Nasdaq (Nasdaq: NDAQ) reports that the annual review of its Nordic market capitalization (market cap) segments is completed. The revision is based on the average market cap value in November 2025. Together with indexes and sector classifications, the market cap segmentation is a tool to increase visibility for companies listed on Nasdaq’s exchanges in Stockholm, Helsinki, Copenhagen and Iceland.
Effective January 2, 2026, the following 35 companies will change segment: 22 companies will change to a larger segment, while 13 companies will change to a smaller segment.
| Name | Current Segment | New Segment | Exchange |
| Clas Ohlson AB ser. B | Mid Cap | Large Cap | STOCKHOLM |
| Scandic Hotels Group AB | Mid Cap | Large Cap | STOCKHOLM |
| Bufab AB | Mid Cap | Large Cap | STOCKHOLM |
| Beijer Alma AB ser. B | Mid Cap | Large Cap | STOCKHOLM |
| AQ Group AB | Mid Cap | Large Cap | STOCKHOLM |
| Alimak Group AB | Mid Cap | Large Cap | STOCKHOLM |
| SkiStar AB ser. B | Mid Cap | Large Cap | STOCKHOLM |
| INVISIO AB | Mid Cap | Large Cap | STOCKHOLM |
| NCAB Group AB | Large Cap | Mid Cap | STOCKHOLM |
| Better Collective A/S | Large Cap | Mid Cap | STOCKHOLM |
| Ovzon AB | Small Cap | Mid Cap | STOCKHOLM |
| Karnell Group AB ser. B | Small Cap | Mid Cap | STOCKHOLM |
| Svedbergs Group AB ser. B | Small Cap | Mid Cap | STOCKHOLM |
| Vicore Pharma Holding AB | Small Cap | Mid Cap | STOCKHOLM |
| Nelly Group AB | Small Cap | Mid Cap | STOCKHOLM |
| Egetis Therapeutics AB | Small Cap | Mid Cap | STOCKHOLM |
| Sedana Medical AB | Mid Cap | Small Cap | STOCKHOLM |
| Eolus Aktiebolag ser. B | Mid Cap | Small Cap | STOCKHOLM |
| Cinclus Pharma Holding AB | Mid Cap | Small Cap | STOCKHOLM |
| Rottneros AB | Mid Cap | Small Cap | STOCKHOLM |
| Pricer AB ser. B | Mid Cap | Small Cap | STOCKHOLM |
| Bactiguard Holding AB ser. B | Mid Cap | Small Cap | STOCKHOLM |
| Profoto Holding AB | Mid Cap | Small Cap | STOCKHOLM |
| Terveystalo Plc | Mid Cap | Large Cap | HELSINKI |
| Kempower Oyj | Large Cap | Mid Cap | HELSINKI |
| Endomines Finland Oyj | Small Cap | Mid Cap | HELSINKI |
| Koskisen Oyj | Small Cap | Mid Cap | HELSINKI |
| Suominen Oyj | Mid Cap | Small Cap | HELSINKI |
| Kamux Corporation | Mid Cap | Small Cap | HELSINKI |
| Per Aarsleff Holding A/S B | Mid Cap | Large Cap | COPENHAGEN |
| UIE Plc | Mid Cap | Large Cap | COPENHAGEN |
| Better Collective A/S | Large Cap | Mid Cap | COPENHAGEN |
| Columbus A/S | Small Cap | Mid Cap | COPENHAGEN |
| Grønlandsbanken A/S | Small Cap | Mid Cap | COPENHAGEN |
| North Media A/S | Mid Cap | Small Cap | COPENHAGEN |
| Kaldalón hf. | Small Cap | Mid Cap | ICELAND |
About the Market Cap Segments
Companies belong to a market cap segment (Small-, Mid- and Large Cap) based on their average market value during the given review month. Each segment is reviewed annually based on the average market cap in November with adjustments taking effect in January the following year. The market cap calculations are based on the total number of shares, i.e., both listed and non-listed shares, of a company. Companies with a market value exceeding EUR 1 billion are in the group of “Large Cap”, while companies with a market value between EUR 150 million and EUR 1 billion belong to the “Mid Cap” segment. Companies with a market value smaller than EUR 150 million belong to “Small Cap”.
12-month transitional period
Companies whose market cap has moved outside the reference values for their current classification are moved between segments according to the following rule: If their market cap is less than 50 percent of the minimum or more than 150 percent of the maximum threshold of their current segments they are transferred into a new segment with immediate effect. On the other hand, if their market cap is greater than 50 percent of the minimum or less than 150 percent of the maximum threshold of their current segment, they are subject to a transitional period and thus one more review before transferring into a new segment. Hence, based on the EUR 1 billion Large Cap and EUR 150 million Mid Cap thresholds, a Large Cap company whose market cap value has not fallen below EUR 500 million, and a Mid Cap company whose market cap value has not fallen below EUR 75 million, are subject to a second review before moving down to the new segment. Similarly, a Mid Cap company whose market cap value has not exceeded EUR 1.5 billion and a Small Cap company whose market cap value has not exceeded EUR 225 million, are subject to a second review before moving up to the new segment.
