How have Finnish public firms and SMEs performed in Q3 2023 & outlook forward

As the leading local strategy consultant, August Associates is publishing a report that summarizes the financial performance of Finnish publicly listed firms and SMEs during Q3/2023. The report focuses on analyzing industry-specific trends in revenue and profitability development. For SME companies, the analysis is based on Accountor’s real-time financial data from approximately 10,000 SMEs. For publicly listed firms, we use financial information reported by the firms listed in Nasdaq Helsinki. 

Download the report by clicking here. 


  • The aggregate revenue generated by Finnish listed companies in 2023 is expected to decline by –5 % compared to the previous year which was a high watermark   
  • The aggregate operating profit in 2023 is expected to decline slightly less, by -4 %, driven by profit declines in Materials and Forest sectors   
  • During the coming years, analysts expect operating profits to grow at a faster rate (+12 % CAGR 2024-2025) than revenues (+2 % CAGR), driven by a sharp profit rebound by sectors that struggled in 2023 


Highlights from Q1-Q3 2023:  

  • Many industries have suffered from declining revenues and profitability during 2023  
  • Industries which have been hit the worst by declining revenues are Materials, Forest, Energy, Industrial goods, Consumer products, Telecommunications, and Health 
  • Especially Construction is suffering from sustained low operating profits. This years profits have also fallen significantly for Materials, Forest, and Health 
  • Industrial machinery has so far navigated the downturn well, with both revenue and profits increasing. However, many companies in the sector are now reporting decreasing order intake 
  • Some consumer-driven sectors such as Transportation and Hospitality have had a strong recovery after COVID-19  
  • While most sectors have been hit by declined earnings, both aggregate revenue and profits are still higher than what they were before 2021 


Accountor provides software solutions and outsourcing services for finance and HR. Thanks to its digital finance and accounting solutions, Accountor is uniquely positioned to accumulate real-time data on Finnish Small and Mediumsized Enterprises (SMEs). More on their website. 

Olli Lehtonen, Partner 
+358 50 371 4110