Solidium Oy

Solidium Oy · Finland · Europe · Founded 2008 · State holding company · Not an IFSWF member

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Focus

Solidium Oy: what it invests in

Industrials and manufacturingTechnologyTelecoms and mediaFinancial servicesMining and metalsConsumer and retail

Strategic state holdingsPublic equitiesVenture capital

Geography Mainly domestic

Scale

Solidium Oy: how big it is, and on what basis

EUR 9.1B (end 2025)

Portfolio value

In US dollars: about USD 10.7B. Converted at EUR 0.85106 per USD, ECB rate for 31 December 2025

2025 return 36.5%

Transparency

Solidium Oy: what it publishes

10.0 of 10 Band 5 of 5

Published 10 · Partly 0 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Equity holdingsS1: EUR 9.1B (about USD 10.7B, end 2025); As of 2026-04-30
2025 returnS1: 36.5%; As of 2026-04-30
5-year returnS1: 10.1% a year; As of 2026-04-30
Paid to the State since 2008S1: EUR 8.6B; As of 2026-04-30
Companies heldS1: 12 (11 listed); As of 2026-04-30
Minimum private investmentS1: EUR 50M; As of 2026-04-30
Transparency scoreS1: 10 of 10; As of 2026-04-30

At a glance. Solidium is the Finnish State's holding company for minority stakes in nationally important listed companies, and a growth investor in Finnish private companies. It held EUR 9.1B of equities (about USD 10.7B) at end 2025 across twelve companies, led by Metso, Nokia and Sampo. Holdings returned 36.5 percent in 2025, and Solidium has paid EUR 8.6B to the State since 2008. S1 S4

Key points

Anchor minority owner in eleven listed Finnish companies plus space start-up ICEYE. S1 S5
Return target above 10 percent for the equity portfolio; five-year return of 10.1 percent a year. S1
Private growth investments start at EUR 50M per company. S1
Paid EUR 0.6B of dividends to the State in 2025 and EUR 8.6B since 2008. S1
Holdings were worth about EUR 10.0B at 7 October 2026, including ICEYE at EUR 483M. S5
Board seats or nomination board roles at most holdings, such as chairing the Metso and Konecranes nomination boards. S5

Interesting facts

Solidium was first set up in 1991 to manage the assets of SKOP Bank after the early 1990s banking crisis. S2
Its Stora Enso stake is 10.7 percent of shares but 27.4 percent of votes. S1
A team of only 12 professionals manages the portfolio. S1

Mandate and goals

Strengthen Finnish ownership in nationally important companies as an active minority owner, and back Finnish private growth companies. S1

Create shareholder value through growth and transformation. S1
Keep Finnish anchor ownership in key listed companies. S1
Pay dividends to the State. S1
Return target: Above 10 percent a year on the equity portfolio S1

How it invests

Industries	Industrials and manufacturing, Technology, Telecoms and media, Financial services, Mining and metals, Consumer and retail S1 S5
Asset classes	Strategic state holdings, Public equities, Venture capital S1
Stages	Public markets, Growth S1
Geography	Mainly domestic. Finnish listed and private companies only S1
Direct / through funds / co-invest	Yes / No / Yes S1
Managed in house	100 percent S1
Ticket size	Minimum initial investment of EUR 50M in private growth companies S1
Deal sizes seen	EUR 19M follow-on (ICEYE, 2025) to listed stakes worth over EUR 3B
External managers	No external fund investments described S1
Co-investment programme	Joins funding rounds with other investors, as in ICEYE S1

Largest holdings: Nokia EUR 3,102M (5.7%), Metso EUR 2,060M (14.9%), Stora Enso EUR 832M (10.7%), Sampo EUR 826M (3.6%), Konecranes EUR 800M (11.1%), Elisa EUR 595M (10.0%), Valmet EUR 497M (10.1%), Outokumpu EUR 351M (15.0%), Tieto EUR 238M (11.7%), Nokian Tyres EUR 206M (10.1%) (as of 2026-10-07) S5

Published criteria

Nationally important Finnish company. S1
Private growth targets need at least EUR 50M of initial investment. S1
Single positions normally kept below a strategy limit. S1

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	ICEYE (Series E). Follow-on in the SAR satellite company's Series E, plus conversion of a EUR 55M convertible bond into shares. S1	Direct investment	Technology	Growth	EUR 19M
2024	ICEYE (convertible bond). First private growth investment, made as a convertible bond. S5	Direct investment	Technology	Growth	EUR 55M
2024	Kemira. Sold its shares in the chemicals company in February 2024; also sold its Mandatum stake. S2	Sale or exit	Industrials and manufacturing	Public markets	About USD 124M
2021	Anora. Became a holder when Altia merged with Arcus; owns 19.4 percent. S5	Direct investment	Consumer and retail	Public markets	Not published	19.4%
2019	Nokian Tyres. Built a 10.1 percent stake. S5	Direct investment	Industrials and manufacturing	Public markets	Not published	10.1%
2018	Nokia. Holds 5.7 percent, its largest position by value. S5	Direct investment	Technology	Public markets	Not published	5.7%
2017	Konecranes. Built an 11.1 percent stake; chairs the nomination board. S5	Direct investment	Industrials and manufacturing	Public markets	Not published	11.1%
2014	Valmet. Holds 10.1 percent. S5	Direct investment	Industrials and manufacturing	Public markets	Not published	10.1%
2012	Outotec. Crossed the 5 percent disclosure threshold in March 2012. S2	Direct investment	Mining and metals	Public markets	Not published	5%
2010	Tieto. Holds 11.7 percent of the software group. S5	Direct investment	Technology	Public markets	Not published	11.7%
2008	State listed stakes. Took over State shares in Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda, Stora Enso and Telia; Elisa followed in 2009. S2	State asset transfer	Industrials and manufacturing	Public markets	Not published

Case studies

First private growth bet: ICEYE S1 S5

What: Backed the Finnish radar satellite maker with a convertible bond, then a Series E follow-on.
When: 2024 to 2025
Size: EUR 74M invested
Why: Growth company in a fast-growing space technology sector with Finnish roots.
Outcome: Valued at EUR 483M in Solidium's holdings at 7 October 2026.

Anchor owner in Metso S1

What: Held since 2008 and now 14.9 percent, Solidium's largest holding at end 2025.
When: 2008 to date
Size: EUR 1,850M at end 2025
Why: World leader in minerals processing equipment, central to metals demand.
Outcome: Worth EUR 2,060M at 7 October 2026 close.

Record year for holdings S1

What: Equity holdings rose from EUR 6.9B to EUR 9.1B.
When: 2025
Size: 36.5% return
Why: Strong gains across core Finnish holdings.
Outcome: Second best annual return in its history and EUR 0.6B paid to the State.

Investment process

The board decides within a mandate confirmed by the Ministerial Committee on Economic Policy. The State keeps regular dialogue through the Prime Minister's Office. S1

Committee	Role
Board of Directors	Decides strategy and investments within the mandate S1
Annual General Meeting	State as sole shareholder S1

Screen nationally important Finnish companies. S1
Board decision; significant moves shared with the Prime Minister's Office. S1
Active ownership through boards and nomination boards. S5

How to approach: Contact page on the Solidium website; private growth companies must fit the EUR 50M minimum. S6

Size and returns

Headline size: EUR 9.1B (end 2025) (Portfolio value) S1 S4
In US dollars: about USD 10.7B. Converted at EUR 0.85106 per USD, ECB rate for 31 December 2025
Holdings at 7 October 2026 close: About EUR 10.0B (Portfolio value, as of 2026-10-07) S5
Return, 2025: 36.5 percent (total shareholder return of equity holdings) S1
Return, 5 years to 2025: 10.1 percent a year S1
Size over time (EUR billion): 2024 6.9, 2025 9.1 S1

Leadership

Name	Title	Since
Jouko Karvinen	Chair of the Board S1	Not published
Matts Rosenberg	Chief Executive Officer and Acting CIO S1	2025
Annareetta Lumme-Timonen	Nomination board chair, Metso; board member, Anora S5	Not published
Petter Söderström	Nomination board member, Anora S5	Not published

Governance and transparency

Legal basis: Limited liability company under the Finnish Limited Liability Companies Act; mandate from the Ministerial Committee on Economic Policy S1
Oversight: Prime Minister's Office Ownership Steering Department S1
Publishes an annual Remuneration Statement and a GRI index. S1
Follows the Securities Markets Act. S1

Transparency score: 10 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S1

History

Date	Event
1991	Company set up to manage SKOP Bank assets. S2
2008	Takes over State minority listed stakes. S2
2009	Elisa added. S2
2017	Konecranes stake built. S5
2018	Nokia stake built. S5
2024-02	Sells Kemira and Mandatum stakes. S2
2024	ICEYE convertible bond. S5
2025	New CEO and revised strategy; 36.5 percent return. S1
2026-04	Annual Report 2025 published. S1

For family offices

Solidium sits alongside private investors as a long-term shareholder in Finnish blue chips. In private deals it writes at least EUR 50M, so it fits late-stage rounds where families co-invest. S1

Co-investor in late-stage Finnish growth rounds. S1
Fellow shareholder and nomination board member in listed companies. S5

Reports

Solidium Annual Report 2025: https://www.solidium.fi/wp-content/uploads/2026/04/Solidium_Annual-Report_2025.pdf S1

Common questions

How big is Solidium?

EUR 9.1B of equity holdings at end 2025, about USD 10.7B. S1

Who leads it?

CEO Matts Rosenberg; Chair Jouko Karvinen. S1

Who owns it?

The State of Finland, 100 percent. S1

What is its minimum ticket?

EUR 50M for private growth companies. S1

What is its largest holding?

Nokia, worth EUR 3,102M at 7 October 2026. S5

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All sovereign wealth funds in Europe · All state holding companys · All funds in Finland

Sources

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