Shares in Sotkamo Silver, a Finland-focused mining and ore prospecting company, surged 13.3% to €0.43 in the afternoon, following its 2025 earnings release, far outpacing the OMX Helsinki 25 index, which was up 0.4%.

Scanfil, an electronics manufacturing services provider, rose 0.7% to €11.32, while Ilkka, a marketing and technology group, added 0.3% to €4.02. Modulight, a life science company developing laser-based medical devices, slipped 0.3% to €1.17.

Sotkamo Silver reported a sharp turnaround in the fourth quarter, with net sales climbing 25% to SEK 135 million (EUR 12.6 million). EBITDA more than doubled to SEK 51 million from SEK 23 million, lifting the margin to 38% from 21%. EBIT jumped to SEK 33 million from SEK 3 million. For the full year, net sales fell 5% to SEK 393 million, and EBIT declined to SEK 9 million from SEK 33 million, as lower silver grades and mining challenges weighed on production earlier in the year.

CEO Mikko Jalasto said the rapid rise in the silver price had a “very positive impact” on profit and cash flow, even though 2025 was operationally challenging. The company expects to produce 0.9–1.2 million ounces of silver in 2026 and forecasts annual EBITDA above €25 million, with net debt-to-EBITDA below 1.0.

Scanfil, which builds electronics for other companies, reported full-year 2025 turnover of €797.1 million, up 2.2% from €779.9 million a year earlier, with organic growth of 2.6%. In the fourth quarter, comparable EBITA held steady at €15.5 million, corresponding to a 7.3% margin. CEO Christophe Sut said the quarter was “the most transformational” since the company updated its growth strategy, highlighting two acquisitions that expand its footprint in the Americas and Southern Europe.

Ilkka, which owns a stake in newspaper Ilkka-Pohjalainen, posted 22.6% revenue growth from continuing operations to €37.8 million in 2025, while adjusted operating profit from its own operations improved to €1.6 million from a loss of €0.4 million. Earnings per share from continuing operations slipped to €0.15 from €0.18. The board proposed a dividend of €0.25 per share, up from €0.22, and expects revenue and adjusted operating profit to increase in 2026.

Modulight’s revenue rose 73% to €7.1 million in 2025, with EBITDA narrowing to a loss of €0.2 million from €4.8 million. The board proposed no dividend and gave no financial guidance for 2026.


|

|

Business

[Earnings wrap] Sotkamo Silver soars, Scanfil climbs as OMXH25 edges up

[Earnings wrap] Sotkamo Silver soars, Scanfil climbs as OMXH25 edges up

·

5 min read

Shares in Sotkamo Silver, a Finland-focused mining and ore prospecting company, surged 13.3% to €0.43 in the afternoon, following its 2025 earnings release, far outpacing the OMX Helsinki 25 index, which was up 0.4%.

Scanfil, an electronics manufacturing services provider, rose 0.7% to €11.32, while Ilkka, a marketing and technology group, added 0.3% to €4.02. Modulight, a life science company developing laser-based medical devices, slipped 0.3% to €1.17.

Sotkamo Silver reported a sharp turnaround in the fourth quarter, with net sales climbing 25% to SEK 135 million (EUR 12.6 million). EBITDA more than doubled to SEK 51 million from SEK 23 million, lifting the margin to 38% from 21%. EBIT jumped to SEK 33 million from SEK 3 million. For the full year, net sales fell 5% to SEK 393 million, and EBIT declined to SEK 9 million from SEK 33 million, as lower silver grades and mining challenges weighed on production earlier in the year.

CEO Mikko Jalasto said the rapid rise in the silver price had a “very positive impact” on profit and cash flow, even though 2025 was operationally challenging. The company expects to produce 0.9–1.2 million ounces of silver in 2026 and forecasts annual EBITDA above €25 million, with net debt-to-EBITDA below 1.0.

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Our Pulse newsletter

Your weekly leadership intelligence briefing.

What happened, why it matters, and what to watch across every CEO, board, and executive move in Nordic listed companies, starting with Finland. Fast, factual, and to the point.

Delivered every Monday.

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Scanfil, which builds electronics for other companies, reported full-year 2025 turnover of €797.1 million, up 2.2% from €779.9 million a year earlier, with organic growth of 2.6%. In the fourth quarter, comparable EBITA held steady at €15.5 million, corresponding to a 7.3% margin. CEO Christophe Sut said the quarter was “the most transformational” since the company updated its growth strategy, highlighting two acquisitions that expand its footprint in the Americas and Southern Europe.

Ilkka, which owns a stake in newspaper Ilkka-Pohjalainen, posted 22.6% revenue growth from continuing operations to €37.8 million in 2025, while adjusted operating profit from its own operations improved to €1.6 million from a loss of €0.4 million. Earnings per share from continuing operations slipped to €0.15 from €0.18. The board proposed a dividend of €0.25 per share, up from €0.22, and expects revenue and adjusted operating profit to increase in 2026.

Modulight’s revenue rose 73% to €7.1 million in 2025, with EBITDA narrowing to a loss of €0.2 million from €4.8 million. The board proposed no dividend and gave no financial guidance for 2026.


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Topics

# Topics

Authors

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 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

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.

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All Listeds newsletters (bundle)

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Get every Listeds newsletter: the daily signal drumbeat, the weekly Pulse briefing, the monthly Best of the Month, the CEO letter, and the Weekend read.

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Latest on Listeds

Columnists

Who will build the next shared vision?

Oct 6, 2026

Currently there appears to be a widespread feeling of rising uncertainty and a lack of a shared vision for the future. During Sweden’s recent election campaign commentators repeatedly asked where the larger visions for the country had gone. Amid promises of quick fixes and tactical positioning, the question of what society we should build seemed harder to answer. Similar examples with voices calling for a new vision have also been heard in the other Nordic countries recently. The most obvious example is perhaps Finnish Sitra that explicitly describes the need for “an inspiring new promise about the future”. 

Considering the turbulent situation in the world in the last decade, it is perhaps not surprising that we find feelings of uncertainty. It is in fact something we could expect if we apply the long-term cyclical perspective of thinkers such as Neil Howe who describes how long cycles shape the characteristics of our societies and how the change from cycle to cycle typically results in crises. Viewed through the ‘wheel of seasons’ model developed by my colleagues Mats Lindgren and Jörgen Jedbratt, our current situation may represent a transition from winter to spring, during which crises will lead to new dominant paradigms. If reality were to follow the model, this should mean that we are slowly shifting towards an increased focus on long-term perspectives and finally also a rising belief in a positive future. 

Another sign of the uncertainty is the rising interest in scenario planning. This is a well-known pattern that goes back to the oil crisis of the 1970s when Shell’s scenario planning rose to fame and it is now perhaps the most familiar tool in the foresight toolbox. There is furthermore a general acceptance of scenario planning as a relevant tool for our time, but if we want to get broad participation and support for changes the map provided by the scenarios also needs to be accompanied by something more visionary.

The Nordic effect

So, if we are approaching a period of renewal maybe it is time to start thinking about how Nordic companies and other organisations could help bring this new future into being and shape it? How can we contribute to the creation of a new vision that can guide and speed up necessary changes so that we can balance sustainability and resilience, productivity and family life, and so on? Even though there exists a joint Nordic vision for 2030 that was adopted by the Nordic Council of Ministers in 2019 this is apparently not sufficient (and to be honest, how many of you have read it? I have, but that’s more or less required as part of my job). 

Maybe it is safe to say that it is time for a new Nordic vision? And maybe this time we should start the process as soon as possible ourselves in our own organisations so that we together can create small pieces of the great puzzle that would make up a new shared vision.

For boards, this means connecting the vision to investment priorities, capabilities and partnerships, and deciding how the organisation can contribute to a wider Nordic ambition.

Questions we need to answer in this process include:

  1. What future do we want to contribute to over the next ten to fifteen years?

  2. What can we influence? Which partners and capabilities will we need?

  3. What decisions do we need to make?

The last point may seem a bit obvious but as most of us know, foresight without action means nothing. There is in fact even a risk that foresight in some cases could become counterproductive and hinder necessary changes.

Decades ago, Kets de Vries and Miller described how some organisations become trapped in endless studies and analyses without taking action. Today, the abundance of foresight consultants and methods can give this tendency even more room to grow. An organisation may find itself contemplating a million possible futures, watching doors close one by one while trying to identify the perfect course of action. Foresight should help us choose a direction, prepare for different outcomes and move forward. A good analysis that leads to action is better than a perfect analysis that does not.

What's next

Let’s apply the tools from our foresight toolkits and start working! A new shared vision is needed and unless you take part in shaping it someone else will. So, let’s start small in our own organisations and launch processes to formulate our own visions and in this process also define our roles and purpose. This is often best done using collaborative methods – not just for the formulation of the vision but also to get people on board from the start because another thing that we need to remember is this. Scenarios and visions can give us a map of the future. But we still have to make the journey ourselves.

Johan Hammarlund

Collaborative Foresight Advisor, Kairos Future

Johan Hammarlund is a Senior Consultant at Kairos Future, a leading foresight and strategy consultancy that for more than 30 years has helped organisations anticipate change, explore future opportunities, and design strategies for long-term success. Johan specialises in collaborative foresight and democratic innovations and is active in professional networks across Sweden, the Nordic region and Europe.

Johan Hammarlund

Nordic Foresight

The Nordic Foresight Network is a network of foresight professionals advancing futures thinking across the Nordic region.

Nordic Foresight Network

Sources 

  1. Mats Lindgren - Winter is Coming or Springtime with Trump, 2016

  2. Kets de Vries and Miller - The Neurotic Organization, 1984

  3. Neil Howe - The Fourth Turning: Why American 'Crisis' May Last Until 2030, 2020

  4. Monteiro and Dal Borgo - Supporting decision making with strategic foresight, 2023

  5. Nordic prime ministers - Our Vision 2030, 2019

  6. Anna Solovjew-Wartiovaara - Sitra Megatrends Report, 2026

Leadership Moves

SRV names Jarkko Salmenoja and Marko Palonen to its executive team in a four-area reorganisation

Oct 5, 2026

SRV Group has reorganised into four business areas from 1 October 2026 and added two members to its Corporate Executive Team. Jarkko Salmenoja becomes SVP, Data Centres, and Marko Palonen, most recently YIT's regional director for Northern Finland, becomes SVP, Northern Finland at the start of 2027.

Data centres move from a unit to a business area of their own

Until now, Data Centres sat inside the Business Premises, Helsinki Metropolitan Area business area. It now runs as a separate business area responsible for nationwide development, customer relationships and project delivery. Salmenoja has worked at SRV since August 2025 and previously held senior management roles at NCC, WSP Finland and YIT.

The pipeline explains the promotion. In March, SRV agreed to build a data centre in Lahti for Singapore-based DayOne, a contract expected to lift the order backlog by about 35% from the level in the fourth-quarter 2025 report. In December 2025, it started the EUR 54 million implementation phase of the LUMI AI Factory data centre in Kajaani with CSC. First-quarter 2026 order intake reached EUR 395.4 million, the highest of the decade, with DayOne named as a driver.

“Alongside our already strong contracting business, we seek growth in data centre construction, whose exceptionally large and rapidly growing market we have highlighted previously,” says Saku Sipola, President and CEO of SRV, in the press release.

Three regions now carry both residential and non-residential work, with an outside hire for the north

The Southern Finland, Western and Central Finland, and Northern Finland business areas are each responsible for both non-residential and residential construction in their markets. Jouni Forsman leads Southern Finland and Tero Karislahti leads Western and Central Finland. 

Palonen is the external addition. He served for an extended period as YIT's regional director for Northern Finland and before that at Lemminkäinen. Project development, leasing and transactions for non-residential work are combined into one unit under Jorma Seppä, while the roughly 100-person Building Services unit moves to Internal Services.

“Geographically, we are strengthening our local presence across Finland and seeking growth beyond our current operating areas in Northern Finland, on the West Coast and in the Uusimaa region in both contracting and residential construction,” says Sipola.

The new structure has to deliver nearly all of SRV's 2026 profit in the second half

SRV broke even at the operative level in the first half, on revenue of EUR 340.2 million. The company guides 2026 revenue above EUR 800 million and operative operating profit of EUR 10 to 20 million, backed by an order backlog of EUR 1,023.9 million at the end of June. That leaves at least EUR 460 million of revenue and the full profit target for the second half, the period the new business areas start in.

Salmenoja takes over a business area with two named projects already in delivery, in Lahti and Kajaani, and Palonen arrives in January to build a region SRV wants to grow. The full-year results in early 2027 will be the first test of whether four business areas change SRV's profit, not just its reporting lines. 

Latest on Listeds

Columnists

Who will build the next shared vision?

Oct 6, 2026

Currently there appears to be a widespread feeling of rising uncertainty and a lack of a shared vision for the future. During Sweden’s recent election campaign commentators repeatedly asked where the larger visions for the country had gone. Amid promises of quick fixes and tactical positioning, the question of what society we should build seemed harder to answer. Similar examples with voices calling for a new vision have also been heard in the other Nordic countries recently. The most obvious example is perhaps Finnish Sitra that explicitly describes the need for “an inspiring new promise about the future”. 

Considering the turbulent situation in the world in the last decade, it is perhaps not surprising that we find feelings of uncertainty. It is in fact something we could expect if we apply the long-term cyclical perspective of thinkers such as Neil Howe who describes how long cycles shape the characteristics of our societies and how the change from cycle to cycle typically results in crises. Viewed through the ‘wheel of seasons’ model developed by my colleagues Mats Lindgren and Jörgen Jedbratt, our current situation may represent a transition from winter to spring, during which crises will lead to new dominant paradigms. If reality were to follow the model, this should mean that we are slowly shifting towards an increased focus on long-term perspectives and finally also a rising belief in a positive future. 

Another sign of the uncertainty is the rising interest in scenario planning. This is a well-known pattern that goes back to the oil crisis of the 1970s when Shell’s scenario planning rose to fame and it is now perhaps the most familiar tool in the foresight toolbox. There is furthermore a general acceptance of scenario planning as a relevant tool for our time, but if we want to get broad participation and support for changes the map provided by the scenarios also needs to be accompanied by something more visionary.

The Nordic effect

So, if we are approaching a period of renewal maybe it is time to start thinking about how Nordic companies and other organisations could help bring this new future into being and shape it? How can we contribute to the creation of a new vision that can guide and speed up necessary changes so that we can balance sustainability and resilience, productivity and family life, and so on? Even though there exists a joint Nordic vision for 2030 that was adopted by the Nordic Council of Ministers in 2019 this is apparently not sufficient (and to be honest, how many of you have read it? I have, but that’s more or less required as part of my job). 

Maybe it is safe to say that it is time for a new Nordic vision? And maybe this time we should start the process as soon as possible ourselves in our own organisations so that we together can create small pieces of the great puzzle that would make up a new shared vision.

For boards, this means connecting the vision to investment priorities, capabilities and partnerships, and deciding how the organisation can contribute to a wider Nordic ambition.

Questions we need to answer in this process include:

  1. What future do we want to contribute to over the next ten to fifteen years?

  2. What can we influence? Which partners and capabilities will we need?

  3. What decisions do we need to make?

The last point may seem a bit obvious but as most of us know, foresight without action means nothing. There is in fact even a risk that foresight in some cases could become counterproductive and hinder necessary changes.

Decades ago, Kets de Vries and Miller described how some organisations become trapped in endless studies and analyses without taking action. Today, the abundance of foresight consultants and methods can give this tendency even more room to grow. An organisation may find itself contemplating a million possible futures, watching doors close one by one while trying to identify the perfect course of action. Foresight should help us choose a direction, prepare for different outcomes and move forward. A good analysis that leads to action is better than a perfect analysis that does not.

What's next

Let’s apply the tools from our foresight toolkits and start working! A new shared vision is needed and unless you take part in shaping it someone else will. So, let’s start small in our own organisations and launch processes to formulate our own visions and in this process also define our roles and purpose. This is often best done using collaborative methods – not just for the formulation of the vision but also to get people on board from the start because another thing that we need to remember is this. Scenarios and visions can give us a map of the future. But we still have to make the journey ourselves.

Johan Hammarlund

Collaborative Foresight Advisor, Kairos Future

Johan Hammarlund is a Senior Consultant at Kairos Future, a leading foresight and strategy consultancy that for more than 30 years has helped organisations anticipate change, explore future opportunities, and design strategies for long-term success. Johan specialises in collaborative foresight and democratic innovations and is active in professional networks across Sweden, the Nordic region and Europe.

Johan Hammarlund

Nordic Foresight

The Nordic Foresight Network is a network of foresight professionals advancing futures thinking across the Nordic region.

Nordic Foresight Network

Sources 

  1. Mats Lindgren - Winter is Coming or Springtime with Trump, 2016

  2. Kets de Vries and Miller - The Neurotic Organization, 1984

  3. Neil Howe - The Fourth Turning: Why American 'Crisis' May Last Until 2030, 2020

  4. Monteiro and Dal Borgo - Supporting decision making with strategic foresight, 2023

  5. Nordic prime ministers - Our Vision 2030, 2019

  6. Anna Solovjew-Wartiovaara - Sitra Megatrends Report, 2026

Leadership Moves

SRV names Jarkko Salmenoja and Marko Palonen to its executive team in a four-area reorganisation

Oct 5, 2026

SRV Group has reorganised into four business areas from 1 October 2026 and added two members to its Corporate Executive Team. Jarkko Salmenoja becomes SVP, Data Centres, and Marko Palonen, most recently YIT's regional director for Northern Finland, becomes SVP, Northern Finland at the start of 2027.

Data centres move from a unit to a business area of their own

Until now, Data Centres sat inside the Business Premises, Helsinki Metropolitan Area business area. It now runs as a separate business area responsible for nationwide development, customer relationships and project delivery. Salmenoja has worked at SRV since August 2025 and previously held senior management roles at NCC, WSP Finland and YIT.

The pipeline explains the promotion. In March, SRV agreed to build a data centre in Lahti for Singapore-based DayOne, a contract expected to lift the order backlog by about 35% from the level in the fourth-quarter 2025 report. In December 2025, it started the EUR 54 million implementation phase of the LUMI AI Factory data centre in Kajaani with CSC. First-quarter 2026 order intake reached EUR 395.4 million, the highest of the decade, with DayOne named as a driver.

“Alongside our already strong contracting business, we seek growth in data centre construction, whose exceptionally large and rapidly growing market we have highlighted previously,” says Saku Sipola, President and CEO of SRV, in the press release.

Three regions now carry both residential and non-residential work, with an outside hire for the north

The Southern Finland, Western and Central Finland, and Northern Finland business areas are each responsible for both non-residential and residential construction in their markets. Jouni Forsman leads Southern Finland and Tero Karislahti leads Western and Central Finland. 

Palonen is the external addition. He served for an extended period as YIT's regional director for Northern Finland and before that at Lemminkäinen. Project development, leasing and transactions for non-residential work are combined into one unit under Jorma Seppä, while the roughly 100-person Building Services unit moves to Internal Services.

“Geographically, we are strengthening our local presence across Finland and seeking growth beyond our current operating areas in Northern Finland, on the West Coast and in the Uusimaa region in both contracting and residential construction,” says Sipola.

The new structure has to deliver nearly all of SRV's 2026 profit in the second half

SRV broke even at the operative level in the first half, on revenue of EUR 340.2 million. The company guides 2026 revenue above EUR 800 million and operative operating profit of EUR 10 to 20 million, backed by an order backlog of EUR 1,023.9 million at the end of June. That leaves at least EUR 460 million of revenue and the full profit target for the second half, the period the new business areas start in.

Salmenoja takes over a business area with two named projects already in delivery, in Lahti and Kajaani, and Palonen arrives in January to build a region SRV wants to grow. The full-year results in early 2027 will be the first test of whether four business areas change SRV's profit, not just its reporting lines. 

Latest on Listeds

Columnists

Who will build the next shared vision?

Oct 6, 2026

Currently there appears to be a widespread feeling of rising uncertainty and a lack of a shared vision for the future. During Sweden’s recent election campaign commentators repeatedly asked where the larger visions for the country had gone. Amid promises of quick fixes and tactical positioning, the question of what society we should build seemed harder to answer. Similar examples with voices calling for a new vision have also been heard in the other Nordic countries recently. The most obvious example is perhaps Finnish Sitra that explicitly describes the need for “an inspiring new promise about the future”. 

Considering the turbulent situation in the world in the last decade, it is perhaps not surprising that we find feelings of uncertainty. It is in fact something we could expect if we apply the long-term cyclical perspective of thinkers such as Neil Howe who describes how long cycles shape the characteristics of our societies and how the change from cycle to cycle typically results in crises. Viewed through the ‘wheel of seasons’ model developed by my colleagues Mats Lindgren and Jörgen Jedbratt, our current situation may represent a transition from winter to spring, during which crises will lead to new dominant paradigms. If reality were to follow the model, this should mean that we are slowly shifting towards an increased focus on long-term perspectives and finally also a rising belief in a positive future. 

Another sign of the uncertainty is the rising interest in scenario planning. This is a well-known pattern that goes back to the oil crisis of the 1970s when Shell’s scenario planning rose to fame and it is now perhaps the most familiar tool in the foresight toolbox. There is furthermore a general acceptance of scenario planning as a relevant tool for our time, but if we want to get broad participation and support for changes the map provided by the scenarios also needs to be accompanied by something more visionary.

The Nordic effect

So, if we are approaching a period of renewal maybe it is time to start thinking about how Nordic companies and other organisations could help bring this new future into being and shape it? How can we contribute to the creation of a new vision that can guide and speed up necessary changes so that we can balance sustainability and resilience, productivity and family life, and so on? Even though there exists a joint Nordic vision for 2030 that was adopted by the Nordic Council of Ministers in 2019 this is apparently not sufficient (and to be honest, how many of you have read it? I have, but that’s more or less required as part of my job). 

Maybe it is safe to say that it is time for a new Nordic vision? And maybe this time we should start the process as soon as possible ourselves in our own organisations so that we together can create small pieces of the great puzzle that would make up a new shared vision.

For boards, this means connecting the vision to investment priorities, capabilities and partnerships, and deciding how the organisation can contribute to a wider Nordic ambition.

Questions we need to answer in this process include:

  1. What future do we want to contribute to over the next ten to fifteen years?

  2. What can we influence? Which partners and capabilities will we need?

  3. What decisions do we need to make?

The last point may seem a bit obvious but as most of us know, foresight without action means nothing. There is in fact even a risk that foresight in some cases could become counterproductive and hinder necessary changes.

Decades ago, Kets de Vries and Miller described how some organisations become trapped in endless studies and analyses without taking action. Today, the abundance of foresight consultants and methods can give this tendency even more room to grow. An organisation may find itself contemplating a million possible futures, watching doors close one by one while trying to identify the perfect course of action. Foresight should help us choose a direction, prepare for different outcomes and move forward. A good analysis that leads to action is better than a perfect analysis that does not.

What's next

Let’s apply the tools from our foresight toolkits and start working! A new shared vision is needed and unless you take part in shaping it someone else will. So, let’s start small in our own organisations and launch processes to formulate our own visions and in this process also define our roles and purpose. This is often best done using collaborative methods – not just for the formulation of the vision but also to get people on board from the start because another thing that we need to remember is this. Scenarios and visions can give us a map of the future. But we still have to make the journey ourselves.

Johan Hammarlund

Collaborative Foresight Advisor, Kairos Future

Johan Hammarlund is a Senior Consultant at Kairos Future, a leading foresight and strategy consultancy that for more than 30 years has helped organisations anticipate change, explore future opportunities, and design strategies for long-term success. Johan specialises in collaborative foresight and democratic innovations and is active in professional networks across Sweden, the Nordic region and Europe.

Johan Hammarlund

Nordic Foresight

The Nordic Foresight Network is a network of foresight professionals advancing futures thinking across the Nordic region.

Nordic Foresight Network

Sources 

  1. Mats Lindgren - Winter is Coming or Springtime with Trump, 2016

  2. Kets de Vries and Miller - The Neurotic Organization, 1984

  3. Neil Howe - The Fourth Turning: Why American 'Crisis' May Last Until 2030, 2020

  4. Monteiro and Dal Borgo - Supporting decision making with strategic foresight, 2023

  5. Nordic prime ministers - Our Vision 2030, 2019

  6. Anna Solovjew-Wartiovaara - Sitra Megatrends Report, 2026

Leadership Moves

SRV names Jarkko Salmenoja and Marko Palonen to its executive team in a four-area reorganisation

Oct 5, 2026

SRV Group has reorganised into four business areas from 1 October 2026 and added two members to its Corporate Executive Team. Jarkko Salmenoja becomes SVP, Data Centres, and Marko Palonen, most recently YIT's regional director for Northern Finland, becomes SVP, Northern Finland at the start of 2027.

Data centres move from a unit to a business area of their own

Until now, Data Centres sat inside the Business Premises, Helsinki Metropolitan Area business area. It now runs as a separate business area responsible for nationwide development, customer relationships and project delivery. Salmenoja has worked at SRV since August 2025 and previously held senior management roles at NCC, WSP Finland and YIT.

The pipeline explains the promotion. In March, SRV agreed to build a data centre in Lahti for Singapore-based DayOne, a contract expected to lift the order backlog by about 35% from the level in the fourth-quarter 2025 report. In December 2025, it started the EUR 54 million implementation phase of the LUMI AI Factory data centre in Kajaani with CSC. First-quarter 2026 order intake reached EUR 395.4 million, the highest of the decade, with DayOne named as a driver.

“Alongside our already strong contracting business, we seek growth in data centre construction, whose exceptionally large and rapidly growing market we have highlighted previously,” says Saku Sipola, President and CEO of SRV, in the press release.

Three regions now carry both residential and non-residential work, with an outside hire for the north

The Southern Finland, Western and Central Finland, and Northern Finland business areas are each responsible for both non-residential and residential construction in their markets. Jouni Forsman leads Southern Finland and Tero Karislahti leads Western and Central Finland. 

Palonen is the external addition. He served for an extended period as YIT's regional director for Northern Finland and before that at Lemminkäinen. Project development, leasing and transactions for non-residential work are combined into one unit under Jorma Seppä, while the roughly 100-person Building Services unit moves to Internal Services.

“Geographically, we are strengthening our local presence across Finland and seeking growth beyond our current operating areas in Northern Finland, on the West Coast and in the Uusimaa region in both contracting and residential construction,” says Sipola.

The new structure has to deliver nearly all of SRV's 2026 profit in the second half

SRV broke even at the operative level in the first half, on revenue of EUR 340.2 million. The company guides 2026 revenue above EUR 800 million and operative operating profit of EUR 10 to 20 million, backed by an order backlog of EUR 1,023.9 million at the end of June. That leaves at least EUR 460 million of revenue and the full profit target for the second half, the period the new business areas start in.

Salmenoja takes over a business area with two named projects already in delivery, in Lahti and Kajaani, and Palonen arrives in January to build a region SRV wants to grow. The full-year results in early 2027 will be the first test of whether four business areas change SRV's profit, not just its reporting lines. 

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