Finnish Stocks Guide: Nasdaq Helsinki and OMXH25

Nasdaq Helsinki is a mid-sized Nordic exchange dominated by world-class industrial companies and a handful of global service businesses that most non-Nordic investors know primarily by product, not by stock ticker. Kone elevators, Wärtsilä marine engines, Neste renewable fuels, Nokia networks, and Nordea banking — Helsinki is an exchange where Finnish engineering and manufacturing excellence has produced globally competitive businesses with consistent cash generation. For European investors seeking quality industrial exposure at reasonable valuations, Nasdaq Helsinki warrants attention.

Last updated: July 2026.

What Nasdaq Helsinki covers

OMX Helsinki 25 (OMXH25): The benchmark index for Nasdaq Helsinki, covering the 25 largest and most liquid Finnish listed companies. This is the primary starting point for systematic Finnish equity screens.

OMX Helsinki GI (OMXHGI): The broader index covering all Helsinki-listed companies, approximately 120–150 names.

Nasdaq First North Finland: The alternative market for smaller Finnish companies — lighter listing requirements and smaller market caps. Approximately 50–70 companies.

Market size: Finland's total listed equity market cap is approximately €200–250 billion — smaller than Sweden or Denmark in absolute terms, but containing globally relevant businesses across several sectors.

Key sectors and major companies

Industrials and engineering

Kone is one of the world's four dominant elevator and escalator companies, alongside Otis, Schindler, and TK Elevator. It is a classic quality compounder: high recurring service revenue (elevator maintenance contracts are sticky), consistent operating margins above 11%, and low capital intensity. Kone trades at a premium to sector peers — typically P/E of 25–35x — reflecting this quality.

Wärtsilä produces engines for the marine and energy markets — a highly specialised engineering company with a global installed base generating significant aftermarket service revenue. More cyclical than Kone, with significant exposure to shipbuilding cycles and energy transition capex.

Metso (formerly Metso Outotec) is the global leader in mining and aggregates processing equipment. Direct exposure to global commodity capex cycles — more volatile than Kone but deeply embedded in mining supply chains worldwide.

Renewable fuels and energy

Neste is one of the world's largest producers of renewable diesel and sustainable aviation fuel (SAF). The company has transformed from a conventional Finnish oil refiner into a pure-play renewable fuels producer. Neste screens as an unusual combination: high revenue growth from SAF, volatile earnings tied to feedstock margins, and significant capital expenditure for capacity expansion. EV/EBITDA varies dramatically by margin cycle.

Fortum is a Nordic power utility with nuclear, hydro, and gas assets across Finland and Sweden. Heavily affected by European energy market volatility; screens at low EV/EBITDA in high-power-price environments, high in low-price environments.

Financial services

Nordea is the largest bank in the Nordic region — covering Finland, Sweden, Denmark, and Norway. Its Helsinki listing makes it accessible through Finnish equity screens, though it is truly a pan-Nordic bank. Trades at P/B multiples above Nordic sector average due to its scale and efficiency.

Sampo is a diversified Nordic insurer and financial holding company with stakes in If P&C Insurance and Topdanmark. A high-quality, capital-light insurance business with consistent dividend growth — a Nordic equivalent of a Berkshire-style financial holding company.

Telecommunications and technology

Nokia is one of the world's three major telecom network equipment vendors alongside Ericsson and Huawei. It has been through a dramatic transformation from its mobile phone peak — current Nokia is a B2B infrastructure technology company, not a consumer business. Revenue is relatively stable; profitability has been inconsistent as the company navigates telecom capex cycles.

Paper, forest, and materials

UPM-Kymmene is one of Europe's largest forest industry companies — producing pulp, paper, energy, and speciality materials including biochemicals. Stora Enso (also listed in Helsinki and Stockholm) is a similar diversified forest products company. Both are capital-intensive businesses exposed to paper price cycles, but increasingly generating value from bio-based materials and packaging.

Screening Finnish stocks: practical approach

Exchange selection

Finnish companies are listed on Nasdaq Helsinki (sometimes written as OMXH). Screeners covering Nasdaq Nordic exchanges include Finnish stocks. First North Finland may require selecting the alternative market separately.

Relevant filters for Finnish industrials

Finnish industrials generally trade at premium multiples versus Southern European or Eastern European peers — reflecting higher quality, lower political risk, and more predictable earnings. Apply sector-relative thinking: a P/E of 22 on a Finnish capital goods company is not equivalent to a P/E of 22 on an Italian capital goods company with lower governance standards.

For cyclical companies (Metso, Wärtsilä, UPM, Stora Enso): use through-cycle EV/EBITDA, not current-year multiples. These companies' earnings can swing 30–50% with commodity and capex cycles.

For quality compounders (Kone, Sampo): normalised P/E and ROIC are more meaningful than EV/EBITDA.

For Neste: feedstock margin environment is the key driver of reported earnings. Screen with revenue growth and ROIC metrics rather than P/E.

Practical Finnish equity screen

Nasdaq First North Finland

First North Finland lists approximately 50–70 smaller Finnish companies. It is the most productive Nordic alternative market for growth-oriented Finnish technology and cleantech companies. Fundamental data availability is more consistent than some other European alternative markets. Apply a minimum market cap filter (€20M+) and check for data availability before screening.

Dividend withholding tax

Finland withholds 30% on dividends to non-resident investors by default. However, Finland's tax treaties with most EU countries and the US reduce this to 15% for qualifying investors. Finnish companies have historically paid above-average dividends relative to Nordic peers — Kone, Nordea, Sampo, and Fortum are all significant dividend payers.

For income investors: the 30% gross withholding is high, but treaty relief to 15% is straightforward for most EU investors. Claim through your broker or the Finnish Tax Administration (Vero Skatt).

How Finland fits in a European portfolio

Finnish stocks offer:

• World-class industrial compounders — Kone's elevator business, Wärtsilä's marine engineering, Metso's mining equipment
• Renewable energy transformation — Neste is a globally rare pure-play renewable fuels company
• Nordic financial quality — Nordea and Sampo represent the best of Nordic financial sector governance
• Diversification from software-heavy Nordic peers — Finland skews more industrial and less technology than Sweden

A reasonable allocation in a pan-European quality portfolio: 5–8% Finnish exposure, concentrated in Kone and Sampo for quality-defensiveness, with Neste for energy transition exposure.

Bottom line

Nasdaq Helsinki is the least glamorous of the major Nordic exchanges but arguably the most industrially significant. Its companies — Kone, Wärtsilä, Metso, Nordea, Sampo — are global leaders in their respective niches that operate mostly below the radar of non-Nordic institutional investors. Screen Finnish stocks with quality and ROIC filters, apply through-cycle normalisation for the more cyclical names, and treat the exchange as industrial quality exposure with Nordic governance standards.

Frequently asked questions

What is the OMXH25 index?

The OMX Helsinki 25 (OMXH25) is the benchmark index for Nasdaq Helsinki, covering the 25 largest and most liquid Finnish listed companies. It is cap-weighted and most heavily influenced by Kone, Nordea, Sampo, UPM, and Nokia. Unlike Sweden's OMX Stockholm, Finland's index is more industrial and financial in character — with limited software and technology sector weight.

Is Kone a good long-term investment?

Kone is one of Europe's most consistently high-quality industrial businesses — an elevator manufacturer with a global installed base, high recurring service margins, and a business model that generates cash throughout economic cycles. It consistently trades at a premium to the market (P/E 25–35x) reflecting this quality. It is rarely a value stock, but for quality-oriented long-term investors it represents the type of Finnish compounder that has historically delivered above-market returns.

How do I screen Finnish small caps on First North?

Finnish small caps trade on Nasdaq First North Finland. Filter by exchange (First North Finland) in screeners with Nordic coverage. Apply a market cap floor of €20–30M and verify fundamental data availability. First North Finland has a stronger representation of technology and cleantech companies relative to other Nordic alternative markets, making it a useful hunting ground for growth screens.

What is Neste and why does it screen unusually?

Neste is a Finnish renewable fuels company — the world's largest producer of renewable diesel and a major producer of sustainable aviation fuel (SAF). It appears unusual in standard value screens because its earnings are highly sensitive to feedstock margins (the spread between renewable raw material costs and SAF/biodiesel prices). In high-margin environments it screens as cheap; in compressed-margin environments it appears expensive. Evaluate Neste on normalised through-cycle margins and ROIC rather than current-year P/E.

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