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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.

Business

Eighteen Finnish companies have climbed to the Helsinki main list. Ovaro wants to climb down.

Aug 19, 2026

Ovaro's board has costed its IFRS reporting at €300,000 a year and asked shareholders to move down to First North, with the share still publicly traded. Days earlier, Innofactor's Sami Ensio put his own exit price at €700,000.

On 18 August, the board of Ovaro Kiinteistösijoitus Oyj proposed that shareholders move the company from Nasdaq Helsinki's regulated main market to First North Growth Market Finland, while it remains publicly traded. An extraordinary general meeting decides on 8 September. The same morning, Ovaro withdrew its 2026 guidance.

The saving is a fifth of last year's profit

The move lets Ovaro drop IFRS, mandatory on the main market, for Finnish FAS, which First North permits.

The board puts the savings at approximately €300,000 a year. CEO Marko Huttunen told Keskisuomalainen that is about 14% of the company's administrative costs.

Set that against the company. Ovaro's 2025 revenue was €4.288m, down from €5.262m in 2024, on a net result of €1.468m. The saving is roughly a fifth of last year's profit, at a company with four employees and an €80.4m balance sheet at 31 March 2026.

Innofactor's founder priced the same listing at €700,000, then left entirely

Three days before Ovaro's announcement, Talouselämä reported Sami Ensio, founder and chief executive of the software company Innofactor, estimating that operating as a listed company meant roughly €700,000 a year in additional costs, and naming regulation as a central reason for leaving the exchange. Innofactor left by the other door: Onni Bidco's tender offer took it private, the company applied for delisting on 31 March 2025, and the shares were listed for the last time on Nasdaq Helsinki on 25 April 2025.

The two figures are not like-for-like. Ensio's €700,000 is a chief executive's estimate of the full cost of being listed; Ovaro's €300,000 is a board's estimate of one line item, the switch from IFRS to FAS reporting.

The staircase normally runs the other way

When Toivo Group — a Finnish real estate developer, like Ovaro — stepped up from First North Finland to the Helsinki main market in June 2025, Nasdaq counted it as the 18th company to make that move over the past years in Finland and the 143rd in the Nordics. Both are running totals, not 2025 counts. In Stockholm, Nasdaq's 2025 changes-to-the-list records seven companies moving up from First North in that single year and one moving down: Lucara. Helsinki closed 2025 with 136 main market companies and 47 on First North. The main market has since grown to 147 companies, while the First North roster remains unchanged. 

Shareholders vote on 8 September, and Ovaro expects First North trading to begin before the end of 2026. The most interesting number is not €300,000. It is 14% — the share of administrative costs one Finnish board has now put on the record.

Business

Summa Defence plunges 33% after financing talks end without result

May 28, 2026

Shares of Summa Defence slumped 32.6 percent to €0.55 in the afternoon after the Finnish defence technology company said negotiations related to a planned rights issue had ended without result, raising further concerns about the group’s liquidity position.

The decline leaves the stock down almost 80 percent since the start of the year. Shares traded still at €2.50 in early January but have fallen steadily as financing pressure and operational challenges have intensified.

In a company announcement today, Summa Defence said it continues to pursue alternative equity and debt financing solutions to strengthen its financial position. The company added that its liquidity position remains “extremely tight.”

The statement follows an earlier warning issued on May 13, when Summa Defence said its existing working capital would not be sufficient for the next 12 months without new financing or payment arrangements. At the time, the company estimated its current liquidity would cover roughly two months of operations if planned financing arrangements progressed as expected.

Today’s update suggested those plans have not materialized. “The negotiations concerning the rights issue have, however, concluded without result,” the company said in the release.

Summa Defence also repeated that failure to secure financing could materially compromise its ability to continue as a going concern. The company said a loss of liquidity could lead to restructuring proceedings, liquidation, or bankruptcy.

The financing pressure comes less than a week after Summa Defence announced the sale of its renewable energy subsidiary Rasol Oy for EUR 5,000 as part of a broader strategic review, as reported by Listeds. The company said the review is intended to strengthen its capital structure and support its focus on defense and security technologies.

The troubles emerge amid broader leadership changes at Summa Defence. Earlier this month, Listeds reported that General Counsel Hanna Kyrki will leave the company in November, following the appointments of a new CEO and CFO.

Summa Defence is a Finnish defense and security technology group focused on maritime, land, and dual-use technologies. The company’s shares are listed on Nasdaq First North Growth Market Finland.

Business

[Earnings wrap] Rapala jumps 20% as Helsinki market falls, Marimekko gains on margin growth

May 13, 2026

Rapala VMC, the Finnish fishing tackle maker, surged more than 20% shortly after reporting stronger first-quarter profitability and maintaining its outlook, sharply outperforming a weaker Helsinki market where the OMX Helsinki 25 index fell 0.35% in the afternoon. Marimekko also gained nearly 7%, while Qt Group rose modestly and Relais Group traded lower despite beating analyst expectations. Citycon is scheduled to publish its first-quarter report after the market close.

Rapala said first-quarter net sales rose 6% to EUR 69.5 million, or 13% at comparable exchange rates, while comparable operating profit increased 39% to EUR 7.8 million. Operating profit rose to EUR 7.7 million from EUR 6 million a year earlier.

CEO Cyrille Viellard said demand was supported by new product launches including the CrushCity Mooch Minnow and Claptail lures, as well as strong fill rates for seasonal retailer orders.

“A positive start to 2026 with 13% sales growth at comparable exchange rates, supported by exciting new product introductions and efficient supply chain execution,” Viellard said.

The company maintained guidance for full-year comparable operating profit to improve from 2025 despite continued geopolitical uncertainty and inflationary pressure on raw materials.

Marimekko, the Finnish lifestyle and textile design company, reported a 5% increase in first-quarter net sales to EUR 41.4 million, while comparable operating profit rose 19% to EUR 5.3 million. The company said growth was driven particularly by wholesale sales in Scandinavia and Finland, while international sales climbed 9%.

Qt Group, which develops software tools for embedded systems and user interfaces, reported net sales growth of 11.6% to EUR 52.7 million, while annual recurring revenue increased 32.7% to EUR 155.9 million. Profitability weakened sharply, however, with EBITA falling 40% to EUR 5 million.

CEO Juha Varelius said customers remained cautious on new product development spending amid geopolitical tensions and weak economic conditions. Qt reiterated guidance for at least 10% comparable currency revenue growth in 2026 and an EBITA margin of at least 15%.

Relais Group, the Nordic vehicle aftermarket consolidator, reported a 44% increase in first-quarter net sales to EUR 119 million. Adjusted EBITA rose to EUR 12.8 million from EUR 9.2 million a year earlier, ahead of the EUR 12.3 million consensus forecast compiled by Modular Finance, although the stock traded down around 1.7%.

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