Etola is loading up. Ownership has increased from 10.93 percent to 15.10 percent.
@Critter1 You beat me to it! 
I was just about to add more to my own post.
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Or to clarify, the ownership was already 14.91% last November and now they bought an additional 0.2 percentage points.
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Here are Joni’s comments on the outcome of Digia’s change negotiations.
Digia announced on Tuesday that it had concluded the change negotiations initiated at the beginning of March (link to announcement). The annual savings of approximately EUR 2.4 million achieved through these measures are well in line with the previously anticipated target level of EUR 2–3 million and support profitability. The announcement does not cause changes to our forecasts, as we had already accounted for the need for adjustments and the savings target in our estimates.
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Here is a fresh PRESS release from Digia 
Digia Plc: Digia seeks growth in the defense and security sector – Tero Palokangas appointed as Director
07.04.2026 at 08:00
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Palokangas’s task is to accelerate the growth of Digia’s Defence & Security business in Finland and Europe, particularly through data- and AI-based solutions.
Tero Palokangas has started as the Director of software and service company Digia’s Defence & Security business on 1 April 2026, following his predecessor Harri Suni’s return to international duties.
“I look forward to the new role and am genuinely proud to become a ‘Digian’. It is great to continue meaningful work together with professional and innovative colleagues and to get to develop the defense and security sector from a new perspective,” Palokangas says.
He moves to the role of Business Director from his position as Head of Department at the Finnish Defence Forces Systems Centre.
“Digia’s strengths in the defense and security sector provide excellent opportunities to continue building growth and internationalization. Digia has long served as a trusted partner for the Finnish Defence Forces and other society- and security-critical actors and is a respected service integrator. In addition to versatile experience, innovative solutions combined with extensive technological expertise help to continue developing Digia’s service offering in line with customer needs and requirements,” says Palokangas.
Growth is built through intelligent solutions and partnerships
International growth is powered by Digia’s operations already in several European countries, together with subsidiaries that have particularly strong data, AI, and integration expertise.
“International growth requires active legwork and the building of appropriate cooperation ecosystems. Finnish expertise is valued worldwide. It remains a good foundation for building operations. Enabling the data-driven and AI-supported multi-domain operations (MDO) pursued by the Alliance is such a massive and complex entity that no one can handle it alone, not in Finland or anywhere else. There is strength in cooperation,” Palokangas states.
In a constantly changing security and operational environment, there is demand for high-quality command and control system services operating under elevated security requirements. There is growth potential especially for organizations that have the ability to adopt new technologies and demonstrate their concrete benefits in operational development.
“Tero’s experience with the Finnish Defence Forces’ command and control systems and his deep understanding of the security environment significantly strengthen Digia’s capabilities. Under his leadership, we will be even better able to combine operational needs with modern technology solutions and accelerate business growth both in Finland and internationally,” says Janne Tuominen, Director of Digia’s Managed Solutions business.
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Joni is warming up, as Digia will release its Q1 results on Wednesday, April 29.
We expect the company’s revenue growth to have remained strong, particularly supported by an acquisition. Additionally, we expect profitability to have been at a good level, even though investments are limiting profitability. The company also implemented efficiency measures early in the year, but these will support profitability more significantly only starting from Q2. In the IT services sector, Q4 showed small positive signs of development for the first time in a long while, and thus we are following the company’s comments on the state of the IT services market with interest.
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Digia’s Q1/2026 business review has now been published. The release can be found here: Digia Oyj:n liiketoimintakatsaus tammi-maaliskuu 2026 (tilintarkastamaton)
We would also like to inform you that we are hosting a Capital Markets Day on 21 May from 14:00 to 17:00. You can register for the webcast at: CMD 2026
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And here are Joni’s quick comments on the company’s Q1 results.
Digia published its Q1 business review this morning, which was slightly softer than expected in terms of figures. Revenue grew organically, but Savangard’s contribution was lower than expected. Profitability was under slightly more pressure than we anticipated, likely driven by investments. Regarding the market situation, the company remains cautious in its comments. Additionally, as expected, the company reiterated its guidance for 2026. In the big picture, one weaker quarter does not change the overall story of a high-quality earnings grower, with years of strong execution behind it and no structural changes for the worse.
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Joni already managed to interview Digia’s CEO, Timo Levoranta
Topics:
00:00 Start
00:13 CEO’s feelings on earnings day
00:29 Revenue development & Savangard integration
02:18 Market situation in Finland
05:26 Profitability development
07:20 Project portfolio
09:34 Applying AI
11:50 Capital Markets Day in May
12:53 Q1 in a nutshell
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This section from the business review:
" we are investing in scalable lifecycle services, where we take responsibility for the holistic management of our customers’ digital foundation. In the Digital Solutions business area, we are developing productized service solutions alongside time-based work. In the Business Platforms area, we are building intelligent business platforms for our customers that enable the construction of AI-based autonomous processes for finance and production. Our strategic development projects bring cost-efficiency and business scalability to our customers."
To a layman at least, it occurs to me that when new service solutions are introduced alongside time-based work, even one month is not enough for these customer companies to organize these new ways of working, and at the same time, there might be a reduction in the hours of consultants who were previously billed by the hour.
An analyst can reflect on this better, but it looks to me like Digia has a business model transformation underway due to AI, and the one quarter mentioned in this morning’s comment won’t be enough for the weaker results—could this take a bit longer?
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Here’s a fresh company report from Joni on Digia
We reiterate our target price of 7.5 euros and a Buy recommendation for Digia’s stock. Digia’s Q1 was slightly softer than our expectations, but there was nothing dramatic behind it. The big picture remains unchanged, and the company appears to be one of the sector’s winners and a long-term earnings growth company. The stock’s valuation picture (2026e P/E 9x and EV/EBIT 7x) is very attractive, especially considering the confidence in its earnings capacity, low risk profile, and a large share of recurring business.
Quoted from the report:
We see the 2026 multiples as very moderate. Thus, the current expected return, consisting of the stock’s dividend yield, earnings growth, and the moderate upside potential of valuation multiples, rises to over 15% annually. The expected return clearly exceeds the required return on equity.
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I’m frustrated. Digia’s Q1 result took a real dip. It seems like this was missed by the analyst. Not a word about it in the CEO interview. However, the share price has been indicating for a long time that something unpleasant is going on.
I was already thinking in January before Q4/25 that the foreign acquisitions might not have gone smoothly in terms of integration. Digia has a good track record with domestic integrations. But foreign countries with cultural differences etc. are a different story. Now my suspicion has only been strengthened. I asked the analyst to address integration challenges in the CEO interview. The woman conducting the interview did ask, but the answer was lukewarm and didn’t reveal anything.
Similarly, LapWall’s Q4/25 result was exceptionally soft for the company. Dissecting the reasons for that was also completely missing from the CEO interview. Q1/26 was then profitable.
I’ve been asking myself for a while now if analysts are turning into the CEOs’ poodles. Is the analyst working for the CEO or the Premium subscriber? It was different back when the then-Nokia analyst lambasted Nokia properly. That built trust in Inderes’ analysis over time when the truth about Nokia came to light.
I expect some sharpening up!
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Sales volumes and company costs fluctuate quarterly at Digia, just like at other companies. Next quarter’s sales might perform better again, or then again, worse. Analysts don’t really know, and from the CEO, you’ll always get a positive outlook—that there were temporary challenges this quarter, but the market is now showing signs of picking up moving forward. More detailed reasons are often provided in the text section of the interim report, if you have the patience to read through it.
Regarding trust in analysis on a general level: A Nokia analyst has been pessimistic about Nokia ever since the share price was at 3 euros, and the stock has since risen to 10 euros. Does this inspire confidence? Not in my case, at least. Personally, I’m annoyed that I sold my Nokia shares at under 5 euros because of a “reduce” recommendation. That’s how situations change as the world changes around them.
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Robert Ingman has loaded up on 55,000 shares at a price of 5.69 euros.
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Digia enters into significant cooperation with Lithuanian Railways
The agreement is for two years and represents the first joint delivery outside of Finland and Poland for Digia and its Polish subsidiary Savangard.
Software and service company Digia and its Polish subsidiary Savangard have launched a strategically significant cooperation with the Lithuanian railway company AB LTG Infra.
AB LTG Infra is responsible for the infrastructure, safety, maintenance, and development of the Lithuanian railway network.
The agreement is the fourth joint customer delivery for Digia and Savangard, in which data, integration, and AI experts from Finland and Poland combine their experience and expertise.
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Digia’s first Capital Markets Day is being held today starting at 2:00 PM! You can follow the webcast here: CMD 2026
You can also submit questions via chat during the event.
Welcome to the broadcast!
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Here are Joni’s comprehensive comments on Digia’s Capital Markets Day
Digia held a Capital Markets Day yesterday, where it elaborated on the implementation of its new strategy announced earlier this year, its business operations, internationalization, and the opportunities created by AI. Overall, in our view, the day increased confidence that the overall offering works well together and resonates with current market trends. Link to the Capital Markets Day recording here.
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Here are Juho Toratti’s thoughts on Digia’s CMD
A risk for Digia remains its dependence on the Finnish market. In 2025, nearly 80 percent of the company’s revenue came from the domestic market. The weakening of the Finnish economic situation and its impact on customers’ willingness to invest could delay digital transformation and weigh on demand for Digia. However, strong customer relationships and comprehensive lifecycle services support revenue even in a weaker market. In addition, Digia’s current strategy aims to balance this risk through international expansion.
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Digia continues as partner for the Digivisio 2030 project – contract value EUR 4–6 million
The four-year agreement includes expert services related to the design, development, and maintenance of solutions to be developed for the new digital service platform for higher education institutions.
For four years, Digia has been involved in CSC – IT Center for Science Ltd’s Digivisio 2030 project developing a new national digital service platform for higher education institutions.
The objective of the joint project of all Finnish higher education institutions is to create an internationally respected learning ecosystem, which in its first phase is based on digital services, the shared course offerings of higher education institutions, and interaction.
In 2025, Digivisio’s first service, Opin.fi, was launched, bringing together open studies from higher education institutions. The service opens up opportunities for continuous learning for those interested in higher education studies at all stages of work and other life.
Digia’s experts are responsible for various design and management services as well as development and maintenance services in the project, such as definition and architecture services, service design, cloud service management, application and software development, and technology and infrastructure development services.
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The national network connects top experts and companies in the defense and security sectors. The goal is to develop new defense innovations for the needs of the Finnish Defence Forces and NATO, as well as to create growth and jobs in Finland.
Software and service company Digia has begun cooperation with the Defence Innovation Network Finland (DEFINE) and is strengthening the network’s operations, particularly with expertise in data, AI, and integration.
DEFINE is a national cooperation network launched by the City of Riihimäki, aimed at developing expertise in the defense and security sector and creating new innovations. The network brings together top experts and companies in the field and promotes the utilization of civilian solutions for the needs of the Finnish Defence Forces and NATO.
As part of the cooperation, Digia is involved in the development of DEFINE’s AI-supported integration and experimentation platform (AI Foundry). It enables new defense innovations to be efficiently tested and moved into production. AI Foundry was deployed at NATO’s Innovation Range event held in Finland from June 1st to 10th.
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Digia and wellbeing services counties are building innovative AI solutions for the European healthcare market
The EU’s EHDS regulation is increasing demand for solutions that accelerate and facilitate the secure and uniform use of health data.
Business Finland has granted 4.6 million euros in funding for the first joint project between wellbeing services counties, aimed at better utilization of health data.
The “Roadmap to Finnish Health Data Space” project develops solutions utilizing AI and data platforms that make the secure and uniform use of various health data easier and faster in healthcare, as well as in research and development activities.
The project combines Finnish healthcare expertise, the needs of university hospitals, the expertise of research organizations, and corporate solution development. Participants include HUS, the Wellbeing Services County of Pirkanmaa, the University of Helsinki, and corporate partners Productivity Leap Oy (a subsidiary of Digia), Orion Oyj, GE Healthcare Finland Oy, and Biocomputing Platforms Limited Oy.
In the project, Digia’s subsidiary Productivity Leap is specifically developing solutions that support health data integrations and AI-based analytics.
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