Finnair and Kojamo rise as Sanoma and Revenio fall on earnings day

Business

Finnair and Kojamo rise as Sanoma and Revenio fall on earnings day

Feb 11, 2026

Helsinki’s earnings day delivered a clear divide. Among the heavyweights, Finnair and Kojamo advanced, while Sanoma and Revenio fell despite solid operational updates. The OMX Helsinki 25 rose 0.8 percent in the afternoon, masking sharp stock-specific reactions.

Finnair climbed 8.3 percent in the afternoon after reporting a strong fourth quarter and guiding for a marked improvement in 2026. CEO Turkka Kuusisto said, “We concluded 2025 with a strong fourth quarter. Our revenue remained stable, while our comparable operating result increased by 29%, driven by healthy demand and solid operational execution.” The airline expects a comparable operating result of EUR 120 to 190 million this year, roughly double 2025 levels.

Kojamo gained 3.4 percent as occupancy improved in 2025 and the company forecast higher revenue in 2026. Full-year revenue for 2025 rose 0.6 percent, and the financial occupancy rate strengthened to 94.8 percent. Funds From Operations declined due to higher financing costs, but the balance sheet improved, with loan-to-value falling to 42.3 percent. The board proposed a dividend of EUR 0.11 per share, marking a return to distributing dividends.

Sanoma slipped 3.5 percent despite a 5 percent rise in adjusted operating profit and a 10 percent increase in free cash flow for the full year 2025. Reported operating profit was weighed down by impairments in the Netherlands and restructuring costs in Media Finland. CEO Rob Kolkman noted, “In 2025, we continued to make good progress in our strategic focus areas.” The company guides adjusted operating profit to EUR 205 to 225 million in 2026 and proposes a higher dividend of EUR 0.42 per share.

Revenio fell 8.0 percent after margin pressure in the fourth quarter. While full-year net sales grew 6 percent, operating profit in the quarter declined as currency headwinds and delayed US price increases hit profitability. CEO Jouni Toijala said, “Exchange rates had a lowering impact on net sales and thereby profitability compared to the previous year.” The company expects 8 to 15 percent exchange rate-adjusted growth in 2026, with profitability remaining at a good level.

Authors

Emmi Laine

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.