Here is the most important news from the unlisted companies on Eqvor's platform from the past week. Stay up to date on developments in the unlisted market.
Nordiska – Delivers a record quarter in 2025
Q4 2025 (vs Q4 2024)
Nordiska reports its strongest quarter so far, with a clear improvement in earnings and margins:
• Lending: 10,904.7 MSEK (9,129.7) → +19.4%
• Operating income: 165.7 MSEK (118.2) → +40%
• Operating profit: 59.2 MSEK (29.3) → +102%
• Profit for the period: 37.8 MSEK (26.5) → +43%
• NIM: 5.3% (4.0%)• C/I ratio: 59.2% (65.3%)
Full year 2025 (vs 2024)
• Lending: 10,904.7 MSEK (9,129.7) → +19.4%
• Operating income: 609.2 MSEK (456.0) → +34%
• Operating profit: 188.8 MSEK (156.0) → +21%
• Profit for the period: 138.9 MSEK (127.7) → +9%
• RoE: 14.1% (15.7%)
• Credit loss level: 0.7% (0.6%)
Nordiska delivers strong revenue growth both in Q4 and for the full year. Profit in the fourth quarter more than doubled compared with the previous year, while the full-year result shows stable but more moderate growth. Growth is driven mainly by portfolio acquisitions and expansion in Real Estate and Consumer Finance. Nordiska's financial target is an RoE above 20% over time.
Candela – Record voyage and strong results from Stockholm
Candela states that the Candela P-12 has completed a 160-nautical-mile voyage from Gothenburg to Oslo – described as the longest ever for an electric passenger vessel. The voyage was completed over three days with charging stops along the way.
According to Candela, an official report shows that the P-12 in Stockholm's public transport has achieved the following results on route 89 (Ekerö–Stockholm):
• Journey time: 30 minutes → Instead of 55 minutes
• CO₂ emissions: −94% compared with diesel
• Passengers: +22.5%
• 95% positive reviews from passengers
• Wake waves: 13 cm
A simulation shows that six P-12s replacing two diesel ferries could generate SEK 119 million in socio-economic benefits, increase capacity by 150% and enable a departure every 15 minutes (instead of once an hour)
Kaunis Iron – Impairment weighs on Q4, but cash flow strengthens
Interim Report Q4 2025
Kaunis Iron reports a weaker fourth quarter compared with Q4 2024, driven mainly by lower deliveries and an impairment of stripping costs:
• Net sales: 421 MSEK (691 MSEK)
• EBITDA: 41 MSEK (89 MSEK)
• EBIT: −571 MSEK (15 MSEK)
• of which impairment of stripping costs: 536 MSEK
• Deliveries: 500 kt (670 kt)
• Cash flow: +55 MSEK (−135 MSEK)
• Investments: 24 MSEK (60 MSEK)
Operating profit is weighed down almost entirely by the impairment. At the same time, cash flow was strengthened through cost savings and a lower level of investment.
Epidemic Sound – Acquires VXA before launch
The start-up VXA, founded in spring 2025, has been bought by Epidemic Sound before its broad launch.
VXA developed an AI platform for marketers. The company raised around 3 MSEK in external capital. The sale took place on 19 December, but financial details are not known.
Epidemic Sound's CEO Oscar Höglund, CFO Sara Börsvik and head of strategy Marcus Lewold are reported to have joined VXA's board
Voi – New vehicle generation 2026
Voi is launching three new models in spring 2026:
• Voiager 9 (e-scooter)
• Explorer 5 (e-bike)
• Explorer Light 2 (e-bike)
The launch starts in Stockholm in February 2026 and will then be rolled out in selected European cities. Among the updates:
• The e-bikes get around 40% more battery capacity
• Explorer Light 2 is around 15% lighter than Explorer 5
Voiager 9 increases the share of recycled material by 15% compared with the previous generation. The new e-bikes contain more than seven times as much recycled material as previous models
Quartr – IR Awards 2026
Quartr is presenting its IR Awards for the fourth year, in six categories. This year's winners according to the material:
Innovation: Acast
Sustainability: LVMH
Transparency: Nordea Bank
Clarity: ASML
Insights: Spotify
Best Capital Markets Day: Birkenstock
The awards highlight companies that stand out in how they communicate strategy, results and long-term value creation to the capital market.
Virtune – Launches on the Warsaw Stock Exchange, expands to a new country
Virtune announces that Poland's first spot crypto ETPs have been listed on the Warsaw Stock Exchange (GPW), traded in PLN. Four products were listed:
• Virtune Bitcoin Prime ETP (0.25% annual fee)
• Virtune Staked Ethereum ETP
• Virtune XRP ETP Virtune Staked Solana ETP (stated to give around 3% annual staking return on top of Solana's performance)
According to the material, the products are 100% physically backed, with custody at Coinbase (cold storage) and verification via Chainlink Proof of Reserves. Raiffeisen Bank International AG is the market maker.
Einride – Secures 113 MUSD ahead of SPAC, lowers valuation
Einride has completed a capital raise of USD 113 million ahead of a planned SPAC merger with Legato during the first half of 2026.
• The target was 100 MUSD
• The issue is reported to have been oversubscribed
• Pre-money valuation in the issue: USD 1.35 billion
• Previously communicated level: USD 1.8 billion
• The adjustment corresponds to around 25% Einride states that it is still aiming to close the transaction before mid-2026, provided that Legato's shareholders approve the deal.
Eqvor – New design and new brand film
Eqvor's platform has a new face!
An updated design for the logged-out view, to reflect what we already are – transparent, data-driven and built for investors who want to stay one step ahead.
At the same time, a new brand film was launched that highlights why Eqvor exists: many of the market's most exciting companies are not on the stock exchange – yet. Access has long been limited, unclear and unequal. We envisioned something else. A new standard. You can watch the brand video HERE.
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