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OP Pohjola's best dividend payers on the Helsinki exchange, forecasts through 2028

Aug 31, 2026

Finnish companies under OP Pohjola's equity research coverage are set to offer an average dividend yield of roughly 6.5 per cent for the 2026 financial year, according to a review published by OP Media on 28 August 2026. For many names on the list, the forecast yield keeps rising through 2027 and 2028.

The top of the list is dominated by Mandatum, with a forecast dividend yield of 12.8 per cent for 2026, settling to 8.0 per cent in both 2027 and 2028. Terveystalo follows at 8.2 per cent for 2026 and 2027, climbing to 10.2 per cent by 2028, then Anora (7.8% → 9.1% → 9.1%) and HKFoods (7.5% → 8.7% → 9.9%).

OP Pohjola's dividend yield forecasts, 2026e–2028e

Company

2026e

2027e

2028e

Mandatum

12.8%

8.0%

8.0%

Terveystalo

8.2%

8.2%

10.2%

Anora

7.8%

9.1%

9.1%

HKFoods

7.5%

8.7%

9.9%

Elisa

6.8%

6.9%

7.1%

Aktia

6.5%

6.7%

6.7%

eQ

6.5%

7.1%

7.1%

Enento

6.4%

6.4%

6.4%

UPM-Kymmene

6.3%

6.3%

6.3%

Pihlajalinna

6.2%

7.2%

8.1%

Fiskars

6.2%

6.2%

6.5%

Raisio

6.0%

6.4%

6.4%

Lassila & Tikanoja

5.9%

6.4%

7.1%

Nordea

5.7%

6.0%

6.1%

Atria

5.3%

5.6%

5.9%

Marimekko

5.3%

5.8%

6.3%

Valmet

5.2%

5.6%

5.6%

Tokmanni

5.0%

5.7%

6.4%

Nurminen Logistics

5.0%

5.0%

6.7%

Telia

4.8%

5.1%

5.3%

Yield alone is not the point

OP Pohjola's Chief Analyst Antti Saari cautions against reading a single year's percentage as a verdict on a dividend stock.

"For a long-term investor, what matters is not just this year's dividend, but how the dividend develops in the future and what the company's outlook is otherwise. It is never a good idea to base an investment decision solely on a single year's dividend yield"

The article's argument is that a high headline yield can mislead: dividend growth, whether earnings actually cover the payout, and the company's broader business outlook say more than one year's figure.

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