Incap's Q2 was operationally in line with the estimates that had been lowered after last week's profit warning. The report also did not indicate that the margin pressure mentioned in the company's profit warning would be a temporary factor, as its root cause is likely increased competition in India.

Sanoma's Q2 operating result, which remained at the comparison period's level, was below our estimate, which we believe was primarily due to timing factors in the learning business.

Framery's Q2 report delivered softer-than-expected revenue, but earnings exceeded our estimates, supported by price increases.

Due to a reversed market situation from the comparison period, Neste reported a record-high Q2 result, which was well in line with expectations.

We cut our Incap target price to EUR 9.00 (previously EUR 12.00) due to significant negative estimate revisions following the profit warning issued by the company on Friday and an increase in the required return. However, we reiterate our Accumulate recommendation for the share, as its valuation has been trampled to a very low level despite the estimate cuts. Incap will publish its Q2 report on Thursday, July 30.

Nurminen Logistics' Q2 print was clearly below our expectations, burdened by the margin.

21:36

Incap's Q2 revenue was practically in line with our expectations, and organic growth turned positive.

In our opinion, earnings growth has still been priced into the share with a front-loaded bias.

Demand challenges may persist in the short term, even though the market will grow in the long term.

The achieved turnaround in earnings is based, in our view, not only on the company's own successes but also on demand drivers in the energy and defense industries, which are likely to remain unchanged throughout the current decade.

The ongoing uncertainty regarding growth is causing us to take a negative view of the risk-reward ratio.

Kalmar's Q2 figures turned out to be slightly positive overall compared to our expectations.

KONE's Q2 earnings were slightly below expectations, but the double-digit growth in orders far exceeded estimates.

Finnair achieved its best Q2 earnings in its history in the second quarter, driven by strong unit revenues.

9:33

Sanoma maintained its full-year 2026 guidance following a stable second quarter. The company enters the peak season for its Learning business from a strong position, making its execution during this period critical for the remainder of the year.

Visibility for earnings growth over a 3-year period is very strong.

We still consider the stock's valuation reasonable, and a dividend yield of approximately 3-4% makes the expected return attractive.