The sell-off was driven less by weak results than by positioning and expectations. KONE, the largest company in the group by market capitalization, weighed most on the index despite higher margins and solid cash flow. The company, which supplies elevators, escalators, and related services globally, benefited from growth in service and modernization.

KONE CEO Philippe Delorme said results reflected progress in shifting the business mix, noting that service has become KONE’s largest division and helped offset pressure from China’s property market. The company proposed a dividend of EUR 1.80 per B share.

Valmet, which supplies technology and services to process industries such as pulp, paper, and energy, delivered record fourth-quarter profitability. Still, investors focused on a sharp drop in orders after an unusually strong comparison year. CEO Thomas Hinnerskov attributed the margin gains to cost savings from an operating model renewal implemented ahead of the slowdown. The board proposed a dividend of EUR 1.35 per share.

In construction, YIT, a residential and infrastructure builder, reported improving quarterly profits but a weak full year. CEO Heikki Vuorenmaa pointed to lower net debt as evidence of balance sheet repair, while acknowledging that Finland’s housing market remains subdued. Renovation specialist Consti traded slightly lower despite stable profitability and strong cash flow.

The clear bourse day winners were Lindex and Kreate. Lindex, which combines a Nordic fashion brand with the Stockmann department store business, rallied after a strong fourth quarter driven by higher gross margins and digital sales growth. 

Kreate, focused on infrastructure projects, rallied after more than doubling its order backlog to a record-high level, reinforcing its outlook for rapid growth in 2026. CEO Timo Vikström cited disciplined project selection and acquisitions as the main drivers behind its growth outlook.