{"id":907,"date":"2023-01-13T07:48:18","date_gmt":"2023-01-13T05:48:18","guid":{"rendered":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2022\/?page_id=907"},"modified":"2025-01-14T13:24:45","modified_gmt":"2025-01-14T11:24:45","slug":"annual-report-2023","status":"publish","type":"page","link":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/","title":{"rendered":"Annual Report 2024"},"content":{"rendered":"\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"ceo\">\n\t<\/div>\n\n\n<div class=\"wp-block-custom-media-display katsaus\" style=\"background:#cde8f4\"><div class=\"wp-block-custom-media-display_heading\" style=\"background:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2024\/12\/Panostaja_Vuosikertomus-2024_tj-katsaus.jpg)\"><div class=\"wp-block-custom-media-display_heading-imgcontainer\" style=\"align-items:center\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2025\/01\/unnamed-file.png\" style=\"width:100%\"\/><\/div><\/div><div class=\"wp-block-custom-media-display_content\"><div class=\"wp-block-custom-media-display_content-container-heading\" style=\"background-color:white\"><div class=\"wp-block-custom-media-display_content-container-heading-wrapper\" style=\"padding-top:50px;padding-bottom:50px\"><h2 style=\"color:black\"><strong>CEO&#8217;s review <\/strong><br><strong>2024<\/strong><\/h2><\/div><\/div><div class=\"wp-block-custom-media-display_content-container\"><p>In 2024, Panostaja achieved a significant improvement in profitability across all of its segments in a challenging market situation. The corporate acquisition market was difficult in the 2024 financial period. Panostaja\u2019s own team was strengthened according to the strategy, as we gained new expertise in the area of software business.&nbsp;<\/p><div class=\"wp-block-custom-media-display_content-button\"><a href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/ceo-review-2023\/\" class=\"btn btn-primary\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/panostaja_musta_nuoli_uusi-1.png\"\/> Read more<\/a><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"panostaja\">\n\t<\/div>\n\n\n\n<div class=\"wp-block-article-columns article-columns bg-septenary alignfull py-6 py-xl-8\">\n    <div class=\"container\">\n\n                    <div class=\"row\">\n                <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                            <h2>Panostaja<\/h2>\n                                                        <\/div>\n            <\/div>\n        \n                    <div class=\"row justify-content-center\">\n                                    \n                            <div class=\"col col-12 col-xl-4 lift mt-5 emerge emerge-bottom\" data-emergence=\"hidden\">\n                                <div class=\"h-100 p-5 d-flex flex-column\">\n                                    <div class=\"flex-grow-1\">\n                                        <h3 class=\"mb-4\">Panostaja in brief<\/h3>\n                                                                                    <p class=\"mb-4\">Panostaja is a growth partner focused on Finnish SMEs in the service and software industries, which strives to help and assist companies in reaching their full potential. Panostaja has invested in growing unique Finnish SMEs and strived to develop new Finnish success stories for four decades. Panostaja is actively looking for companies that have the enthusiasm and drive for continuous development and growing their business operations.<\/p>\n                                           \n                                    <\/div>\n                                    <div>\n                                        <a class=\"button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/panostaja-in-brief-2\/\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>   \n                                    <\/div>   \n                                <\/div>                                                \n                            <\/div>                     \n\n                            <!-- Lightbox -->\n                            \n\t\n    \n    <div class=\"lightbox lightbox-678 rounded bg-white\">\n                    <div class=\"cover cover-top bg-white\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2021\/12\/Panostaja_Vuosikertomus-2024_Panostaja-lyhyesti.jpg);\">\n            <\/div>\n                <div class=\"container\">\n            <div class=\"row h-100\">\n                <div class=\"col col-12 col-xl-10 col-xxl-8 offset-xl-1 offset-xxl-2 px-4 px-md-5 pt-6 pb-8 lightbox-text\">\n                    <h2 style=\"font-weight: 400;\"><strong>We invest in growing SMEs<\/strong><\/h2>\n<p style=\"font-weight: 400;\">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.<\/p>\n<p><span style=\"font-weight: 400;\">We are actively looking for companies that have the enthusiasm and drive for continuous development and growing their business operations. When a company has the finances and growth potential, Panostaja can help it climb to the top of its field. At Panostaja, the identification of growth potential and the facilitation of growth, as well as ownership, are responsible and long-term efforts toward success. Our basic mission is always to generate value as a responsible owner-partner, accelerating growth and the implementation of changes.<\/span><\/p>\n<h3 style=\"font-weight: 400; text-align: center;\"><strong>Our way of doing things: active ownership model<\/strong><\/h3>\n<div style=\"text-align: center;\"><span lang=\"EN-US\">Panostaja\u2019s <\/span><span lang=\"FI\"><a href=\"https:\/\/panostaja.fi\/ajankohtaista\/panostaja-aktiivisena-omistajana-mita-se-tarkoittaa\/\"><span lang=\"EN-US\">active ownership model<\/span><\/a><\/span><span lang=\"EN-US\"> is divided into four areas: the acquisition process, takeover process, development phase and divestment.<\/span><\/div>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: center;\">Aquisition<\/h2>\n<p style=\"text-align: center;\">Recognizing the value creation potential of a company and preparing an investment strategy<br \/>\nPurchasing a shareholding and engaging other owners<br \/>\nInvestments from the company&#8217;s own balance enable independently guided and flexible ownership<\/p>\n<h2 style=\"text-align: center;\">Takeover<\/h2>\n<p style=\"font-weight: 400; text-align: center;\">The first 100 days: a deep dive into Panostaja\u2019s operating model.<br \/>\nDefining the team and kicking off board work.<br \/>\nDeveloping the company\u2019s strategy, and building and developing responsible and sustainable business operations.<\/p>\n<h2 style=\"text-align: center;\">Developing<\/h2>\n<p style=\"text-align: center;\">Supporting and enabling the implementation of the investment strategy<br \/>\nSystematic operating model for value creation \u2013 development programs, tools and systems<br \/>\nDeveloping management and competence, and ensuring permanent value creation<\/p>\n<h2 style=\"text-align: center;\">Divestment<\/h2>\n<p style=\"text-align: center;\">Selecting the correct divestment time with the owner partners<br \/>\nRealization of value increases in conjunction with the sale of holdings<\/p>\n                <\/div>          \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-678\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>                            \n\n    <div class=\"lightbox-backdrop backdrop-678\"><\/div>     \n       \n\n                                                        \n                            <div class=\"col col-12 col-xl-4 lift mt-5 emerge emerge-bottom\" data-emergence=\"hidden\">\n                                <div class=\"h-100 p-5 d-flex flex-column\">\n                                    <div class=\"flex-grow-1\">\n                                        <h3 class=\"mb-4\">Panostaja as an investment target and owner<\/h3>\n                                                                                    <p class=\"mb-4\">Panostaja is an active owner and growth partner, which means that it develops and increases the value of its companies actively by jointly-agreed means. Panostaja walks the path of growth closely hand in hand with its companies and provides sparring assistance in challenging situations. Panostaja provides investors with a unique channel for investing in Finnish growth companies with high expected yields through a diversified portfolio.<\/p>\n                                           \n                                    <\/div>\n                                    <div>\n                                        <a class=\"button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/panostaja-as-an-investment-target-and-owner-2\/\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>   \n                                    <\/div>   \n                                <\/div>                                                \n                            <\/div>                     \n\n                            <!-- Lightbox -->\n                            \n\t\n    \n    <div class=\"lightbox lightbox-906 rounded bg-white\">\n                    <div class=\"cover cover-top bg-white\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/01\/Panostaja_Vuosikertomus-2024_Panostaja-sijoituskohteena.jpg);\">\n            <\/div>\n                <div class=\"container\">\n            <div class=\"row h-100\">\n                <div class=\"col col-12 col-xl-10 col-xxl-8 offset-xl-1 offset-xxl-2 px-4 px-md-5 pt-6 pb-8 lightbox-text\">\n                    <p style=\"font-weight: 400;\">Panostaja is an investment company developing <a href=\"https:\/\/www.youtube.com\/watch?v=oZPDJSxNaLM\">companies in the service and software sectors as an active shareholder<\/a>. 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.<\/p>\n<p style=\"font-weight: 400;\">For Panostaja, active ownership means providing assistance, sparring with companies to push them forward and, most of all, partnership. It is important to Panostaja to create a shared owner strategy with portfolio companies from the start \u2013 in other words, a vision of how value will be generated and the company growth ensured. Growth is created together as equal owners, even though the companies retain their independence in the cooperation.<\/p>\n<p style=\"font-weight: 400;\">Panostaja\u2019s <a href=\"https:\/\/panostaja.fi\/ajankohtaista\/panostaja-aktiivisena-omistajana-mita-se-tarkoittaa\/\">active ownership model<\/a>\u00a0is divided into four areas: the acquisition process, takeover process, development phase and divestment. Panostaja partners with SMEs for a specific period of time, which can be three or ten years, for example, or until the planned goals have been achieved.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Panostaja\u2019s strategy involves three main goals:<\/strong><\/h2>\n<ul>\n<li>securing the top expertise in the capital investment field and building an adviser network for the selected service and software sectors in Finland,<\/li>\n<li>creating a balanced investment portfolio whose total value creation is also supported by the competence synergies between the segments, and<\/li>\n<li>cementing responsibility as a key element in value creation and investment activities.<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Potential investment targets that match Panostaja\u2019s investment criteria are Finnish service and software companies with net sales in the range of MEUR 5\u201350. The investment targets boast significant growth potential, a positive cash flow forecast, competent management and a responsible business model. To realize the value creation potential, we choose the moment of divestment independently with our owner partners.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Why invest in Panostaja?<\/strong><\/h2>\n<ul>\n<li>Competitive advantage through sector-specific focus<\/li>\n<li>Unlisted growth companies have high profit potential<\/li>\n<li>Diverse and balanced investment portfolio supported by growth trends<\/li>\n<li>Active value creation<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Read more:\u00a0<a href=\"https:\/\/panostaja.fi\/sijoittajille\/panostaja-sijoituskohteena\/\">Panostaja as an investment target \u2013 Panostaja<\/a><\/p>\n                <\/div>          \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-906\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>                            \n\n    <div class=\"lightbox-backdrop backdrop-906\"><\/div>     \n       \n\n                                                        \n                            <div class=\"col col-12 col-xl-4 lift mt-5 emerge emerge-bottom\" data-emergence=\"hidden\">\n                                <div class=\"h-100 p-5 d-flex flex-column\">\n                                    <div class=\"flex-grow-1\">\n                                        <h3 class=\"mb-4\">2024 and outlook for 2025<\/h3>\n                                                                                    <p class=\"mb-4\">Panostaja\u2019s essential goal in the 2024 financial period has been to conduct persistent measures to improve profitability. Even though Finland\u2019s economic development was weaker than expected, the profitability of the company\u2019s segments improved by MEUR 3.6 in the financial period. Net sales increased in three of the segments. The entire Group\u2019s net sales dropped by 2%. Active efforts on new investment opportunities were made during the financial period. However, the corporate acquisition market has been slow throughout 2024.<\/p>\n                                           \n                                    <\/div>\n                                    <div>\n                                        <a class=\"button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/2024-and-outlook-for-2025\/\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>   \n                                    <\/div>   \n                                <\/div>                                                \n                            <\/div>                     \n\n                            <!-- Lightbox -->\n                            \n\t\n    \n    <div class=\"lightbox lightbox-1275 rounded bg-white\">\n                    <div class=\"cover cover-top bg-white\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Panostaja_Vuosikertomus-2024_Nakymat.jpg);\">\n            <\/div>\n                <div class=\"container\">\n            <div class=\"row h-100\">\n                <div class=\"col col-12 col-xl-10 col-xxl-8 offset-xl-1 offset-xxl-2 px-4 px-md-5 pt-6 pb-8 lightbox-text\">\n                    <h2 style=\"font-weight: 400;\"><strong>2024 financial period in brief<\/strong><\/h2>\n<p style=\"font-weight: 400;\">During the November 1, 2023\u2013October 31, 2024 financial period, Panostaja continued its long-term efforts to improve profitability. The work yielded results as the company achieved a significant improvement in profitability despite the challenging market situation. The profitability of all Panostaja segments was improved, thanks to which EBIT was increased by a total of MEUR 3.6 during the financial period.<\/p>\n<p style=\"font-weight: 400;\">Finland\u2019s economic situation remained modest through the 2024 financial period, which was reflected by the financial situation of our segments. Especially the first half of the financial year reflected the uncertain situation of the markets and the delays in the investment decisions of customers. Despite the difficult market situation, net sales improved in three of the segments during the financial period.<\/p>\n<p style=\"font-weight: 400;\">Panostaja continued to explore new corporate acquisition opportunities in the 2024 financial period. That said, the higher interest level and the uncertainty of the economic outlook have weighed down activity in corporate acquisitions. The valuation environment has also continued to be challenging, and the competition for good acquisitions has remained fierce.<\/p>\n<p style=\"font-weight: 400;\">In the 2024 financial period, Panostaja\u2019s team gained a new CFO and development director. The new members of the management team bolster the strategic segment focus with regard to software business. The company continued its systematic responsibility efforts in 2024 and focused especially on active stakeholder dialogue and laying the foundation for CSRD reporting.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Focuses for the 2025 financial period<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The economy is expected to take a turn for the better in the coming 2025 financial period. If this happens, it will support the positive development of Panostaja\u2019s segments. In the event that the general economic outlook becomes brighter, the corporate acquisition market may also recover in 2025.<\/p>\n<p><span style=\"font-weight: 400;\">Panostaja will continue its persistent efforts in line with its strategic themes. The aim for the 2025 financial period is to update the portfolio through investments in the service and software sectors. The efforts to improve the competitiveness and profitability of Panostaja\u2019s segments will also be continued in 2025. In addition to this, Panostaja will continue its responsibility efforts persistently in 2025.<\/span><\/p>\n                <\/div>          \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1275\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>                            \n\n    <div class=\"lightbox-backdrop backdrop-1275\"><\/div>     \n       \n\n                                                <\/div>\n        \n    <\/div>\n<\/div>\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"figures\">\n\t<\/div>\n\n\n\n<div class=\"wp-block-numbers numbers bg-primary text-white alignfull cover py-6 py-xl-8\" style=\"background-image: url();\">\n    <div class=\"container\">\n\n                    <div class=\"row\">\n                <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 pb-5 text-center\">\n                                            <h2>Key figures<\/h2>\n                                                                <p>Panostaja and its investment targets employ over 1,000 professionals in total. In 2024, profitability improved across all Panostaja&#8217;s investment targets despite the challenging market situation. The profitability of the entire group increased by 3.6 million euros during the financial year. Panostaja&#8217;s revenue decreased by two percent.<\/p>\n                                    <\/div>\n            <\/div>\n        \n                    <div class=\"row emerge emerge-fade\" data-emergence=\"hidden\">\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Net sales<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        134.0                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 136.2 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">EBIT<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        2.5                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 -1.1 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit\/loss for the financial period<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -3.2                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 -3.6 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit before taxes<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -3.1                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 -4.3 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Personnel<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        1,081                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 1,188)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Market cap<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        24.8                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 26.4 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit\/loss from continuing operations<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -3.2                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 -3.6 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit\/loss from sold or discontinued operations<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        0.0                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 0.0 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Earnings per share, undiluted<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -0.08                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 -0.06 \u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Equity per share<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        0.54                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2023 0.62 \u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col-12 col-lg-5 col-xl-5 text-center\">\n                                        <a class=\"button sininen-painike\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2025\/01\/Panostaja_Tilinpaatos_2024_EN.pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_valkoinen_nuoli_uusi.png\" style=\"margin-right: 15px;position: relative; top: -2px;\"\/>Financial Statement and Investor Information (pdf)<\/a>\n                <\/div>\n                    <\/div>\n        \n    <\/div>\n\n<\/div>\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"segments\">\n\t<\/div>\n\n\n\n<div class=\"wp-block-investments-listing investments-listing alignfull py-6 py-xl-8\">\n    <div class=\"container\">\n\n                    <div class=\"row\">\n                <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                            <h2>Our Investment Companies<\/h2>\n                                                                <p>Panostaja\u2019s 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.<\/p>\n                                    <\/div>\n            <\/div>\n        \n                    <div class=\"row\">\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/oscar_logo_cmyk_vaalealle-taustalleR.png\" alt=\"oscar logo cmyk vaalealle taustalle(R)\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>The results of Oscar Software\u2019s active development efforts manifested themselves in the launch of the Oscar P1 system, for example. Despite the challenging economic trends, the company\u2019s net sales and profitability saw positive development.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/?investment=oscar-8\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1283 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Oscar-header.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>The year of strong development implies future growth<\/h1>\n<p style=\"font-weight: 400;\">In 2024, Oscar Software conducted active development efforts in the customer interface and internally. The company\u2019s net sales and profitability saw positive development, and the company grew moderately. In May, Jakke Vyyryl\u00e4inen was appointed as the new CEO.<\/p>\n<p style=\"font-weight: 400;\">The strategic decision to shift from a project focus to a more product-oriented model was reflected by Oscar\u2019s operations throughout the financial period. Over the course of the year, development continued on a comprehensive service that marries the essential areas of the business operations and enables the customer to develop its own business activities and digitalization.<\/p>\n<p style=\"font-weight: 400;\">The pace of work at the software company is excellent, but the persistently difficult economic trends made the early part of the year challenging. Even though the customers had investment needs and the willingness regardless of the field, decisions were delayed due to the uncertain economic situation. Toward the end of the year, however, the market began to show positive signs in the form of decreasing interest rates and slower inflation. Despite the challenges, customer interest in Oscar\u2019s products and services remained unchanged through the year.<\/p>\n<blockquote>\n<div><span lang=\"EN-US\">There has been positive development in net sales and especially profitability. The direction has been correct.<\/span><\/div>\n<\/blockquote>\n<h2 style=\"font-weight: 400;\"><strong>Launch of a modern ERP system and tools for the VAT reform<\/strong><\/h2>\n<p style=\"font-weight: 400;\">One of the most significant achievements of the year was the launch of a new modern ERP business platform, Oscar P1, at Subcontracting Fair Finland in October. The company\u2019s two other production lines also made significant development efforts, with a specific focus on productization. The user experience of the Oscar T5 ERP system was improved, and a new version of the Oscar eCommerce online business solution was released.<\/p>\n<p style=\"font-weight: 400;\">The VAT reform that took effect in the fall had a positive impact on Oscar\u2019s business. The company provided its customers with tools and services to implement the VAT reform as smoothly as possible. The official VAT change took place on a weekend, during which Oscar\u2019s own VAT team was on call to assist customers. The help provided by Oscar generated substantial added value to the customers and lightened their work load in tackling the VAT reform.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Investments in responsibility continued<\/strong><\/h2>\n<p style=\"font-weight: 400;\">Responsibility has been a key element of Oscar\u2019s mission statement in recent years, and the company redoubled its efforts in 2024. The focuses of the responsibility measures have included the carbon footprint (e.g., machine room and operating facilities) and carbon handprint (e.g., resource efficiency and transparency).<\/p>\n<p style=\"font-weight: 400;\">More attention will also be paid on responsible options in the choices of partners. In the next financial period, the aim is to transition to anonymous recruitment with finding the right kind of expertise at its core. Oscar has made significant investments in developing the company\u2019s internal operating models, which has been received extremely well by the staff.<\/p>\n<p>Panostaja\u2019s Heikki Tukiainen got started as a new member of the company\u2019s Board of Directors, bringing his expertise and insight into the company\u2019s operations. This year, too, Panostaja continued to provide strong financial expertise, sparring assistance, and the freedom and peace to push the agreed areas forward.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>The anniversary year is expected to be a year of growth<\/strong><\/h2>\n<p style=\"font-weight: 400;\">In 2025, Oscar will be celebrating its 20-year journey. The company has a significant growth goal for the anniversary year, which is supported by well-laid plans and practical measures. In addition to focusing on the basic business operations, development work will continue in areas such as improving operating models, and improved efficiency will be sought through marketing automation, for example. In 2025, the customer will witness positive developments made in the customer service system.<\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/oscar_logo_cmyk_vaalealle-taustalleR.png\" alt=\"oscar logo cmyk vaalealle taustalle(R)\" \/>\n                        \n                        <p class=\"m-0\">The results of Oscar Software\u2019s active development efforts manifested themselves in the launch of the Oscar P1 system, for example. Despite the challenging economic trends, the company\u2019s net sales and profitability saw positive development.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            58.4                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2018                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            12.1                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            118                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1283\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1283\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/corehw_logo-hires.png\" alt=\"corehw logo hires\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>CoreHW continued the active development and commercialization of its own products in 2024. The design service market was quiet early in the year, but the positive turn in orders in the fall season bolstered the remainder of the financial period. The commitment and work satisfaction of the CoreHW staff were absolutely first rate.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/?investment=1285\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1285 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/CoreHW-header-1.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>A year of development and commercialization<\/h1>\n<p style=\"font-weight: 400;\">CoreHW\u2019s year had its ups and downs, with some spice added to the mix by the challenging first half of the design services (DS) which delayed the customers\u2019 procurement decision. In the second half of the year, the situation for the design services started to improve, especially with orders picking up and the increased invoicing rate bolstering the last quarter of the financial period. The successful end of the year is expected to be reflected by the beginning of the 2025 financial period. The module and equipment business (RTLS) shifted into the piloting phase, and customers have provided positive feedback on the products.<\/p>\n<p style=\"font-weight: 400;\">For the microchip design business, profitability was an important theme in 2024. The number of active customer projects was lower than expected early in the year, due to customers postponing their design projects. Still, the active sales efforts throughout the year were eventually rewarded. Important customers for the design services were found in Europe, Asia and the United States.<\/p>\n<p style=\"font-weight: 400;\">In the indoor positioning module and equipment business (RTLS), CoreHW actively continued the development and commercialization of its own products. In 2024, the business activities took significant strides with the equipment business moving into the piloting phase. The products have massive global customer potential, and there have been long-term efforts to push products into the commercialization phase. As regards the indoor positioning technology, the first customer references were gained on the United States health care market and a product was launched on the Japanese market. Substantial orders are sought for 2025 as well as a transition to the mass production phase.<\/p>\n<blockquote>\n<div><span lang=\"EN-US\">The commercialization phase of the RTLS business is an important achievement for us, and the customer feedback indicates that we are producing groundbreaking technology.<\/span><\/div>\n<\/blockquote>\n<h2 style=\"font-weight: 400;\"><strong>Technological successes <\/strong><\/h2>\n<p style=\"font-weight: 400;\">CoreHW has made long-term development efforts with customer projects and in-house production development. Currently, the company has an RF and analog-mixed signal portfolio of over 250 IPs. The company\u2019s foundation is in good shape and, despite the difficult market situation in 2024, CoreHW was able to navigate the market and identify the right customer potential with the willingness to invest in future technological development.<\/p>\n<p style=\"font-weight: 400;\">An important milestone was reached in the design sevice business when an entirely new radar solution was completed for testing in the context of a customer project. The project has been the company\u2019s most expensive one, and bringing it to this stage is a success that has taken great effort. The technology in question has plenty of further development potential, which creates excellent opportunities for the coming years.<\/p>\n<p style=\"font-weight: 400;\">In the RTLS business, making progress toward the mass production phase is also a substantial accomplishment for CoreHW. The feedback from the customers has been very encouraging so far, and the technology is seen to be the best in its field.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Support from Panostaja with financing and responsibility efforts<\/strong><\/h2>\n<p style=\"font-weight: 400;\">In 2024, CoreHW faced challenges due to the substantial payment delays of some customers, which has made the company\u2019s own cash management more difficult. CoreHW received financial assistance from Panostaja in the difficult situation, which enabled the company to focus more on its core business and open new doors commercially.<\/p>\n<p style=\"font-weight: 400;\">CoreHW\u2019s responsibility work particularly emphasizes social responsibility. The commitment and work satisfaction (eNPS) of the company\u2019s staff were excellent in both Finnish and international comparisons. The strong commitment of the employees has been key in reaching the company\u2019s goals.<\/p>\n<p style=\"font-weight: 400;\">CoreHW has been actively involved in the Panostaja-led CSRD, which focuses on the responsibility reporting of companies. CoreHW also carried out an ESG self-assessment process in 2024, according to which the business operations stand on a solid foundation.<\/p>\n<p><span style=\"font-weight: 400;\">The year 2025 looks positive for CoreHW. The aim is to push new technology forward on a variety of fronts, with a special focus on growing the RTLS business by launching new devices. For the design services, keeping profitability high through sales promotion and a high invoicing rate will be a core theme in the coming year.<\/span><\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/corehw_logo-hires.png\" alt=\"corehw logo hires\" \/>\n                        \n                        <p class=\"m-0\">CoreHW continued the active development and commercialization of its own products in 2024. The design service market was quiet early in the year, but the positive turn in orders in the fall season bolstered the remainder of the financial period. The commitment and work satisfaction of the CoreHW staff were absolutely first rate.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            55.8                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2017                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            8.6                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            73                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1285\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1285\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/hygga-logo-m-blue.png\" alt=\"hygga logo m blue\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>Hygga achieved the best result of its history in 2024, and the profitability of the clinic strengthened during the financial period. However, the year brought with it significant changes to the company\u2019s service business as the financial challenges of the wellbeing services counties began to take concrete shape.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/?investment=hygga-8\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1288 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Hygga-header.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>The best result in history is overshadowed by concerns about the future<\/h1>\n<p style=\"font-weight: 400;\">Hygga\u2019s financial period included plenty of successes, and the company\u2019s net sales increased by roughly a million euros. Despite the challenging trends of the economy and the social welfare and health care sector, Hygga has succeeded in growing its business in recent years. While the company has celebrated the best result in its history, concerns about the future have increased.<\/p>\n<p style=\"font-weight: 400;\">The clinic providing outsourced services to the City of Helsinki and dental care to private customers increased its profitability. The company\u2019s investments in areas such as the management of the clinic and supervisory work were also mirrored by successful recruitments and staff comfort.<\/p>\n<p style=\"font-weight: 400;\">More than half of the clinic\u2019s net sales come from the City of Helsinki outsourced services and the rest from private customers. The oursourced services agreement with the City of Helsinki concluded at the end of the financial period. The agreement was for 3+1 years, so Hygga was aware of the situation well in advance. Helsinki decided not to arrange a competitive bidding process for the continuation of the agreement. Preparations for the discontinuation of the outsourced services were made during the financial period and, as regards the clinic, the focus was on updating the strategy for the coming years.<\/p>\n<blockquote>\n<div><span lang=\"EN-US\">We have succeeded in achieving an excellent result in a difficult economic situation.<\/span><\/div>\n<\/blockquote>\n<h2 style=\"font-weight: 400;\"><strong>Significant changes in the service business<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The service business focusing on the Hygga Flow ERP system carried out new successful pilots in Finland. In Sweden, Hygga Flow expanded to a new area, and the customer day held there for the first time was a success. Promising results have been achieved on the Swedish market, and the number of clinics is expected to grow in 2025.<\/p>\n<p style=\"font-weight: 400;\">Hygga Flow has been widely used in Finland. The financial challenges of the wellbeing services counties have resulted in some terminations of Hygga Flow agreements. The financial impacts of the termination and discontinuation decisions will be reflected by Hygga\u2019s operations in the 2024\u20132025 financial period.<\/p>\n<p style=\"font-weight: 400;\">The terminations and rapid changes in the services business came as a surprise to Hygga \u2013 effective systems and concepts were abandoned in order to save money and bridge deficits in the short term. The danger of abandoning methods that maintain productivity is longer wait times for treatment. Hygga is looking for alternative ways to continue providing services to current customers.<\/p>\n<p style=\"font-weight: 400;\">Hygga Flow is based on the idea that patients are provided with the treatment they need in one go. The ERP system increases the efficiency of patient care and saves resources but is also a highly responsible solution at the same time. Hygga Flow\u2019s responsibility was examined in a study conducted by Tampere University, which indicated that Hygga Flow\u2019s carbon footprint was 27% smaller than the traditional oral health care operating model. Compared to the traditional model, it consumes 24% less disposable materials, especially microplastics that are harmful to nature, and 25% less electricity and water. The results also highlighted social responsibility, because Hygga Flow was, among other things, found to reduce travel and, thanks to its effectiveness, improve the equality and availability of oral health care.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>The focus in 2025 will be on increasing customer numbers<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The year 2025 will be challenging for Hygga in terms of both financial and operational aspects. The discontinuation of the Helsinki outsourced services has a significant impact on the company\u2019s net sales, which will be compensated for in the coming financial periods by increasing the number of private customers.<\/p>\n<p style=\"font-weight: 400;\">Hygga differentiates itself from its competitors in many ways, such as its effective operating methods and pricing. Hygga is the only private operator on the market that is able to offer a dental examination at a price equal to the Kela reimbursement. The affordable pricing is an important way to increase customer numbers. Hygga is seen as a highly appealing alternative for people who do not currently use any oral health care services.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As regards the service business, the financial period 2024\u20132025 is expected to be challenging in Finland. The most significant growth opportunities can be seen in Sweden and on other international markets.<\/span><\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/hygga-logo-m-blue.png\" alt=\"hygga logo m blue\" \/>\n                        \n                        <p class=\"m-0\">Hygga achieved the best result of its history in 2024, and the profitability of the clinic strengthened during the financial period. However, the year brought with it significant changes to the company\u2019s service business as the financial challenges of the wellbeing services counties began to take concrete shape.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            79.8                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2015                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            8.8                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            103                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1288\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1288\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/GRANO_LOGO_BLACK_CMYK.png\" alt=\"GRANO LOGO BLACK CMYK\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>Grano\u2019s year 2025 is looking positive after the challenges of 2024. The market demand remained slow, which manifested itself as structural changes and adaptation measures at Grano to achieve permanent savings in the cost structure. Responsibility and artificial intelligence are at the core of the company\u2019s development, and Grano was granted the EcoVadis label for responsibility efforts.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/?investment=grano-8\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1290 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Grano-header.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>Persistent change efforts in a challenging market situation<\/h1>\n<p style=\"font-weight: 400;\">For Grano, the year 2024 continued in a difficult market situation that kept customer caution high with regard to procurement decisions. In January, the company initiated change negotiations to improve profitability and strengthen competitiveness. The negotiations were concluded in March, and 56 work tasks had to be discontinued as a result.<\/p>\n<p style=\"font-weight: 400;\">In part, the measures are elements of Grano\u2019s longer-term operational development and structural streamlining efforts. The adaptation measures continued in the fall season in the form of structural and organizational changes as well as other cost-saving procedures. The aim of the changes was to achieve MEUR 4.5 in annual savings. The market situation and demand are expected to improve in 2025.<\/p>\n<blockquote>\n<div><span lang=\"EN-US\">Our long-term change efforts and investments in responsibility will create a good foundation for the coming year.<\/span><\/div>\n<\/blockquote>\n<h2 style=\"font-weight: 400;\"><strong>Customer-oriented strategic development<\/strong><\/h2>\n<p style=\"font-weight: 400;\">This year, Grano celebrated its 10th anniversary. The company was born in 2014 with the merger of Kopijyv\u00e4 and Digital Media Partners. Multiprofessional expertise in marketing, print products and technologies as well as a strong customer focus have formed the common thread for Grano\u2019s strategy.<\/p>\n<p style=\"font-weight: 400;\">In 2024, Grano continued to carry out its strategy with the focuses of developing the Grano 360 range of service solutions, increasing the packaging and labels business, and optimizing production and processes. The company has also initiated multiple measures to increase its net sales.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Responsibility and artificial intelligence as the themes of the year<\/strong><\/h2>\n<p style=\"font-weight: 400;\">Grano has been engaged in systematic high-level responsibility work for a long time. The company aims to be the most environmentally responsible operator in its field. In October, all of the work was rewarded with a golden EcoVadis label. The valued accolade is an indication that the company is committed to continuously develop responsibility work. As an acknowledgement of the investments in social responsibility, Grano was also granted the ISO 45001 certificate for occupational health and safety.<\/p>\n<p style=\"font-weight: 400;\">Grano\u2019s second core theme for the year was artificial intelligence \u2013 the company set out to build its own AI strategy in the spring of 2024. The strategy covers developing the company\u2019s internal and external operations through AI. Grano will utilize AI particularly to develop new products and services and to support its operations in the customer interface.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Panostaja provides support in the midst of changes<\/strong><\/h2>\n<p style=\"font-weight: 400;\">Over the course of the challenging year, Grano was engaged in active dialogue with Panostaja. The difficult market situation required commitment to making changes, and Panostaja has supported Grano through persistent guidance and stable ownership. Grano has been actively involved in Panostaja\u2019s management coaching, which has provided concrete tools for management work.<\/p>\n<p style=\"font-weight: 400;\">Grano will be entering 2025 with confidence. The expectation is that the abatement of inflation and the development of the market will turn demand to an upward trend. The company is on a good path and actively developing its operations. The structural change efforts and the staff commitment to business development will create a good foundation for the coming year.<\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/GRANO_LOGO_BLACK_CMYK.png\" alt=\"GRANO LOGO BLACK CMYK\" \/>\n                        \n                        <p class=\"m-0\">Grano\u2019s year 2025 is looking positive after the challenges of 2024. The market demand remained slow, which manifested itself as structural changes and adaptation measures at Grano to achieve permanent savings in the cost structure. Responsibility and artificial intelligence are at the core of the company\u2019s development, and Grano was granted the EcoVadis label for responsibility efforts.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            55.2                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2008                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            104.6                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            778                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1290\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1290\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Gugguu-logo-png.png\" alt=\"Gugguu logo png\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>Gugguu\u2019s first subsidiary began its operations in Norway. In 2024, the company particularly invested in improving profitability and developing a new product group.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/?investment=gugguu-7\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1292 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Gugguu-header.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>First steps into international playing fields<\/h1>\n<p style=\"font-weight: 400;\">The challenges continued in the textile field in 2024, and the generally poor economic situation made the purchasing behavior of customers difficult to predict. Despite the challenges posed by the operating environment, Gugguu\u2019s year was successful and the focus of business operations was on measures aiming at profitability.<\/p>\n<p style=\"font-weight: 400;\">Gugguu\u2019s emphasis in 2024 was in improving profitability and preparing for the next growth period.The measures will strengthen the company\u2019s profitability as demand recovers. Through committed team work and quick reactions, significant results were achieved within a short time span.<\/p>\n<p style=\"font-weight: 400;\">Among the key changes during the financial period were the role changes in the company\u2019s management. The founder of Gugguu Anne Valli became the company\u2019s CEO in the spring. The company\u2019s other founder, previous CEO Miia Riekki, continued as the brand\u2019s creative director. Sini Savela was appointed as the chief operating officer in Valli\u2019s place.<\/p>\n<p style=\"font-weight: 400;\">Despite the increased costs and difficult financial situation, Gugguu succeeded in expanding its operations, and its first subsidiary began operating in Norway. The online store and a pop-up outlet were launched in Oslo in September. Establishing the company in Norway was a long process. That said, business operations in the new country are off to a good start, and the first customer events garnered plenty of positive feedback. The aim was to increase awareness about Gugguu in Norway through events, among other measures.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>The development efforts for a new product group and responsible recycling continued<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The two-year project carried out in cooperation with Business Finland reached its conclusion in June. As part of the project, Gugguu has been developing an entirely new product group, which is planned to be launched in the fall. In addition to this, existing product groups have been expanded and significant investments have been made in the development of merino wool products, for example.<\/p>\n<blockquote>\n<p style=\"font-weight: 400;\">Despite the difficult economic situation, operations were successfully expanded with the establishment of the first subsidiary in Norway. The efforts to develop an entirely new product group also continued.<\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\">Ecology was also at the core of Gugguu\u2019s operations in 2024. The Gugguu Preloved store, which encourages the recycling of children\u2019s clothing, was expanded and updated, and customers were provided with an even faster way to recycle Gugguu products that are in good condition. Ninyes, which is the first and only recycling platform for responsibly manufactured clothing in Northern Europe, will continue as the company\u2019s recycling partner.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Toward a new growth period with positive expectations<\/strong><\/h2>\n<p style=\"font-weight: 400;\">Gugguu has spent the challenging years honing its strategy, which has been integrated very well into the company\u2019s daily operations. Panostaja has brought structure and strategic vision to the company\u2019s board work, which focused everyone\u2019s sights on the future and long-term goals in a positive way. In addition to providing financial support, Panostaja was involved in developing the company\u2019s internal processes to support decision-making and management.<\/p>\n<p style=\"font-weight: 400;\">The coming year seems bright for Gugguu, as purchasing power is expected to increase gradually. The development efforts in recent years have created a strong foundation, and the results will begin to crystallize in 2025. Gugguu\u2019s most important goal in 2025 is to grow profitably. Future milestones include the launch of a new product group, and the efforts to strengthen the Norwegian market continue. In the future, the company\u2019s growth will lean heavily on internationalization.<\/p>\n<p><strong>* In contrast to Panostaja, Gugguu\u2019s financial period is April 1\u2013March 31\u00a0<\/strong><\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Gugguu-logo-png.png\" alt=\"Gugguu logo png\" \/>\n                        \n                        <p class=\"m-0\">Gugguu\u2019s first subsidiary began its operations in Norway. In 2024, the company particularly invested in improving profitability and developing a new product group.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            43                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2018                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales*<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            3.1                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel*<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            13                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1292\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1292\"><\/div>\n\n\n                \n                <div class=\"col col-12 col-sm-6 col-xxl-4 aling-items-center extra-teksti emerge emerge-bottom\" data-emergence=\"hidden\">\n                    <div class=\"text flex-grow-1 d-flex flex-column pt-5 px-4 pb-4\">\n                        <img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/quote.png\" width=\"80\"\/>\n                        <p style=\"font-size: 30px; font-weight: bold; font-family: futura-pt, sans-serif;\">Profitability improved across all our investment targets during the 2024 financial year.<\/p>\n                    <\/div>\n                <\/div>\n\n                        <!-- Mobile load more -->\n                        <!-- <div class=\"col col-12 pt-5 d-block d-sm-none\">\n                            <div class=\"d-table mx-auto\">\n                                <a class=\"investments-load-more button button-primary\" href=\"#\">Lataa lis\u00e4\u00e4<\/a>\n                            <\/div>\n                        <\/div> -->\n                            <\/div>\n\n\n            <\/div>\n<\/div>\n\n\n<div class=\"wp-block-custom-media-display\" style=\"background:#cde8f4\"><div class=\"wp-block-custom-media-display_heading\" style=\"background:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2024\/12\/Panostaja_Vuosikertomus-2024_vastuullisuus.jpg)\"><div class=\"wp-block-custom-media-display_heading-container\"><h2 style=\"color:white\">Responsibility<\/h2><\/div><\/div><div class=\"wp-block-custom-media-display_content\"><div class=\"wp-block-custom-media-display_content-container\"><p>In 2024, Panostaja released a responsibility report and developed its responsibility efforts based on the ESRS standards. It is important to Panostaja to support its investment targets in all areas of sustainable business, and there is active dialogue with the stakeholders. Responsibility is a key area of Panostaja\u2019s strategy, which is under constant development.<\/p><div class=\"wp-block-custom-media-display_content-button\"><a href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/responsibility-is-at-the-core-of-panostajas-strategy\/\" class=\"btn btn-primary\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/panostaja_musta_nuoli_uusi-1.png\"\/> Read more<\/a><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"us\">\n\t<\/div>\n\n\n\n\n    <div class=\"wp-block-people people bg-secondary alignfull cover py-6 py-xl-8\" style=\"background-color: #fff !important;\">\n        <div class=\"container container-people\">\n\n                            <div class=\"row\">\n                    <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                                    <h2 style=\"color: #212121;\">Management Team<\/h2>\n                                                                    <\/div>\n                <\/div>\n            \n                            <div class=\"row \">\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2024\/12\/Tapio-Tommila_2024-1.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Tapio Tommila<\/h4>\n                                                                                                                            <p class=\"m-0\">CEO<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Tapio<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>CEO since 2019<br \/>\r\nM.Sc. (Econ.), eMBA<br \/>\r\n<br \/>\r\nBorn 1978<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nCFO of Panostaja Oyj 2015\u20132018, Senior Vice President 2015\u20132018 and CIO 2008\u20132015. Deloitte Corporate Finance Oy and PricewaterhouseCoopers Oy.<br \/>\r\n<br \/>\r\nOther positions of trust:<br \/>\r\nMember of the Supervisory Board at Fennia Mutual Insurance Company.<\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2024\/12\/Heikki-Tukiainen_2024-1.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Heikki Tukiainen<\/h4>\n                                                                                                                            <p class=\"m-0\">Development Director<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Heikki<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>Development Director since 2024<br \/>\r\nM.Sc. (Tech.)<br \/>\r\n<br \/>\r\nBorn 1974<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nCEO and entrepreneur for IT service company DevePro Oy, Product Development and Technology Director and CBO for Accountor\u2019s various software operations, business development duties at Nokia, and Management Consultant for McKinsey &#038; Company.<\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2024\/12\/Heikki-Korelin_2024-2.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Heikki Korelin<\/h4>\n                                                                                                                            <p class=\"m-0\">CFO<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Heikki<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>CFO since 2024<br \/>\r\nM.Sc. (Econ.)<br \/>\r\n<br \/>\r\nBorn 1986<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nPatria Oyj\u2019s Vice President \u2013 Group Business Control, financial management duties for Patria\u2019s software and system integration business as well as corporate restructurings as Patria\u2019s M&#038;A Manager at Summa Capital Oy.<\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2024\/12\/Niko-Skytta_2024-1.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Niko Skytt\u00e4<\/h4>\n                                                                                                                            <p class=\"m-0\">Investment Director<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Niko<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>Investment Director since 2020<br \/>\r\nM.Sc. (Tech.)<br \/>\r\n<br \/>\r\nBorn 1982<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nPanostaja Oyj\u2019s Investment Director, Controller at Fiskars Group.<\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                    <\/div>\n            \n        <\/div>\n    <\/div>\n\n\n\n\n\n\n    <div class=\"wp-block-people people bg-white alignfull cover py-6 py-xl-8\" style=\"background-color: #078AC7 !important;\">\n        <div class=\"container container-people\">\n\n                            <div class=\"row\">\n                    <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                                    <h2 style=\"color: #fff;\">Board of Directors<\/h2>\n                                                                    <\/div>\n                <\/div>\n            \n                            <div class=\"row justify-content-center\">\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Jukka_Ala-Mello.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Jukka Ala-Mello<\/h4>\n                                                                                                                                        <p class=\"m-0\">Chairman of the Board since 2011<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Jukka<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>Chairman of the Board since 2011, member since 2006<br \/>\r\nBorn 1963<br \/>\r\n<br \/>\r\nM.Sc. (Econ.) and Authorized Public Accountant, CEO of Security Trading Oy and Holding Manutas Oy<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nDirector and Secretary to the Board of Directors of Kone Oyj 2006\u20132022, shareholder in PricewaterhouseCoopers Oy 1995\u20132006, Finnish Institute of Authorized Public Accountants approved auditor 1993\u20132006 and auditor 1987\u20131990, and Financial Manager at Panostaja Oyj 1990\u20131993.<br \/>\r\n<br \/>\r\nOther positions of trust:<br \/>\r\nBoard member at Security Trading Oy and Holding Manutas Oy, and Chairman of the Board at Johtopanostus Oy and OWH-Yhti\u00f6t Oy.<br \/>\r\n<br \/>\r\nIndependent of the company and of major shareholders.<\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Eero_Eriksson.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Eero Eriksson<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2011<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Eero<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>Board member since 2011<br \/>\r\nBorn 1963<br \/>\r\n<br \/>\r\nMaster of Social Sciences, Senior Advisor<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nSenior Advisor S-Pankki Oyj 2021\u20132023, CEO of Fennia Asset Management 2017\u20132021, CIO of Fennia Group 2002\u20132020, Senior Vice President of Fennia 2003\u20132017, Investment Director of El\u00e4ke-Fennia 1998\u22122001, Investment Director of Merita Henkivakuutus Oy, and Bank Manager of Suomen Yhdyspankki.<br \/>\r\n<br \/>\r\nOther positions of trust:<br \/>\r\nChairman of the Board of S-Pankkikiinteist\u00f6t Oy, member of the Board of S-Pankki Rahastoyhti\u00f6 Oy, member of the Board, Employment Committee and Investment Committee of the Diabetes Research Foundation, member of the Board and Investment Committee of Oulun Diakonissalaitoksen s\u00e4\u00e4ti\u00f6 foundation, Chairman of the Board of the Kyllikki and Uolevi Lehikoinen Foundation, Chairman of the Investment Committee of the Finnish Standards Association SFS, and Board member and Chairman of the Invstment Committee at Finnish Diabetes Association.<br \/>\r\n<br \/>\r\nIndependent of the company and of major shareholders.<\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Mikko-Koskenkorva.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Mikko Koskenkorva<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2011<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Mikko<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>Board member since 2011<br \/>\r\nBorn 1982<br \/>\r\n<br \/>\r\nVocational Qualification in Business Information Technology, Treindex Oy CEO<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nIT Manager of Jyki Group Oy 2018\u20132023, IT Project Manager of Pajakulma Oy 2008\u20132018.<br \/>\r\n<br \/>\r\nOther positions of trust:<br \/>\r\nBoard member of Johtopanostus Oy, Board member of Treindex Oy.<br \/>\r\n<br \/>\r\nIndependent of the company.<\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Tarja-Pa\u0308a\u0308kko\u0308nen.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Tarja P\u00e4\u00e4kk\u00f6nen<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2016<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Tarja<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>Board member since 2016<br \/>\r\nBorn 1962<br \/>\r\n<br \/>\r\nD.Sc. (Tech.) (Business Strategies), M.Sc. (Tech.) and Boardman Oy partner<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nHead of Sales and Marketing unit and Management Group member of Itella Oyj group 2005\u22122010, Nokia Mobile Phones Management Group member of Nokia Oyj and several global Senior Vice President level positions in Europe, USA and Asia 1994\u22122004.<br \/>\r\n<br \/>\r\nOther board duties:<br \/>\r\nBoard and Remuneration Committee member of SATO Oyj, Board and Remuneration Committee member of United Bankers Oyj, Board member of GRK Infra Oy, Board and HR Committee member of YLVA, Board member of software company Cardu Global Oy and Chairman of Andiata Oy\u2019s Advisor Board.<br \/>\r\n<br \/>\r\nIndependent of the company and of major shareholders.<\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2023\/12\/Tommi-Juusela.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Tommi Juusela<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2021<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Tommi<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>Board member since 2021<br \/>\r\nBorn 1973<br \/>\r\n<br \/>\r\nBachelor of Laws, LL.M. (Columbia University), independent advisor<br \/>\r\n<br \/>\r\nPrevious work experience:<br \/>\r\nNeste Oyj, Vice President, member of the management team of the Sales and Business unit 2016\u20132018, Director, Sales 2014\u20132016; Nokia Oyj, several managerial positions in sales, marketing and strategy 2006\u20132014, Shearman &#038; Sterling LLP, Associate, 2002\u20132004 (London), International Associate 1999\u20132000 (New York)<br \/>\r\n<br \/>\r\nOther positions of trust: Chairman of the John Nurminen Foundation, Chairman of the Board of Baltic Sea Services Oy, Board member of Algol Technics Oy, and Board member of Elpac Oy.<br \/>\r\n<br \/>\r\nIndependent of the company and of major shareholders.<\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                    <\/div>\n            \n        <\/div>\n    <\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":-1,"comment_status":"closed","ping_status":"closed","template":"frontpage.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-907","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Annual Report 2024 - Vuosikertomus 2024<\/title>\n<meta name=\"description\" content=\"The economic environment remained uncertain in the 2023 financial period, and we focused on driving profitability measures broadly across our entire portfolio.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/\" \/>\n<meta property=\"og:locale\" content=\"fi_FI\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Annual Report 2024 - Vuosikertomus 2024\" \/>\n<meta property=\"og:description\" content=\"The economic environment remained uncertain in the 2023 financial period, and we focused on driving profitability measures broadly across our entire portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/\" \/>\n<meta property=\"og:site_name\" content=\"Vuosikertomus 2024\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-14T11:24:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2025\/01\/unnamed-file.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/\",\"url\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/\",\"name\":\"Annual Report 2024 - Vuosikertomus 2024\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2025\\\/01\\\/unnamed-file.png\",\"datePublished\":\"2023-01-13T05:48:18+00:00\",\"dateModified\":\"2025-01-14T11:24:45+00:00\",\"description\":\"The economic environment remained uncertain in the 2023 financial period, and we focused on driving profitability measures broadly across our entire portfolio.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/#breadcrumb\"},\"inLanguage\":\"fi\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fi\",\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/#primaryimage\",\"url\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2025\\\/01\\\/unnamed-file.png\",\"contentUrl\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2025\\\/01\\\/unnamed-file.png\",\"width\":468,\"height\":95},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/en\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Annual Report 2024\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/#website\",\"url\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/\",\"name\":\"Vuosikertomus 2024\",\"description\":\"Vuosikertomus\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/vuosikertomus.panostaja.fi\\\/vuosikertomus-2024\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fi\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Annual Report 2024 - Vuosikertomus 2024","description":"The economic environment remained uncertain in the 2023 financial period, and we focused on driving profitability measures broadly across our entire portfolio.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/","og_locale":"fi_FI","og_type":"article","og_title":"Annual Report 2024 - Vuosikertomus 2024","og_description":"The economic environment remained uncertain in the 2023 financial period, and we focused on driving profitability measures broadly across our entire portfolio.","og_url":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/","og_site_name":"Vuosikertomus 2024","article_modified_time":"2025-01-14T11:24:45+00:00","og_image":[{"url":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2025\/01\/unnamed-file.png","type":"","width":"","height":""}],"twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/","url":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/","name":"Annual Report 2024 - Vuosikertomus 2024","isPartOf":{"@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/#website"},"primaryImageOfPage":{"@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/#primaryimage"},"image":{"@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/#primaryimage"},"thumbnailUrl":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2025\/01\/unnamed-file.png","datePublished":"2023-01-13T05:48:18+00:00","dateModified":"2025-01-14T11:24:45+00:00","description":"The economic environment remained uncertain in the 2023 financial period, and we focused on driving profitability measures broadly across our entire portfolio.","breadcrumb":{"@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/#breadcrumb"},"inLanguage":"fi","potentialAction":[{"@type":"ReadAction","target":["https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/"]}]},{"@type":"ImageObject","inLanguage":"fi","@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/#primaryimage","url":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2025\/01\/unnamed-file.png","contentUrl":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-content\/uploads\/sites\/5\/2025\/01\/unnamed-file.png","width":468,"height":95},{"@type":"BreadcrumbList","@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/en\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/"},{"@type":"ListItem","position":2,"name":"Annual Report 2024"}]},{"@type":"WebSite","@id":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/#website","url":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/","name":"Vuosikertomus 2024","description":"Vuosikertomus","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fi"}]}},"_links":{"self":[{"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/pages\/907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/comments?post=907"}],"version-history":[{"count":103,"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/pages\/907\/revisions"}],"predecessor-version":[{"id":1551,"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/pages\/907\/revisions\/1551"}],"wp:attachment":[{"href":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2024\/wp-json\/wp\/v2\/media?parent=907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}