Holdings
Solidium is a minority owner in twelve companies, eleven of which are listed.
Companies
Anora
Key details
In portfolio since:
2021
Ownership:
19.4 %
Market value of ownership (EUR million):
42
Board member with a connection to Solidium:
Annareetta Lumme-Timonen
In the shareholders’ nomination board:
Petter Söderström
Total Value is 19.05.2025 closing price
Solidium's perspective
- The merger between Altia and Arcus had a strong rationale, but the beginning of the combined company has been challenging, which is reflected in the company’s share price development.
- However, the company has good potential to move in a better direction by leveraging strong market positions and improving efficiency.
- The main drivers of value creation: Improving profitability and strengthening the balance sheet.
Elisa
Key details
In portfolio since:
2009
Ownership:
10.0 %
Market value of ownership (EUR million):
779
Board member with a connection to Solidium:
Tuomas Hyyryläinen
In the shareholders’ nomination board:
Pauli Anttila (CoB)
Total Value is 19.05.2025 closing price
Solidium's perspective
- Elisa is one of the best-managed telecommunications operators in the world and has been able to grow better than the industry average in Europe. This has positively reflected on the company’s long-term shareholder returns.
- Elisa is the only domestic telecommunications operator, and Finland is its most important market area. The significance of its owned telecommunications network and services is strongly emphasized in a society based on digitalization.
- The main drivers of value creation are revenue growth in traditional telecommunications services, especially mobile services. There is potential to develop a rapidly growing business in International Digital Services, that can be accelerated by bolt-on acquisitions.
ICEYE
Key details
In portfolio since:
2024
Invested capital (million €):
55
Board member with a connection to Solidium:
Ulla Palmunen
In the shareholders’ nomination board:
No shareholders’ nomination board
Solidium's perspective
- ICEYE is a globally recognized high-tech company in a rapidly growing sector.
- ICEYE’s SAR satellites and solutions provide unique value through near real-time, weather-independent radar imaging, which offers significant growth potential for the company.
- The main drivers of value creation: The company should realize its technological advantage and growth potential by securing new sales across a wide range of satellite, data, and solution customers. It should establish a strong and scalable position within the space technology value chain.
Konecranes
Key details
In portfolio since:
2017
Ownership:
11.1 %
Market value of ownership (EUR million):
584
Board member with a connection to Solidium:
Pauli Anttila
In the shareholders’ nomination board:
Reima Rytsölä (CoB)
Total Value is 19.05.2025 closing price
Solidium's perspective
- Konecranes’ competitive advantages include strong technological expertise, a broad product portfolio, and a unique position in the industrial cranes and hoists maintenance business.
- Through successful strategy execution, the company has been able to elevate its profitability to a new level.
- Konecranes is a key part of the Finnish expertise cluster related to lifting equipment, and Finland plays a central role in the company’s product development.
- The main drivers of value creation: The continuous growth of the maintenance business, including bolt-on acquisitions, and permanently raising the profitability of the new equipment business to a higher level than before.
Metso
Key details
In portfolio since:
2008
Ownership:
14.9 %
Market value of ownership (EUR million):
1 292
Board member with a connection to Solidium:
Reima Rytsölä
In the shareholders’ nomination board:
Annareetta Lumme-Timonen (CoB)
Total Value is 19.05.2025 closing price
Solidium's perspective
- Metso’s technology and expertise are world-class and are essential for responding to the growing demand for metals. Metso’s offerings also provide solutions for the green transition and electrification.
- The company has successfully grown both organically and through acquisitions, while improving profitability through continuous operational improvements and synergies.
- The main drivers of value creation are ongoing profitable growth. There is potential for improving profitability through increasing the share of service sales and standardising & productising the equipment offering.
Nokia
Key details
In portfolio since:
2018
Ownership:
6.0 %
Market value of ownership (EUR million):
1 504
Board member with a connection to Solidium:
–
In the shareholders’ nomination board:
No shareholders’ nomination board
Total Value is 19.05.2025 closing price
Solidium's perspective
- Nokia’s is a leading technology provider in and industry that it essential for building critical infrastructure around the globe.
- Data transmission continues to grow, making fast, energy-efficient and reliable network connections increasingly important now and in the future.
- Nokia’s research and development related to network- and data transmission technologies is top-tier globally, and exceptionally large for a Finnish company.
- The main drivers of value creation are accelerating growth outside of operator customers, successfully implementing announced structural projects and increasing profitability.
Nokian Tyres
Key details
In portfolio since:
2019
Ownership:
10.1 %
Market value of ownership (EUR million):
92
Board member with a connection to Solidium:
–
In the shareholders’ nomination board:
Petter Söderström (CoB)
Total Value is 19.05.2025 closing price
Solidium's perspective
- The company is the only tire manufacturer in the Nordic countries and one of Finland’s most recognized consumer product companies. In addition to having some of the world’s best winter tires, the company has a strong position in certain segments of heavy tires.
- The company has factories in Finland and the United States and is also ramping up the world’s first carbon-free tire factory in Romania.
- The main drivers of value creation are the return to a growth trajectory and positioning among the most profitable tire companies as the company moves out of its investment phase.
Outokumpu
Key details
In portfolio since:
2008
Ownership:
15.5 %
Market value of ownership (EUR million):
240
Board member with a connection to Solidium:
Petter Söderström
In the shareholders’ nomination board:
Reima Rytsölä (CoB)
Total Value is 19.05.2025 closing price
Solidium's perspective
- Outokumpu’s strong market position allows for significant operational leverage in a favorable economic cycle.
- The company has strengthened its balance sheet, which is now one of the strongest in its industry. This provides stability against cyclical fluctuations and supports dividend payments.
- Production of stainless steel is very carbon intensive on average, but Outokumpu’s stainless steel is among the lowest-emission in the world.
- The main drivers of value creation are allocating capital to the best investment opportunities to enable growth and ensuring cost competitiveness through continuous efficiency improvements.
Sampo
Key details
In portfolio since:
2008
Ownership:
6.2 %
Market value of ownership (EUR million):
1 580
Board member with a connection to Solidium:
–
In the shareholders’ nomination board:
No shareholders’ nomination board
Total Value is 19.05.2025 closing price
Solidium's perspective
- Sampo’s transformation into a pure P&C insurance group has been successfully accomplished.
- The merger with Topdanmark further strengthens Sampo’s leading position in the Nordic P&C insurance markets.
- The main drivers of value creation: Successful integration of Topdanmark, exceeding synergy targets. Also, achieving growth objectives in selected product categories while adhering to discipline.
Stora Enso
Key details
In portfolio since:
2008
Ownership:
10.7 %
Market value of ownership (EUR million):
795
Board member with a connection to Solidium:
Reima Rytsölä
In the shareholders’ nomination board:
Jouko Karvinen
Total Value is 19.05.2025 closing price
* Solidium Oy's share of all Stora Enso Oyj's shares is 10.7% and 27.3% of all votes
Solidium's perspective
- The company is a significant global player in the forestry cluster, which is important for Finnish exports.
- Additionally, Stora Enso is one of the largest private forest owners in the world.
- The main drivers of value creation are revenue growth and profitability improvements, particularly in packaging materials. Moreover, there is substantial long-term growth potential in new bio-based products.
Tietoevry
Key details
In portfolio since:
2010
Ownership:
10.8 %
Market value of ownership (EUR million):
206
Board member with a connection to Solidium:
Petter Söderström
In the shareholders’ nomination board:
Annareetta Lumme-Timonen (CoB)
Total Value is 19.05.2025 closing price
Solidium's perspective
- Following the merger of Tieto and EVRY in 2019, the company has a strong position in Finland and Norway. Additionally, it has strengthened its market position in Sweden, elsewhere in Europe, and outside of Europe.
- The company has been able to distribute a growing dividend.
- The main drivers of value creation are the successful execution of Tech Services sales and the establishment of new financial group targets for the years 2025-2028, as well as accelerating growth in selected core businesses.
Valmet
Key details
In portfolio since:
2014
Ownership:
10.1 %
Market value of ownership (EUR million):
534
Board member with a connection to Solidium:
Annareetta Lumme-Timonen
In the shareholders’ nomination board:
Reima Rytsölä
Total Value is 19.05.2025 closing price
Solidium's perspective
- The company meets customers’ sustainability needs through innovative solutions and services. It has extensive export operations based on Finnish subcontracting chains.
- The company has steadily increased its revenue and improved its profitability since its listing in 2014, creating value for both customers and shareholders.
- The main drivers of value creation are the rise in the company’s valuation through improved profitability and a focus on stable results. Additionally, there is potential for growth in the automation and valve offerings beyond the current customer base.
Holdings
| Company | Number of shares | Value (million €) | Ownership | Closing Price |
|---|---|---|---|---|
| Anora Group Plc | 13 097 481 | 42 | 19.4% | 3.18 |
| Elisa Corporation | 16 802 800 | 779 | 10.0% | 46.34 |
| Konecranes Plc | 8 793 123 | 584 | 11.1% | 66.40 |
| Metso Plc | 123 477 168 | 1 292 | 14.9% | 10.47 |
| Nokia Plc | 325 000 000 | 1 504 | 6.0% | 4.63 |
| Nokian Tyres plc | 14 031 000 | 92 | 10.1% | 6.58 |
| Outokumpu Oyj | 70 793 208 | 240 | 15.5% | 3.39 |
| Sampo Plc A | 166 392 900 | 1 580 | 6.2% | 9.50 |
| Stora Enso Oyj tot. * | 84 447 576 | 795 | 10.7% | – |
| Stora Enso Oyj A | 62 655 036 | 601 | 35.7% | 9.60 |
| Stora Enso Oyj R | 21 792 540 | 194 | 3.6% | 8.89 |
| Tietoevry Corporation | 12 857 918 | 206 | 10.8% | 16.04 |
| Valmet Corporation | 18 640 665 | 534 | 10.1% | 28.63 |
| Holdings | 7 648 | |||
Total Value is 19.05.2025 closing price
* Solidium Oy's share of all Stora Enso Oyj's shares is 10.7% and 27.3% of all votes
| Company | Financial instrument | Invested capital |
|---|---|---|
| ICEYE | Convertible bond | 55 million € |