Congratulations:
He is a good CEO. And special mention should be made of the clarity and honesty of his answers to investor questions during earnings calls; in that regard, the man deserves the thanks of retail investors.
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@Karo_Hamalainen was interviewing Nokia Brewery’s CEO Janne Paavola 
Nokia Brewery posted strong growth figures for the first quarter: the volume of liters sold grew by a whopping 22 percent.
This tech-company-like growth is partly explained by the timing of Easter. This year, Easter was at the very beginning of April, so most of the Easter sales took place in March. Nevertheless, it seems clear that Nokia Brewery is growing and gaining market share.
However, for this year, the brewery company is only guiding for growth without specific metrics. That sounds modest.
”When we look at growth, we reflect it strongly against our strategic goals: a turnover of over 20 million euros by 2029,” says Janne Paavola, CEO of Nokia Brewery, adding that growth will not necessarily come steadily.
Reaching 20 million euros from last year’s approximately 13 million euros means over 50 percent growth in four years, or an average of just over ten percent every year.
Weather conditions, especially in the early summer, are exceptionally important for the sales and results of breweries.
According to Janne Paavola, the weather in late summer is no longer as significant. If people have started grilling, consuming drinks, or eating ice cream at the beginning of the summer, they continue the habit even if the weather turns worse.
”When talking about percentage development, weather can have double-digit impacts,” Paavola says.
When it listed, Nokia Brewery raised money for growth investments. Among them, the logistics center—which was already nearing completion at the time and was put into use last summer—is visited in the “Karo’s Grill on Site” episode. In the episode, the interview is followed by a factory tour of Nokia Brewery’s production, from the malt warehouse to the taproom and shop.
Out of the fourteen new product launches in the early part of the year, the majority targeted beverage categories other than beer. Nokia Brewery’s sodas have their own fans, and the product repertoire also includes ciders and long drinks (lonkero).
In mocktails, i.e., non-alcoholic cocktails, Nokia Brewery is the market leader according to Paavola. As a new product area, Nokia Brewery has started producing canned carbonated flavored waters.
Growing product categories other than beer is also favorable for Nokia Brewery because legislation sets a limit on beer sales: a prerequisite for microbrewery status and the resulting tax benefit is that the amount of alcoholic beer produced during the year is less than 15 million liters. Last year’s beer volume can double before that limit is reached.
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When opening the news, I thought there was little chance that Nokia Brewery (Nokian Panimo) had succeeded in these festivities.
(link: Suomen paras olut | HS.fi )
But lo and behold, Biere Blanc had won the wheat beer category.
Karo’s Grill (Karon Grilli) was a pleasant listen, and the CEO went through the entire set in an exceptionally clear style, as per usual.
As for me, I added a bit more with my pocket money.
With less than 7k shares left of the original 50k on the ask side, some interesting moments are expected leading up to Midsummer. Will we break the €2.50 level for the first time in a long while?
In my opinion, we’ve heard nothing but positive news on this journey, from product launches to the weather.
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Didn’t have to wait long. Even if the share price doesn’t rocket anywhere right now, it’s nice that that massive sell order has been melted away from the top of the ask side.
The interview done by @Karo_Hamalainen was good and provided new information even for an investor who, at least in their own opinion, follows the company quite actively.
Although we are not in a poetry recital competition, as is my habit, I paid attention to the style of expression in addition to the words. In my opinion, the CEO spoke even more strongly about the production of non-alcoholic beer, and thus I think that investing in dealcoholization equipment could very well be a near-term project. Ramping up production naturally takes its own time, so we are not talking about product launches in the very near future.
Outside the themes of the interview, I bet that those solar panel acquisitions might also come up sooner than anticipated. As I understand it, their efficiency has improved tremendously, and changing legislation also creates its own pressures. Nokian Panimo (Nokia Brewery) also seems to operate within Elenia’s electricity distribution network, which is notoriously expensive. Therefore, profitability calculations speak more in favor of the investment than if the factory were located, for example, on the Tampere side.
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Can we exchange Euros/marks for Nokia Brewery (Nokian Panimo) shares? Price volatility is minimal.
It will be interesting to see the brewery’s performance in the future. I’m not sure what kind of production expertise Nokia possesses, but in the scaling of the brewery industry, it is crucial to make big moves early enough.
Alko has apparently added Keisari Lager to its selection, and it is now available on the shelves of 278 stores. This means the brewery is now represented in Alko’s “budget lager” category as well.
There are now four varieties of Keisari beers in Alko’s wide distribution (=available in 276–287 stores). Additionally, the same number of Nokia brewery mocktails can be found in Alko, though with a more limited store availability.
Compared to its most obvious peer, Laitila, the Nokia brewery’s Alko distribution is in good shape. Out of Laitila’s products, only one beer is in mass distribution at Alko. In addition to that, three of the factory’s beers are available in only about ten Alko stores.
Alko’s annual beer sales hover around a couple of million liters, so its significance is naturally limited. On the other hand, while Alko’s total sales declined last year, beer sales at the “long-handle” (Alko) grew by 8.9%.
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Nokian Panimo’s product range expands to non-alcoholic beers
Nokian Panimo’s product range expands to non-alcoholic beers
Nokian Panimo Oyj PRESS RELEASE June 25, 2026, at 12:00 PM
Nokian Panimo has made an investment decision totaling approximately EUR 7 million, which enables the production of new product groups, such as non-alcoholic beers and various functional beverage mixes.
The objectives of Nokian Panimo’s 2025 initial public offering (IPO) were to accelerate the company’s organic growth strategy and to finance growth investments. The investment package now decided upon includes, among other things, dealcoholization equipment that is technologically unique in Finland, equipment for the production of deaerated (oxygen-free) water, eight new fermentation tanks, and a tunnel pasteurizer, which enables Nokian Panimo to expand into new types of beverage categories.
“The investment now decided upon is a continuation of the implementation of Nokian Panimo’s growth strategy, and I am very excited about the expansion of our Keisari product family into non-alcoholic beers. Non-alcoholic beers are the only product group in beers where demand is growing. We see that the growth in demand for non-alcoholic products is part of a broader trend emphasizing well-being and healthy lifestyles, where non-alcoholic alternatives are increasingly sought even from product groups that are traditionally alcoholic,” says Janne Paavola, CEO of Nokian Panimo.
Nokian Panimo’s vision is to be the best microbrewery in Finland by all measures
Nokian Panimo’s mission is to turn thirst into pleasure. This means developing, manufacturing, and offering consumers high-quality, approachable brewery drinks that provide taste experiences. Nokian Panimo’s goal has been to produce completely non-alcoholic, i.e., 0.0% beers, by combining world-class technology with the brewmaster’s craftsmanship.
“In the production processes of microbreweries, it is usually not possible to achieve a completely non-alcoholic result specifically due to equipment-related reasons. That’s why at Nokian Panimo, we decided on equipment similar to those found only at large international players,” says Brewmaster Jani Vilpas.
“We have been working on the development of non-alcoholic beers for a long time, and as a brewmaster, I have been able to see the possibilities of our future equipment: gentle dealcoholization taking place at a low temperature ensures that the flavor changes compared to alcoholic beer are very small. The character and taste experience of an excellent Keisari beer are created during the skillfully executed finishing stage of the beer,” Vilpas continues.
Non-alcoholic Keisari beers to stores during 2027
The new equipment and the increase in production volume require more space. At the end of June, work for a new production building will begin on the Nokian Panimo site. In the same context, the company will implement other development investments to meet the growing demand for electricity and improve energy efficiency. In addition, Nokian Panimo will increase the cooling capacity belonging to the manufacturing process as well as process automation.
The work related to the investments is scheduled to be completed in early 2027, which would enable the introduction of new non-alcoholic beers to the selection during 2027. Following the investments, Nokian Panimo’s annual beer fermentation capacity will increase from the current approximately 8 million liters to approximately 13 million liters per year.
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It seems that the Biere Blanc support purchases all summer and the spring visit to the brewery are finally bearing fruit 
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For summer beers, I have of course favored the Nokia-based (Nokian Panimo) option myself. However, the focus of my summer drinking has been on Minea flavored water. I’ve even served it to the neighbors, and it has been well-received by everyone from kindergarteners to senior citizens.
I ordered a few more cases of Minea for pickup late last week, and today I received a message from the brewery apologizing for the stock level hitting zero, but stating that the situation should be resolved by the end of the week. Clearly, that product is moving as well.
P.S. It seems that this month, the brewery’s share is seeing its liveliest trading volume in a year. Compared to the lows in January, the volume is something like five times higher.
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It’s great to see that the trading volume remains lively for a company of Nokian Panimo’s scale. After the initial listing month, the busiest trading was seen now in June, and July looks like it will be even busier. The larger buy orders have disappeared, however, and the share price has returned to around the IPO price. But the main thing is that the business is moving forward.
I have been tracking the development of Alko’s beer selection. The products of Laitilan, Nokian Panimo’s most obvious peer, seem to be disappearing from the selection on a large scale—only Kukko Tosi Tuima is still widely available in Alko stores, and their other beers are in so few locations that they will likely be delisted once current batches run out. Conversely, four varieties of Nokian Panimo’s Keisari are widely available in Alko’s selection, and their standard lager seems to have found its way into the selection of almost every Alko. At the very least, when walking past the store in Tampere city center, I noticed they were placed right next to the checkout, so the placement is prime as well.
As buyers, the K- and S-groups are obviously in a league of their own, but I believe Alko can also become a significant seller on a scale comparable to smaller retail chains.
P.S. There have been some inventory challenges at Minea again. I wasn’t doing the shopping myself this time, but a neighbor reported it. I hope the reason behind it is simply that sales volumes are surprising on the upside.
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The updated shareholder list from Inderes surprised me this time with how quickly it was updated. Hopefully, this becomes the new norm:
Last month saw active trading by the company’s standards. It seems the investment fund UB Suomi was responsible for the vast majority of the shares sold.
As a small side note from the shareholder list, it appears that Seppo Saario has also joined the ranks of shareholders with a position of 6,180 shares.
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In the big picture, trading in this stock over the last few days has been such that a backlog is being built up at the 2.50 level, and then that buy side is cleared out by large round-number sales. Larger one-off sales:
July 30 = 6,000 pcs
Aug 3 = 15,000 pcs
Aug 5 = 20,000 pcs
Aug 6 = 8,000 pcs
If those are all UB’s sales, there are likely about 49,000 shares remaining.
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H1 report coming up this Friday. I added some shares this month, but I’ve since sold off the same amount I added, as the market environment over the summer has clearly been challenging—at least for me, it’s been a surprise:
Nokian Panimo’s sales aren’t included in the association’s statistics, but given the size of their member companies, it says a lot about the market sentiment.
Here are the figures from exactly a year ago, when sales were hit by poor weather, among other things:
Compared to last year’s soft H1, only water sales have increased, and even that hasn’t returned to the levels seen two years ago.
For Nokian Panimo, a couple of percent drop in market beer sales is nothing new, as we’ve seen years like this time and again, and it hasn’t held back the company’s growth. However, what is new is the decline in the soft drink market. The last time this was experienced on an annual level in the market was in 2016. On the other hand, if we consider that tax changes are primarily behind this, it’s possible that the impact is harder on large packaging sizes than on Nokian Panimo’s small individual cans.
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UB’s heavy selling has indeed kept the share price at 2.5 euros; there must be very little left to sell, assuming, of course, that UB is behind all the selling at the 2.5-euro price point. I would be very surprised if there is enough supply left to last until Friday’s H1 figures. On Friday, an iceberg order was sold out at the 2.5-euro level (I assume it was UB selling), though that doesn’t necessarily mean it’s all gone. Once the selling by UB stops, I believe the price could rise momentarily, and we’ll see on Friday which direction it takes from there. I personally have a hunch that the figures won’t be disappointing, which is why I’ve made some small additions to my position.
I think pretty much the same way. My own position size is so high that I don’t want to increase the risk further during times of negative news. The negative news, of course, affected the markets rather than the company in this instance.
It’s unlikely that all the shares sold at 2.5 euros are UB’s sales, but in the case of large sell orders, it is reasonable to assume the source of the selling. Referring to my previous message. And it is indeed reasonable to assume that UB’s shares are starting to run low.
In addition to the sell side, one must, of course, also consider the buy side. It may be that after UB’s sales, the greatest buying appetite for the company’s stock has also been satisfied for the time being. It may also be that the good sales volume in Q1 has attracted buyers who expect the sales to signal the company’s rapid growth and expect that growth to happen with high profitability.
Personally, I am confident about the strong volume figures. The fact that the visible campaign sales extended into Q2, and that the sales from many new product launches will only be more widely visible then, gives reason to expect that Q1 was not just a one-off stroke of luck. Regarding EBITDA, I would be a bit more skeptical, at least concerning the upper end of the guidance range.
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This didn’t go poorly at all.
“Our sales volume grew significantly faster than the market, with growth at 22%. The growth was driven by a 27% increase in beer and 10% growth in other beverages. The growth was supported by successes in new product launches, the strong position of existing products and brands, and campaign sales during the late winter.”
“The market situation was stable in the first half of the year, as the volume of alcoholic beer declined slightly, while other categories saw growth. Flavored waters, energy drinks, and non-alcoholic beers showed good growth in the market. We hit a very good spot with the launch of the new Minea flavored water product line. The growth in the non-alcoholic beer market also supports our decision to invest in non-alcoholic beer production.”
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Based on my calculations, with this year’s earnings at this pace, the EV/EBIT could be around 10, which is relatively inexpensive given the growth. Of course, the strong growth figures from the beginning of the year were likely supported somewhat by the poor weather during the comparison period, i.e., spring 2024*, and conversely, the late summer weather has been cool compared to last year’s long heatwave. Regardless, it has performed well compared to the market.
How much capacity does Nokian Panimo (Nokia Brewery) currently have to increase its sales volumes without further investment? And I am referring to their more traditional products. I have noted the new investment made in non-alcoholic beverages.
(Note: The original text mentions “spring 2025,” but as this is a forward-looking or current analysis, it likely refers to the spring of the previous year (2024) for the comparison period.)
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"Increasing capacity in mixed drink production also leads to better efficiency and, consequently, better margins. In the case of mixed drinks, however, the most significant impact on both capacity and efficiency would come from a new packaging line.
Increasing fermentation capacity is a project with a short payback period that can be implemented flexibly when needed. In addition to purchasing new fermentation tanks, a foundation slab, weather protection, and piping are required.
Nokian Panimo’s current fermentation capacity is sufficient for present demand, but reaching financial targets requires additional investment. These are already planned for next year’s season and will be made further thereafter in order to achieve the targeted revenue of over 20 million euros by 2029."
Here is an excerpt from my article in December:
So, more tanks are needed, but the acquisitions are relatively inexpensive and can be implemented quickly as soon as the need arises.
Many other investment targets are more expensive and require more planning.
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Nokian Panimo delivered some excellent growth figures.
Along with the numbers, we once again received updates on the progress of their story, as the company invested in two new fermentation tanks during H1 and launched a €7M investment project toward non-alcoholic production.
The level of investment is high relative to the company’s size, but that is exactly how it should be with this story.
Actually, the only minor disappointment was that the growth was mainly concentrated in beer, while the growth of other beverages was “only” 10%.
Heading into the earnings presentation and the rest of the summer with a positive outlook!
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