It has been a turbulent year for the Danish elite stocks in the C25 index.
Some have risen a lot, and others have almost halved in a year in which Donald Trump has had a major influence on share prices, among other things due to the tariff war and opposition to offshore wind turbines.
But after Tuesday's - and thus the year's - last trading day, it is clear that wind turbine manufacturer Vestas is the year's high jumper in the C25 index with a price gain of 77 percent in 2025. This is partly because the stock began the year from a low starting point, says Jacob Pedersen, head of equity research at AL Sydbank.
- The Vestas share went into 2025 battered after a few years where earnings have lagged, and after Donald Trump was elected president in November last year.
- But 2025 has shown that Trump cannot shut down the American onshore wind market, even though he would like to would. It seems to continue honorably until 2030, and that is good news for Vestas, says Jacob Pedersen.
He also notes that Vestas delivered excellent accounts for the third quarter, which has given investors faith in better earnings in the coming period.
The closest pursuer to Vestas is Jyske Bank, whose shares have increased by 71 percent this year. And if you add this year's dividend to that, it has actually been a little better to be a Jyske Bank shareholder than to have shares in Vestas.
At the same time, competitor Danske Bank comes in fourth place on this year's list despite the fact that interest rates have fallen over 2025 and have thus eroded the banks' earnings a little.
- You can easily overlook the fact that there is a really favorable environment in Scandinavia when it comes to running a bank. Interest rates are not as high as they have been, but they are far from the negative levels we have seen.
- The situation is largely under control, and the Danish and Nordic banks are well-capitalized.
- They deliver high dividends, and as the economy looks right now, there is nothing to indicate wild losses when we look ahead, assesses Jacob Pedersen.
While it has been good business to be a co-owner of Vestas and Jyske Bank, the picture is somewhat different for shareholders in Pandora and Novo Nordisk. Their shares have become 47 and 49 percent less valuable, respectively, in 2025.
/ritzau/
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