Digital Workforce leads as earnings moves diverge in Helsinki

Oura has filed publicly for a Nasdaq listing in the United States and, according to reporting by The Wall Street Journal, intends to list during September. The Finnish smart ring maker submitted a confidential filing in May. The prospectus arrives with a board reshaped for US public markets, and a Nordic presence now outnumbered on it.

The prospectus filed with the U.S. Securities and Exchange Commission shows revenue of $1.21 billion for the nine months ended 30 June 2026, the first three quarters of a fiscal year that ends 30 September, against $697.6 million in the same period a year earlier, a rise of 74%. Full-year FY2025 revenue was $907.9 million, against $406.8 million the year before. The net loss attributable to common shareholders over the same nine months was $924.3 million, compared with $182.8 million a year earlier.

Oura shipped 3.1 million rings in the nine-month period, against 1.8 million a year earlier. Membership revenue reached $240.5 million, up 121%, and paid members doubled to 5 million, the recurring line that will matter most to public-market investors, and the one that turns a hardware company into a subscription business.

The headline loss sits beneath a $985m deemed dividend

Before the deemed dividend attached to preferred shares, Oura's net result for the period was a profit of $60.8 million, against $1.6 million a year earlier. The $924.3 million figure emerges after a $985 million deemed dividend to holders of redeemable convertible preferred shares is deducted. The comparable deemed dividend a year earlier was $184.4 million.

Oura raised more than $1.2 billion privately before this filing. A Fidelity-led round in October 2025 valued the company at $11 billion. The listing could raise up to $3 billion for the company and some of its backers at a valuation exceeding $16 billion, Bloomberg reported on 24 August 2026, a repricing of roughly 45% in under a year. 

The new board adds Robinhood's IPO-era CFO and Wolt's founder

Oura said on 2 September that it will appoint Jason Warnick, Leslie Kilgore, Miki Kuusi and David Sze as directors.

Warnick spent seven years as chief financial officer of Robinhood, where he helped take the company public and through its subsequent life as a listed business. He retired from the role earlier this year and was succeeded by Shiv Verma. Before that he spent nearly two decades at Amazon across finance, investor relations, audit and enterprise risk, and began his career as a CPA at Deloitte & Touche.

Kilgore sits on the boards of Netflix and Pinterest, and has previously served on those of LinkedIn, Medallia and Nextdoor. She was chief marketing officer at Netflix, and held earlier positions at Amazon, Procter & Gamble and Booz Allen Hamilton.

Kuusi co-founded Wolt and led it as chief executive from 2014 until DoorDash acquired the company in 2022. He now oversees DoorDash's international business and serves as chief executive of London-based Deliveroo. 

Sze is a partner at Greylock Partners, where he led investments in Facebook, LinkedIn, Roblox and Pandora. He previously held senior operating roles at Excite and Excite@Home.

The four join Timo Ahopelto, Dennis Durkin, chief executive Tom Hale, Wen Hsieh, Eurie Kim and chairman David Shuman on the board.

"Adding Jason, Leslie, Miki, and David strengthens our board with leaders who know what it takes to build and scale category-defining global businesses," Hale said in the company's statement.

UPM's shareholders approved the WISA Group separation on 31 August. Aspo votes on 7 December. Valmet has not yet approved a plan.

UPM-Kymmene's extraordinary general meeting approved the demerger of its Plywood business on 31 August 2026, seating the board of the new company at the same meeting. WISA Group Plc is expected to complete on or about 31 October and start trading on Nasdaq Helsinki on 2 November. UPM shareholders receive one WISA share for each UPM share held; the Finnish Tax Administration has ruled the demerger tax-neutral, and the Financial Supervisory Authority approved the listing prospectus in July and a supplement in August.

Aspo's board approved its own demerger plan on 3 August 2026. ESL Shipping moves into ESL Shipping Group Plc and the continuing company was renamed Telko Group Plc, on the same one-for-one basis. The extraordinary general meeting is set for 7 December, completion for 31 December, and trading in ESL Shipping Group shares for on or about 4 January 2027. A separate share exchange folds Lighthouse HoldCo's 21.4% direct stake in ESL Shipping into the new company, after which OP Finland Infrastructure LP (about 14.3%) and Varma Mutual Pension Insurance Company (about 10.7%) are expected to be its two largest shareholders.

Valmet is furthest from a vote. Its board announced on 24 July 2026 that it would review separating Biomaterial Solutions and Services from Process Performance Solutions into two listed companies. No plan has been approved. An update is due no later than the full-year 2026 results. 

Where the three stand