Buying back own shares is value-creating when the stock is undervalued. In Raisio’s case, as I see it, it is at least not significantly so right now (the company’s decision-makers naturally have more information about the company’s current state than I do).
It is certainly a good question how strongly this form of capital allocation was considered in 2022-24 when the share price was at rock bottom. Generally on the Helsinki Stock Exchange, significant share buyback operations are relatively rarely seen (such as Incap), from which one could deduce that the option is not very actively considered or used.