Translation: Original published in Finnish on 5/4/2026 at 7:00 am EEST.

Posti announced on Thursday that it has acquired the Finnish business operations of its digital mail competitor Kivra. Kivra's business consists of a digital mailbox service, which is similar in features to Posti's OmaPosti. The service enables sending and receiving digital letters and documents, as well as paying invoices. In the future, Posti intends to integrate Kivra's platform into OmaPosti. Judging by public customer references, Kivra has had quite large private sector (e.g. Fortum and Telia) and public sector (e.g., Traficom and social and healthcare regions) clients. Kivra has around 0.5 million users (OmaPosti 2.6 million), and its 2024 revenue was 0.25 MEUR. We understand that sales have largely remained at these levels. The business has been deeply in the red, and the balance sheet figures are weak. We estimate that the weak economic situation and the challenges in scaling operations to another size class may have been the reason for the owner's decision to divest from the Finnish business (Kivra also operates in Sweden). Therefore, we estimate the arrangement was relatively favorable for Posti, although the exact purchase price was not mentioned in the release. Kivra's business is marginal compared to Posti, but in our view, the additional capabilities for developing digital mail, new customers, and reduced competition are justified rationales behind the arrangement for the future of Postal Services. In short, digital mail is a key means of compensating for the pressure that accelerating digitalization places on the volumes and results of Postal Services' traditional letter delivery. We have discussed Posti's digital mailbox as an earnings driver for Postal Services in our recently published extensive report, for example, on page 24. The deal does not affect our view of Posti as an investment, but we will consider its effects on our forecasts in connection with the next update.