Nordic Market: Weekly Earnings Summary May 2

Taaleri's operating profit made a 348.5% leap to 1.7 million euros, and sales revenue grew by 35.0%. The main driver was the turnaround of the Garantia insurance business's investment income from a loss to a profit. The stock ended the week up 4.5%. Positivity was added by the completion of the purchase of a 51% stake in NSI, which opens up a new venture capital growth business, although the 102.2% increase in operating expenses requires attention going forward.

SSAB's operating profit grew by 62.9% to 2.2 billion SEK, although sales revenue fell by 0.7%. Profitability was improved by successful cost management, with the cost of goods sold decreasing by 4.3%. The stock fell by 0.8% over the week but remains near its 52-week high. Strong cash flow and a 2.00 SEK dividend support interest, although the temporary pause of the new Luleå mini-mill may stretch the efficiency project.

Enento's operating profit grew robustly by 48.1%, and sales revenue increased by 5.1% to 39.6 million euros. The result was driven by a recovery in sales in Sweden and successful cost savings, which fell for the third consecutive quarter. The stock rallied 15.9% over the week. In addition, the company announced the sale of its Emailer side business, which will bring a one-off loss but helps focus on the core Nordic business.

Fenix Outdoor's operating profit grew by 48.1%, and sales revenue increased by 5.2% to 165.9 million euros. Growth was driven by strong demand in the retail branch Frilufts, which helped offset the weakness caused by returns in the Brands segment. Despite the good results, the stock fell 13.6% over the week. The general meeting approved a 7.5 SEK dividend, showing the company's confidence in its cash flows.

Lifco's operating profit grew by 5.2%, and sales revenue increased by 3.6% to 7.2 billion SEK. Growth was supported by sales of transport and infrastructure products, driven by both acquisitions and organic growth. At the same time, the result was hampered by weak demand in the demolition robots segment. The stock fell 9.0% over the week. However, the slower growth of costs compared to revenues indicates improved efficiency.

Medicover's operating profit grew by 29.7%, and sales revenue increased by 8.0% to 624.2 million euros. The success was due to good cost control, where medical costs grew slower than revenues. The stock rose 4.4% over the week. The general meeting approved a dividend of 0.20 euros and authorized the issuance of new shares, which provides flexibility but may dilute the ownership of current shareholders in the future.

Axfood's operating profit growth slowed to 12.1%, and sales revenue grew by 2.6% to 21.6 billion SEK. The growth rate was slowed by increased cost of goods and the profit growth of the key segment Willys dropping to just 0.6%. The stock fell 0.7% over the week. Handelsbanken downgraded the stock to "hold" and cut profit forecasts, citing that the market's previous expectations were too high.

Electrolux's operating profit turned into a loss of 266 million SEK, and sales revenue fell by 9.3%. The main reason was a deepening loss in North America and a 463 million SEK one-off cost in Latin America. The stock plunged 14.4% over the week. The company announced a 9 billion SEK share issue, which provides funds for restructuring but dilutes existing shares.

Hiab's operating profit plunged 38.8%, and sales revenue decreased by 7.0% to 382.9 million euros. The main reason for the decline was a 20.0% drop in sales in the important American market, showing that the slowdown in demand is eating into profits faster than costs are decreasing. Despite the weak results, the stock rose 11.8% over the week. The previous improvement story driven by cost cuts has now broken.

Epiroc's operating profit decline accelerated to 7.8%, and sales revenue decreased by 7.6% to 14.4 billion SEK. The main reasons were unfavorable exchange rates and the weakening of the tools segment. The stock rose 5.4% over the week, supported by previous order news. However, ABG downgraded the stock to "hold", indicating that near-term upside potential has become more limited.

Aktia's operating profit fell by 29.7%, and total net income shrank by 11.9%. The main reason for the decline was a 12.8 million euro decrease in interest income from loans, resulting from lower interest rate levels. The stock fell 7.5% over the week to a new near-term low. Although a one-off profit boost from a model change is expected in the second quarter, it does not solve the concern over the bank's core business and shrinking interest income.