Translation: Original published in Finnish on 10/16/2026 at 7:45 am EEST.

Digia announced in a press release on Thursday that OP has chosen the company as a partner for modernizing core systems and processes in the securities sector. The renewal is based on Digia's own Financial Systems (DiFS) product family. We consider the agreement with Finland's largest financial sector operator to be an excellent commercial demonstration of the competitiveness of Digia's own product. In our extensive report, we noted the spare capacity and delayed major projects in the Financial Platforms segment, for which the OP contract now brings, in our view, much-needed improvement in the utilization rate. Although we estimate this to be a significant and long-term contract, it fits within the framework of our current forecasts, and the announcement does not cause immediate pressure to change our view.

Long-term project and recurring services provide support for the segment

In the project, Digia will deliver an STS solution based on the DiFS platform to OP, which integrates securities order processing, clearing, custody, and reporting. The overhaul will be implemented in phases, starting with equity savings accounts and later expanding to cover all securities portfolios as well as institutional and custody services. The project covers both the system upgrade and continuous services, which is in line with Digia's strategy and, in our view, brings the desired long-term predictability to the segment. As we noted earlier, the service area's excess capacity has been specifically due to the postponement of larger projects. We estimate that the OP project announced now is precisely the kind of undertaking that will fill the capacity gap and support the segment's billing rate and profitability in the coming years.

Strong commercial proof of the competitiveness of proprietary products

OP-Pohjola's decision to select Digia's platform as part of its broader wealth management overhaul is, in our view, a significant vote of confidence. We have considered Digia's DiFS product family as a whole that generates stable cash flow. However, it has been somewhat detached from the rest of the offering, and its growth potential has been relatively limited. However, we believe that the contract with the largest player in the Finnish market demonstrates that the company's own software products are highly competitive even at the most demanding end of the market. In recent years, Digia has once again invested more strongly in its proprietary product business and scalable solutions. Although the growth of proprietary products has not yet been fully reflected in earnings, wins like the OP contract give us confidence in the company’s ability to generate value with its own licenses and associated recurring maintenance services.