Tapio Tommila

Setting a new course through corporate transactions

The coronavirus pandemic continued to impact the operations of Panostaja and its segments through 2021. As a result, the financial year was still exceptional but also extremely active.

Read more


Panostaja in brief

We want to help businesses reach their full potential and work with them to build success stories. We are an investment company that owns and develops unique SMEs in the service and software sectors. Investing in growing and unlisted Finnish SMEs is appealing to many, and we can offer a good channel for this through our segments and operating model.


Panostaja as an investment target and owner

We increase shareholder value by developing and supporting the growth of our segments. Our aim is for the company’s value to have clearly increased once we divest it.


2021 and outlook for 2022

In the financial period November 1, 2020–October 31, 2021 Panostaja held to its strategy to update the investment portfolio and create opportunities for targeted investments in new select fields over the course of 2022.


Key Figures

Panostaja and its segments employ more than 1,200 professionals in total. Panostaja Group’s net sales remained at the level of the previous financial year in the persistently challenging operating environment, but EBIT weakened. However, our largest segment Grano succeeded in improving its profitability despite the difficulties with demand.

Net sales

133.0 M€

(2020 132.9 M€)

Profit/loss for the financial period

-1.0 M€

(2020 -3.4 M€)

Profit before taxes

0.0 M€

(2020 1.8 M€)



(2020 1,558)


2.0 M€

(2020 4.1 M€)

Market cap

36.3 M€

(2020 37.2 M€)

Profit/loss from continuing operations

0.0 M€

(2020 0.5 M€)

Profit/loss from sold or discontinued operations

-0.9 M€

(2020 -4.0 M€)

Earnings per share, undiluted


(2020 -0.08 €)

Equity per share


(2020 0.82 €)

Our Business Segments

Panostaja’s segments are growing and unlisted Finnish SMEs. Continuous development is something shared by each one of our segments. This is why our segments are companies that are genuinely appealing investments.



In 2021, Oscar continued to reinvent itself and reform its internal structures and operating models to benefit its customers. The company developed new products and services centered around high-level expertise. Net sales remained at the level of the previous year, but plenty of new people were recruited.



The coronavirus crisis and supply issues with semiconductors presented challenges for CoreHW. Still, new deals were closed remotely, and once the restrictions were lifted, customers were also met face-to-face. In 2021, CoreHW also secured its first own product patent, and two new product prototypes were tested in product business with excellent results.

Hygga logo


This year, Hygga doubled its net sales from MEUR 4.1 to MEUR 8.1. This means that Hygga is heading into the next financial period from a promising position. As the impacts of the COVID-19 pandemic have eased up somewhat, internationalization, above all, has emerged as an opportune goal. There is interest in Hygga’s solutions throughout Europe, and new opportunities are now being expected in the Netherlands and Belgium in particular. Excellent project results have already been secured in Sweden, where Hygga hired a representative this year to support market growth.

Grano logo


The financial period of Grano, which specializes in communications, was successful under the circumstances. The content and translation needs of public administration, in particular, impacted the profit/loss for the year. The printing business yields the majority of the company’s net sales, but Grano’s role as a digital content producer is growing constantly. Grano is aiming for growth in the coming year.

Gugguu logo


Gugguu’s third year in Panostaja’s portfolio has been a period of strong growth in online trade. The year has entailed a great deal of developing new digital marketing solutions and testing new channels and methods. Over the course of the year, the company has focused particularly on internationalization, which will remain an important theme in 2022.


Senior Management Team

Tapio Tommila


More about Tapio

Minna Telanne

Development Director

More about Minna

Antti Kauppila


More about Antti

Niko Skyttä

Investment Director

More about Niko

Board of Directors

Jukka Ala-Mello

Chairman of the Board since 2011

More about Jukka

Eero Eriksson

Board member since 2011

More about Eero

Mikko Koskenkorva

Board member since 2011

More about Mikko

Tarja Pääkkönen

Board member since 2016

More about Tarja

Tommi Juusela

Board member since 2021

More about Tommi