Solidium Oy’s financial report 2025: Significant value creation in 2025 – total return on Solidium’s equity holdings was 36.5 per cent, with EUR 585 million paid in dividends to the Finnish State

Solidium published today its financial statements review for 2025. Solidium’s equity holdings generated an excellent total return (TSR) of 36.5 per cent for the financial year 2025, which is the second-highest annual TSR in the company’s history. The value of equity holdings increased to EUR 9.1 billion from EUR 6.9 billion. During the financial period, Solidium distributed EUR 585 million in dividends to the Finnish State. The TSR of 36.5 per cent for Solidium’s equity holdings in 2025 exceeded the TSR for Solidium’s peer index (16.4 per cent) and the OMXH CAP GI index (35.3 per cent). The 5-year TSR of Solidium’s equity holdings as of 31 December 2025 was 10.1 per cent per annum, which exceeds the TSR for Solidium’s peer index (8.7 per cent per annum) and the OMXH CAP GI index (8.0 per cent per annum).

"Solidium’s portfolio companies performed well in 2025 during challenging market conditions. The solid operational performance combined with improving investor sentiment, especially in the domestic stock market, contributed to the strong performance of Solidium’s portfolio in 2025. 9 out of Solidium’s 11 listed portfolio companies generated stronger total shareholder returns vs. their respective peer groups in 2025, underlining the broad-based strong performance during the year. The positive performance of Solidium’s portfolio is also visible in a 5-year perspective, both in absolute and relative terms. We want to extend our sincere thanks to the Boards, management teams, and employees in Solidium’s portfolio companies for contributing to the strong performance in 2025. Driving growth, transformation, and value creation is at the core of Solidium’s strategy," says Matts Rosenberg, CEO of Solidium.

Solidium supported growth, transformation, and value creation

2025 was an active year for Solidium and its portfolio companies. Examples of Solidium’s active engagement and other highlights during the year include the following:

• Solidium evaluated and supported Stora Enso’s plan to separate its Swedish forest assets into a new publicly listed company. The contemplated partial demerger aims at creating two strong platforms for sustainable profitable growth and disciplined capital allocation. The potential separation of Stora Enso’s packaging operations and the forest assets business would enable clearer assessment of the businesses and enhance value creation for all shareholders,
  
  
• Solidium supported the growth of ICEYE, the Finnish SAR satellite imaging company, by participating in the Series E financing round with an additional investment of EUR 19 million and converting its EUR 55 million convertible bond into equity. After the financing round, Solidium holds approximately 5 per cent of ICEYE’s shares, valued at EUR 94 million,
  
  
• Solidium continued to actively influence Board compositions in its portfolio companies during the year, with the ambition of creating optimal Boards that best support growth, transformation, and shareholder value creation. During 2025, a total of 22 new members were elected to the Board of Directors of Solidium’s portfolio companies, ten of whom were female, and
  
  
• several of Solidium's portfolio companies, including Metso and Valmet, introduced absolute growth targets as a complement to profitability targets in 2025, which is aligned with Solidium’s expectations as an owner. Solidium’s portfolio companies also pursued value creation through inorganic growth, including e.g. Nokia’s acquisition of Infinera.
  
  

A new leadership team was introduced in Solidium during the year

Matts Rosenberg became CEO of Solidium on 11 August 2025. A new leadership team structure was introduced during the year, in order to strengthen the impact of Solidium’s activities and ability to create long-term value. Starting from 1 December 2025, Solidium’s leadership team comprises CEO Matts Rosenberg, CFO Petter Söderström, and General Counsel Ulla Palmunen. A recruitment process for a new CIO role, which is also part of the leadership team, is ongoing. Matts Rosenberg acts, in addition to his CEO role, as Acting CIO until a new person takes on the role.

Further information:

CEO Matts Rosenberg

Media requests, Natalie Nevaste, tel. +358 44 362 9198

Attachment:

Solidium’s financial statements review 1 January – 31 December 2025

Solidium is a Finnish state-owned investment company that creates long-term value through active and responsible ownership. Our investment strategy focuses on minority investments in Finnish listed companies of national importance and investments in Finnish unlisted growth companies. We strive for excellence in everything we do. The total market value of Solidium’s equity holdings is approximately EUR 9.1 billion. Further information: www.solidium.fi/en