# KPY osk

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/kpy).

## Overview

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.

## Products & services

• Infrastructure investments and ownership stakes
• Private equity investments in growth companies
• Balance-sheet investments and portfolio holdings
• Active ownership and company development
• Fund-based investment activities

- **Infrastructure investments** (30%) — Equity and ownership interests in infrastructure assets and related businesses, including Novapolis.
- **Private equity** (20%) — Investments in domestic mid-sized growth companies and fund structures, including Sentica.
- **Balance-sheet investments** (50%) — Direct portfolio holdings and other asset investments held on KPY's own balance sheet.

- Infrastructure investments and ownership stakes
- Private equity investments in growth companies
- Balance-sheet investments and portfolio holdings
- Active ownership and company development
- Fund-based investment activities

## 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** (primary) — Receive economic value through NAV growth and potential cooperative distributions.
- **Portfolio company management teams** (primary) — Work with KPY on ownership development, strategic support, and value creation.
- **Co-investors and other owners** (secondary) — Invest alongside KPY in portfolio companies and share in value creation.
- **Fund managers and partners** (secondary) — Partner with KPY in fund-based investments and capital commitments.

- Cooperative members seeking long-term value creation
- Owners expecting distributions through cooperative returns
- Portfolio company management teams needing active ownership
- Co-investors and other shareholders in investee companies
- Fund partners and alternative asset managers

## 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.

- Headquartered in Finland
- Core investment activity focused on Finland
- Portfolio companies operate in Finland and abroad
- Some investments are made through international fund structures
- Geography matters because returns depend on Finnish market activity

## 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 management** (medium-term) — Higher AUM increases the platform for fees, ownership value, and future distributions.
- **Build infrastructure cash flow** (medium-term) — Stable infrastructure income supports cooperative return capacity and portfolio resilience.
- **Create value in portfolio companies** (medium-term) — Active ownership and controlled exits are intended to realize long-term gains.

- Grow NAV per unit over the long term
- Use infrastructure assets for stable cash flow
- Back domestic growth companies through private equity
- Develop and exit balance-sheet holdings in an orderly way
- Increase fund-based investment activity for diversification

## 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.

- **Concentration in key assets** [high] — A large share of value is tied to a limited number of holdings such as Novapolis and core portfolio companies.
- **Valuation uncertainty in unlisted investments** [high] — Fair values for private equity and other unlisted holdings rely on estimates and market assumptions.
- **Exit and liquidity risk** [high] — Returns depend on successfully exiting portfolio assets on planned terms and timing.
- **Market and financing conditions** [medium] — Changes in rates, credit conditions, and asset-market multiples can affect portfolio values and funding.

- Concentrated exposure to a small set of major holdings
- Unlisted asset valuations can change materially
- Exit timing may delay value realization
- Infrastructure and private equity returns are cyclical
- Financing and interest-rate changes affect portfolio values

## Accounting

KPY's reporting is shaped by fair-value estimates, especially for investment holdings and other non-listed assets whose values are not directly observable. Profit can also be affected by realized gains on sales, depreciation and impairment in portfolio companies, and provisions that reflect management judgment about future obligations.

- **Fair value measurement** — Can materially affect profit and equity
- **Impairment testing** — Affects reported earnings and carrying values
- **Realized gains on exits** — Creates lumpy earnings and cash flow
- **Provisions and estimates** — Affects comparability across periods

- Fair value estimates drive NAV and reported investment gains
- Realized gains can be volatile when assets are sold
- Impairment and goodwill judgments affect portfolio company values
- Provisions and other estimates can move period profit
- Cooperative equity and distributions affect equity presentation

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*Last updated: 2026-09-28T10:46:40.061950+00:00*