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Business

[Earnings wrap] Gofore jumps, Kamux tumbles as OMXH25 edges higher
[Earnings wrap] Gofore jumps, Kamux tumbles as OMXH25 edges higher

Feb 25, 2026

Today’s earnings releases moved the Helsinki market slightly higher as Gofore surged 5.9% to EUR 11.54 around noon, while Kamux slid 10.9% to EUR 1.88. Oriola fell 4.8% to EUR 1.07, Tecnotree dipped 0.2% to EUR 5.66, and Asuntosalkku was flat at EUR 81.50.

Gofore, a digital transformation consultancy, reported 19.6% fourth-quarter net sales growth to EUR 59.6 million, with adjusted EBITA improving to EUR 8.3 million, or 14.0% of revenue. For 2025, net sales rose 2.8% to EUR 191.4 million, while adjusted EBITA declined to EUR 16.8 million from EUR 23.9 million due to delivery challenges and a write-down earlier in the year. The board proposed a dividend of EUR 0.49 per share.

“Gofore’s performance in the last quarter of 2025 was positive in both growth and profitability,” CEO Mikael Nylund said, highlighting stronger margins in the second half after adaptation measures in the first half.

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Used car retailer Kamux posted a tough quarter. Fourth-quarter revenue dropped 13.3% to EUR 205.2 million, and adjusted EBIT turned negative at EUR -1.9 million. Full-year revenue fell to EUR 875.9 million, with adjusted EBIT down to EUR 3.3 million from EUR 11.6 million as cars sold declined 13.6%. The board proposed a dividend of EUR 0.05 per share. Kamux expects adjusted operating profit to increase in 2026.

Pharmaceutical distributor Oriola reported 13.5% full-year net sales growth to EUR 1.91 billion and adjusted EBITDA of EUR 35.1 million, up from EUR 33.4 million. The result remained negative at EUR -27.2 million, weighed down by its share of losses from Kronans Apotek. Oriola expects adjusted EBITDA to increase in 2026 and proposes a dividend of EUR 0.03 per share, with a possible additional EUR 0.04 installment.

Telecom software provider Tecnotree reported a return to positive free cash flow at EUR 4.6 million in 2025, right on time before its planned privatization. In January, a consortium consisting of buyers, including Board Chair Neil Macleod and CEO Padma Ravichander, issued an all-cash tender offer for Tecnotree’s equity. 

In 2025, Tecnotree increased net sales 1.2% to EUR 72.4 million and improved its operating margin to 35.3%, delivering a positive free cash flow of EUR 4.6 million. It guides for low to mid single-digit constant currency revenue growth in 2026 and free cash flow above EUR 5 million.

Finally, residential investor Asuntosalkku posted revenue of EUR 4.7 million in the quarter ended December 31, 2025, and improved realized profit to EUR 0.7 million as financing costs declined, with occupancy steady at 97.1%.

Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

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