Thursday was a massive day in Denmark in terms of quarterly earnings reports. Companies from Genmab to Ørsted all presented figures.
Results were mostly positive, leading to a good day for the C25. Though one prominent company still saw a big drop in its stock value. That company was A.P. Møller-Mærsk.
The shipping giant raised its full-year outlook for a third time in 2026, yet its shares still fell roughly 7 to 11 per cent on the day.
Mærsk shares fall
Mærsk reported third-quarter revenue of about 121 billion Danish kroner, up 27 per cent from a year earlier. Operating profit came in at about 22 billion kroner.
Due to these numbers, Mærsk raised its 2026 guidance. Underlying operating profit is now seen at about 53 to 57 billion kroner, up from about 30 to 43 billion kroner, and free cash flow to above about 20 billion kroner.
Vincent Clerc, the company’s CEO, said global trade had remained remarkably resilient despite geopolitical uncertainty, with the vessel fleet operating at full capacity.
The market was, however, much less impressed. The quarter came in under analysts’ expectations, and the new guidance didn’t calm worries about the future. This led to a collapse of the stock value.
Ørsted books write-downs
Offshore wind developer Ørsted had a better day. Results from its wind farms beat forecasts, and two big farms, one in Germany and another in the United States, reached commercial operation.
The quarter still ended with a loss of 728 million kroner. That followed write-downs of 3.4 billion kroner, mainly on US projects after higher long-term US interest rates.
CEO Rasmus Errboe said Ørsted had maintained “industry leading execution” across its construction pipeline. The stock was up about 4 per cent by midday.
AL Sydbank’s best quarter so far
Newly merged, AL Sydbank is the combination of Sydbank, Arbejdernes Landsbank, and Vestjysk Bank. It posted its best quarterly performance of 2026.
Profit after tax in the third quarter was 1.1 billion kroner. For the first nine months, the figure was 2.8 billion kroner.
Merger cost savings reached 347 million kroner in the first nine months. The bank raised its full-year profit guidance to 3.8 to 4.2 billion kroner, from the upper half of a previous 3.5 to 4 billion range.
Its CEO, Mark Luscombe, said that ten months after the merger, the group had delivered its best quarter so far and was starting to realise the benefits of the move.
Genmab announced late
Biotechnology company Genmab reported after the market closed. Revenue for the first nine months rose 22 per cent to about 21 billion kroner.
That was driven by royalties of about 18 billion kroner and sales of its cancer drug EPKINLY, which was up 47 per cent. The company stuck with the guidance it set in August, which sees expected revenue at between about 29 and 30 billion kroner.
In October, the company saw late-stage trials for three drugs.
GN, Novonesis, and Ambu
GN Store Nord was the day’s biggest C25 mover. The results included 153 million kroner in US tariff refunds, and the stock climbed about 13.5 per cent. The company still plans to return at least 4 billion kroner to shareholders by the end of 2027.
Biosolutions group Novonesis delivered 7 per cent organic sales growth for the first nine months and confirmed its full-year outlook, with shares up more than 4 per cent.
Medtech Ambu posted full-year organic growth of 10.1 per cent and was up nearly 8 per cent.
Together, Thursday’s reports left the C25 near a record high by midday even as Mærsk, one of the index’s heaviest names, took the hit.
