Finnvera Group, Stock Exchange Release 12 February 2026
Report of the Board of Directors and Financial Statements 2025
The volume of granted export financing was extremely high, domestic financing also increased from the reference period – Result EUR 16 million after the return of fund payment commitment EUR 349 million to the State Guarantee Fund
Finnvera Group, summary 1–12/2025 (vs. 1–12/2024 or 31 December 2024)
- The operating result for the period under review was strong at 365 MEUR, and all business operations turned a clear profit. However, due to the return of fund payment commitment of 349 MEUR received from the State Guarantee Fund in 2020, the Group’s profit amounted to 16 MEUR (228). In particular, a reduction of realised credit losses from the comparison period and reversal of loss provisions contributed to the strong operating result. The realised credit losses were 84 MEUR lower than in the comparison period, and a total of 165 MEUR of loss provisions were reversed. The Group’s net interest income was 13% and net fee and commission income 16% lower than in the comparison period.
- Results by business operations: The result of parent company Finnvera plc’s SME and midcap business stood at 26 MEUR (23) and that of Large Corporates business at -44 MEUR (173) after the fund payment commitment was returned. The result of Finnvera’s subsidiary, Finnish Export Credit Ltd, was 34 MEUR (32).
- The cumulative self-sustainability target was achieved.
- Balance sheet total EUR 15.5 bn (14.8) increased by 5%.
- Contingent liabilities stood at EUR 16.8 bn (14.9) and increased by 12%.
- Non-restricted equity and the assets of the State Guarantee Fund, that is the Group’s reserves for covering potential losses, totalled EUR 2.5 bn (2.1) and increased by 17%.
- Expected credit losses on the balance sheet items were reduced by 14% to EUR 1.0 bn (1.1).
- The NPS index measuring customer satisfaction was high at 78 (79), change -1.
- Outlook for 2026: The business outlook for cruise shipping companies further improved during 2025. However, the credit loss risk of export financing exposure remains high, which will result in uncertainty about the Finnvera Group’s profit outlook in 2026.
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Finnvera Group, Year 2025 (vs. 2024) |
|
|
Result 16 MEUR (228), change -93% |
Result before the return 365 MEUR (228), change 60% |
|
Balance sheet total 15.5 EUR bn (14.8), change 5% |
Contingent liabilities 16.8 EUR bn (14.9), change 12% |
|
Non-restricted equity and the assets 2.5 EUR bn |
Expected credit losses 1.0 EUR bn (1.1), change -14% |
|
Cost/income ratio 21.9 % (17.3), change 4.6 %-pp. |
NPS index 78 (79), change -1 point |
Comments from CEO Juuso Heinilä:
“The global economy was marked by prolonged uncertainty in 2025, among other things as a result of the US customs policy and, in Europe, the war in Ukraine. New growth was seen in the euro area, however not in Finland. While the prerequisites for companies’ new investments were good, the period of slow economic growth continued in Finland. Interest rates and inflation are stable and labour availability is good. The volume of granted export financing was record high in 2025 and also the domestic financing increased from the previous year.
Finnvera granted domestic loans and guarantees amounting to EUR 1.0 billion (0.9). While domestic financing showed a clear growth in the early part of 2025, uncertainties in the operating environment caused companies to postpone their projects towards the end of the year. The largest share of financing was granted to industry, and the regional drivers were the Helsinki Metropolitan Area and Lapland. In a positive vein, financing for investments and companies’ transfers of ownership picked up.
In 2025, guarantees for bank loans accounted for more than 80% of domestic loans and guarantees. Under a six-month pilot loan programme, which concluded at the end of March 2025, Finnvera granted a total of EUR 20 million to micro-enterprise growth projects. The loan pilot proved that the smallest and youngest companies have genuine difficulties in obtaining bank financing for their projects. Based on evaluations of the pilot, we decided to extend the loan for micro-enterprises during a new pilot period from February 2026. Start-ups are also eligible for this loan. A total of EUR 70 million (73) was granted in climate and digital loans backed by the InvestEU programme.
In line with Finnvera’s strategy, 92% of domestic financing was allocated to start-ups, SMEs seeking growth and internationalisation, investments, transfers of ownership, export and delivery projects, and SME guarantee projects. The situation of Finnvera’s client companies facing financial difficulties showed signs of stabilisation.
Finnvera granted export credit guarantees, export guarantees and special guarantees amounting to EUR 7.0 billion (2.9). The increase in export financing reflects large financing volumes for cruise shipping, which indicates a significantly improved outlook for the marine industry in Finland. By working together with other financing providers and by managing the overall risks of the financing, we have made long-term efforts to ensure that shipbuilding in Finland can be economically sustainable. In particular, the financing arrangement of approx. EUR 2 billion for the Icon 4 cruise ship of the Royal Caribbean shipping company, which was granted for building a vessel at Meyer Turku Shipyard, was a significant success for Finnvera. The number of export credit guarantees was also high in the telecommunications and the pulp and paper sectors. Finnvera guaranteed Nokia’s 5G deliveries worth one billion dollars to T-Mobile, one of the largest telecommunications operators in the United States, and deliveries to Türkiye, Uzbekistan and European countries. In the pulp and paper sector, Finnvera guaranteed Valmet’s deliveries worth nearly one billion dollars to the forest industry group Arauco for the world’s largest pulp mill to be built in Brazil. Finnvera continued to grant export credit guarantees to Ukraine, including for Metso’s deliveries of machinery and equipment to Metinvest iron ore plant.
Finnish Export Credit Ltd. was able to increase the volume of export credits it granted as a result of large individual financing arrangements, amounting to EUR 5.6 billion (0.6) in total. However, EUR 3.1 billion of the financing fell through during the year. This means that in an increasing number of cases, the financing provider for an export transaction continues to be a bank to which Finnvera grants a guarantee.
The Finnvera Group’s result was EUR 16 million (228) after the return of fund repayment commitment of EUR 349 million to the State Guarantee Fund recognised in other operating expenses. The early return of the full commitment was made possible by the strong operating result of EUR 365 million in the period under review. Before the return all business operations showed a clear profit. The return of commitment concerned a fund payment commitment subject to repayment obligation that Finnvera received from the State Guarantee Fund in 2020 to cover the separate result of loss-making export credit guarantee and special guarantee operations. The fund payment ensured the stability and competitiveness of export financing. The State Guarantee Fund is an off-budget fund which includes the assets accumulated from the activities of Finnvera’s predecessor organisations. The Fund’s task is to cover the result showing a loss in the export credit guarantee and special guarantee operations if the reserve funds in the company’s balance sheet are not sufficient. The fund payment commitment returned to the State Guarantee Fund does not change the total amount of reserves for Finnvera’s export credit guarantee and special guarantee operations, as they include not only the assets on Finnvera’s balance sheet but also the assets of the State Guarantee Fund.
We continued to develop our operations and services in 2025. Finnvera’s organisation was updated, enabling us to serve optimally Finnish companies’ growth, internationalisation and export promotion and respond to companies’ needs. Finnvera’s regional organisation was reformed into a regional network whose regional managers work closely with financing providers and other stakeholders. The ongoing upgrade of our basic information systems supports the digitalisation of services and a good client experience. The level of our client satisfaction and the trust of our clients and key stakeholders in Finnvera was at a very high level, as was the personnel’s work energy.
Finnvera became a shareholder in the European Investment Fund (EIF) in 2025 and was integrated more closely into EU financing facilities, especially for SMEs. As an owner, we wish to actively promote the interests of Finland as a country and the Finnish financial sector in the EIF, for the benefit of both banks and venture capital investors. We invest in accelerating the growth of midcap enterprises in close cooperation with the EIF and Finnish Industry Investment Ltd as well as in export promotion together with the Team Finland network and Business Finland. We wish to develop and maintain export financing expertise in SMEs and midcaps, in particular.
The overhaul of the legislation on Finnvera, which is highly important in terms of developing Finnvera’s operations and the competitiveness of export financing, was completed as the President of the Republic approved the Act at the end of the year. This legislative reform was part of the Government Programme. Entering into force at the beginning of 2026, the new Act repealed ten previous acts on Finnvera’s operation. It will enable Finnvera to react flexibly to changes in the operating environment and respond to companies’ financing needs. The Act adds clarity and transparency to the supervision of Finnvera’s operations, as the financial supervision is transferred to the Financial Supervisory Authority following a two-year transition period. Finnvera’s special purpose role has been recognised in the context of the supervision.
In 2025, we promoted our sustainability measures based on the set goals, including within the framework of export credit agencies’ Net-Zero ECA Alliance. In export financing, the key is bolstering the sustainability theme and impact through international cooperation. As planned, we developed Finnvera’s sustainability reporting along the lines of the CSRD.
Increasing the volume of Finnish exports and the number of exporters as well as enabling growth and new business will be the main focus of our strategy also in 2026–2029. The achievement of these goals will be supported by our competent personnel and management as well as client-oriented digitalisation. As stated in our strategy, we wish to accelerate the growth of companies and innovations, internationalisation and exports more ambitiously and to increase the number of export companies. Finnvera’s vital mission is to drive growth in the Finnish economy through financing while uncertainty appears to persist in the world economy.”
Finnvera Group, financing granted and outstanding commitments
|
Finnvera Group |
2025 |
2024 |
Change, % |
|
Domestic loans and guarantees |
1.0 |
0.9 |
10% |
|
Export credit guarantees, export guarantees and special guarantees |
7.0 |
2.9 |
143% |
|
Export credits |
5.6 |
0.6 |
837% |
|
The fluctuation in the amount of granted financing is influenced by the timing of individual major financing cases. Of the export credits granted, EUR 3.1 billion fell through during the review period. |
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|
Exposure, EUR bn |
31 Dec 2025 |
31 Dec 2024 |
Change, % |
|
Domestic loans and guarantees |
2.1 |
2.9 |
-27% |
|
Export credit guarantees, export guarantees and special guarantees |
23.1 |
21.1 |
9% |
|
- Drawn exposure |
14.5 |
14.3 |
2% |
|
- Undrawn exposure |
5.5 |
4.4 |
26% |
|
- Binding offers |
3.0 |
2.4 |
25% |
|
Parent company's total exposure |
25.2 |
24.0 |
5% |
|
Of which the share of cruise shipping sector |
13.2 |
11.1 |
18% |
|
- Drawn exposure |
7.7 |
7.6 |
2% |
|
- Undrawn exposure |
3.1 |
2.5 |
22% |
|
- Binding offers |
2.4 |
1.0 |
135% |
|
Export credits, contract portfolio and offers in total |
11.2 |
10.7 |
5% |
|
- Drawn exposure |
6.3 |
6.5 |
-3% |
|
- Undrawn exposure |
2.5 |
3.7 |
-33% |
|
- Binding offers |
2.5 |
0.5 |
406% |
|
The exposure includes binding credit commitments as well as recovery and guarantee. receivables. The credit risk for the subsidiary Finnish Export Credit Ltd’s export credits is covered by the parent company Finnvera plc’s export credit guarantee. |
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Financial performance
The company achieved a strong operating result in both domestic and export financing operations in 2025. However, the Group’s total profit of EUR 365 million and the separate result of EUR 283 million from export credit guarantee and special guarantee operations were significantly reduced due to the return of fund payment commitment of EUR 349 million, which is under repayment obligation, received from the State Guarantee Fund in 2020 to cover the loss-making separate result of export credit guarantee and special guarantee operations. The return of the commitment is recognised as other operating expenses. As a result of the return of the fund payment, Finnvera Group’s result amounted to EUR 16 million (228).
The Group’s result for the first three quarters of the review period was EUR 360 million (182), whereas it made a result of EUR -344 million (46) in the last quarter due to the fund payment returned to the State Guarantee Fund. The Group’s strong result as well as the strong separate result of the export credit guarantee and special guarantee operations made early return of the commitment possible. As decided by the owner, Finnvera fully and prematurely returned the EUR 349 million commitment to the State Guarantee Fund.
The Group’s interest income decreased by 13% from the comparison period to EUR 121 million (139) due to the lower market interest rate. The most significant reductions in interest income were seen in interest income from export credits concerning loans passed on to customers, as well as in interest income from receivables from credit institutions and derivative securities. Net fee and commission income decreased by 16%, totalling EUR 167 million (198). The decrease in net fee and commission income in the period under review was mostly due to an increase in fee and commission expenses from reinsurance as well as an individual refund of guarantee premiums deriving from early repayments in export credit guarantee and special guarantee operations.
The Group’s realised credit losses and change in expected losses were EUR 149 million positive in 2025, whereas the corresponding item was EUR 49 million negative during the comparison period. Realised credit losses, EUR 36 million (121), were 70% and EUR 84 million lower than in the comparison period. This was particularly due to losses from export credit guarantee and special guarantee operations, which were EUR 4 million positive during the period under review. Credit loss compensation from the State covering losses in domestic financing totalled EUR 20 million (20). Expected losses, or loss provisions, decreased by EUR 165 million (51) during the period under review. This was affected by reversal of loss provisions for export credit guarantee and special guarantee operations as well as for domestic loans and guarantees.
After the result of the period under review, the parent company’s reserves for domestic operations as well as export credit guarantee and special guarantee operations for covering potential future losses amounted to a total of EUR 2,211 million (1,878) at the end of December. These reserves, which also cover the credit risk of export credits granted by the subsidiary, consisted of the following: the reserve for domestic operations, EUR 481 million (432), and the reserve for export credit guarantee and special guarantee operations as well as the assets of the State Guarantee Fund for covering losses, totalling EUR 1,730 million (1,446). The State Guarantee Fund is an off-budget fund whose assets include the funds accumulated from the activities of Finnvera’s predecessor organisations and which covers the result showing a loss in the export credit guarantee and special guarantee operations if the non-restricted equity for export financing in the company’s balance sheet is not sufficient. The non-restricted equity of the subsidiary, Finnish Export Credit Ltd, amounted to EUR 264 million (230) at the end of December.
At the end of December, non-performing exposure totalled EUR 185 million (168) in domestic financing and EUR 68 million (110) in export financing. During the period under review, non-performing exposure increased by 10% in domestic financing and decreased by 38% in export financing. Non-performing exposure in domestic financing accounted for 8.2% (6.1) of the total exposure and in export financing for 0.3% (0.5) of the total exposure at the end of December.
At the end of December, Tier 1 capital adequacy ratio stood at 35.3% (25.5) for domestic financing and 7.7% (6.4) for export financing, taking into account the company’s reserve for export credit guarantee and special guarantee operations and the assets of the State Guarantee Fund. The capital adequacy calculation of export financing was revised during the period under review. The calculation method of capital adequacy used in banking is not a suitable option for export financing, considering Finnvera’s special industrial policy mission as a promoter of exports and the fact that the State is liable for any export financing losses that the reserve on the company’s balance sheet and the assets of the State Guarantee Fund cannot cover.
|
Finnvera Group |
2025 |
2024 |
Change |
Q4/2025 |
Q4/2024 |
Change % |
|
Net interest income |
121 |
139 |
-13% |
30 |
37 |
-18% |
|
Net fee and commission income |
167 |
198 |
-16% |
42 |
50 |
-17% |
|
Gains and losses from financial instruments carried at fair value through P&L and foreign exchange gains and losses |
1 |
8 |
-93% |
-3 |
-2 |
41% |
|
Net income from investments and other operating income |
1 |
0 |
- |
0 |
0 |
-51% |
|
Operational expenses |
-56 |
-53 |
7% |
-16 |
-16 |
1% |
|
Depreciation and amortisation |
-5 |
-5 |
4% |
-1 |
-1 |
-5% |
|
Other operating expenses |
-350 |
-2 |
- |
-349 |
-2 |
- |
|
Realised credit losses and change in expected credit losses, net |
149 |
-49 |
- |
-43 |
-19 |
126% |
|
Operating result |
26 |
236 |
-89% |
-341 |
47 |
- |
|
Income tax |
-10 |
-8 |
25% |
-3 |
-1 |
246% |
|
Result |
16 |
228 |
-93% |
-344 |
46 |
- |
Return of fund payment commitment to the State Guarantee Fund
Finnvera had to make very extensive credit loss provisions in 2020 for export credit guarantee and special guarantee operations, and especially for cruise shipping sector, totalling EUR 1.2 billion. To cover the loss-making separate result of its export credit guarantee and special guarantee operations in 2020, Finnvera received a fund payment of EUR 349 million from the State Guarantee Fund. Finnvera had been released from the obligation to repay the fund payment until the reserve for export credit guarantee and special guarantee operations on the company’s balance sheet reaches its pre-pandemic level of EUR 829 million.
At the beginning of the 2025 review period, the reserve for export credit guarantee and special guarantee operations totalled EUR 679 million. At the end of the review period, taking into account the result of January-December 2025 and before return of fund payment commitment, the reserve totalled EUR 962 million. After the return, the reserve totalled EUR 613 million, that is, below the pre-pandemic level of EUR 829 million.
As decided by the owner, the fund payment commitment was returned to the State Guarantee Fund in financial year 2025 prematurely and in full. After this full return, Finnvera has no more fund payments that the company is obliged to repay to the State Guarantee Fund. Payment of the fund payment to Finnvera has not been necessary during the years 2021–2025; in other words, the fund payment has been a commitment by the State Guarantee Fund to make the payment if needed.
The obligation to repay the commitment is presented in Finnvera Group’s financial reports 2020–2024 as a contingent liability pursuant to IAS 37, and it was recognised in profit or loss in 2020 as provided in the Act on the State Guarantee Fund previously in force. Similarly, the return of the EUR 349 million fund payment to the State Guarantee Fund was recognised in profit or loss for 2025.
Returning the fund payment commitment to the State Guarantee Fund does not change the total amount of reserves for Finnvera’s export credit guarantee and special guarantee operations. At the end of 2025, the funds for covering potential losses in the reserve for export credit guarantee and special guarantee operations on Finnvera’s balance sheet totalled EUR 613 million, and the reserves in the State Guarantee Fund amounted to EUR 1,117 million, totalling EUR 1,730 million.
Outlook for financing
Forecasts indicate that the Finnish economy will start to grow moderately in 2026.
We expect that the demand for Finnvera’s domestic financing will grow and also focus increasingly on investments as projects postponed due to uncertainties in the operating environment are launched. Finnvera’s role in sharing the risk with other providers of financing is emphasized. We wish to ensure possibilities for growth for companies of all sizes, and at the beginning of February 2026, a loan intended to support the growth of micro-enterprises and start-ups will be launched. This loan will complement commercial financing, and the precondition is that the applicant has not been granted financing by a bank or other providers. The maximum amount of the loan is EUR 50,000 and the loan pilot will extend until the end of July 2026. We expect to see a high demand for these loans. We encourage companies to make use of our climate and digital loans in clean transition growth projects and digitalisation of their activities. We will increase our financing for innovative and scalable start-ups and the defence sector.
We expect the demand for export credit guarantees to continue at a very high level in 2026 and to focus extensively on Finland’s largest export sectors. The exports of investment goods, which are important for Finland, are post-cyclical, and the growth in demand and orders seen in 2025 will now be realised in the granting of export credit guarantees. Finnvera plays an important role in granting guarantees for transactions with long-term maturities.
We encourage export companies to seek growth in emerging and new markets as well as to rely on Finnvera for financing export transactions and risk hedging. We aim for significant growth in the use of export trade financing products, including credit risk insurance and buyer financing, also in smaller export transactions. This financing protects the exporter against credit losses and improves the chances of success in trade negotiations. Our strategic goal is to increase the number of export companies and, consequently, Finnish exports.
We will continue to grant export credit guarantees to Ukraine as part of Finland’s national reconstruction programme for the country and negotiate on new opportunities for securing Finnish companies’ exports to Ukraine.
We engage in an increasingly strategic cooperation with the Team Finland organisations Business Finland and Tesi to advance industrial-scale investments in Finland.
We have bolstered Finnvera’s trade facilitator function, and together with the Ministry for Foreign Affairs and Business Finland, Finnvera’s trade facilitators actively seek opportunities to bring foreign buyers and Finnish exporters together and to promote transactions through Finnvera’s export financing.
Outlook for 2026
The business outlook for cruise shipping companies further improved during 2025. However, the credit loss risk of export financing exposure remains high, which will result in uncertainty about the Finnvera Group’s profit outlook in 2026.
Further information:
Juuso Heinilä, CEO, tel. +358 29 460 2576
Ulla Hagman, CFO, tel. +358 29 460 2458
Finnvera publishes the Report of the Board of Directors and its financial statements as an XHTML file compliant with the European Single Electronic Format (ESEF) requirements. Auditors Ernst & Young have issued an independent assurance report that provides reasonable assurance concerning Finnvera’s ESEF financial statements. The XHTML file is available in Finnish and English. Finnvera additionally publishes the report and financial statements in PDF format.
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