Feb 16, 2026
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The Helsinki market processed a fresh batch of earnings updates today, with several mid-cap names reporting mixed results. Investor reactions were cautious, with Aspo, Framery, and Wulff all trading lower by the close despite generally improving underlying performance.
Industrial conglomerate Aspo closed down 6.25 percent after reporting a clear improvement in profitability but weaker-than-expected revenue. Group revenue rose to EUR 616.3 million from 592,6 million, while comparable EBITA increased more than 25 percent to EUR 36.5 million from EUR 29.1 million a year earlier. Comparable earnings per share climbed to EUR 0.51, and free cash flow turned positive at EUR 26.5 million.
Performance diverged across segments: Telko improved, while ESL Shipping continued to face weaker spot demand. The company is evaluating structural options for ESL Shipping, including a possible divestment or partial demerger, and expects the sale of Leipurin to close in the first quarter of 2026. Management guided for higher comparable EBITA in 2026, and the board proposed a EUR 0.25 per share dividend, equivalent to roughly 49 percent of comparable EPS. I
Office pod manufacturer Framery also declined sharply, with the shares closing 11.14 percent lower, after delivering strong growth but softer-than-expected profitability. Full-year revenue surged 37 percent to EUR 222.1 million, while adjusted EBIT reached EUR 50.5 million, representing a margin of 22.8 percent. Fourth-quarter profitability was pressured by IPO-related costs, U.S. tariffs, and unfavorable exchange rates.
The company completed its listing on Nasdaq Helsinki during the year and continues to expand beyond office pods toward broader smart office solutions. It targets annual organic revenue growth above 10 percent and a midterm adjusted EBIT margin of 25 percent. Despite strong growth and high employee participation in the IPO, the market reacted negatively to the earnings quality and near-term cost pressures.
Wulff reported record net sales and rising operating profit but also traded slightly lower, ending the day down 1.22 percent. Net sales for 2025 increased 19 percent to EUR 122.3 million, while operating profit reached EUR 4.8 million and comparable operating profit rose to EUR 4.0 million.
Growth was driven primarily by the Worklife Services segment, supported by organic expansion in staffing services and acquisitions in accounting. The company continues to pursue a strategy aimed at doubling net sales to EUR 230 million by 2030, with a focus on operational efficiency and digital development. The board proposed a dividend of EUR 0.17 per share. Investors appeared to welcome the growth but remained cautious about profitability momentum.
