Nasdaq HelsinkiAsset ManagementIFRS · EUR

KPY osk

KPY osk is a Finnish cooperative and investment company founded in 1883. Through its investment portfolios, it owns and develops interests in infrastructure, private equity, and balance-sheet investments across Finland and selected international markets.

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Business

Share of revenue
Infrastructure investments30 %

Equity and ownership interests in infrastructure assets and related businesses, including Novapolis.

Private equity20 %

Investments in domestic mid-sized growth companies and fund structures, including Sentica.

Balance-sheet investments50 %

Direct portfolio holdings and other asset investments held on KPY's own balance sheet.

Customers

KPY's 'customers' are primarily its cooperative members and owners, who receive value through the long-term growth of the group's net asset value and any cooperative return. It also works with portfolio company management teams, co-owners, and fund counterparties as an active investor rather than a passive holder.

Cooperative members

Receive economic value through NAV growth and potential cooperative distributions.

Portfolio company management teams

Work with KPY on ownership development, strategic support, and value creation.

Co-investors and other owners

Invest alongside KPY in portfolio companies and share in value creation.

Fund managers and partners

Partner with KPY in fund-based investments and capital commitments.

Strategy

KPY's strategy is to grow long-term ownership value through three investment portfolios: infrastructure, private equity, and balance-sheet investments. It is increasingly using fund-based investments, while also seeking stable cash-generating infrastructure assets and value appreciation from portfolio holdings.

Expand assets under managementMedium term

Higher AUM increases the platform for fees, ownership value, and future distributions.

Build infrastructure cash flowMedium term

Stable infrastructure income supports cooperative return capacity and portfolio resilience.

Create value in portfolio companiesMedium term

Active ownership and controlled exits are intended to realize long-term gains.

Geography

KPY is headquartered in Finland and its investments are concentrated in Finland, while some portfolio activities extend internationally. The business is therefore exposed to Finnish market conditions, but also to cross-border execution risk where portfolio companies or funds operate outside Finland.

Risks

KPY's results depend on the valuation and performance of a concentrated set of portfolio assets, so declines in any key holding can affect NAV and distribution capacity. As an investment company, it also faces execution risk in exits, valuation risk in unlisted assets, and market risk from changes in financing conditions and asset values.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Concentration in key assets1Valuation uncertainty in unlisted investments2Exit and liquidity risk3Market and financing conditions4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Concentration in key assetsImpact: HighLikelihood: High

    A large share of value is tied to a limited number of holdings such as Novapolis and core portfolio companies.

    Exposure: NAV and distribution capacity

  2. Valuation uncertainty in unlisted investmentsImpact: HighLikelihood: High

    Fair values for private equity and other unlisted holdings rely on estimates and market assumptions.

    ExposureNAVReported profitEquity
  3. Exit and liquidity riskImpact: HighLikelihood: Medium

    Returns depend on successfully exiting portfolio assets on planned terms and timing.

    Exposure: Realized gains and cash generation

  4. Market and financing conditionsImpact: MediumLikelihood: High

    Changes in rates, credit conditions, and asset-market multiples can affect portfolio values and funding.

    Exposure: Investment valuations

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Accounting

Judgemental items
Fair value measurement

Portfolio holdings and NAV depend on management's valuation assumptions for unlisted assets.

Impact: Can materially affect profit and equity

Impairment testing

Portfolio companies and goodwill may require impairment if business performance weakens.

Impact: Affects reported earnings and carrying values

Realized gains on exits

Disposition timing determines when investment gains are recognized.

Impact: Creates lumpy earnings and cash flow

Provisions and estimates

Reported profit includes judgmental items such as obligations, reserves, and adjustments.

Impact: Affects comparability across periods

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Last updated: 28/09/2026