Inderes' revenue from January and February totalled EUR 2.9 million. CEO Mikael Rautanen commented that 2026 has started in line with expectations as recurring revenue has grown well, driven by the software business, while the volume of IR events in January and February was below the comparison period.
In connection with the publication of Pharma Equity Group's annual report for 2025, 2026 guidance and ongoing clinical developments, we have published our investment case.
Our investment case covers the key investment reasons and risks and valuation perspectives.
PEG's investment case centres on de-risking its pipeline through clinical progress and strategic partnerships, while diversifying into revenue-generating assets through its expanded Life Science consolidator strategy. The drug repositioning approach — repurposing previously approved active pharmaceutical ingredients for new therapeutic applications — aims to reduce clinical risk relative to de novo drug development, and the out-licensing model post-Phase II is designed to limit capital requirements and execution risk.
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In our view, the investment case hinges on management proving it can convert a higher share of its profits into cash, sustain operational improvements, and deliver on 2026 guidance.
In connection with the publication of BioPorto's annual report for 2025 and recent announcements, we have updated our investment case.
2025 was a year of strategic repositioning for BioPorto. Revenue grew 11% to DKK 40.3m, driven by 25% growth in US NGAL RUO sales to DKK 18.4m and the first ProNephro AKI distributor revenues of DKK 4.3m via Roche. The gross margin improved to 75% from 68%, while adj. EBITDA loss widened to DKK -76.5m (from -70.6m) as R&D costs increased to DKK 50.5m, driven by the adult clinical study. BioPorto ended 2025 with 44 active US hospitals and DKK 54.9m in cash following two private placements totalling approximately DKK 77m.
In connection with the publication of WindowMaster's annual report for 2025, we have updated our investment case. Our investment case covers the key investment reasons, risks, and valuation perspectives.
Although the current year is exceptional for the company in terms of revenue growth, we believe that a strong volume level will be maintained in the coming years as well.
Although increased uncertainty has once again clouded the economic outlook, we do not currently anticipate any significant harm to Nordea from this, as the anticipated rise in interest rates supports net interest income.
Uncertainty regarding economic development has clearly increased recently, and our assessment of Aktia's volume development is more cautious than before. At the same time, however, the rise in market interest rates supports net interest income, so overall our earnings forecasts for the coming years increased slightly.
In our view, H&M’s Q1 report did not contain any major surprises. The overall narrative remains unchanged; the company continues to struggle to drive sales growth, while margin improvement is primarily supported by internal initiatives and external factors rather than top-line momentum. In our view, valuation levels remain elevated, and given the ongoing revenue concerns, we continue to view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and our target price to SEK 155 per share.
In connection with the publication of GreenMobility's annual report for 2025, we have updated our investment case. Our investment case covers the key investment reasons and risks and valuation perspectives.
