Nordics: weekly earnings summary 9. May

DFDS made a clear profit turnaround, earning an operating profit of 33 million DKK in the first quarter. Although sales revenue fell by 2,5%, the strong result was achieved thanks to a 13,2% reduction in vessel operating and maintenance costs. The company raised its 2026 profit forecast, which supported the market, and the stock price rose by 0,9% over the week.

AL Sydbank's operating profit grew by 21,4% and net profit reached 803 million DKK. The strong result was driven by a 77,4% increase in net interest income, mainly resulting from successful mergers with other banks. At the same time, operating expenses also grew rapidly due to the merger, making investors cautious. The stock fell by 3,2% over the week.

Bravida's first-quarter sales revenue grew by 2,3% and net profit by 5,3%. The growth was driven by a 5,5% increase in installation revenue and a strong order backlog. However, the pace of profit growth was slowed by increased production costs and uneven demand in Sweden and Norway. Along with the announcement of a 100 million SEK share buyback, the stock rose by 16,0% over the week.

Sinch's operating profit grew by 101,6% and net profit by 321,3%. The strong profitability was achieved through successful cuts in network costs, which overshadowed a 7,9% decline in sales revenue caused by exchange rates. Despite the strong results, the unexpected announcement of the CEO's departure created uncertainty in the market. The stock ended the week up nearly 21,9%.

Lundin Mining's operating profit grew by 76,8%, driven by a 23,1% increase in copper prices. The higher prices successfully compensated for a 2,3% decline in sales volumes and improved the company's operational efficiency. Additionally, a 4,5 billion USD financing was secured for the construction of a new copper project. The stock price rose by over 7% during the week.

Harvia reported a record revenue of 58,6 million EUR, which grew by 12,7% year-over-year. However, operating profit growth was limited to 7,7%, as material and service costs grew faster than sales. In addition, due to IT upgrades, some deliveries may be delayed to the third quarter. The stock reacted positively to the results, rising by over 15% during the week.

Kalmar's sales revenue grew by 5,4% and operating profit by 12,7%. The result was driven by a strong 21% profit growth in the equipment segment, but the market was concerned by a 10% decline in the profitability of the more stable services business. Although the company started its share buyback program, the stock remained under pressure due to weaker revenue expectations and fell by 10,8% over the week.

Tokmanni's sales revenue grew by 6,4%, but operating profit fell by 4,0% and remained in the red at a 12,9 million EUR loss. Profitability was pressured by higher real estate and personnel costs associated with opening new stores, as well as the weakness of the Swedish Dollarstore. Since the sales growth did not translate into profit, the stock fell by nearly 14,5% over the week.

Pandora's operating profit decline accelerated to 9,4% and sales revenue decreased by 3,2%. The main reason was a 5,7% drop in sales of the company's largest collection, "Moments". The profit decline was slightly mitigated by a 12,7% cut in marketing costs. Despite the weak results, the stock recovered from its March lows and rose by 8,4% over the week.

Truecaller's operating profit plunged by 65,7% and sales revenue by 26,2%. The decline was driven by a 43,8% decrease in advertising revenue, caused by the loss of a key partner and a ban on gambling ads in India. To control costs, the company plans to lay off about 70 employees. Despite the difficulties, the stock rose by over 5% during the week.

GN Store Nord's result turned into a massive loss of 472 million DKK and sales revenue fell by 8,2%. The main reason was a 375 million DKK one-off asset impairment and weak demand in the enterprise segment. The weak quarter and technical uncertainty led the stock to a 4,4% decline by the end of the week.