NYAB delivered stronger-than-expected revenue in Q1, while profitability was broadly in line with our estimates. Market conditions in Sweden remained favorable, and the demand picture in Finland is showing gradual improvement, with a brightening outlook for the remainder of 2025.

Q1 organic growth was at 0%. The weakness came from hardware and perpetual software license sales that suffered from customers’ prolonged investment decisions amid tariff-related uncertainty.

The start of the year was slightly weaker than consensus estimates in terms of delivery volumes and earnings, but Kempower’s cost structure developed favorably.

Björn Borg will report its Q1’25 results on Thursday, May 15. We expect solid revenue growth compared to the same period last year, primarily driven by the integration of the footwear category, increased sales in the sports apparel category, and continued good development in own e-commerce. We estimate a lower gross margin due to a shift in the sales mix, as well as higher operating costs, mainly due to increased marketing activities. However, we believe that the strong sales growth should provide some operational leverage leading to a slight increase in absolute EBIT. Our focus in the upcoming report will be on updates regarding the footwear transition, as well as demand-related information.

Harvia's Q1 results were in line with our expectations, and the company did not comment on post-quarter developments or the outlook.

Suominen's Q1 result weakened year-on-year as the market situation was challenging. Despite the new savings program, we believe the company's situation remains difficult and the valuation of the share is high.

Our confidence in the sustainability of the earnings turnaround has strengthened.

Especially due to the timing of Easter, Anora's Q1 was slightly weaker than last year but largely in line with our expectations.

Sampo's Q1 report was excellent in all respects, and we have made some distinct positive upward revisions to our estimates. The outlook for earnings growth over the next few years is very good, and the risk level to earnings growth has continued to decline. The stock is starting to look pricey, but strong earnings growth and a flowing dividend stream provide just enough expected returns.

Aktia published a weaker-than-expected Q1 report. This was due to the income side, with the net interest income in particular falling slightly faster than expected. We still consider Aktia’s valuation attractive and see the dividend yield combined with the upside in valuation multiples providing investors with a good expected return.

The Kempower Board of Directors has appointed Bhasker Kaushal as the new President and CEO, succeeding Tomi Ristimäki, effective June 2, 2025. Kaushal brings over 20 years of global experience in strategy, technology leadership, and revenue growth, currently leading the Sensitech business at Carrier Corporation.

Generally a calmer start to the year, Anora's early-year performance was impacted this year by the timing of Easter. Anora's new CEO Kirsi Puntila and CFO Stein Eriksen commented on an interview with analyst Rauli Juva.

NYAB has released its first-quarter report, highlighting growth in both revenue and earnings. In this interview, CEO Johan Larsson discusses the current market landscape, cross-country developments and what investors should keep their eye on in coming quarters. 

Sampo’s performance continued to be excellent. Competition authorities are eyeing the market warily, but Sampo is not concerned. Consolidation is taking place in the UK market. CFO Knut Arne Alsaker commented.