Companies

Finnair’s EUR 789.5m Q4 revenue was quite close to estimates, but the EUR 61.7m comparable EBIT clearly beat expectations owing to solid operational execution. Finnair’s FY’26 guidance is mostly in line with estimates, however revenue growth outlook seems a bit stronger than expected.

SRV’s Q4 figures and 2026 outlook were in line with our expectations. Guidance mid-point implies close to flat revenue development. The share of developer-contracted units and development projects is expected to increase but remain relatively low.

Aspo reports Q4 results on Feb 16. ESL should see more significant earnings gains from now on as outlook has at least stabilized, while Telko’s EBITA could gain by another EUR 2m.

Solteq reports Q4 figures on February 12. Despite a December guidance cut and change negotiations announced in January, we expect Q4 comparable operating profit to have improved modestly, while sales to have declined y/y.

Etteplan is set to report its Q4 figures on February 12. We expect that the market and demand situation remained challenging in Q4, with no clear signs of recovery in 2026.

Consti’s outlook for 2026 was on the softer side, with the challenging market conditions not showing signs of easing in the short-term. Fortunately, little points to notable weakening. We now expect flat revenue and EBIT growth in 2026, which stretches multiples, but with expectations of market recovery and order backlog driven support in 2027 retain our ACCUMULATE-rating and TP of EUR 12.5.

YIT as expected saw a return to growth in Q4 and healthy profitability figures. Expected continued weakness in the Finnish residential construction market overshadows the good performance in other segments heading into 2026. We retain our REDUCE-rating with a TP of EUR 2.9 (3.0)

Consti reported a slight beat in revenue and EBIT but guidance was softer than expected.

2025 was a record year for Endomines, with profitability improving clearly, although H2 fell slightly short of our expectations. Gold prices support new records in 2026.

DT’s outlook is turning much brighter now as security CT volumes are recovering after the slump seen last year.

YIT’s Q4 results and 2026 guidance were well within our expectations. Growth targets for Infrastructure and Building construction doubled to 10% and 4% respectively.

Endomines H2 results were fairly in line with expectations, with main deviations relating to one-offs. Gold production is expected to increase 10-20% in 2026, in line with our expectations.