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demerger

demerger

Business

Two Helsinki demergers are locked in, a third is under review

Sep 4, 2026

UPM's shareholders approved the WISA Group separation on 31 August. Aspo votes on 7 December. Valmet has not yet approved a plan.

UPM-Kymmene's extraordinary general meeting approved the demerger of its Plywood business on 31 August 2026, seating the board of the new company at the same meeting. WISA Group Plc is expected to complete on or about 31 October and start trading on Nasdaq Helsinki on 2 November. UPM shareholders receive one WISA share for each UPM share held; the Finnish Tax Administration has ruled the demerger tax-neutral, and the Financial Supervisory Authority approved the listing prospectus in July and a supplement in August.

Aspo's board approved its own demerger plan on 3 August 2026. ESL Shipping moves into ESL Shipping Group Plc and the continuing company was renamed Telko Group Plc, on the same one-for-one basis. The extraordinary general meeting is set for 7 December, completion for 31 December, and trading in ESL Shipping Group shares for on or about 4 January 2027. A separate share exchange folds Lighthouse HoldCo's 21.4% direct stake in ESL Shipping into the new company, after which OP Finland Infrastructure LP (about 14.3%) and Varma Mutual Pension Insurance Company (about 10.7%) are expected to be its two largest shareholders.

Valmet is furthest from a vote. Its board announced on 24 July 2026 that it would review separating Biomaterial Solutions and Services from Process Performance Solutions into two listed companies. No plan has been approved. An update is due no later than the full-year 2026 results. 

Where the three stand


UPM → WISA Group

Aspo → ESL Shipping Group / Telko Group

Valmet

Stage

Approved by EGM, 31 Aug 2026

Plan approved by board, 3 Aug 2026

Strategic review only

Shareholder vote

Done

7 Dec 2026

None scheduled

Completion

On or about 31 Oct 2026

31 Dec 2026

Not set

First trading day

2 Nov 2026

On or about 4 Jan 2027

Not set

CEO of new company

Tuija Suur-Hamari

Matti-Mikael Koskinen (ESL Shipping Group); Telko Group not disclosed

Not disclosed

Chair

Tapio Korpeinen

Rolf Jansson (ESL Shipping Group, intended)

Not disclosed

Net sales

EUR 409M plywood sales, 2025

EUR 178.4M (ESL Shipping Group) and EUR 294.6M (Telko Group), 12 months to June 2026

EUR 1.7B (Process Performance Solutions), annualised

2030 target

EUR 550M+ sales, 13% comparable EBIT margin

EUR 40M+ comparable EBIT

Not set

Tax-neutral ruling

Confirmed

Confirmed

n/a

The numbers behind WISA

WISA will operate seven production units across five locations in Finland and Estonia, with capacity of around 785,000 cubic metres a year. Plywood sales were EUR 409 million in 2025 on EUR 55 million of comparable EBITDA, against a 2030 target of more than EUR 550 million in sales and a 13% comparable EBIT margin, with a dividend policy of roughly half of annual profit.

The 31 August meeting also elected WISA's board — Tapio Korpeinen as chair, Mats Nordlander as deputy chair, and Sakari Ahdekivi, Frank Herrmann, Nina Kiviranta and Emmanuelle Picard, each serving until WISA's first annual general meeting. 

Valmet itself demerged from Metso in 2013.

The leadership consequences of these three transactions are covered separately by Listeds in  Two new listed CEOs, no search, no external hire: two new listed-CEO seats created without a search, filled from inside the parent, against a Large Cap tier that recorded no CEO change in the first half of 2026.

Leaders

One Talenom: Juho Ahosola’s bet on focus after the split

Mar 30, 2026

Talenom has split into two. What remains is a simpler company with a sharper focus on financial management services. Now, its new CEO Juho Ahosola must show that focus can translate into performance.

“When you try to do many things at the same time, it’s hard to be excellent at everything.” Talenom CEO Juho Ahosola pauses briefly. “Now our focus is much more narrow. That makes it easier to be truly good at what we do.”

The comment comes at a moment when Finnish accounting behemoth Talenom has just reshaped itself. Following the demerger completed in February, the company has separated its software business into Easor and is now fully focused on accounting services.

Sitting in the Tampere office, Ahosola senses the shift. “This is a new era. Many feel it’s a fresh start. The focus is clearer, and clarity is usually a very good thing.” What replaces the old structure is a pure service business where performance depends on employees and clients.

Ahosola’s first weeks as CEO have been busy. “I’ve been visiting offices, meeting our people. That’s crucial,” he says, adding that as a service business, everything is about the employees. “In my thinking, it’s all about people.”

Listeds data show that Ahosola is one of Finland’s youngest CEOs, but he is also an insider who knows Talenom from the inside out. He was promoted to the role following the demerger in February after serving as deputy CEO, spending more than a decade rising through the ranks.

A company built around one way of working

At the center of the next phase is what Ahosola calls “One Talenom,” a shared way of operating across countries.

“If we continuously improve employee experience, our teams are more engaged. That leads to better customer experience. When clients are happy, they recommend us, and that drives growth. And growth creates more opportunities for our people.”

Technology supports that system, but does not define it. “We use AI to reduce manual work and free up time. That time should be used with clients.” However, AI accountants have their limitations. “When you have real challenges, you still want a human being.”

Juho Ahosola rose through the ranks, spending more than a decade at Talenom before stepping into the CEO role in February 2026. Photograph from Talenom.

A reset under pressure

The demerger comes after a year that fell short of expectations.

In 2025, Talenom’s continuing operations generated €109 million in revenue, growing 3.2 percent, according to its latest financial statement. Profitability weakened, and the company did not meet its financial targets. At the group level, operating profit declined sharply.

The market reaction has been visible. Talenom’s share price has fallen by more than 40 percent over the past year. Easor, the newly listed software company, has also traded below its initial levels.

“We are not happy that we didn’t reach our financial targets,” Ahosola says. “But we aim to learn from it and maintain strong confidence in the future.”

Still, the road looks clearer after the transition. “When you are executing a split like this, it takes a lot of energy from the organization.” Now, the focus shifts forward. “We can fully focus on what we are doing.”

A CEO who grew up inside the company

Ahosola’s way of thinking is closely tied to his own path. “I started as a financial accountant. I have basically been in all organizational levels.”

Over more than a decade, he has moved through expert roles, development, HR, and international leadership, which comes in handy now. “You understand what kind of concerns people might have in different roles.”

At 38, he is one of the six youngest CEOs of listed companies in Finland, according to data from the Listeds Executive Intelligence platform. Alongside Anna Wäck at Sitowise, Ahosola is one of only two who have taken on the role this year.

Looking back on his journey within one company, Ahosola is grateful for the chances Talenom gave him to grow. “When we are growing, it gives new challenges. That’s one reason why people stay.”

Growth, but on different terms

Growth remains central to the company’s ambitions.

Talenom continues to target more than 10 percent annual growth in the medium term. But Ahosola is clear about the source of that growth. It will not come from acquisitions alone.

“Organic growth is the real growth. It means your product must be better than your competitors’.”

Acquisitions remain part of the strategy, particularly in Spain, where Talenom has been actively building its presence. In 2025 alone, the company completed four acquisitions: Ascofi Berria and Harri Berri, Pagoa Consultoras, Querol & Querol Assessors, and Nova Ceteb, together adding roughly €4 million in annual revenue.

Still, Ahosola is careful to frame their role. “We don’t want to grow only through acquisitions,” he says, adding that above new purchases, the company prioritizes organic growth.

“If we are better day after day in employee experience, everything else follows.”

What Talenom is becoming

Asked what he wants to build for the future, Ahosola does not hesitate.

“I want Talenom to be the most recommended partner by our employees and our clients.” Then he adds, “We are never ready. The day you think you are good enough, that’s the first day of the end.”

The structure is now simpler. The direction is clearer. What remains is the harder part, making it work consistently across countries, teams, and clients. Still, for Ahosola, the foundation is set:

“It starts from people.”

Business

Lassila & Tikanoja shareholders approve split of circular economy business

Dec 5, 2025

Lassila & Tikanoja has approved a partial demerger that will separate its circular economy operations, enabling the Finnish waste manager to operate two independently listed companies.

The environmental service provider will form a new independent listed company, also named Lassila & Tikanoja. The current organization will be renamed Luotea, per the latest shareholder meeting. The restructuring is designed to give each business a clearer strategic focus, improve operational transparency, and enable more targeted capital allocation.

The company enters the demerger with improving financial performance. For January–September 2025, it generated EUR 571.4 million in net sales and raised adjusted operating profit to EUR 37.7 million. In October, it upgraded its 2025 outlook to EUR 44–48 million. Lassila & Tikanoja targets 4–5 percent annual organic growth, an adjusted EBITA margin above 5 percent, and operating free cash flow exceeding 90 percent of EBITA.

The new Lassila & Tikanoja will be led by a five-member board chaired by Jukka Leinonen, with Sakari Lassila as vice chair. Teemu Kangas-Kärki serves as a member alongside the only new 2025 additions, Tuija Kalpala and Anna-Maria Tuominen-Reini, according to Listeds data.

Luotea will focus on property maintenance, cleaning and support services, security services, HVAC and technical facility services, energy-efficiency work, and related consulting. It may also manage group financing and hold or lease shares, securities, and real estate. Its target market totals approximately EUR 12.2 billion across Finland and Sweden, with expected annual growth of about 4 percent, according to the parent's estimate. Luotea will have a six-member board chaired by Johan Mild.

The transition is conditional upon the demerger’s completion at year-end. Trading in the shares of the new Lassila & Tikanoja is expected to begin on 2 January 2026.

Follow Lassila & Tikanoja's moves on the Listeds data platform here.

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