Earnings Season

# Finnish Earnings Season: Q1 2026 in Focus Finland's blue-chip earnings season kicks off late April with a concentrated reporting calendar spanning just three days. Investors will scrutinize Kone, Nokia, Fortum, Neste, UPM-Kymmene, and Elisa for signals on operational resilience amid ongoing macroeconomic uncertainties. Key themes include energy costs, which remain elevated across industrial and utility sectors, currency headwinds affecting export-heavy companies, and demand trajectories in construction (Kone) and telecom infrastructure (Nokia, Elisa). Macro factors dominating investor focus include eurozone growth momentum, energy price volatility critical to Fortum and Neste, and global supply chain normalization impacting export competitiveness. Foreign exchange movements—particularly EUR/USD dynamics—will be closely watched given the Nordic companies' significant international revenue exposure. Margin sustainability under cost inflation represents another central question. Q1 2026 results should clarify whether recent operational momentum observed in comparable sectors (as reflected in mining peers' strong cash generation) extends to Finnish industrials and utilities. Guidance revisions, capital allocation intentions, and commentary on pricing power will prove equally important as headline earnings figures in determining market sentiment heading into the remainder of 2026.