{"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":"2026-03-24T08:51:54","modified_gmt":"2026-03-24T06:51:54","slug":"annual-report-2023","status":"publish","type":"page","link":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2025\/en\/","title":{"rendered":"Annual Report 2025"},"content":{"rendered":"\n
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CEO’s review <\/strong>
202<\/strong>5<\/h2><\/div><\/div>

In 2025, the operating environment for Panostaja remained challenging as an economic turnaround did not occur. In an uncertain market environment, we focused on strengthening the competitiveness of our investments and the conditions for controlled growth. Our investments performed reasonably well overall, and we renewed our portfolio in line with our strategy by making a new investment in SaaS company Lenio and divesting Hygga\u2019s clinic business.<\/p>

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Panostaja<\/h2>\n <\/div>\n <\/div>\n \n
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Panostaja in brief<\/h3>\n

Panostaja is a growth partner focused on Finnish SMEs in the software and service industries, which strives to help companies in reaching their full potential. Panostaja has invested in growing Finnish SMEs and strived to develop new Finnish success stories for four decades. We are actively looking for companies that have the enthusiasm and drive for continuous development and growing their business operations.<\/p>\n \n <\/div>\n

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We invest in growing SMEs<\/h2>\n

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 software and service 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.<\/span>\u00a0<\/span><\/p>\n

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>\u00a0<\/span><\/p>\n

We are an active owner<\/h3>\n

As an investment company, Panostaja is an active owner that, in addition to investing capital, stands by its portfolio companies throughout their growth journeys. Panostaja\u2019s active ownership model is divided into four areas: the acquisition process, takeover process, development phase and divestment.<\/span>\u00a0<\/span><\/p>\n

Acquisition<\/h2>\n

Recognizing the value creation potential of a company and preparing an investment strategy.<\/span>
\nPurchasing a shareholding and engaging other owners.<\/span>
\nInvestments from the company\u2019s own balance enable independently guided and flexible ownership.<\/span>\u00a0<\/span><\/p>\n

Takeover<\/h2>\n

The first 100 days: a deep dive into Panostaja\u2019s operating model.<\/span>
\nDefining the team and kicking off board work.<\/span>
\nDeveloping the company\u2019s strategy, and building and developing responsible and sustainable business operations.\u00a0<\/span>\u00a0<\/span><\/p>\n

Development<\/h2>\n

Supporting and enabling the implementation of the investment strategy.<\/span>
\nSystematic operating model for value creation \u2013 development programs, tools and systems.<\/span>
\nDeveloping management and competence, and ensuring permanent value creation.<\/span>\u00a0<\/span><\/p>\n

Divestment<\/h2>\n

Selecting the correct divestment time with the owner partners.<\/span>
\nRealization of value increases in conjunction with the sale of holdings.<\/span><\/p>\n <\/div> \n <\/div>\n <\/div>\n <\/div>\n\n \n <\/g><\/svg> Sulje <\/a> \n\n

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Panostaja as an investment target and owner<\/h3>\n

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 support 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

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Panostaja is an investment company developing <\/span>companies in the software and service sectors as an active shareholder. Panostaja provides investors with a unique channel for investing in Finnish growth companies with high expected yields through a balanced diversified portfolio. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories. <\/span>\u00a0<\/span><\/p>\n

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.<\/span>\u00a0<\/span><\/p>\n

Panostaja\u2019s active ownership model is divided into four areas: the acquisition process, takeover process, development phase and divestment. <\/span>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.<\/span>\u00a0<\/span><\/p>\n

Panostaja\u2019s strategy involves three main goals:<\/span>\u00a0<\/span><\/h2>\n