113. Hanna-Maria Heikkinen
Hanna-Maria is an energetic and relentless investor relations professional whose passion for sharing information and creating understandable communication is top-notch. Her extensive experience shows in her work, as it has given her a profound understanding of both the financial world and interpersonal interactions. Her strengths include openness, precision, and the ability to present even complex matters clearly and engagingly. She truly knows how to serve us investors.
In this interview, she shares her views on investing, working life, and… of course, Wärtsilä. 
She seems to continuously and passionately develop herself, in addition to being capable of managing broad, complex entities. Her intelligent humanity is modern and refreshing, something we could definitely use more of in this world, and it is one of the things that makes her contribution to investors truly unique.
Investor relations have improved over the years, and Hanna + Wärtsilä are an extremely good example of that. Speaking of which… Hanna received the 2023 Investor Relations Officer of the Year award, and here is a brief quote from the jury:
“Heikkinen has opened analyst calls to all investors. She regularly asks about investors’ information needs and seeks answers. She is at the absolute top of her field.”
The investment and financial world needs more Hannas—in fact, the entire working life does.
1. Tell us who you are in thirty words.
I am an experienced investor relations professional; I have led IR at YIT, Valmet, and Cargotec, and also worked as an equity analyst. Besides my main job, I am a board professional, currently serving on the boards of three companies. I am also a passionate promoter of retail investing, a private investor, a wine enthusiast, and a versatile sports lover. Being a good spouse and friend is also important to me.
2. Tell us three things about yourself that few people know publicly.
I have run a marathon twice—the first and, at least so far, the last time from Nice to Cannes.
I was invited to a professional new harvest tasting in the Champagne region, but unfortunately, COVID-19 canceled the entire new harvest week.
I kicked off this winter’s ski season last weekend in Engelberg, Switzerland.
3. What interests and hobbies do you have besides investing?
Downhill skiing, cross-country skiing, cycling, weightlifting, wine, cooking, and most recently, meditation.
I read a lot, and I would love to read even more.
4. What does a typical working day look like for you?
IR work varies significantly depending on whether we are in a so-called silent period. During the silent period, we prepare the interim report and related materials, but we do not meet with investors. After the earnings release, the work enters a more outward-focused phase, where we organize various themed events for investors and meet many investors both in Finland and abroad. When in Finland, I prefer to start the day at home, trying first thing to focus on the most important matter of the day, and while walking to the office, I can reflect on the day’s tasks. Roadshow days are tightly scheduled; at worst, there might be 7–8 investor meetings in a day, leaving less room for other work. In IR, you get to work with top management and extremely smart investment professionals. Because world events impact share prices quickly, the daily agenda can also change rapidly.
Outside of work, I aim to exercise daily.
5. What kind of investor are you?
Quite conservative, meaning I value proven track records over mere good visions. For risk management reasons, I want to understand what I invest in. It is possible that I am even overly suspicious—for instance, I haven’t gotten into cryptocurrencies because I still don’t understand them well enough.
6. What is your investment history like?
I became interested in investing in high school after receiving Vesa Puttonen’s investment book as a Christmas gift from my parents, and I began looking into investing more deeply. At business school, I learned more about it, and later in the working world—including as an analyst—I became familiar with professional investors and their methods. I have largely been a stock picker, but nowadays I also transfer money every month into passive index funds to achieve better geographic diversification.
7. What does your portfolio look like, and what are its largest holdings?
I am purely an equity investor. I focus on companies with a strong market position that pay a sensible dividend. The largest investments are Nordea, Sampo, and Fortum. Abroad, I mainly aim to invest through cost-effective index funds.
8. What is your typical step-by-step stock picking process?
Usually, I read an analysis prepared by a bank on an interesting company and go through the key figures. I also discuss investing with my friends and people I meet daily through my work. In practice, situations vary—usually, I initially take a smaller position, which I then increase if my conviction in the investment strengthens.
9. Tell us in three hundred words what kind of company Wärtsilä is.
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasize innovation in sustainable technology and services to help our customers improve their environmental and economic performance. In over 280 locations across 79 countries, our 17,800 dedicated and skilled employees enable the transition to carbon neutrality in our industries around the world. In 2023, Wärtsilä’s net sales were EUR 6.0 billion. Wärtsilä has two reporting segments: Marine and Energy. Portfolio Business, which consists of business units to be divested, is reported as other business activities.
Wärtsilä Marine is a pioneer in marine engine, propulsion, and lifecycle solutions. We develop industry-leading technologies to advance the adoption of sustainable fuels in shipping. We are building a comprehensive digital ecosystem where all vessels and ports are connected. Wärtsilä Marine is driving the maritime industry toward a decarbonized, sustainable future by offering a wide portfolio of engines, propulsion systems, hybrid technology, exhaust gas treatment systems, shaft line solutions, digital technologies, and integrated powertrain systems. Our offering is strengthened by performance-based agreements, upgrades, lifecycle solutions, decarbonization services, and our global network of maritime experts. Our goal is to provide efficient, reliable, safe, and environmentally friendly solutions that guide our customers, communities, and planet toward a secure and sustainable future.
Wärtsilä Energy leads the transition toward a future where electricity is 100% renewably generated. We help our partners accelerate the transition to carbon-neutral power generation through market-leading technologies and power system modeling expertise. These include decarbonization services, power plants balancing power systems running on current and future fuels, hybrid solutions, and energy storage and optimization technology, including the GEMS energy management platform. Wärtsilä Energy’s lifecycle services support plant efficiency, reliability, and performance. Wärtsilä has delivered 79 GW of power plant capacity and 125 energy storage systems across a total of 180 countries.
Wärtsilä Portfolio Business consists of four business units managed independently. The goal is to accelerate the profitability growth of the units and unlock their full potential through divestments or other strategic alternatives.
10. If someone is interested in your company as an investment, how would you recommend following the industries Wärtsilä operates in, leaving aside the company’s own and Inderes’s materials?
As mentioned, Wärtsilä operates globally in both the marine and energy markets. These markets and their impacts are wide-reaching, which makes following them comprehensively quite challenging. We strive to summarize the most important and timely information about our markets on Wärtsilä’s own website and in our monthly updated investor presentation. If we set aside Wärtsilä’s own materials, I would primarily recommend following independent market research in these sectors. In the marine sector, a great example is Clarksons Research, the leading provider of market intelligence and analytics in the industry. We also extensively utilize their analyses ourselves for various purposes. Unfortunately, much of the market research is behind a paywall.
Another good source I would recommend is following Wärtsilä’s competitors and customers. In the marine sector, Wärtsilä’s most direct competitor, MAN, is not listed as an independent company, but many of the largest customers, such as Carnival, Royal Caribbean Cruises, and Maersk, are publicly traded and therefore report on the market at regular intervals. In the energy sector, again, the largest direct competitor MAN is not listed independently, but many gas turbine suppliers operating in almost the same markets, such as Siemens Energy and GE Vernova, are publicly listed.
11. Wärtsilä is a huge company; it operates in many countries and has a vast number of employees, so experiences surely vary. So I ask you: what has Wärtsilä been like as a workplace for you?
Wärtsilä has been an inspiring workplace that has offered diverse opportunities for professional growth and development. The innovative and international work environment has continuously inspired me to challenge myself and learn new things from top international professionals. The energy transition is a massive theme that offers endless learning opportunities.
12. Wärtsilä has expressed confidence in reaching a 12 percent EBIT margin in the long term. What concrete steps is Wärtsilä taking to expand value-adding services, and how do you see the share of these services growing in the future?
At Wärtsilä, we are confident that we will reach our financial target of a 12 percent operating margin. Achieving this target is supported by several drivers, such as moving up the service value ladder, growth in new equipment sales, and the divestment of Portfolio businesses. The most important of these is the move up the service value ladder that you mentioned. Moving up the service value ladder means shifting from simple, transactional services toward more comprehensive and value-driven services for Wärtsilä. These services guide our customers toward more predictive maintenance, which helps reduce unexpected failures, lower our customers’ operational costs, and extend equipment lifecycles. A concrete example of our value-adding services is round-the-clock remote equipment monitoring from Wärtsilä’s Expertise Centers, utilizing sensors installed on the equipment. This service is available to our customers who have a maintenance agreement with us.
13. Voyage, which was integrated into the Marine business, is now profitable. Do you see opportunities to expand this business, and what potential do you see in the future?
Digital tools, alongside physical hardware, play an extremely important role in improving efficiency and reducing emissions in the maritime industry, which is why the long-term outlook for the business is promising. For example, route optimization based on weather data helps our customers save time and reduce both fuel costs and emissions. Our digital capabilities are an essential part of our maritime offering.
14. Wärtsilä has fallen out of the top players in energy storage. What concrete actions does Wärtsilä plan to take to improve its position in the energy storage market, and how does it plan to respond to price pressure from new competitors like Tesla and Fluence?
Wärtsilä ranks among the top seven energy storage companies globally. We have focused on improving our profitability, whereas many of our competitors have aimed to maximize their market share. We continue to focus on our own strengths: our extensive experience and expertise in energy markets, our proven track record in successful project execution, and our smart energy management solutions that optimize system operation.
15. Wärtsilä is known for its high-quality investor relations, and you have also received recognition for it. In your opinion, what makes for good investor relations? What do you consider the biggest mistakes in IR?
Good investor relations seeks impact: information should be made as easily accessible as possible and distributed as widely as possible. At Wärtsilä, we aim to organize many webcast events open to all participants, where attendees have the opportunity to interact with Wärtsilä’s management if they wish. Every quarter, we host a public pre-silent call with Wärtsilä’s CFO. Similarly, Wärtsilä’s CEO hosts a quarterly public call for investors regarding progress on strategy execution. In addition, we host several calls a year with our business unit leadership that dive into interesting details of our various operations.
As the biggest mistake in IR, I would point precisely to leaving this potential untapped. Public webcast events add scale and transparency to investor communications while reducing the IR workload.
Generally, similar investors move in the same direction at the same time, making it important to have a diversified shareholder base and reach different types of investors broadly.
16. You have collaborated with Inderes, but unfortunately, you are not a Commissioned Research client, which would include, among other things, an Initiation of Coverage / Comprehensive Report—the best gift one can give to investors. What has the cooperation with Inderes provided? And what are your experiences with being active on the Inderes Forum?
The cooperation with Inderes has been valuable for Wärtsilä. The services provided by Inderes have helped us improve our investor communications and reach a broader investor community. The Inderes Forum, in turn, has provided us with a direct channel to communicate with investors. Furthermore, we have found the quarterly CEO interviews conducted via InderesTV to be an excellent way to convey our key quarterly messages directly from the CEO to investors. In my opinion, Inderes is doing an outstanding job promoting retail investing and broad shareholder democracy.
17. Who are your most important role models and/or people to follow in investing? What is the reasoning behind your choice?
In the world of investing, I have met a wide range of truly smart people. Based purely on financial track record, Warren Buffett must be mentioned. I also had the chance to attend the Berkshire annual general meeting last year. I respect Warren’s style of making decisions strictly based on his own convictions without jumping onto hype bandwagons.
18. Why do you invest? What are your goals regarding investing?
There are many reasons to invest, but primarily it is about increasing my own life choices and personal freedom. Through investing, you also learn extensively about the world—it is always easier to stay engaged with global developments when you have skin in the game.
19. If a Rookie (Alokas) wants to properly learn what Wärtsilä does in practice, what should they watch and read?
I recommend that the Rookie goes through Wärtsilä’s monthly updated investor presentation, reads the IR blog, and attends the CEO strategy calls
20. What would you like to thank Inderes and the Inderes Forum for?
Thank you for the excellent work in advancing retail investing and helping Finns build wealth!
Thank you, Hanna!
It’s great that the busy, globetrotting Hanna agreed to be interviewed, and it’s also awesome that she has enjoyed being part of our Forum.
Good investor relations builds trust in a company, especially in the long run, and certainly contributes to improving the company’s internal operations, as the transparency inherent to good IR readily pushes organizations to perform better as well.
If a company doesn’t communicate with investors and remains closed off and/or fails to communicate directly… and/or clearly puts investors into different castes, it really doesn’t look good. Such companies may still exist even today. Hopefully, many companies will take a page out of Wärtsilä’s book in this regard (too).
Thank you and have a wonderful Independence Day! 