Baltics: earnings summary 17. May
The OMX Baltic index fell by 2,43% over the last 10 days, reflecting market uncertainty. At the same time, the earnings season has highlighted clear differences between sectors: the technology and financial sectors are showing strong growth, while utility and transport companies are grappling with rising costs.
SAF Tehnika delivered a powerful result, turning a loss into a profit thanks to explosive sales growth in Europe, which more than tripled. The strong report confirmed that the spring improvement was not a one-off, but that demand has permanently improved. The stock reacted strongly to the news, rising +19,89% over the week and reaching a new 52-week high.
Ignitis Group's operating profit decline halted, decreasing by only 0,5%. The result was supported by higher sales volumes, but profitability was hampered by faster-growing electricity purchase costs. The company also published a new investment plan, but the market remained cautious due to cost pressures. The stock fell by -0,7% over the week.
DelfinGroup's net profit growth continued strongly (+58,8%), although operating profit growth slowed slightly due to faster-than-expected growth in loan losses. The result was driven by an increase in interest income from consumer loans. The strong result supported the stock, which rose +3,47% over the week and reached a new 52-week high.
INDEXO reached profitability in the first quarter, which was mainly due to the first-time consolidation of DelfinGroup's results. At the same time, the bank's own core operating loss decreased. The market now sees more clearly how the acquisition helps cover the bank's start-up costs. The stock rose +0,92% over the week.
Eleving Group's operating profit returned to growth (+9,2%), driven by a robust 24,5% increase in the loan portfolio. However, net profit fell by 7,8%, as loan losses and administrative expenses grew faster than revenues. The stock remained stable over the week, trading near its 52-week high.
Tallinna Sadam's profit decline accelerated, dropping by 31%. The main reasons were increased maintenance, fuel, and electricity costs. The weak result and the ex-dividend date put pressure on the stock, which fell sharply by -8,97% over the week.
Tallinna Vesi showed a strong result, with operating profit growth accelerating to 21,3%. The growth was mainly driven by the price increase in May 2025. Despite the good news, the stock fell by -5,17% over the week, which was primarily due to the price adjustment following the ex-dividend date.
Conclusion
This week's results in the Baltics paint a diverse picture. On the one hand, technology and financial companies like SAF Tehnika and DelfinGroup are showing impressive growth. On the other hand, more traditional sectors, such as transport and utilities, are facing cost pressures. This highlights that investors need to pay attention to company-specific factors. Keep an eye on the RYTM platform to stay up to date with the further development of the earnings season.
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