Entity linked to Pihlajalinna founder Mikko Wirén sells EUR 15.3 million worth of shares

Since January, SSH Communications Security has lowered its sales outlook, watched an incoming chief financial officer withdraw before her start date, and completed a tender offer on its convertible capital securities. Lars Bell's appointment as chief executive, announced 3 September and effective 1 October, is the most visible event in that sequence. It is not the first.

Read on its own, a planned CEO succession looks orderly. Read against the year behind it, it is the last announced piece of a rebuild that began eight months earlier.

The share price read it the other way round. Most of that sequence passed with barely a mark: the three CFO events moved the share −2.2%, +0.5% and −0.5%. Then, in the five sessions to 7 September, SSH's share (SSH1V, Nasdaq Helsinki) rose from EUR 1.786 to EUR 2.67, up 49.5%, on 569,004 shares against August's 403,172 across 21 sessions.

Three CFO plans, and a quarter with EBITDA negative

SSH lowered its 2025 net sales outlook on 2 January. Full-year 2025 net sales came in down 2.4%; Q1 2026 turned EBITDA negative; Q2 revenue recovered to EUR 5.7 million, up 6.8% year on year, while EBITDA was down 40.7%.

The finance seat moved three times in three months. Maria Alahuhta was appointed CFO on 2 April, her start date was brought forward to 1 October, and on 12 June SSH disclosed she would not take up the role. Cristian Arias was appointed on 7 July, starting 1 October, the same day Bell begins.

Geopolitical discussions have been framed through the lens of the Global West, Global East and Global South. Recently, a fourth concept has started to emerge in strategic discussions: the Global North.

The term is usually used more broadly to describe the developed world as a whole. In this column, I deliberately narrow it to the Nordic region because it represents a distinctive institutional model.

I first encountered the idea when Finland's President Alexander Stubb discussed the possibility of the Global North as an emerging geopolitical force during an interview on Ykkösaamu, one of Finland's leading current affairs programmes, in February 2026.
Strong Nordic cooperation is one dimension of this thinking.

Are we moving towards a new geopolitical geometry? The significance of the North has grown in recent years through developments such as NATO's enlargement and the increasing strategic importance of the Arctic region. The Arctic has received unprecedented international attention, not only because of security concerns, but also because of its growing relevance for energy, infrastructure, logistics and critical resources. 

The growing strategic importance of the Nordic region is reflected for instance in NATO's decision to establish its Forward Land Forces Multinational Staff Element in Rovaniemi, creating a permanent NATO presence in Northern Finland.

In 2026, the U.S. Coast Guard moved forward with plans to procure 11 new icebreakers from Finland, relying heavily on Finnish icebreaker expertise and shipbuilding capabilities.

The Nordic Effect

For decades, the United States has been the world's dominant magnet for talent, capital and innovation. Yet recent policy shifts and a growing emphasis on "America First" raise a strategic question worth putting to a board: What if America First ultimately makes America less attractive to global talent, capital and ideas? It is a possibility worth exploring. What if a more fragmented geopolitical environment gradually disperses global flows of talent, investment and innovation? What if some of these flows begin seeking more predictable destinations? This is where the Global North starts to matter commercially.

The defining characteristics of the Nordic region include stable societies, low levels of corruption, strong educational systems, safety and security, a strong rule of law, well-functioning institutions, advanced innovation ecosystems and a long tradition of diplomacy and cooperation. These are often described as social strengths. In an increasingly fragmented world, they may also become strategic economic assets.
For instance The World Justice Project's Rule of Law Index 2025 ranked Denmark 1st, with Norway and Finland immediately behind among the strongest rule-of-law countries in the world. Nordic countries also perform exceptionally well in innovation: in the Global Innovation Index 2024

When political risk increases elsewhere, predictability itself may become a competitive advantage and characteristics of an attractive investment environment. 

How could your company benefit if the Nordic region became an increasingly attractive destination for talent, investment and innovation?

No Nordic country can compete with the United States or China on scale alone. Together, however, the region represents a globally relevant platform for innovation, technology, research and investment. The four Nordic exchanges — Helsinki, Stockholm, Copenhagen and Oslo — are already a single functioning market.

Another signal of deeper Nordic integration can be seen in capital markets. In August 2026, Bloomberg reported that the Nordic Compass initiative was exploring a common Nordic stock exchange bringing together the markets of Sweden, Denmark, Norway and Finland. The initiative includes major Nordic actors such as Wallenberg Investments, EQT, Nordea, Nokia, Kone, Nasdaq and the Novo Nordisk Foundation. Its stated ambition is to strengthen the region's ability to compete for capital and support growth companies at a scale that individual Nordic markets struggle to achieve alone. Such discussions suggest that the idea of the Nordics acting as a more integrated economic platform is already moving from geopolitical speculation into practical business strategy.

If the twentieth century rewarded scale and the early twenty-first century rewarded speed, the next decade may reward trusted collaboration.