Tapio Tommila

We built a good foundation for the future

The operating environment remained out of the ordinary in 2022, which impacted the profitability of many of our segments. That said, we managed to lay a foundation for the future during the financial period: the first year of our updated strategy involved us actively continuing the development of our portfolio of companies and creating new operating methods focused on responsibility.

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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

Panostaja is an investment company developing Finnish companies in the service and software sectors as an active shareholder. Panostaja provides investors with a unique channel for investing in Finnish growth companies with high expected yields through a balanced diversified portfolio. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories.


2022 and outlook for 2023  

Overall, the net sales of Panostaja’s segments increased significantly in 2022, but the profitability development fell short of our targets. This was due to the persistently unusual operating environment resulting from the energy crisis and inflation, for example. The Group’s net sales for the financial year totaled MEUR 137.9. During the financial year, Panostaja’s operations focused on the updated strategy, which was leveraged to create a strong foundation for growing the investment portfolio.


Key figures

A total of more than 1,200 experts work at Panostaja and its investment sites. The turnover of Panostaja’s investment properties increased clearly in 2022 as a whole, but the profitability development was weaker than targeted. One of our biggest successes of the year was the sale of Grano’s SokoPro business, where a very significant value creation was realized.

Net sales

137.9 M€

(2021 133.0M€)

Profit/loss for the financial period

3.9 M€

(2021 -1.0M€)

Profit before taxes

3.2 M€

(2021 0.0M€)



(2021 1,229)


5.2 M€

(2021 2.0M€)

Market cap

31.6 M€

(2021 36.3M€)

Profit/loss from continuing operations

3.6 M€

(2021 0.0M€)

Profit/loss from sold or discontinued operations

0.4 M€

(2021 -0.9M€)

Earnings per share, undiluted


(2021 -0.03€)

Equity per share


(2021 0.75€)

Our Investment Companies

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



In the past financial period, Oscar invested in focusing its strategy, updated its organization and streamlined its processes, aiming for improved customer satisfaction. The financial period was financially challenging, since the uncertain global situation and personnel changes impacted the net sales. The development of SaaS expertise provides the company a good starting point for the future.



2022 was a good year for CoreHW. As a result of the current technological trend, automotive customers were the most substantial source of growth in design services. Demand has improved in the component business as well, mostly due to the positive development of indoor positioning technology in the American and Japanese markets. The past financial period was still spent recovering from the losses of 2021, but the company has a firm belief that indoor positioning technologies will take off substantially in the 2024 financial period at the latest.

Hygga logo


Hygga prepared for the opening of the international markets after a long period of coronavirus restrictions. The Hygga Flow operating model is being deployed at an increasing pace in oral health care and basic health care both in Finland and abroad. The outlook for 2023 is bright for the Hygga Flow operating model.

Grano logo


Grano’s year was distinctly twofold: The sale of the SokoPro business operations was an important step for Grano, but the company’s profitability fell short of the budget, due to increased material costs and the declined demand early in the year. Grano’s strategy was updated, and the company is working to make its operations even more customer-oriented than before.

Gugguu logo


The now 10-year-old Gugguu launched a new concept for an online store for secondhand clothing this year. The store and revitalized pop-up tour were successes in terms of sales and garnered plenty of positive feedback from customers. The year also involved challenges with regard to the availability of materials, for example. Next year, Gugguu will be aiming for new international markets.


Management Team

Tapio Tommila


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Minna Telanne

Development Director

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Antti Kauppila


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Niko Skyttä

Investment Director

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Board of Directors

Jukka Ala-Mello

Chairman of the Board since 2011

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Eero Eriksson

Board member since 2011

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Mikko Koskenkorva

Board member since 2011

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Tarja Pääkkönen

Board member since 2016

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Tommi Juusela

Board member since 2021

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