Jan 29, 2026
Today’s earnings in Finland painted a mixed picture. Big companies — Nokia, Nordea, and Telia — all delivered underlying growth in the fourth quarter, yet their shares moved lower with the broader market. Suominen, reporting the weakest numbers of the day, was the exception.
At Nokia, comparable Q4 net sales rose 3% year over year to EUR 6.1 billion, while full-year comparable operating profit reached EUR 2.0 billion, slightly above guidance, per its fresh earnings report. Free cash flow for 2025 totaled EUR 1.5 billion. CEO Justin Hotard said, “Our fourth quarter performance was in line with our expectations, reflecting disciplined execution across the business.”
Nordea showed the advantages of scale. CEO Frank Vang-Jensen stated, “Once again, Nordea delivered strong results.” Q4 operating profit increased 3% to EUR 1.5 billion, with return on equity at 14.4%, despite a 5% drop in net interest income following rate cuts. The bank proposed a EUR 0.96 dividend and continued buybacks.
At Telia, service revenue grew 2.1% like for like in Q4 and adjusted EBITDA rose 3.7%, while full-year free cash flow reached SEK 9.3 billion. Reported profits were hit by a SEK 3.7 billion non-cash provision, according to the Helsinki-listed and Stockholm-headquartered telecom operator’s report.
Suominen told the opposite story. Full-year net sales fell 10.8% to EUR 412 million, comparable EBITDA slipped to EUR 12.6 million, and the net loss widened to EUR 12.1 million. Alongside the weak performance, the producer of nonwoven fabrics used in personal care announced a series of leadership changes, including a new CFO, and launched a new three-year profitability program.
The market reacted to the fresh earnings by selling. Shares in Nokia, Nordea, and Telia fell, tracking a more than 1 percent decline in the OMX Helsinki 25, despite broadly solid operational messages. Suominen’s stock rose over 4 percent in the afternoon, suggesting investors were more focused on restructuring momentum than on the headline losses.
