Companies

Tekova’s Q4 was strong but EBIT guidance for 2026 was wide. Current year is likely to be a gap year after very strong 2025, but it will reveal the profitability of real estate development. A high dividend yield of almost 7% supports positive rating, but we cut profitability estimates for the coming years.

Marimekko's Q4 came in slightly below our estimates, with profitability disappointing, particularly due to higher fixed costs. We expect stable and resilient performance to continue in 2026.

Vaisala’s Q4’25 figures and FY’26 guidance came in largely as expected. We believe continued IM growth will lift its EBITA more this year thanks to operating leverage, while W&E could start to see growth again towards next year. Vaisala’s EBITA would then be positioned to grow 10% more.

Q4 results came in below expectations but showed slight y/y improvement. Guidance implies modest progress despite continued market challenges, with high uncertainty heading into 2026.

Raute’s margins were again higher than we estimated, however orders were still soft relative to our expectations.

Solteq returned to organic growth in Q4, but profitability remained weak. 2026 is a bridge year, with focus on turning the profitability around.

Etteplan's Q4 results came slightly below expectations, but showed progress from last year. Guidance implies a modest improvement despite the challenging market conditions.

Solteq reported its first comparable revenue growth in eight quarters, driven by the Utilities segment. However, profitability remained weak as expected, well in line with our estimates.

Profitability was mainly in line with our expectations and didn’t offer surprises. Guidance range for the revenue was as expected but EBIT guidance range is quite wide and below our estimates.

Marimekko's fourth quarter revenue missed our estimates slightly, weighed down by wholesale weakness outside APAC. However, the important APAC region performed well and above our expectations. The company's profitability fell clearly short of estimates due to elevated fixed costs, despite an improvement in relative sales margin.

Vaisala’s Q4 revenue and EBITA came in close to estimates. IM demand continues to develop strongly, as expected, while W&E has a more challenging outlook although there are also growing markets (namely aviation and meteorology).

SRV’s Q4 results came in quite as expected. We expect slow but steady progress in 2026, with all eyes on pick up in demand for residential construction, which is key for larger earnings improvements in 2027.