This thread discusses companies on the Helsinki Stock Exchange from an activist investor’s perspective. The focus is particularly on the management, ownership structure, and strategy of small-cap companies, as well as the need for changes in these areas. How could a shareholder change these, and who could lead a movement? Which Helsinki Stock Exchange companies are likely take-private targets? How do activists already involved behave—for example, Cevian? What are Finnish legislation and regulation like from an activist’s point of view? Could retail investors form an activist swarm?
In this thread, votes for annual general meetings (AGMs) can be organized. The thread also tracks AGM votes and anticipates their outcomes.
Let’s start the discussions in this thread about Aktia and bank stocks.
Aktia is not exactly an activist case because no new outside shareholder has appeared. But recent battles between owners and CEO changes place the company in an interesting situation where, as we head into 2026, the company has a new main owner, a new CEO, and a relatively fresh strategy – assuming there are no further changes to it.
The financial statements released today are a classic cleanup where the new master tidies the house and blames everything bad on their predecessors. The road seems open for improving results through operational efficiency, even though there are no signs of this in the 2026 guidance.
Reflections:
1: Does Etola have an agenda, or did he end up as the main owner somewhat by accident?
2: The firm is in principle an interesting stepping stone for building a larger banking and financial player. Several players from outside the eurozone crave a full banking license in the EU area, especially under the ECB (EKP) within the eurozone. Could a sale of the company be on the cards for Aktia, either with Etola’s blessing or even through a hostile takeover?