Pihlajalinna's announcement on Tuesday that it will cut around 220 positions, down from the 270 originally signalled, closes a restructuring arc that began six months ago. The change negotiations covered 2,100 of the company's 4,500 employees, meaning roughly 5% of total headcount, and about 10% of those in scope, are being let go.

The May 5 news isn't a surprise. It's the third act of a story that opened on October 30, 2025.

Act 1 — the warning

On October 30, Pihlajalinna issued a profit warning. 2025 revenue would land near €650M, down from €704.4M the previous year. Management pointed to divestments in housing services and weak demand from the public sector "low morbidity and low procurement volumes." 

Crucially, profitability guidance was left intact: EBITA was still expected to land at €65M or above, against €55.2M the year before. The translation was clear. The top line was collapsing faster than expected, and margins would be defended by cutting.

The rebranding of Tietoevry has now been finalized, with the company officially changing its name to Tieto Oyj.

The decision was approved at the Annual General Meeting on March 24, 2026, and registered in the Finnish Trade Register on March 30, 2026. The new name will take effect in trading on Nasdaq Helsinki, Nasdaq Stockholm, and Oslo Børs following standard processing timelines.

While the company remains operationally unchanged, the move marks a return to the Tieto brand, one of the most established names in Nordic IT services.

Originally reported by Arvopaperi.

Auroora Yhtiöt Oyj’s IPO is off to a strong start. The company announced that its institutional offering was multiple times oversubscribed, prompting the board to terminate the subscription period early on March 30 at 18:00.

At the same time, the retail and personnel offerings closed as scheduled earlier in the day at 16:00.

Auroora is a Finnish serial acquirer and industrial holding company focused on building long-term, profitable growth through acquisitions and operational development. The company acts as a long-term owner, developing its portfolio companies within a decentralized and entrepreneurial group structure.

Auroora operates across three core segments:

• Electrification and automation

• Water and environmental technology

• Industrial products and services

The group follows a repeatable acquisition strategy in selected markets, allocating capital to support sustainable value creation.

As of 2025, Auroora includes more than 20 SMEs employing over 850 people. The company reported revenue of €205.2 million and adjusted EBITA of €13.5 million. While headquartered in Finland, Auroora operates internationally, with companies in Sweden and Poland.

Finland’s IPO market is seeing a modest recovery. Some 49 venture capital and private equity-backed companies could list on the stock exchange within the next five years, slightly more than during the previous observation period, according to a new report by the Finnish Venture Capital Association.

The latest report, published today, shows a slight increase after the 2024 outlook listed 47 potential listings through 2028. The new report notes that 38 of the 49 companies have been on the list for several years, suggesting a maturing cohort waiting for the right window.

The group of potential IPOs in Finland between 2026 and 2030. Source: the FVCA.

Last year marked slow but stable listing activity in Finland with five new IPOS, including those of GRK Infra, Posti Group, and Framery Group. Activity has declined from the record-breaking year of 2021, with 29 listings. 

Based on the revenue breakdown shown in the latest FVCA report, 14 percent of the potential IPO candidates generate more than 100 million euros in annual revenue, while 31 percent fall in the 50 to 100 million euro range.