Cooperation began according to the new strategy

Lenio is the newest company in Panostaja’s portfolio, which began its journey of growth in June 2025. Panostaja’s involvement has set the stage for a new phase of growth for the software company, and the year has been a time of renewal and strategy clarification for Lenio.

In 2025, Lenio worked with Panostaja to create a new strategy: the major objective is to take Lenio to a new size category in the domestic market and aim for international growth in the long term with a highly scalable business model. Panostaja has provided support in designing and implementing the strategy. The cooperation has also taken off in other areas, and Panostaja supports Lenio in product development, the utilization of artificial intelligence, and the development of sales and marketing, among other things. In addition, Lenio has made preparations for its first sustainability report as part of Panostaja, which has developed the company’s sustainability knowledge.

Lenio managed to grow during 2025 despite the challenging market conditions. The economic downturn has affected Lenio’s customers in fields such as the construction industry, and this has also partially impacted Lenio. In 2025, customer attrition was slightly higher than usual, due to some customers discontinuing their operations.

The most significant event of the year was the beginning of the cooperation with Panostaja, which provided the foundation for a new phase of growth.

High customer and employee satisfaction

Lenio is known for its close and long-lasting customer relationships and its customer-oriented approach. In the summer 2025 customer survey, the Net Promoter Score (NPS) among Lenio’s customers was high at 47, which is well above the industry average. According to the survey, 87% of the company’s customers feel that the partnership has genuinely helped their business. 94% of customers would choose Lenio again for its service, expertise and reliable partnership. The new resources provided by Panostaja will help Lenio to serve its customers even better in the future.

Lenio is also doing well internally. In the new phase of the company, the eNPS score for employee satisfaction and engagement has been at a very high level: the average score of the two Pulssi surveys commissioned by Panostaja in the fall is 50.

Investments in marketing, user interface and mobile development

In 2025, Lenio invested in developing its marketing in line with its strategy and recruited a marketing manager to join the team. A marketing strategy for 2026 was created for Lenio, with the aim of achieving significant results from the second half of the year onward. In addition, the company hired a forward-looking specialist in mobile development, which is also an important focus of the strategy.

Lenio is kicking off the year 2026 according to its strategy, with a focus on new growth. Lenio expects the market to recover and the general economic situation to improve this year.

Development takes strides in the product business and internally

In its 20th anniversary year, Oscar Software moved forward in line with its strategy, increasingly shifting from project delivery to product business. The Oscar P1 ERP system is the flagship of the company’s SaaS transition.

The early part of 2025 was commercially somewhat slower than expected for Oscar but, from spring onward, the pace picked up and the rest of the year was much busier. Among Oscar’s customers, the economic situation in the wholesale sector has been particularly difficult while the conditions in the industrial sector improved, especially toward the end of the year. Oscar’s annually recurring revenue, or ARR, improved at a good pace throughout the year.

Oscar Software celebrated its 20th anniversary together with customers and partners at the Oscar Gala event in spring 2025. Oscar also implemented the “Lupa Kasvaa 2.0” (Permission to Grow 2.0) campaign for its existing customers, with development themes focused on a number of long-term customers. The previous corresponding campaign was aimed at new customers, and to celebrate the 20th anniversary, the focus was on thanking existing customers.

The growth of the ARR stock despite the challenging market situation was an important achievement.

Oscar P1 paves the way toward product business

One of the main themes of the year was the strategic development of the ERP system Oscar P1. The initial pilots of the system were carried out in June, and Oscar P1 went into production for the first time in December. At Subcontracting Fair Finland in the fall, Oscar launched the Oscar P1 production control solution, which is a new, real-time way to manage production. Customer feedback on the Oscar P1 has been positive, and it is important for Oscar to listen to its customers as part of further development.

Oscar Software managed to acquire 60% more new customers than in the previous financial year. This development reflects the refinement of the product and its deployment models, as well as a positive development in competitiveness. In addition, the shift from project-centric delivery to a focus on the product itself has lowered the cost of deployment for customers.

New internal policies bring clarity and results

During the year, the company carried out an internal organizational change, moving from a business-oriented approach to a process organization. At the same time, Oscar’s strategy was also specified. All projects, their objectives and indicators, down to the level of teams and individuals, are now derived from the strategy, allowing for an even more consistent approach than before. The company also moved to new premises in Tampere in December.

In 2025, Oscar made the switch to a larger data center partner. The change will allow the company and its customers to benefit from a significant boost in proficiency. The new data center is also carbon neutral, which is an important environmental achievement.

In addition, Oscar introduced anonymous recruitment to ensure that the best people are recruited to the team. Oscar Software wants to continue to be a responsible, stable and reliable employer.

Building growth in 2026

During the past year, Oscar Software has received strategic support from Panostaja. Panostaja’s Development Director Heikki Tukiainen, who is a member of the Board of Directors, has brought his experience and insight to product development and the use of artificial intelligence, among other things. Oscar also carried out a product development audit with the help of Panostaja.

The projected growth for 2025 did not materialize until the end of the year, but Oscar Software is making active efforts to make 2026 a year of growth. In 2025, the company underwent major structural changes, and 2026 will be a year of continuous development. Investment is particularly focused on Oscar P1, with larger-scale customer deliveries starting as soon as early 2026.

A successful year brought new customers and international growth

CoreHW made significant progress in 2025 in line with its strategy. Both the Design Services (DS) and the Real-Time Location Services business (RTLS) developed according to plan and supported the growth in shareholder value.

For Design Services, 2025 was an excellent year, boosted in particular by a new strategic account in the automotive industry. Customer demand has been good and work has been carried out at high capacity for the past 1.5 years. In 2025, business even exceeded expectations, and the same good pace is predicted for 2026. CoreHW has invested in the development of its own IP blocks, which will also help in the sale of future projects. The microchip industry is booming globally, and CoreHW is a strong player in this wave.

In the RTLS business, 2025 was also a year of many successes. CoreHW’s product was certified for key markets in the United States and Japan. The company invested in software development to provide customers with end-to-end service solutions, which have been in particular demand in the Japanese market. CoreHW’s product solution has been well received and a proof of concept phase is underway in relation to several Japanese customer relationships. The aim is to start commercial installations in Japan in 2026. In the United States, CoreHW technology is already in use in three health care facilities or hospitals.

This was a year of strong strategic progress for us in both business areas.

Faster growth than expected

The general economic uncertainty was reflected in the market by delays in some customers’ decisions, but the impact was minimized thanks to CoreHW’s excellent customer and sales work. Interest in European high-tech expertise is growing.

CoreHW’s projects in Japan progressed faster than expected in 2025 and have surpassed the scale of its operations in the United States. The RTLS business is still in the investment phase, which has meant that the allocation and focus of resources has had to be prioritized and phased. Customers are implementing their own solutions on top of CoreHW technology, which can take time and make the schedule of the transition to the commercial phase somewhat unpredictable.

Sustainability across the board as part of business operations

Panostaja has consistently been a strategic support and sparring partner for CoreHW in the midst of a busy year. In particular, Panostaja has provided valuable insights to the company’s development work. The preparation of sustainability reporting with Panostaja has, in turn, helped to link sustainability to CoreHW’s business development. Panostaja has brought a clear structure to the reporting and helped to identify what is relevant.

When it comes to sustainability, CoreHW is investing in the areas of employee skills, transparent leadership, sustainable and energy-efficient technology, good governance and employee well-being. As such, the job satisfaction and engagement levels are exceptionally high, with the average eNPS score for the previous 18 months being 67 at the end of 2025, which is considered an excellent result.

The year 2026 looks positive for CoreHW in the big picture and is a significant step in the company’s development story. The new customer base in the design services business brings visibility and stable demand, which is reflected in new projects. In the RTLS business, the aim is to expand from piloting toward commercial deliveries, especially in Japan. Higher customer orders and the resulting commercial impact are targeted for the second half of the year.

Profitability development and strategy work

In 2025, Grano managed to strengthen its market position despite the weakening economic trends. The challenge of reduced demand, which has a particularly strong impact on market leader Grano, was actively addressed. Grano improved its profitability in 2025 in a number of ways, including streamlining production and restructuring. Growth targets for the year were missed, but profitability was maintained at a good level. The year was also marked by the preparation of a new strategy focusing on the future growth areas of Grano.

In fall 2025, Kimmo Kolari, the CEO of Grano, stepped down from his position, and Mika Vihervuori, DI, took over as the new CEO in October. The strategy work kicked off in the spring continued intensively under Vihervuori’s leadership for the rest of the year.

We believe that graphic communication will grow and develop in the future.

Panostaja as a sparring partner and promoter of sustainability reporting

Panostaja has acted as a sparring partner for Grano throughout the year, and active discussions have taken place on development issues, among other things. In 2025, Grano has specifically addressed sustainability issues in the context of preparing Panostaja’s sustainability report. For example, data quality has been improved. Panostaja’s processes have guided Grano in developing its sustainability reporting practices.

Panostaja has supported Grano through persistent guidance and stable ownership. In a challenging market environment, Panostaja has offered its backing and vision in board work and management support.

New strategy points the way to growth opportunities

The growth of digital media has meant weaker demand for the graphic communication services offered by Grano. Grano is a strong believer that graphic communication will continue to play an important role alongside digital media in the future, and that the field boasts potential for development and growth. In 2026, Grano will be guided by a new strategy with two growth areas: visibility and packaging business.

The visibility business covers comprehensive solutions for graphic communication. In 2025, Grano provided all of the graphic visibility solutions for EuroBasket 2025, from tapes and posters to digital screens. There is a growing need for these services among our customers, and Grano wants to be even better at them.

In the packaging business, Grano is investing in a new gluing line to manufacture products even more efficiently and produce packaging for the pharmaceutical industry, for example. Grano also sees opportunities for growth in this business area.

In 2026, an organizational change will also be implemented, with the aim of making Grano more customer-centric rather than production-oriented. The new strategy has been positively received by staff, and the new operating model has gained support.

In addition to the strategic priorities, Grano will continue to focus strongly on improving profitability in 2026. Small growth is expected for the coming year, and the market is showing tentative signs of recovery.

A year of substantial changes

2025 was a year of change for Gugguu. In a challenging economic environment, the company took important steps for the future and achieved new milestones.

In the fall, Gugguu did an extensive pop-up tour in Finland. More than 4,000 customers were met during the successful tour. Over the course of the year, the online store was also revamped. As a result, Gugguu’s CEO Anne Valli was awarded the eCommerce Entrepreneur of the Year award at the eCom Awards in May. In fall 2025, Gugguu launched its new outdoor clothing collection, which was a great success. One of the year’s priorities was also the development of marketing and related tools.

There were changes in Gugguu’s key personnel when one of the company’s founders, Creative Director Miia Riekki, stepped down from the company’s operational activities in the summer.

The year was financially challenging and demanded significant cost-cutting measures, but there were also many good aspects.

Important cost-cutting measures to balance the budget

Gugguu had a challenging year financially, especially due to the weak purchasing power of the Finnish market, and the company’s sales declined in 2025. Over the course of the year, Gugguu took active steps to make the company more efficient.

One of the biggest changes during the year was signing an agreement on outsourced storage facilities in Hyvinkää and, as a result, abandoning the company’s own storage facilities. The agreement and preparations were completed in 2025, and the transition to outsourced warehousing was made in January 2026. The change will bring much-needed savings for 2026 and free up team resources.

Gugguu has also used its old fabric warehouse to produce popular outlet products over the years. This allowed the inventory to be utilized and new fabric purchases to be reduced. In addition, new garments were produced sustainably from previously unused fabrics.

Sustainability certification and changes in production

Gugguu’s mission is to produce quality children’s clothing and accessories, the longevity of which is in itself an act of sustainability. In 2025, Gugguu obtained GOTS (Global Organic Textile Standard) certification for some of its products, which is an independent recognition of the ecological and ethical nature of textiles.

During the year, Gugguu moved its outdoor clothing production from Europe to China, allowing for even more controlled production. Gugguu’s partner in China is a pioneer in the sustainable clothing industry. With the relocation of production, the price point of many products could be lowered.

Gugguu also switched to organic cotton in plain fabrics, which increased the share of organic cotton in basic jersey products. The variety of models and colors were cut back in order to streamline production.

Cooperation with Panostaja strengthened

In a challenging market situation, Panostaja has financially supported Gugguu. Since Heikki Korelin became Chair of the Board, Panostaja’s cooperation with Gugguu has grown even closer, and Panostaja has been actively involved in developing the company.

In 2026, Gugguu will continue to focus strongly on marketing and brand development. A new pop-up tour also started in March 2026. In addition to this, Gugguu will enter the Indian market in the areas of e-commerce and marketplaces and aims to start working with a local partner during 2026.

The rebalancing will continue in 2026, but the most substantial changes were already made in the previous year. As a positive signal, retail has picked up according to the company’s hopes. Resulting from this, Gugguu is entering the year with confidence, working closely with its partners and network.

* In contrast to Panostaja, Gugguu’s financial period is April 1–March 31 

The divestment of the clinic business was the most significant event in a challenging year

Hygga’s 2025 was a challenging year for both the clinic and service businesses. In difficult situations, the organization has demonstrated its ability to respond to challenges. The most significant event of the year was the agreement on the sale of the clinic business to PlusTerveys Hammasklinikat Oy.

The clinic business deal was closed

Hygga’s clinic in Kamppi, Helsinki, performed well throughout the year, and the number of customers increased as expected. However, after the summer, the number of public health service vouchers collapsed for several months, reducing the number of customers. The number did not recover until November.

In October 2025, Panostaja announced that Hygga’s clinic business will be sold to PlusTerveys Hammasklinikat Oy, and that the transaction will be completed in 2026. The sale of the clinic business was a strategic objective, the opportunity for which arose slightly earlier than expected toward the end of 2025. The deal was prepared in record time. It was a major effort in which Panostaja was closely involved and provided assistance. Hygga received concrete, weekly support for the process, especially from the financial team at Panostaja.

Hygga’s clinic business has been owned by Panostaja since 2015. The long collaboration between Hygga and Panostaja on the clinic business has gone through several phases, the most recent of which was the return to private clinic operations, carried out with the management. Once the transition was complete, divestment was a natural next step. The Hygga Flow service business will remain in Panostaja’s ownership.

Major distribution agreement in the service business

The service business contracts amounted to one of the successes of the year. Hygga signed an extension agreement with a major customer in Sweden and a new distribution agreement with a major actor in Finland toward the end of the financial period. The domestic agreement brings significant new potential for 2027.

The service business has reflected the challenging situation in the wellbeing services counties. The Hygga Flow ERP system has been used by the wellbeing services counties, but public sector adaptation measures and discontinued agreements have led to a significant reduction in service business net sales.

The service business has had to adjust and reduce staff numbers with decreasing demand. Throughout the year, Hygga has taken care of the well-being of its personnel and worked systematically to improve employee satisfaction in a changing environment. Staff satisfaction remained high throughout the year.