Solidium published today its half-year review for January–June 2026. Solidium’s equity holdings generated a strong total shareholder return (TSR) of 18.4 per cent during the first 6 months of 2026. The value of the equity holdings increased to EUR 10.6 billion (EUR 9.1 billion at the end of 2025). The TSR of 18.4 per cent for Solidium’s equity holdings exceeded the TSR for Solidium’s peer index (9.5 per cent) and the OMXH CAP GI index (8.8 per cent). The 5-year TSR of Solidium’s equity holdings as of 30 June 2026 was 9.1 per cent per annum, which exceeds the TSR for Solidium’s peer index (7.4 per cent per annum) and the OMXH CAP GI index (6.0 per cent per annum). The strong performance of Solidium’s portfolio during the first 6 months of the year was driven in particular by Nokia.
“Solidium’s portfolio companies performed well during the first half of 2026, especially in terms of continued margin improvement. The TSR for Solidium’s equity holdings was strong, supported by the exceptional performance of Nokia. We want to extend our warmest thanks to the boards, management teams, and employees in Solidium’s portfolio companies for the continued strong work. Implementation of Solidium’s revised strategy is progressing well, and I also want to thank the Solidium team for the dedicated efforts. Driving growth, transformation, and value creation for the Finnish society is at the core of Solidium’s strategy,” says Matts Rosenberg, CEO of Solidium.
Revised strategy and financial targets
Solidium’s Board of Directors approved the company’s revised strategy and financial targets during the first quarter of 2026. Solidium’s mission remains unchanged; the aim is to create shareholder value and to strengthen ownership in Finnish nationally important companies. Solidium’s investment strategy covers both minority investments in Finnish listed companies and privately held growth companies. New investments should be at least EUR 50 million in size. Solidium’s ownership stake is typically 5–20 per cent in listed companies.
Solidium has set an over the cycle total shareholder return (TSR) target of over 10 per cent p.a. for its total equity portfolio. The TSR for the total portfolio is also targeted to exceed the TSRs for Solidium’s value-weighted peer index and the OMXH CAP GI Index consisting of shares listed on the Helsinki Stock Exchange.
Executing on its revised strategy, Solidium continued to support the growth of ICEYE, the Finnish SAR satellite imaging company, by participating in the Series F funding round with an additional investment of EUR 77 million. Based on current assumptions subject to final structure, Solidium expects to hold approximately 6 per cent of the shares in ICEYE, whereas the Finnish State, through Solidium and Tesi, would hold approximately 12 per cent of the company’s shares after the funding round.
Solidium also continued to strengthen its leadership team by announcing the appointment of Sami Tanner as Chief Investment Officer of Solidium.
Further information:
CEO Matts Rosenberg
Media requests, Natalie Nevaste, tel. +358 44 362 9198
Attachment: Solidium’s half-year review 1 January – 30 June 2026
Solidium in brief
Solidium is a Finnish state-owned investment company that creates long-term shareholder value through active and responsible ownership. Our investment strategy focuses on minority investments in Finnish listed companies of national importance and investments in Finnish private growth companies. We strive for excellence in everything we do. The total market value of Solidium’s equity holdings is approximately EUR 10.1 billion. Further information: www.solidium.fi/en