Nordics and Baltics: Whose Business is Accelerating?
Growing profit is the goal of every company, but a true success story unfolds when growth starts to accelerate from quarter to quarter. In this overview, we look at the Q4 2025 results of the Baltic and Nordic markets to bring you the companies whose business operations have gained the most powerful momentum.
Tallink's operating profit saw a 1211-percent growth in the fourth quarter, reaching 17 million euros. Although revenues grew modestly, the company managed to reduce operating expenses at the same time, showing a clear increase in efficiency.
The main reason for the profit growth is an accounting change in estimating the useful life of ships, which reduced costs by nearly 14 million euros. At the same time, the company's strong position is also supported by a recently signed long-term charter agreement, which ensures a stable revenue stream without daily operating expenses.
Pro Kapital's operating profit grew by 282 percent year-over-year, reaching 5.2 million euros. At the same time, the company's sales revenue saw a more than 150-percent growth, clearly outpacing the growth in expenses.
Behind this result are successful apartment handovers in new development projects, especially in Kalaranna and Vilnius. The more than fourfold increase in sold real estate area shows that the company's long-term development projects have started to bear fruit and are now bringing in strong cash flow.
Harju Elekter turned last year's loss into an operating profit of 1.8 million euros, showing a 206-percent growth. The company's sales revenue grew by nearly 60 percent year-over-year, clearly outpacing the growth in expenses.
The main engine of growth is the strong demand for electrical equipment, especially in the Norwegian market. This shows that the company's strategic focus on the Nordics is working well, and the recent dividend proposal confirms management's belief in a stable future.
Swedish drug developer BioArctic made a strong turnaround, growing its operating profit by 162 percent and reaching 33.2 million crowns. The company's revenues grew by over 80 percent year-over-year, while operating expenses even decreased slightly.
Behind the success is the faster-than-expected sales success of the Alzheimer's drug Leqembi in the United States and Japan. Recent data on the long-term use of the drug in real-world conditions are positive, giving investors confidence in the stable growth of licensing fees in the future.
UIE's operating profit grew by 186 percent in the fourth quarter, reaching 46.2 million dollars. The company's revenues grew by 13 percent, while operating expenses fell by nearly a quarter.
Although part of the profit came from a one-off investment revaluation, the company's core business also shows a strong growth of nearly 20 percent. This is primarily driven by the high sales price of palm oil products, especially palm kernel, which supports the company's value despite global trade uncertainty.
SAF Tehnika's operating profit saw a 9125-percent growth in the fourth quarter, reaching 3 million euros. The company's sales revenue more than doubled, although operating expenses also grew at a rapid pace at the same time.
Behind the extraordinary growth is particularly strong sales in Europe, which grew by a whopping 250 percent. This strong financial base has given the company the opportunity to seek new growth opportunities, such as the recent investment in a drone development company, which opens doors in the defense technology market.
Finnair's operating profit grew by 282 percent year-over-year, reaching 46.4 million euros. The airline's revenues grew by 84 percent, while operating expenses were successfully kept in decline.
Behind the recovery in profitability is the rebound of Asian flights and successful cost control, especially regarding fuel and maintenance costs. The capital return plan aimed at shareholders reflects the company's improved financial position and belief in long-term growth.
Finnish pharmaceutical manufacturer Orion grew its operating profit by 254 percent, turning the previous quarter's decline into a strong rise. The company's revenues grew by 60 percent, clearly outpacing the growth in expenses.
Although the profit figure was affected by a 181 million euro one-off payment for drug development, the company's core business is also strong. The successful sales of the cancer drug Nubeqa bring a stable cash flow, which allows the company to pay a decent dividend to shareholders.
Video game developer Remedy turned last year's loss into a profit, growing its operating profit by 152 percent. The company's revenues grew by nearly half, clearly exceeding the growth in operating expenses.
The main reason for the profit turnaround is the more than fivefold growth in game sales and licensing fees, driven by the success of the hit game Alan Wake 2. The recent technical update for the PlayStation 5 Pro console helps maintain long-term game sales and supports the company's reputation.
Investment firm Bure Equity's operating loss decreased by 55 percent in the fourth quarter. Although the company is still operating at a loss, this is a clear step in the right direction after several difficult quarters.
The improvement in results stemmed from a significantly smaller decline in the value of financial assets compared to the previous year. Investors' eyes are now on the planned IPO of the subsidiary Silex Microsystems, which is a strong catalyst for growing the company's net asset value.
Conclusion
In conclusion, these results show that despite a challenging economic environment, smart companies can find ways to grow their profits. Whether through successful product development, cost optimization, or expansion into new markets – a strong fundamental business always finds a way to success. However, investors should always remember that one-off accounting changes and extraordinary revenues can distort the picture, which is why it is important to look behind the numbers and understand the company's actual business model.
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