In connection with the publication of BioPorto's annual report for 2025 and recent announcements, we have updated our investment case.
2025 was a year of strategic repositioning for BioPorto. Revenue grew 11% to DKK 40.3m, driven by 25% growth in US NGAL RUO sales to DKK 18.4m and the first ProNephro AKI distributor revenues of DKK 4.3m via Roche. The gross margin improved to 75% from 68%, while adj. EBITDA loss widened to DKK -76.5m (from -70.6m) as R&D costs increased to DKK 50.5m, driven by the adult clinical study. BioPorto ended 2025 with 44 active US hospitals and DKK 54.9m in cash following two private placements totalling approximately DKK 77m.
In connection with the publication of WindowMaster's annual report for 2025, we have updated our investment case. Our investment case covers the key investment reasons, risks, and valuation perspectives.
Although the current year is exceptional for the company in terms of revenue growth, we believe that a strong volume level will be maintained in the coming years as well.
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Although increased uncertainty has once again clouded the economic outlook, we do not currently anticipate any significant harm to Nordea from this, as the anticipated rise in interest rates supports net interest income.
Uncertainty regarding economic development has clearly increased recently, and our assessment of Aktia's volume development is more cautious than before. At the same time, however, the rise in market interest rates supports net interest income, so overall our earnings forecasts for the coming years increased slightly.
In our view, H&M’s Q1 report did not contain any major surprises. The overall narrative remains unchanged; the company continues to struggle to drive sales growth, while margin improvement is primarily supported by internal initiatives and external factors rather than top-line momentum. In our view, valuation levels remain elevated, and given the ongoing revenue concerns, we continue to view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and our target price to SEK 155 per share.
In connection with the publication of GreenMobility's annual report for 2025, we have updated our investment case. Our investment case covers the key investment reasons and risks and valuation perspectives.
Flügger delivered 1% revenue growth in Q3 2025/26 to MDKK 451 (Q3 2024/25: MDKK 447), bringing year-to-date revenue to MDKK 1,715. Poland remains the primary growth driver, with +10% local currency growth (+12% reported), while the Nordic segment was flat as the ongoing private-label phase-out saw a 6% decline in Denmark offsetting professional painter demand growth across the Nordic region. Q3 results were slightly below our estimate of MDKK 460, driven by a larger Danish decline than expected and a slight decline y/y in Sweden in Q3. Despite the softer topline, structural drivers of margin expansion from improved product mix and higher-margin Polish growth remain unchanged, and guidance is maintained. We reiterate our "Accumulate" recommendation and DKK 360 price target, though we note the emerging Middle East energy shock as a new risk factor.
Yesterday’s presentations provided deeper insight into the company’s positioning and competitive advantages in a market shaped by artificial intelligence. The company appeared more confident than before about the future and about continuing to resolve sales bottlenecks.
We believe revenue growth has remained soft in H&M’s Q1 (Dec-Feb), and we have therefore revised down our revenue estimates slightly. However, we still believe that supply chain efficiencies, good operational cost control and external margin tailwinds should continue to support profitability. In our view, the valuation levels are still elevated, and, given the ongoing topline concerns, we still view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and target price of SEK 155 per share.
