Loihde is planning a listing on Nasdaq First North Growth Market Finland

Loihde Plc (“Loihde” or “the Company”), an expert organisation specialising in digital development and security solutions, has concluded its exploration of the possibility to apply for the listing of the company’s shares for trading on the Nasdaq First North Growth Market Finland marketplace (“First North”) maintained by Nasdaq Helsinki. As a result of the exploration process, Loihde is planning to apply for listing (“the Listing”) of the Company’s shares (“Shares”) for trading on First North in autumn 2021.

Loihde, which formerly operated under the name Viria, has a very large ownership base, some 26,000 shareholders, due to its history as a telephone company. According to the management’s estimate, the Listing would provide a marketplace for the Share and increase liquidity, resulting in more efficient price formation for the Share. The Listing would also enable using the Share as a means of payment in potential acquisitions and increase the Company’s opportunities to use share-based incentive schemes to retain employees. Additionally, the Listing would improve awareness of Loihde as an employer and among customers.

The planned Listing would be carried out as a technical listing, which means that no share issue or sale would be arranged in connection with it.

Samu Konttinen, CEO of Loihde:

“Loihde is a service company for digital development and security solutions. We build data-driven digital services and security solutions for our customers to protect them from cyber security risks and other security risks. We are currently one of Finland’s largest providers of comprehensive corporate security solutions.

Our business is underpinned by strong transformation that intertwines the digital world with the physical, reaching every aspect of our lives. This drives demand for Loihde’s digital development services and increases the need for cyber security and solutions utilizing cloud services. With our solutions, our customers can improve their competitiveness in the digitalising world and secure business continuity. The planned listing would be the next natural step for Loihde and would support the implementation of the company’s strategy and growth targets.”

Timo Kotilainen, Chairman of the Board of Directors:

“Loihde has been shaping the future across three centuries already, since the year 1882. Loihde has approximately 26,000 shareholders and is one of the largest unlisted companies in Finland measured in the number of shareholders. The planned listing would create an opportunity for shareholders of the company to trade in Loihde shares, increase the liquidity of the Share and promote using the Share as a payment instrument in potential acquisitions. Additionally, it would improve awareness of the company among potential new customers and employees.”

Loihde in brief

Loihde is a service company for digital services and security solutions that builds digital solutions for customers and protects them from cyber security risks and other security risks. The Company helps its customers to utilise data and digitalisation and to secure business continuity.

Loihde’s business comprises two business areas:

  • In the digital development business, Loihde offers its customers services in business intelligence and data utilisation as well as in digital development. The business area also focuses strongly on developing AI solutions.
  • Loihde’s security business consist of both physical security and cyber security services. The Company’s physical security services mainly consist of locking, camera surveillance and other security technology solutions. The Company’s cyber security business focuses on, for instance, network and endpoint protection, identity and access management, information security consulting and secure IT infrastructure.

Capabilities common to the business areas, such as expertise in system integration and utilising data produced by security systems, enable providing more extensive services to customers and thus improve the Company’s competitiveness. The business areas have several common customers and potential for cross-selling.

In 2020, Loihde Group’s revenue totalled EUR 106.8 million (2019: EUR 103.1 million), with adjusted EBITDA of EUR 6.2 million (2019: EUR 5.5 million). The value of the Company’s projects and consultancy contracts constituted approximately 75 per cent of the Company’s 2020 revenue on 31 December 2020 (31 December 2019: approx. 75 per cent) and continuous invoicing contracts approximately 25 per cent (31 December 2019: approx. 25 per cent).

Loihde Group’s revenue was EUR 52.0 million during the six-month period ended 30 June 2021 (30 June 2020: EUR 52.2 million) and adjusted EBITDA was EUR 1.1 million (30 June 2020: EUR 2.4 million).

Loihde’s strategy

Organic growth and improving profitability

Loihde aims at increasing revenue and improving profitability of both of its business areas. The achievement of these objectives is supported by the strong development of digitalisation in society, the strong growth of the cyber security market and the Company’s strong position in the physical security market.

Loihde focuses on growth segments of the digital development and security markets

The Company’s strategic focus areas in digital development are in growing services such as data utilisation and analytics, service design, software development and development projects related to cloud technologies. In the security business, the Company continues to develop its cyber security and cloud transformation services to respond to changing customer needs and its unique ‘One security’ concept for total security, encompassing both digital and physical security.

Synergies through Group collaboration

The Company has carried out several business acquisitions in recent years, forming the core of the current Loihde. The Company aims to develop and harmonise Group operations, increase cross-selling and develop comprehensive solutions synergistically. A visible indication of building a more uniform Group is the brand renewal carried out in 2021, in which all Group companies were moved under the common Loihde brand.

Accelerating growth with selected acquisitions

Loihde aims to continue focused business transactions to support its growth ambitions. The company’s strong balance sheet enables acquisitions supporting the strategy.

People make Loihde and its services

The management of Loihde believes that the Company’s professional and committed personnel enables high customer satisfaction. The Company wants to be an attractive workplace that offers well-being, professional development and experiences of doing meaningful work each and every day.

Loihde’s key strengths

Loihde believes that the following factors in particular form the key strengths of the Company and provide the Company with a competitive advantage in the long term:

  • Loihde is one of the largest providers of comprehensive corporate security in Finland
  • Loihde offers the whole value chain of digital development
  • Networked model brings benefits and efficiency
  • Two main business areas bring growth opportunities and stability in economic fluctuations
  • Loihde has a committed and professional personnel
  • Loihde has a diverse and broad customer base
  • Loihde’s strong balance sheet enables acquisitions supporting the strategy

Loihde’s financial targets and dividend policy

The Board of Directors of Loihde has approved the following financial targets for the Company for the strategy period 2021–2024:

Revenue: Loihde Group aims at an average annual revenue growth of over 10 per cent, including potential acquisitions.

Profitability: In terms of profitability, the company aims at achieving adjusted EBITDA margin of over 10 per cent, calculated in accordance with the IFRS standard. The company plans to transition to IFRS-compliant reporting during the strategy period. The management estimates that the transition to IFRS reporting will increase the adjusted EBITDA margin by approximately 3–4 percentage points compared to the corresponding figure calculated in accordance with the FAS standard.

Dividend policy: Loihde aims to distribute dividends annually in an amount representing at least 30 per cent of the Loihde Group’s profit for the financial period. The company will assess the conditions for the distribution of dividends annually, taking into account the company’s financial position, the achievement of growth and development targets and the investments necessary for that purpose as well as other material factors influencing the distribution of dividends.


Alexander Corporate Finance Oy will serve as Loihde’s financial adviser and the Certified Adviser in accordance with the rules of First North. Castrén & Snellman Attorneys Ltd will act as Loihde’s legal adviser and Hill+Knowlton Strategies as the communications adviser.

Press conference

Loihde will hold a press conference via Teams today, on 7 September 2021 at 10:30 a.m. EET. Speakers at the event include Samu Konttinen, CEO of Loihde, and Henrik Husman, President of Nasdaq Helsinki. Registration for the press conference: Nasdaq Helsinki, Maarit.Bystedt@nasdaq.com


Further information

CEO Samu Konttinen, samu.konttinen@loihde.com

Media contact: Director of Communications Tiina Nieminen, tel. +358 44 411 3480 or tiina.nieminen@loihde.com


Loihde is an expert organisation specialising in digital development and security solutions. We help our customers create growth and competitiveness through digitalisation while ensuring the security of people and information and the continuity of business. Loihde consists of two business areas: security solutions with the brand Loihde Trust, and digital development with the brands Loihde Advisory, Loihde Analytics and Loihde Factor. The Group has approximately 710 employees and its revenue in 2020 amounted to EUR 106.8 million.

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