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.

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

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

Eltel's Q2'26 report was mixed relative to our estimates. While the top line fell short, profitability once again exceeded our expectations.

We estimate that the operational result improved significantly from the comparison period and rose to an excellent level due to high revenue.

Ahead of Inderes’s Q2 report, we have slightly hiked estimates on back of the better-than-expected April-May sales data. In a big-picture context, we emphasise the activated IPO market, which means the underlying market for Inderes is growing. That said, the improving market situation is already in our estimates; our focus is on the gradual expansion in the Swedish market. Fair value range rises a notch to EUR 19-21 (18-20).

Solid beat yet expectations were already high. Good enough to stay on board.

Confidence in earnings growth and particularly in cash flow has improved over a little more than the past year in the big picture.

The company has provided much-needed evidence of sales and growth, which increases confidence in the strategy's effectiveness.

Enento grew in line with our expectations in Q2, but operative profitability exceeded our forecast.

We expect the Q2 report to show solid top-line growth driven by the Power segment and improved commercial visibility from recently signed framework agreements, alongside continued margin expansion.

Although the outlook is good, the rising share price has eroded the peak of the expected return.

The company's outlook is positive in both the short and longer term, and the stock's valuation has also decreased slightly in recent weeks (2026e: adj. EV/EBITA 12x).

Anora's market development in Q2 was subdued. That said, the risk of cost inflation for the remainder of the year has eased somewhat, which has provided some support for our estimates.

Overall, the acquisition made about 3 years ago was unsuccessful for Lemonsoft.

Profitability and the balance sheet have developed favorably in the big picture.

Kreate's Q2 results picked up where the strong Q1 left off, and the company's profitability potential also began to emerge from beneath the strong top-line growth.

Energy has performed better than expected, but continuing order growth is increasingly difficult.