Nordic Markets 2025 H1: Signs of recovery after a tough start

Our latest Nordic markets report tracks the performance of 112 Finnish and 266 Swedish public companies. As we wrap up the first half of 2025, Finland shows early signs of a turning point with Q2 being stronger than Q1 in both revenues and operating profits, and analysts see both revenue and profitability rising in the second half. Meanwhile, Swedish public companies are expected to continue declining through 2025, with a recovery more likely in 2026. 

Revenue and operating profit development of Finnish and Swedish public companies, H1 2025

Key insights:

• In Finland, the consumer and industrial sectors returned to year-on-year growth in the first half, with momentum expected to build into year-end.
• In Sweden, weakness in the large Industrials sector continues to pull the aggregate down, and declines are expected to persist through 2025; most forecasts point to a turn in 2026.
• Both countries are expected to see year-on-year profitability gains in the second half—though profitability forecasts have tended to be too optimistic. 

Our full, semiannual report provides an in-depth, sector-level analysis of Finnish and Swedish public companies, offering practical insights for investors and business leaders navigating the Nordic market.

Download the full report here

Olli Lehtonen
Partner
August Associates
+358 50 371 4110
firstname.lastname@august.fi

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