Helsinki stock exchange companies: Nokia tops FY2025 revenue

The largest Helsinki stock exchange companies by revenue in FY2025 were Nokia Oyj (NOKIA, EUR 19,889 million) and Neste Oyj (NESTE, EUR 19,016 million), followed by Kesko Oyj (KESKOB, EUR 12,474.7 million) and KONE Oyj (KNEBV, EUR 11,245.2 million), all listed on Nasdaq Helsinki. Of the 20 largest operating companies on Nasdaq Helsinki, nine are engineering or forest and packaging groups.

Every figure in the ranking comes from the company's own FY2025 financial statements, such as Nokia's Annual Report 2025, Kesko's Annual Report 2025 and Wärtsilä's Financial Statements Release 2025, the same filings behind our Helsinki company pages. We include operating companies only: banks, insurers, real estate companies and investment companies are left out, because their income is not comparable with net sales.

The 20 largest Helsinki stock exchange companies by FY2025 revenue

The table ranks the 20 largest operating companies listed on Nasdaq Helsinki by FY2025 revenue in millions of euros, taken from each company's financial statements.

Source: each company's FY2025 financial statements (ESEF annual report or financial statements release), EUR, fiscal years ended 31 Dec 2025, data as of 28 Oct 2026. Operating companies only; Metso figure is sales from continuing operations. Industry labels as classified in our data¹.

All 20 report in euros, so the amounts can be compared directly without currency conversion. That is not the case on Nasdaq Stockholm, where several large companies report in US dollars or euros. Stora Enso Oyj is listed in both Helsinki and Stockholm and reports in euros. The gap between the top two and the rest is wide: Nokia and Neste each reported more than EUR 19 billion, while no other company on the list reached EUR 13 billion, and the twentieth company, Metsä Board, reported EUR 1,775.7 million.

What the ranking says about the Helsinki market

Three groups dominate the list of the largest companies on Nasdaq Helsinki.

The top two are different in kind. Nokia sells network equipment to operators and enterprises globally. Neste's revenue reflects refined fuel and renewable product volumes sold at market prices, which makes its top line sensitive to oil and product prices as well as to volumes.

Why revenue is the right size measure here, and its limits

Revenue is the simplest way to rank Helsinki stock exchange companies by size because every operating company reports it under the same IFRS 15 rules. It has limits worth keeping in mind:

• Revenue is not profit. A refiner or grocery retailer turns over far more per euro of profit than a machinery or software company.
• Revenue is not market value. Some companies near the bottom of this list are valued more highly than some near the top.
• Financial companies are excluded. Banks and insurers listed in Helsinki are among its largest companies by market value, but their income lines (net interest income, insurance revenue) are not comparable with sales, so they sit outside this ranking.
• Group revenue includes foreign operations. For KONE, Wärtsilä or Metso most revenue comes from outside Finland; the listing location says little about where the business is.

How to rerun this ranking for another year or metric

The same ranking works for other metrics (operating profit, EBITDA, margins, growth) and other years, and you can run it on our Nasdaq Helsinki exchange page, through the Data API, or in Claude and ChatGPT with our read-only MCP server. For example:

To read a company beyond its headline revenue, our guide to the AI equity research tool shows the workflow.