Has the Finnish Materials Sector valuation changed over the past few years?

Investors are pessimistic on the Finnish Materials industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 25.7x which is lower than its 3-year average PE of 59.0x. The industry is trading close to its 3-year average PS ratio of 0.94x.

Which industries have driven the changes within the Finnish Materials sector?

Investors are most optimistic about the Packaging industry which is trading above its 3-year average PE ratio of 42.2x. Analysts are expecting annual earnings growth of 34.9%, which is higher than its past year's earnings decline of 24.8% per year.

Finnish (OMX) Materials Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 24 Jul 2026	€28.7b	€33.1b	€1.2b	18.9x	24.3x	0.9x
Sun, 21 Jun 2026	€30.3b	€33.1b	€1.2b	19.6x	25.1x	0.9x
Tue, 19 May 2026	€30.7b	€33.1b	€1.2b	20.1x	25.5x	0.9x
Thu, 16 Apr 2026	€32.1b	€33.5b	€1.2b	21.2x	25.8x	1x
Sat, 14 Mar 2026	€31.9b	€33.5b	€1.2b	20.5x	25.6x	1x
Mon, 09 Feb 2026	€32.3b	€33.8b	€1.3b	19.6x	24.3x	1x
Wed, 07 Jan 2026	€31.8b	€34.3b	€350.1m	24x	90.7x	0.9x
Fri, 05 Dec 2025	€30.9b	€34.3b	€350.1m	23.2x	88.1x	0.9x
Sun, 02 Nov 2025	€29.8b	€34.3b	€351.3m	19.9x	85x	0.9x
Tue, 30 Sep 2025	€29.5b	€34.8b	€589.3m	21.1x	50x	0.8x
Thu, 28 Aug 2025	€30.9b	€34.8b	€589.3m	20.7x	52.5x	0.9x
Sat, 26 Jul 2025	€30.8b	€34.9b	€610.3m	28.9x	50.4x	0.9x
Mon, 23 Jun 2025	€29.8b	€35.0b	€630.3m	31x	47.2x	0.9x
Wed, 21 May 2025	€30.6b	€35.0b	€630.3m	31.1x	48.5x	0.9x
Fri, 18 Apr 2025	€27.7b	€34.8b	€741.1m	23.4x	37.4x	0.8x
Sun, 16 Mar 2025	€33.0b	€34.8b	€741.1m	26.7x	44.6x	0.9x
Tue, 11 Feb 2025	€33.3b	€34.9b	€543.5m	19.6x	61.2x	1x
Thu, 09 Jan 2025	€31.8b	€34.7b	€809.4m	17.8x	39.3x	0.9x
Sat, 07 Dec 2024	€31.7b	€34.7b	€809.4m	17.4x	39.2x	0.9x
Mon, 04 Nov 2024	€33.0b	€34.7b	€808.9m	19.3x	40.8x	1x
Wed, 02 Oct 2024	€36.5b	€34.7b	€332.2m	19.4x	109.9x	1.1x
Fri, 30 Aug 2024	€36.5b	€34.7b	€332.2m	18.9x	109.8x	1.1x
Sun, 28 Jul 2024	€36.5b	€35.1b	€466.7m	17.5x	78.1x	1x
Tue, 25 Jun 2024	€39.7b	€35.3b	€211.8m	20.3x	187.4x	1.1x
Thu, 23 May 2024	€41.8b	€35.3b	€211.8m	19.3x	197.2x	1.2x
Sat, 20 Apr 2024	€37.4b	€36.8b	€431.4m	15.8x	86.6x	1x
Mon, 18 Mar 2024	€36.0b	€36.8b	€431.4m	16.2x	83.5x	1x
Wed, 14 Feb 2024	€34.9b	€36.9b	€428.6m	17.4x	81.4x	0.9x
Fri, 12 Jan 2024	€39.1b	€39.0b	€2.4b	11.5x	16.4x	1x
Sun, 10 Dec 2023	€38.4b	€39.0b	€2.4b	11.5x	16.1x	1x
Tue, 07 Nov 2023	€37.6b	€39.8b	€2.6b	11.5x	14.2x	0.9x
Thu, 05 Oct 2023	€36.6b	€41.9b	€3.8b	8.3x	9.5x	0.9x
Sat, 02 Sep 2023	€36.9b	€42.0b	€3.8b	8.5x	9.6x	0.9x
Mon, 31 Jul 2023	€35.4b	€42.5b	€4.1b	8.2x	8.7x	0.8x


FI Market	0.33%
Materials	-2.06%
Packaging	7.18%
Metals and Mining	-0.38%
Chemicals	-3.10%
Paper and Forestry Products	-3.93%
Basic Materials	-6.48%

Company	Last Price	7D	1Y	Valuation
HUH1V Huhtamäki Oyj	€29.00	9.4% +€262.5m	-8.4%	PE16.6x
METSB Metsä Board Oyj	€2.73	1.0% +€9.2m	-17.6%	PS0.6x
OUT1V Outokumpu Oyj	€5.56	0.09% +€2.4m	55.4%	PS0.5x
KOSKI Koskisen Oyj	€8.52	0.2% +€481.9k	0.2%	PE38.5x

Announcement • Jun 29

Betolar Expands Critical Infrastructure Protection Solutions with Fourth Patent Application

Betolar is developing a comprehensive critical infrastructure protection solution that combines multiple complementary technologies and implementation approaches. The company has filed its fourth patent application related to this overall solution, further expanding its potential applications. The latest patent application relates to a modular protection system based on reinforced standard containers, enabling rapid and flexible deployment across various use cases. Previously, Betolar has announced solutions including physical protection structures for electric substations and main transformers, drone protection systems for large infrastructure sites, and rapidly deployable protection solutions based on locally sourced, low-carbon materials. Betolar is bringing to market a critical infrastructure protection solution based on reinforced and equipped standard containers, combining a modular structure, versatile configuration options, and rapid deployment. The containers can be tailored to different protection needs, from personnel protection to asset protection, and they provide protection against both gunfire and explosions. Key advantages of the container-based protection system include cost efficiency, mobility, versatility, and comprehensive protection against a wide range of threats. The solution provides an alternative to traditional fixed protection structures. It is based on a layered protection concept that combines physical protection with functional elements: different material and structural layers absorb and distribute impact and blast loads, while integrated equipment supports the operational requirements of the protected site. The reinforced standard containers are equipped according to the protection needs of each site and can be deployed either directly on-site or from a centralized outfitting location. The system can be used to protect, for example, critical buildings, main transformers at electrical substations, gas network valves, and personnel against various physical threats. Betolar develops customer-driven solutions to strengthen its position as a provider of infrastructure protection solutions and to increase the share of proprietary solutions in its business. The company currently has four patent applications related to critical infrastructure protection.

Announcement • Jun 17

Solar Foods Receives EUR 77.8 Million Grant and Loan Financing for the Construction and Commissioning of Factory 02 From Business Finland

Solar Foods receives EUR 77,8 million grant and loan financing for the construction and commissioning of Factory 02 Business Finland has on 17 June 2026 granted funding for Solar Foods amounting to EUR 77.8 million. The funding decisions consist of a grant amounting to EUR 39.6 million and an R&D loan amounting to EUR 38.1 million, related to the company’s IPCEI (Important Projects of Common European Interest) notification approved by the European Commission. The funding is intended for the construction and commissioning of Factory 02 in Selkäharju, Lappeenranta, Finland. The funding decision by Business Finland is part of the financing plan communicated by Solar Foods in October 2025. According to the financing plan, the company’s financing needs consist of equity, debt, and grants. The funding in the decision now received will be allocated to the implementation phase of the Factory 02 project, including construction and contract management, the delivery of key process equipment, installation, commissioning, and production ramp-up prior to the start of mass production. The funding is conditional upon the final investment decision for the Factory 02 production facility and securing the total financing. Solar Foods aims to make the final investment decision for Factory 02 during 2026. The company continues to prepare the investment decision, with the work focusing, among other things, on securing sufficient binding customer agreements, building the company's partner network, advancing the design of the production facility, implementing the financing plan, the novel food approval in the EU and a No Questions Letter from the U.S. Food and Drug Administration (FDA). The EUR 39.6 million grant decision by Business Finland covers a maximum of 48% of the total costs eligible under the terms of the decision during 2027–2031. The grant will be used for the implementation and ramp-up of Factory 02 in co-operation with strategic partners, as well as Solein’s large-scale commercialization and the development of scalable business solutions and the expertise generated in the project. At least twice a year, the company must submit a cost statement on the project to Business Finland, presenting the costs incurred by the company from the project. Business Finland pays the company a subsidy based on approved cost statements, but does not approve the costs definitively until the final report in accordance with the terms of the decision. The loan period of the EUR 38.1 million R&D loan is 10 years, of which the first 5 are a period of grace. The interest rate of the loan is 1% and the loan is granted with no requirement of collateral. The decision on the granting of the loan has been made by Business Finland. The State Treasury is responsible for the tasks following the granting decision, including drawing up the loan note related to the loans and managing payment transactions. The State Treasury will pay the first instalment for the loan (approximately 30% of the nominal value of the loan) in advance after the loan note has been signed, and all necessary documents, including the final investment decision for Factory 02 and information about other funding, have been submitted to the State Treasury. The amount of state aid related to the loan is estimated to be EUR 6 million. The loan is intended to be used to upscaling and optimizing Solein’s production process at Factory 02 and to achieve the targeted productivity, energy efficiency, and optimal product characteristics. The hydrogen IPCEI initiative (Hy2Use) is about research, innovation, and first industrial deployment of relevant infrastructure in the European hydrogen value chain. Solar Foods was selected as part of the project through the IPCEI (Important Projects of Common European Interest) notification granted by the EU in September 2022. In Finland, projects related to the hydrogen economy value chain are part of Finland’s Sustainable Growth Programme (Next Generation EU), which is funded by the EU’s Recovery and Resilience Facility (RRF). The projects contribute to the Government’s goal of achieving carbon neutrality by 2035. The grants under Solar Foods’ previous IPCEI funding decisions (in December 2022 and February 2025) were allocated mainly to the construction and production of the Factory 01 production facility and the preparatory phase of the Factory 02 project, including permit processes, pre-engineering, basic design and site studies, as well as the assessment of co-location opportunities, related legal and financial services, and intellectual property rights. Taking into account the funding decisions granted to Solar Foods by Business Finland so far, the remaining funds under the IPCEI notification amount to approximately EUR 21 million, and the company does not have a funding decision on it yet. The company aims to obtain a funding decision also tor this remaining part of the notification.

Finnish (OMX) Materials Sector Analysis

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