Multitude reported stronger-than-expected Q4 numbers. Total net operating income growth came in as expected, and the profit beat was mainly due to lower-than-expected impairment losses. Guidance for 2025 and 2026 was unchanged.

NYAB, a specialized contractor of complex and challenging construction projects, has diligently navigated recent years’ challenges in the broader construction market.

Wärtsilä separates its Energy segment into two reporting segments: Energy and Energy Storage, and introduces new financial targets.

Revenue from department store and hypermarket chains declined by 1% in February. The best performing product group was food, where sales remained at the level of the comparison period and which may have been negatively affected by delivery days but also by a few days of strikes in grocery stores.

With the growth in the Learning business and extensive efficiency program, we expect Sanoma's earnings to grow significantly in the coming years. Our confidence in the realization of earnings growth through revenue growth has strengthened, while the share valuation is moderate. These factors, together with the overall more moderate risk profile of Sanoma, constitute an attractive risk/reward ratio in our view.

Valmet is currently working on detailing out its renewed strategy which is expected to be communicated by June 5 when the Capital Markets Day is planned to take place. To discuss the proposed changes, Valmet's President and CEO of Valmet Thomas Hinnerskov and CFO Katri Hokkanen will host a virtual news conference in English for analysts and investors.

Canatu's long-term potential remains unchanged and is one step closer, although growth this year may be modest due to timing issues in the reactor business.

Canatu reported strong growth figures this morning, boosted by the semiconductor sector, although revenue slightly missed our estimate due to the automotive industry.

H&M's Q1 earnings were weaker than expected, and we anticipate continued margin headwinds in Q2. However, we foresee revenue growth and a shift from gross margin headwinds to tailwinds starting in H2’25, leading to continued sales and margin improvements throughout 2026-27. We maintain our view that earnings growth and dividends offer a reasonable expected return and, therefore, reiterate our Accumulate recommendation with a slightly lowered target price of SEK 145 per share (previously SEK 150), reflecting lower short-term estimates.