Financial
Review
Governance and Financial Review 2024
This Board of Directors’ report and financial statements are not an xHTML document compliant with the
European Single Electronic Format (ESEF) regulation. Board of Directors’ report and financial statements
2024 in accordance with ESEF regulations are available at www.vaisala.com.
In 2024, the world continued to face complex
challenges, with increasing geopolitical tensions
and uncertainty in the business environment.
Regardless of the market challenges, Weather and
Environment business area’s net sales grew and
Industrial Measurements business area showed
resilience in the changeling market environment.
This Board of Directors’ report and financial statements are a non-official and translated version from
Vaisala’s official financial statements and Board of Directors’ report in accordance with ESEF regulations.
Corporate Governance Statement
Key figure graphs
40%
Industrial Measurements
226.5 MEUR
60%
Weather and Environment
338.2 MEUR
NET SALES BY BUSINESS AREA 2024
40%
Industrial Measurements
226.5 MEUR
60%
Weather and Environment
338.2 MEUR
NET SALES BY BUSINESS AREA 2024
40%
Industrial Measurements
226.5 MEUR
60%
Weather and Environment
338.2 MEUR
NET SALES BY BUSINESS AREA 2024
Americas: North and South America
APAC: Asia Pacic
EMEA: Europe, Middle-East, and Africa
35%
Americas 198.0 MEUR
31%
APAC 173.2 MEUR
34%
EMEA 193.5 MEUR
NET SALES BY REGION 2024
Americas: North and South America
APAC: Asia Pacic
EMEA: Europe, Middle-East, and Africa
35%
Americas 198.0 MEUR
31%
APAC 173.2 MEUR
34%
EMEA 193.5 MEUR
NET SALES BY REGION 2024
Americas: North and South America
APAC: Asia Pacic
EMEA: Europe, Middle-East, and Africa
35%
Americas 198.0 MEUR
31%
APAC 173.2 MEUR
34%
EMEA 193.5 MEUR
NET SALES BY REGION 2024
600
500
400
300
200
100
0
2020 2021 2022 2023 2024
NET SALES, MEUR
379.5
437.9
514.2
540.4
564.6
600
500
400
300
200
100
0
2020 2021 2022 2023 2024
ORDERS RECEIVED, MEUR
382.8
455.2
500.8
528.1
565.6
100
80
60
40
20
0
2020 2021 2022 2023 2024
OPERATING RESULT (EBIT), MEUR
44.8
50.1
62.5
66.6
82.9
240
200
160
120
80
40
0
2020 2021 2022 2023 2024
ORDER BOOK, MEUR
137.8
160.0
154.6
172.5
215.0
14
12
10
8
6
4
2
0
2020 2021 2022 2023 2024
R&D COSTS % OF NET SALES
14.0
12.6
12.1
12.0
12.5
2020 2021 2022 2023 2024
EMPLOYEES AT YEAR-END
2,800
2,400
2,000
1,600
1,200
800
400
0
1,939*
1,979
2,235
2,314
2,439
* Number of employees includes persons in long-time
absence as of January 1, 2021. Comparison period 2020
has been adjusted accordingly.
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Board of Directors’ Report 2024
In 2024, the world continued to face complex challenges, with increasing
geopolitical tensions and uncertainty in the business environment.
Regardless of the market challenges, Weather and Environment
business area’s net sales grew and Industrial Measurements business
area showed resilience in the challenging market environment. In 2024,
Vaisala’s net sales grew by 4% and were EUR 564.6 (540.4) million.
In constant currencies, net sales increased by 5%. Operating result
increased to EUR 82.9 (66.6) million and was 14.7 (12.3) % of net sales.
Thus, the company reached the financial targets of average 7% net sales
growth and 15% operating result margin set for a three-year strategy
period. The company continued long-term investments in R&D as well
as in sales and marketing. In addition, the new group-wide ERP system
with related systems went live at the beginning of the year and it was
further developed during the year. Earnings per share was EUR 1.76 (1.35).
Financial position remained strong. The Board of Directors proposes to
the Annual General Meeting that a dividend of EUR 0.85 (0.75) per share
be paid out of distributable earnings totaling EUR 30.8 (27.2) million.
Main key figures
EUR million 2024 2023 2022
Net sales 564.6 540.4 514.2
Gross margin, % 56.3 55.8 54.8
EBITA 90.3 74.7 70.7
% of net sales 16.0 13.8 13.8
Operating result (EBIT) 82.9 66.6 62.5
% of net sales 14.7 12.3 12.2
Result for the financial year 63.7 48.9 45.1
Earnings per share, EUR 1.76 1.35 1.24
Order book at the end of the financial year 215.0 172.5 154.6
Return on equity, % 22.1 18.9 18.7
Solvency ratio, % 52.4 61.3 58.1
Net debt 40.6 -28.2 7.9
Gearing, % 13.2 -10.5 3.2
Net working capital 75.1 72.9 82.4
Capital expenditure* 19.1 13.9 13.7
Cash flow from operating activities 78.9 83.8 29.8
Cash conversion 1.0 1.3 0.5
Research and development costs 68.6 67.7 62.4
% of net sales 12.1 12.5 12.1
Average personnel 2,368 2,327 2,141
* Excluding the impact of acquired businesses
Orders received and order book
EUR million 2024 2023 Change FX*
Orders received 565.6 528.1 7% 8%
Order book, end of period 215.0 172.5 25%
* Change with comparable exchange rates
In 2024, orders received increased by 7% compared to previous year
and totaled EUR 565.6 (528.1) million. Orders received grew in both
business areas. Orders received grew very strongly in meteorology, as
well as in power and energy market segment, but on the other hand
decreased very strongly in aviation and liquid measurements market
segments. Liquid measurements market segment is less than 10% of
Industrial Measurements business area. Orders received excluded EUR
25 million award for a project of airport weather systems and equipment
to modernize 14 Indonesian airports announced in August 2024. It will be
included in orders received once customer’s financing arrangements have
been confirmed.
At the end of 2024, order book totaled EUR 215.0 (172.5) million and
increased by 25% compared to previous year. Order book increased in both
Financial review 2024
Calculation of key figures is presented after the Board of Directors’ Report.
As of the beginning of 2023, Weather and Environment business area’s subscription business has
been excluded from orders received and order book. Year 2022 has been reported accordingly.
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business areas. Order book scheduled to be delivered during the current
year was EUR 164.6 (127.7) million.
Financial performance
EUR million 2024 2023 Change FX**
Net sales 564.6 540.4 4% 5%
Product sales 397.3 397.7 0%
Project sales 77.7 69.5 12%
Service sales 48.5 38.9 25%
Subscription sales 39.0 32.5 20%
Lease income 2.2 1.8 22%
Gross margin, % 56.3 55.8
EBITA 90.3 74.7
of net sales, % 16.0 13.8
Operating result 82.9 66.6
of net sales, % 14.7 12.3
R&D costs 68.6 67.7 1%
Amortization* 7.5 8.1
* Amortization and impairment of intangible assets and income and expenses related to
(non-operative) earn-outs related to acquired businesses.
** Change with comparable exchange rates
In 2024, net sales increased by 4% compared to previous year and totaled
EUR 564.6 (540.4) million. In constant currencies, net sales increased
by 5%. Operations outside Finland accounted for 98 (98) % of net sales.
Excluding recent acquisitions, net sales increased by 13 % and subscription
sales by 17% compared to previous year. Net sales grew in Weather and
Environment business area. In Industrial Measurements business area, net
sales were flat compared to previous year yet improved during the year.
Service sales increased especially in Industrial Measurements business
area. In the first quarter, net sales were affected negatively by combined
impact of the industrial actions in Finland and ramp-up of the new ERP
(Enterprise Resource Planning) system. After that, similar disturbances
have not been present anymore.
Gross margin improved compared to previous year and was 56.3
(55.8) % mainly due to growth in net sales.
In 2024, operating result (EBIT) increased from previous year following
growth in net sales and improvement in gross margin and totaled EUR
82.9 (66.6) million, 14.7 (12.3) % of net sales. Operating expenses were at
previous year’s level.
In 2024, financial income and expenses were EUR -2.4 (-3.7) million. This
was mainly a result of valuation of foreign currency denominated items,
currency hedging and interest expenses. Income taxes were EUR 17.0 (14.2)
million and effective tax rate was 21.1 (22.5) %. Result before taxes was EUR
80.8 (63.1) million and result for the period EUR 63.7 (48.9) million. Earnings
per share was EUR 1.76 (1.35).
Statement of financial position and cash flow
Vaisala’s financial position remained strong in 2024. At the end of
December, statement of financial position totaled EUR 589.4 (442.8)
million. Net debt amounted to EUR 40.6 (-28.2) million. Cash and cash
equivalents totaled EUR 88.8 (90.3) million. Dividend payment, decided by
the Annual General Meeting on March 26, 2024, totaled EUR 27.2 million. On
December 31, 2024, Vaisala had interest-bearing borrowings totaling EUR
105.0 (50.0) million. In April 2024, Vaisala made a voluntary prepayment of
EUR 15.0 million regarding EUR 50.0 million unsecured term loan initially
signed on March 31, 2023. The loan is due in 2026. The loan has a financial
covenant (gearing) tested semi-annually. In December 2024, Vaisala signed
a EUR 70 million unsecured term loan agreement with one of its core banks
for general corporate and working capital purposes as well as to finance
the acquisition transaction in the United States. The loan was fully utilized.
The loan is due in 2027. The loan has a financial covenant (gearing) tested
semi-annually as of 2025. Vaisala had not issued any domestic commercial
papers on December 31, 2024, as at the end of 2023. Vaisala has also a
EUR 50 million committed revolving credit facility, which was undrawn on
December 31, 2024, as at the end of 2023. Vaisala exercised first of the two
one-year extension options of the facility in third quarter and hence the
revolving credit facility expires on October 5, 2027. In addition, interest-
bearing lease liabilities totaled EUR 24.5 (12.1) million. Interest-bearing
lease liabilities include lease liability related to new office facility in Boston
totaling to EUR 12.7 million.
In 2024, cash flow from operating activities decreased to EUR 78.9
(83.8) million despite increased net result. This was mainly a result of
increase in net working capital.
Capital expenditure and acquisitions
In 2024, capital expenditure in intangible assets and property, plant,
and equipment (excluding the impact from business combinations)
totaled EUR 19.1 (13.9) million. Capital expenditure was mainly related to
investments in machinery and equipment to develop and maintain Vaisala’s
production, R&D, and service operations as well as facilities. In addition,
capital expenditure in intangible assets and property, plant and equipment
related to acquisition of WeatherDesk business totaled to EUR 65.7 million
and acquisition of subsidiaries (net of cash) totaled to EUR 20.9 million.
In 2024, Vaisala started building an automated logistics center in
Vantaa, Finland. The total estimated value of the investment is around EUR
10 million and it will be recognized in the statement of financial position
during 2024 and 2025.
Depreciation, amortization, and impairment were EUR 24.3 (24.3)
million. This included EUR 7.5 (8.1) million of amortization of identified
intangible assets related to the acquired businesses.
In December 2024, Vaisala acquired the assets of the US-based Maxar
Intelligence’s WeatherDesk business to expand its position in AI-led weather
forecasting and enhance its offering to the insurance, finance, and energy
segment. The purchase price was USD 70 million, and the acquisition was
financed mainly with interest-bearing debt. In 2023, the net sales of Maxar’s
WeatherDesk business amounted to USD 13 million, and the business has
strong profitability.
In October 2024, Vaisala acquired Speedwell Climate Ltd specializing
in climate and environmental risk transfer. With this acquisition, Vaisala
expands its subscription-based business and enters the insurance segment
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with tools for organizations to protect themselves from financial losses
caused by weather-related uncertainties. Speedwell Climate provides data
and software to structure, price, and settle index-based climate risk transfer
contracts. The company serves various industries, such as insurance,
investment funds, and renewable energy to protect their businesses from
weather-related risks. The company has been growing profitably, reaching
net sales of close to GBP 4 million in 2023.
In October 2024, Vaisala expanded its offering for renewable energy
customers by acquiring the UK-based software, weather monitoring
systems and services company Nevis Technology Limited. Nevis Technology
specializes in providing and maintaining helideck and environmental
monitoring systems and data portals for the offshore energy industry, with
offshore wind parks as a growing customer segment. The main applications
for its systems are offshore platforms and vessels.
Research and development
Product and technology leadership from sensors to digital solutions is
the very core of Vaisala. Vaisala’s measurement solutions are based on a
thorough understanding of its customers’ needs in diverse applications
from meteorology and renewable energy to industrial processes and
life science. Vaisala continuously collaborates with its customers and
partners to meet their measurement requirements and enable climate
action. In addition to its own research and development work, scientific
collaboration strengthens the company’s position as an industry pioneer
and an innovative technology leader. To develop its technology leadership
position, Vaisala invests strongly in its growth markets and makes
significant investments into research and development. In 2024, Vaisala’s
research and development costs were EUR 68.6 (67.7) million, 12.1 (12.5) %
of net sales. Research and development costs include both development of
new products as well as maintenance and further development of services
and existing products. During the past years, focus has shifted towards
development of new technologies and products.
Research and development costs are recognized as costs in the
financial year in which they incur, except for machinery and equipment
acquired for research and development purposes, which are capitalized
and depreciated on a straight-line basis. More information on accounting
principles is available in Consolidated Financial Statements note 8.
Research and development expenditure.
Further information about major product launches in 2024 is presented
in the chapter Strategy and its implementation in 2024 in this Board of
Directors’ Report.
Personnel
The average number of personnel employed during January–December
2024 was 2,368 (2,327). At the end of December 2024, the number of
employees was 2,439 (2,314). 76 (77) % of employees were located in EMEA,
16 (16) % in Americas and 8 (7) % in APAC. 63 (66) % of employees were
based in Finland.
Number of employees by region
Dec 31, 2024 Dec 31, 2023 Change
Americas 402 360 42
APAC 185 167 18
EMEA (excluding Finland) 314 254 60
Finland 1,538 1,533 5
Total 2,439 2,314 125
Number of employees by function
Dec 31, 2024 Dec 31, 2023 Change
Sales and marketing 525 442 83
R&D 671 647 24
Operations 582 566 16
Services 386 390 -4
Administration 275 269 6
Total 2,439 2,314 125
Increase in number of employees reflects business growth. Recent
acquisitions increased the number of employees by 72 in Weather and
Environment business area.
In January–December 2024, personnel expenses totaled EUR 225.3
(210.9) million.
Vaisala has share-based incentive plans that are targeted to its key
employees. In 2024, expenses related to share-based incentive plans
totaled EUR 2.5 (3.4) million.
Further information about share-based incentive plans is available in
Consolidated Financial Statements note 7. Share-based payments.
2024 review by business area
Industrial Measurements business area
EUR million 2024 2023 Change FX**
Orders received 228.1 222.4 3% 3%
Order book, end of period 37.0 35.2 5%
Net sales 226.5 227.3 -0% 1%
Product sales 199.4 207.4 -4%
Service sales 27.1 19.9 36%
Gross margin, % 61.9 61.8
EBITA 48.9 46.8
of net sales, % 21.6 20.6
Operating result 47.9 45.2
of net sales, % 21.2 19.9
R&D costs 26.6 25.9 3%
Amortization* 1.0 1.7
* Amortization and impairment of intangible assets and income and expenses related to
(non-operative) earn-outs related to acquired businesses.
** Change with comparable exchange rates
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Industrial Measurements business area’s 2024 orders received increased
by 3% compared to previous year and totaled EUR 228.1 (222.4) million.
Orders received increased very strongly in power and energy market
segment and somewhat in industrial instrument market segment. Orders
received were at previous year’s level in life science market segment and
decreased very strongly in liquid measurements market segment.
At the end of 2024, Industrial Measurements business area’s order
book amounted to EUR 37.0 (35.2) million and increased by 5% compared
to previous year. Order book scheduled to be delivered during the current
year was EUR 32.9 (31.6) million. Order book increased in power and
energy as well as in life science market segment and decreased in liquid
measurements market segment. Order book in industrial instrument
market segment was at previous year’s level.
In 2024, net sales were at previous year’s level and totaled EUR 226.5
(227.3) million. In constant currencies, net sales increased by 1% compared
to previous year. Net sales increased very strongly in power and energy
market segment and decreased somewhat in life science and liquid
measurements market segments. Net sales in industrial instruments
market segment were at previous year’s level. Very strong growth of service
sales was a result of previous years’ sales levels and followed growth of
installed base as well as improved transparency.
Gross margin was at previous year’s level 61.9 (61.8) %.
Industrial Measurements business area’s 2024 operating result (EBIT)
increased compared to previous year following sales mix and totaled EUR
47.9 (45.2) million, 21.2 (19.9) % of net sales. Operating expenses decreased
somewhat compared to previous year.
Weather and Environment business area
EUR million 2024 2023 Change FX**
Orders received 337.6 305.8 10% 11%
Order book, end of period 178.0 137.3 30%
Net sales 338.2 313.1 8% 8%
Product sales 197.9 190.3 4%
Project sales 77.7 69.5 12%
Service sales 21.4 19.0 13%
Subscription sales 39.0 32.5 20%
Lease income 2.2 1.8 22%
Gross margin, % 52.6 51.5
EBITA 41.3 27.5
of net sales, % 12.2 8.8
Operating result 34.8 21.1
of net sales, % 10.3 6.7
R&D costs 42.0 41.8 1%
Amortization* 6.5 6.4
* Amortization and impairment of intangible assets and income and expenses related to
(non-operative) earn-outs related to acquired businesses
** Change with comparable exchange rates
Weather and Environment business area’s 2024 orders received increased
by 10% compared to previous year and totaled EUR 337.6 (305.8) million.
Orders received grew very strongly in meteorology market segment and
slightly in renewable energy market segment. Orders received decreased
very strongly in aviation market segment and were at previous year’s level
in roads market segment. Orders received excluded EUR 25 million award
for a project of airport weather systems and equipment to modernize
14 Indonesian airports announced in August 2024 and it will be included
in orders received once customer’s financing arrangements have been
confirmed.
At the end of 2024, Weather and Environment business area’s order
book amounted to EUR 178.0 (137.3) million and increased by 30%
compared to previous year. Order book scheduled to be delivered during
the current year was EUR 131.7 (96.1) million. Order book increased in
meteorology and roads market segments and decreased in renewable
energy and aviation market segments. Very strong growth of order book
was mainly driven by large project orders received during the year.
In 2024 net sales increased by 8% compared to previous year and were
EUR 338.2 (313.1) million. In constant currencies, net sales increased by 8%.
Excluding recent acquisitions, net sales increased by 8 % and subscription
sales by 17% compared to previous year. Net sales grew very strongly in
aviation market segment and slightly in renewable energy market segment
and were at previous year’s level in roads market segment. Net sales in
meteorology market segment decreased slightly compared to previous
year.
Gross margin increased to 52.6 (51.5) % mainly following growth in net
sales and sales mix.
Weather and Environment business area’s 2024 operating result (EBIT)
increased compared to previous year following growth in net sales and
improvement in gross margin and totaled EUR 34.8 (21.1) million, 10.3 (6.7)
% of net sales. Operating expenses increased somewhat compared to
previous year due to M&A and other one-off expenses.
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Strategy and its implementation in 2024
Vaisala’s strategy focuses on driving sustainable growth and global
leadership in measurement instruments and intelligence for climate
action. Through its products and technologies, the company enables
its customers to optimize processes, drive the energy transition, and
care for the safety and well-being of people and societies worldwide.
The company’s launched its new brand and updated purpose Taking
every measure for the planet in February. The new purpose emphasizes
the company’s active role in enabling data-driven climate action. This
communicates how our measurement technologies provide customers
with relevant data to improve their operations and create a positive climate
impact, and to show our full commitment to sustainability.
At the center of the strategy are four success drivers: deep customer
understanding and application know-how; product and technology
leadership from sensors to digital solutions; excellence in supply chain;
and purpose-driven culture and talent. To complement the success drivers
of its current strategy, the company identified four strategic priorities for
execution. Vaisala continues its growth in industrial measurements with
breakthrough technologies, grows by expanding in energy transition as
well as building recurring revenue in data business, drives profitability as a
global leader in weather systems, and simplifies and scales its operations
for greater impact and efficiency. The strategy is implemented by
managing different types of businesses in a different way by focusing on
profitability and/or growth.
In 2021, Vaisala set long-term targets of an average annual net sales
growth of 7% and an operating result margin (EBIT) of 15% by the end of
the period. As the strategy period ended, the company reached the targets.
Vaisala’s average net sales growth during the three-year period was 9% and
the year 2024 EBIT was 15%.
Vaisala’s work in enabling climate action and decreasing emissions
continued when the Science Based Targets initiative (SBTi) approved
Vaisala’s near-term science-based emission reduction targets in April
2024. In accordance with the targets, Vaisala commits to reduce absolute
scope 1 and 2 GHG emissions 52% by 2030 from a 2021 base year. Vaisala
also commits to reduce scope 3 GHG emissions from purchased goods
and services, upstream transportation and distribution, business travel,
employee commuting, and use of sold products 52% per million EUR value
added within the same period.
As part of Vaisala’s sustainability work and new purpose, the company’s
term loan and committed revolving credit facility were tied to sustainable
development in March 2024.
Vaisala took 38th place in the first edition of World’s Best Companies
– Sustainable Growth study by TIME Magazine. There were nine Finnish
companies on the list. The study was implemented together with Statista,
and the evaluation was based on revenue growth, financial stability, and
taking care of the environment.
Industrial Measurements business area
Industrial Measurements business area focuses on product leadership and
aims to grow profitably with breakthrough technologies and by expanding
in energy transition. In 2024, the business area showed resilience in a
challenging market environment, and its net sales were on the same
level as the previous year. Net sales growth in power and energy market
segment was very strong, while net sales in life science market segment
decreased somewhat compared to the previous year.
In 2024, Industrial Measurements business area announced a new
cloud-based monitoring software viewLinc Cloud to help life science
companies save resources.
The business area also launched a new solution for industrial indoor
and process measurements. Vaisala Echo is an intelligent measurement
infrastructure, which connects Vaisala’s measurement devices and
monitoring software. Newest data logger VDL200 provides secure
environmental monitoring for GxP compliance.
In addition, Industrial Measurements business area launched a new
measurement product, MGP241, that measures carbon dioxide and
humidity and is specifically designed to bring transparency to carbon
capture, storage, and utilization projects.
Weather and Environment business area
Weather and Environment business area’s strategy is to seek growth by
expanding in energy transition as well as in subscription-based data and
software business. In the more mature market of weather systems, such as
meteorology and aviation, the business area seeks to maintain its position
as a global market leader focusing also on driving profitability. In 2024,
the growth of the business area continued, and profitability improved
significantly. The growth of subscription sales continued very strong.
During the year, the business area announced two new large weather
system projects. Vaisala was selected to deliver 18 weather radars to the
State Meteorological Agency of Spain. The weather systems modernization
project for 14 airports in Indonesia was not included in the order book at
the end of 2024. In addition to solid organic growth, the business area
expanded future prospects through three acquisitions: Speedwell Climate,
Nevis Technology, and Maxar Intelligence’s WeatherDesk. With these
acquisitions, the business area accelerated play in energy transition and
subscription-based data business further.
Weather and Environment business area launched Vaisala WM80, a new
robust ultrasonic wind sensor for optimized wind turbine and maritime
performance.
The business area also launched a high-precision air quality sensor
AQT560 to combat urban air pollution.
Weather and Environment business area introduced Vaisala Compass,
a weather-based decision-making platform for the renewable energy
industry to mitigate challenges related to weather fluctuation and
uncertainty.
In addition, Weather and Environment business area announced multi-
GNSS support and industry-first message authentication. These features
help meteorological agencies defend against hybrid threats, such as GPS
interference and cyberattacks.
Vaisala Xweather announced that it delivers worldwide real-time
air quality data to drivers of BMW Group cars. Vaisala Xweather also
introduced a new data offering aimed at electric vehicle makers to help
eliminate weather surprises from range predictions.
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Production
Vaisala's Operations organization sources, manufactures, and ships all
Vaisala’s products for both business areas and develops Vaisala Production
System. In 2024, Operations prepared for future growth by scaling up the
production capabilities. The company started building a new automated
logistics center on our Vantaa campus, Finland. The company expects
the new facility to be fully operational by the end of 2025. It will combine
all various logistics functions currently dispersed across Vantaa campus
into one centralized location, streamlining operations. The investment will
double the logistics capacity and enable the conversion of current logistics
space into production use. Operations continued the cleanroom renewal
enabling the adoption of new production technologies and upgrading the
quality of the existing facilities.
Operations continued advancing the Smart Factory concept focusing
on scalability, increasing automation, and building new data capabilities.
Operations are also actively working to enhance the sustainability of our
supply chain. The Operations team also implemented emission reduction
measures by transitioning from air to road transport in Europe and
sourcing process gases with lower carbon footprint.
Process development
During a couple of past years, Vaisala has invested in the development
and implementation of new ERP system. The new ERP system with
related systems went live at the beginning of 2024 and its development
was continued during the year. The development work will continue in
2025. During 2024, the company also started preparations for corporate
sustainability reporting (CSRD, Corporate Sustainability Reporting
Directive), which is part of this Board of Directors’ Report.
Long-term financial targets
Vaisala published new long-term targets in November 2024. In line with the
strategic objectives, Vaisala’s new long-term financial targets are average
sales growth 7% (earlier 7%), systematically improving EBITA % (earlier
EBIT 15%), and to maintain strong cash conversion over time (new target).
Vaisala does not consider the long-term financial targets as market
guidance for any given year.
Risk management
The objective of Vaisala’s risk management is to identify and manage
material risks related to strategy implementation and business operations.
Vaisala’s Risk Management Policy, approved by the Board of Directors, aims
to ensure the safety of the company’s employees, operations, and products
as well as the continuity and compliance of business activities.
The Board of Directors defines and approves risk management
principles and assesses the effectiveness of risk management. The
Audit Committee reviews compliance with Risk Management Policy and
processes.
Risk management is integrated into key business processes and
operations by incorporating risk identification, assessment, management,
and risk reporting actions into the core processes. The most material risks
are considered by the Vaisala Leadership Team per processes regularly
during the year and also reviewed by the Audit Committee on a regular
basis.
Vaisala is exposed in its operations to strategic, hazard, operational, and
financial risks, which may originate from the company’s own operations or
changes in the business environment. If risks materialize, they may have
negative impact on Vaisala’s business or financial position and thus, on
company’s value.
The most significant strategic risks for Vaisala are unstable geopolitical
escalation, prolonged slow economic growth, as well as change in market
dynamics and trends. Vaisala’s wide product portfolio and geographical
coverage decentralizes the impact of risks on one customer segment. To
maintain its competitiveness, Vaisala invests in R&D efforts to maintain the
product portfolio’s competitive advantage and focuses and develops the
business towards growing opportunities, monitors pricing on the markets
and manages costs in line with the development of the business. Through
scenario work, Vaisala prepares for different alternatives and actively
monitors changes in geopolitics and trade policies.
The most significant hazard risks for the company are long disruption
in sensor manufacturing and serious employee accident caused by
working conditions. A long disruption of sensor manufacturing would
have a major impact on the delivery capability of both business areas. The
company manages this risk with emergency stock of sensor components,
management of production equipment and spare parts, as well as safety of
facilities. Accidents caused by hazardous working conditions are prevented
with continuous development of occupational safety, job hazard analysis,
emergency procedures, improvements in accident tracking, safety policies,
and training. A disaster event at factory can cause a long disruption in
production, which can result in the loss of long-term customers. Vaisala
prepares for these kinds of situations by maintaining emergency buffers
and by proactive risk prevention actions, such as firewalls and leakage
sensors. Vaisala prepares for risks related to external events by geographic
diversity of business and by monitoring the business environment as well
as by risk assessment of business opportunities.
Vaisala is exposed to operational risks such as cyber risk and long
unavailability of IT systems. Cyberattack may interrupt operations or
digital services, cause financial loss or loss of trade secrets or personal
data. Vaisala maintains Information Security Management System. Long
downtime of IT solutions leads to interruptions in operations, especially in
order-to-delivery process. Vaisala has 24/7 support in case of any issues
with IT systems and maintains disaster recovery plans for all critical
platforms.
The most essential financial risks for Vaisala are currency risk, interest
rate risk, liquidity and refinancing risk as well as credit risk. Vaisala’s
objective is to limit the impact of these risks on statement of income,
statement of financial position and cash flow statement. Vaisala manages
these financial risks among other with currency hedging, by maintaining
sustainable capital structure and debt maturity profile, by securing
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committed credit facility, by requiring high credit rating of financial
counter parties and making low risk and limited investment maturities,
and by granting secured terms of payment as well as implementing credit
check for its diverse customer pool.
Further information about risk management and risks is available in
the section Governance/Risk Management of Governance and Financial
Review 2024, in Consolidated Financial Statements note 19. Financial risk
management, and on the company’s website at vaisala.com.
Group structure
Vaisala’s headquarters are located in Vantaa, Finland. On December 31,
2024, Vaisala had subsidiaries in Australia, Brazil, Canada, China, Finland,
France, Germany, India, Japan, Kenya, Korea, Malaysia, Mexico, Sweden,
United Kingdom, and United States. The parent company has branches in
Argentina and Colombia.
Board of Directors
The Annual General Meeting held on March 26, 2024, confirmed that the
number of the Board members is nine.
Members of the Board of Directors on December 31, 2024
• Ville Voipio, Chair
• Raimo Voipio, Vice Chair
• Annica Bresky
• Petri Castrén
• Antti Jääskeläinen
• Jukka Rinnevaara
• Lotte Rosenberg
• Kaarina Ståhlberg
• Tuomas Syrjänen
Leadership Team
In December 2024, Vaisala appointed Lorenzo Gulli as Executive Vice
President, Strategy and M&A. He joined Vaisala and the Vaisala Leadership
Team in January 2025 and reports to the President and CEO Kai Öistämö.
In October 2024, Vaisala announced changes in its leadership
team which were valid as of January 2025. Jarkko Sairanen, previously
EVP Weather and Environment, was appointed to lead the Industrial
Measurements business area. Sampsa Lahtinen, EVP Industrial
Measurements, had decided to retire at the end of 2024. The business
leadership for Vaisala’s Weather and Environment business area was
divided between Anne Jalkala and Samuli Hänninen. Anne Jalkala,
previously Chief Strategy and Sustainability Officer, was appointed to lead
the Weather, Energy and Environment business, which is the global leader
in meteorology, aviation and roads winter maintenance and driving growth
in renewable energy. Samuli Hänninen joined the Vaisala Leadership Team
and continues to lead the Xweather business. Vaisala’s financial reporting
structure remains unchanged and is based on its two reportable segments
Industrial Measurements and Weather and Environment. The Weather
and Environment reportable segment consists of the Weather, Energy and
Environment business and the Xweather business.
In February 2024, Vaisala appointed Girish Agarwal as Chief Digital and
Information Officer (CDIO) and member of the Vaisala Leadership Team.
He joined Vaisala in June 2024 and reports to the President and CEO Kai
Öistämö. Agarwal succeeded Olli Nastamo, EVP, Operational Excellence,
who retired in August 2024.
On December 31, 2024, Vaisala’s Leadership Team members were
• Kai Öistämö, President and CEO, Chair of the Leadership Team
• Girish Agarwal, Chief Digital and Information Officer
• Anne Jalkala, Chief Sustainability and Strategy Officer
• Sampsa Lahtinen, EVP, Industrial Measurements business area
• Timo Leskinen, EVP, Human Resources
• Heli Lindfors, Chief Financial Officer
• Vesa Pylvänäinen, EVP, Operations
• Jarkko Sairanen, EVP, Weather and Environment business area
• Katriina Vainio, EVP, Group General Counsel
Annual General Meeting 2024
Vaisala Corporation’s Annual General Meeting was held on March 26,
2024. The meeting approved the financial statements and discharged
the members of the Board of Directors and the President and CEO from
liability for the financial period January 1–December 31, 2023.
Dividend
The Annual General Meeting decided a dividend of EUR 0.75 per share.
The record date for the dividend payment was March 28, 2024, and the
payment date was April 12, 2024.
Board of Directors
The Annual General Meeting confirmed that the number of Board
members is nine. Petri Castrén, Antti Jääskeläinen, Jukka Rinnevaara,
Kaarina Ståhlberg, Tuomas Syrjänen, Raimo Voipio, and Ville Voipio will
continue as members of the Board of Directors. Annica Bresky and Lotte
Rosenberg were elected as new members.
The Annual General Meeting confirmed that the annual remuneration
payable to the Chair of the Board of Directors is EUR 55,000 and each
Board member EUR 40,000 per year. Approximately 40% of the annual
remuneration will be paid in Vaisala Corporation’s series A shares acquired
from the market and the rest in cash. In addition, the Annual General
Meeting confirmed that the meeting fee for the Chair of the Audit
Committee will be EUR 1,500 per attended meeting and EUR 1,000 for
each member of the Audit Committee and Chair and each member of the
People and Sustainability Committee, the Nomination Committee and any
other committee established by the Board of Directors for a term until
the close of the Annual General Meeting in 2025. In addition, members
of the Board residing outside Finland will be paid a meeting fee of EUR
1,000 per meeting attended in person. The meeting fees are paid in cash.
Possible travel expenses are reimbursed according to the travel policy of
the company.
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Auditor
The Annual General Meeting elected PricewaterhouseCoopers Oy as the
auditor of the company and APA Ylva Eriksson will act as the auditor with
the principal responsibility. The Auditors are reimbursed according to
invoice presented to the company.
Sustainability reporting assurer
The Annual General Meeting elected PricewaterhouseCoopers Oy as
the sustainability reporting assurer of the company and Ylva Eriksson,
Authorized Sustainability Auditor (KRT), as the assurer with principal
authority. The assurer is reimbursed according to invoice presented to the
company.
Authorization for the directed repurchase of own series A shares
The Annual General Meeting authorized the Board of Directors to resolve
on the directed repurchase of a maximum of 800,000 of the company's
own series A shares in one or more instalments by using company's
unrestricted equity. The authorization is valid until the closing of the next
Annual General Meeting, however, no longer than September 26, 2025.
Authorization on the issuance of the company's own series A shares
The Annual General Meeting authorized the Board of Directors to resolve
on the issuance of a maximum of 936,697 company's own series A shares.
The issuance of own shares may be carried out in deviation from the
shareholders' pre-emptive rights (directed issue). The authorization
entitles the issuance of treasury series A shares as a directed issue
without payment as part of the company's share-based incentive plan. The
subscription price of the shares can instead of cash also be paid in full or
in part as contribution in kind. The authorization is valid until September
26, 2025. The authorization for the company's incentive program shall
however be valid until March 26, 2028.
The organizing meeting of the Board of Directors
At its organizing meeting held after the Annual General Meeting the Board
elected Ville Voipio as the Chair of the Board of Directors and Raimo Voipio
as the Vice Chair.
Kaarina Ståhlberg was elected as the Chair and Petri Castrén, Lotte
Rosenberg, and Raimo Voipio as members of the Audit Committee. Antti
Jääskeläinen was elected as the Chair and Annica Bresky, Jukka Rinnevaara,
Tuomas Syrjänen, and Ville Voipio as members of the People and
Sustainability Committee. Ville Voipio was elected as the Chair and Annica
Bresky, Tuomas Syrjänen, and Raimo Voipio as members of the Nomination
Committee. The Chair and all members of the Audit Committee, People
and Sustainability Committee as well as Nomination Committee are
independent of the company. With the exception of Raimo Voipio and
Ville Voipio, all other members of the Committees are independent of
significant shareholders.
Shares and shareholders
Share capital and shares
Vaisala’s share capital totaled EUR 7,660,808 on December 31, 2024.
Vaisala has 36,436,728 shares, of which 3,626,853 are series K shares and
32,809,875 series A shares. During the year, number of series K shares
decreased by 3,104,239 and number of series A shares increased by
3,104,239 as the Board of Directors decided that 3,104,239 series K shares
were converted to series A shares. Series A shares are listed on the Nasdaq
Helsinki Ltd. The series K shares and series A shares are differentiated by
the fact that each series K share entitles its owner to 20 votes at a General
Meeting of Shareholders while each series A share entitles its owner to 1
vote. The series A shares represented 90.0% of the total number of shares
and 31.1% of the total votes. The series K shares represented 10.0% of the
total number of shares and 68.9% of the total votes.
Trading and share price development
In 2024, a total of 2,808,545 series A shares with a value totaling EUR 117.8
million were traded on the Nasdaq Helsinki Ltd. During the year, the share
price increased by 22% while OMXHCAPPI index decreased by 4%. The
closing price of the series A share on the Nasdaq Helsinki stock exchange
was EUR 48.40. Shares registered a high of EUR 50.00 and a low of EUR
32.60. Volume-weighted average share price was EUR 41.95.
The market value of series A shares on December 31, 2024, was EUR
1,580.6 million, excluding company’s treasury shares. Valuing the series
K shares – which are not traded on the stock market – at the rate of the
series A share’s closing price on the last trading day of December, the
total market value of all the series A and series K shares together was EUR
1,756.2 million, excluding company’s treasury shares.
Treasury shares
In May 2024, the Board of Directors decided to exercise the authorization
of the 2024 Annual General Meeting to repurchase of company’s own
shares and to start repurchases of series A shares. The repurchases started
on May 23, 2024, and ended on September 30, 2024. During this period,
Vaisala repurchased a total of 18,855 own series A shares for an average
price of EUR 39.9093 per share. The shares were repurchased in public
trading on Nasdaq Helsinki Ltd. at the market price prevailing at the time
of purchase. The shares will be used as a reward payment for Vaisala’s
share-based incentive plans.
In August 2024, a total of 500 of Vaisala Corporation's treasury shares
were conveyed without consideration to a person participating in the
Restricted Share Unit Plan 2022–2026 under the terms and conditions of
the plan. The directed share issue was based on an authorization given by
the Annual General Meeting held on March 26, 2024.
In June 2024, a total of 1,750 of Vaisala Corporation's treasury shares
were conveyed without consideration to persons participating in the
Restricted Share Unit Plan 2022–2026 under the terms and conditions of
the plan. The directed share issue was based on an authorization given by
the Annual General Meeting held on March 26, 2024.
In March 2024, a total of 49,932 of Vaisala Corporation's treasury shares
were conveyed without consideration to the 43 key employees participating
in the Performance Share Plans 2021–2023 and 2022–2024 under the
terms and conditions of the plans. The directed share issue was based on an
authorization given by the Annual General Meeting held on March 28, 2023.
The total number of series A treasury shares on December 31, 2024,
was 152,149, which represents 0.46% of series A shares and 0.42% of total
shares.
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Major shareholders December 31, 2024
A shares K shares Total % of shares % of votes
Novametor Oy 2,778,000 998,358 3,776,358 10.36 21.59
Nordea Nordic Small Cap Fund 1,652,370 0 1,652,370 4.53 1.57
Weisell Foundation 1,440,000 0 1,440,000 3.95 1.37
Finnish Academy of Science and Letters 1,289,924 0 1,289,924 3.54 1.22
Voipio Mikko 1,100,798 167,514 1,268,312 3.48 4.23
Ilmarinen Mutual Pension Insurance Company 1,124,000 0 1,124,000 3.08 1.07
Voipio Raimo* 866,386 110,092 976,478 2.67 2.91
Caspers Anja 805,548 163,948 969,496 2.66 3.88
Voipio Tauno 772,186 65,638 837,824 2.30 1.98
Voipio Lauri 561,692 108,376 670,068 1.84 2.59
Voipio Riitta 561,692 108,376 670,068 1.84 2.59
Voipio Ville 398,772 119,712 518,484 1.42 2.65
Voipio Mari 414,486 96,712 511,198 1.40 2.23
Voipio Timo 391,484 119,712 511,196 1.40 2.64
Elo Mutual Pension Insurance Company 487,000 0 487,000 1.34 0.46
Total 14,644,338 2,058,438 16,702,776 45.84 52.98
Nominee registered shares** 8,659,342 0 8,659,342 23.77 8.22
* In addition to direct share ownership, Raimo Voipio’s controlled organization Imar Oy owned 56,000 series A shares.
** Includes 980,921 series A shares owned by Lannebo Fonder, which represented 2.69% of all shares and 0.93% of all votes (according to Lannebo’s notification).
Ownership structure (series A and K shares)
December 31, 2024
Shares % of shares
Households 14,671,794 40.27
Nominee registered and outside Finland 8,709,942 23.90
Private companies 4,952,351 13.59
Financial and insurance institutions 3,250,482 8.92
Non-profit organizations 3,064,223 8.41
Public sector organizations 1,787,936 4.91
Total 36,436,728 100.00
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Ownership distribution (series A and K shares) December 31, 2024
Share-
holders
% of share-
holders Shares
% of
shares
1–100 9,603 61.30 339,952 0.93
101–500 4,057 25.90 1,045,306 2.87
501–1,000 987 6.30 739,441 2.03
1,001–5,000 785 5.01 1,652,260 4.54
5,001–10,000 94 0.60 655,131 1.80
10,001–50,000 83 0.53 1,796,113 4.93
50,001–100,000 24 0.15 1,659,000 4.55
100,001–500,000 17 0.11 3,814,470 10.47
500,001– 16 0.10 24,735,055 67.89
Total 15,666 100.00 36,436,728 100.00
Nominee registered 8
Shareholders’ agreements
The Board of Directors is not aware of any agreements concerning the
ownership of the company’s shares and the use of their voting rights.
Shareholding by the Board of Directors and the Leadership Team
On December 31, 2024, the Board of Directors held and controlled
1,286,320 (995,971) series A shares. These shares accounted for 3.9 (3.4)
% of series A shares and 3.5 (2.7) % of total shares. The number of series

total number of series A shares held and controlled by the Board increased
and the total number of series K shares decreased accordingly, because
series K shares were converted to series A shares. Total votes attached to
the series A and K shares held and controlled by the Board were 5,882,400
(11,476,131), which accounted for 5.6 (7.0) % of the total votes of all shares.
The total votes attached to the shares held and controlled by the Board
decreased, because the total votes of all shares decreased during the year
following conversion of series K shares to series A shares.
On December 31, 2024, Kai Öistämö, the President and CEO, held and
controlled 21,701 (14,860) series A shares but no series K shares. Other
Leadership Team members held and controlled 150,476 (133,161) series

Corporate Governance Statement includes more details on the
shareholdings of the Board of Directors and the Leadership Team.
Share key figures are presented in Key figures section after Board of
Directors’ Report.
Further information about Vaisala’s shares and shareholders are
presented on the company’s website at vaisala.com/investors.
Donations
Vaisala continues its collaboration with the Colorado State University (CSU)
in the US in the field of weather radars, among others. In 2023, Vaisala’s
Board of Directors renewed the annual donation of USD 25,000 to the
university for 2023–2025.
EU sustainable finance taxonomy
The indicators required by the EU Taxonomy Regulation are reported in the
sustainability statement included in this Board of Directors’ Report.
Corporate Governance Statement
Corporate Governance Statement will be published as a part of this Board
of Directors’ Report as well as a separate report on the company’s website
at vaisala.com/investors.
Remuneration Report
Remuneration Report will be published as a part of the Governance and
Financial Report 2024 as well as a separate report on the company’s
website at vaisala.com/investors.
Near-term risks and uncertainties
Changes in geopolitical situation, interest rates and inflationary
environment may affect industrial investments and economic situation
and increase risk of achieving Vaisala’s financial targets. Possible tariffs
or trade war between the US and Europe may have an impact on Vaisala’s
financial performance.
Industrial actions in Finland may cause disruptions in Vaisala’s
operations and deteriorate Vaisala’s delivery capability. Vaisala’s delivery
capability may deteriorate due to disruptions in suppliers’ operations,
Vaisala’s production or project delivery operation, or disruptions in
incoming and/or outgoing logistics. Temporary component shortage may
cause delays or interruptions in deliveries or generate additional material
costs. Cyber risk and long disruptions in IT systems may impact operations
and delivery capability.
Vaisala’s capability to successfully complete investments, acquisitions,
divestments and restructurings on a timely basis and to achieve related
financial and operational targets includes uncertainties and risks, which
may negatively impact net sales and profitability.
New and changing regulations impacting product acceptance,
operation’s capability to meet changing compliance requirements, and
changes in international trade policies may cause delays or interruptions
in supply chain. Customers’ preference for local manufacturing may
reduce demand for Vaisala’s products and services. Customers’ budgetary
constraints, complex decision-making processes, and missing financing
solutions may postpone closing of infrastructure contracts in Weather and
Environment business area.
Further information about risk management and risks are available
in Corporate Governance/Risk management section of Governance and
Financial Review 2024 and on the company’s website at vaisala.com.
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Business outlook for 2025
Vaisala estimates, excluding potential significant changes in market
conditions, that its full-year 2025 net sales will be in the range of EUR
590–620 (2024: 565 million) million and its EBITA will be in the range of
EUR 90–105 (2024: EUR 90 million) million.
As of 2025, in its outlook, Vaisala has changed EBIT to EBITA to align with
its long-term targets.
Market outlook for 2025
Markets for industrial and life science market segments started to
gradually improve in H2/2024. Similar improvement is expected in 2025.
Power market segment is expected to grow.
Markets for the more mature markets, meteorology, aviation, and roads,
are expected to be stable. Market for renewable energy is expected to be
stable.
Board of Directors’ proposal for dividend
The parent company’s distributable earnings amount to EUR
221,935,585.08 of which the result for the period is EUR 58,240,409.02.
The Board of Directors proposes to the Annual General Meeting that
a dividend of EUR 0.85 per share be paid out of distributable earnings
totaling EUR 30.8 million and the rest to be carried forward in the
shareholders’ equity. No dividend will be paid for treasury shares held by
the company.
There have been no significant changes in the company’s financial
position since the close of the financial period. According to the Board
of Directors, the proposed dividend distribution does not endanger the
company’s financial standing.
Annual General Meeting 2025
Vaisala Corporation’s Annual General Meeting will be held on Tuesday
March 25, 2025, at 2:00 p.m. Finnish time at Vaisala Corporation’s head
office, Vanha Nurmijärventie 21, 01670 Vantaa, Finland. The reception of
persons who have registered for the meeting will commence at 1:00 p.m.
Shareholders can follow the meeting via live webcast at Vaisala website
vaisala.com/agm. Shareholders following the webcast are not deemed to
attend the Annual General Meeting so they cannot ask questions or vote
online during the webcast. A shareholder, who wants to participate in the
General Meeting, shall register for the meeting no later than on March
20, 2025, at 4.00 p.m. by giving prior notice of participation. Such notice
can be given on the company’s website at vaisala.com/agm or by email
to agm@vaisala.com.
Vantaa, February 17, 2025
Vaisala Corporation
Board of Directors
The forward-looking statements in this Board of Directors’ Report are
based on the current expectations, known factors, decisions, and plans
of Vaisala’s management. Although the management believes that
the expectations reflected in these forward-looking statements are
reasonable, there is no assurance that these expectations would prove
to be correct. Therefore, the results could differ materially from those
implied in the forward-looking statements, due to for example changes in
the economic, market and competitive environments, regulatory or other
government-related changes, or shifts in exchange rates.
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Vaisala’s general governance principles
Vaisala’s corporate governance is based on and complies with the laws
of Finland and Vaisala’s Articles of Association. Consolidated financial
statements and other financial reports are prepared according to the
International Financial Reporting Standards (IFRS), approved by the EU.
The company complies with the rules, regulations, and guidelines for
listed companies issued by Nasdaq Helsinki Ltd, Corporate Sustainability
Reporting Directive (CSRD) (Directive (EU) 2022/2464), and the Finnish
Supervisory Authority as well as the Finnish Corporate Governance Code
2025 published by the Securities Market Association (available at www.
cgfinland.fi/en/).
Vaisala Board of Directors has approved this Corporate Governance
Statement in its meeting on February 17, 2025. PricewaterhouseCoopers
Oy, audit firm, the company’s auditor, has verified that the statement has
been issued and that the general description of internal audit and risk
management systems associated with the financial reporting process
conforms to the same in financial statements.
Governing bodies
The General Meeting, the Board of Directors, and the President and CEO,
assisted by the Leadership Team, are responsible for the governance of
the Vaisala Corporation.
Leadership Team
President and CEO
Board of DirectorsExternal audit
Audit
Committee
People and
Sustainability
Committee
Nomination
Committee
Strategic
Planning
Committee
Financial
and internal
control
Risk
manage-
ment
Internal
audit
General Meeting
General meeting
The General Meeting is the supreme decision-making body of Vaisala,
in which all the shareholders of the company can participate in the
supervision and control of the company and exercise their right to vote,
speak, and ask questions. The Annual General Meeting is held once a year
before the end of June on a date determined by the Board of Directors.
It decides on the matters stipulated in the Finnish Limited Liability
Companies Act and the Articles of Association. The resolutions are mainly
made with simple majority of votes.
The Chair of the Board of Directors, members of the Board of Directors,
and the President and CEO are present at the Annual General Meeting.
The auditor is present at the Annual General Meeting. Board member
candidates are present at the Annual General Meeting where they are
elected. If the above-mentioned person or persons fail to attend the
Annual General Meeting, Vaisala notifies the General Meeting of such
non-attendance. The members of the Leadership Team participate in the
Annual General Meeting, if possible.
Participation in the General Meeting requires that the shareholder
is registered in Vaisala’s shareholder register, maintained by Euroclear
Finland Ltd, on the record date of the meeting and that they register for
the meeting by the date mentioned in the meeting notice.
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Shareholders are entitled to have an issue placed on the agenda of the
Annual General Meeting, provided that the issue can be decided upon by
the Annual General Meeting according to the Limited Liability Companies
Act. The request must be submitted in writing to the Board of Directors
early enough that the issue can be included in the meeting notice. On
its website, the company announces the date by which the shareholder
must notify the Board of Directors of an issue to be added to the agenda
of the Annual General Meeting. The date is available by the end of the
previous financial year.
Vaisala publishes a notice of the Annual General Meeting no more
than two months before the record date and no less than three weeks
before the meeting on the company’s website or in any other way
that may be decided by the Board of Directors, or Vaisala may deliver
it directly to shareholders when required by law. In addition, Vaisala
publishes a meeting notice as a stock exchange release after the
Board of Directors has decided on the convening of the Annual General
Meeting. The agenda of the Annual General Meeting, proposals on
decisions, and meeting documents are available on the company’s
website at least three weeks prior to the meeting. Documents of the
Annual General Meeting will be held on the company’s website for at
least five years from the time of the meeting. Minutes of the meeting
will be published on the company’s website within two weeks of the
meeting.
Board of Directors
Competence, composition, and election
The Board of Directors is responsible for the administration and the
proper organization of the operations of the company. The Board
acts in accordance with the Articles of Association and the applicable
legislation as well as the instructions and recommendations of the
Financial Supervisory Authority and Nasdaq Helsinki Ltd. In accordance
with the Articles of Association, Vaisala Corporation's Board of Directors
comprises at least six and maximum nine members. The Annual General
Meeting elects all Board members.
The Board of Directors elects a Chair and a Vice Chair from among
its members. Under the Articles of Association, the term of the Board
members is one year. The term begins at the close of the General Meeting
in which the member is elected and ends at the close of the subsequent
Annual General Meeting following the member’s election.
Selection criteria, diversity, and the independence of the members
The primary goal in Board member election is to gather a team where
the joint capabilities of the members enable the Board to support the
development of the company's current and future business, impact, and
sustainability. The Board should be considered as a whole that is capable
of managing its tasks and duties in the best possible way. In addition, the
Board should consist of members of different genders, educational and
professional backgrounds, and nationalities. Vaisala's Board of Directors in
2024 represented adequate expertise and experience as well as diversity
on all the established goals as a team. Board members have experience
in sustainability, different technologies, data and AI, as well as various
businesses such as renewable energy, digital transformation, and different
fields of industry. Their education and current positions are described in
detail in the attached chart. Board members represented Finnish, Swedish,
and Danish nationalities.
The Board of Directors and the Nomination Committee are taking measures
to make sure the company meets the requirement that at least 40% of the
underrepresented gender hold non-executive director positions by June
2026 as defined in the Finnish Corporate Governance Code 2025. Women
represented 33% of non-executive director positions in 2024.
Vaisala complies with the Finnish Corporate Governance Code 2025 in
evaluating the independence of the members of the Board. The majority
of the members of the Board must be independent of the company,
and at least two members in this majority must be independent of the
company’s major shareholders. The Board evaluates the independence
of the members annually based on an overall evaluation. This evaluation
of a member takes into account information and analysis provided by the
member themself. All members of the Board in 2024 were independent
of the company. With the exception of Raimo Voipio and Ville Voipio, all
other members of the Board in 2024 were independent of significant
shareholders.
Meetings, duties, and decision-making
The Board of Directors convenes at least eight times a year and if otherwise
needed. The President and CEO and the Chief Financial Officer also attend
Board meetings. The other members of the Leadership Team attend Board
meetings as required at the invitation of the Board of Directors. The Board
of Directors may, on the basis of the Chair’s decision, establish working
groups from among its members in individual cases to prepare the matters
allocated for it in order to ensure the effective organization of the Board of
Directors’ work.
The Board of Directors operates in accordance with an approved written
charter, published on the company’s website. Meetings may, if necessary,
be held as conference calls, video meetings, or e-mail meetings. Minutes
of the meetings are compiled in English, with annually running numbering.
The General Counsel acts as the Secretary of the Board of Directors.
A member of the Board of Directors is not allowed to participate if they
are biased in that issue between themself and the company or between the
company and a third party when there is a possibility to achieve essential
advantage to themself, which may conflict with the company’s interest.
The members of the Board of Directors are bound by obligations
related to commercial and trade secrets as well as by the restrictions and
requirements of the Market Abuse Regulation (EU) N:o 596/2014 (MAR)
and the restrictions and obligations of Vaisala’s Insider Policy. In their
decision-making and other activities, the Board and its members must act
in accordance with the interest of the company and all its shareholders as
well as in accordance with the principles of due care.
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The Board will have a quorum when more than half of the members are
present. Decisions are made on a simple majority basis, and when the votes
are even, the Chair has the casting vote. When the votes for the election of
the Chair are even, the Chair is elected by drawing lots.
The President and CEO is responsible for the execution of the Board
of Directors’ decisions, oversees their implementation, and reports to the
Board on deficiencies or problems observed during the execution.
Main responsibilities of the Board of Directors are
• to decide on the election and dismissal of the President and CEO
• to decide on the employment terms of the President and CEO
• to decide on the election and dismissal of the members of the
Leadership Team and their job descriptions, including employment
terms, as well as the same of other direct reports of the President and
CEO, based on the President and CEO’s proposition
• to ensure that the company has organized internal control of accounting
and financial management as well as to monitor the effectiveness of
supervision
• to ensure monitoring, managing and overseeing material impacts, risks
and opportunities related to sustainability matters,
• to approve the results of the double materiality assessment for
sustainability reporting
• to determine the company’s strategy and oversee its implementation
and to approve the strategic plans of the business areas
• to determine the company’s long-term targets and to monitor their
implementation and to accept business areas’ long-term targets
• to assess the company’s and its business areas’ annual action plans
• to approve the company and its business areas’ financial targets
• to make business decisions, the value of which exceeds the approval
limit of the President and CEO according to the Approval Policy, such as
business reorganizations, acquisitions and divestitures, major contracts
and liabilities, investments, and financing arrangements
Member Member since Born Education Nationality Gender Main occupation
Shareholding
Dec. 31, 2024
Ville Voipio
Chair
2015
Chair since 2021 1974 D.Sc. (Tech.) Finnish Male
Professor of Practice, Sustainable Global Business,
Turku School of Economics, University of Turku
398,772 (A share)
119,712 (K share)
Raimo Voipio
Vice Chair
1989
Chair in 1994–2021 1955 M.Sc. (Eng.) Finnish Male Board professional
866,386 (A share)
110,092 (K share)
Annica Bresky 2024 1975
M.Sc. (Aquatic and
Environmental
Engineering), MBA Swedish Female Board professional 425 (A share)
Petri Castrén 2017 1962 LL.M., MBA Finnish Male CFO, Kemira Oyj 4,465 (A share)
Antti Jääskeläinen 2020 1972
M.Sc. (Eng.), M.Sc.
(Econ.), MBA Finnish Male President and CEO, Posti Group Oyj 2,064 (A share)
Jukka Rinnevaara 2019 1961 M.Sc. (Econ.) Finnish Male Board professional 2,784 (A share)
Lotte Rosenberg 2024 1972 MM.L., MBA Danish Female CEO, Carbon Recycling International (CRI) 25 (A share)
Kaarina Ståhlberg 2016 1966 LL.M Finnish Female General Counsel and M&A, Posti Group Oyj 7,265 (A share)
Tuomas Syrjänen 2019 1976 M.Sc. (El. Eng.) Finnish Male Program Director – AI Renewal, Futurice Oy 4,134 (A share)
Total
1,286,720 (A share)
229,804 (K share)
1,516,524 (total)
Shareholdings include also shares held by the Board of Directors’ controlled organizations.
In accordance with the recommendation 10, all members of the Board in 2024 were independent of the company. With the exception of Raimo Voipio and Ville Voipio,
all other members of the Board in 2024 were independent of significant shareholders.
Composition of the Board of Directors Dec. 31, 2024
• to review and approve the company’s most important policies and
instructions, such as Approval Policy, Treasury Policy, Disclosure
Policy, Dividend Policy, Risk Management Policy, Insider Policy, Code of
Conduct, and Anti-Corruption Policy
• to review and approve a Financial Statement Release, financial
statements, sustainability statement, and the Board of Directors’ Report
as well as Corporate Governance Statement
• to make a dividend proposal to the General Meeting
• to review and approve Interim Reports and Half Year Financial Report
• to monitor the evaluation and management of risks related to the
company’s strategy and business operations, and
• to decide on Remuneration Policy and management remuneration and
incentive systems.
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Members of the Board of Directors in 2024
During January 1–March 26, 2024, the Board of Directors comprised
eight members. The Chair of the Board of Directors was Ville Voipio, the
Vice Chair was Raimo Voipio, and the members were Petri Castrén, Antti
Jääskeläinen, Petra Lundström, Jukka Rinnevaara, Kaarina Ståhlberg, and
Tuomas Syrjänen. The Board of Directors’ secretary was General Counsel
Katriina Vainio.
The Annual General Meeting held on March 26, 2024, confirmed that the
number of Board members is nine. With the exception of Petra Lundström,
all other members continue as members of the Board of Directors. Annica
Bresky and Lotte Rosenberg were elected as new members. Ville Voipio was
elected as Chair of the Board and Raimo Voipio as Vice Chair of the Board.
The Board of Directors’ secretary is General Counsel Katriina Vainio.
Attendance in Board meetings 2024
Member
Attendance/
Number of meetings
Attendance
%
Ville Voipio 14/14 100%
Raimo Voipio 14/14 100%
Annica Bresky* 10/11 91%
Petri Castrén 14/14 100%
Antti Jääskeläinen 14/14 100%
Petra Lundström** 3/3 100%
Jukka Rinnevaara 14/14 100%
Lotte Rosenberg* 10/11 91%
Kaarina Ståhlberg 14/14 100%
Tuomas Syrjänen 14/14 100%
* Member of the Board of Directors as of March 26, 2024
** Member of the Board of Directors until March 26, 2024
Board committees
The Board of Directors has three permanent committees: Audit
Committee, People and Sustainability Committee, and Nomination
Committee, as well as Strategic Planning Committee that was established
in 2023 for dealing with significant matters as needed. The members
and Chairs of the committees are appointed annually from among the
members of the Board of Directors in accordance with the charter of
the respective committee with the exception of the Strategic Planning
Committee, members of which are nominated among the members of the
Board of Directors as needed. The diversity of the know-how, experience,
and opinions of the committee members contributes to open discussion
and the committee’s ability to address the issues under its responsibility in
a comprehensive manner.
Audit Committee
The Audit Committee assists the Board of Directors in supervising the
company’s accounting and asset management, risk management, as well
as in organizing internal controls and external and internal audits. The Audit
Committee reviews Interim Reports, Half Year Financial Report, Financial
Statement Release and financial statements, sustainability statement,
as well as Board of Directors’ Report. The Audit Committee manages its
tasks in accordance with the charter approved by the Board of Directors,
the Securities Market Association’s Finnish Corporate Governance Code,
as well as the applicable laws and regulations. The Audit Committee’s
charter is published as part of the charter of the Board of Directors on
the company’s website. The Audit Committee reports regularly about its
meetings to the Board of Directors.
The Audit Committee comprises at least three members, appointed
annually by the Board of Directors from among its members. The members
of the committee must be independent of the company, and at least one
member must also be independent of significant shareholders of the
company. A member of the Audit Committee may not participate in the
company’s or its group company’s daily management. Members of the
Audit Committee have sufficient expertise and experience in matters
forming part of the Audit Committee’s duties and of the mandatory tasks
related to audit.
People and Sustainability Committee
The People and Sustainability Committee is responsible for preparing
people, sustainability, and ESG topics for the Board of Directors. The
committee reviews Vaisala's plans for employee development, talent
attraction and management, succession planning, and their progress.
The People and Sustainability Committee proposes the compensation
of the President and CEO as well as top management, evaluation of the
performance of the President and CEO and the Leadership Team, and the
company remuneration and incentive plans to the Board of Directors. The
People and Sustainability Committee’s charter is available as part of the
charter of the Board of Directors on the company’s website. The People
and Sustainability Committee reports regularly about its meetings to the
Board of Directors.
The People and Sustainability Committee comprises at least three
members, appointed annually by the Board of Directors from among its
members. The majority of the committee members must be independent
of the company.
Nomination Committee
The Nomination Committee is responsible for preparing proposals to the
Annual General Meeting, and, if necessary, to an Extraordinary General
Meeting, for the election and remuneration of the members of the Board
of Directors and for identifying potential Board member candidates. The
committee’s charter is published as part of the Board of Directors' charter
on the company’s website. The committee reports regularly about its
meetings to the Board of Directors.
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President and CEO
The Board of Directors appoints the President and CEO. The President
and CEO is responsible for the day-to-day management of the company
in accordance with the guidelines and instructions given by the Board of
Directors and informs the Board of Directors of the development of the
company’s business and financial situation. The President and CEO is
responsible for ensuring that the company’s accounting is legally compliant
and that its financial affairs have been arranged in a reliable manner.
Kai Öistämö has been the President and CEO of Vaisala as well as the
Chair of Vaisala Leadership Team since October 1, 2020. He was born in
1964 and holds a Ph.D. degree in computer science.
Leadership Team
The President and CEO is the Chair of the Leadership Team. The Leadership
Team comprised nine members in 2024 and ten members as of 2025. The
Leadership Team meets at least once a month to assist the President and
CEO in developing and implementing the strategy, managing operational
business, as well as preparing matters handled by the Board. The
Leadership Team draws up annual operational and financial plans as well as
targets related to these plans, monitors the implementation of the plans,
and prepares major investments and acquisitions. The President and CEO
is responsible for the decisions made by the Leadership Team.
Members of the Leadership Team are responsible for implementing the
decisions in their own areas of responsibility. Members of the Leadership
Team are the President and CEO, the Executive Vice Presidents of three
business areas, the Chief Financial Officer, the Executive Vice President of
Operations, the Chief Digital and Information Officer, the Executive Vice
President of Human Resources, the Executive Vice President of Strategy
and M&A, as well as the Group General Counsel. The General Counsel acts
as secretary to the Leadership Team.
The Nomination Committee comprises at least three members,
appointed annually by the Board of Directors among its members. The
members of the committee must be independent of the company. The
President and CEO or a member of the Leadership Team cannot be
appointed to the Nomination Committee.
Strategic Planning Committee
The Strategic Planning Committee is responsible for formulating, reviewing
and evaluating strategic initiatives and special projects, and provides
recommendations on such initiatives for Board. The Committee is merely
temporary in its nature to address topical matters arising. The committee’s
charter is published as part of the charter of the Board of Directors on
the company’s website. When operative, the committee reports about its
actions to the Board of Directors.
The Strategic Planning Committee comprises at least three members
and is appointed by the Board of Directors among its members as needed.
The majority of members of the committee must be independent of the
company.
Committee members and their attendance in committee
meetings in 2024
Committee Member
Attendance/
Number of meetings
Attendance
%
Audit
Committee
Kaarina Ståhlberg (Chair) 6/6 100%
Petri Castrén 6/6 100%
Antti Jääskeläinen** 1/1 100%
Lotte Rosenberg* 3/5 60%
Raimo Voipio 6/6 100%
People and
Sustainability
Committee
Antti Jääskeläinen (Chair)* 4/4 100%
Annica Bresky* 4/4 100%
Petra Lundström** 1/1 100%
Jukka Rinnevaara 5/5 100%
Tuomas Syrjänen 5/5 100%
Ville Voipio 5/5 100%
Nomination
Committee
Ville Voipio (Chair) 5/5 100%
Annica Bresky* 4/4 100%
Tuomas Syrjänen 4/4 100%
Petra Lundström** 1/1 100%
Kaarina Ståhlberg** 1/1 100%
Raimo Voipio 5/5 100%
* Member of the Committee as of March 26, 2024
** Member of the Committee until March 26, 2024
All members of the Audit Committee, the People and Sustainability Committee,
as well as the Nomination Committee are independent of the company. With the
exception of Raimo Voipio and Ville Voipio, all other members of the Committees are
independent of significant shareholders.
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Girish Agarwal was appointed Chief Digital & Information Officer and
member of the Vaisala Leadership Team as of June 5, 2024. Olli Nastamo,
Executive Vice President, Operational Excellence, retired in August 2024.
Jarkko Sairanen was appointed Executive Vice President, Industrial
Measurements business area, and Anne Jalkala Executive Vice President,
Weather, Energy and Environment business, as of January 2025. Samuli
Members of the Leadership Team Dec. 31, 2024
Director
Member
since Born Education Nationality Gender Position at Vaisala
Shareholding
Dec. 31, 2024
Kai Öistämö 2020 1964 D.Sc. (Tech.) Finnish Male President and CEO 21,701 (A share)
Girish Agarwal 2024 1981 PhD, Artificial
Intelligence &
Business Model
Innovation
Swedish Male Chief Digital & Information Officer - (A share)
Anne Jalkala 2023 1982 D.Sc. (Tech.) Finnish Female EVP, Sustainability and Strategy 1,000 (A share)
Sampsa Lahtinen 2013 1963 M.Sc. (El. Eng.) Finnish Male EVP, Industrial Measurements business area 52,407 (A share)
Timo Leskinen 2021 1970 M.Sc. (Psy.),
M.Sc. (BMR)
Finnish Male EVP, Human Resources 4,323 (A share)
Heli Lindfors 2023 1984 M.Sc. (Econ.) Finnish Female CFO 1,000 (A share)
Vesa Pylvänäinen 2011 1970 M.Sc. (Econ.) Finnish Male EVP, Operations 27,409 (A share)
Jarkko Sairanen 2016 1963 M.Sc. (Ind. Eng.),
MBA
Finnish Male EVP, Weather and Environment business area 49,477 (A share)
Katriina Vainio 2017 1967 LL.M. Finnish Female EVP, Group General Counsel 14,860 (A share)
Total 172,177 (A share)
Shareholdings include also shares held by the Leadership Team’s controlled organizations.
Hänninen joined the Vaisala Leadership Team as Executive Vice President,
Xweather, as of January 2025. Sampsa Lahtinen, previous Executive Vice
President, Industrial Measurements business area, retired after 2024.
Lorenzo Gulli was appointed Executive Vice President, Strategy and M&A.
He joined the Vaisala Leadership and began in his role in January 2025.
Controls
Main features of the internal control and risk management systems
pertaining to the financial reporting process
Internal control seeks to ensure the company’s compliance with applicable
laws, regulations, Code of Conduct, and other recommendations as well as
the reliability of financial and operational reporting. Furthermore, internal
control seeks to safeguard the assets of the company and to ensure overall
effectiveness and efficiency of operations to meet strategic, operational,
and financial targets. Internal control practices are aligned with the risk
management process. The goal of risk management is to support strategy
and achievement of targets by anticipating and reacting to potential
business threats and opportunities.
Vaisala’s operating model of internal control and risk management
related to financial reporting provides assurance regarding the reliability of
financial reporting and that the financial statements have been prepared in
accordance with the applicable laws and regulations, accepted accounting
principles (IFRS), and other requirements for listed companies. The
principal components of internal control are control environment, risk
assessment, control activities, communications, and monitoring. Further
information on risk management can be found in the Board of Directors’
Report on pages 24–25
Control environment
The Board of Directors has the overall responsibility for the internal
control of financial reporting. The Board of Directors has established a
written charter that clarifies its responsibilities and regulates the internal
distribution of work of the Board of Directors and its committees. The
Board of Directors has appointed the Audit Committee whose task
is to ensure that established principles for financial reporting, risk
management, and internal control are followed and to enable appropriate
external audit. The President and CEO is responsible for organizing an
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performance. They ensure that monthly and quarterly financial reporting
follows the company’s policies and instructions and that all financial
reporting is delivered on time. The management follows up on the
achievement of targets through monthly management reporting routines.
The Chief Financial Officer regularly reports the results of the internal
control work and the efficiency of the control activities to the Audit
Committee.
Communications
Vaisala seeks to ensure that the internal and external communication of
the company is open, transparent, accurate, and timely. The Disclosure
Policy defines how and when information should be given and by whom
it is given. It also defines the accuracy and comprehensiveness of the
information in order to fulfill the communication obligations. Code
of Conduct, Approval Policy, Treasury Policy, Credit Policy, accounting
policies, and reporting instructions as well as Disclosure Policy and Insider
Policy are available on the company’s intranet.
Monitoring
The Board of Directors, the Audit Committee, the President and CEO,
and the internal audit monitor the effectiveness of internal control
related to financial reporting. The monitoring includes follow-up of
monthly financial reports, review of the rolling forecasts and plans, as
well as reports from internal audit and auditors. Internal audit assesses
the effectiveness of operations and adequacy of risk management and
reports the risks and development areas related to the internal control
processes. Internal audit compiles an annual audit plan and reports the
status of the plan and findings regularly to the Audit Committee and the
Leadership Team. Furthermore, the Chief Financial Officer, the General
Counsel, the internal audit, and the auditor coordinate audit planning and
monitoring regularly.
effective control environment and ongoing work on internal control as
regards financial reporting. The internal audit reports all relevant issues to
the Audit Committee and the President and CEO.
Internal audit focuses on developing and enhancing controls related to
financial reporting by proactively and consistently assessing the internal
control environment and by monitoring the effectiveness of the control
design. The most important internal steering instruments for financial
reporting comprise the Code of Conduct, Approval Policy, Treasury Policy,
Credit Policy, Disclosure Policy, accounting policies, and other reporting
instructions.
Risk assessment
Risk assessment as regards financial reporting aims to identify and
systematically evaluate the most significant threats at the levels of
Vaisala, reporting segments, functions, and processes. As a result of risk
assessment, the company defines control targets through which it seeks
to ensure that the fundamental requirements placed on financial reporting
are fulfilled. Information on the development of essential risk areas as
well as reactions to the risks are communicated regularly to the Audit
Committee.
Control activities
The President and CEO is operationally responsible for internal controls.
Internal control related to financial activities as well as control of the
business and management has been integrated into Vaisala’s business
processes. The company has defined and documented significant internal
control activities related to its financial statements reporting process
as part of business processes. Approval mechanisms, access rights,
segregation of duties, authorizations, verifications, reconciliations, and
follow-up of financial reporting are essential internal controls.
All business units have their own defined controller function whose
representatives participate in planning and evaluating the unit’s
General development measures in internal control and risk
management in 2024
In 2024, the internal audit carried out site, function, and process audits.
Audits provided input to the continual improvement of processes and
internal controls.
Related party transactions
Vaisala’s Board of Directors has defined principles for monitoring and
assessing related party transactions as well as keeps a record of related
parties. The Board of Directors resolves on all related party transactions
that are not made in the ordinary course of business or implemented under
arms-length terms.
On top of its affiliates, related parties of Vaisala are members of
Vaisala's Board of Directors and Leadership Team including the President
and CEO, as well as their spouses, partners, and children and legal
entities where a member of the Board or a member of the Leadership
Team has control. The Board of Directors has approved guidelines that
stipulate the approval process and reporting concerning related party
transactions. In accordance with the guidelines, Finance and Control as
well as Legal follow related party transactions as part of regular reporting
and control procedures. The Board of Directors will resolve all related
party transactions that are not made in the ordinary course of business or
implemented under arms-length terms.
Vaisala reports related party transactions in a note to financial
statements. Currently, Vaisala has no related party transactions that would
be material and in conflict with the ordinary course of business or not
implemented under arms-length terms.
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Insiders
Vaisala maintains project or event-specific insider lists when needed.
30-day closed window applies to the managers defined by the company
before publishing Interim Reports, Half Year Financial Report, Financial
Statement Release, and financial statements. The closed window ends on
the day following the publication day. The closed window also applies to
the persons engaged in the preparation of those reports. The managers
subject to transaction notification obligations comprise the Board of
Directors, the President and CEO, as well as members of the Leadership
Team. The company’s legal department is responsible for insider
management, training, as well as the creation and maintenance of project
and event-specific insider lists and monitoring of the same.
The President and CEO, Chief Financial Officer, and/or the General
Counsel, two together, can decide, based on an evaluation of the conditions
set out in the Market Abuse Regulation being met, to delay the publication
of insider information. When the company makes the decision to delay
disclosure, a project or event-based insider list regarding the inside
information will be established. Persons, to whom project or event-specific
inside information is disclosed, are entered into the project or event-
specific insider list.
Auditing and auditor’s fees
According to the Articles of Association, the company has one auditor,
who must be a public accountant or an audit firm, authorized by the
Finland Chamber of Commerce. If an audit firm is not chosen to perform
the auditing, a deputy auditor must be elected as well. The auditor’s term
of office covers the current fiscal year and expires at the close of the
following Annual General Meeting. The Annual General Meeting elects the
auditor and decides on the compensation paid to them.
The Annual General Meeting held on March 26, 2024, elected
PricewaterhouseCoopers Oy, audit firm, as the Auditor for a term of one
year. APA Ylva Erikssonacts as the auditor with the principal responsibility.
Sustainability reporting assurer
The Annual General Meeting elected PricewaterhouseCoopers Oy as
the sustainability reporting assurer of the company and Ylva Eriksson,
Authorized Sustainability Auditor (KRT), as the assurer with principal
authority.
Auditor’s fees
EUR million 2024 2023
Audit 0.6 0.6
Tax advice 0.0 0.0
Statements 0.0 0.0
Other fees 0.2 0.1
Total 0.9 0.7
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