Feb 4, 2026
The Helsinki market was in a constructive mood, up 1.6 percent around noon, but reactions to fresh annual reports from four companies diverged sharply. Pulp behemoth Stora Enso Oyj led the pack, up 7.0 percent, while industry peer UPM-Kymmene Oyj gained 3.8 percent and Bank of Åland rose a modest 1.3 percent. Wärtsilä Oyj, a global supplier of marine propulsion and energy systems, was the clear laggard, down 4.0 percent, despite reporting record figures.
UPM’s shares moved higher as investors focused on cash generation rather than headline profit pressure. Comparable EBIT fell 25 percent in 2025 to €921 million, reflecting weak communication paper markets and portfolio reshaping. Still, operating cash flow reached €1.4 billion for the year, with a particularly strong €720 million in the fourth quarter. Management emphasized strategic discipline, discontinuing the Rotterdam biofuels project and advancing asset closures in Europe, while the Leuna biorefinery delivered its first customer volumes. An unchanged €1.50 dividend helped underpin the stock.
Stora Enso delivered the most emphatic market response. Although adjusted EBIT declined to €528 million for the year, investors welcomed balance sheet improvement and a sharpened strategy. Net debt to EBITDA improved to 2.8, aided by forest asset divestments in Sweden, and the group confirmed plans to separate its Swedish forest assets into a listed entity. The ongoing ramp-up of the Oulu consumer board line continues to weigh on earnings, but clarity on portfolio focus appears to have outweighed near term margin pressure.
Wärtsilä’s sell-off was more about expectations than performance. The company posted an all-time high operating profit of €829 million and a record operating cash flow of €1.6 billion. Order intake was solid in Marine and Energy, but cautious commentary around geopolitical uncertainty, tariffs, and the energy storage business seems to have tempered enthusiasm after a strong share price run.
Bank of Åland reported what it described as the most successful year in its history, underpinned by customer assets under management exceeding €12 billion for the first time. Return on equity was 17.8 percent, and earnings per share rose 4 percent. Falling net interest income was offset by a 12 percent increase in fee income, driven by higher activity in equity markets. With record asset growth and profitability already well signaled, the share price reaction was positive but measured.
