Nokia overtakes Nordea as Helsinki’s most valuable company; Fiskars, Atria and Tallink move on mixed earnings

Business

Nokia overtakes Nordea as Helsinki’s most valuable company; Fiskars, Atria and Tallink move on mixed earnings

Apr 23, 2026

Credit: Nokia

A busy earnings day in Helsinki saw major names such as Nokia and Orion report first-quarter results, with markets delivering a mixed verdict across sectors.

Nokia stood out as the clear winner, its shares rising 10.7 percent to EUR 9.42 in the afternoon after results that combined modest growth with a sharp improvement in margins. The move had a broader consequence. With a market value of roughly EUR 54 billion, Nokia overtook Nordea Bank to become the largest company listed in Helsinki. Nordea’s shares slipped today after yesterday’s earnings release.

Investors appear to have focused less on Nokia’s 4 percent comparable revenue growth and more on the acceleration in AI and cloud demand, which management highlighted as a key driver.

Behind Nokia, Fiskars delivered a quieter but still notable gain, with the stock up 5.4 percent to EUR 13.20. The market response suggests that investors welcomed improving cash flow and signs of progress in restructuring its Vita segment, even as comparable EBIT declined slightly.

Atria also moved higher, rising 2.9 percent to EUR 18.00, continuing the trend of defensive consumer names holding up relatively well during the session.

Tallink Grupp’s shares edged up just 0.5 percent to EUR 0.63. Its earnings showed improving volumes and a return to positive EBITDA, but losses remain substantial, leaving investors cautious.

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On the downside, Olvi and Orion saw the sharpest declines despite both reporting their quarterly figures. Olvi fell 4.0 percent to EUR 31.15, as profit declined due to acquisition-related costs and weaker performance in Denmark.

Orion dropped 3.1 percent to EUR 71.10, even after delivering strong growth and raising its outlook. The reaction suggests expectations had already been elevated.

Tomorrow, investors can wait for interim reports of household names such as Kemira, Terveystalo, and Vaisala.

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.