Finnish tech firm Reaktor lists on Helsinki stock exchange — betting on defence software and AI to drive growth
Reaktor, a Helsinki-based technology consultancy founded in 2000, began trading on Nasdaq Helsinki on 16 June 2026 after an initial public offering that was oversubscribed across all three tranches.
Text by Martti Asikainen, 16.6.2026 | Photo by Adobe Stock Photos
Reaktor Group, a Finnish technology company that designs and builds software for clients ranging from airlines to defence agencies, has joined Nasdaq Helsinki’s main market, becoming the fifth Finnish company to list on the exchange this year. Trading in its shares began on Monday under the ticker REAKTOR, with the company valued at up to €190 million before the offering, according to documents published by the company.
The offering attracted demand from a broad range of investors. The institutional tranche, a public offering open to Finnish retail investors, and a separate tranche for Reaktor employees were all oversubscribed. Several major Finnish institutional investors, including Ilmarinen, one of the country’s largest pension funds, and Aktia Fund Management, committed a combined €45 million as cornerstone investors at the pre-money valuation.
What the money will pay for
The €20 million raised through new share issuance is earmarked for three areas, according to the company’s prospectus. The largest allocation targets growth in Reaktor’s defence and security software business, including evaluation of opportunities to adapt military-grade products for civilian use.
A second portion will fund international expansion, both organically and through acquisitions. The remainder will go towards Reaktor’s venture arm, which has co-founded and invested in more than 45 companies.
“AI is now redefining our industry, and we have the expertise, a strong market position, and a growing product portfolio to meet that demand,” said Pekka Horo, Reaktor’s chief executive. “The listing gives us the opportunity to advance our strategy with determination and, above all, to serve our clients even better.”
Henrik Husman, President of Nasdaq Helsinki, said the listing underlined that investors were seeking companies combining growth potential with capabilities relevant to critical digital infrastructure and security.
A three-part business model
Reaktor describes itself as operating across three distinct but connected businesses. The largest, by current revenue, is its technology solutions arm, a consulting operation serving clients across eight industry sectors, including aerospace, retail, healthcare, and defence. In 2025, this business generated the overwhelming majority of the group’s total revenue of €117.7 million.
The second strand is a nascent software products division, centred on NATO-compliant defence software. This is the area Reaktor is most actively trying to grow. In the first quarter of 2026, software product revenue reached €8.6 million, a figure the company intends to scale substantially, with a target of €60 million to €90 million annually by 2030.
The third element is an ecosystem of start-up investments and co-founded companies. Reaktor holds stakes in more than 45 ventures, which it views as both a source of future revenue and a way of extending its technical capabilities beyond its core headcount of around 700 employees.
Defence and AI: the twin drivers
Reaktor’s pivot towards defence software reflects broader European demand for sovereign digital infrastructure, as governments have accelerated technology spending in response to shifting security priorities.
Reaktor says its Intelligence Software Suite, designed to meet NATO standards, is already deployed in critical environments, though the company provided no further operational details.
Alongside defence, artificial intelligence features prominently in the company’s growth narrative. Reaktor says it has embedded AI capabilities across its entire delivery model and is building AI solutions jointly with clients.
Mika Sutinen, Chair of Reaktor’s Board of Directors, said that the rapid adoption of AI was “a significant driver of potential future market growth” and that Reaktor was well-positioned to capitalise on it.
The listing places Reaktor in a difficult position to assess. Its core consulting revenues have been flat for three years, and adjusted profit margins have shrunk from 11.4% to 9% since 2023. The company’s medium-term targets, which project the software product division alone generating between €30 million and €45 million in annual operating profit by 2030, imply a transformation in business mix that has yet to begin in earnest.
In the first quarter of 2026, software products generated €8.6 million in revenue, with no separate profitability figure disclosed. The pace of that conversion, and whether defence software contracts can scale in the way the company envisions, will determine whether the listing premium is justified.
