Ovaro's board has costed its IFRS reporting at €300,000 a year and asked shareholders to move down to First North, with the share still publicly traded. Days earlier, Innofactor's Sami Ensio put his own exit price at €700,000.
On 18 August, the board of Ovaro Kiinteistösijoitus Oyj proposed that shareholders move the company from Nasdaq Helsinki's regulated main market to First North Growth Market Finland, while it remains publicly traded. An extraordinary general meeting decides on 8 September. The same morning, Ovaro withdrew its 2026 guidance.
The saving is a fifth of last year's profit
The move lets Ovaro drop IFRS, mandatory on the main market, for Finnish FAS, which First North permits.
The board puts the savings at approximately €300,000 a year. CEO Marko Huttunen told Keskisuomalainen that is about 14% of the company's administrative costs.
Set that against the company. Ovaro's 2025 revenue was €4.288m, down from €5.262m in 2024, on a net result of €1.468m. The saving is roughly a fifth of last year's profit, at a company with four employees and an €80.4m balance sheet at 31 March 2026.
Innofactor's founder priced the same listing at €700,000, then left entirely
Three days before Ovaro's announcement, Talouselämä reported Sami Ensio, founder and chief executive of the software company Innofactor, estimating that operating as a listed company meant roughly €700,000 a year in additional costs, and naming regulation as a central reason for leaving the exchange. Innofactor left by the other door: Onni Bidco's tender offer took it private, the company applied for delisting on 31 March 2025, and the shares were listed for the last time on Nasdaq Helsinki on 25 April 2025.
The two figures are not like-for-like. Ensio's €700,000 is a chief executive's estimate of the full cost of being listed; Ovaro's €300,000 is a board's estimate of one line item, the switch from IFRS to FAS reporting.
The staircase normally runs the other way
When Toivo Group — a Finnish real estate developer, like Ovaro — stepped up from First North Finland to the Helsinki main market in June 2025, Nasdaq counted it as the 18th company to make that move over the past years in Finland and the 143rd in the Nordics. Both are running totals, not 2025 counts. In Stockholm, Nasdaq's 2025 changes-to-the-list records seven companies moving up from First North in that single year and one moving down: Lucara. Helsinki closed 2025 with 136 main market companies and 47 on First North. The main market has since grown to 147 companies, while the First North roster remains unchanged.
Shareholders vote on 8 September, and Ovaro expects First North trading to begin before the end of 2026. The most interesting number is not €300,000. It is 14% — the share of administrative costs one Finnish board has now put on the record.
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Ovaro's board has costed its IFRS reporting at €300,000 a year and asked shareholders to move down to First North, with the share still publicly traded. Days earlier, Innofactor's Sami Ensio put his own exit price at €700,000.
On 18 August, the board of Ovaro Kiinteistösijoitus Oyj proposed that shareholders move the company from Nasdaq Helsinki's regulated main market to First North Growth Market Finland, while it remains publicly traded. An extraordinary general meeting decides on 8 September. The same morning, Ovaro withdrew its 2026 guidance.
The saving is a fifth of last year's profit
The move lets Ovaro drop IFRS, mandatory on the main market, for Finnish FAS, which First North permits.
The board puts the savings at approximately €300,000 a year. CEO Marko Huttunen told Keskisuomalainen that is about 14% of the company's administrative costs.
Set that against the company. Ovaro's 2025 revenue was €4.288m, down from €5.262m in 2024, on a net result of €1.468m. The saving is roughly a fifth of last year's profit, at a company with four employees and an €80.4m balance sheet at 31 March 2026.
Innofactor's founder priced the same listing at €700,000, then left entirely
Three days before Ovaro's announcement, Talouselämä reported Sami Ensio, founder and chief executive of the software company Innofactor, estimating that operating as a listed company meant roughly €700,000 a year in additional costs, and naming regulation as a central reason for leaving the exchange. Innofactor left by the other door: Onni Bidco's tender offer took it private, the company applied for delisting on 31 March 2025, and the shares were listed for the last time on Nasdaq Helsinki on 25 April 2025.
The two figures are not like-for-like. Ensio's €700,000 is a chief executive's estimate of the full cost of being listed; Ovaro's €300,000 is a board's estimate of one line item, the switch from IFRS to FAS reporting.
The staircase normally runs the other way
When Toivo Group — a Finnish real estate developer, like Ovaro — stepped up from First North Finland to the Helsinki main market in June 2025, Nasdaq counted it as the 18th company to make that move over the past years in Finland and the 143rd in the Nordics. Both are running totals, not 2025 counts. In Stockholm, Nasdaq's 2025 changes-to-the-list records seven companies moving up from First North in that single year and one moving down: Lucara. Helsinki closed 2025 with 136 main market companies and 47 on First North. The main market has since grown to 147 companies, while the First North roster remains unchanged.
Shareholders vote on 8 September, and Ovaro expects First North trading to begin before the end of 2026. The most interesting number is not €300,000. It is 14% — the share of administrative costs one Finnish board has now put on the record.
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