Development in foreign ownership on the Swedish stock exchange Q4 2025
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Each quarter Modular Finance publishes an overview of the development of foreign ownership on the Swedish stock exchange. Data is displayed per list and sector, with a comparison against the corresponding quarter last year.
“On First North, foreign ownership reached one of the highest levels seen over the past decade. During the second half of the year, we also observed a gradual decline in foreign ownership within the Large Cap segment, while Small Cap recorded a yearly low — which is also the second-lowest level measured since 2015.
The Materials sector continues to show the highest average share of foreign ownership and has held that position for almost the entire four-year period covered by the data. Over the same period, the Consumer Discretionary sector has now reached its highest recorded level of foreign ownership, standing at 33.6%,” says Harald Wigerstedt, Data Specialist at Modular Finance.
| List | Foreign Capital Q4 2025 | Foreign Capital Q4 2024 | Delta |
| Large Cap | 36.8% | 36.6% | +0.2% |
| Mid Cap | 31.0% | 31.5% | -0.5% |
| Small Cap | 20.6% | 22.8% | -2.2% |
| First North | 22.6% | 21.5% | +1.1% |
| Spotlight SE | 13.4% | 12.7% | +0.7% |
| Main Regulated Equity | 8.2% | 6.8% | +1.4% |
| Nordic SME | 14.3% | 13.2% | +1.1% |
| Sector | Foreign Capital Q4 2025 | Foreign Capital Q4 2024 | Delta |
| Discretionaries | 33.6% | 29.9% | +3.7% |
| Raw materials | 35.0% | 37.1% | -2.1% |
| Materials | 19.3% | 22.2% | -2.9% |
| Industry | 22.6% | 23.1% | -0.5% |
| Health care | 22.3% | 21.8% | +0.5% |
| Services | 22.7% | 21.2% | +1.5% |
| Telecom & Media | 26.5% | 26.1% | +0.4% |
| Information technology | 20.5% | 19.6% | +0.9% |
| Trading & Goods | 24.0% | 24.3% | -0.3% |
| Real estate | 16.5% | 16.3% | +0.2% |
| Finance | 21.8% | 22.7% | -0.9% |
| Energy & Environment | 19.3% | 17.5% | +1.8% |