In other words, according to your understanding, the company redeemed (with money) part of Kokkila’s old loans, and Kokkila subscribed for new loans with only about half of the old loan amount.
In this case, Kokkila would have received, for example, 500,000 euros in cash from loans with a nominal value of 1,000,000 euros, and new hybrids with a nominal value of 500,000 euros. Is that right?
Exactly, but Kokkila was not the only party in this arrangement. The majority of redemptions of old hybrids and subscriptions for new ones were independent of Tuomas Kokkila. However, this tells us almost nothing about the Kokkilas’ share in the overall picture.
SRV has been removed from disfiguring the Helsinki index, or at least from the OMX Helsinki Benchmark Index, which imitates the Helsinki one, with today being its last day included.
This has probably contributed to SRV’s share price falling, 1 week -6% while YIT 1 week +8%, and OMXHGI +3%.
SSAB will be added to the index, and along with SRV, F-Secure, Sitowise, and for some reason even 2.0bn market cap Kalmar will be removed.
Helsinki, November 21, 2025 — Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Helsinki Benchmark™ Index, (Nasdaq Helsinki: OMXHB), which will become effective at market open on Monday, December 1, 2025.
The following security will be added to the Index: SSAB AB ser. B (SSABBH).
The OMX Helsinki Benchmark™ Index measures the performance of a selection of the largest and most traded securities listed on Nasdaq Helsinki Ltd. The Index is reviewed semi-annually in June and December.
As a result of the semi-annual review, the following securities will be removed from the Index: F-Secure Oyj (FSECURE), Kalmar Oyj B (KALMAR), Sitowise Group Plc (SITOWS), and SRV Group Plc (SRV1V).
For more information, please refer to the OMX Helsinki Benchmark Index Methodology.
For a list of current Index Securities please refer to Nasdaq’s Global Index Watch.
Nasdaq announces semi-annual changes to the OMX Helsinki Benchmark™ Index Nasdaq announces semi-annual changes to the OMX Helsinki Benchmark™ Index
Another owner-occupied housing project starts this year, again in Niittykumpu, Espoo. Less than half reserved during pre-marketing.
The press release also refers to the financing capacity brought by the infrastructure business and the new hybrid.
SRV is launching the sale and construction of a 40-apartment residential building, Asunto Oy Espoon Luhtavehka, in Niittykumpu, Espoo. Luhtavehka is the second owner-occupied housing project that SRV will start constructing this year.
Nearly half of Luhtavehka’s apartments have been reserved during pre-marketing. SRV’s goal is to significantly increase the volume of residential construction in the coming years.
“The hybrid bond issued last week and the sale of the infrastructure business published in October strengthened our financial position and practically ensure the necessary financing capacity to increase our own project development-based housing and commercial property production for the coming years,” Seppä continues.
SRV starts construction of an owner-occupied housing project in Niittykumpu, Espoo https://share.google/jxLjO7s3j8GCeROzX
SRV into the AI business, construction-wise of course.
Approx. EUR 54 million and construction work starting as early as January
SRV and CSC – IT Center for Science Ltd have signed an agreement for the implementation phase of the LUMI AI Factory data center project’s construction contract. The target budget for SRV for the project, implemented as a collaborative project management contract, is approximately EUR 54 million. The project will be recorded in SRV’s order backlog for December. The project supports SRV’s strategic goal of strengthening the company’s leading position in collaborative and other contracting, where the company is strong, particularly in public sector projects.
The LUMI AI Factory data center construction project started in September 2025 with a development phase, during which technical plans, implementation and project plans, and the innovation of related solutions were developed. With the implementation phase, preparatory work at the site will begin immediately, and construction will start in January 2026. Operations at the new data center are estimated to begin in spring 2027.
Here are Atte’s comments regarding the data center project awarded to SRV. 
SRV announced on Friday that it has signed an agreement with CSC – IT Center for Science for the implementation phase of the LUMI AI Factory data center project. The project’s target budget is approximately EUR 54 million, and it will be recorded in the company’s December order backlog. The project is significant in scale for SRV, and it supports the company’s order backlog as well as next year’s revenue accrual. The news does not create immediate pressure to change our forecasts.
Here are Atte’s comments on how Kreate and SRV have, as expected, completed the acquisition of SRV Infra Oy.
On New Year’s Eve, Kreate and SRV announced that they had completed the acquisition of SRV Infra Oy. The completion of the transaction at the end of 2025 was expected, as the competition authority had already approved the deal at the end of November. The acquired business will be consolidated into Kreate starting January 1, 2026. The news has no impact on our forecasts, as we had already factored the acquisition into both companies when the deal was announced in October.