AGP Executive Report

Telecoms: Ericsson reported 7% organic sales growth in Q3, with operating profit beating forecasts, though higher component costs loom. Defence: Saab won a SEK 1.3 billion order to develop a new Gripen flight-control computer, with deliveries planned from 2030. Nuclear services: Studsvik signed a long-term agreement to handle Norway’s research-reactor fuel, potentially worth SEK 3–4 billion through 2055, subject to project scope and work orders. Finance: Sweden’s biggest bank faces a $33 million New York fine over anti-money-laundering failures. Startups and AI: Stockholm fintech Matters raised $5 million to build an AI-powered consumer bank; Nvidia and Norrsken also plan a Stockholm AI lab for startups in 2027. EU economy: Leaders called for temporary help for businesses hit by soaring energy prices, while leaving the bloc’s 2028–34 budget talks unresolved.

EU Budget: Leaders ended summit talks without agreement on the 2028–34 budget, casting doubt on a year-end deal. Sweden is among countries seeking lower spending, while EU farm leaders in Stockholm warned that proposed 22% cuts to agricultural funding risk undermining food security. Telecoms: Ericsson’s third-quarter sales rose 7% organically and operating profit beat forecasts, lifting shares, though the company warned of rising component costs. Digital Payments: The Riksbank says the rise of the digital euro and dollar-backed stablecoins may warrant a fresh look at a digital krona; no decision has been made. Mobility & Batteries: Volvo is expanding its Nvidia partnership, with new driver-assistance technology planned before 2030. Stockholm-based battery startup Holyvolt raised $45 million to develop alternatives to materials dominated by China. Investment & AI: EQT plans to build an infrastructure secondaries business after acquiring Coller Capital, while Nvidia and Norrsken plan a Stockholm AI hub for startups in 2027.

Ericsson: Third-quarter adjusted operating profit beat forecasts at SEK10.1bn, while sales rose 6% to SEK59.5bn. The telecoms group warned that rising component costs and geopolitical uncertainty could squeeze margins next year. EU Budget: Sweden’s Ulf Kristersson said there was no rush to agree the bloc’s nearly €2tn budget for 2028–34, as leaders remain divided on its size and priorities. A deal this year looks increasingly uncertain. AI Investment: Norrsken and Nvidia plan to open a Stockholm AI lab in 2027, offering selected European startups computing resources, tools and workspace. Banking: Kraken parent Payward has agreed to buy Lithuania-licensed Saldo Bank, which serves Swedish customers. The deal, subject to regulatory approval, would let Payward expand into deposits, lending and payments in Europe.

Banking Expansion: Kraken parent Payward agreed to buy Lithuania’s Saldo Bank, a deal that could let it offer deposits, loans and euro payments in Sweden and other EU markets from 2027, pending approval. Manufacturing: Volvo’s EX60 ramp-up at its Torslanda plant is running at about 10% of its weekly production target, pushing large-scale North American deliveries into 2027 as the company prioritises Europe. Economic Pulse: Swedish inflation reached a 19-month high, while August GDP and industrial output showed signs of recovery. Mining: Alkane Resources reported steady production across its mines, including Björkdal in northern Sweden, reaffirmed its full-year guidance and paid its first dividend. Tech Investment: Scaleway plans an AMD-powered AI supercomputer in Sweden, adding to the country’s growing data-centre ambitions. Energy: Sweden’s north-south grid divide is threatening to limit the value of its clean-power growth, highlighting transmission as a key constraint.

Prices & Growth: Swedish inflation rose to 1.1% in September, its highest in 19 months, while August GDP and industrial output rebounded. AI Investment: Scaleway plans an AMD-powered AI supercomputer in Sweden, adding to the country’s growing data-centre ambitions. Agri-tech: Gothenburg-based OlsAro raised €5 million to commercialise salt-tolerant wheat, targeting a 2027 launch after trials showed yields up to 41% higher in saline conditions. Energy Grid: A north-south grid divide risks limiting the value of Sweden’s clean power, according to GlobalData, as electricity supply and demand remain uneven across the country.

EU Budget: Sweden called Ireland’s proposed €1.62 trillion long-term EU budget “wildly unaffordable,” joining Germany and other net contributors in demanding deeper cuts. AI Investment: French cloud provider Scaleway plans an AI supercomputer in Sweden, alongside a computing site in Copenhagen. Retail Cybersecurity: H&M is investigating claims it was targeted in a wave of attacks affecting fashion retailers; the company has not confirmed a breach. Swedish Innovation: Sweden held second place behind Switzerland in the 2026 Global Innovation Index, ahead of the United States. Economic Research: Two US economists won the economics Nobel in Stockholm for work on stabilising economies through booms and downturns. Green Industry: Swedish eco-tech firm Boreal Orchards signed its first large-scale North American deal, deploying its moss-based mine-restoration technology in Canada.

AI Investment: French cloud provider Scaleway will build its first AI supercomputer outside France in Sweden, using AMD chips and low-carbon power. It will serve startups and businesses across Europe. Data Centres: SWI Group raised €800 million to expand AI infrastructure, including by converting former bitcoin-mining sites in Sweden and the US into data centres. Telecoms: Telia plans to cut 900 jobs across its markets, including 260 in Sweden, as it restructures to reduce costs. Cybersecurity: H&M is investigating claims of a potential cyber incident involving a limited amount of group data; it says there is no indication its systems were compromised. Economic Outlook: Sweden’s GDP and industrial output rose in August, pointing to a recovery despite global uncertainty. Economics Nobel: Robert Hall and Michael Woodford won the prize announced in Stockholm for research underpinning policies to steady economies through shocks.

Economics Nobel: Stockholm’s Royal Swedish Academy awarded Robert Hall and Michael Woodford the 2026 economics prize for research underpinning models used by central banks and governments to manage downturns and inflation. Business and Jobs: Telia plans to cut about 900 jobs across five Nordic and Baltic markets, including 260 in Sweden, to save roughly $100 million annually. Cybersecurity: H&M is investigating hackers’ claims of accessing a limited amount of company data, but says it has no indication its systems were compromised. Industrial Orders: Swedish fuel-cell supplier Cell Impact will deliver most of a SEK 5.3 million US order over the next two quarters, bringing forward revenue and improving cash flow. Economic Outlook: Sweden’s GDP and industrial output rebounded in August, according to figures reported earlier this week.

Economics Nobel: Stockholm’s Royal Swedish Academy awarded Robert Hall and Michael Woodford the 2026 economics prize for research that underpins how central banks and governments respond to economic shocks. Telia Restructuring: The Swedish telecom group plans to cut around 900 jobs and reduce annual costs by about 1 billion kronor, while transferring some roles to country units. Renewable Energy: Ardian bought a 73.2-megawatt portfolio of operating wind projects in Sweden and Finland, expanding its Nordic clean-energy platform to 350 MW. Sweden’s Economy: GDP recovered in August as industrial output growth accelerated, pointing to improving momentum despite global uncertainty. Data Centre Heat: A Stockholm project aims to reuse server heat to warm around 30,000 homes through the city’s district-heating network.

Payments Resilience: Sweden’s retreat from an increasingly cashless society is gaining momentum. Mastercard will require new cards issued in Europe from February 2027 to support offline payments, with critical retailers’ new terminals following in May; Sweden already has the technology in place. Industrial Investment: Heidelberg Materials is buying NCC’s materials operations in Sweden and Norway, in a deal also involving CRH valued at $820 million. Economic Outlook: Sweden is showing a strong recovery despite global uncertainty, according to a new report. Automotive: Polestar recorded its strongest third quarter and record nine-month retail sales, while the Tesla Model Y led sales across all five Nordic markets in September. Energy Infrastructure: Midgard is planning a subsea cable linking Sweden and Finland, and Saab and GKN Aerospace are expanding cooperation on Gripen E/F engine work to build Swedish expertise. Manufacturing: Arla plans to close a packaging plant in Sweden, while Swedish textile technology firms are promoting new innovations ahead of ITMA Asia.

Payments Resilience: Sweden is rethinking its cashless push as security concerns grow. The Riksbank urges people to keep cash at home and use it regularly in case of blackouts or sabotage. EU Budget: Sweden is among the countries seeking steep cuts to the EU’s 2028–34 budget. Ireland’s proposed €141 billion reduction has already been rejected by Germany as insufficient. Textile Technology: Swedish textile machinery firms are investing in facilities and automation as they prepare to showcase new technology at ITMA Asia. Retail: Swedish e-commerce grew 8% in the second quarter. Industry: Heidelberg Materials and CRH are set to buy NCC’s Swedish and Norwegian operations in an $820 million deal. Inflation: Swedish inflation has reached a 19-month high. Pharmaceuticals: A Dutch court has ordered Merck to stop selling injectable Keytruda in Sweden and seven other European markets amid a patent dispute with Halozyme.

EU Budget: Sweden is among the countries demanding deeper cuts to the EU’s 2028–34 budget. Ireland’s revised plan trims about €141 billion, but Germany rejected it as still too large, while Swedish Europe Minister Jessica Rosencrantz said it remained unaffordable. Aerospace: Saab will supply its GlobalEye radar and sensor system for Canada’s next airborne surveillance aircraft, partnering with Bombardier to build the platform around a Global 6500 jet. The deal brings Swedish defence technology into a major Canadian procurement. Online Retail: Swedish e-commerce grew 8% in the second quarter, pointing to continued momentum in the country’s digital retail market.

EU Budget: Sweden is among the countries pushing for deeper cuts to the bloc’s 2028–34 budget. Ireland’s latest compromise trims €140 billion from the European Commission’s proposal, but France argues for more funding. Investment and Trade: Pakistan will keep its 1981 investment treaty with Sweden after reviewing the proposed termination; more than 40 Swedish firms, including Ericsson and IKEA, operate in Pakistan. Swedish Business: AI data-centre operator Green AI Cloud plans to go public through a $300 million SPAC merger, while Midgard is planning a subsea cable linking Sweden and Finland. Economic Pulse: Sweden’s GDP and industrial output rebounded in August, though inflation has climbed to a 19-month high. Online retail sales grew 8% in the second quarter, and Swedish startups are forecast to raise $5 billion this year.

AI Investment: Sweden-based Green AI Cloud agreed to merge with a SPAC in a deal valuing the data-centre operator at $300 million before the transaction. Nordic Property: Swedish-listed Catena will pay €191 million for 10 Finnish logistics properties, adding 142,300 square metres to its portfolio. Clean Shipping: Wallenius Marine is joining KTH, RISE and AlfaWall Oceanbird on a Swedish Energy Agency-backed project to design ships that make better use of wind propulsion. Digital Infrastructure: Midgard Infra plans a 200-kilometre subsea cable linking Sweden and Finland, extending its fibre route from Oslo to Stockholm. Economic Outlook: Swedish GDP recovered in August as industrial output growth accelerated; ecommerce sales rose 8% in the second quarter, while startups are forecast to raise $5 billion this year. Investment Ties: Pakistan’s cabinet reversed a move to end its investment treaty with Sweden, keeping the 1981 agreement in place while reviewing its treaty policy.

Economic Recovery: Sweden’s GDP rose 1.1% in August, reversing July’s decline, as household spending and goods production strengthened. Annual growth accelerated to 3.5%, Statistics Sweden reported. Nordic Industry: Heidelberg Materials agreed to buy NCC’s Swedish and Norwegian aggregates and asphalt operations for about SEK 5.5 billion, adding 106 aggregate sites and 44 asphalt plants to its network. Critical Minerals: The EU named 46 strategic projects across 16 countries to boost extraction, processing and recycling of key materials; Sweden is among the countries involved. Startup Funding: European startups raised $25 billion in Q3, their strongest quarter in four years. Sweden accounted for $1.5 billion, while AI attracted three-quarters of the region’s investment.

Economic Outlook: Sweden is showing a strong recovery despite global uncertainty, according to a new report. AI Investment: Stockholm-based Green AI Cloud agreed to merge with US-listed Pioneer Acquisition I in a deal valuing the Swedish company at $300 million. It is developing renewable-powered AI data centres designed to reuse excess heat. Industry: NCC agreed to sell its Industry unit to Heidelberg Materials and CRH for $820 million, reshaping their Nordic materials businesses. Retail: Japan’s Fast Retailing reported record sales of 3.96 trillion yen and is expected to overtake Sweden’s H&M as the world’s second-largest clothing retailer. Company News: Arla is set to close a packaging plant in Sweden, while Polestar reported a slight rise in quarterly sales.