Oras Invest’s Year 2023: Portfolio renewal amidst new realities

“The main event of 2023 for Oras Invest was the acquisition of Uponor by Georg Fischer. While we entered the year excited about Uponor’s performance and future opportunities as a standalone company, we are equally excited about the prospects of the combined business of Georg Fischer and Uponor. Together, the two form a global leader in the handling and transportation of liquids and gases, with a combined turnover of about EUR 5 billion. Uponor, together with the building technology assets of Georg Fischer, now forms “GF Uponor”, one of the four divisions of the group. Oras Invest continues to be a part of the Uponor story and has become the largest shareholder of Georg Fischer, with a 5% ownership. The investment in Georg Fischer marks a new era for us, as it is our first portfolio company not headquartered in Finland.”, says President & CEO Annika Paasikivi.

Oras Invest is the largest owner of the listed companies Kemira, Valmet and Georg Fischer, and the 100% owner of Oras Group. A new venture capital company Kvanted was set up in 2023, investing in industrial technology startups in Northern Europe. Oras Invest is closely involved and became the lead investor in its first EUR 71 million fund.

In terms of shareholder value creation, 2023 was a good year for Oras Invest, with Net Asset Value increasing by 16% to EUR 1.5 billion (OMX Helsinki TSR -2%). The combined net sales of the owned companies totaled EUR 13.3 billion in 2023. Oras Invest’s dividend income was EUR 55 million.

“The real GDP growth outlook for this year in Europe is flattish at close to 0.5%, and economic growth is also subdued in other markets globally. The construction sector in Northern Europe will continue to be particularly challenged in 2024. Despite the challenges, our companies are as robust as ever and have a strong starting point for 2024 and beyond. During the last three years, our portfolio of companies has also undergone a major transformation. We have significantly reduced our exposure to the European building industry, and today we stand on a much more balanced platform in terms of geographies and sectors.”, says President & CEO Annika Paasikivi.

Dr. Joachim Rosengarten has been appointed as a new board member to the Board of Directors of Oras Invest at the General Meeting of Shareholders on March 26, 2024.

Further information:
Annika Paasikivi, President & CEO, Oras Invest, tel. +358 10 28 68 100, annika.paasikivi@orasinvest.fi
Oras Invest’s Annual Review 2023 is available at www.orasinvest.fi