In the first half of 2026, BlackRock's ownership grew in eight of the ten Finnish listed companies where its position is visible. Two of those increases were announced. The other six were not, because Finnish law only asks for an announcement when a holding crosses a reporting threshold. The lowest is 5 per cent, and none of these crossed it.
Ownership gained between the end of December 2025 and the end of June 2026, in basis points, with the number of BlackRock announcements each company published alongside. Register figures are drawn from Listeds executive intelligence.
Company | Ownership % | Gained | Shares, Dec 31 2025 | Shares, Jun 30 2026 | Change | Change % | Register rank | Announcements |
|---|---|---|---|---|---|---|---|---|
Metso* | 5.08 → 5.50 | +42bp | n/a | n/a | n/a | n/a | n/a | 8 |
Qt Group | 1.48 → 1.74 | +26bp | 376,177 | 443,173 | +66,996 | +17.8% | 7 → 5 | none |
Nordea Bank* | 5.50 → 5.70 | +20bp | ~ 190,500,000 | ~ 194,600,000 | ~ +4,100,000 | ~ +2.2% | 1 → 1 | none |
Harvia | 1.91 → 2.10 | +19bp | 357,390 | 392,409 | +35,019 | +9.8% | 12 → 13 | none |
Kempower | 0.59 → 0.71 | +12bp | 329,991 | 396,845 | +66,854 | +20.3% | 8 → 7 | none |
Orion* | 5.00 → 5.11 | +11bp | n/a | n/a | n/a | n/a | n/a | 19 |
Neste | 2.90 → 2.95 | +5bp | 22,275,300 | 22,669,111 | +393,811 | +1.8% | 4 → 2 | none |
Revenio Group | 1.59 → 1.61 | +2bp | 423,288 | 468,238 | +44,950 | +10.6% | 7 → 8 | none |
Elisa | 6.49 → 6.49 | 0bp | 10,857,012 | 10,857,012 | No change | 0% | 2 → 2 | none |
Stora Enso* | 5.00 → 5.00 | 0bp | n/a | n/a | n/a | n/a | n/a | 20 |
* For Metso, Orion and Stora Enso the readings are the holdings reported at the crossings closest to each end of the window: Metso 12 February and 30 June, Orion 5 January and 17 June, Stora Enso beginning of January and 26 June. Nordea's second reading is end-July 2026; all other companies are 31 December 2025 to 30 June 2026. Nordea discloses its major shareholders rounded to the nearest 0.1 million shares (e.g. 194.6 million shares), so the share counts and changes shown for Nordea are approximations.
Basis points of ownership are used here because they survive the two things that distort share counts, dilution and buybacks, and because they mean the same thing to a chair and to a portfolio manager. One caution before reading the table: the three companies with announcements are measured as combined holdings, shares plus financial instruments, as filed. The seven others are measured as shares registered in BlackRock's own name.
Four of the five biggest increases, ranks two through five, produced no announcement at all, and 77 basis points of ownership changed hands across those four companies in silence.The 47 announcements cluster at the two ends of the table, at rank one and rank nine.
Metso gained 42 basis points without changing the percentage of shares held
Metso's share holding reads 4.98 per cent on 12 February and 4.98 per cent on 30 June. Identical to the second decimal across four and a half months, on a net movement of 39,519 shares. Over the same period the holding through financial instruments went from 0.09 to 0.52 per cent, taking the combined position from 5.08 to 5.50 per cent.
That is the largest increase in exposure to any Finnish listed company in this dataset, and a share register would not show it. Metso published eight announcements while it happened, each one describing a line being crossed rather than a position being built.
Stora Enso published twenty times and ended the half exactly where it started
At the beginning of January the Stora Enso holding read 4.26 per cent in shares and 0.73 per cent through financial instruments, 5.00 per cent in total. On 26 June: 3.81 per cent in shares, 1.19 per cent through financial instruments. Total, 5.00 per cent. The shares fell forty-five basis points, the financial instruments rose forty-six, and twenty announcements describe the round trip.
Orion is the only one of the three where the share holding itself crossed the line, from 4.97 per cent on 5 January to 5.01 per cent on 17 June, with financial instruments marginal throughout at 0.02 to 0.09 per cent. Nineteen announcements, eleven basis points.
The middle of the table bought quietly, and two of those gains are smaller than they look
Qt Group, Nordea, Harvia and Kempower gained 77 basis points of BlackRock ownership between them with nothing published. In share terms Kempower grew fastest, up 20.3 per cent to 396,845 shares, with Qt Group up 17.8 per cent to 443,173.
Two entries need discounting. Revenio's holding grew 10.6 per cent in shares but two basis points in ownership, because Revenio issued roughly 9 per cent more shares in the same window and BlackRock close to kept pace. Nordea's ownership rose partly because Nordea reduced its own share count, from 3,434 million to 3,403 million.
The rule fires on crossing, not on owning
How the flagging rule works
Under the Securities Markets Act (746/2012, Chapter 9), a shareholder must notify the company and the Financial Supervisory Authority (Finanssivalvonta) when its holding crosses a reporting threshold in Finland. The lowest is 5 per cent, and the ladder runs up to 90. Notification is due without undue delay and at the latest on the next trading day. The company then publishes it as a stock exchange release.
Every position in this piece sits at the bottom of that ladder, so 5 per cent is the only threshold that matters here. A holder sitting at 0.6 per cent can double its position in silence. A holder sitting at 5.00 per cent generates a release every time it crosses back over the line, whether a lending desk was busy, an index rebalanced, or shares moved between group entities.
The crossings recur across the half rather than clustering. Stora Enso published in five separate months, Orion in three, Metso in three.
Company | Notifications | Active months |
Stora Enso | 20 | Jan, Feb, Mar, Apr, Jun |
Orion | 19 | Jan, Mar, Jun |
Metso | 8 | Feb, May, Jun |
Total | 47 | All of H1 |
The rule also explains why a holder can sit above 5 per cent without publishing anything. Nordea and Elisa both do, at 5.7 and 6.49 per cent, because in this window nothing crossed.
A Finnish share register shows the registered holder, and for a foreign institution that can be the institution or a custodian bank acting for it. BlackRock does not appear under its own name in the Stora Enso, Orion or Metso registers, which describes how those positions are registered rather than whether they exist.
An announcement tells you a line moved, not that a position was built
When a Finnish company publishes a BlackRock notification, the question worth asking is which column moved. At Stora Enso and Metso it was the financial instrument column, while the share column fell or stood still. The release says 5 per cent either way, and the share column on its own tells you nothing about how the exposure changed.
Silence carries the same warning in reverse. Four companies gained 77 basis points between them with nothing published. For anyone sizing institutional demand in Finnish equities, the disclosure feed is the wrong instrument on its own, because it reports crossings rather than accumulation. The two records are complementary rather than ranked. Disclosure is fast and reports only crossings. A register comparison is slower, arriving once a month, and reports levels. The announcement tells you when a line was touched; only the register tells you what was built.
A notification is a late signal, not an early one
To reach 5 per cent, a holder has to accumulate first, and the accumulation is the part nobody publishes. Kempower and Qt Group are in that phase now, at 0.71 and 1.74 per cent, in public data, with no release attached. When an announcement eventually comes, it reports the arrival and not the journey.
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5 min read
In the first half of 2026, BlackRock's ownership grew in eight of the ten Finnish listed companies where its position is visible. Two of those increases were announced. The other six were not, because Finnish law only asks for an announcement when a holding crosses a reporting threshold. The lowest is 5 per cent, and none of these crossed it.
Ownership gained between the end of December 2025 and the end of June 2026, in basis points, with the number of BlackRock announcements each company published alongside. Register figures are drawn from Listeds executive intelligence.
Company | Ownership % | Gained | Shares, Dec 31 2025 | Shares, Jun 30 2026 | Change | Change % | Register rank | Announcements |
|---|---|---|---|---|---|---|---|---|
Metso* | 5.08 → 5.50 | +42bp | n/a | n/a | n/a | n/a | n/a | 8 |
Qt Group | 1.48 → 1.74 | +26bp | 376,177 | 443,173 | +66,996 | +17.8% | 7 → 5 | none |
Nordea Bank* | 5.50 → 5.70 | +20bp | ~ 190,500,000 | ~ 194,600,000 | ~ +4,100,000 | ~ +2.2% | 1 → 1 | none |
Harvia | 1.91 → 2.10 | +19bp | 357,390 | 392,409 | +35,019 | +9.8% | 12 → 13 | none |
Kempower | 0.59 → 0.71 | +12bp | 329,991 | 396,845 | +66,854 | +20.3% | 8 → 7 | none |
Orion* | 5.00 → 5.11 | +11bp | n/a | n/a | n/a | n/a | n/a | 19 |
Neste | 2.90 → 2.95 | +5bp | 22,275,300 | 22,669,111 | +393,811 | +1.8% | 4 → 2 | none |
Revenio Group | 1.59 → 1.61 | +2bp | 423,288 | 468,238 | +44,950 | +10.6% | 7 → 8 | none |
Elisa | 6.49 → 6.49 | 0bp | 10,857,012 | 10,857,012 | No change | 0% | 2 → 2 | none |
Stora Enso* | 5.00 → 5.00 | 0bp | n/a | n/a | n/a | n/a | n/a | 20 |
* For Metso, Orion and Stora Enso the readings are the holdings reported at the crossings closest to each end of the window: Metso 12 February and 30 June, Orion 5 January and 17 June, Stora Enso beginning of January and 26 June. Nordea's second reading is end-July 2026; all other companies are 31 December 2025 to 30 June 2026. Nordea discloses its major shareholders rounded to the nearest 0.1 million shares (e.g. 194.6 million shares), so the share counts and changes shown for Nordea are approximations.
Basis points of ownership are used here because they survive the two things that distort share counts, dilution and buybacks, and because they mean the same thing to a chair and to a portfolio manager. One caution before reading the table: the three companies with announcements are measured as combined holdings, shares plus financial instruments, as filed. The seven others are measured as shares registered in BlackRock's own name.
Four of the five biggest increases, ranks two through five, produced no announcement at all, and 77 basis points of ownership changed hands across those four companies in silence.The 47 announcements cluster at the two ends of the table, at rank one and rank nine.
Metso gained 42 basis points without changing the percentage of shares held
Metso's share holding reads 4.98 per cent on 12 February and 4.98 per cent on 30 June. Identical to the second decimal across four and a half months, on a net movement of 39,519 shares. Over the same period the holding through financial instruments went from 0.09 to 0.52 per cent, taking the combined position from 5.08 to 5.50 per cent.
That is the largest increase in exposure to any Finnish listed company in this dataset, and a share register would not show it. Metso published eight announcements while it happened, each one describing a line being crossed rather than a position being built.
Stora Enso published twenty times and ended the half exactly where it started
At the beginning of January the Stora Enso holding read 4.26 per cent in shares and 0.73 per cent through financial instruments, 5.00 per cent in total. On 26 June: 3.81 per cent in shares, 1.19 per cent through financial instruments. Total, 5.00 per cent. The shares fell forty-five basis points, the financial instruments rose forty-six, and twenty announcements describe the round trip.
Orion is the only one of the three where the share holding itself crossed the line, from 4.97 per cent on 5 January to 5.01 per cent on 17 June, with financial instruments marginal throughout at 0.02 to 0.09 per cent. Nineteen announcements, eleven basis points.
The middle of the table bought quietly, and two of those gains are smaller than they look
Qt Group, Nordea, Harvia and Kempower gained 77 basis points of BlackRock ownership between them with nothing published. In share terms Kempower grew fastest, up 20.3 per cent to 396,845 shares, with Qt Group up 17.8 per cent to 443,173.
Two entries need discounting. Revenio's holding grew 10.6 per cent in shares but two basis points in ownership, because Revenio issued roughly 9 per cent more shares in the same window and BlackRock close to kept pace. Nordea's ownership rose partly because Nordea reduced its own share count, from 3,434 million to 3,403 million.
The rule fires on crossing, not on owning
How the flagging rule works
Under the Securities Markets Act (746/2012, Chapter 9), a shareholder must notify the company and the Financial Supervisory Authority (Finanssivalvonta) when its holding crosses a reporting threshold in Finland. The lowest is 5 per cent, and the ladder runs up to 90. Notification is due without undue delay and at the latest on the next trading day. The company then publishes it as a stock exchange release.
Every position in this piece sits at the bottom of that ladder, so 5 per cent is the only threshold that matters here. A holder sitting at 0.6 per cent can double its position in silence. A holder sitting at 5.00 per cent generates a release every time it crosses back over the line, whether a lending desk was busy, an index rebalanced, or shares moved between group entities.
The crossings recur across the half rather than clustering. Stora Enso published in five separate months, Orion in three, Metso in three.
Company | Notifications | Active months |
Stora Enso | 20 | Jan, Feb, Mar, Apr, Jun |
Orion | 19 | Jan, Mar, Jun |
Metso | 8 | Feb, May, Jun |
Total | 47 | All of H1 |
The rule also explains why a holder can sit above 5 per cent without publishing anything. Nordea and Elisa both do, at 5.7 and 6.49 per cent, because in this window nothing crossed.
A Finnish share register shows the registered holder, and for a foreign institution that can be the institution or a custodian bank acting for it. BlackRock does not appear under its own name in the Stora Enso, Orion or Metso registers, which describes how those positions are registered rather than whether they exist.
An announcement tells you a line moved, not that a position was built
When a Finnish company publishes a BlackRock notification, the question worth asking is which column moved. At Stora Enso and Metso it was the financial instrument column, while the share column fell or stood still. The release says 5 per cent either way, and the share column on its own tells you nothing about how the exposure changed.
Silence carries the same warning in reverse. Four companies gained 77 basis points between them with nothing published. For anyone sizing institutional demand in Finnish equities, the disclosure feed is the wrong instrument on its own, because it reports crossings rather than accumulation. The two records are complementary rather than ranked. Disclosure is fast and reports only crossings. A register comparison is slower, arriving once a month, and reports levels. The announcement tells you when a line was touched; only the register tells you what was built.
A notification is a late signal, not an early one
To reach 5 per cent, a holder has to accumulate first, and the accumulation is the part nobody publishes. Kempower and Qt Group are in that phase now, at 0.71 and 1.74 per cent, in public data, with no release attached. When an announcement eventually comes, it reports the arrival and not the journey.
Coverage. The register comparison covers Nasdaq Helsinki and First North issuers registered in Finland; companies listed on those markets but registered elsewhere fall outside it. Three companies enter through notifications (Stora Enso, Orion, Metso) and seven through positions registered in BlackRock's own name (Kempower, Qt Group, Revenio, Harvia, Neste, Nordea, Elisa).
For the three notification companies, ownership is the combined holding as filed, shares plus financial instruments. For the seven register companies it is shares registered under BlackRock's name, which excludes any shares held through a custodian.
Notifications distinguish three trigger types: shares, financial instruments, and combined holdings. All three are counted together in the totals. Notifications are counted by publication date.
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