Nasdaq Nordic Stock Market Today, 2 December 2025: OMXS30, OMXC25 and OMXH25 Edge Higher as Deals, Buybacks and IPOs Drive Action

Nordic equities opened the first full trading week of December on a cautiously positive note. After a weak global start to the month, the main Nasdaq Nordic benchmarks in Stockholm, Copenhagen and Helsinki all traded modestly higher on Tuesday, while a busy slate of buybacks, bond issues, conversions and a high‑profile IPO reshaped the regional corporate landscape. ^[1]

Nordic benchmarks: modest gains after shaky start to December

Global risk appetite has been fragile at the start of December, with Monday’s session characterised by softer equity markets in Europe and the US as crypto assets sold off sharply. ^[2] Against that backdrop, Nordic stocks held up relatively well on Tuesday:

Sweden – OMXS30: The OMX Stockholm 30 index was trading around 2,790 points, up roughly 0.2% from Monday’s close near 2,785, according to Nasdaq’s index history. ^[3]
Denmark – OMXC25: The OMX Copenhagen 25 index hovered near 1,756 points, gaining about 0.25% versus Monday. ^[4]
Finland – OMXH25: The OMX Helsinki 25 benchmark was around 5,450 points, up roughly 0.3% on the day. ^[5]

Taken together, the three flagship Nordic indices were slightly higher, suggesting investors are still willing to add selectively to risk even as they digest macro headwinds, higher-for-longer rates and geopolitical noise.

Denmark: Bavarian Nordic buyback, Nordfyns Bank delisting and Nykredit rate moves

Bavarian Nordic unveils up to DKK 500 million buyback

One of the biggest corporate headlines in the region today came from Bavarian Nordic A/S (OMX: BAVA), listed on Nasdaq Copenhagen. The vaccine maker announced plans for a one‑time share buy‑back programme of up to DKK 500 million over the next 12 months. ^[6]

The company highlighted a strong cash position following the sale of a US Priority Review Voucher and solid operating cash flow.
As of 30 September 2025, Bavarian Nordic reported cash, cash equivalents and securities of about DKK 2.98 billion, though roughly DKK 800 million of that is earmarked for milestone and tax-related payments. ^[7]
Shares repurchased will be held as treasury stock to optimise the capital structure.

For Nasdaq Nordic investors, the announcement reinforces a key 2025–26 theme in Denmark: cash‑rich healthcare names returning capital to shareholders while still investing in pipelines.

Nordfyns Bank: last trading day ahead of merger

In small‑cap banking, Nordfyns Bank A/S (NRDF) saw its final day of trading on Nasdaq Copenhagen on Tuesday.

At extraordinary meetings on 1 December, shareholders of Nordfyns Bank and Middelfart Sparekasse approved a merger in which Middelfart Sparekasse becomes the continuing company. ^[8]
As a result, 2 December 2025 is the last trading day for Nordfyns Bank shares. The bank’s share capital totals 1,650,000 shares with nominal DKK 20 each. ^[9]

The delisting underscores ongoing consolidation in regional and local Danish banking, a trend that can tighten liquidity in certain small caps on Nasdaq Copenhagen but may also unlock cost synergies and improve profitability at surviving institutions.

Nykredit Realkredit adjusts floating‑rate bond coupons

In fixed income, mortgage lender Nykredit Realkredit A/S notified Nasdaq Copenhagen of a coupon reset on several floating‑rate bonds, effective 4 December 2025. ^[10]

For example, an uncapped bond maturing in 2028 (ISIN DK0030554423) will carry a new coupon of 2.63% per annum from 4 December to 4 March 2026. ^[11]

Though not equity news, these rate adjustments matter for Danish financials and real‑estate‑linked stocks, since they feed directly into funding costs and mortgage pricing.

Finland: tender offer for Citycon, MuniFin bond, Framery listing and Sampo buybacks

G City launches mandatory tender offer for Citycon

The biggest Finnish equity story of the day is a full cash offer for shopping‑centre owner Citycon Oyj (CTY1S), listed on Nasdaq Helsinki.

G City Ltd, an Israel‑based real estate group, formally launched a mandatory public cash tender offer for all shares and stock options of Citycon it does not already own. ^[12]
The offer price is EUR 4.00 per share, representing about a 35.8% premium to Citycon’s closing price of EUR 2.95 on Nasdaq Helsinki on 31 October 2025, the day before the offer obligation was triggered. ^[13]
G City and related parties already hold roughly 58% of Citycon’s shares, and the offer period is expected to run in early 2026 once the tender document is published by year‑end. ^[14]

The bid underlines continued interest in Nordic commercial real estate assets despite higher rates, with foreign buyers attracted by discounted valuations and stable cash flows.

Municipality Finance: new EUR 100m bond and delisting of older notes

Municipality Finance Plc (MuniFin) – one of Finland’s largest credit institutions – dominated the Finnish bond newsflow:

MuniFin will issue EUR 100 million of notes on 3 December 2025 under its EUR 50 billion MTN programme.
The bond matures in 2040, carries a fixed coupon of 3.537% and includes an issuer call option in 2027. ^[15]
MuniFin has applied for the notes to be listed on Nasdaq Helsinki, with trading expected to start on 3 December 2025. ^[16]

On the same day, the company confirmed that a previously outstanding EUR 100 million note (ISIN XS2726471944), which it chose to redeem early, has now been removed from trading on Nasdaq Helsinki after the last trading day on 1 December. ^[17]

These moves highlight the depth of Nordic bond markets and the continued ability of high‑grade issuers to roll funding at relatively attractive long‑term rates.

Framery’s oversubscribed IPO debuts on Nasdaq Helsinki

In equities, workplace‑pod maker Framery Group Plc is one of the day’s most closely watched new listings:

Framery’s share offering, completed on 1 December, was multiple times oversubscribed in both the institutional and retail tranches. ^[18]
The final offer price was set at EUR 8.00 for institutional and public investors and EUR 7.20 for employees, implying a post‑offering market cap of about EUR 633 million. ^[19]
Trading in Framery shares is expected to commence today, 2 December 2025, on the prelist of Nasdaq Helsinki, before moving to the main list around 4 December. ^[20]

The deal adds a high‑growth, design‑driven industrial name to the Nasdaq Helsinki roster and signals ongoing investor demand for quality IPOs in the region, even late in the year.

Raisio share class conversion

Food group Raisio plc, also listed on Nasdaq Helsinki, reported that its board has converted 139,828 restricted K‑shares into free V‑shares. ^[21]

The conversion was registered in the Finnish Trade Register today, and the additional V‑shares will be admitted to trading on Nasdaq Helsinki from 3 December 2025. ^[22]
Following this and earlier conversions, Raisio now has 129.3 million free shares and 29.9 million restricted shares, with total share capital unchanged. ^[23]

This kind of share‑class simplification can gradually improve liquidity in the more widely traded series and is often welcomed by institutional investors.

Sampo continues its buyback programme

Insurance group Sampo plc, a heavyweight on Nasdaq Helsinki, Stockholm and Copenhagen, disclosed another sizeable round of share repurchases:

On 1 December 2025, Sampo bought back 256,343 A‑shares at a volume‑weighted average price of EUR 10.14 on Nasdaq Helsinki and other European venues. ^[24]
The transactions form part of a EUR 150 million buyback programme launched in November. After the latest purchases, Sampo holds 4,289,758 A‑shares, representing about 0.16% of its share capital. ^[25]

The continuous buyback activity is a key technical support for Sampo’s share price and underlines the management’s confidence in capital generation.

Sweden: rights issues, crypto ETP growth and buybacks on Nasdaq Stockholm

Alligator Bioscience and Impact Coatings tap equity investors

On Nasdaq Stockholm, capital‑raising remains a central theme among smaller growth and biotech names:

Alligator Bioscience has set 2 December 2025 as the record date for a previously announced rights issue of units. Existing shareholders will receive seven unit rights for each share, with each unit consisting of two new shares and one warrant (TO 14). The warrants are intended to be listed on Nasdaq Stockholm. ^[26]
Impact Coatings, listed on Nasdaq First North Growth Market, is in the final day of its subscription period (21 November–2 December) for a rights issue designed to finance growth in its coating technologies. ^[27]

These transactions illustrate how Sweden’s growth market continues to provide follow‑on funding for technology and life‑sciences companies, although such rights issues can dilute existing investors in the short term.

Embracer wraps up SEK 500m buyback

Gaming and entertainment group Embracer recently completed a SEK 500 million share buyback programme carried out entirely on Nasdaq Stockholm. ^[28]

The programme ran from 19 September 2025 and was allowed to continue until 2 December 2025, though the last purchases were completed in early November. ^[29]

While the final repurchases are already done, today effectively marks the official end of the mandate period, and the buyback remains a relevant part of investors’ 2025–26 valuation narrative for Embracer.

Active Biotech and sector sentiment

Biotech name Active Biotech (ACTI), listed on Nasdaq Stockholm, remains in focus after last week’s announcement that the US Patent and Trademark Office will grant a patent related to its tasquinimod formulation. ^[30]

Though the patent news came on 25 November, it continues to feed into sentiment toward Swedish small‑cap healthcare, a sector that has been volatile but offers significant optionality.

Virtune grows crypto ETP footprint on Nasdaq Stockholm and Helsinki

In the world of digital assets, Swedish regulated crypto asset manager Virtune AB (Publ) reported new milestones:

Virtune announced that it is accelerating its expansion in Norway, supported by a new ambassador partnership with skiing legend Petter Northug. ^[31]
The firm already manages over SEK 3.2 billion in assets via physically backed crypto ETPs, first launched on Nasdaq Stockholm in 2023 and now also listed on Nasdaq Helsinki and other European exchanges. ^[32]

Alongside Tuesday’s Nordic equity moves, this highlights how Nasdaq Nordic has become a significant platform for crypto‑linked products aimed at both institutional and retail investors.

How today’s action fits into the 2026 outlook for Nordic equities

Model‑based index forecasts: TradingEconomics and others

Macro‑driven forecast providers are cautious on Nordic indices after the strong rebound from earlier 2025 volatility:

TradingEconomics’ Stock Market Forecast 2025/2026, updated on 2 December 2025, projects the Stockholm 30 index near 2,760 points in three months and around 2,631 points in 12 months, suggesting mild downside from current levels. ^[33]
For Denmark, the same service expects the Denmark Stock Market Index (Copenhagen) to drift towards roughly 1,460–1,480 points over the coming quarters, slightly below today’s level above 1,550. ^[34]
For Finland, specialist sites such as Meyka and TradersUnion see a bearish or flat bias for the OMX Helsinki 25, with some statistical models pointing to a potential mid‑teens percentage decline by 2026, though estimates vary widely. ^[35]

These are model‑based scenarios, not guarantees, and they don’t fully capture company‑specific drivers like today’s tender offer for Citycon, Framery’s IPO, or major buybacks.

Local strategists and “guru” views

In Sweden, domestic market commentators have turned more optimistic about 2026:

A widely read feature on Dagens PS published today quotes a well‑known private investor arguing that the Stockholm stock exchange could rise 10–15% during 2026, assuming current macro conditions and valuations. ^[36]

That bullish view contrasts with the more muted systematic forecasts and illustrates how sentiment among local equity investors may be ahead of macro models, particularly if inflation and rates normalise more quickly than expected.

Macro backdrop: steady but slower growth

Nordic macro fundamentals remain a key part of the story:

The European Commission expects Danish GDP to grow around 2% in both 2025 and 2026, after revising down earlier, more optimistic projections. ^[37]
Denmark’s central bank recently cut its growth outlook, citing weaker global trade and a cooling pharmaceuticals sector—highly relevant for Novo Nordisk‑heavy indexes like OMXC25. ^[38]
Danske Bank’s latest Nordic Outlook sees the region’s economies growing roughly in line with their structural pace, with tariff risk and global policy uncertainty as the main downside factors. ^[39]

Overall, the base case remains one of modest growth and low but not negligible inflation, a backdrop that historically has supported steady – but not spectacular – equity returns.

What today’s Nasdaq Nordic moves mean for investors

Corporate actions are back in focus.
- Buybacks from Bavarian Nordic and Sampo, capital raisings from Alligator Bioscience and Impact Coatings, and the end of Embracer’s SEK 500m buyback all show that boards are actively reshaping balance sheets and capital structures. ^[40]
Deal flow is healthy, especially in Finland.
- Citycon’s tender offer and Framery’s oversubscribed IPO, plus MuniFin’s new bond, underline that both equity and debt markets are open at reasonable terms for quality issuers. ^[41]
Index‑level upside looks modest on many models – but stock selection matters.
- Quantitative forecasts hint at flat‑to‑slightly‑lower index levels over the next year, yet today’s news shows that corporate events (M&A, listings, buybacks) can create stock‑specific opportunities regardless of the macro path. ^[42]
Income and credit stories remain attractive.
- High‑quality issuers such as Municipality Finance and Nykredit are locking in long‑dated funding, while higher coupons on floating‑rate bonds offer yield options in a still‑uncertain rate environment. ^[43]
Alternative assets and crypto are increasingly part of the Nasdaq Nordic ecosystem.
- Virtune’s growth in crypto ETPs on Nasdaq Stockholm and Helsinki shows that digital assets are becoming a mainstream satellite allocation for many Nordic investors, despite the recent global crypto selloff. ^[44]

Practical takeaways (not investment advice)

Short‑term traders may focus on special situations: Citycon (on the back of the tender offer), Framery (IPO dynamics), and Bavarian Nordic or Sampo (buyback support).
Income‑oriented investors could watch new bond listings like MuniFin’s 2040 issue and floating‑rate mortgage bonds as rate expectations evolve.
Long‑term allocators should weigh cautious macro forecasts against relatively undemanding valuations and strong balance sheets in many Nordic blue chips.

As always, the moves described above are informational only and not a recommendation to buy or sell any security. Nordic markets remain sensitive to global rate expectations, currency moves and trade policy; investors should consider their own risk tolerance, time horizon and diversification needs before acting.