Yes, I would consider Tuomas Kahri’s background through Intera Partners particularly good:
Kari Nerg has had a great season at Boreal, and the foundation has now been laid for future strategic moves. -It’s a bonus that the transition is handled elegantly, as is Kari’s way.
I wrote a comment, this certainly came as a bit of a surprise to me, but of course Kari has had a long and intense period over these five years.
Mention of order books is the best part. Boreo has been quite grounded in its outlook for many quarters, and now there’s a different tune. This is big news for Boreo investors, especially with mentions of “we are seeking acquisitions that fit our criteria.” So, we are back on a growth path.
Otherwise, a fairly expected interim report. Revenue growth is again on a good track (13-16%), and the YE RS integration explains the result. Momentum Group, which generally performs well in its peer group, reported 7% growth in its Q3 report, so Boreo’s growth is particularly exemplary in comparison.
Edit/videoconference at 11:00 AM, several good news items, including:
+Bank loan shifted to 2028 significantly increases Boreo’s financial flexibility
+Delfin: Distribution network strengthening implemented in China and EU. 5 new distributors in China. New medical sector distributor in Germany, additionally, distribution negotiations delayed by US tariff negotiations are promising, with several good candidates.
+Defense industry Milcon: new customers are coming/will come in addition to old ones. Staff has already increased by 10 people, more are needed. In addition to the land sector, air and sea defense needs look promising and will bring new orders to Milcon.
Indeed, as expected, both Electronics and Technical Trade performed well. The profit shortfall (cf.) came from group functions, which I expected to be -0.4 MEUR, but it was -0.6 MEUR.
For some reason, the company no longer provided operational earnings per share, but our model calculated it at 20 cents per share with those figures.
Nor were there any major surprises in the outlook.
Electronics
The short-term outlook for the business area is stable overall, even though uncertainties persist in the operating environment. The companies’ order backlogs decreased slightly from the previous quarter, but they remain at a reasonable level. Implemented efficiency measures also support profitability in the coming quarters. Market developments are closely monitored so that potential changes can be reacted to quickly.
Technical Trade
The short-term outlook for the business area is reasonable overall, and the companies’ order backlogs have risen from the level at the end of the previous quarter. Growth has occurred particularly in Putzmeister operations, both in Machinery and Machinery MT. Due to uncertainties in the operating environment, market developments are closely monitored in the companies, and they are ready to react to changes if necessary.
Overall
Order books strengthened from the previous quarter, and we see signs of demand picking up in the industry. The short-term demand outlook for our companies serving the industry has improved slightly, while the outlook for companies operating in the construction industry has remained subdued. Milcon’s strong development, serving the defense industry, and significantly improved future growth prospects deserve special mention.
What is the direct and indirect impact of the construction sector on Boreo’s current revenue?
You can ask in the chat here 
just starting
Solid report from Boreo. A few highlights from the report and webcast:
-Operationally, profitability developed well. The comparison period included non-recurring items in operating profit (reversals of conditional additional purchase prices of €0.3 million).
-Order backlogs as a whole improved again compared to the comparison period and the previous quarter. Development has been good throughout the year, although now the order backlog for Technical Trade, which operates with a lower margin among the businesses, improved more significantly.
-The summer was quiet until mid-August, and then demand picked up towards the end of the quarter and has continued as such. The same story I’ve heard from several companies this quarter.
-System updates are underway in three companies, which will incur some costs over the next three quarters. If I understood correctly, similar updates have been ongoing before, and the costs could be roughly over one hundred thousand per quarter, meaning not very significant sums.
-The cost overrun in group functions was mainly due to the allocation of costs for the new management incentive scheme to this quarter.
-New acquisitions are expected during the winter, which will support next year’s earnings growth.
-When those conditional additional purchase prices are cleared from the figures, operating profit improved by €0.1 million in Q2 compared to the comparison period, whereas now it improved by €0.2 million in Q3 compared to the comparison period. So, in practice, the rate of improvement doubled, and even more so in percentage terms 
Here’s Karin’s interview!
Alright, now we’re starting to get a “boost” from Sweden as Redeye begins coverage of Boreo:
The most “important” piece of the analysis:
Upon opening that report in more detail, one finds company-specific figures from past years. An interesting package to delve into over time.
I was just about to post the same thing in the thread!
Great that the company is getting more coverage.. and visibility in Sweden.
A good wide fair value range between different scenarios indeed. 
This has been in many places today, but let’s put it here in the thread for safekeeping:
Finally, some positive momentum is starting to be seen in construction. Construction plays a reasonably large role in the business operations of several Boreo companies, and until now, Boreo’s own turnaround has had to be made without the support of a recovery in construction.
A successor is being sought for Inderes’ former analyst, Filterit Oy’s current CEO @Joonas_Korkiakoski. Joonas is moving to new roles within Boreo. It’s great to see that within Boreo, one can “rotate” into different roles – offering opportunities to learn and grow.
Boreo: Interview with Redeye Analyst Christian Binder
Research Interview
2025-11-10
Looking at the big picture, filling the M&A pipeline with quality targets should not be a problem. Here is a news article based on a survey by Finnish Entrepreneurs:
It’s quite difficult to find sensible acquisition targets in Finland. There are very few targets available that even have a 10% EBIT. It doesn’t make sense to acquire small and poorly profitable companies into a Boreo-type company, which are furthermore very much tied to their entrepreneur-owner.
Boreo’s share price has started to drop from 16 euros towards 14 euros, so for this company too, Inderes’ “add” recommendation and target price level are not finding resonance with the market. Undoubtedly, the rather gloomy Q3 domestic market data (economic growth in negative again) and Boreo’s earnings dependence on construction are having an impact. The company has been in the red on the stock exchange daily in recent days.
So Boreo’s shares are starting to burn in many people’s hands, and one person or another is wondering how to get rid of this very illiquid company. Trading often involves only a few hundred or at most a thousand shares daily. Is it a coincidence that the main owner also has investments in another Finnish listed company that is deeply struggling?
According to the ownership list, management team member Richard Karlsson would have sold 6108 shares last month. However, I could not find this transaction in Inderes’ insider trading service, nor any separate announcement about it. According to the ownership list, the block of shares seems to have gone into nominee registration under Danske Bank. Also, the “Insider holdings” page matches the ownership amount of 19416 shares in the ownership list dated 30.11.2025.
Has Boreo forgotten to report the said transaction? It doesn’t seem to be a bug, at least…
I also noted that yesterday and sent a message to the company asking what it was about. That amount is so large that it corresponds to well over half of Boreo’s entire monthly turnover. I will let you know here if I get any answers.
Greetings! Richard Karlsson has not sold his shares, but rather transferred them from one bank to another. For some reason, the transfer has been registered in the system as a sale. We are currently investigating the cause of this technical issue.
EDIT: The technical issue has now been resolved, as have the details of Richard’s share ownership.
Could @Olli_Vilppo (or company representatives can also comment) estimate what kind of discontinuity the departures of CEO Nergin and CFO Petäjä will create? I assume that the business area directors are well aware of the current companies’ situations and there is no inherent uncertainty related to their operational activities, but one would think that the changes would have significance, at least concerning the M&A pipeline? Jesse Petäjä was also, at least previously, the director responsible for Boreo’s acquisitions. What kind of team does Boreo currently have and are there enough competent people remaining in the company in addition to those leaving?
I have been eagerly anticipating Boreo’s next couple of years in an improving economic climate, but now these management team changes have made me a bit uncertain.
