Shares in several Finnish small caps fell this afternoon, following earnings updates, underperforming a slightly weaker broader market. For example, Tamtron Group, the weighing and material flow management technology provider, dropped 2.6% to EUR 5.36, while the OMX Helsinki 25 index slipped 0.15%.

Tamtron reported today that full-year 2025 revenue rose 5.5% to EUR 55.7 million, while operating profit fell to EUR 1.9 million from EUR 2.3 million. EBITDA edged up to EUR 5.9 million. Tamtron proposed a EUR 0.15 per share dividend and said it expects revenue and EBITDA to grow in 2026.

CEO Mikko Keskinen said the company reached a milestone despite weak demand in key markets. “We reached a milestone as revenue rose to an all-time high,” he said, highlighting acquisitions and investments in international sales.

Elsewhere, Orthex, a Nordic housewares manufacturer, fell 2.5% to EUR 4.64, also underperforming the market. For the full year, the company’s net sales slipped 2.8% to EUR 87.2 million, while earnings per share increased to EUR 0.38 from EUR 0.34. The board proposed a EUR 0.23 dividend per share, up from EUR 0.22.

CEO Alexander Rosenlew attributed weaker sales partly to cautious consumer behavior and shipment timing but said cost discipline supported profitability.

Nightingale Health, a blood biomarker testing technology company, slipped 0.7% to EUR 1.49. The group posted revenue of EUR 2.41 million for July–December 2025, up from EUR 2.31 million, while EBITDA loss widened to EUR 5.37 million and net loss totaled EUR 8.81 million. The company said it aims to increase revenue by at least 50% in the 2025–2026 financial year.

Shares in Herantis Pharma, a clinical-stage biotech developing treatments for Parkinson’s disease, fell 1.9% to EUR 2.04. The company reported a full-year net loss of EUR 6.6 million, compared with EUR 4.9 million in 2024, as research spending continued. CEO Antti Vuolanto said positive Phase 1b results for the HER-096 drug support plans to begin a Phase 2 trial in 2026.

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[Earnings wrap] Finnish small caps Nightingale Health, Herantis Pharma, and Tamtron fall after results as OMXH25 slips

[Earnings wrap] Finnish small caps Nightingale Health, Herantis Pharma, and Tamtron fall after results as OMXH25 slips

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5 min read

Shares in several Finnish small caps fell this afternoon, following earnings updates, underperforming a slightly weaker broader market. For example, Tamtron Group, the weighing and material flow management technology provider, dropped 2.6% to EUR 5.36, while the OMX Helsinki 25 index slipped 0.15%.

Tamtron reported today that full-year 2025 revenue rose 5.5% to EUR 55.7 million, while operating profit fell to EUR 1.9 million from EUR 2.3 million. EBITDA edged up to EUR 5.9 million. Tamtron proposed a EUR 0.15 per share dividend and said it expects revenue and EBITDA to grow in 2026.

CEO Mikko Keskinen said the company reached a milestone despite weak demand in key markets. “We reached a milestone as revenue rose to an all-time high,” he said, highlighting acquisitions and investments in international sales.

Elsewhere, Orthex, a Nordic housewares manufacturer, fell 2.5% to EUR 4.64, also underperforming the market. For the full year, the company’s net sales slipped 2.8% to EUR 87.2 million, while earnings per share increased to EUR 0.38 from EUR 0.34. The board proposed a EUR 0.23 dividend per share, up from EUR 0.22.

CEO Alexander Rosenlew attributed weaker sales partly to cautious consumer behavior and shipment timing but said cost discipline supported profitability.

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Nightingale Health, a blood biomarker testing technology company, slipped 0.7% to EUR 1.49. The group posted revenue of EUR 2.41 million for July–December 2025, up from EUR 2.31 million, while EBITDA loss widened to EUR 5.37 million and net loss totaled EUR 8.81 million. The company said it aims to increase revenue by at least 50% in the 2025–2026 financial year.

Shares in Herantis Pharma, a clinical-stage biotech developing treatments for Parkinson’s disease, fell 1.9% to EUR 2.04. The company reported a full-year net loss of EUR 6.6 million, compared with EUR 4.9 million in 2024, as research spending continued. CEO Antti Vuolanto said positive Phase 1b results for the HER-096 drug support plans to begin a Phase 2 trial in 2026.

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Topics

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Authors

Emmi Laine

Journalist

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Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine

Journalist

Read more

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Authors

Emmi Laine

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Read more

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Executive Intelligence

Helsinki's boards run 270 committees under 60 different names

Sep 1, 2026

Around forty of those names belong to a single company each. Citycon has the only cyber committee on the exchange, and last year it did not meet.

Citycon's board has a Cyber Committee. It is the only one on Nasdaq Helsinki. The company's own governance disclosure records that in 2025, the Cyber Committee did not convene. Its Audit and Governance Committee met four times that year. Its Nomination and Remuneration Committee met seven.

A cyber committee is a defensible answer to a real exposure for a listed property owner. What stands out is that no other Helsinki-listed board has formalised the same risk in the same way, or in many cases at all.

35+ committee names belong to a single company each

Citycon is not the only board with a committee nobody else has. Raisio established an M&A Committee at its 2025 annual general meeting, chaired by board chair Arto Tiitinen. Orion runs an R&D Committee, chaired by Hilpi Rautelin, the only one of its kind in the Finnish listed market. Revenio has an Integration Committee. GRK Infra has a Tender and Project Committee. HKFoods runs a Working Committee and a Special Committee. Fortum has folded technology and investment into one body, and YIT has done the same with investment and projects.

Audit and remuneration still do almost all of the work

Across 184 Helsinki-listed companies, 127 have at least one board committee. Fifty-seven have none. Those 127 boards run 270 committees between them.

The functions concentrate tightly. Audit appears in 122 committee mandates, remuneration in 71, and people, personnel or human resources in 59. Nomination or governance appears in 26, sustainability in 14, risk in 13.

Another 11 committees use "Compensation" instead of remuneration, so a body explicitly charged with pay appears in 82 of the 270 — and that still excludes the 17 Personnel, People and Human Resources committees holding the same mandate without naming pay.

The names do not concentrate at all. After normalising for capitalisation and ampersands, those 270 committees carry 60 distinct labels, and 38 of them are used by exactly one company.

Most of that variety is cosmetic. People and Sustainability. Sustainability and Personnel. Sustainability and HR. Remuneration and HR. HR and Compensation. People and Compensation. Human Resources and Remuneration. Seven labels, one mandate.

The Code mandates the function, not the label

None of this is a compliance failure. The Finnish Corporate Governance Code 2026 is explicit: "Companies do not have an obligation under the Corporate Governance Code to establish committees or a shareholders' nomination board. As the establishment of the committees is not obligatory, the lack of committees is not deemed to be a departure from the code and therefore there is no need to report or explain it."

The Code also lets boards merge mandates, stating that "the board of directors may combine duties of the committees referred to in the Corporate Governance Code into a single committee or also establish other permanent or temporary committees, combine the duties assigned to different committees, or decide that a certain matter be prepared by the entire board of directors ". It requires only that the statutory audit duties sit somewhere, whether in a dedicated audit committee, in another committee, or with the board as a whole.

Committee data does not aggregate across Helsinki

For a board, a specialist committee is a statement about where directors spend their hours. Orion formalising research and development, and Nokia formalising both technology and strategy, tell a reader something that the committee list in an annual report otherwise flattens.

For anyone reading across the market, the absence of a shared vocabulary is the cost. Screening Nasdaq Helsinki for boards with a technology committee returns no reliable answer. Nokia, Kalmar, Kempower and Revenio call it Technology. Fortum calls it Technology and Investment. Sotkamo Silver calls it Technical. Citycon has carved cyber out on its own. (That reading is interpretation. It is a comparability problem for investors and index work, not a governance failing at any individual company.)

Worth watching is whether specialist committees spread beyond the handful of boards that run them. Technology-type committees number seven across the market. Cyber committees number one, and last year it did not meet.

Market Signals

OP Pohjola's best dividend payers on the Helsinki exchange, forecasts through 2028

Aug 31, 2026

Finnish companies under OP Pohjola's equity research coverage are set to offer an average dividend yield of roughly 6.5 per cent for the 2026 financial year, according to a review published by OP Media on 28 August 2026. For many names on the list, the forecast yield keeps rising through 2027 and 2028.

The top of the list is dominated by Mandatum, with a forecast dividend yield of 12.8 per cent for 2026, settling to 8.0 per cent in both 2027 and 2028. Terveystalo follows at 8.2 per cent for 2026 and 2027, climbing to 10.2 per cent by 2028, then Anora (7.8% → 9.1% → 9.1%) and HKFoods (7.5% → 8.7% → 9.9%).

OP Pohjola's dividend yield forecasts, 2026e–2028e

Company

2026e

2027e

2028e

Mandatum

12.8%

8.0%

8.0%

Terveystalo

8.2%

8.2%

10.2%

Anora

7.8%

9.1%

9.1%

HKFoods

7.5%

8.7%

9.9%

Elisa

6.8%

6.9%

7.1%

Aktia

6.5%

6.7%

6.7%

eQ

6.5%

7.1%

7.1%

Enento

6.4%

6.4%

6.4%

UPM-Kymmene

6.3%

6.3%

6.3%

Pihlajalinna

6.2%

7.2%

8.1%

Fiskars

6.2%

6.2%

6.5%

Raisio

6.0%

6.4%

6.4%

Lassila & Tikanoja

5.9%

6.4%

7.1%

Nordea

5.7%

6.0%

6.1%

Atria

5.3%

5.6%

5.9%

Marimekko

5.3%

5.8%

6.3%

Valmet

5.2%

5.6%

5.6%

Tokmanni

5.0%

5.7%

6.4%

Nurminen Logistics

5.0%

5.0%

6.7%

Telia

4.8%

5.1%

5.3%

Yield alone is not the point

OP Pohjola's Chief Analyst Antti Saari cautions against reading a single year's percentage as a verdict on a dividend stock.

"For a long-term investor, what matters is not just this year's dividend, but how the dividend develops in the future and what the company's outlook is otherwise. It is never a good idea to base an investment decision solely on a single year's dividend yield"

The article's argument is that a high headline yield can mislead: dividend growth, whether earnings actually cover the payout, and the company's broader business outlook say more than one year's figure.

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