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.
“Foreign ownership on the Swedish exchange showed significant resilience in Q1 2026, particularly within the Small Cap segment, which rebounded to 21.5% after hitting a year low of 20.6% in Q4 2025.
While the Discretionaries sector cooled slightly from its record high of 33.6% to 33.0%, Telecom & Media emerged as the new growth leader with a notable +2.4% delta. In contrast, the Materials sector continued a steady decline, falling to 18.5% in Q1 2026 from 19.3% the previous quarter” says Harald Wigerstedt, Data Specialist at Modular Finance.
| List | Foreign Capital Q1 2026 | Foreign Capital Q1 2025 | Delta |
| Large Cap | 37.2% | 36.5% | +0.7% |
| Mid Cap | 30.9% | 30.6% | +0.3% |
| Small Cap | 21.5% | 21.4% | +0.1% |
| First North | 22.3% | 21.3% | +1.0% |
| Spotlight SE | 13.9% | 12.6% | +1.3% |
| Main Regulated Equity | 29.2% | 30.1% | -0.9% |
| Nordic SME | 14.6% | 14.0% | +0.6% |
| Sector | Foreign Capital Q1 2026 | Foreign Capital Q1 2025 | Delta |
| Discretionaries | 33.0% | 31.4% | +1.6% |
| Raw materials | 33.9% | 35.0% | -1.1% |
| Materials | 18.5% | 21.7% | -3.2% |
| Industry | 23.3% | 21.6% | +1.7% |
| Health care | 22.9% | 22.0% | +0.9% |
| Services | 22.6% | 22.9% | -0.3% |
| Telecom & Media | 27.6% | 25.2% | +2.4% |
| Information technology | 21.0% | 20.5% | +0.5% |
| Trading & Goods | 25.2% | 24.1% | +1.1% |
| Real estate | 16.8% | 16.5% | +0.3% |
| Finance | 23.5% | 24.1% | -0.6% |
| Energy & Environment | 16.6% | 15.5% | +1.1% |