms grappled with cooling demand and rising costs. The season was characterized by sector-specific differences and a few major surprises.
Results: Operating profit surged by an explosive 73.5% and sales revenue by 54.1%. Reasons: The main driver of growth was the high price of gold, which more than compensated for lower sales volume. The company also announced record gold reserves and increased its dividend. Reaction: The stock initially fell by 1.9% but then reversed into a strong rally, ending up over 8% post-results.
Results: Operating profit grew by an exceptional 111.8% and net profit by a staggering 325.6%. Reasons: Similar to gold companies, the growth was driven by a significant rise in commodity prices, especially copper (+57.1%). Reaction: The stock reacted positively, initially rising by 1.8%. The rally has continued in the following weeks.
Results: The company made an impressive turnaround, moving from a SEK 53.5 million loss to a SEK 33.2 million profit. Reasons: The turnaround was driven by the faster-than-expected sales success of the Alzheimer's drug Leqembi, which significantly increased royalties and collaboration revenues. Reaction: The stock jumped 12.4% on the day of the results. However, subsequent profit-taking and concerns about the drug's reimbursement in Canada have since brought the price back down.
Results: Operating profit grew explosively by 144.3% and net profit by over 1300%. Reasons: Growth was driven by very strong sales of partner games, especially trading card games (e.g., Pokémon). Reaction: The stock initially reacted with a modest 1.5% rise but has since fallen and is now in the red post-earnings.
Results: Operating profit grew by 6.1% and net profit by 16.5%, despite a slight decline in sales revenue. Reasons: Bravida demonstrated good cost control, clearly outperforming its competitors in the weak construction sector, who reported significant losses. Reaction: The market received the strong results well, sending the stock up 10.3%. The stock has held on to most of this gain.
Results: Operating profit growth continued strongly, increasing by 27.3%. Sales revenue grew by 21.6%. Reasons: Growth continued to be driven by strong sales of the company's main products, particularly CERAMENT G, in the US market. Reaction: The stock rose 3.7% on the day of the results and has continued to climb since, now up nearly 10% in total.
Results: Operating profit grew strongly by 17.4% and net profit by 6.8%. Reasons: The company showed strong growth in the logistics real estate segment, clearly outperforming other property firms. A major acquisition was also announced after the results. Reaction: The stock jumped 6.6% on the day of the results. After some profit-taking, the stock remains above its pre-earnings level.
Results: According to the report, operating profit fell by 38%, but order intake grew by 35% and underlying profit by 17%. Reasons: The profit decline was due to a one-off income item in the previous year. The core business, especially cloud services and subscriptions, showed strong growth. Reaction: The stock reacted positively, jumping 14.0% on the day of the results. The gain has held.
Results: Operating profit swung from a SEK 304 million loss to a SEK 288 million profit. Meanwhile, sales revenue fell by 12.6%. Reasons: The profit turnaround was misleading, stemming mainly from the absence of a one-off tax expense from the previous year. The core business continued to see a sales decline. Reaction: The stock fell 14.3% on the results but has since fully recovered and even risen slightly.
Results: The decline in operating profit accelerated to -3.8%, and the company reported a net loss. Reasons: The results were pressured by lower rental income and increased maintenance costs. Reaction: The stock initially fell 2.9%. However, two days later, the company announced a large and profitable property sale, which sent the stock into a strong rally.
Results: Operating profit grew by 11.3%, but sales revenue fell by 5.9%. Reasons: The profit growth was deceptive as it was boosted by a one-off gain from a property sale. Core business sales showed weakness. Reaction: The market saw through the one-off gain and sent the stock down 6.7%. The stock has remained at a low level.
Results: Operating profit turned to a 23.9% decline, and net profit plummeted by 88.0%. Reasons: Although room occupancy improved, rising operating costs (especially depreciation) eroded profits. Cost growth outpaced revenue growth for the third consecutive quarter. Reaction: The stock fell 8.5% on the day of the results and has remained at a low level since.
Results: Operating profit fell by 36.4% and sales revenue by 4.0%. Reasons: The results were pressured by a decline in truck sales volumes. The cautious 2026 forecast disappointed investors. Reaction: The stock fell 4.0% on the day of the results and has continued to decline since, now down more than 5% in total.
Results: Operating profit plunged by 54.0% and net profit by 59.9%. Reasons: The results were shattered by an unexpected collapse in advertising revenue after its largest advertising partner changed its algorithm. Reaction: The stock plummeted 32.6% on the day of the results. After the initial shock, the stock has recovered slightly but remains deep in the red.
Results: Operating profit plummeted by 83.4% and net profit by 96.4%. Reasons: The decline was driven by a 10.4% drop in sales for the main product segment (Solutions) and one-off restructuring costs. Reaction: The initial reaction was modest (+0.5%), but the stock rose sharply the next day, ending up more than 10% higher post-results.
Results: Operating profit swung from a decline to 14.3% growth, supported by a sales recovery in Europe. Reasons: Sales recovered, but investors were concerned by the decline in net profit and costs growing faster than revenues. Reaction: The market reacted negatively, sending the stock down 9.8%. The decline has continued, taking the stock to a new low.
Conclusion
Stockholm's earnings season was fragmented, with no clear overall trend. A few broader patterns emerged. First, a boom in the commodities sector, where Lundin Gold and Lundin Mining reported exceptional profits thanks to high metal prices. Second, challenges in the real estate and construction sectors, where Castellum's and Systemair's results were pressured by a cooling market and costs, while Bravida showed good resilience. Third, drama in the technology sector, where the collapse of Truecaller's advertising business contrasted with BioArctic's success story. The results of many companies, such as Sinch and Sectra, were also distorted by one-off factors that required deeper analysis from investors. In the next season, the focus will be on whether the commodity price rally can be sustained and if other sectors can protect their margins.
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