FINNVERA GROUP
Report of the
Board of Directors and
Financial Statements
2025
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 provi-
sions 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
-
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.
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 Lap-
land. 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-en-
terprise 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-enter-
prises during a new pilot period from February 2026. Start-ups are also eligible
FINNVERA GROUP
YEAR 2025 (VS. 2024)
16
(228), change -93%
MEUR
RESULT
15.5
(14.8), change 5%
EUR bn
BALANCE SHEET
TOTAL
21.9
(17.3), change 4.6%-pp.
%
COST/INCOME RATIO
78
(79), change -1 point
NPS INDEX
16.8
(14.9), change 12%
EUR bn
CONTINGENT
LIABILITIES
2.5
(2.1), change 17%
EUR bn
NON-RESTRICTED EQUITY
AND THE ASSETS OF THE
STATE GUARANTEE FUND
1.0
(1.1), change -14%
EUR bn
EXPECTED
CREDIT LOSSES ON
THE BALANCE SHEET ITEMS
365
(228), change 60%
MEUR
RESULT BEFORE THE RETURN OF
FUND PAYMENT COMMITMENT
2
Finnvera Group, Stock Exchange Release, 12 February 2026
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 rec-
ognised 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 sub-
ject to repayment obligation that Finnvera received from the State Guarantee
Fund in 2020 to cover the separate result of loss-making export credit guaran-
tee and special guarantee operations. The fund payment ensured the stabil-
ity 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 organ-
isation 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 stakehold-
ers. The ongoing upgrade of our basic information systems supports the dig-
italisation of services and a good client experience. The level of our client sat-
isfaction 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
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 guar-
antees amounting to EUR 7.0 billion (2.9). The increase in export financing
reflects large financing volumes for cruise shipping, which indicates a signifi-
cantly improved outlook for the marine industry in Finland. By working together
with other financing providers and by managing the overall risks of the financ-
ing, 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 guaran-
tees was also high in the telecommunications and the pulp and paper sectors.
Finnvera guaranteed Nokia’s 5G deliveries worth one billion dollars to T-Mo-
bile, 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, includ-
ing 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 cred-
its it granted as a result of large individual financing arrangements, amount-
ing 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
Finnvera Group, financing granted and outstanding commitments
Finnvera Group
Financing granted, EUR bn 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.
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%
14.5 14.3 2%
5.5 4.4 26%
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%
7.7 7.6 2%
3.1 2.5 22%
2.4 1.0 135%
Export credits, contract
portfolio and offers in total
11.2 10.7 5%
6.3 6.5 -3%
2.5 3.7 -33%
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.
3
Finnvera Group, Stock Exchange Release, 12 February 2026
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 financ-
ing, 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 Pro-
gramme. 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 Supervi-
sory 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 Alli-
ance. 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.”
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 mil-
lion and the separate result of EUR 283 million from export credit guaran-
tee and special guarantee operations were significantly reduced due to the
return of fund payment commitment of EUR 349 million, which is under repay-
ment obligation, received from the State Guarantee Fund in 2020 to cover the
loss-making separate result of export credit guarantee and special guaran-
tee 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
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 com-
mitment 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 signif-
icant 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 reinsur-
ance as well as an individual refund of guarantee premiums deriving from early
repayments in export credit guarantee and special guarantee operations.
Finnvera Group
Financial performance
2025
Meur
2024
Meur
Change
%
Q4/2025
Meur
Q4/2024
Meur
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 -
4
Finnvera Group, Stock Exchange Release, 12 February 2026
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 pro-
visions, decreased by EUR 165 million (51) during the period under review. This
was affected by reversal of loss provisions for export credit guarantee and spe-
cial 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 guar-
antee 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, total-
ling 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-perform-
ing exposure in domestic financing accounted for 8.2% (6.1) of the total expo-
sure 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 opera-
tions and the assets of the State Guarantee Fund. The capital adequacy calcu-
lation of export financing was revised during the period under review. The cal-
culation 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 financ-
ing losses that the reserve on the company’s balance sheet and the assets of
the State Guarantee Fund cannot cover.
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 Guaran-
tee 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 guar-
antee 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 finan-
cial 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 Guaran-
tee 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 guaran-
tee and special guarantee operations. At the end of 2025, the funds for cover-
ing potential losses in the reserve for export credit guarantee and special guar-
antee 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 uncer-
tainties 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 Feb-
ruary 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
5
Finnvera Group, Stock Exchange Release, 12 February 2026
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 grant-
ing 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 hedg-
ing. We aim for significant growth in the use of export trade financing prod-
ucts, 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 Fin-
land’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 invest-
ments in Finland.
We have bolstered Finnvera’s trade facilitator function, and together with the
Ministry for Foreign Affairs and Business Finland, Finnvera’s trade facilita-
tors 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 state-
ments 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 Eng-
lish. Finnvera additionally publishes the report and financial statements in PDF
format.
ESEF report 2025 (ZIP)
Finnvera Group’s Report of the Board of Directors and Financial Statements
Distribution:
NASDAQ Helsinki Ltd, London Stock Exchange, the principal media,
www.finnvera.fi
The report is available in Finnish and English at:
www.finnvera.fi/financial_reports
6
Finnvera Group, Stock Exchange Release, 12 February 2026
7
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Report of the Board of Directors
and Financial Statements
-
Report of the Board of Directors .................................................. 8
-
Board of Directors’ proposal for measures
concerning the result for the financial period ........................... 25
-
Key figures ................................................................................... 26
-
Total commitments from business operations......................... 27
-
Financial Statements .................................................................. 28
-
Consolidated comprehensive income statement ..................... 29
-
Balance sheet .............................................................................. 30
-
Contingent liabilities ................................................................... 31
-
Change in equity .......................................................................... 32
-
Statement of cash flows ............................................................ 34
-
Notes to the financial statements ............................................. 36
• A Accounting principles .......................................................... 36
• B Risk management ................................................................ 46
• C Segment information ........................................................... 54
• D Notes to the income statement .......................................... 59
• E Notes to the balance sheet .................................................. 64
• F Notes on personnel and management ............................... 83
• G Shares and holdings ............................................................ 85
• H Key financial performance indicators ................................87
-
Signatures.................................................................................... 88
-
Auditor’s Report........................................................................... 89
-
Statement by the Supervisory Board ......................................... 95
FINNVERA GROUP
15.5
(14.8)
EUR bn
BALANCE SHEET TOTAL
1.0
(0.9)
EUR bn
LOANS AND GUARANTEES
16.8
(14.9)
EUR bn
CONTINGENT LIABILITIES
7.0
(2.9)
EUR bn
EXPORT CREDIT GUARANTEES, EXPORT
GUARANTEES AND SPECIAL GUARANTEES
2.5
(2.1)
EUR bn
NON-RESTRICTED EQUITY AND THE
ASSETS OF THE STATE GUARANTEE FUND
5.6
(0.6)
EUR bn*
EXPORT CREDITS
RESERVES FOR DOMESTIC
FINANCING, MEUR*
31 Dec 2025
* includes the result for the period.
481
432
31 Dec 2024
500
400
300
200
100
0
(25.5)
%
35.3
DOMESTIC FINANCING
FINANCING GRANTED
RESERVES FOR EXPORT
FINANCING, MEUR*
31 Dec 2025
* includes the result for the period.
31 Dec 2024
1,800
1,500
1,200
900
600
300
0
Reserves for export credit
guarantees and special guarantees
State Guarantee Fund (SGF)
1,117
767
613
679
Report of the
Board of Directors
7.7
(6.4)
%
EXPORT FINANCING
CAPITAL ADEQUACY RATIO,
TIER 1
* EUR 3.1 bn of the financing fell through during
the review period.
RESULT
16
Meur
(228)
365
RESULT BEFORE THE RETURN OF
FUND PAYMENT COMMITMENT
Meur
(228)
8
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Report of the Board of Directors
The Finnvera Group made a strong operating result in 2025
at EUR 365 million, and all business operations turned a
clear profit. However, due to the return of fund payment
commitment of EUR 349 million received from the State
Guarantee Fund in 2020, the Group’s profit amounted to
EUR 16 million (228).
Finnvera Group’s organisational structure, tasks and strategy
The Finnvera Group’s parent company is Finnvera plc and its subsidiary is Finn-
ish Export Credit Ltd. Finnvera is a specialised financing company owned by
the State of Finland and the Export Credit Agency (ECA) of Finland.
The Finnvera Group’s mission and basic premise of its strategy are to serve
as a promoter of Finnish companies’ operation, growth, internationalisation
and exports, to complement financing services and to contribute to positive
regional development, as well as to accelerate Finland’s sustainable economic
growth.
The Group’s vision is: Finnvera’s financing boosts the growth of companies and
strengthens the Finnish economy. This vision is at the core of the strategy, with
impact as the second key theme. Our goal is to ensure that financing helps cli-
ents achieve turnover and financial results as well as create new jobs.
Concrete targets and indicators have been defined for the five strategic cor-
nerstones for the strategy period. As in 2025, the following are stressed in
the strategy for 2026–2029: increasing the volume of Finnish exports and
the number of exporters, enabling growth and the creation of new business,
responding to future competence needs, client-oriented digitalisation and
sustainability.
Legislative reform
The new Act on State-Owned Specialised Financing Activities and their
Arrangement (1458/2025), or the Finnvera Act, entered into force on 1 January
2026. This new framework act repealed ten former acts regulating Finnvera’s
operations and will enable a flexible response to changes in Finnvera’s operat-
ing environment, making it possible to develop financing operations rapidly to
match companies’ financing situations in the future. Finnvera’s products, ser-
vices and possibilities to accelerate the growth of SMEs and midcaps as well
as export companies will be maintained and strengthened further.
The state’s responsibility for Finnvera’s contingent liabilities remains
unchanged and will secure the continuity of our operations. Finnvera must con-
tinue to strive for self-sustainability, covering the operating costs with income
from its activities over the long term and having the capability to prepare for
any future risks. The centralisation of the interest equalisation system for
export financing to Finnvera brings considerable additional efficiency. 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.
While the Act does not specify the sectoral boundaries of financing, ownership
steering and the company’s own credit policy will continue to set guidelines.
Under the Act, Finnvera can finance large agricultural investments from the
beginning of May 2026.
The maximum amount of Finnvera’s domestic financing loans, guarantees and
other exposure under the new Act may not exceed EUR 10 billion, and the max-
imum amount of export financing exposure is EUR 40 billion. Under the legisla-
tion in force until the end of 2025, the maximum amount of domestic financing
loans and guarantees was EUR 12 billion, and the maximum amount of export
financing exposure was EUR 41.2 billion.
Economic outlook
The global economy continues to be overshadowed by uncertainty due to the
impacts of geopolitical tensions and inconsistent trade policies, among other
things. However, the global ecomony is expected to continue growing despite
the risks. While Finland’s economic growth remained close to zero in 2025, the
economy is expected to recover in the years to come. Finland’s foreign trade
developed positively in the autumn, driven by goods exports. Consumer con-
fidence has remained below average. Consumers assess the situation of the
Finnish economy to be rather weak, but their views on their personal financial
situation in 12 months’ time have reached an average level. It is expected that
Finland’s total production will start growing in 2026, the demand for exports
will continue, and private consumption will pick up. According to an economic
review published by the Ministry of Finance in December, global economic
growth will be 3.0% in 2026 before climbing to 3.2% in 2027. According to the
Ministry of Finance’s estimate, Finland’s GDP will grow by 1.1% in 2026 and
1.7% in 2027.
Financing granted
The financing granted by Finnvera grew in both domestic and export financ-
ing in 2025. Finnvera granted EUR 1.0 billion (0.9) in domestic loans and guar-
antees, which represents a 10% increase from the comparison period. Finnvera
granted EUR 7.0 billion (2.9) in export credit guarantees, export guarantees
and special guarantees, which is more than twice the amount in the compar-
ison period. Finnvera’s subsidiary Finnish Export Credit Ltd was also able to
increase the amount of export credits it granted in the period under review as a
-
lion (0.6). However, EUR 3.1 billion of the financing fell through towards the end
of the review period. 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.
9
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Finnvera Group
Financing granted, EUR bn 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 after the end
of the review period.
Domestic financing granted
Finnvera granted a total of EUR 1.0 billion (0.9) in domestic loans and guaran-
tees in 2025. Guarantees for loans granted by banks accounted for more than
80% of the financing.
Over a normal business cycle, Finnvera’s long-term strategic goal has been to
allocate at least 80% of domestic financing to start-ups, growing and interna-
tionalising companies as well as their growth, investment, transfer of owner-
ship and export projects. This goal was again attained in 2025, as 92% of the
financing was allocated to these priority areas. Together with other providers,
Finnvera granted domestic financing worth EUR 2.7 billion to total projects. The
share of investments out of total projects financed grew to 35% (31).
Finnvera granted loans for micro-enterprises’ growth projects during a six-
month fixed-term pilot that ended at the end of March 2025. A total of
in 2025. Based on the preliminary results of a report on the pilot, the turnover of
the companies that received loans has clearly reached a growth trajectory, and
the companies have hired new employees. Finnvera is reopening applications
for micro-enterprise growth projects at the beginning of February 2026 until the
end of July 2026.
A total of EUR 70 million (73) was granted in 2025 in climate and environment
loans as well as digitalisation and innovation loans intended for green and dig-
ital transition projects under the European Union’s InvestEU Programme. The
guarantee agreement was expanded in 2025, enabling Finnvera to finance
companies’ investments worth an estimated EUR 400 million in total. The
first loans provided in cooperation with the European Investment Fund were
granted in 2023, and this instrument will also be available in 2026.
The amount of financing granted was EUR 1.2 billion (1.2), including export
credit guarantees for SMEs and midcap enterprises. The level of SME and
midcap financing was similar to the year before. Companies seeking growth
and internationalisation, which are crucial for boosting economic growth,
accounted for 56% (58) of the SME and midcap financing granted by Finnvera.
Transfers of ownership are important for the renewal of business structure
and the vitality of companies, and financing granted for them started to grow in
2025. Finnvera financed transfers of ownership with EUR 130 million (105) and
was involved in financing 681 (602) transfers of ownership.
Export financing granted
Finnvera granted export credit guarantees, export guarantees and special guar-
antees amounting to a total of EUR 7.0 (2.9) billion in 2025, mainly for large cor-
porates’ export transactions. To finance export transactions, Finnvera gives
guarantees for loans granted by banks to Finnish companies’ foreign buyers.
Some of the export transactions are financed with export credits granted by
Finnish Export Credit Ltd and guaranteed by Finnvera. In 2025, EUR 5.6 billion
(0.6) was granted in export credits. However, EUR 3.1 billion of the financing fell
through towards the end of the review period. 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 annual volume of export
financing is also influenced by the timing of individual major transactions, and
large annual fluctuations are possible.
Financing granted by sector 2025, %
Domestic loans and guarantees
1.0 EUR bn
Industry 45%
Services to business 26%
Trade and consumer services 19%
Tourism 9%
Rural trades 1%
Cruise shipping 68%
Pulp and paper 12%
Other industries 6%
Telecommunications 5%
Others* 5%
Mining and metals 4%
Energy 1%
* Including other risks such as state and bank risks and
risk transfer.
Financing granted by sector 2025, %
Export credit guarantees, export guarantees
and special guaranteest
7.0 EUR bn
10
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
In 2025, export credit guarantees were granted particularly for the cruise ship-
ping, and pulp and paper sectors. 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 guaran-
tees was also high in the telecommunications and the pulp and paper sectors.
Finnvera guaranteed Nokia’s 5G deliveries worth one billion dollars to T-Mo-
bile, 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 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.
As a result of Finland’s national reconstruction plan for this country, Finnvera
began granting export credit guarantees to Ukraine on 1 January 2024 with a
special loss compensation commitment from the Ministry of Economic Affairs
and Employment. Finnvera granted EUR 52 million in export credit guarantees
to Ukraine in 2025. The loss compensation commitment for Ukraine covers
financing granted in 2024–2026.
Exposure
The maximum exposure amounts of Finnvera’s financing and their calculation
principles are laid down in legislation. The following Table shows the mandates
under the legislation and the corresponding amounts at year end 2025. Pur-
suant to the new Finnvera Act that entered into force at the beginning of 2026,
the maximum amount of Finnvera’s domestic financing loans, guarantees and
other exposure may not exceed EUR 10 billion, and the maximum amount of
export financing exposure is EUR 40 billion.
At the end of 2025, the parent company Finnvera plc’s total exposure was
EUR 25.2 billion (24.0), including credit commitments and receivables from
guarantees, export credit guarantees and export guarantees. During the period
under review, total exposure increased by 5%.
Finnvera Group
Authorisations and exposures
31 Dec 2025, EUR bn Authority
Authority
used Exposure
Loans and guarantees 12.0 2.0 2.1
Export credit guarantees
and export guarantees
38.0 19.3 22.9
Special guarantees 3.15 0.3 0.2
Export credits 33.0 10.2 11.2
Finnvera Group
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%
14.5 14.3 2%
5.5 4.4 26%
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%
7.7 7.6 2%
3.1 2.5 22%
2.4 1.0 135%
Export credits, contract
portfolio and offers in total
11.2 10.7 5%
6.3 6.5 -3%
2.5 3.7 -33%
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.
Domestic financing exposure
At the end of 2025, domestic loan and guarantee exposure totalled EUR 2.1 bil-
lion (2.9), having decreased by 27% during the year. The repayment of individ-
ual major liabilities was a key factor in this reduction of the outstanding com-
mitments. Loans accounted for 27% and guarantees for bank financing for
73% of the domestic financing exposure.
The credit risk position of domestic financing has remained in line with the
company’s targets, even if Finland’s economic situation has continued to be
weak and, for example, the number of bankruptcies was at its highest level in
the 2000s. While clients’ arrears, non-performing receivables and debt holidays
have remained elevated, their growth in 2025 was not significant.
Export financing exposure
The exposure for export credit guarantees, export guarantees and special guar-
antees was EUR 23.1 billion (21.1), or 9% higher than the exposure at the end
of the previous year. EUR 14.5 billion of the export financing exposure con-
cerned drawn exposure, EUR 5.5 billion undrawn exposure, and EUR 3.0 billion
binding offers.
During the period under review, the subsidiary Finnish Export Credit Ltd’s drawn
outstanding credits decreased by 3% to EUR 6.3 billion (6.5), but the total of
the contract and offer portfolio, or drawn and undrawn outstanding credits and
the offer portfolio, increased by 5% to EUR 11.2 billion (10.7) as a result of new
financing offers. The changes in the outstanding commitments of export cred-
its are influenced by individual large financing transactions, and the credit risk
of the outstanding commitments is covered by the parent company’s export
credit guarantee.
At the end of 2025, Finnvera’s exposure for export credit guarantees and spe-
cial guarantees related to 78 countries. The exposure exceeded EUR 100 mil-
lion in 17 countries, including offers given. Geographically, over 50% of the
total exposure for export credit guarantees and special guarantees is related
11
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
to trade with the United States. Other significant countries in terms of foreign
risk-taking are Chile, Brazil, Germany, Türkiye and India.
EUR 13.2 billion of the export credit guarantee, export guarantee and special
guarantee exposure concerned the cruise shipping sector. EUR 7.7 billion of
this was drawn exposure, EUR 3.1 billion undrawn exposure, and EUR 2.4 billion
credit commitments. Other significant sectors in terms of exposure include
pulp and paper, telecommunications and the energy sector.
The liabilities calculated according to the Act on the State’s Export Credit Guar-
antees, including all commitments and half of the offers given at the exchange
rate of the closing date, were EUR 19.3 billion (16.7) at the end of December.
The parent company’s total exposure arising from export credit guarantee
and special guarantee operations (commitments and offers given, including
export guarantees) totalled EUR 23.1 billion (21.1), of which drawn guarantees
amounted to EUR 14.5 billion (14.3). The maximum indemnity amount of rein-
surance arrangements valid at the end of December was EUR 2.0 billion (1.5).
The share of drawn reinsurance arrangements was EUR 1.8 billion or 12% of
drawn guarantees.
It is estimated that the risk position of export financing is slightly better than in
the previous year due to an improved credit risk level. The credit risk level con-
tinued its gradual recovery and developed according to long-term expectations.
The strengthening of the operating environment, which has recovered from
the coronavirus pandemic, and clients’ improved financial position continue to
affect this improvement of the credit risk.
Finnvera’s client satisfaction was high
At year end, Finnvera had around 19,300 clients (21,100). Finnvera’s client sat-
isfaction was high in 2025, and the NPS (Net Promoter Score) was 78 (79).
The high NPS indicates that the selection of priorities for our operations was
successful.
A strategic objective was to increase the key target groups’ awareness of
Finnvera. According to the findings of the Reputation & Trust survey, awareness
of and trust in Finnvera is strong among clients and key stakeholders, whereas
potential clients in particular require additional information on Finnvera ser-
vices and financing.
Finnvera and the European Investment Fund expanded their
cooperation – Finnvera became an EIF shareholder
Finnvera became a shareholder in the European Investment Fund (EIF) and
was integrated more closely into EU financing facilities, especially for SMEs.
EIF majority shareholders include the European Commission and the European
Investment Bank (EIB). The shareholders comprise 41 organisations, state-
owned and commercial financial institutions alike. Finnvera is currently the
only EIF shareholder organisation in Finland, and Finland has previously lacked
representation in the organisation’s decision-making. Through its ownership,
Finnvera aims to actively promote the interests of the Finnish financial sector
and all of Finland. The decision to acquire the shares was made by Finnvera’s
Exposure by sector 31 Dec 2025, %
Domestic loans and guarantees
2.1 EUR bn
Industry 44%
Services to business 27%
Trade and consumer services 18%
Tourism 10%
Rural trades 2%
Exposure 2021–2025, EUR bn
Domestic loans and guarantees
Guarantees Loans
2021 2022 2023 2024 2025
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0
Exposure 2021–2025, EUR bn
Export credit guarantees, export guarantees and special guarantees
25
20
15
10
5
0
Drawn guarantees Undrawn guarantees Offers
2021 2022 2023 2024 2025
Exposure by sector 31 Dec 2025, %*
Export credit guarantees, export guarantees and special guarantees
23.1 EUR bn
Cruise shipping 54%
Pulp and paper 14%
Others 11%
Telecommunications 11%
Energy 4%
Other industries 4%
Mining and metals 3%
* Possible risk transfers taken into account.
Group Others includes other risks s such as state
and bank risks and risk transfer.
12
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Board of Directors. Finnvera has had various risk-sharing agreements with the
EIF since 1998.
In June 2025, Finnvera and the EIF agreed on a new guarantee facility that will
enable Finnvera to grant additional export credit guarantees to Finnish SMEs
and midcaps for Ukraine. This agreement makes it possible to grant export
credit guarantees worth EUR 30 million to Finnish SMEs and midcap compa-
nies that employ less than 500 people. The objective is to support EU compa-
nies in trading with Ukraine while also strengthening economic relations with
Ukraine to support its EU membership process. This is a pilot project that may
expand at a later date.
In July 2025, Finnvera and the EIF agreed on continued offer of climate and
environmental loans as well as digitalisation and innovation loans to Finnish
SMEs and small midcaps. As the guarantee agreement expands, Finnvera will
be able to provide around EUR 400 million in financing for companies’ invest-
ments. With support from the InvestEU programme, Finnvera made these
unsecured loans available for companies in June 2023.
In 2025, the implementation partnership under the Connecting Europe Facility
programme came to an end. Finnvera supported eight Finnish projects within
the programme, enabling them to apply for a total of EUR 35 million in grants
from the European Commission, with the projects’ planned total investments
exceeding EUR 122 million.
Financial performance
Finnvera Group’s year 2025
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 mil-
lion and the separate result of EUR 283 million from export credit guaran-
tee and special guarantee operations were significantly reduced due to the
return of fund payment commitment of EUR 349 million, which is under repay-
ment obligation, received from the State Guarantee Fund in 2020 to cover the
loss-making separate result of export credit guarantee and special guaran-
tee 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
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 com-
mitment possible. As decided by the owner, Finnvera fully and prematurely
returned the EUR 349 million commitment to the State Guarantee Fund.
Finnvera Group
Financial performance
2025
Meur
2024
Meur
Change
%
Net interest income 121 139 -13%
Net fee and commission income 167 198 -16%
Gains and losses from financial
instruments carried at fair
value through P&L and foreign
exchange gains and losses
1 8 -93%
Net income from investments
and other operating income
1 0 -
Operational expenses -56 -53 7%
Depreciation and amortisation -5 -5 4%
Other operating expenses -350 -2 -
Realised credit losses and change
in expected credit losses, net
149 -49 -
Operating result 26 236 -89%
Income tax -10 -8 25%
Result 16 228 -93%
The Group’s net interest income, net fee and commission income, and the
changes in the value of items recognised at fair value through profit or loss
were at a lower level than in the comparison period.
2021 2022 2023 2024 2025
Result, Meur
Finnvera Group
500
45 0
400
350
300
250
200
150
100
50
0
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 EUR 84 million lower than in the comparison period,
and a total of EUR 165 million of loss provisions were reversed.
The outlook for the cruise shipping sector, which is important in terms of the
export credit guarantee exposure, continued to improve in 2025. At the end of
2025, only EUR 14 million (64) remained of Finnvera’s exposure in Russia. Loss
provisions for export financing that have significantly impacted the Group’s
financial performance since 2020 have been partially reversed in recent years,
which has contributed to the good financial performance over the same period.
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 Guaran-
tee Fund. Finnvera had been released from the obligation to repay the fund
payment until the reserve for export credit guarantee and special guarantee
13
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
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 guar-
antee 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 finan-
cial 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 Guaran-
tee 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 guaran-
tee and special guarantee operations. At the end of 2025, the funds for cover-
ing potential losses in the reserve for export credit guarantee and special guar-
antee 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.
Results of domestic and export financing
The result of the domestic operations of the parent company Finnvera plc was
EUR 49 million (27), while the separate result of its export credit guarantee and
special guarantee operations was EUR -66 million (168).
Finnvera plc’s result by business operations and the result of its
subsidiary Finnish Export Credit Ltd
The result of the parent company Finnvera plc was EUR -17 million (195) in
2025.
Of all business operations, SME and midcap business and Finnvera’s subsidi-
ary Finnish Export Credit Ltd turned a profit during the period under review. The
Large Corporates business reported a loss for the financial period. The result
of the SME and midcap business totalled EUR 26 million (23) and that of the
Large Corporates was EUR -44 million (173). The result of Finnvera’s subsidiary,
Finnish Export Credit Ltd, was EUR 34 million (32).
The segmentation of the Finnvera Group’s business operations is based on
client segmentation. Client enterprises are divided into segments according to
their size, development phase and financing needs, and each segment has its
2021 2022 2023 2024 2025
Result, Meur
SME and midcap business
60
30
0
-30
-60
2021 2022 2023 2024 2025
Result, Meur
Large Corporates business
400
300
200
100
0
-100
2021 2022 2023 2024 2025
Result, Meur
Export credits business
50
40
30
20
10
0
own service concept. The Group’s segments are locally operating small com-
panies, SMEs focusing on the domestic market, SMEs seeking growth and
internationalisation, Large Corporates, and export credits. The parent compa-
ny’s SME and midcap business consists of three segments: locally operating
small companies, SMEs focusing on the domestic market, and SMEs seeking
growth and internationalisation.
SME and midcap financing
The SME and midcap business accounted for EUR 26 million (23) of the parent
company’s result. EUR 20 million of the result was generated in the first three
quarters of the year and EUR 6 million during the last quarter.
During the period under review, net interest income decreased by 16% to
EUR 34 million (41), and net fee and commission income by 6% to EUR 51 mil-
lion (54). The reduction in net interest income was impacted by lower market
interest rates, while the reduction in net fee and commission income was
impacted by lower total guarantee exposure.
The realised credit losses of EUR 44 million (44) were in line with the compari-
son period, as were the State’s credit loss compensation of EUR 20 million (20).
14
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
The loss provisions decreased by EUR 4 million during the period under review,
whereas they increased by EUR 11 million during the comparison period.
Operational expenses were 7% higher than in the comparison period, totalling
-
sonnel costs.
The result of the locally operating small companies segment was less
than EUR 1 million (-2), that of SMEs focusing on the domestic market was
-
tion was EUR 19 million (12).
Large Corporates
The Large Corporates business made a loss of EUR 44 million (173). While this
segment turned a profit of EUR 313 million in the first three quarters of the year,
the result for the fourth quarter showed a loss of EUR 356 million due to the
return of fund payment commitment to the State Guarantee Fund.
As a result of declining interest rates, the net interest income decreased by 26%
to EUR 50 million (68) during the period under review. Net fee and commission
income decreased by 20% to EUR 107 million (133). The decrease in net fee
and commission income was mostly due to the increase in fee and commis-
sion expenses from reinsurance as well as an individual refund of guarantee
premium deriving from early repayment in export credit guarantee and special
guarantee operations which lowered the fee and commission income.
In recent years, the major loss provisions of the Large Corporates business and
the changes to them have also had a significant impact on the Group’s results.
In 2025, loss provisions for export financing could be partially reversed due to
further improvements in the business outlook for the cruise shipping indus-
try and the decrease of exposure related to Russia. Loss provisions decreased
by EUR 161 million (61) during the period under review. Realised credit losses
were positive by EUR 7 million, whereas the realised credit losses of the com-
parison period were EUR 76 million. The positive credit losses during the period
under review were due to valuation changes in receivables from export credit
and special guarantee operations and recovery income received.
Other operating expenses increased to EUR 349 million (0) due to the return
of the fund payment. During the period under review, operational expenses
increased by 9% to EUR 17 million (16), most significantly due to increased IT
and personnel expenses.
Export credits
The subsidiary Finnish Export Credit Ltd had an impact of EUR 34 million (32)
on the Group’s result. EUR 28 million of the result was generated in the first
three quarters of the year and EUR 6 million in the fourth quarter.
The net interest income of the subsidiary increased by 25%, totalling
EUR 9 million (11), in which the reduced credit commitment portfolio was a sig-
nificant factor. The changes in the value of items carried at fair value through
profit or loss and net income from foreign currency operations amounted to
EUR 3 million (5) in total.
The company’s income tax was EUR 10 million (8). While the parent company
Finnvera plc is exempt from income tax, its subsidiary Finnish Export Credit
was liable to pay income tax until 2025. From the beginning of 2026, Finnish
Export Credit will also be exempt from income tax under an amendment to the
Income Tax Act (1535/1992).
Analysis of financial performance in January–December 2025
Interest income and expenses
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 interest income was EUR 931 million (1,069), which was 13% lower than
in the comparison period. The most significant reductions in interest income
were seen in interest income concerning export credits from loans passed on
to customers, as well as in the interest income from receivables from credit
institutions and derivative securities. At the end of December, the drawn out-
standing credits of the export credits granted by Finnish Export Credit Ltd
stood at EUR 6,318 million (6,519), which was 3% lower than at the end of
the comparison period. The parent company’s outstanding credits in domes-
tic financing were EUR 524 million (941), which was 44% less than at the end
of the previous year. For this reason, interest income from loans passed on to
the customers in domestic financing was lower than in the comparison period.
Interest income from debt securities, however, was significantly higher than in
the comparison period.
Interest expenses decreased from the comparison period by 13% to
decreased interest expenses incurred from derivatives. The carrying amount
of debt securities in issue was EUR 11,955 million (10,830) at the end of
December.
2021 2022 2023 2024 2025
Net fee and commission
income, Meur
240
200
160
120
80
40
0
2021 2022 2023 2024 2025
Net interest income, Meur
140
120
100
80
60
40
20
0
15
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Fee and commission income and expenses
The Group’s net fee and commission income decreased by 16% from the com-
parison period to EUR 167 million (198).
The Group’s fee and commission income was EUR 180 million (203), or 11%
lower than in the comparison period. The share of parent company Finnvera
plc’s export credit guarantee and special guarantee operations in the Group’s
fee and commission income was 72% (73). Domestic loans and guarantees
accounted for 23% (21%). The export credits of the subsidiary Finnish Export
Credit Ltd accounted for 6% (6) of fee and commission income.
Fee and commission income from export credit guarantees, export guarantees
to this decrease in the review period was a guarantee premium refund due to
an individual early repayment. Fee and commission income in the compari-
son period was higher than usual due to the recognition of individual repay-
ments relating to guarantees reimbursed and early repayments of liabilities.
Fee and commission income from domestic guarantees decreased by 4% to
exposure compared to the previous year. Fee and commission income from
loans decreased by 9%, totalling EUR 12 million (14). At the end of the period
under review, the contract portfolio i.e. the drawn and undrawn exposure of
Finnish Export Credit Ltd stood at EUR 8.8 billion (10.2).
The Group’s fee and commission income increased from the comparison
period to EUR 13 million (5). These fee and commission expenses consisted
primarily of the costs of reinsurance taken out by the parent company, which
were clearly higher in 2025 than in the comparison period. The reinsurance
expenses incurred during the comparison period were reduced by the reim-
bursement of insurance premiums received as a result of the cancellation
of reinsurance contracts. At the end of December, the maximum indemnity
amount of reinsurance arrangements was EUR 1,968 million (1,505).
Gains and losses from financial instruments carried at fair value
through profit and loss and foreign exchange gains and losses
The changes in the Group’s value of items recognised at fair value through
profit or loss and net income from foreign currency operations amounted to
EUR 1 million (8), of which the change in the fair value of liabilities, debt secu-
rities and interest rate and currency swaps was EUR 3 million (4) and the net
income from foreign currency operations was EUR -2 million (5).
Finnvera applies hedge accounting in the valuation of liabilities when hedge
accounting is applicable. At the end of December, the book value of these liabil-
ities was EUR 11,127 million (9,553). The liabilities are hedged against changes
caused by market interest rates. Credit risk changes are not part of the hedg-
ing relation.
Operational expenses, other operating expenses, and depreciation
and amortisation
The operational expenses, other operating expenses and depreciation and
amortisation of the Group totalled EUR 412 million (60), of which the share of
other operating expenses was EUR 350 million (2).
Operational expenses amounted to EUR 56 million (53), of which personnel
expenses accounted for EUR 34 million (33) and other operational expenses
for EUR 22 million (20). Personnel expenses increased by 5% as salary levels
increased. Other operational expenses increased by 12%, particularly as a
result of increased IT expenses and costs of outsourced services. The general
increase in price levels and the higher VAT rates that entered into force in Sep-
tember 2024 also contributed to the increase in operational expenses.
Other operating expenses during the period under review included a non-recur-
ring item of EUR 349 million. This concerned returning a fund payment com-
mitment to the State Guarantee Fund. Other operating expenses additionally
included a non-recurring item related to phasing out venture capital financing
and the return of yields from grants subject to the repayment obligation to the
State.
Depreciation and amortisation were at the previous year’s level, or EUR 5 mil-
lion (5).
Realised and expected credit losses
The Group’s realised credit losses and change in expected losses were
EUR 149 million positive in 2025, whereas the corresponding item was
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
period, realised losses from export credit guarantee and special guarantee
operations were EUR 77 million. Credit losses from domestic loans and guar-
antees totalled EUR 40 million (44). 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). Factors
contributing to this included reversal of loss provisions for export credit guar-
antee and special guarantee operations as well as for loans and guarantees
in domestic financing. Loss provisions totalled EUR 980 million (1,145) at the
end of December. The calculation of loss provisions is influenced especially
by macroeconomic forecasts and a significant change in credit risk between
the reporting date and the initial granting date. Factors affecting the credit risk
include the client’s financial situation, risk classification, payment behaviour
and the financial instrument used by them. The expected losses in domestic
financing are also affected by changes in the State’s credit and guarantee loss
compensation level. The State’s loss compensation rate in domestic financing
is primarily 50%, and in financing granted on special industrial policy grounds,
the loss compensation rate can be 80% if so decided by the Ministry of Eco-
nomic Affairs and Employment.
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Expected losses in domestic financing
During the period under review, the loss provisions for domestic loans and
guarantees decreased by EUR 23 million in 2025 due to reduced large indi-
vidual exposures, while during the comparison period the loss provisions
increased by EUR 15 million. Loss provisions totalled EUR 123 million (146) at
the end of December, including the loss provisions for guarantee receivables.
Expected losses from export credit guarantee
and special guarantee operations
Loss provisions for export credit guarantee and special guarantee operations
were reduced by EUR 143 million (65) in 2025. The Group was able to reverse
some of its loss provisions for export credit guarantee and special guarantee
operations due to improvements in the business outlook for cruise shipping
and a further reduction in the Group’s exposure relating to Russia. The loss
provisions decreased by EUR 187 million during the first three quarters of the
year, whereas in the fourth quarter they grew by EUR 44 million as a result of an
increase in loss provisions for receivables from export credit and special guar-
antee operations.
Loss provisions for export credit guarantees and special guarantees totalled
EUR 856 million (999) at the end of December, including the loss provisions for
guarantee receivables. Of this, the loss provisions for export credit guarantee
and special guarantee operations accounted for EUR 719 million (905). While
the credit risk of Finnvera’s exposures is estimated to have decreased, signifi-
cant risks nevertheless persist.
Non-performing exposure
During the period under review, non-performing exposure increased by 10% in
domestic financing and decreased by 38% in export financing.
At the end of December, the amount of non-performing exposure in domes-
tic financing stood at EUR 185 million (168), calculated in accordance with the
EU-level harmonised method. Considering the loss provisions made, non-per-
forming exposure accounted for 8.2% (6.1) of total outstanding commit-
ments. The ratio of non-performing exposure to outstanding commitments
was approx. 4.1% (3.1), taking into consideration the compensation for credit
losses of 50% on average received by Finnvera from the State.
The amount of non-performing exposure in export financing stood at EUR 68
million at the end of December (110). The ratio of non-performing exposure to
total exposure was 0.3% (0.5).
Long-term economic self-sustainability
Finnvera is expected to attain financial self-sustainability in its operations. This
means that in the long term and over a period exceeding the business cycle,
the company’s operating expenses must be covered by the income from its
operations.
The objectives for the self-sustainability of domestic operations and export
credit guarantee and special guarantee operations have been realised when
the result is calculated cumulatively to the end of December 2025. The self-suf-
ficiency calculation for export credit guarantee and special guarantee opera-
tions takes the funds accumulated in the State Guarantee Fund into account.
The company’s risk-based pricing and the extent and risk level of Finnvera’s
total exposure will have a significant impact on the company’s financial perfor-
mance and long-term economic self-sustainability in the years to come.
Balance sheet 31 Dec 2025
At the end of December, the consolidated balance sheet total was EUR 15,517
million (14,756), showing a growth of 5% during the year. The balance sheet
total of the parent company Finnvera plc stood at EUR 15,504 million (14,787)
at year end, and that of Finnvera’s subsidiary, Finnish Export Credit Ltd, at
EUR 6,692 million (6,849).
At the end of December, the Group’s outstanding credits came to EUR 6,635
million (7,197), or 8% less than at the end of the previous year. The outstand-
ing credits of the parent company, Finnvera plc., came to EUR 6,740 million
(7,366), of which the receivables from the subsidiaries totalled EUR 6,318 mil-
lion (6,511).
The Group’s long-term liabilities at the end of December totalled EUR 12,034
million (10,934), of which EUR 11,955 million (10,830) consisted of bonds.
Finnvera Group 31 Dec 2025 31 Dec 2024 Change
Key balance sheet figures Meur Meur %
Assets 15,517 14,756 5%
- Loans to and receivables from
534 579 -8%
- Loans to and receivables from customers 6,814 7,388 -8%
- Investments 7,324 5,296 38%
- Other assets 846 1,493 -43%
Liabilities 13,923 13,214 5%
- Debt securities in issue 11,955 10,830 10%
- Provisions 749 893 -16%
- Other liabilities 1,219 1,490 -18%
Equity 1,594 1,542 3%
- Reserve for domestic operations 432 405 7%
- Reserve for export credit guarantees
679 511 33%
- Retained earnings 248 427 -42%
- Other equity items 234 199 17%
At the end of December, the Group’s non-restricted equity amounted to
EUR 1,359 million (1,343), of which the reserve for domestic operations
accounted for EUR 432 million (405), the reserve for export credit guarantee
and special guarantee operations for EUR 679 million (511) and the retained
earnings for EUR 248 million (427).
Finnvera’s profitable results have strengthened the company’s buffer reserves
to cover potential future losses.
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After the result of the period under review, the parent company’s reserves
for domestic operations as well as export credit guarantee and special guar-
antee 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, total-
ling EUR 1,730 million (1,446). The State Guarantee Fund is an off-budget fund
whose assets include the assets accumulated from the activities of Finnvera’s
predecessor organisations. Under the Act on the State Guarantee Fund, the
Fund covers the result showing a loss in the export credit guarantee and spe-
cial guarantee operations if the reserve funds in the company’s balance sheet
are not sufficient. The non-restricted equity of the subsidiary, Finnish Export
Credit Ltd, amounted to EUR 264 million (230) at the end of December.
Finnvera Group’s non-restricted equity and the assets of the State Guarantee
Fund totalled EUR 2,477 million (2,110) at the end of December.
Contingent liabilities
The Group’s contingent liabilities consist of valid guarantees, undrawn loans
and guarantee offers in domestic operations, and of drawn and undrawn
export credit guarantees and special guarantees as well as offers given related
to them in export financing. The Group’s contingent liabilities increased by 12%
to EUR 16,791 million (14,933) in 2025.
At the end of December, the contingent liabilities included EUR 8,556 million
(8,193) of drawn exposure, EUR 5,170 million (4,286) of undrawn exposure and
EUR 3,064 million (2,454) of offers given.
During the period under review, the Group’s contingent liabilities in domestic
operations decreased by 20% to EUR 1,525 million (1,894). Export credit guar-
antees, special guarantees and credit commitments for exports increased by
17% to EUR 15,266 million (13,039).
Funding
During the period under review, the Group’s long-term acquisition of funds
under the EMTN programme totalled EUR 1,886 million (1,000). Finnvera
issued a USD 1 billion bond in May and a EUR 1 billion bond in October. Both
USD and EUR denominated bonds will mature in 2030. The bonds were issued
under Finnvera’s EMTN (Euro Medium Term Note) programme and will be used
to finance export credits. Loans issued under this EUR 17 billion facility have a
state guarantee, and their rating corresponds to that assigned to the long-term
liabilities of the State of Finland. EUR 439 million (929) in long-term loans was
repaid in 2025.
The short-term funding acquired under the Euro Commercial Paper debt pro-
gramme totalled EUR 1,426 million (412), while EUR 1,424 million (651) of
short-term loans were repaid.
Capital adequacy
The Finnvera Act, or the Act on State-Owned Specialised Financing Activi-
ties and their Arrangement (1458/2025), contains provisions on separation
between domestic operations and export credit guarantee and special guaran-
tee operations. Losses from domestic operations are covered from the reserve
for domestic operations, while losses from export credit guarantees and spe-
cial guarantees are covered from the reserve for export credit guarantee and
special guarantee operations.
Under the Finnvera Act, the State is liable for Finnvera’s export credit guaran-
tees and special guarantees. If the funds allocated by Finnvera and Finnish
Export Credit for export financing or the funds of the State Guarantee Fund are
insufficient to cover liabilities or to ensure the continuity of operations, appro-
priations will be transferred from the State budget to the State Guarantee Fund
for this purpose.
The above separation prescribed by law and the State’s responsibility for export
credit guarantees explain why Finnvera assesses its capital adequacy, i.e. the
ratio between its exposure and assets, separately for domestic operations and
export credit guarantee and special guarantee operations.
Capital adequacy in domestic operations
Finnvera’s capital adequacy is calculated in accordance with the principles
of the Basel III standard method. At the end of December, Tier 1 capital ade-
quacy ratio for domestic operations stood at 35.3% (25.5) and its leverage ratio
at 36.3% (24.3). The risk-weighted items in the Group’s domestic operations
totalled EUR 2,045 million (2,635) at the end of December, and the capital for
calculating capital adequacy was EUR 722 million (671).
Finnvera Group, domestic operations
31 Dec 2025 31 Dec 2024 Change
Capital for calculating capital adequacy Meur Meur %
Equity for domestic operations 733 683 7%
Intangible assets -12 -12 3%
Total 722 671 8%
Risk-weighted items Meur Meur %
Receivables from credit institutions 1 1 -28%
Receivables from clients 1,697 2,131 -20%
Investments and derivatives 25 21 18%
Interest receivables, other receivables,
prepayments, other assets
11 16 -32%
Binding credit commitments 55 206 -73%
Operational risk 256 259 -1%
Total 2,045 2,635 -22%
Capital adequacy ratio, Tier 1 35.3% 25.5%
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Capital adequacy in export financing
No specific requirement has been set for the capital adequacy of Finnvera’s
export financing because, ultimately, the State is responsible for any major
export credit guarantee losses that the equities accumulated from operations
and the assets of the State Guarantee Fund cannot cover.
Calculating capital adequacy in a manner applied to banking is not a suitable
option for Finnvera, considering its special industrial policy purpose as a pro-
moter of exports. However, if the capital adequacy is calculated using a sim-
ilar method as in domestic financing and the assets in the reserve for export
credit guarantee and special guarantee operations and the State Guarantee
Fund are taken into account, the estimated capital adequacy of export financ-
ing in accordance with Tier 1 was 7.7% (6.4). The capital adequacy calculation
of export financing was revised during the period under review.
Finnvera Group, export financing *
31 Dec 2025 31 Dec 2024 Change
Capital for calculating capital adequacy Meur Meur %
Equity for export financing 1,713 1,395 23%
Total 1,713 1,395 23%
Risk-weighted items Meur Meur %
Export credit guarantees, export
guarantees and special guarantees
19,038 18,539 3%
Investments, derivatives and receivables
from credit institutions
1,975 1,696 16%
Other receivables, prepayments,
other assets
842 1,124 -25%
Operational risk 319 305 5%
Total 22,173 21,664 2%
Capital adequacy ratio, Tier 1 7.7% 6.4%
* No minimum requirement has been set for the capital adequacy ratio of export financing.
See chapter Capital adequacy in export financing.
Risk position
Finnvera’s risk position has remained at the targeted level.
Internal control and risk management are an essential part of the Finnvera
Group’s operations and management. The objective of internal control and risk
management is to ensure that the strategic goals are achieved, operational
activities are effective and productive, financial and non-financial information
reported internally and externally is reliable, external and internal regulations,
decisions and policies are complied with, and that risks are properly identified,
quantified, managed and reported.
The Board of Directors directs the company’s operations and makes deci-
sions on all key policies on managing credit, market and liquidity risks and
operational risks, among other things. In addition, the Board of Directors
together with the senior management is responsible for the organisation
of internal control and procedures as well as the creation of mechanisms
and their adequacy. The independent risk control unit supervises the rea-
lisation of risk management and reports on risks to the management and
the Board of Directors. This function develops and maintains risk manage-
ment procedures and ensures that new and previously unidentified mate-
rial risks are also addressed in business. The business and processes are
guided by internal guidelines. They are kept up to date and compliance
with them is monitored as part of the company’s quality and operating
system and by the compliance function.
The credit risk position of domestic financing has remained in line with the
company’s targets, even if Finland’s economic situation has continued to
be weak and, for example, the number of bankruptcies was at its highest
level in the 2000s. The outstanding commitments decreased in 2025. Alt-
hough clients’ arrears, non-performing receivables and repayment holidays
remained elevated, their increase in 2025 was not significant. Finnvera
regularly monitors customers’ payment delays, aiming to find financially
sustainable solutions for them. Intensified monitoring is focused on larger
individual non-performing exposures in cooperation with other providers of
financing.
Altogether, 83% (68) of Finnvera’s exposure fell into the credit rating cate-
gory B- or better. While the economic situation was weak, credit losses
decreased slightly from the previous year. Part of the reason for this is the
diversification of exposure into relatively small individual loans and gua-
rantees. Credit losses from loans granted under the InvestEU programme
launched in 2023 have so far remained low. The expected credit losses
(ECL) from loans and guarantees decreased from the previous year as a
result of decreased exposure.
Finnvera’s risk management system
Impact Code of Conduct Sustainability
STRATEGY AND GOALS
Finnvera’s Board of Directors approves
Internal Capital Adequacy and Liquidity Assessment Process
ISO 9001
Quality Management System
RISK APPETITE FRAMEWORK AND RISK INDICATORS
Internal risk appetite guidelines for all key risk types
INTERNAL GUIDELINES – Risk policies
Risk policies, i.a. credit policy, market and liquidity risk policy
and policy for managing operational risks
INTERNAL GUIDELINES – Operational guidelines
Guidelines regarding client relations management, risk assessment and
financing solutions as well as client liability management
The exposures from export financing increased slightly in 2025. Despite
the increased exposure, the risk position of export financing is deemed
slightly better than in the previous year, due to an improved credit risk
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level. The credit risk level continued its gradual recovery and developed
according to long-term expectations. The strengthening of the operating
environment, which has recovered from the coronavirus pandemic, and
clients’ improved financial position continue to affect this improvement of
the credit risk.
The expected credit losses (ECL) remained at the previous year’s level in early
2025, however decreasing towards the end of 2025. The decrease reflects the
improved financial and economic situation of our counterparties over the past
year. As a whole, the level of non-performing exposure remained stable in rela-
tion to the outstanding commitments. Write-downs of non-performing exposure
also decreased their ECL level towards the end of the year. The company contin-
ued to take steps to limit risks and minimise losses.
The risk distribution of export financing exposures remained essentially
unchanged in 2025. The greatest part of the exposure is in risk categories that
are at or slightly below the investment level. The sector-specific risk distribution
remained unchanged, with the cruise shipping, telecommunications and pulp
and paper as the largest sectors. Most of the exposure was still associated with
country risk categories characterised by good solvency.
The credit risk of export credits financed by Finnish Export Credit Ltd is cov-
ered by the parent company Finnvera plc’s export credit guarantees, which are
included in the aforementioned export financing exposure and risk position.
At the end of the review period, the market risks of asset management were
in line with the risk limits set by the Board of Directors.
All investments were at minimum in risk category BBB- (Finnvera’s risk cat-
egory), which reflects investment grade, or in better risk categories, and
all long-term (exceeding 12 months) investments are made in assets with
a minimum credit rating of A- (S&P and Fitch) or A3 (Moody’s). A total of
100% (99) of assets were in investments or account banks with a mini-
mum rating of A- (Finnvera’s risk category).
The company uses derivatives to hedge interest rate and currency risks.
The minimum credit rating for all derivative contract counterparties was
A3 (Moody’s) or A- (S&P and Fitch). The derivative-related counterparty
risk is mitigated with collateral agreements, the collateral premiums of
which are agreed on a daily basis.
Among the most significant risks, the market value risk of the investment
portfolio was EUR 126 million (122), the balance sheet’s interest rate sen-
sitivity was EUR -76 million (-2) for a 200-basis-point change, and the open
foreign exchange position was EUR 15 million (1).
The liquidity position was strong over the past year. In addition to normal
operational fluctuations, the present value sensitivity of the balance sheet
was increased by the equity hedging programme. Excluding the impact
of equity hedging, the interest rate sensitivity of the balance sheet for a
200-basis-point change was estimated at EUR -36 million at year end.
Operational risk
Finnvera has a system for monitoring operational risk events, and all employ-
ees can report near misses or actual incidents they have observed. The
number of realised risk events and the resulting losses have been small com-
pared to the equity reserved for risks. Most of the risks are related to financ-
ing processes, information security and system failures. The prolonged global
security situation with heightened tensions has led to more careful prepar-
edness for cyber threats. Operational risk management is guided by specific
operating principles, and personnel training, regular risk surveys, stress tests
and security exercises are used in risk management.
For more information on the risk position, see the B notes and tables on risk
management in the financial statements.
Sustainability in Finnvera operations
Finnvera’s sustainability strategy defines human rights as the
third key area alongside climate as well as biodiversity and
biodiversity loss management
Until now, climate change mitigation and biodiversity have been priorities
of Finnvera’s sustainability strategy. In 2025, the sustainability strategy was
expanded by also highlighting human rights risk management as a priority. A
roadmap has been drawn up for all three areas to support the achievement of
the defined goals.
In line with its sustainability strategy, Finnvera promotes climate change miti-
gation, biodiversity and the management of human rights risks by setting tar-
gets and reporting openly on the impacts of its operations. Finnvera addition-
ally promotes good governance, ensures overall quality control, and develops
its operations to meet the requirements of the Financial Supervisory Authority.
In cooperation with the owner, Finnvera engages in controlled risk-taking and
risk management to ensure long-term self-sustainability and the adequacy of
reserves to secure the continuity of operations.
Sustainability work guided by governance model for sustainability
Finnvera’s Board of Directors makes decisions on the sustainability strategy as
part of the company’s overall strategy and in keeping with the ownership steer-
ing policies determined by the Ministry of Economic Affairs and Employment.
Finnvera’s sustainability policies are prepared by the Management Group,
the Credit Committee and Asset Management and approved by the Board of
Directors.
The Board of Directors sets annual goals for sustainability, and the Audit Com-
mittee and the Board monitor their attainment actively. Among other things,
progress towards the sustainability goals is monitored by means of an ISO
9001certified quality/operating system that relies on internal and external
audits, management reviews and similar. The overall responsibility for achiev-
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ing the goals rests with the Board of Directors and CEO. Finnvera’s Manage-
ment Group is responsible for achieving the goals in different units. The Board
of Directors discusses sustainability reviews twice a year and actively moni-
tors other sustainability-related issues as well as reports annually to the State
owner on corporate responsibility and its indicators at the Annual General
Meeting.
Finnvera continued to develop its sustainability measures
and reporting
In 2025, Finnvera continued to develop the measures defined in its sustainabil-
ity strategy and sustainability reporting in keeping with both legislative require-
ments and stakeholder expectations.
While Finland’s national legislation does not oblige Finnvera to submit reports
referred to in the CSRD, the company has decided to improve its CSRD com-
pliant reporting capabilities and, where applicable, to introduce reporting in
stages. This decision is underpinned by the need to respond to stakeholder
expectations and to ensure data comparability, as many of Finnvera’s clients
and financing banks already are subject to CSRD reporting obligations, or will
be in the next few years. Finnvera aims to develop reporting in line with EU sus-
tainability reporting gradually by 2027, where applicable. There has been no
external assurance of the sustainability report 2025.
In 2025, Finnvera’s internal sustainability working group added detail to the
CSRD compliant materiality analysis conducted for the first time in 2023,
ensuring that the results would reflect better the Group’s current situation and
that the implementation method would be consistent with the amended guide-
lines. In particular, the assessment focused on sustainability aspects of financ-
ing as well as the weightings of sustainability impacts and responsibilities in
different sectors. The assessment identified the following as Finnvera’s most
material sustainability topics: climate change, pollution and water consump-
tion, biodiversity and ecosystems, own workforce, workers in the value chain,
affected communities and conduct of business. The analysis results have
guided Finnvera’s sustainability reporting since 2024.
Sustainability risk management integrated into
Finnvera’s operations
At Finnvera, sustainability risk management has been integrated into the com-
pany’s general risk management. Finnvera addresses the climate change risk
in all key risk types as part of the Internal Capital Adequacy Assessment Pro-
cess (ICAAP). Finnvera identifies and manages sustainability risks in its financ-
ing as set out in the Environmental and social risk management policy (ES
policy).
In export financing, the assessment is based on OECD Common Approaches
and IFC’s environmental and social responsibility standards. While making
financing decisions, Finnvera identifies export projects with the greatest envi-
ronmental or social risks. Action plans are drawn up with clients to reduce the
risks.
In domestic financing, the sustainability assessment is proportionate to the
size of the client relationship. Finnvera draws on the ESG reports of Suomen
Asiakastieto Oy in its risk assessments. If the report highlights risks or short-
comings, they are discussed with the client.
Finnvera systematically pursues its climate targets
Finnvera has set a long-term climate goal for its operations to promote the
attainment of the Paris Climate Agreement goal of limiting global warming to
1.5 degrees. Finnvera will introduce a transition plan for climate change miti-
gation stepwise in the years to come. A preliminary, evidence-based emission
reduction pathway was drawn up in 2024. Regarding its operations as a whole,
Finnvera is also committed to the goals and reporting principles of the NZECA
(Net Zero Export Credit Agencies) and Poseidon Principles for ship financing.
Finnvera complies with a policy of excluding fossil fuels based on the Finnish
government’s COP26 commitment.
ESG targets in Finnvera’s investments
Finnvera’s own investments also address climate change mitigation as one of
the sustainable investment principles. The goal for the investment operations
of Finnvera’s Asset Management in 2025 was that 25% to 30% of long-term
investments are thematic investments that meet the Asset Management’s ESG
criteria. At the end of 2025, long-term thematic investments that met the ESG
criteria accounted for 24.6%. Slightly less than two thirds of them were green
bonds.
Finnvera directs financing through incentives and climate criteria
Sector-specific criteria for identifying climate-positive features are applied to
export financing projects. These criteria are based on internationally recog-
nised frames of reference, including the EU taxonomy and Climate Bond Initia-
tive (CBI) criteria. Projects that meet the criteria may be eligible for Finnvera’s
financing incentives aimed at promoting Finland’s low-emission technology
exports. In 2025, Finnvera granted guarantees worth approx. EUR 1.1 billion to
projects that meet the criteria.
As part of the OECD Arrangement, the world’s export credit agencies have
agreed on means of encouraging investments and export projects that fulfil
the climate criteria. Offering a longer repayment period for the loans is one of
these means. The climate criteria of the OECD Arrangement are known as the
Climate Change Sector Understanding (CCSU). No CCSU compatible applica-
tions were received in 2025.
SMEs’ climate-friendly projects are supported with climate and digital loans
introduced in 2023. These loans, which utilize the European Union’s InvestEU
programme, are provided in cooperation with the European Investment Fund.
Total carbon footprint decreased, emissions from own operations
grew slightly
In 2025, Finnvera calculated its emissions for the fourth time following the
GHG protocol and PCAF calculation standards. The latest calculation is based
on data from 2024. Finnvera’s total carbon footprint that reflects greenhouse
gas emissions was 3.7 MtCO
2
e (4.9) in 2024. The total emissions decreased
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by 24% from the previous year. The emissions from Finnvera’s financing oper-
ations were 3.7 MtCO
2
e (4.9) and accounted for 99.96% of the total carbon
footprint. The emissions from Finnvera’s own operations were 1,556 tCO
2
e
(1,339), or 0.04% of total emissions. The emission calculation method has
been updated regarding year 2024 and especially regarding export financing
emissions.
Finnvera continues to develop its emission calculation. Finnvera is review-
ing best practises and implementation options to monitor avoided emissions
(carbon handprint) of its financing operations.
Finnvera promotes biodiversity and biodiversity loss management
Finnvera’s roadmap on biodiversity and biodiversity loss management guides
the company’s work. Finnvera is currently examining the biodiversity impacts
and dependencies of its operations in detail. These studies, accumulated data
and modelling tools will be used to determine the future strategic objectives
and transition pathway. Finnvera updated its environmental and social risk
management policy (ES policy) in 2025 to give biodiversity a larger role.
Attention to human rights in projects to be financed
Finnvera plays an important role in society by facilitating and boosting Finnish
enterprising and exports. Issues related to the terms of employment and con-
ditions of people working in projects to be financed are an important part of
Finnvera’s social responsibility.
Projects to be financed with export credit guarantees are often carried out in
countries with shortcomings in their human rights legislation and the realisa-
tion of human rights. This is why assessing human rights, social impacts and
risks in export projects is a key part of the preparation of financing decisions,
and a team that focuses on the social and environmental impacts of the pro-
ject is involved in financing projects. The UN Guiding Principles on Business
and Human Rights (UNGP), IFC Performance Standards on Environmental and
Social Sustainability, and Finnvera’s ES risk management policy are taken into
account in the assessment.
Finnvera invests in competent and thriving personnel
Thriving and competent personnel are also at the core of social responsi-
bility. A new uniform management model was created in 2025, and supervi-
sors were provided coaching in leadership consistent with it. The aim of this
was to improve the quality of management, support personnel well-being and
ensure the achievement of objectives. The collective agreement for the finan-
cial sector was also introduced in Finnvera in 2025, ensuring the fair treatment
of the personnel in accordance with the terms of employment of the sector.
In addition, the pay principles and job difficulty categories were updated to
comply with the collective agreement for the financial sector. A model of con-
tinuous improvement was created to support organisational development.
Remuneration was developed, and this work continues. The aim of the devel-
opment efforts is to improve the transparency and fairness of pay and remu-
neration and its motivational impact on achieving the objectives.
The sustainability competence of the personnel and governance bodies has
been improved through regular training and information sessions as part of
the integration of sustainability. Finnvera’s membership in the FIBS corporate
responsibility network (Finnish Business & Society) means that the entire per-
sonnel has access to an extensive offer of sustainability training.
Significance of good corporate governance highlighted
in the strategy
Finnvera’s strategy highlights good governance as an important area of sus-
tainability. The aim is to ensure transparency at all levels of the organisation.
Finnvera’s operations and corporate culture are guided by a Code of Conduct
updated in 2025 and approved by the Board of Directors. It contains the com-
pany’s general policies on financing, anti-bribery, managing conflicts of interest
and confidentiality. This Code applies to all Finnvera employees and members
of the governing bodies, and they are reviewed and updated annually.
The Code of Conduct is complemented by specific operating policies, including
an anti-bribery policy based on OECD recommendation for export credit agen-
cies and a tax policy consistent with EU and OECD standards that determines
the company’s approach to tax havens and tax avoidance. This set of policies
is complemented by an environmental and social risk management policy that
defines the principles of ES risk management. Finnvera additionally complies
with ISO 9001 quality standard and financial sector regulation where the latter
is applicable to Finnvera’s operations.
Finnvera has zero tolerance for corruption and economic crime. When process-
ing financing applications, the company complies with the enhanced due dil-
igence obligation if risks of bribery or corruption are identified in the project.
Finnvera complies with due diligence regulation on prevention of money laun-
dering and terrorist financing as well as on international sanctions. Before a
financing decision is made, the backgrounds of the client company and their
accountable persons are checked to minimise the risks of money laundering
and other abuses. Clients are additionally required to comply with competition
law and good tax practices.
Decision-making is based on impartiality as well as predefined and equally
applied criteria. Conflicts of interest are prevented by means of strict regulation
on disqualification and requiring that personnel members request permission
to pursue secondary occupations.
Finnvera offers a whistleblowing channel that meets the requirements of the
EU Whistleblower Directive and the national Whistleblower Protection Act.
Ethical conduct of business in Finnvera is monitored, and the company’s Board
of Directors is regularly informed of any concerns raised by stakeholders, for
example in client and stakeholder feedback.
Finnvera is actively involved in creating a level playing field
In connection with the UN Climate Change Conference held in Baku in Novem-
ber 2024, Finnvera joined export credit institutions’ international forum, NZECA.
22
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Financial
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Signatures and
Auditor’s report
Notes to the
financial statements
It brings together export credit agencies prepared to pursue the emission tar-
gets laid down in the Paris Agreement by 2050. Its other objectives include cre-
ating a measurement method for setting emission targets as well as reporting
on and monitoring their achievement and building a common view of the net-
zero target in export financing. Finnvera has reported on its operations in 2025
following the NZECA principles.
Since 2021, Finnvera has additionally been committed to the Poseidon Prin-
ciples for monitoring the climate impacts of ship financing and reports on its
operations annually in accordance with these principles.
Finnvera participates actively in the OECD Arrangement negotiations, the Berne
Union’s Climate Change Working Group and the Montreal Group’s Sustainability
Experts Working Group. Key cooperation forums in Finland include the network
of experts on climate funding and meetings related to responsibility with Tesi
and Business Finland.
Personnel, Board of Directors, Supervisory Board and Auditor
Personnel
At the end of the financial period, the Group had 370 employees (374), of
whom 357 (351) held a permanent post and 13 (23) a fixed-term post. The
Group’s average number of employees during the period under review was 373
(372), and the personnel expenses totalled EUR 34 million (EUR 33 million).
Board of Directors, Supervisory Board and auditor
On 26 March 2025, Finnvera’s Annual General Meeting elected Licentiate of
Technology Hannu Kemppainen, Executive Director at Business Finland, as the
new member of Finnvera’s Board of Directors.
LL.M. Jan Vapaavuori continued as the chair of Finnvera’s Board of Directors,
while Director General, LL.M. with court training Jan Hjelt from the Ministry of
Economic Affairs and Employment was First Vice Chair, and Director General,
Lic. Sc. (Econ.) Mikko Spolander from the Ministry of Finance was Second Vice
Chair of the Board.
Hannu Jaatinen, M.Sc. (Econ.), eMBA; Eila Kreivi, M.S. Sc.; Anne Nurminen,
Entrepreneur; Elina Piispanen, M.Sc. (Econ.); and Pia Santavirta, CEO and
L.L.M. continued as members of the Board.
The new members elected to Finnvera’s Supervisory Board on 26 March were
Member of Parliament Henrik Vuornos, Economist Tatu Knuutila from SAK,
Director Petri Vuorio from Confederation of Finnish Industries (EK) and Devel-
opment Specialist Arja Parkkinen as representative of Finnvera’s personnel.
The composition of the Supervisory Board changed on 27 August as Joona
Räsänen, Member of Parliament, was elected a new member. After this, the
composition of the Supervisory Board was as follows: MP Sofia Vikman con-
tinued as Chair and MP Seppo Eskelinen as Vice Chair. Members of Parliament
Hilkka Kemppi, Rami Lehtinen, Onni Rostila, Joona Räsänen, Hanna Sarkki-
nen, Sofia Virta, Henrik Vuornos and Ville Väyrynen as well as Vice Chair Han-
na-Maija Kiviranta (Business School Graduates in Finland), Economist Tatu
Knuutila (Central Organisation of Finnish Trade Unions SAK), Chair Mari Laak-
sonen, (Federation of Finnish Enterprises), Managing Director Kari Luoto (Finn-
ish Grocery Trade Association), Director, Chief Economist Veli-Matti Mattila
(Finance Finland), Economist Seppo Nevalainen (Finnish Confederation of Pro-
fessionals STTK), Director Petri Vuorio (Confederation of Finnish Industries
EK), and Development Specialist Arja Parkkinen (Finnvera Oyj) stayed on as
Supervisory Board members.
The terms of office of the members of the Board of Directors and the Supervi-
sory Board will last until the end of the Annual General Meeting in 2026.
Ernst & Young Oy was selected as Finnvera’s regular auditor at the AGM in
the spring, with Miikka Hietala, Authorised Public Accountant, as the principal
auditor.
Other events during the period under review
De minimis aid included in Finnvera’s financing will be public
from 1January 2026
Finnvera’s financing decisions may include imputed de minimis aid. The Euro-
pean Commission Regulation applicable to this aid was amended as from 1
January 2024. The obligation to register de minimis aid laid down in this Reg-
ulation will apply from 1 January 2026 and all financing decisions made from
that date on. From the beginning of 2026, Finnvera will register information
on de minimis aid associated with its financing in the Union’s central register.
The European Union State aid rules include a transparency obligation, which
refers to the Member States’ obligation to register certain types of aid granted
to undertakings in a public register. Finnvera will still be subject to a secrecy
provision similar to bank secrecy, which means that information on individual
financing decisions or clients will be secret in all other respects.
Long-term funding amount for 2026
In October 2025, Finnvera issued a EUR 1 billion bond, which was Finnvera’s
first euro-denominated issue since May 2024. In May, Finnvera issued a USD
1 billion bond, which was the first issue in USD since 2023. The bonds were
issued under Finnvera’s EMTN (Euro Medium Term Note) programme and will
be used to finance export credits. Loans issued under this EUR 17 billion facil-
ity have a state guarantee, and their rating corresponds to that assigned to the
long-term liabilities of the State of Finland.
The estimated amount of long-term funding planned for 2026 is EUR 1 to 2
billion.
Organisational reform supports the implementation of our strategy
Finnvera’s organisational structure was reformed from 1 September 2025 to
ensure that the business operations promote the growth, internationalisation
and exports of Finnish companies to the maximum extent. In addition, this
reform supported compliance with future Finnvera legislation and the require-
23
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
ments of transitioning to the Financial Supervisory Authority’s supervision. The
processing of customer service and financing of the SME and midcap com-
panies team was organised into four national functions. Finnvera’s regional
organisation was reformed into a regional network whose regional manag-
ers work closely with financing providers, development companies and other
regional parties and stakeholders. The purpose of the reorganisation was not
to seek personnel reductions.
Renewal of the credit and guarantee loss compensation
commitment
The extension of the validity of the credit and guarantee loss compensation
commitment for domestic financing by one year until 31 December 2026 was
approved by the Government plenary session on 8 January 2026. The State’s
loss compensation rate in domestic financing is primarily 50%, and in financing
granted on special industrial policy grounds, the loss compensation rate can
be 80% if so decided by the Ministry of Economic Affairs and Employment. The
renewal of the loss compensation commitment was initiated in 2025 and will
go ahead in 2026. This will mean that the risk shares of Finnvera and the gov-
ernment in credit and guarantee losses for domestic financing may change.
Customer-centred digitalisation and AI capabilities made headway
The upgrade of Finnvera’s e-service was completed as all modules were at cli-
ents’ disposal. The development of services and new solutions is ongoing. A
project on reforming Finnvera’s financing systems progressed according to
plans. The recently introduced reform of the export financing system remains
relevant in 2026 as the next phases are commissioned.
The ISO 9001 certificate for Finnvera’s quality system was renewed. The com-
pany took leaps in AI capabilities by enabling the use of AI to process confiden-
tial information for all Finnvera employees. The company aims to enable the
use of AI in 80% of processes by 2030.
Operations guided by ownership strategy
The Ministry of Employment and the Economy sets the ownership policy objec-
tives for Finnvera. When determining these objectives, the Finnish Govern-
ment Programme, the ministry’s corporate strategy, the policy objectives for
the ministry’s branch of administration, and the objectives of EU programmes
were taken into consideration. The ownership strategy and Finnvera’s strat-
egy support each other and are examined in parallel. The areas of the owner-
ship strategy include domestic and export financing, EU funding, sustainabil-
ity, and Finnvera’s risk management and security. Each area includes concrete
objectives for financing, operational metrics and the continuity of the compa-
ny’s operations. The objectives set out in the ownership strategy were achieved
in 2025.
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 uncer-
tainties 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 Feb-
ruary 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 the year before 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 hedg-
ing. We aim for significant growth in the use of export trade financing prod-
ucts, 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 Fin-
land’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 invest-
ments in Finland.
We have bolstered Finnvera’s trade facilitator function, and together with the
Ministry for Foreign Affairs and Business Finland, Finnvera’s trade facilita-
tors 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.
24
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Board of Director’s proposal for measures
concerning the result for the financial period
The parent company’s loss for the financial period was EUR 17,441,929.88.
The Board of Directors proposes that, by virtue of Section 4 of the Act on the State-Owned
Specialised Financing Company, the result of the financial period be transferred to the
non-restricted equity funds as follows:
To the reserve for export credit guarantee and special guarantee operations;
the share of export credit guarantee and special guarantee operations EUR -66,100,805.61
To the reserve for domestic operations; the share of domestic operations EUR 48,658,875.73
The gains from revaluation of defined benefit pension plans, EUR -10,676.00, were entered
directly into retained earnings during the financial period.
25
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Key figures
Finnvera Group 2021 2022 2023 2024 2025
Key P&L figures
Net interest income, MEUR 55 69 115 139 121
Net fee and commission income, MEUR 167 204 177 198 167
Operational expenses, MEUR -46 -49 -50 -53 -56
- Of which personnel expenses including social security costs, MEUR -30 -30 -32 -33 -34
Other operating expenses, MEUR 0 0 0 -2 -350
- Of which return of fund payment commitment
to The State Guarantee Fund, MEUR
- - - - -349
Realised credit losses and change in expected credit losses (net), MEUR -11 -148 210 -49 149
Realised credit losses and change in expected credit losses, MEUR -46 -176 192 -70 129
Credit loss compensations from the State, MEUR 35 29 18 20 20
Operating result, MEUR 164 64 439 236 26
Result, MEUR 153 55 433 228 16
Key balance sheet figures
Loans to and receivables from customers, MEUR 7,404 6,979 7,924 7,388 6,814
Investments, MEUR 3,323 3,165 3,554 5,296 7,324
Liabilities, MEUR 11,356 11,726 12,969 13,214 13,923
- Of which debt securities in issue, MEUR 10,285 9,663 10,585 10,830 11,955
Shareholders’ equity, MEUR 863 909 1,333 1,542 1,594
- Of which non-restricted equity, MEUR 626 682 1,115 1,343 1,359
Balance sheet total, MEUR 12,220 12,635 14,302 14,756 15,517
Key ratios
1)
Return on equity, ROE, % 19.2 6.3 38.7 15.8 1.0
Return on assets, ROA, % 1.2 0.4 3.2 1.6 0.1
Equity ratio, % 7.1 7.2 9.3 10.5 10.3
Capital adequacy ratio, Tier 1, domestic financing, % 23.9 25.7 24.3 25.5 35.3
Capital adequacy ratio, Tier 1, export financing, %
2)
3.4 3.2 5.6 6.4 7.7
Cost/income ratio, % 23.5 20.7 19.4 17.3 21.9
Average number of employees 366 368 369 372 373
Non-restricted equity and the assets of the State Guarantee Fund, EUR bn 1.4 1.4 1.9 2.1 2.5
Finnvera plc
Financing granted, domestic loans and guarantees, EUR bn 1.5 1.0 1.8 0.9 1.0
Exposure, domestic loans and guarantees, EUR bn 3.0 2.7 3.0 2.9 2.1
Financing granted, export credit guarantees, export
guarantees and special guarantees, EUR bn
4.6 5.9 5.4 2.9 7.0
Exposure, export credit guarantees, export guarantees
and special guarantees, EUR bn
22.7 23.4 23.4 21.1 23.1
Number of clients 25,771 24,430 23,113 21,149 19,278
NPS index 67 72 64 79 78
1) Formulas for the key indicators are presented in the Note H2.
2) The capital adequacy ratio Tier 1 is calculated according to Basel III standard method. No minimum requirement has been set for the capital
adequacy of Finnvera’s export financing because, ultimately, the State is responsible for any major export credit guarantee losses that the
equities accumulated from operations and the assets of the State Guarantee Fund cannot cover. Calculating capital adequacy in a manner
applied to banking is not a suitable option for Finnvera, considering its special industrial policy purpose as a promoter of exports.
NPS index
2021 2022 2023 2024 2025
100
80
60
40
20
0
Balance sheet total, EUR billion
2021 2022 2023 2024 2025
16
12
8
4
0
Realised credit losses and
change in expected credit losses
(net), MEUR
2021 2022 2023 2024 2025
300
200
100
0
-100
-200
Non-restricted equity and the
assets of the State Guarantee
Fund, EUR bn
2021 2022 2023 2024 2025
3.0
2.5
2.0
1.5
1.0
0.5
0
Cost/income ratio, %
2021 2022 2023 2024 2025
30
25
20
15
10
5
0
Equity ratio, %
2021 2022 2023 2024 2025
12
10
8
6
4
2
0
26
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Total commitments from business operations
Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024
Domestic operations
Contingent liabilities, drawn 1,415,014 1,482,714 1,415,014 1,482,714
Loans included in the balance sheet, gross 466,824 910,441 466,824 910,441
Investments in domestic financing bonds
included in the balance sheet
57,220 30,130 57,220 30,130
Guarantee receivables included in the balance sheet 83,533 77,483 83,533 77,483
Total drawn commitments 2,022,590 2,500,768 2,022,590 2,500,768
Contingent liabilities, undrawn 109,776 411,634 109,776 411,634
Total commitments domestic operations 2,132,366 2,912,402 2,132,366 2,912,402
Export credit and special guarantees operations
Contingent liabilities, drawn
1
7,141,275 6,710,783 14,342,930 14,085,070
Items included in the balance sheet, gross
1, 2
6,317,801 6,518,873
Recovery and guarantee receivables
included in the balance sheet
194,688 192,501 194,688 192,501
Total drawn commitments 13,653,764 13,422,156 14,537,618 14,277,571
Contingent liabilities, undrawn 8,124,897 6,328,168 8,540,605 6,806,196
Total commitments export credit and
special guarantees operations
21,778,661 19,750,325 23,078,223 21,083,767
Total commitments from business operations 23,911,026 22,662,727 25,210,589 23,996,169
1 The risk associated with the repayment of export credits granted by Finnish Export Credit Ltd, part of Finnvera Group, is covered by an export
credit guarantee granted by the parent company. When the parent company finances export credits granted by Finnish Export Credit Ltd,
the parent company’s balance sheet also includes a receivable from Finnish Export Credit Ltd. The parent company’s contingent liabilities
include EUR 6,568 million (6,726) in export credit guarantees which are financed by the export credits granted by the subsidiary Finnish
Export Credit Ltd.
2 The figures presented do not take into account IFRS 9 expected credit losses (ECL).
Contingent liabilities, drawn
Loans included in the balance sheet, gross
Contingent liabilities, undrawn
Guarantee receivables included in the balance sheet
Investments in domestic financing bonds included in the balance sheet
Contingent liabilities, drawn
Items included in the balance sheet, gross
Recovery and guarantee receivables included in the balance sheet
Total exposure, domestic operations 31 Dec 2025
Finnvera plc
Total exposure, export credit and special guarantee
operations 31 Dec 2025
Finnvera plc
2.1 EUR bn
23.1 EUR bn
27
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Financial
Statements
Finnvera Group
121
MEUR
(139)
NET INTEREST INCOME
167
MEUR
(198)
NET FEE AND COMMISSION INCOME
%
21.9
(17.3)
COST/INCOME RATIO
16
MEUR
(228)
RESULT
15.5
EUR bn
(14.8)
BALANCE SHEET TOTAL
The financial statements include both the consolidated and the parent company’s
financial statements. The financial statements are prepared in accordance with
the International Financial Reporting Standards (IFRS). Notes to the financial
statements also comply with the currently valid requirements of the Finnish
Accounting and Limited Liability Companies Acts.
EXPECTED CREDIT LOSS BASED ON THE
BALANCE SHEET ITEMS 31 DEC 2025
1
REALISED CREDIT LOSSES AND
CHANGE IN EXPECTED CREDIT
LOSSES, NET (MEUR)
LOANS AND GUARANTEES EXPORT CREDIT GUARANTEES,
EXPORT GUARANTEES AND
SPECIAL GUARANTEES
1
Expected credit losses (ECL) according to IFRS 9 standard.
Includes expected credit losses from guarantee recovery receivables.
2025 2024
Realised
credit losses
-36 -121
Credit loss
compensations
from the State
20 20
Change in expected
credit losses
165 51
Total 149 -49
SMEs seeking growth and
internationalisation, 24 MEUR
Large corporates, 832 MEUR
Locally operating small companies, 24 MEUR
SMEs focusing on the domestic
markets, 47 MEUR
SMEs seeking growth and
internationalisation, 37 MEUR
Large corporates, 15 MEUR
OPERATIONAL EXPENSES
Personnel expenses, 34 MEUR
IT expenses, 9 MEUR
Other, 13 MEUR
123 MEUR 856 MEUR
56 MEUR
28
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
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Financial
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Auditor’s report
Notes to the
financial statements
| Consolidated comprehensive income statement | |||||||
Finnvera Group | Finnvera plc | ||||||
(EUR 1,000) | Note | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 | ||
| Interest income | D1 | ||||||
| - Interest from loans | |||||||
| passed on to customers | |||||||
- Other interest income | |||||||
Total interest income | |||||||
| Interest expense | D1 | - | - | - | - | ||
Net interest income | |||||||
| Net fee and commission income | D2 | ||||||
| Gains and losses from financial | D3 | ||||||
instruments carried at fair value through profit and loss and foreign | |||||||
| exchange gains and losses | |||||||
| Net income from investments | D4 | - | - | ||||
| Other operating income | D5 | ||||||
| Total operational expenses | D6 | - | - | - | - | ||
- Personnel expenses | - | - | - | - | |||
- Other operational expenses | - | - | - | - | |||
| Depreciation and amortisation | D7 | - | - | - | - | ||
| Other operating expenses | D8 | - | - | - | - | ||
| Realised credit losses and change | E4 | - | - | ||||
| in expected credit losses, net | |||||||
- Realised credit losses | - | - | - | - | |||
- Credit loss compensa- tions from the State | |||||||
| - Change in expected | |||||||
| credit losses | |||||||
Operating result | - | ||||||
| Income tax | D9 | - | - | ||||
Result | - |
Finnvera Group | Finnvera plc | ||||
(EUR 1,000) | Note | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
| Other comprehensive income | |||||
Items that will not be reclas- sified to profit or loss | |||||
| - Revaluation of defined | F5 | - | - | - | - |
| benefit pension plans | |||||
| - Change in credit risk | - | ||||
| associated with liabilities | |||||
| carried at fair value | |||||
| Items that may be reclassified | |||||
| subsequently to profit or loss | |||||
- Change in fair value of investments recognised | - | - | |||
at fair value through comprehensive income | |||||
- Change in ECL of investments recognised | - | - | |||
at fair value through comprehensive income | |||||
- Cash flow hedging | - | - | |||
Total other comprehensive income | - | - | |||
Total comprehensive income | |||||
| Distribution of the result | |||||
| attributable to equity holders | |||||
| of the parent company | |||||
| Distribution of the total | |||||
| comprehensive income | |||||
| attributable to equity holders | |||||
| of the parent company |
29
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
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| Balance sheet | |||||
Finnvera Group | Finnvera plc | ||||
(EUR 1,000) | Note | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
| ASSETS | |||||
| Loans to and receivables from credit institutions | E1 | ||||
- Payable on demand | |||||
- Investment accounts and deposits | |||||
- Other | |||||
| Loans to and receivables from customers | E2 | ||||
- Loans | |||||
- Debt Securities | |||||
- Guarantee receivables | |||||
- Receivables from export credit and special guarantee operations | |||||
| Investments | E3 | ||||
- Debt securities | |||||
- Investments in group companies | |||||
- Other shares and participations | |||||
| Derivatives | E11 | ||||
| Intangible assets | E5 | ||||
| Tangible assets | E5 | ||||
| Other Assets | E6 | ||||
- Credit loss receivables from the state | |||||
- Other | |||||
| Prepayments and accrued income | E7 | ||||
| Tax assets | E8 | ||||
Assets |
Finnvera Group | Finnvera plc | ||||
(EUR 1,000) | Note | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
| LIABILITIES | |||||
| Liabilities to other institutions | E9 | ||||
| Debt securities in issue | E10 | ||||
| Derivatives | E11 | ||||
| Provisions | E13 | ||||
| Other liabilities | E12 | ||||
| Accruals and deferred income | E14 | ||||
| Tax liabilities | E8 | ||||
Liabilities | |||||
| EQUITY | E19 | ||||
| Equity attributable to the parent | |||||
| company's shareholders | |||||
Share capital | |||||
Share premium | |||||
Fair value reserve | - | - | - | - | |
| Non-restricted reserves | |||||
- Reserve for domestic operations | |||||
| - Reserve for export credit guarantees | |||||
| and special guarantees | |||||
Retained earnings | - | ||||
Non-restricted equity | |||||
Total equity, equity attributable to the parent company's shareholders | |||||
Total liabilities and equity |
30
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
| Table 1: Contingent liabilities according to the status of commitments | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Current drawn commitments (A+D+F+G+I) | 8,556,289 | 8,193,497 | 15,757,944 | 15,567,784 |
Current undrawn commitments (B+E+H+J) | 5,170,305 | 4,286,246 | 5,586,013 | 4,764,273 |
Offers given (C+K) | 3,064,368 | 2,453,557 | 3,064,368 | 2,453,557 |
Contingent liabilities, total | 16,790,961 | 14,933,299 | 24,408,325 | 22,785,614 |
| Table 2: Contingent liabilities by business area | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
| Domestic operations | ||||
A) Valid guarantees | 1,415,014 | 1,482,714 | 1,415,014 | 1,482,714 |
B) Undrawn loans | 46,096 | 359,249 | 46,096 | 359,249 |
C) Guarantee offers | 63,680 | 52,385 | 63,680 | 52,385 |
Domestic operations total | 1,524,790 | 1,894,348 | 1,524,790 | 1,894,348 |
| Export credit guarantees, special guarantees and export credit commitments | ||||
| Current commitments (drawn and undrawn) | ||||
D) Drawn export and special guarantees, not included export loans | 6,404,917 | 6,031,039 | 6,404,917 | 6,031,039 |
E) Undrawn export and special guarantees, not included export loans | 3,322,708 | 2,093,712 | 3,322,708 | 2,093,712 |
F) Export and special guarantees of the parent company on behalf of the subsidiary's drawn export credits, no parent company funding | - | - | - | 3,729 |
G) Export and special guarantees of the parent company on behalf of the subsidiary's drawn export credits, parent company funding | - | - | 6,317,801 | 6,511,415 |
H) The Group: undrawn export credits granted by the subsidiary | 1,489,349 | 1,697,167 | 1,489,349 | 1,697,167 |
736,358 | 679,743 | 1,620,212 | 1,538,887 | |
J) Export and special guarantee interest commitments, undrawn commitments | 312,152 | 136,118 | 727,860 | 614,145 |
| Offers given | ||||
K) Export and special guarantees | 3,000,688 | 2,401,171 | 3,000,688 | 2,401,171 |
Export credit guarantees, special guarantees and export credit commitments | 15,266,172 | 13,038,951 | 22,883,535 | 20,891,266 |
Contingent liabilities, total 1 | 16,790,961 | 14,933,299 | 24,408,325 | 22,785,614 |
| Table 3: Liability for export credit guarantees calculated according | ||
to the Act on the State’s Export Credit Guarantees 2 | ||
| Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Liability according to the Act on the State’s Export Credit Guarantees | 19,326,612 | 16,707,992 |
| Table 4: Possible obligations according to IAS 37 | ||||
| Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
| Possible obligation arising to cover losses of fund payment | - | 349,023 | - | 349,023 |
| in accordance with The State Guarantee Fund Act |
31
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Financial
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financial statements
| Change in equity | |||||||||
| Fair value through OCI | |||||||||
| Change in | Reserve for | ||||||||
| the credit risk | export credit | ||||||||
| associated with | Reserve for | guarantees | |||||||
| Share premium | Fair value | Cash flow | liabilities carried | domestic | and special | Retained | |||
(EUR 1,000) | Share capital | reserve | through OCI | hedging | at fair value | operations | guarantees | earnings | Total equity |
| 31 Dec 2025 | |||||||||
| Finnvera Group's equity, equity attributable to the parent company's shareholders | |||||||||
Reported equity at 1 Jan | - | - | |||||||
Profit/loss from the previous accounting period transfer to reserves | - | ||||||||
| Re-determination of defined benefit pensions recognised | - | - | |||||||
| at fair value through comprehensive income | |||||||||
Change in credit risk associated with liabilities carried at fair value | - | - | |||||||
Cash flow hedging | |||||||||
Change in fair value of investments recognised at fair value through comprehensive income | |||||||||
Change in ECL of investments recognised at fair value through comprehensive income | - | - | |||||||
Result | |||||||||
Total equity at 31 Dec | - | - | |||||||
| 31 Dec 2024 | |||||||||
| Finnvera Group's equity, equity attributable to the parent company's shareholders | |||||||||
Reported equity at 1 Jan | - | - | - | ||||||
Profit/loss from the previous accounting period transfer to reserves | - | ||||||||
| Re-determination of defined benefit pensions recognised | - | - | |||||||
| at fair value through comprehensive income | |||||||||
Change in credit risk associated with liabilities carried at fair value | |||||||||
Cash flow hedging | - | - | |||||||
| Change in fair value of investments recognised | - | - | |||||||
| at fair value through comprehensive income | |||||||||
Change in ECL of investments recognised at fair value through comprehensive income | |||||||||
Result | |||||||||
Total equity at 31 Dec | - | - |
32
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
| Fair value through OCI | |||||||||
| Change in | Reserve for | ||||||||
| the credit risk | export credit | ||||||||
| associated with | Reserve for | guarantees | |||||||
| Share premium | Fair value | Cash flow | liabilities carried | domestic | and special | Retained | |||
(EUR 1,000) | Share capital | reserve | through OCI | hedging | at fair value | operations | guarantees | earnings | Total equity |
| 31 Dec 2025 | |||||||||
| Finnvera plc's equity, Equity attributable to the parent company's shareholders | |||||||||
Reported equity at 1 Jan | - | - | |||||||
Profit/loss from the previous accounting period transfer to reserves | - | ||||||||
| Re-determination of defined benefit pensions recognised | - | - | |||||||
| at fair value through comprehensive income | |||||||||
Change it the credit risk associated with liabilities carried at fair value | |||||||||
Cash flow hedging | |||||||||
| Change in the fair value of investments recognised | |||||||||
| at fair value through comprehensive income | |||||||||
Change in the ECL of investments recognised at fair value through comprehensive income | - | - | |||||||
Result | - | - | |||||||
Total equity at 31 Dec | - | - | |||||||
| 31 Dec 2024 | |||||||||
| Finnvera plc's equity, Equity attributable to the parent company's shareholders | |||||||||
Reported equity at 1 Jan | - | - | |||||||
Profit/loss from the previous accounting period transfer to reserves | - | ||||||||
| Re-determination of defined benefit pensions recognised | - | - | |||||||
| at fair value through comprehensive income | |||||||||
Change it the credit risk associated with liabilities carried at fair value | |||||||||
Cash flow hedging | - | - | |||||||
| Change in the fair value of investments recognised | - | - | |||||||
| at fair value through comprehensive income | |||||||||
Change in the ECL of investments recognised at fair value through comprehensive income | |||||||||
Result | |||||||||
Total equity at 31 Dec | - | - |
33
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
| Statement of cash flows | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
| Cash flows from operating activities | ||||
Withdrawal of loans granted | - | - | - | - |
Repayments of loans granted | ||||
Interest received | ||||
Interest paid | - | - | - | - |
Net payments received (+) / paid (-) from commission income and expense | ||||
Payments received from other operating income | ||||
Payments for operating expenses | - | - | - | - |
Claims paid (-) and recovered amounts (+) | - | - | - | - |
Net credit loss compensation from the State | ||||
Net taxes paid | - | - | ||
Net cash used in (-) / from (+) operating activities (A) | ||||
| Cash flows from investing activities | ||||
Purchase of property and equipment and intangible assets | - | - | - | - |
Sale of property and equipment and intangible assets | ||||
Short-term and other liquid investments made | - | - | - | - |
| Proceeds and maturities of short-term | ||||
| and other liquid investments | ||||
Other investments | - | - | ||
Proceeds from other investments | ||||
Net cash used in (-) / from (+) investing activities (B) | - | - | - | - |
| Cash flows from financing activities | ||||
Proceeds from long-term debt issuance | ||||
Repayment of long-term debt issuance | - | - | - | - |
Net proceeds (+) and repayments (-) of short-term loans | - | - | - | |
Payments of lease liabilities | - | - | - | - |
Payments (-) / receipts (+) from derivative collaterals | ||||
Net cash used in (-) / from (+) financing activities (C) | - | - | ||
| Net change in cash and cash equivalents | - | - | ||
| (A+B+C) increase (+) / decrease (-) | ||||
Cash and cash equivalents at the beginning of the period 2 | ||||
Translation differences 2 | - | - | ||
Cash and cash equivalents at the end of the period 1, 2 |
1 Cash and cash equivalents comprise of cash and investment accounts held in credit institutions. Cash and cash equivalents are included in the
balance sheet line item Loans to and receivables from credit institutions -payable on demand and Loans to and receivables from credit institutions
-investment accounts and deposits.
| Changes in liabilities arising from financing activities | |||||||
| Finnvera Group 2025 | |||||||
| Cash | Cash | ||||||
| inflows | outflow | ||||||
| Opening | from | from | Foreign | Closing | |||
| balance | financing | financing | Fair value | exchange | Other | balance | |
| (EUR 1,000) | 1 Jan | activities | activities | changes | differences | changes | 31 Dec |
| Long-term liabilities to credit | 103,527 | 50,034 | -67,550 | - | -6,879 | - | 79,133 |
| and other institutions | |||||||
| Short-term liabilities to credit | - | - | - | - | - | - | - |
| and other institutions | |||||||
Debt securities in issue | 10,830,110 | 3,301,251 | -1,862,858 | 73,009 | -396,959 | 10,423 | 11,954,976 |
Security given for derivatives 1 | -689,490 | - | 270,970 | - | - | - | -418,520 |
Security received for derivatives 2 | 62,610 | 2,910 | - | - | - | - | 65,520 |
Security received for repo lending | - | 3,403 | - | - | - | - | 3,403 |
Total | 10,306,758 | 3,357,598 | -1,659,438 | 73,009 | -403,838 | 10,423 | 11,684,511 |
| Finnvera plc 2025 | |||||||
| Cash | Cash | ||||||
| inflows | outflow | ||||||
| Opening | from | from | Foreign | Closing | |||
| balance | financing | financing | Fair value | exchange | Other | balance | |
| (EUR 1,000) | 1 Jan | activities | activities | changes | differences | changes | 31 Dec |
| Long-term liabilities to credit | 311,069 | 521,952 | -496,103 | - | -7,254 | - | 329,664 |
| and other institutions | |||||||
| Short-term liabilities to credit | - | - | - | - | - | - | - |
| and other institutions | |||||||
Debt securities in issue | 10,830,110 | 3,301,251 | -1,862,858 | 73,009 | -396,959 | 10,423 | 11,954,976 |
Security given for derivatives 1 | -689,490 | - | 270,970 | - | - | - | -418,520 |
Security received for derivatives 2 | 62,610 | 2,910 | - | - | - | - | 65,520 |
Security received for repo lending | - | 3,403 | - | - | - | - | 3,403 |
Total | 10,514,299 | 3,829,516 | -2,087,991 | 73,009 | -404,213 | 10,423 | 11,935,043 |
| 1 Included in Prepayments and accrued income in the balance sheet | |||||||
| 2 Included in Accruals and deferred income in the balance sheet | |||||||
34
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
| Finnvera Group 2024 | |||||||
| Cash | Cash | ||||||
| inflows | outflow | ||||||
| Opening | from | from | Foreign | Closing | |||
| balance | financing | financing | Fair value | exchange | Other | balance | |
| (EUR 1,000) | 1 Jan | activities | activities | changes | differences | changes | 31 Dec |
| Long-term liabilities to credit | 128,525 | 72,631 | -102,585 | - | 4,956 | - | 103,527 |
| and other institutions | |||||||
| Short-term liabilities to credit | - | - | - | - | - | - | - |
| and other institutions | |||||||
Debt securities in issue | 10,584,813 | 1,403,338 | -1,579,350 | 197,862 | 212,521 | 10,926 | 10,830,110 |
Security given for derivatives 1 | -735,170 | - | 45,680 | - | - | - | -689,490 |
Security received for derivatives 2 | 41,550 | 21,060 | - | - | - | - | 62,610 |
Total | 10,019,718 | 1,497,030 | -1,636,255 | 197,862 | 217,477 | 10,926 | 10,306,758 |
| Finnvera plc 2024 | |||||||
| Cash | Cash | ||||||
| inflows | outflow | ||||||
| Opening | from | from | Foreign | Closing | |||
| balance | financing | financing | Fair value | exchange | Other | balance | |
| (EUR 1,000) | 1 Jan | activities | activities | changes | differences | changes | 31 Dec |
| Long-term liabilities to credit | 286,150 | 492,631 | -472,668 | - | 4,956 | - | 311,069 |
| and other institutions | |||||||
| Short-term liabilities to credit | - | - | - | - | - | - | - |
| and other institutions | |||||||
Debt securities in issue | 10,584,813 | 1,403,338 | -1,579,350 | 197,862 | 212,521 | 10,926 | 10,830,110 |
Security given for derivatives 1 | -735,170 | - | 45,680 | - | - | - | -689,490 |
Security received for derivatives 2 | 41,550 | 21,060 | - | - | - | - | 62,610 |
Total | 10,177,343 | 1,917,030 | -2,006,338 | 197,862 | 217,477 | 10,926 | 10,514,299 |
| 1 Included in Prepayments and accrued income in the balance sheet. | |||||||
| 2 Included in Accruals and deferred income in the balance sheet. | |||||||
35
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Notes to the financial statements
A Accounting principles
| Basic information | |
Name of the reporting entity | |
Domicile | Kuopio, |
Legal form | |
Home country | |
Registered address | |
Main place of business | |
| Description of the nature | |
| and main functions of | |
| the entity's operations | |
Name of parent company |
36
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
A5 Principles for recognising income and expenses
37
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Board of Directors
Financial
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Signatures and
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Notes to the
financial statements
C
E
G
B
D
F
H
A
Commitment fees consist of fees collected from clients for undrawn
credit. The commitment fee is collected for the undrawn credit amount in
arrears on the basis of the time elapsed and recognised in the Group’s fee
and commission income in accounting on the same basis.
Insurance-type export credit guarantees and reinsurance
Income and expenses from, and financial assets and liabilities related to,
granted insurance-type export credit guarantees (credit risk guarantee)
and reinsurance to cover the guarantee liabilities are treated in compliance
with IFRS 15.
A6 Intangible and tangible assets
Intangible assets
Intangible assets referred to in IAS 38 include user rights and licences for
IT applications and software and the development costs of applications
from which the Group is expected to gain economic benefit in the future.
These expenses are activated at cost as intangible assets and recognised
as straight-line depreciation from the date of their productive commis-
sioning over their estimated economic life. The most significant activated
items include expenditure on projects to upgrade the e-services as well as
case management and financing systems. The aim of these projects is to
improve productivity and efficiency through digitalisation of business and
support processes. Digitalisation will be developed in stages over several
years.
Finnvera’s cloud service procurement will be activated on the balance
sheet if the company gains control over the software used to provide the
service and the procurement otherwise meets the requirements for activa-
tion. The operating and implementation costs of the cloud service entitling
Finnvera to use the supplier’s software will be recognised as costs as the
service is received.
Tangible assets
Tangible assets mainly comprise IT hardware in the company’s own use,
and they are recognised on the balance sheet at cost, less amortisations
and impairment losses. The amortisation method is straight-line deprecia-
tion and the estimated useful life 5 years.
38
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
39
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Board of Directors
Financial
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Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
| Table 1: Classification of financial assets | |
| The financial asset items | |
on the balance sheet: | IFRS 9 classification: |
| Cash deposits, investment | Amortised cost |
| accounts, fixed-term deposits | |
Loan receivables from clients | Amortised cost |
| Certificates of deposit, local | Amortised cost |
| authority papers, commercial | |
| papers and reversed repos | |
Investments in bonds | Amortised cost or At fair value through |
| other comprehensive income items or | |
| At fair value through profit or loss | |
Derivative contracts | At fair value through profit or loss (manda- |
| tory) or the derivative contracts under the | |
| cash flow hedge accounting At fair value | |
| through other comprehensive income | |
| items (see A11 Hedge Accounting) | |
Shares and participations | At fair value through profit or loss |
40
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
| Table 2: Classification of financial liabilities | |
| Financial liability items | |
on the balance sheet: | IFRS 9 classification: |
Liabilities to others | Amortised cost |
| Debt securities in issue | Debt securities in issue included in hedge |
| (EMTN programme) | accounting are measured at amortised cost |
| and fair value with regard to the hedged risk | |
| Debt securities in issue | Not included in hedge accounting; measured at |
| (EMTN programme) | fair value through profit or loss (fair value option) |
| Debt securities in issue | Amortised cost |
| (ECP programme) | |
Derivative contracts | At fair value through profit or loss (man- |
| datory) or the derivative contracts under | |
| the cash flow hedge accounting At fair | |
| value through other comprehensive income | |
| items (see A11 Hedge Accounting) |
41
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
42
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
43
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
| Table 3: Determination of ECL calculation stages, domestic financing | |||
Factor determining the stage | Stage 1 | Stage 2 | Stage 3 |
| The credit risk has not significantly increased | x | ||
from the moment the financial instrument was granted to the moment the situation is reviewed | |||
Zero-interest loans and subordinated loans | x | ||
Payment behaviour: receivable that is more than 30 days overdue | x | ||
Payment behaviour: receivable that is more than 90 days overdue | x | ||
Significant risk increase in the client’s risk category | x | x | |
Guarantee receivables | x | ||
Client’s legal status (bankruptcy etc.) | x | ||
Other clients in the risk category D | x | ||
Debt holidays | x |
| Table 4: Determination of ECL calculation stages, export financing | |||
Factor determining the stage | Stage 1 | Stage 2 | Stage 3 |
| The credit risk has not significantly increased | x | ||
from the moment the financial instrument was granted to the moment the situation is reviewed | |||
Significant risk increase in the client’s risk category | x | x | |
Receivables from export credit and special guarantee operations | x | ||
Client’s legal status (bankruptcy etc.) | x | ||
Other clients in the risk category D | x | ||
Debt holidays | x |
44
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
C
E
G
B
D
F
H
A
45
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Financial
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Notes to the
financial statements
C
E
G
B
D
F
H
A
B Risk management
IFRS consolidated financial statements, notes to risk
management
The principles, role and responsibilities of risk management
The goals of Finnvera’s activities are to promote exports as well as Finnish
companies’ operations, growth and internationalisation. The foundation for
the company’s risk management is laid by achieving the goals set in the
strategy. Finnvera complements the financial markets and may take larger
credit risks than commercially operating providers of financing. Credit risk
is the principal risk type for the Finnvera Group. Other key risk types are
strategic risks, market and liquidity risks, operational risks related to the
activities, and ESG risks to the extent that they affect these risk types.
Risk management is of central importance for maintaining the Finnvera
Group’s risk-bearing capacity and for attaining the company’s goal of
long-term financial self-sustainability. Finnvera’s Board of Directors and
executive management are responsible for arranging and organising
internal control and risk management. The Board of Directors approves
Finnvera’s risk appetite, internal control policy, credit policy and all other
key risk policies as well as delegates decision-making powers to the CEO
and other decision-making forums.
In internal control and risk management, Finnvera applies a “three lines of
defence” model. In keeping with Finnvera’s internal control and the “three
lines of defence” model, the business units and support functions bear the
primary responsibility for internal control and risk management.
The second line of defence is the Risk Control function, which works inde-
pendently of Finnvera’s business areas. It is responsible for monitoring and
evaluating risk management in Finnvera Group and assessing the Group’s
risk position in relation to the risk appetite decided by the Board of Direc-
tors and set out in the strategy. The Risk Control function reports to the
company’s Management Group, the Board of Directors’ Risk Committee
and the Board of Directors.
Additionally, Finnvera has a Compliance function, which is independent
of the business areas and which ensures that the organisation operates
in compliance with key regulations and its internal operating principles.
Compliance monitoring observations are reported to the company’s Man-
agement Group, the Board’s Risk Committee and the Board of Directors.
The third line of defence is internal auditing which reports directly to the
Board of Directors.
46
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Financial
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Signatures and
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Notes to the
financial statements
A
C
E
G
D
F
H
B
Credit and guarantee risks and risk classification systems
In Finnvera, a credit risk arises from credit or guarantee activities as well
as the counterparty risks of investments and derivatives. A credit loss may
be realised if the counterparty, be it corporate, banking or sovereign, is
unable to meet its contractual obligations.
Each counterparty is assigned a risk rating corresponding to a specific
probability of default (PD). In addition, recovery after possible default is
assessed. Finnvera uses a 20-grade risk classification scale (AAA - D).
Risk classifications are updated regularly based on financial statement
data or other information at least once a year. In domestic financing, a
risk classification based on an external classification model is used to
maintain the risk classification of centralised service provision and other
minor liabilities.
Risk-taking is based on an analysis of the counterparty enterprise’s
management, business and finances. In domestic financing, the Credit
Decision Unit is responsible for assessing the credit risk classification, risk
rating and financing proposal. With regard to export financing and in large
projects, a designated analyst is responsible for the risk rating. The export
countries are also classified in accordance with the OECD principles into
eight classes subject to individual five-tier country policies regarding
projects to be financed.
Finnvera uses risk classifications for the following:
-
assessment and pricing of credit risks when credits are granted;
-
definition of credit policies;
-
determination of the authority to make financing decisions;
-
setting and monitoring risk indicators and qualitative objectives for the
credit and financing portfolio;
-
risk reporting of the credit and financing portfolio
-
assessment of economic capital adequacy and calculation of the
expected loss.
Financing decisions are made by the Board of Directors or by the com-
pany’s decision-making bodies and organisation in accordance with the
decision-making authority delegated by the Board. In both domestic and
export financing, credit policy defines the maximum exposure. Decisions
exceeding this limit must be justified separately to the company’s Board of
Directors and, whenever necessary, to the State owner.
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Operational risks
An operational risk is a potential loss that may be caused by insufficient
or ineffective internal processes, systems, human resources or external
events. Operational risks include risks related to processes, personnel
(including physical safety), and information systems (ICT), as well as
model risks, legal and compliance risks, reputational risks, and information
security and data protection risks. A loss resulting from an operational
risk may materialise as higher costs, lower profits, sanctions or impaired
reputation, for instance.
The risk control function coordinates the development of operational
risk management. The process teams and units are responsible for
implementing practical measures. Finnvera’s core business operations and
key support units regularly carry out operational risk surveys to assess
the likelihood and severity of the consequences of potential risks and to
assess ways of reducing risks. Continuity management is a key means of
managing operational risks.
The management of operational risks is closely linked to the quality
management of the company’s operations. Finnvera has an ISO 9001:2015
quality certificate. Efforts to protect the company against operational risks
include introducing internal control mechanisms as well as developing
processes, information systems and the quality of operations, and insuring
the risks.
Realised operational risk events and near misses are registered in the
management system of operational risks, which is accessible to the entire
personnel. The reasons leading to the events and the measures taken to
prevent the recurrence of similar events are described in the application.
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Finnvera’s management and Board of Directors receive reports on realised
operational risks and near misses at least every quarter.
| Economic capital requirement by risk type | ||
| Finnvera Group | ||
(MEUR) 31 Dec 2025 | 31 Dec 2024 | |
Credit risks | 1,786 | 2,617 |
Market risks | 298 | 236 |
Operational risks | 46 | 45 |
Total | 2,130 | 2,898 |
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| B1 Credit risks | ||||||
| Finnvera Group | ||||||
Assets (EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | ||||
Receivables | Gross | ECL | Net | Gross | ECL | Net |
| Loans to and receivables from credit | 450,164 | -30 | 450,134 | 480,143 | -92 | 480,051 |
| institutions – Payable on demand | ||||||
Loans to and receivables from credit institutions – Other | 83,986 | - | 83,986 | 98,633 | - | 98,633 |
Loans to and receivables from customers | 7,037,353 | -223,529 | 6,813,824 | 7,632,535 | -244,081 | 7,388,454 |
| Loans to and receivables | 6,700,639 | -65,618 | 6,635,021 | 7,330,681 | -133,520 | 7,197,160 |
| from customers | ||||||
Domestic financing debt securities 1 | 57,220 | - | 57,220 | 30,130 | - | 30,130 |
Guarantee receivables | 83,533 | -33,829 | 49,704 | 77,483 | -31,034 | 46,449 |
Fee and recovery receivables, export financing | 195,962 | -124,083 | 71,879 | 194,241 | -79,526 | 114,715 |
Debt securities | 7,304,667 | -59 | 7,304,607 | 5,282,914 | -168 | 5,282,747 |
Derivatives 2 | 1,204 | - | 1,204 | 14,030 | - | 14,030 |
| Credit and Guarantee loss | 3,562 | - | 3,562 | 10,650 | - | 10,650 |
| receivables from the State | ||||||
Fund transfer receivables from The State Guarantee Fund | 0 | - | 0 | 349,023 | - | 349,023 |
Interest receivables | 280,551 | -2,049 | 278,502 | 248,819 | -1,862 | 246,957 |
Fee and commission receivables | 4,995 | -1,034 | 3,961 | 5,880 | -1,058 | 5,061 |
Total | 15,166,483 | -226,703 | 14,939,780 | 14,122,627 | -247,260 | 13,875,606 |
| Liabilities (EUR 1,000) | ||||||
Off-balance sheet items | 15,271,963 | -749,135 | 14,933,299 | -893,335 | ||
Equity - Fair value | -3,789 | -4,498 | ||||
Total | -752,923 | -897,833 |
| Debt securities by credit rating grades and sector | ||||||||
Finnvera Group 31 Dec 2025 | Finnvera Group 31 Dec 2024 | |||||||
| Credit | Governments/ | Credit | Governments/ | |||||
| (EUR 1,000) | institutions | Corporates | Municipalities | Total 1 | institutions | Corporates | Municipalities | Total 1 |
| Risk class | ||||||||
AAA | 2,968,497 | - | 1,046,761 | 4,015,257 | 2,305,644 | - | 286,499 | 2,592,143 |
AA | 402,287 | - | 2,284,544 | 2,686,831 | 520,421 | - | 1,608,811 | 2,129,233 |
A | 523,099 | - | 79,420 | 602,519 | 488,106 | - | - | 488,106 |
BBB | - | - | - | - | - | 73,265 | - | 73,265 |
BB | - | - | - | - | - | - | - | - |
B | - | - | - | - | - | - | - | - |
Total | 3,893,883 | - | 3,410,724 | 7,304,607 | 3,314,172 | 73,265 | 1,895,310 | 5,282,747 |
| B2 Loans and guarantees by credit rating, gross | ||||
| Finnvera plc | ||||
31 Dec 2025 | 31 Dec 2024 | |||
Credit rating (EUR 1,000) | € | % | € | % |
AAA | - | 0% | - | 0% |
AA | 120 | 0% | 693 | 0% |
A | 9,016 | 0% | 7,062 | 0% |
BBB | 76,680 | 4% | 85,885 | 3% |
BB | 754,429 | 37% | 760,162 | 30% |
B | 831,980 | 41% | 847,784 | 34% |
CCC | 180,181 | 9% | 644,582 | 26% |
D | 170,184 | 8% | 154,600 | 6% |
Total | 2,022,590 | 100% | 2,500,768 | 100% |
| B3 Loans and guarantees by sector, gross | ||
| Finnvera plc | ||
Sector (EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Rural trades | 32,039 | 33,098 |
Industry | 877,290 | 1,370,256 |
Tourism | 187,170 | 185,062 |
Services to business | 552,725 | 533,209 |
Trade and consumer services | 373,366 | 379,143 |
Total | 2,022,590 | 2,500,768 |
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| B4 Loans and guarantees, gross and collateral shortage | ||||
| Finnvera plc | ||||
| 31 Dec 2025 | ||||
| Amount of | Amount of | Collateral | Collateral | |
| (EUR 1,000) | commitment | collaterals | shortage | shortage-% |
Total | 2,022,590 | 287,496 | 1,735,094 | 86% |
| Finnvera plc | ||||
| 31 Dec 2024 | ||||
| Amount of | Amount of | Collateral | Collateral | |
| (EUR 1,000) | commitment | collaterals | shortage | shortage-% |
Total | 2,500,768 | 515,185 | 1,985,583 | 79% |
| B5.1 Doubtful receivables | ||
| Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Receivables that are more than 90 days overdue | 148,984 | 115,081 |
Other classified as insolvent | 21,200 | 39,519 |
Default receivables, total | 170,184 | 154,600 |
| Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
0 interest credits | 8,744 | 10,442 |
1 Debt holidays for debt repayments | 87,173 | 51,718 |
| B5.2 Ageing of past due receivables | ||
| Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
1 days - 30 days | 9,507 | 34,837 |
31 days - 60 days | 3,685 | 5,393 |
61 days - 90 days | 1,852 | 3,038 |
over 90 days | 127,661 | 116,872 |
Total | 142,705 | 160,140 |
| B6 Enterprise, bank and sovereign exposure by credit rating, gross | ||
| Finnvera plc | ||
Credit rating (EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
AAA | 346,816 | 824,485 |
AA | 1,248,132 | 585,745 |
A | 662,685 | 371,419 |
BBB | 6,592,666 | 4,832,470 |
BB | 6,551,068 | 10,072,731 |
B | 5,582,293 | 1,467,629 |
CCC | 1,864,031 | 2,713,808 |
D | 33,260 | 11,147 |
No credit rating | 2,586 | 11,831 |
Total | 22,883,535 | 20,891,266 |
| B7 Enterprise, bank and sovereign exposure by country risk classification, gross | ||
| Finnvera plc | ||
Country risk classification (EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
0 - Advanced economy | 18,696,068 | 16,921,966 |
1 - Very low risks | 0 | 0 |
2 - Low risks | 425,543 | 202,984 |
3 - Relatively low risks | 695,040 | 697,869 |
4 - Intermediate risks | 1,219,454 | 1,627,787 |
5 - Relatively high risks | 1,039,839 | 901,402 |
6 - High risks | 146,834 | 98,912 |
7 - Very high risks | 635,990 | 403,120 |
No classification | 24,767 | 37,225 |
Total | 22,883,535 | 20,891,266 |
| B8 Enterprise, bank and sovereign exposure by sector, gross | ||
| Finnvera plc | ||
Sector (EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Telecommunications | 2,451,361 | 3,231,716 |
Cruise shipping | 12,396,100 | 10,440,584 |
Pulp and paper | 3,166,094 | 2,746,214 |
Mining and metals | 760,863 | 765,794 |
Energy | 680,084 | 939,733 |
Other industries | 832,793 | 581,533 |
Others | 2,596,241 | 2,185,694 |
Total | 22,883,535 | 20,891,266 |
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| B9 Liquidity risk, maturity of assets and liabilities | |||||||||||||||
| Finnvera Group | Finnvera Group | ||||||||||||||
| 3–12 | >5–10 | Carrying | 3–12 | >5–10 | Carrying | ||||||||||
(EUR 1,000) | <3 months | months | >1–5 years | years | >10 years | Total | Amount | (EUR 1,000) | <3 months | months | >1–5 years | years | >10 years | Total | Amount |
| 31 Dec 2025 | 31 Dec 2024 | ||||||||||||||
| Assets | Assets | ||||||||||||||
| Loans to and receivables | 450,164 | - | - | - | - | 450,164 | 450,134 | Loans to and receivables | 308,887 | - | - | - | - | 308,887 | 308,844 |
| from credit institutions – | from credit institutions – | ||||||||||||||
| Payable on demand | Payable on demand | ||||||||||||||
| Loans to and receivables from | - | - | - | - | - | - | - | Loans to and receivables from | 171,850 | - | - | - | - | 171,850 | 171,206 |
| credit institutions – Investment | credit institutions – Investment | ||||||||||||||
| accounts and deposits | accounts and deposits | ||||||||||||||
| Loans to and receivables from | 4,601 | 9,797 | 48,942 | 31,351 | - | 94,691 | 83,986 | Loans to and receivables from | 3,651 | 9,996 | 51,656 | 37,296 | - | 102,598 | 98,633 |
| credit institutions – Export credits | credit institutions – Export credits | ||||||||||||||
| Receivables from customers | 358,305 | 1,183,144 | 3,909,100 | 2,202,129 | 241,037 | 7,893,715 | 6,692,241 | Receivables from customers | 325,972 | 1,847,164 | 4,194,627 | 2,078,587 | 209,607 | 8,655,957 | 7,227,290 |
| - Loans and debt securities | - Loans and debt securities | ||||||||||||||
Debt securities | 1,948,581 | 991,117 | 3,870,926 | 866,914 | - | 7,677,538 | 7,304,607 | Debt securities | 1,094,868 | 749,615 | 3,199,810 | 630,169 | - | 5,674,463 | 5,282,747 |
Total assets | 2,761,650 | 2,184,058 | 7,828,969 | 3,100,394 | 241,037 | 16,116,108 | 14,530,968 | Total assets | 1,905,228 | 2,606,776 | 7,446,092 | 2,746,052 | 209,607 | 14,913,755 | 13,088,721 |
| Liabilities | Liabilities | ||||||||||||||
Liabilities to other institutions | - | -8,806 | -35,953 | -34,374 | - | -79,133 | -79,133 | Liabilities to credit institutions | -7,576 | -10,430 | -48,438 | -37,201 | - | -103,645 | -103,527 |
Debt securities in issue | -61,621 | -2,029,980 | -8,981,024 | -2,060,000 | - | -13,132,626 | -11,954,976 | Debt securities in issue | -46,416 | -632,325 | -9,236,469 | -2,083,750 | - | -11,998,961 | -10,830,110 |
Total liabilities | -61,621 | -2,038,785 | -9,016,977 | -2,094,374 | - -13,211,758 | -12,034,108 | Total liabilities | -53,992 | -642,755 | -9,284,908 | -2,120,951 | - -12,102,605 | -10,933,638 | ||
| Derivatives | Derivatives | ||||||||||||||
Derivatives – receivables | 15,647 | -34,253 | -87,074 | -15,421 | - | -121,101 | 77,714 | Derivatives – receivables | 36,520 | -14,349 | 88,320 | - | - | 110,491 | 140,459 |
Derivatives – liabilities | 5,549 | -89,975 | -151,021 | -73,032 | - | -308,479 | -402,008 | Derivatives – liabilities | -78,119 | -158,143 | -824,673 | -254,423 | -38,180 | -1,353,538 | -706,311 |
Derivatives, net | 21,195 | -124,228 | -238,094 | -88,453 | - | -429,581 | -324,294 | Derivatives, net | -41,599 | -172,492 | -736,353 | -254,423 | -38,180 | -1,243,047 | -565,852 |
| Assets, liabilities and | 2,721,224 | 21,044 | -1,426,102 | 917,566 | 241,037 | 2,474,769 | 2,172,565 | Assets, liabilities and | 1,809,637 | 1,791,529 | -2,575,168 | 370,679 | 171,427 | 1,568,103 | 1,589,232 |
| derivatives, net: | derivatives, net: | ||||||||||||||
Credit commitments 1 | -649,769 | -1,779,146 | -84,598 | - | - | -2,513,513 | - | Credit commitments 1 | -180 | -2,413,343 | -1,243,332 | - | - | -3,656,854 | - |
| Assets, liabilities, derivatives | 2,071,455 | -1,758,101 | -1,510,700 | 917,566 | 241,037 | -38,744 | 2,172,565 | Assets, liabilities, derivatives | 1,809,458 | -621,814 | -3,818,500 | 370,679 | 171,427 | -2,088,751 | 1,589,232 |
| and credit commitments, net: | and credit commitments, net: | ||||||||||||||
| Guarantees and export | Guarantees and export | ||||||||||||||
credit guarantees 2 | credit guarantees 2 | ||||||||||||||
Guarantees | -222,900 | -531,312 | -660,798 | - | -4 | -1,415,014 | - | Guarantees | -210,425 | -624,017 | -648,251 | - | -21 | -1,482,714 | - |
| Export credit guarantees | -113,441 | -1,431,230 | -1,440,492 | -3,037,131 | -4,753,845 | -10,776,139 | - | Export credit guarantees | -378,298 | -1,256,103 | -2,519,573 | -4,128,703 | -657,935 | -8,940,612 | - |
| and special guarantees | and special guarantees | ||||||||||||||
| Total guarantees and export | -336,341 | -1,962,542 | -2,101,290 | -3,037,131 | -4,753,849 | -12,191,153 | - | Total guarantees and export | -588,723 | -1,880,121 | -3,167,823 | -4,128,703 | -657,956 | -10,423,326 | - |
| credit guarantees | credit guarantees |
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| B10 Market risk sensitivities | ||
| Finnvera Group | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
| Interest rate risk | ||
| Market interest increase 1% | ||
- Change in net interest income during the next 12 months | 9,987 | 10,390 |
- Balance sheet interest sensitivity (excl. Equity) | -38,001 | -1,099 |
| Market interest decrease 1% | ||
- Change in net interest income during the next 12 months | -9,987 | -10,390 |
- Balance sheet interest sensitivity (excl. Equity) | 38,001 | 1,099 |
| Currency risk | ||
The USD strengthens by 10% against the euro | 1,960 | -13 |
The USD weakens by 10% against the euro | -1,603 | 11 |
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C Segment information
Finnvera’s segment information is based on the company’s internal division into business areas and on the organ-
isational structure.
Client enterprises have been divided into business areas according to their size and the need for financing at their
development stage. A service concept has been devised for each business area. Assessment of the profitability
of Finnvera’s segments is based on the operating profit. Finnvera’s segments are:
1. Locally operating small companies
2. SMEs focusing on the domestic markets
3. SMEs seeking growth and internationalisation
4. Large corporates
5. Export credits
SME and midcap financing includes segments 1-3 and export financing includes segments 4-5.
The clients of the locally operating small companies segment are locally operating companies that have fewer
than 10 employees. This segment offers financial services for the start-up and development of companies in
cooperation with regional enterprise services and other providers of financing.
The clients of the SMEs focusing on the domestic markets are mainly SMEs. The clientele includes companies
engaged in production and in services. In cooperation with other providers of financing, financial solutions are
provided especially for the development and growth needs of companies and for transfers of business to the next
generation.
The clients of the SMEs seeking growth and internationalisation segment are SMEs and midcap enterprises
1
that
have a growth strategy based on internationalisation. Some clients already engage in exports on the international
market, while others are still starting out on this development path. In general, these companies also use the
services of other organisations providing services for growth enterprises (Business Finland and Centres for Eco-
nomic Development, Transport and the Environment) and make use of the services offered by Finnvera for export
financing.
The clients of the large corporates segment are generally exporters operating in Finland, as well as domestic
and foreign providers of financing for these The large corporates segment offers to clients almost exclusively
export credits. However in individual cases, the financing solution can be also comprised of special guaranties or
domestic financing products.
The segment for export credits includes Finnvera’s subsidiary’s Finnish Export Credit Ltd’s operations including
the parent company Finnvera plc’s funding and asset management related to export credit financing on behalf of
Finnish Export Credit Ltd. The subsidiary provides financing for export credits and export financing based on tax
agreements and administers the interest equalisation system for officially supported export credits and domestic
ship financing in accordance with the OECD Arrangement.
Income and expenses are allocated to each segment when they are deemed to fall within that segment, or
allocation is carried out on the basis of internal accounting rules. All income and expenses have been allocated to
segments. There is no notable intra-segment business.
The assets and liabilities of segments are valued according to the principles for drawing up the financial
statements.
The Finnvera Group has operations only in Finland. The Group’s clientele consists of a wide spectrum of clients in
various sectors.
1 Midcap = A national definition included in the Government’s commitment to compensate Finnvera plc for credit and guarantee losses. The
term refers to an enterprise that is larger than the definition of an SME applied by the EU. Its turnover may not exceed EUR 300 million in the
most recent financial statements adopted by the enterprise. If the enterprise has drawn up consolidated financial statements, the turnover is
taken from them.
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| C1 Result by segment | |||||||
SME and midcap financing | Export financing | Finnvera Group total | |||||
| Locally operating | SMEs focusing on the | SMEs seeking growth and | |||||
| (EUR 1,000) | small companies | domestic markets | internationalisation | Large corporates | Export credits | ||
| Finnvera Group | |||||||
| 1–12/2025 | |||||||
| Net interest income | 5,484 | 17,060 | 11,893 | 50,172 | 36,782 | 121,392 | |
| Net fee and commission income | 8,580 | 17,362 | 25,087 | 106,873 | 8,650 | 166,551 | |
Gains and losses from financial instruments carried at fair value through profit and loss and foreign exchange gains and losses | - | - | - | -1,958 | 2,573 | 615 | |
| Net income from investments | - | - | - | - | 548 | 548 | |
| Other operating income | 11 | 93 | 89 | 139 | - | 331 | |
| Total operational expenses | -8,455 | -12,927 | -13,483 | -17,054 | -4,479 | -56,397 | |
| Depreciation and amortisation | -772 | -1,421 | -1,588 | -1,346 | -355 | -5,482 | |
| Other operating expenses | -126 | -967 | -142 | -349,173 | -38 | -350,447 | |
| Realised credit losses and change in expected credit losses, net | -4,668 | -12,420 | -2,440 | 168,654 | 228 | 149,355 | |
| - Realised credit losses | -9,309 | -15,822 | -18,494 | 7,453 | - | -36,173 | |
| - Credit loss compensations from the State | 4,407 | 7,190 | 8,465 | - | - | 20,062 | |
| - Change in expected credit losses (increase - / decrease + ) | 234 | -3,788 | 7,590 | 161,202 | 228 | 165,466 | |
| Operating result | 53 | 6,780 | 19,417 | -43,692 | 43,908 | 26,466 | |
| Income tax | - | - | - | - | -10,108 | -10,108 | |
| Result | 53 | 6,780 | 19,417 | -43,692 | 33,800 | 16,358 | |
| Finnvera Group | |||||||
| 1–12/2024 | |||||||
| Net interest income | 5,957 | 21,916 | 13,273 | 68,202 | 29,398 | 138,746 | |
| Net fee and commission income | 8,699 | 17,939 | 27,613 | 133,121 | 10,600 | 197,971 | |
Gains and losses from financial instruments carried at fair value through profit and loss and foreign exchange gains and losses | - | - | - | 3,490 | 4,757 | 8,247 | |
| Net income from investments | - | - | - | - | -390 | -390 | |
| Other operating income | 49 | 93 | 149 | 124 | - | 415 | |
| Total operational expenses | -7,788 | -12,564 | -12,239 | -15,591 | -4,331 | -52,513 | |
| Depreciation and amortisation | -853 | -1,606 | -1,563 | -971 | -260 | -5,253 | |
| Other operating expenses | -123 | -1,532 | -132 | -129 | -38 | -1,954 | |
| Realised credit losses and change in expected credit losses, net | -8,387 | -10,957 | -15,402 | -15,406 | 672 | -49,480 | |
| - Realised credit losses | -10,844 | -19,041 | -14,438 | -76,261 | - | -120,584 | |
| - Credit loss compensations from the State | 4,877 | 8,833 | 6,783 | - | - | 20,493 | |
| - Change in expected credit losses (increase - / decrease + ) | -2,420 | -750 | -7,747 | 60,856 | 672 | 50,611 | |
| Operating result | -2,446 | 13,289 | 11,699 | 172,841 | 40,407 | 235,791 | |
| Income tax | - | - | - | - | -8,082 | -8,082 | |
| Result | -2,446 | 13,289 | 11,699 | 172,841 | 32,326 | 227,709 |
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SME and midcap financing | Export financing | Finnvera plc total | |||||
| Locally operating | SMEs focusing on the | SMEs seeking growth and | |||||
| (EUR 1,000) | small companies | domestic markets | internationalisation | Large corporates | Export credits | ||
| Finnvera plc | |||||||
| 1–12/2025 | |||||||
| Net interest income | 5,484 | 17,060 | 11,893 | 50,172 | 10,107 | 94,717 | |
| Net fee and commission income | 8,580 | 17,362 | 25,087 | 106,873 | -1,560 | 156,341 | |
Gains and losses from financial instruments carried at fair value through profit and loss and foreign exchange gains and losses | - | - | - | -1,958 | 4,009 | 2,051 | |
| Net income from investments | - | - | - | - | 548 | 548 | |
| Other operating income | 11 | 93 | 89 | 139 | - | 331 | |
| Operational expenses | -8,455 | -12,927 | -13,483 | -17,054 | -4,250 | -56,168 | |
| Depreciation and amortisation | -772 | -1,421 | -1,588 | -1,346 | -355 | -5,482 | |
| Other operating expenses | -126 | -967 | -142 | -349,173 | -8,721 | -359,129 | |
| Realised credit losses and change in expected credit losses, net | -4,668 | -12,420 | -2,440 | 168,654 | 222 | 149,349 | |
| - Realised credit losses | -9,309 | -15,822 | -18,494 | 7,453 | -36,173 | ||
| - Credit loss compensations from the State | 4,407 | 7,190 | 8,465 | - | - | 20,062 | |
| - Change of expected credit losses (increase - / decrease + ) | 234 | -3,788 | 7,590 | 161,202 | 222 | 165,461 | |
| Operating result | 53 | 6,780 | 19,417 | -43,692 | - | -17,442 | |
| Income tax | - | - | - | - | - | - | |
| Result | 53 | 6,780 | 19,417 | -43,692 | - | -17,442 | |
| Finnvera plc | |||||||
| 1–12/2024 | |||||||
| Net interest income | 5,957 | 21,916 | 13,273 | 68,202 | -798 | 108,550 | |
| Net fee and commission income | 8,699 | 17,939 | 27,613 | 133,121 | -674 | 186,697 | |
Gains and losses from financial instruments carried at fair value through profit and loss and foreign exchange gains and losses | - | - | - | 3,490 | -308 | 3,183 | |
| Net income from investments | - | - | - | - | -390 | -390 | |
| Other operating income | 49 | 93 | 149 | 124 | 6,053 | 6,468 | |
| Operational expenses | -7,788 | -12,564 | -12,239 | -15,591 | -4,219 | -52,400 | |
| Depreciation and amortisation | -853 | -1,606 | -1,563 | -971 | -260 | -5,253 | |
| Other operating expenses | -123 | -1,532 | -132 | -129 | -38 | -1,954 | |
| Realised credit losses and change in expected credit losses, net | -8,387 | -10,957 | -15,402 | -15,406 | 634 | -49,518 | |
| - Realised credit losses | -10,844 | -19,041 | -14,438 | -76,261 | - | -120,584 | |
| - Credit loss compensations from the State | 4,877 | 8,833 | 6,783 | - | - | 20,493 | |
| - Change of expected credit losses (increase - / decrease + ) | -2,420 | -750 | -7,747 | 60,856 | 634 | 50,573 | |
| Operating result | -2,446 | 13,289 | 11,699 | 172,841 | - | 195,384 | |
| Income tax | - | - | - | - | - | - | |
| Result | -2,446 | 13,289 | 11,699 | 172,841 | - | 195,384 |
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| C2 Balance sheet by segment | ||||||
SME and midcap financing | Export financing | Finnvera Group total | ||||
| Locally operating | SMEs focusing on the | SMEs seeking growth and | ||||
| (EUR 1,000) | small companies | domestic markets | internationalisation | Large corporates | Export credits | |
| Finnvera Group | ||||||
| 31 Dec 2025 | ||||||
Assets | 82,499 | 244,751 | 288,453 | 242,633 | 14,658,773 | 15,517,110 |
- of which loans to and receivables from credit institutions | 10,800 | 31,200 | 18,000 | 100,000 | 374,120 | 534,120 |
- of which loans to and receivables from customers | 61,823 | 168,519 | 256,185 | 93,482 | 6,233,815 | 6,813,824 |
- of which investments | - | 13,687 | 5,253 | 20,182 | 7,284,426 | 7,323,548 |
Liabilities | 8,494 | -211,572 | 134,363 | -419,203 | 14,411,378 | 13,923,460 |
- of which debt securities in issue | - | - | - | - | 11,954,976 | 11,954,976 |
- of which provisions | 9,377 | 17,289 | 28,387 | 694,081 | - | 749,135 |
Equity | 74,005 | 456,324 | 154,090 | 661,836 | 247,395 | 1,593,650 |
- of which restricted equity | - | 159,810 | 67,908 | 24,094 | -17,583 | 234,230 |
- of which non-restricted equity | 74,005 | 296,514 | 86,182 | 637,742 | 264,978 | 1,359,421 |
| Finnvera Group | ||||||
| 31 Dec 2024 | ||||||
Assets | 78,841 | 246,557 | 280,458 | 982,103 | 13,168,415 | 14,756,374 |
- of which loans to and receivables from credit institutions | 10,800 | 31,200 | 18,000 | 100,000 | 418,684 | 578,684 |
- of which loans to and receivables from customers | 55,673 | 164,797 | 251,483 | 496,260 | 6,420,240 | 7,388,454 |
- of which investments | - | 13,687 | - | 20,182 | 5,262,565 | 5,296,434 |
Liabilities | 4,889 | -202,848 | 145,894 | 277,756 | 12,988,196 | 13,213,886 |
- of which debt securities in issue | - | - | - | - | 10,830,110 | 10,830,110 |
- of which provisions | 10,912 | 17,945 | 31,463 | 833,014 | - | 893,335 |
Equity | 73,952 | 449,405 | 134,565 | 704,347 | 180,219 | 1,542,487 |
- of which restricted equity | - | 159,660 | 67,799 | 22,914 | -50,959 | 199,415 |
- of which non-restricted equity | 73,952 | 289,744 | 66,765 | 681,434 | 231,177 | 1,343,073 |
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SME and midcap financing | Export financing | Finnvera plc total | ||||
| Locally operating | SMEs focusing on the | SMEs seeking growth and | ||||
| (EUR 1,000) | small companies | domestic markets | internationalisation | Large corporates | Export credits | |
| Finnvera plc | ||||||
| 31 Dec 2025 | ||||||
Assets | 82,499 | 244,751 | 288,757 | 263,787 | 14,624,196 | 15,503,991 |
- of which loans to and receivables from credit institutions | 10,800 | 31,200 | 18,000 | 100,000 | 264,081 | 424,081 |
- of which loans to and receivables from customers | 61,823 | 168,519 | 256,489 | 114,636 | 6,317,800 | 6,919,267 |
- of which investments | - | 13,687 | 5,253 | 20,182 | 7,304,607 | 7,343,729 |
Liabilities | 8,494 | -211,572 | 134,667 | -398,049 | 14,641,636 | 14,175,176 |
- of which debt securities in issue | - | - | - | - | 11,954,976 | 11,954,976 |
- of which provisions | 9,377 | 17,289 | 28,691 | 715,235 | - | 770,592 |
Equity | 74,005 | 456,324 | 154,090 | 661,836 | -17,440 | 1,328,815 |
- of which restricted equity | - | 159,810 | 67,908 | 24,094 | -17,440 | 234,372 |
- of which non-restricted equity | 74,005 | 296,514 | 86,182 | 637,742 | - | 1,094,443 |
| Finnvera plc | ||||||
| 31 Dec 2024 | ||||||
Assets | 78,841 | 246,557 | 280,489 | 1,060,203 | 13,121,033 | 14,787,123 |
- of which loans to and receivables from credit institutions | 10,800 | 31,200 | 18,000 | 100,000 | 276,789 | 436,789 |
- of which loans to and receivables from customers | 55,673 | 164,797 | 251,515 | 574,360 | 6,511,415 | 7,557,760 |
- of which investments | - | 13,687 | - | 20,182 | 5,282,747 | 5,316,616 |
Liabilities | 4,889 | -202,848 | 145,925 | 355,856 | 13,174,540 | 13,478,362 |
- of which debt securities in issue | - | - | - | - | 10,830,110 | 10,830,110 |
- of which provisions | 10,912 | 17,945 | 31,494 | 911,114 | - | 971,466 |
Equity | 73,952 | 449,405 | 134,565 | 704,347 | -53,507 | 1,308,761 |
- of which restricted equity | - | 159,660 | 67,799 | 22,914 | -53,507 | 196,866 |
- of which non-restricted equity | 73,952 | 289,744 | 66,765 | 681,434 | - | 1,111,896 |
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D Notes to the income statement
| D1 Interest income and expenses | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
| Interest income | ||||
Interests from loans passed on to the customers | 305,770 | 415,594 | 285,817 | 394,013 |
Domestic financing | 43,250 | 48,815 | 43,250 | 48,815 |
- SME and midcap financing debt securities, FVOCI | 3,047 | 2,378 | 3,047 | 2,378 |
- Export financing | 259,473 | 364,401 | 74 | -199 |
- Group internal interest income | - | - | 239,447 | 343,019 |
Other interest income | 625,436 | 653,502 | 624,158 | 652,119 |
- Interest on export credit guarantee and special guarantee receivables | 5,365 | 5,779 | 5,365 | 5,779 |
- Interest on guarantee receivables | 2,562 | 2,133 | 2,562 | 2,133 |
- On receivables from credit institu- tions and derivative collateral | 27,707 | 66,814 | 26,434 | 65,439 |
- On debt securities, amortised cost | 34,023 | 55,468 | 34,023 | 55,468 |
- On debt securities, FVOCI | 107,066 | 81,305 | 107,066 | 81,305 |
- On debt securities, FVTPL (fair value option) | - | - | - | - |
- On debt securities, HTM | 9,785 | - | 9,785 | - |
- On debt securities in issue, amor- tised cost (fair value hedging) | 3,444 | 3,453 | 3,444 | 3,453 |
- On debt securities in issue, FVTPL (fair value option) | 200 | 205 | 200 | 205 |
- On debt securities in issue, amortised cost | - | - | - | - |
- On derivatives, FVTPL (mandatorily) | 197,288 | 207,747 | 197,288 | 207,747 |
- On derivatives hedging debt securities in issue | 207,310 | 187,263 | 207,310 | 187,263 |
- On other funding related derivatives | 30,682 | 43,232 | 30,682 | 43,232 |
- On other | 4 | 102 | 0 | 94 |
Total | 931,205 | 1,069,095 | 909,975 | 1,046,132 |
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
| Interest expenses | ||||
On liabilities to credit institutions | -20 | -209 | -20 | -209 |
On liabilities to other institutions | -3,547 | -4,405 | -3,541 | -4,044 |
- On liabilities to other institutions, amortised cost | -3,547 | -4,405 | -3,541 | -4,044 |
On debt securities in issue and hedges of funding | -803,318 | -921,174 | -803,318 | -921,174 |
- On debt securities in issue, amor- tised cost (fair value hedging) | -207,624 | -186,637 | -207,624 | -186,637 |
- On debt securities in issue, FVTPL (fair value option) | -16,081 | -22,542 | -16,081 | -22,542 |
- On debt securities in issue, amortised cost | -4,716 | -4,848 | -4,716 | -4,848 |
- On derivatives hedging debt securities in issue | -511,930 | -636,365 | -511,930 | -636,365 |
- On other funding related deriva- tives, FVTPL (mandatorily) | -62,967 | -70,780 | -62,967 | -70,780 |
Group internal interest expenses | - | - | -5,450 | -7,600 |
Other interest expenses | -2,928 | -4,561 | -2,928 | -4,556 |
- Derivative collateral | -1,111 | -1,794 | -1,111 | -1,794 |
- On debt securities, amortised cost | - | - | - | - |
- On debt securities, FVOCI | -1,572 | -2,475 | -1,572 | -2,475 |
- On debt securities, FVTPL (fair value option) | - | - | - | - |
- On other | -245 | -292 | -245 | -286 |
Total | -809,813 | -930,349 | -815,258 | -937,582 |
Net interest income | 121,392 | 138,746 | 94,717 | 108,550 |
| Interest accrued on impaired loans | 1,237 | 1,747 | 1,237 | 1,747 |
| included in interest income |
Interest income by class of financial assets and liabilities | Finnvera Group | Finnvera plc | ||
| (EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
Interest income on items carried at amortised cost | 416,295 | 590,198 | 395,065 | 567,234 |
Interest income on items carried at fair value through OCI | 110,112 | 83,683 | 110,112 | 83,683 |
Interest income on items carried at fair value through profit or loss | 404,798 | 395,215 | 404,798 | 395,215 |
Total interest income | 931,205 | 1,069,095 | 909,975 | 1,046,132 |
Interest expenses on items carried at amortised cost | -217,262 | -198,186 | -217,991 | -200,570 |
Interest expenses on items carried at fair value through OCI | -1,572 | -2,475 | -1,572 | -2,475 |
Interest expenses on items carried at fair value through profit or loss | -590,978 | -729,688 | -595,694 | -734,536 |
Total interest expenses | -809,813 | -930,349 | -815,258 | -937,582 |
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| D2 Fee and commission income and expenses by income statement items | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
| Fee and commission income from guarantees | ||||
Export and credit guarantees and special guarantees | 127,211 | 148,019 | 127,211 | 148,019 |
Domestic financing | 34,589 | 36,273 | 34,589 | 36,273 |
Sub total | 161,800 | 184,292 | 161,800 | 184,292 |
| Delivery and handling fees | ||||
Export and credit guarantees and special guarantees | 1,617 | 991 | 1,617 | 991 |
Domestic financing | 4,167 | 4,109 | 4,167 | 4,109 |
Sub total | 5,784 | 5,100 | 5,784 | 5,100 |
| Fee and commission income from loans | ||||
Export loans | 10,146 | 11,170 | - | - |
Commission income of domestic financing, loans | 2,173 | 2,381 | 2,106 | 2,277 |
Sub total | 12,319 | 13,551 | 2,106 | 2,277 |
| Other fee and commission income | ||||
Interest balancing, export credit guar- antees and special guarantees | 0 | 3 | - | 0 |
Other fee and commission income, domestic financing | 80 | 7 | 80 | 7 |
Sub total | 81 | 10 | 80 | 7 |
Grand total | 179,984 | 202,953 | 169,770 | 191,676 |
| Other commission expenses | ||||
| Reinsurance, export and credit guarantees | -10,796 | -2,702 | -10,796 | -2,702 |
| and special guarantees | ||||
Borrowing | -923 | -247 | -923 | -247 |
Payment transactions | -734 | -503 | -730 | -499 |
Other fee and commission expenses | -980 | -1,530 | -980 | -1,530 |
Grand total | -13,432 | -4,982 | -13,429 | -4,978 |
Net fee and commission income | 166,551 | 197,971 | 156,341 | 186,697 |
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| D3 Gains and losses from financial instruments carried at fair value through profit or loss and foreign exchange gains and losses | ||||||||
Finnvera Group | Finnvera plc | |||||||
| Gains and losses | Changes in | Gains and losses | Changes in | |||||
(EUR 1,000) | Dividends | from sales | fair value | Total | Dividends | from sales | fair value | Total |
| 31 Dec 2025 | ||||||||
| From financial instruments recognised through profit or loss | ||||||||
Derivatives | - | - | 96,830 | 96,830 | - | - | - | - |
Debt securities in issue | - | - | -70,386 | -70,386 | - | - | - | - |
Investments in debt securities | - | - | -23,943 | -23,943 | - | - | - | - |
Shares and participations | - | - | - | - | - | - | - | - |
Total for financial instruments recognised through profit or loss | - | - | 2,500 | 2,500 | - | - | - | - |
| By categories of financial instruments, IFRS 9 | ||||||||
Items carried at amortised cost (fair value hedging) | - | - | -55,265 | -55,265 | - | - | - | - |
Items carried at fair value through OCI (fair value hedging) | - | - | -23,943 | -23,943 | - | - | - | - |
Items carried at fair value through profit and loss (fair value option) | - | - | -15,121 | -15,121 | - | - | - | - |
Items carried at fair value through profit and loss (mandatory) | - | - | 96,830 | 96,830 | - | - | - | - |
Total | - | - | 2,500 | 2,500 | - | - | - | - |
Foreign exchange gains (+) and losses (-) | -1,886 | 2,051 | ||||||
Total for financial instruments carried at fair value through profit or loss and foreign exchange gains and losses | 615 | 2,051 | ||||||
Finnvera Group | Finnvera plc | |||||||
| Gains and losses | Changes in | Gains and losses | Changes in | |||||
(EUR 1,000) | Dividends | from sales | fair value | Total | Dividends | from sales | fair value | Total |
| 31 Dec 2024 | ||||||||
| From financial instruments recognised through profit or loss | ||||||||
Derivatives | - | - | 142,805 | 142,805 | - | - | - | - |
Debt securities in issue | - | - | -202,077 | -202,077 | - | - | - | - |
Investments in debt securities | - | - | 62,846 | 62,846 | - | - | - | - |
Shares and participations | - | - | - | 0 | - | - | - | - |
Total for financial instruments recognised through profit or loss | - | - | 3,575 | 3,575 | - | - | - | - |
| By categories of financial instruments, IFRS 9 | ||||||||
Items carried at amortised cost (fair value hedging) | - | - | -177,186 | -177,186 | - | - | - | - |
Items carried at fair value through OCI (fair value hedging) | - | - | 62,846 | 62,846 | - | - | - | - |
Items carried at fair value through profit and loss (fair value option) | - | - | -24,890 | -24,890 | - | - | - | - |
Items carried at fair value through profit and loss (mandatory) | - | - | 142,805 | 142,805 | - | - | - | - |
Total | - | - | 3,575 | 3,575 | - | - | - | - |
Foreign exchange gains (+) and losses (-) | 4,672 | 3,183 | ||||||
Total for financial instruments carried at fair value through profit or loss and foreign exchange gains and losses | 8,247 | 3,183 |
In the Group, Finnish Export Credit Ltd’s business area is export credit financing operations. On the basis of a separate management agreement, the parent company takes care of funding and asset management related to export credit financing on behalf of Finnish Export Credit Ltd. In its financial
statements, Finnvera plc recognises Finnish Export Credit Ltd’s share of the change in the fair value of liabilities and derivatives either as a liability to or as a receivable from Finnish Export Credit Ltd, depending on the final outcome of the change, which means that this share of the change in the fair value
of liabilities and derivatives comes to the consolidated financial statements from Finnish Export Credit Ltd’s figures. The receivable from Finnish Export Credit Ltd is included in other assets (Note E5), if a liability it is included in other liabilities (Note E11).
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| D4 Net income from investments | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
| Net gains and losses from investments in debt securities | ||||
| not carried at fair value through profit or loss | ||||
- Debt securities carried at fair value through other comprehensive income (OCI) | 1,067 | -10,936 | 1,067 | -10,936 |
- Debt securities carried at amortised cost | - | 3 | - | 3 |
| Net gains and losses from derivatives, hedge accounting | ||||
- Derivatives carried at fair value through other comprehensive income (OCI) | -519 | 10,543 | -519 | 10,543 |
Total | 548 | -390 | 548 | -390 |
| D5 Other operating income | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
Management fees | 90 | 90 | 90 | 90 |
Rental income | 17 | 10 | 17 | 10 |
Other | 224 | 316 | 224 | 316 |
Collection of the deficit in export credit financ- ing from Finnish Export Credit Ltd | - | - | - | 6,053 |
Total | 331 | 415 | 331 | 6,468 |
D6 Operational expenses
| D6.1 Personnel expenses | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
Wages and salaries | -28,355 | -27,124 | -28,346 | -27,117 |
| Pension costs | ||||
- Defined contribution plans | -4,767 | -4,617 | -4,767 | -4,617 |
- Defined benefit plans | -82 | -32 | -82 | -32 |
Other social security costs | -1,158 | -1,075 | -1,158 | -1,075 |
Total | -34,362 | -32,848 | -34,353 | -32,840 |
| D6.2 Other operational expenses | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
Other voluntary staff expenses | -3,300 | -3,160 | -3,297 | -3,151 |
IT expenses | -8,866 | -7,681 | -8,859 | -7,667 |
Marketing and communication expenses | -1,145 | -1,082 | -1,145 | -1,082 |
Data acquisition costs | -2,033 | -1,888 | -2,033 | -1,888 |
Debt collections expenses | -1,276 | -1,161 | -1,276 | -1,161 |
External services | -2,437 | -1,909 | -2,249 | -1,848 |
- of which auditor's fees | -316 | -323 | -290 | -300 |
Other operational expenses | -2,978 | -2,783 | -2,956 | -2,763 |
Total | -22,036 | -19,665 | -21,815 | -19,560 |
| D6.2.1 Auditor’s fees | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
Fees for statutory audit | -316 | -250 | -290 | -228 |
- Ernst & Young | -316 | -166 | -290 | -152 |
- KPMG | - | -84 | - | -76 |
Fees for expert services provided by auditors | - | -73 | - | -73 |
- Ernst & Young | - | -61 | - | -61 |
- KPMG | - | -12 | - | -12 |
Total | -316 | -323 | -290 | -300 |
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| D8 Other operating expenses | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
| Rental expenses | ||||
- Office rental expenses, gross | -2,103 | -2,093 | -2,103 | -2,093 |
- Reversal entry of right-of-use assets (IFRS 16) | 1,868 | 1,853 | 1,868 | 1,853 |
Expenses from property in own use | -384 | -332 | -384 | -332 |
Return of payment commitment to The State Guarentee Fund | -349,023 | - | -349,023 | - |
Other operating expenses | -804 | -1,381 | -804 | -1,381 |
Return of the surplus in export credit financ- ing to Finnish Export Credit Ltd | - | - | -8,683 | - |
Total | -350,447 | -1,954 | -359,129 | -1,954 |
| D7.1 Depreciation and amortisation on tangible and intangible assets | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
Intangible assets | -3,380 | -3,164 | -3,380 | -3,164 |
- Amortisations, digitalisation | -1,230 | -1,396 | -1,230 | -1,396 |
- Amortisations, IT applications and other intangible assets | -797 | -400 | -797 | -400 |
- Amortisations, right-of-use assets (IFRS 16) | -1,352 | -1,368 | -1,352 | -1,368 |
- Impairment losses, IT applications | - | - | - | - |
Tangible assets | -2,103 | -2,089 | -2,103 | -2,089 |
- Depreciations, machinery and equipment | -56 | -60 | -56 | -60 |
- Depreciations, cars | -230 | -191 | -230 | -191 |
- Depreciations, right-of-use assets (IFRS 16) | -1,817 | -1,838 | -1,817 | -1,838 |
Total | -5,482 | -5,253 | -5,482 | -5,253 |
| D7.2 IFRS 16 impact on the income statement | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
| Income statement item | ||||
- Interest expenses, IFRS 16 | -56 | -56 | -56 | -56 |
- Depreciation and amortisation, IFRS 16 | -3,400 | -3,397 | -3,400 | -3,397 |
| Other operational expenses | ||||
- Expenses relating to leases of low-value assets | -418 | -347 | -418 | -347 |
Operating result | -3,873 | -3,800 | -3,873 | -3,800 |
- Change in deferred taxes | - | - | - | - |
Result for the period | -3,873 | -3,800 | -3,873 | -3,800 |
Cash outflow for leases | -3,052 | -3,068 | -3,052 | -3,068 |
| D9 Income tax expense | ||
| Finnvera Group | ||
(EUR 1,000) | 1–12/2025 | 1–12/2024 |
Current period tax | -8,167 | -7,246 |
Deferred taxes (Note E8) | -1,941 | -836 |
Total | -10,108 | -8,082 |
Finnvera Oyj | Finnish Export Credit Ltd | |||
1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 | |
Corporation tax rate | 0 | 0 | 20 | 20 |
Finnvera Group | Finnvera Oyj | Finnish Export Credit Ltd | ||||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 |
Profit berofe tax | 26,466 | 235,791 | -17,442 | 195,384 | 43,908 | 40,407 |
Effective tax rate | -8,782 | -8,081 | - | - | -8,782 | -8,081 |
Tax-exempt income | 1 | 1 | - | |||
Non-deductible expenses | - | -1 | - | - | - | -1 |
Tax adjustments | -1,327 | - | - | - | -1,327 | - |
Taxes in income statement | -10,108 | -8,082 | - | - | -10,108 | -8,082 |
63
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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E Notes to the balance sheet
| E1 Loans to and receivables from credit institutions | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Payable on demand | 450,134 | 308,844 | 424,081 | 265,583 |
Investment accounts and deposits | - | 171,206 | - | 171,206 |
Export credits | 83,986 | 98,633 | - | - |
Total | 534,120 | 578,684 | 424,081 | 436,789 |
| E2 Loans to and receivables from customers | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Loans | 6,635,021 | 7,197,160 | 6,740,464 | 7,366,466 |
- Subordinated loans | 972 | 1,753 | 972 | 1,753 |
- Other loans | 6,699,666 | 7,328,927 | 465,851 | 908,688 |
| - Expected credit losses | -65,618 | -133,520 | -44,160 | -55,389 |
| / Impairment losses | ||||
- Loans to Group companies | - | - | 6,317,800 | 6,511,415 |
Debt securities | 57,220 | 30,130 | 57,220 | 30,130 |
- Domestic financing bonds | 57,220 | 30,130 | 57,220 | 30,130 |
Guarantee receivables | 49,704 | 46,449 | 49,704 | 46,449 |
- Guarantee receivables, gross 31 Dec | 83,533 | 77,483 | 83,533 | 77,483 |
- Expected credit losses | -33,829 | -31,034 | -33,829 | -31,034 |
Receivables from export credit and special guarantee operations | 71,879 | 114,715 | 71,879 | 114,715 |
| - Fee and commission | 1,274 | 1,740 | 1,274 | 1,740 |
| receivables, IFRS 15 | ||||
| - Book value of recovery | 70,605 | 112,974 | 70,605 | 112,974 |
| receivables on 31 Dec | ||||
- Nominal value of recovery receivables | 194,688 | 192,501 | 194,688 | 192,501 |
- Impairment losses on recovery receivables | -124,083 | -79,526 | -124,083 | -79,526 |
Total | 6,813,824 | 7,388,454 | 6,919,267 | 7,557,760 |
| E3 Investments | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
| Debt securities | ||||
Certificates of deposits and bonds | 3,893,855 | 3,314,159 | 3,893,855 | 3,314,159 |
Commercial papers | 0 | 73,265 | 0 | 73,265 |
Local authority papers | 3,010,370 | 1,895,323 | 3,010,370 | 1,895,323 |
Total | 7,304,607 | 5,282,747 | 7,304,607 | 5,282,747 |
| Investments in Group companies | ||||
Acquisition cost at 31 Dec | - | - | 20,182 | 20,182 |
- Acquisition cost at 1 Jan | - | - | 20,182 | 20,182 |
- Investments | - | - | - | - |
- Sales | - | - | - | - |
- Decrease in equity | - | - | - | - |
- Transfers between groups | - | - | - | - |
Accumulated impairment losses at 31 Dec | - | - | - | - |
- Accumulated impairment losses at 1 Jan | - | - | - | - |
- Impairment losses during the period | - | - | - | - |
Total | - | - | 20,182 | 20,182 |
| Other shares and participations | ||||
Acquisition cost at 31 Dec | 18,940 | 13,687 | 18,940 | 13,687 |
- Acquisition cost at 1 Jan | 13,687 | 13,687 | 13,687 | 13,687 |
- Investments | 5,253 | - | 5,253 | - |
- Sales | - | - | - | - |
- Transfers between groups | - | - | - | - |
Accumulated fair value adjustments at 31 Dec | - | - | - | - |
- Accumulated fair value adjustments at 1 Jan | - | - | - | - |
- Fair value adjustments during the period | - | - | - | - |
Total | 18,940 | 13,687 | 18,940 | 13,687 |
Investments total | 7,323,548 | 5,296,434 | 7,343,729 | 5,316,616 |
64
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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| E4 Realised losses and changes in expected credit losses (ECL) | ||||||||
| E4.1 Realised credit losses and change in expected credit losses in income statement | ||||||||
Finnvera Group | Finnvera plc | |||||||
(EUR 1,000) | 1–12/2025 | 1–12/2024 | 1–12/2025 | 1–12/2024 | ||||
Total realised credit losses | -36,173 | -120,584 | -36,173 | -120,584 | ||||
- Loans | -7,544 | -10,104 | -7,544 | -10,104 | ||||
- Guarantees | -32,232 | -33,840 | -32,232 | -33,840 | ||||
- Export credit guarantees and special guarantees | 3,603 | -76,640 | 3,603 | -76,640 | ||||
Credit loss compensation from the State | 20,062 | 20,493 | 20,062 | 20,493 | ||||
Change in expected credit losses (ECL) decrease (+) / increase (-) | 165,466 | 50,611 | 165,461 | 50,573 | ||||
- Expected credit losses at the beginning of the period, gross | 1,145,092 | 1,195,704 | 1,145,085 | 1,195,658 | ||||
- Expected credit losses at the end of the period, gross | 979,626 | 1,145,092 | 979,624 | 1,145,085 | ||||
Total, net | 149,355 | -49,480 | 149,349 | -49,518 |
| E4.2 Changes in expected credit losses | |||||||||||||
Finnvera Group 31 Dec 2025 | Finnvera Group 31 Dec 2024 | Finnvera plc 31 Dec 2025 | Finnvera plc 31 Dec 2024 | ||||||||||
| ECL 31 | ECL 31 | Change | ECL | ECL 31 | Change | ECL 31 | ECL 31 | Change | ECL | ECL 31 | Change | ||
| Financial assets (EUR 1,000) | Dec 2024 | Dec 2025 | in ECL | 31.12.2023 | Dec 2024 | in ECL | Financial assets (EUR 1,000) | Dec 2024 | Dec 2025 | in ECL | 31.12.2023 | Dec 2024 | in ECL |
| Loans and receivables from | -43 | -30 | 12 | -238 | -43 | 195 | Loans and receivables from | -35 | -29 | 7 | -193 | -35 | 158 |
| credit institutions | credit institutions | ||||||||||||
Investment accounts and deposits | -49 | -9 | 41 | -105 | -49 | 56 | Investment accounts and deposits | -49 | -9 | 41 | -105 | -49 | 56 |
Loans and receivables from customers | -244,081 | -223,529 | 20,552 | -288,183 | -244,081 | 44,102 | Loans and receivables from customers | -165,950 | -202,071 | -36,121 | -132,898 | -165,950 | -33,052 |
Debt securities | -168 | -51 | 117 | -422 | -168 | 254 | Debt securities | -168 | -51 | 117 | -422 | -168 | 254 |
Other assets | - | - | - | -94 | - | 94 | Other assets 1 | - | - | - | -94 | - | 94 |
Prepayments and accrued income | -2,920 | -3,084 | -164 | -2,067 | -2,920 | -853 | Prepayments and accrued income | -2,920 | -3,084 | -164 | -2,067 | -2,920 | -853 |
| Change in expected credit losses: | -247,260 | -226,703 | 20,557 | -291,110 | -247,260 | 43,850 | Change in expected credit losses: | -169,121 | -205,243 | -36,122 | -135,779 | -169,121 | -33,342 |
| decrease (+) / increase (-) | decrease (+) / increase (-) | ||||||||||||
| Financial liabilities (EUR 1,000) | Financial liabilities (EUR 1,000) | ||||||||||||
Provisions | -893,335 | -749,135 | 144,200 | -900,814 | -893,335 | 7,479 | Provisions | -971,466 | -770,592 | 200,873 | -1,056,100 | -971,466 | 84,634 |
Equity - Fair value | -4,498 | -3,789 | 709 | -3,780 | -4,498 | -718 | Equity - Fair value | -4,498 | -3,789 | 709 | -3,780 | -4,498 | -718 |
| Change in expected credit losses: | -897,833 | -752,923 | 144,909 | -904,594 | -897,833 | 6,761 | Change in expected credit losses: | -975,964 | -774,381 | 201,582 | -1,059,880 | -975,964 | 83,916 |
| decrease (+) / increase (-) | decrease (+) / increase (-) | ||||||||||||
| Change in expected credit losses: | 165,466 | 50,611 | Change in expected credit losses: | 165,461 | 50,574 | ||||||||
| decrease (+) / increase (-), net | decrease (+) / increase (-), net |
65
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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financial statements
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| E4.3 Expected credit losses (ECL) by IFRS 9 stages | ||||||||
Finnvera Group | Finnvera Group | |||||||
| Financial assets | 31 Dec 2025 | 31 Dec 2024 | ||||||
| (EUR 1,000) | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total |
Loans and receivables from credit institutions | 30 | - | - | 30 | 43 | - | - | 43 |
| Loans and receivables | 6,572 | 24,535 | 199,156 | 230,264 | 75,142 | 87,182 | 88,978 | 251,302 |
| from customers | ||||||||
Investments | 197 | - | - | 197 | 412 | - | - | 412 |
Off-balance sheet items | 683,277 | 47,546 | 18,311 | 749,135 | 53,317 | 825,740 | 14,279 | 893,335 |
Total | 690,077 | 72,082 | 217,467 | 979,626 | 128,914 | 912,921 | 103,257 | 1,145,092 |
Finnvera plc | Finnvera plc | |||||||
| Financial assets | 31 Dec 2025 | 31 Dec 2024 | ||||||
| (EUR 1,000) | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total |
Loans and receivables from credit institutions | 29 | - | - | 29 | 35 | - | - | 35 |
| Loans and receivables | 5,094 | 11,618 | 192,094 | 208,806 | 22,575 | 61,618 | 88,978 | 173,171 |
| from customers | ||||||||
Investments | 197 | - | - | 197 | 412 | - | - | 412 |
Off-balance sheet items | 684,755 | 60,464 | 25,373 | 770,592 | 105,883 | 851,304 | 14,279 | 971,466 |
Total | 690,075 | 72,082 | 217,467 | 979,624 | 128,907 | 912,921 | 103,257 | 1,145,085 |
| E4.4.1 Loans and receivables from customers | ||||||||
| Loans and receivables from customers include all IFRS 9-depreciations of assets, excl. loans and receivables | ||||||||
| from credit institutions and investments. | Finnvera Group | Finnvera Group | ||||||
31 Dec 2025 | 31 Dec 2024 | |||||||
(EUR 1,000) | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total |
ECL at the beginning of the period | 75,142 | 87,182 | 88,978 | 251,302 | 21,690 | 193,150 | 78,922 | 293,762 |
Changes in ECL during the reporting period | -51,713 | -9,653 | 16,040 | -45,325 | 45,687 | -10,049 | -3,807 | 31,831 |
Transfers to stage 1 from stages 2 and 3 | - | -1,705 | -1,032 | -2,737 | - | -100,127 | -128 | -100,254 |
Transfers to stage 2 from stages 1 and 3 | -1,018 | - | -3,317 | -4,335 | -1,691 | - | -1,422 | -3,113 |
Transfers to stage 3 from stages 1 and 2 | -163 | -51,650 | - | -51,813 | -200 | -1,529 | - | -1,729 |
Additions from stage 1 | - | 2,543 | 2,474 | 5,017 | - | 6,693 | 2,573 | 9,266 |
Additions from stage 2 | 106 | - | 92,295 | 92,401 | 127 | - | 4,354 | 4,481 |
Additions from stage 3 | 167 | 666 | - | 833 | 80 | 351 | - | 431 |
ECL from new receivables | 2,419 | 863 | 18,111 | 21,394 | 13,359 | 779 | 17,665 | 31,804 |
Paid receivables and recovery write-offs | -18,367 | -3,712 | -14,394 | -36,473 | -3,909 | -2,088 | -9,180 | -15,176 |
ECL at the end of the period | 6,572 | 24,535 | 199,156 | 230,264 | 75,142 | 87,182 | 88,978 | 251,302 |
Net change in ECL during the reporting period | -21,038 | -42,460 | ||||||
Locally operating small companies | 497 | 1,246 | 12,522 | 14,265 | 432 | 1,187 | 11,345 | 12,964 |
SMEs focusing on the domestic markets | 1,324 | 2,103 | 27,057 | 30,484 | 1,465 | 2,013 | 22,563 | 26,040 |
SMEs seeking growth and internationalisation | 3,573 | 4,608 | 23,951 | 32,132 | 3,225 | 3,854 | 29,567 | 36,646 |
Large corporates | 1,179 | 16,578 | 135,626 | 153,382 | 70,019 | 80,128 | 25,504 | 175,651 |
Total | 6,572 | 24,535 | 199,156 | 230,264 | 75,142 | 87,182 | 88,978 | 251,302 |
Realised credit losses | 28 | 1,991 | 836 | 2,855 | 367 | 206 | 9,553 | 10,126 |
66
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Finnvera plc | Finnvera plc | |||||||
31 Dec 2025 | 31 Dec 2024 | |||||||
(EUR 1,000) | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total |
ECL at the beginning of the period | 22,575 | 61,618 | 88,978 | 173,171 | 9,746 | 49,808 | 78,922 | 138,476 |
Changes in ECL during the reporting period | -362 | -1,262 | 8,978 | 7,354 | 2,369 | 6,586 | -3,807 | 5,147 |
Transfers to stage 1 from stages 2 and 3 | - | -331 | -1,032 | -1,363 | - | -622 | -128 | -750 |
Transfers to stage 2 from stages 1 and 3 | -1,018 | - | -3,317 | -4,335 | -1,691 | - | -1,422 | -3,113 |
Transfers to stage 3 from stages 1 and 2 | -163 | -51,650 | - | -51,813 | -200 | -1,529 | - | -1,729 |
Additions from stage 1 | - | 2,543 | 2,474 | 5,017 | - | 6,693 | 2,573 | 9,266 |
Additions from stage 2 | 61 | - | 92,295 | 92,357 | 127 | - | 4,354 | 4,481 |
Additions from stage 3 | 167 | 666 | - | 833 | 80 | 351 | - | 431 |
ECL from new receivables | 2,159 | 863 | 18,111 | 21,134 | 13,328 | 779 | 17,665 | 31,772 |
Paid receivables and recovery write-offs | -18,325 | -830 | -14,394 | -33,548 | -1,183 | -449 | -9,180 | -10,811 |
ECL at the end of the period | 5,094 | 11,618 | 192,094 | 208,806 | 22,575 | 61,618 | 88,978 | 173,171 |
Net change in ECL during the reporting period | 35,635 | 34,695 | ||||||
Locally operating small companies | 497 | 1,246 | 12,522 | 14,265 | 432 | 1,187 | 11,345 | 12,964 |
SMEs focusing on the domestic markets | 1,324 | 2,103 | 27,057 | 30,484 | 1,465 | 2,013 | 22,563 | 26,040 |
SMEs seeking growth and internationalisation | 3,269 | 4,608 | 23,951 | 31,828 | 3,194 | 3,854 | 29,567 | 36,615 |
Large corporates | 5 | 3,660 | 128,564 | 132,229 | 17,484 | 54,563 | 25,504 | 97,552 |
Total | 5,094 | 11,618 | 192,094 | 208,806 | 22,575 | 61,618 | 88,978 | 173,171 |
Realised credit losses | 28 | 1,991 | 836 | 2,855 | 367 | 206 | 9,553 | 10,126 |
| E4.4.2 Off balance sheet items | ||||||||
Finnvera Group | Finnvera Group | |||||||
31 Dec 2025 | 31 Dec 2024 | |||||||
(EUR 1,000) | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total |
ECL at the beginning of the period | 53,317 | 825,740 | 14,279 | 893,335 | 62,399 | 796,662 | 41,754 | 900,814 |
Changes in ECL during the reporting period | -5,572 | -34,536 | -1,277 | -41,385 | -10,844 | 47,931 | -3,273 | 33,814 |
Transfers to stage 1 from stages 2 and 3 | - | -544,055 | -95 | -544,150 | - | -12,296 | -6 | -12,302 |
Transfers to stage 2 from stages 1 and 3 | -1,944 | - | -2 | -1,947 | -2,717 | - | -522 | -3,239 |
Transfers to stage 3 from stages 1 and 2 | -858 | -525 | - | -1,383 | -333 | -2,890 | - | -3,224 |
Additions from stage 1 | - | 9,261 | 10,293 | 19,553 | - | 9,726 | 3,907 | 13,633 |
Additions from stage 2 | 519,820 | - | 523 | 520,344 | 1,322 | - | 4,471 | 5,793 |
Additions from stage 3 | 2 | 0 | - | 3 | 0 | 153 | - | 153 |
ECL from new finances | 144,380 | 3,770 | 401 | 148,550 | 15,747 | 76,397 | 714 | 92,859 |
Indemnified/Matured guarantees | -25,867 | -212,108 | -5,810 | -243,785 | -12,257 | -89,944 | -32,765 | -134,967 |
ECL at the end of the period | 683,277 | 47,546 | 18,311 | 749,135 | 53,317 | 825,740 | 14,279 | 893,335 |
Net change in ECL during the reporting period | -144,200 | -7,479 | ||||||
Locally operating small companies | 4,200 | 4,792 | 385 | 9,377 | 4,346 | 5,585 | 981 | 10,912 |
SMEs focusing on the domestic markets | 7,723 | 3,560 | 6,005 | 17,289 | 8,199 | 3,887 | 5,859 | 17,945 |
SMEs seeking growth and internationalisation | 21,260 | 4,663 | 2,464 | 28,387 | 20,414 | 6,093 | 4,956 | 31,463 |
Large corporates | 650,094 | 34,531 | 9,457 | 694,081 | 20,358 | 810,174 | 2,482 | 833,014 |
Total | 683,277 | 47,546 | 18,311 | 749,135 | 53,317 | 825,740 | 14,279 | 893,335 |
Realised credit losses | 160 | 254 | 32,904 | 33,318 | 1,302 | 662 | 108,493 | 110,458 |
67
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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Finnvera plc | Finnvera plc | |||||||
31 Dec 2025 | 31 Dec 2024 | |||||||
(EUR 1,000) | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total |
ECL at the beginning of the period | 105,883 | 851,304 | 14,279 | 971,466 | 74,342 | 940,004 | 41,754 | 1,056,100 |
Changes in ECL during the reporting period | -56,923 | -42,927 | 5,785 | -94,064 | 32,474 | 31,297 | -3,273 | 60,498 |
Transfers to stage 1 from stages 2 and 3 | - | -545,429 | -95 | -545,524 | - | -111,801 | -6 | -111,807 |
Transfers to stage 2 from stages 1 and 3 | -1,944 | - | -2 | -1,947 | -2,717 | - | -522 | -3,239 |
Transfers to stage 3 from stages 1 and 2 | -858 | -525 | - | -1,383 | -333 | -2,890 | - | -3,224 |
Additions from stage 1 | - | 9,261 | 10,293 | 19,553 | - | 9,726 | 3,907 | 13,633 |
Additions from stage 2 | 519,865 | - | 523 | 520,389 | 1,322 | - | 4,471 | 5,793 |
Additions from stage 3 | 2 | 0 | - | 3 | 0 | 153 | - | 153 |
ECL from new finances | 144,639 | 3,770 | 401 | 148,810 | 15,779 | 76,397 | 714 | 92,890 |
Indemnified/Matured guarantees | -25,909 | -214,990 | -5,810 | -246,710 | -14,983 | -91,583 | -32,765 | -139,332 |
ECL at the end of the period | 684,755 | 60,464 | 25,373 | 770,592 | 105,883 | 851,304 | 14,279 | 971,466 |
Net change in ECL during the reporting period | -200,873 | -84,634 | ||||||
Locally operating small companies | 4,200 | 4,792 | 385 | 9,377 | 4,346 | 5,585 | 981 | 10,912 |
SMEs focusing on the domestic markets | 7,723 | 3,560 | 6,005 | 17,289 | 8,199 | 3,887 | 5,859 | 17,945 |
SMEs seeking growth and internationalisation | 21,564 | 4,663 | 2,464 | 28,691 | 20,445 | 6,093 | 4,956 | 31,494 |
Large corporates | 651,267 | 47,448 | 16,519 | 715,235 | 72,893 | 835,738 | 2,482 | 911,114 |
Total | 684,755 | 60,464 | 25,373 | 770,592 | 105,883 | 851,304 | 14,279 | 971,466 |
Realised credit losses | 160 | 254 | 32,904 | 33,318 | 1,302 | 662 | 108,493 | 110,458 |
E5 Intangible and tangible assets
| E5.1 Intangible assets | |||||
| Finnvera Group/Finnvera plc 2025 | |||||
| IT applications | |||||
| and other | Right-of- | ||||
| intangible | use-assets | Projects in | |||
(EUR 1,000) | Digitalisation | assets | (IFRS 16) | progress | Total |
Carrying amount at 1 Jan | 3,784 | 760 | 3,757 | 3,681 | 11,982 |
- Acquisition cost at 1 Jan | 12,394 | 6,121 | 10,658 | 3,817 | 32,989 |
- Additions | 439 | 680 | 75 | 1,802 | 2,996 |
- Disposals | -6,018 | -4,468 | - | - | -10,486 |
Acquisition cost at 31 Dec | 6,814 | 2,334 | 10,733 | 5,619 | 25,500 |
- Accumulated amortisation and impairment losses at 1 Jan | -8,609 | -5,361 | -6,901 | -136 | -21,008 |
- Accumulated amortisation on disposals | 6,019 | 4,468 | - | - | 10,487 |
- Amortisation for the period | -1,230 | -253 | -1,352 | -544 | -3,380 |
Accumulated amortisation and impairment losses at 31 Dec | -3,821 | -1,146 | -8,253 | -681 | -13,901 |
Carrying amount at 31 Dec | 2,993 | 1,188 | 2,479 | 4,939 | 11,599 |
| Finnvera Group/Finnvera plc 2024 | |||||
| IT applications | |||||
| and other | Right-of- | ||||
| intangible | use-assets | Projects in | |||
(EUR 1,000) | Digitalisation | assets | (IFRS 16) | progress | Total |
Carrying amount at 1 Jan | 3,547 | 672 | 3,008 | 2,484 | 9,711 |
- Acquisition cost at 1 Jan | 10,760 | 5,770 | 8,541 | 2,484 | 27,555 |
- Additions | 1,633 | 352 | 2,117 | 1,333 | 5,435 |
- Disposals | - | - | - | - | 0 |
Acquisition cost at 31 Dec | 12,394 | 6,121 | 10,658 | 3,817 | 32,989 |
- Accumulated amortisation and impairment losses at 1 Jan | -7,213 | -5,097 | -5,533 | - | -17,843 |
- Accumulated amortisation on disposals | - | - | - | - | 0 |
- Amortisation for the period | -1,396 | -264 | -1,368 | -136 | -3,164 |
Accumulated amortisation and impairment losses at 31 Dec | -8,609 | -5,361 | -6,901 | -136 | -21,008 |
Carrying amount at 31 Dec | 3,784 | 760 | 3,757 | 3,681 | 11,982 |
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| E5.2 Tangible assets | ||||
| Finnvera Group/Finnvera plc 2025 | ||||
| Right-of- | ||||
| Machinery and | use-assets | |||
| (EUR 1,000) | equipment | Cars | (IFRS 16) | Total |
Carrying amount at 1 Jan | 132 | 659 | 4,965 | 5,756 |
- Acquisition cost at 1 Jan | 566 | 923 | 10,856 | 12,345 |
- Additions | 86 | 17 | 704 | 807 |
- Disposals | -235 | -73 | -271 | -579 |
Acquisition cost at 31 Dec | 417 | 866 | 11,290 | 12,573 |
- Accumulated depreciation and impairment losses at 1 Jan | -434 | -265 | -5,891 | -6,589 |
- Accumulated depreciation on disposals | 251 | 17 | - | 267 |
- Depreciation for the period | -71 | -224 | -1,546 | -1,842 |
Accumulated depreciations and impairment losses at 31 Dec | -254 | -472 | -7,437 | -8,163 |
Carrying amount at 31 Dec | 163 | 394 | 3,853 | 4,409 |
| Finnvera Group/Finnvera plc 2024 | ||||
| Right-of- | ||||
| Machinery and | use-assets | |||
| (EUR 1,000) | equipment | Cars | (IFRS 16) | Total |
Carrying amount at 1 Jan | 135 | 360 | 2,856 | 3,352 |
- Acquisition cost at 1 Jan | 509 | 434 | 13,216 | 14,159 |
- Additions | 57 | 490 | 3,947 | 4,493 |
- Disposals | - | - | -6,307 | -6,307 |
Acquisition cost at 31 Dec | 566 | 923 | 10,856 | 12,346 |
- Accumulated depreciation and impairment losses at 1 Jan | -374 | -74 | -10,360 | -10,807 |
- Accumulated depreciation on disposals | - | - | - | - |
- Depreciation for the period | -60 | -191 | 4,469 | 4,218 |
Accumulated depreciations and impairment losses at 31 Dec | -434 | -265 | -5,891 | -6,589 |
Carrying amount at 31 Dec | 132 | 659 | 4,965 | 5,757 |
| E5.3 Notes to the tangible and intangible assets according to IFRS | |||
| 16, balance sheet items of the right-of-the-use assets | |||
| Finnvera Group/Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | |
| Right-of-use-asset | |||
| Intangible assets | |||
- IT Applications | 2,479 | 3,757 | |
Total | 2,479 | 3,757 | |
| Tangible assets | |||
- Office properties | 3,853 | 4,965 | |
Total | 3,853 | 4,965 | |
| Finnvera Group/Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | |
| Other liabilities | |||
| Lease liabilities | |||
- IT applications | 2,223 | 3,449 | |
- Office properties | 3,863 | 4,993 | |
Total | 6,086 | 8,441 | |
| Finnvera Group/Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | |
| Lease liabilities | |||
Carrying amount at 31 Dec | 6,086 | 8,441 | |
| Maturity based on contract | |||
<1 | 41 | 131 | |
1-2 year | 651 | ||
2-3 year | 1,406 | ||
| 3-4 year | |||
| 4-5 year | |||
over 5 year | 3,988 | 8,310 | |
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REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
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| E7 Prepayments and accrued income | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Interest and interest subsidy receivables | 278,502 | 246,957 | 193,495 | 181,486 |
Group internal interest receivables | - | - | 54,393 | 43,707 |
Fee and commission receivables, IFRS 15 | 3,961 | 5,061 | 3,236 | 3,594 |
Group internal fee and commission receivables | - | - | 1 | - |
Reinsurance premiums paid in advance, IFRS 15 | 46,281 | 29,804 | 46,281 | 29,804 |
Cash collateral given for derivatives | 418,520 | 689,490 | 418,520 | 689,490 |
Prepayments and other accrued income | 889 | 1,090 | 882 | 1,086 |
Total | 748,152 | 972,402 | 716,807 | 949,168 |
| E8 Tax assets and liabilities | ||
| Finnvera Group | ||
(EUR 1,000) | 2025 | 2024 |
Deferred tax assets at 1 Jan | 1,941 | 2,776 |
Increase/decrease to income statement during the period | -1,941 | -836 |
Deferred tax assets at 31 Dec | - | 1,941 |
Current income tax assets | - | 171 |
Total tax assets | 0 | 2,112 |
| Finnvera Group | ||
(EUR 1,000) | 2025 | 2024 |
Deferred tax liabilities at 1 Jan | - | - |
Increase/decrease to income statement during the period | - | - |
Deferred tax liabilities at 31 Dec | - | - |
Total deferred tax liabilities | - | - |
Current income tax liabilities | 582 | - |
Total tax liabilities | 582 | - |
Deferred tax, net at 31 Dec | 0 | 1,941 |
| E6 Other assets | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Credit loss receivables from the State 1 | 3,562 | 10,650 | 3,562 | 10,650 |
Export credit finance deficit receivable from subsidiaries | - | - | - | 6,053 |
Internal other receivables from subsidiaries 2 | - | - | 2,643 | 2,452 |
Fund payment from The State Guarantee Fund | - | 349,023 | - | 349,023 |
Other | 182 | 418 | 180 | 416 |
Total | 3,745 | 360,091 | 6,385 | 368,593 |
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E10 Debt securities in issue
| EMTN debt programme | |||||||
Issuer and ISIN | Finnvera plc/ | ||||||
| Finnvera Group | |||||||
| Carrying amount | |||||||
| Nominal | Maturity | ||||||
(EUR 1,000) | Interest | (thousands) | Currency | Issue date | date 31 Dec 2025 31 Dec 2024 | ||
Finnvera Plc - XS1951364915 | 2.800% | 30,000 | AUD | 14.2.2019 | 14.8.2029 | 15,925 | 16,583 |
Finnvera Plc - XS1951364915 | 2.800% | 30,000 | AUD | 13.11.2019 | 14.8.2029 | 15,925 | 16,583 |
Finnvera Plc - XS1392927072 | 0.500% | 1,000,000 | EUR | 13.4.2016 | 13.4.2026 | 995,484 | 976,908 |
Finnvera Plc - XS1613374559 | 1.125% | 750,000 | EUR | 17.5.2017 | 17.5.2032 | 683,706 | 691,949 |
Finnvera Plc - XS1613374559 | 1.125% | 100,000 | EUR | 3.7.2017 | 17.5.2032 | 91,161 | 92,260 |
Finnvera Plc - XS1613374559 | 1.125% | 150,000 | EUR | 6.9.2017 | 17.5.2032 | 136,741 | 138,390 |
Finnvera Plc - XS1791423178 | 1.250% | 1,000,000 | EUR | 14.3.2018 | 14.7.2033 | 904,782 | 924,837 |
Finnvera Plc - XS1904312318 | 0.750% | 500,000 | EUR | 7.11.2018 | 7.8.2028 | 479,223 | 472,063 |
Finnvera Plc - XS1979447064 | 0.375% | 1,000,000 | EUR | 9.4.2019 | 9.4.2029 | 938,302 | 927,120 |
Finnvera Plc - XS2230845328 | 0.000% | 1,000,000 | EUR | 15.9.2020 | 15.9.2027 | 963,081 | 943,046 |
Finnvera Plc - XS2529521283 | 2.125% | 1,000,000 | EUR | 8.9.2022 | 8.3.2028 | 998,303 | 1,000,170 |
Finnvera Plc - XS2830098666 | 2.875% | 1,000,000 | EUR | 30.5.2024 | 30.8.2029 | 1,014,272 | 1,024,092 |
Finnvera Plc - XS3219317669 | 2.375% | 1,000,000 | EUR | 29.10.2025 | 29.10.2030 | 984,652 | - |
Finnvera Plc - XS1538285807 | 1.910% | 1,500,000 | SEK | 20.12.2016 | 20.12.2028 | 136,001 | 126,386 |
Finnvera Plc - XS1538285807 | 1.910% | 1,500,000 | SEK | 23.1.2017 | 20.12.2028 | 136,001 | 126,386 |
Finnvera Plc - XS1538285807 | 1.910% | 500,000 | SEK | 23.1.2017 | 20.12.2028 | 45,334 | 42,129 |
Finnvera Plc - XS1241947768 | 2.375% | 500,000 | USD | 4.6.2015 | 4.6.2025 | - | 477,017 |
Finnvera Plc - XS2401591800 | 1.125% | 1,000,000 | USD | 27.10.2021 | 27.10.2026 | 833,343 | 909,798 |
Finnvera Plc - XS2636756657 | 4.000% | 1,000,000 | USD | 15.6.2023 | 15.6.2028 | 855,515 | 948,332 |
Finnvera Plc - XS2708405662 | 5.125% | 1,000,000 | USD | 25.10.2023 | 17.3.2027 | 864,190 | 976,063 |
Finnvera Plc - XS3084364895 | 4.250% | 1,000,000 | USD | 29.5.2025 | 29.8.2030 | 863,035 | - |
Total | 11,954,976 | 10,830,110 | |||||
| ECP debt programme | ||||||
Issuer and ISIN | Finnvera plc/ | |||||
| Finnvera Group | ||||||
| Carrying amount | ||||||
| Nominal | Maturity | |||||
| (EUR 1,000) | (thousands) | Currency | Issue date | date 31 Dec 2025 31 Dec 2024 | ||
- | - | - | - | - | - | |
Total | - | - |
| E9 Liabilities to credit and other institutions | ||||
Finnvera Group 2025 | Finnvera plc 2025 | |||
| Nominal | Carrying | Nominal | Carrying | |
| (EUR 1,000) | value | amount | value | amount |
| Liabilities to credit and other institutions | ||||
1 Jan 2025 | 103,527 | 103,527 | 311,069 | 311,069 |
Loans withdrawn | 50,034 | 50,034 | 521,952 | 521,952 |
Repayments | -67,550 | -67,550 | -496,103 | -496,103 |
Net proceeds (+) and repayments (-) of short-term loans 1 | - | - | - | - |
Early repayments | - | - | - | - |
Fair value changes | - | - | ||
Foreign exchange differences | -6,879 | -6,879 | -7,254 | -7,254 |
31 Dec 2025 | 79,133 | 79,133 | 329,664 | 329,664 |
Finnvera Group 2024 | Finnvera plc 2024 | |||
| Nominal | Carrying | Nominal | Carrying | |
| (EUR 1,000) | value | amount | value | amount |
| Liabilities to credit and other institutions | ||||
1 Jan 2024 | 128,525 | 128,525 | 286,150 | 286,150 |
Loans withdrawn | 72,631 | 72,631 | 492,631 | 492,631 |
Repayments | -102,585 | -102,585 | -472,668 | -472,668 |
Net proceeds (+) and repayments (-) of short-term loans 1 | - | - | - | - |
Early repayments | - | - | - | - |
Fair value changes | - | - | - | |
Foreign exchange differences | 4,956 | 4,956 | 4,956 | 4,956 |
31 Dec 2024 | 103,527 | 103,527 | 311,069 | 311,069 |
1 The gross amounts of short-term liabilities are presented in the notes of the cash flow statement.
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Finnvera Group 2025 | Finnvera plc 2025 | |||
| Nominal | Carrying | Nominal | Carrying | |
| (EUR 1,000) | value | amount | value | amount |
| Debt securities in issue (ECP debt programme) | ||||
1 Jan 2025 | - | - | - | - |
Debt securities issued | 1,426,352 | 1,421,618 | 1,426,352 | 1,421,618 |
Repayments at maturity | -1,423,645 | -1,423,645 | -1,423,645 | -1,423,645 |
Fair value changes | - | - | - | - |
Foreign exchange differences | -2,707 | -2,689 | -2,707 | -2,689 |
Other changes | - | 4,716 | - | 4,716 |
31 Dec 2025 | - | - | - | - |
Finnvera Group 2024 | Finnvera plc 2024 | |||
| Nominal | Carrying | Nominal | Carrying | |
| (EUR 1,000) | value | amount | value | amount |
| Debt securities in issue (ECP debt programme) | ||||
1 Jan 2024 | 235,747 | 233,965 | 235,747 | 233,965 |
Debt securities issued | 411,640 | 408,588 | 411,640 | 408,588 |
Repayments at maturity | -650,586 | -650,586 | -650,586 | -650,586 |
Fair value changes | - | - | - | - |
Foreign exchange differences | 3,200 | 3,184 | 3,200 | 3,184 |
Other changes | - | 4,848 | - | 4,848 |
31 Dec 2024 | - | - | - | - |
Short-term debt securities (ECP debt programme) have been recognised at amortised cost using the effective
interest rate method.
Finnvera Group 2025 | Finnvera plc 2025 | |||
| Nominal | Carrying | Nominal | Carrying | |
| (EUR 1,000) | value | amount | value | amount |
| Debt securities in issue (EMTN debt programme) | ||||
1 Jan 2025 | 11,210,159 | 10,830,110 | 11,210,159 | 10,830,110 |
Debt securities issued | 1,886,446 | 1,879,632 | 1,886,446 | 1,879,632 |
Repayments at maturity | -439,213 | -439,213 | -439,213 | -439,213 |
Fair value changes | - | 73,009 | - | 73,009 |
Foreign exchange differences | -395,579 | -394,271 | -395,579 | -394,271 |
Other changes | - | 5,707 | - | 5,707 |
31 Dec 2025 | 12,261,813 | 11,954,976 | 12,261,813 | 11,954,976 |
Average interest rate 1 | 2.7391% | 2.7312% | ||
Finnvera Group 2024 | Finnvera plc 2024 | |||
| Nominal | Carrying | Nominal | Carrying | |
| (EUR 1,000) | value | amount | value | amount |
| Debt securities in issue (EMTN debt programme) | ||||
1 Jan 2024 | 10,924,721 | 10,350,848 | 10,924,721 | 10,350,848 |
Debt securities issued | 1,000,000 | 994,750 | 1,000,000 | 994,750 |
Repayments at maturity | -928,764 | -928,764 | -928,764 | -928,764 |
Fair value changes | - | 197,862 | - | 197,862 |
Foreign exchange differences | 214,202 | 209,336 | 214,202 | 209,336 |
Other changes | - | 6,078 | - | 6,078 |
31 Dec 2024 | 11,210,159 | 10,830,110 | 11,210,159 | 10,830,110 |
Average interest rate 1 | 3.7553% | 3.7416% | ||
1 The average interest rate is calculated as an average interest rate for all interest-bearing loans.
Liabilities have been measured at fair value through profit and loss (FVTPL) when they have been hedged with
derivatives (fair value option). Liabilities under hedge accounting are carried at amortised cost and adjusted for
the change in interest rate risk. An amount equalling the nominal value of a liability is repaid at the maturity date.
The credit risk portion of the change in fair value of the FVTPL liabilities is based onmarket data. The liabilities
have been guaranteed by the state of Finland, whose credit risk has not changed.
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Fair value hedging
Fair value hedging is used to hedge the interest rate risk of issued bonds and investments. The hedged liabilities
are measured at fair value with regard to the hedged risk and the changes in their fair values have been recog-
nised in the income statement. Debt securities covered by hedge accounting are measured at fair value through
other comprehensive income and the changes in the fair value with regard to the hedged risk is recognised in the
income statement. Change in the fair value of derivatives is recognised in the income statement.
Hedge ineffectiveness 1 | Finnvera plc/Finnvera Group | |
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Hedging derivatives, debt securities | 21,982 | -62,238 |
Hedging derivatives, debt securities in issue | 54,556 | 182,104 |
Hedging instruments total | 76,538 | 119,866 |
Hedged items, debt securities | -23,943 | 62,846 |
Hedged items, debt securities in issue | -55,265 | -177,186 |
Hedged items total | -79,209 | -114,340 |
Hedge ineffectiveness recognised in the income statement 2 | -2,671 | 5,526 |
1 In its financial statements, Finnvera plc recognises Finnish Export Credit Ltd’s share of the change in the fair value of liabilities and derivatives
either as a liability to or as a receivable from Finnish Export Credit Ltd, depending on the final outcome of the change.
2 Presented in the line item Gains and losses from financial instruments carried at fair value through profit and loss and foreign exchange gains
and losses.
Accumulated fair value adjustments on hedged assets | Finnvera plc/Finnvera Group | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | |
Debt securities carried at fair value through OCI | 4,090,967 | 3,647,092 | |
Of which accumulated amount of fair value hedge adjustments | -1,661 | 22,282 | |
Accumulated fair value adjustments on liabilities | Finnvera plc/Finnvera Group | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | |
Debt securities in issue, carried at amortised cost | 11,379,064 | 9,863,154 | |
Accumulated amount of fair value hedge adjustments | -257,756 | -313,993 | |
Total | 11,121,307 | 9,549,161 | |
E11 Derivatives and hedge accounting
Hedge accounting is in line with the financial policy. The hedge accounting documentation was prepared on the
start date of the hedging relationship as hedge accounting was introduced. Between the hedged items and hedg-
ing instruments, there is an economic relationship based on identical interest rate linkages and elements with
otherwise symmetrical terms, and both are consequently deemed to react in the same way to changes in market
interest rates. The company’s risk management relies on structural hedging of the interest rate risk, which means
that the interest rate linkages of receivables and liabilities are matched. Regarding hedge accounting, hedging
instruments and hedged items can be 100% matched, in which case the typical hedging rate is 100%. Potential
sources of ineffectiveness are analysed continuously.
| Finnvera plc/Finnvera Group | |||
Fair value | Nominal value | ||
(EUR 1,000) | positive | negative | Total |
| 31 Dec 2025 | |||
| Fair value hedges | |||
- Interest rate swaps | 70,297 | 332,267 | 14,645,694 |
| Cash flow hedges | |||
- Cross-currency interest rate swaps | 7,034 | 39,244 | 2,185,167 |
Hedging derivatives not designated in hedge accounting relationships 1 | |||
- Interest rate swaps | 341 | 155 | 1,417,408 |
- Cross-currency interest rate swaps | - | 25,440 | 857,558 |
- Forward foreign exchange contracts | 42 | 4,903 | 753,059 |
Total | 77,714 | 402,008 | 19,858,885 |
| 31 Dec 2024 | |||
| Fair value hedges | |||
- Interest rate swaps | 70,313 | 377,791 | 12,576,113 |
| Cash flow hedges | |||
- Cross-currency interest rate swaps | 52,065 | 154,396 | 2,296,659 |
Hedging derivatives not designated in hedge accounting relationships 1 | |||
- Interest rate swaps | - | 6,821 | 2,179,926 |
- Cross-currency interest rate swaps | - | 167,273 | 841,211 |
- Forward foreign exchange contracts | 18,082 | 31 | 1,147,085 |
Total | 140,459 | 706,311 | 19,040,994 |
1 Other derivatives hedge foreign currency exchange risks and interest risk. Debt securities in issue hedged with derivatives that are not covered
by fair value hedge accounting have been measured at fair value and the changes in their fair values have been recognised in the income
statement (fair value option). The credit risk portion of the fair value change has been recognised in the fair value reserve within equity.
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Cash flow hedging reserves | Finnvera plc/Finnvera Group | ||
| Hedging | Cost of | ||
| (EUR 1,000) | reserve | hedging | Total |
Balance at 1st Jan 2025 | 1,079 | -35,537 | -34,457 |
Fair value changes during the period | -4,623 | 15,161 | 10,538 |
Balance at 31 Dec 2025 | -3,544 | -20,375 | -23,919 |
Cash flow hedging reserves | Finnvera plc/Finnvera Group | ||
| Hedging | Cost of | ||
| (EUR 1,000) | reserve | hedging | Total |
Balance at 1st Jan 2024 | -2,142 | -17,010 | -19,152 |
Fair value changes during the period | 3,222 | -18,526 | -15,305 |
Balance at 31 Dec 2024 | 1,079 | -35,537 | -34,457 |
There are no balances in the cash flow hedge reserve that relates to hedging relationships that have been
discontinued.
| Maturity profile of the nominal | ||||||
| amount of hedging instruments | ||||||
31 Dec 2025 | < 3 months 3-12 months | 1-5 years > 5-10 years | > 10 years | Total | ||
Hegding instruments, interest rate risk | - | - | 867,808 | 466,295 | - | 1,334,103 |
Total | - | - | 867,808 | 466,295 | - | 1,334,103 |
| Maturity profile of the nominal | ||||||
| amount of hedging instruments | ||||||
31 Dec 2024 | < 3 months 3-12 months | 1-5 years > 5-10 years | > 10 years | Total | ||
Hegding instruments, interest rate risk | - | - | 431,317 | 699,418 | 203,368 | 1,334,103 |
Total | - | - | 431,317 | 699,418 | 203,368 | 1,334,103 |
| E12 Other liabilities | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Accounts payable for investments in debt securities | - | 1,991 | - | 1,991 |
Lease liabilities according to IFRS 16 | 6,086 | 8,441 | 6,086 | 8,441 |
Other | 2,662 | 4,526 | 2,662 | 4,516 |
Group internal other liabilities | - | - | 9,082 | 346 |
Total | 8,748 | 14,958 | 17,830 | 15,295 |
| Maturity profile of the nominal amount of hedging instruments | |||||||
31 Dec 2025 | < 3 months 3-12 months | 1-5 years > 5-10 years | > 10 years | Total | |||
| Hegding instruments, interest | 115,000 | 311,219 | 2,916,283 | 750,000 | - | 4,092,502 | |
| rate risk, debt securities | |||||||
| Hegding instruments, interest rate | - | 1,851,064 | 7,553,191 | 2,000,000 | - | 11,404,255 | |
| risk, debt securities in issue | |||||||
Total | 115,000 | 2,162,283 | 10,469,474 | 2,750,000 | - | 15,496,757 | |
| Maturity profile of the nominal amount of hedging instruments | |||||||
31 Dec 2024 | < 3 months 3-12 months | 1-5 years > 5-10 years | > 10 years | Total | |||
| Hegding instruments, interest | 43,000 | 159,600 | 2,847,200 | 601,200 | - | 3,651,000 | |
| rate risk, debt securities | |||||||
| Hegding instruments, interest rate | - | - | 7,887,670 | 2,000,000 | - | 9,887,670 | |
| risk, debt securities in issue | |||||||
Total | 43,000 | 159,600 | 10,734,870 | 2,601,200 | - | 13,538,670 | |
Cash flow hedging
’Hedging of cash flow hedges future cash flows against changes in reference rates in commitments in foreign
currencies. The company uses cross-currency interest rate swaps for hedging. Change in the fair value of hedging
instruments with regard to the hedged risk is reported in the hedging reserve under comprehensive income. The
company has also elected to use the separation of the cost of hedging. The cross currency basis spread of the
hedging instrument is not included in the hedging relationship but accounted for as cost of hedging and it is
recognised in the cost of hedging reserve in other comprehensive income.
Hedge ineffectiveness | Finnvera plc/Finnvera Group | |
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Valuation gains and losses during the year | 10,295 | -15,549 |
Cost of hedging portion of the valuation gains and losses | 15,161 | -18,526 |
Valuation gains and lossed excl. Cost of hedging | -4,866 | 2,978 |
Changes in fair value of hedged items used as basis for recognising hedge ineffectiveness | 4,623 | -3,222 |
Hedge ineffectiveness recognised in the income statement 1 | -243 | -244 |
Hedging gains or losses recognised in OCI | 10,538 | -15,305 |
Total | 10,295 | -15,549 |
1 Presented in the line item Gains and losses from financial instruments carried at fair value through profit and loss and foreign exchange gains
and losses.
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E14 Accruals and deferred income
| E14.1 Accruals and deferred income in balance sheet | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Interest | 246,672 | 247,064 | 219,566 | 228,275 |
Interest liabilities to subsidiaries | - | - | 2,810 | 2,130 |
Advance interest payments received | 390 | 192 | 44 | 12 |
Guarantee premiums paid in advance | 401,989 | 344,440 | 401,989 | 344,440 |
Cash collateral received for derivatives | 65,520 | 62,610 | 65,520 | 62,610 |
Security received for repo lending | 3,403 | - | 3,403 | - |
Other accruals and deferred income | 10,904 | 11,338 | 6,774 | 6,643 |
Total | 728,879 | 665,644 | 700,106 | 644,111 |
| E14.2 Future revenue from guarantee obligations | ||
| Finnvera Group/Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Within one year | 84,566 | 78,947 |
More than one year | 317,423 | 265,493 |
Total | 401,989 | 344,440 |
| E13 Provisions | ||||
Provisions according to IFRS 9 standard | Finnvera Group | Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Provisions for export finance at 1 Jan | 840,829 | 836,021 | 918,959 | 991,307 |
Provisions made during the period 1 | - | 4,808 | - | - |
Reversal of provisions | -130,343 | - | -187,016 | -72,348 |
Provisions for export credit financing at 31 Dec | 710,486 | 840,829 | 731,943 | 918,959 |
Provisions for domestic financing at 1 Jan | 52,506 | 51,870 | 52,506 | 51,870 |
Provisions made during the period | - | 636 | - | 636 |
Reversal of provisions | -13,857 | - | -13,857 | - |
Provisions for domestic financing at 31 Dec | 38,649 | 52,506 | 38,649 | 52,506 |
Total provisions for IFRS 9 at 1 Jan | 893,335 | 887,891 | 971,466 | 1,043,177 |
Provisions made during the period | 0 | 5,444 | 0 | 636 |
Reversal of provisions | -144,200 | - | -200,873 | -72,348 |
Total provisions for IFRS 9 at 31 Dec | 749,135 | 893,335 | 770,592 | 971,466 |
Provisions according to IAS 37 standard | Finnvera Group | Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Provisions according to IAS37 1 Jan | - | 1,675 | - | 1,675 |
Provisions made during the period | - | - | - | - |
Provisions used during the period | - | - | - | - |
Reversal of provisions | - | -1,675 | - | -1,675 |
Provisions according to IAS37 31 Dec | - | - | - | - |
Total provisions at 31 Dec | 749,135 | 893,335 | 770,592 | 971,466 |
1 The recognition principles of the IFRS 9 standard are presented under the accounting principles of the financial statements. In the provisions
according to the IFRS 9 standard, the portion of export credit guarantee provisions that concerns Finnish Export Credit Ltd’s export credits has
been deducted from the Group’s figure. In the Group, the expected credit loss (ECL) on export credits has been recorded as an export credit
deduction in balance sheet items Receivables from customers and Receivables from credit institutions.
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| E15 Financial instruments classification and fair values | ||||||
Finnvera Group, IFRS 9 | At fair value through | |||||
| profit or loss | ||||||
| Designated at | ||||||
| fair value through | ||||||
| Financial assets | Amortised | profit or loss (Fair | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | value option) | through OCI | Total | Fair value 1 |
| 31 Dec 2025 | ||||||
| Loans to and receivables | 534,120 | - | - | - | 534,120 | 536,357 |
| from credit institutions | ||||||
| Loans to and receivables | 6,756,604 | - | - | 57,220 | 6,813,824 | 6,966,030 |
| from customers | ||||||
| Investments in debt securities | 2,163,602 | - | - | - | 2,163,602 | 2,163,602 |
| – Short term debt securities | ||||||
| Investments in debt | 592,775 | - | - | 4,548,230 | 5,141,005 | 5,139,554 |
| securities – Bonds | ||||||
Derivatives | - | 77,714 | - | - | 77,714 | 77,714 |
Other shares and participations | - | 18,940 | - | - | 18,940 | 18,940 |
Other financial assets | 1,051,002 | - | - | - | 1,051,002 | 1,051,002 |
Total | 11,098,112 | 96,654 | - | 4,605,450 | 15,800,207 | 15,953,200 |
| At fair value through | ||||||
| profit or loss | ||||||
| Designated at | ||||||
| fair value through | ||||||
| Financial assets | Amortised | profit or loss (Fair | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | value option) | through OCI | Total | Fair value 1 |
| 31 Dec 2024 | ||||||
| Loans to and receivables | 578,684 | - | - | - | 578,684 | 581,720 |
from credit institutions 2 | ||||||
| Loans to and receivables | 7,358,324 | - | - | 30,130 | 7,388,454 | 7,528,352 |
from customers 2 | ||||||
| Investments in debt securities | 1,452,282 | - | - | - | 1,452,282 | 1,452,282 |
| – Short term debt securities | ||||||
| Investments in debt | - | - | - | 3,830,464 | 3,830,464 | 3,830,464 |
| securities – Bonds | ||||||
Derivatives | - | 140,459 | - | - | 140,459 | 140,459 |
Other shares and participations | - | 13,687 | - | - | 13,687 | 13,687 |
Other financial assets | 1,291,993 | - | - | - | 1,291,993 | 1,291,993 |
Total | 10,681,284 | 154,147 | - | 3,860,594 | 14,696,025 | 14,838,959 |
Finnvera Group, IFRS 9 | At fair value through | ||||
| profit or loss | |||||
| Financial liabilities | Amortised | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | option | Total | Fair value 1 |
| 31 Dec 2025 | |||||
Liabilities to other institutions | 79,133 | - | - | 79,133 | 79,133 |
| Debt securities in issue | |||||
- EMTN debt programme | 11,126,566 | - | 828,410 | 11,954,976 | 11,902,292 |
- ECP debt programme | - | - | - | ||
Derivatives | - | 402,008 | - | 402,008 | 402,008 |
Other financial liabilities | 331,596 | - | - | 331,596 | 331,596 |
Total | 11,537,295 | 402,008 | 828,410 | 12,767,712 | 12,715,028 |
| At fair value through | |||||
| profit or loss | |||||
| Financial liabilities | Amortised | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | option | Total | Fair value 1 |
| 31 Dec 2024 | |||||
Liabilities to other institutions | 103,527 | - | - | 103,527 | 103,528 |
| Debt securities in issue | |||||
- EMTN debt programme | 9,552,964 | - | 1,277,147 | 10,830,110 | 10,741,063 |
- ECP debt programme | - | - | - | - | - |
Derivatives | - | 706,311 | - | 706,311 | 706,311 |
Subordinated liabilities | 330,866 | - | - | 330,866 | 330,866 |
Total | 9,987,357 | 706,311 | 1,277,147 | 11,970,815 | 11,881,768 |
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Finnvera plc, IFRS 9 | At fair value through | |||||
| profit or loss | ||||||
| Designated at | ||||||
| fair value through | ||||||
| Financial assets | Amortised | profit or loss (Fair | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | value option) | through OCI | Total | Fair value 1 |
| 31 Dec 2025 | ||||||
| Loans to and receivables | 424,081 | - | - | - | 424,081 | 424,081 |
| from credit institutions | ||||||
| Loans to and receivables | 6,862,047 | - | - | 57,220 | 6,919,267 | 7,048,038 |
from customers 1 | ||||||
| Investments in debt securities | 2,163,602 | - | - | - | 2,163,602 | 2,163,602 |
| – Short term debt securities | ||||||
| Investments in debt | 592,775 | - | - | 4,548,230 | 5,141,005 | 5,139,554 |
securities – Bonds 1 | ||||||
Derivatives | - | 77,714 | - | - | 77,714 | 77,714 |
Other shares and participations | - | 18,940 | - | - | 18,940 | 18,940 |
Other financial assets | 1,019,478 | - | - | - | 1,019,478 | 1,019,478 |
Total | 11,061,992 | 96,654 | - | 4,605,450 | 15,764,087 | 15,891,407 |
Finnvera plc, IFRS 9 | At fair value through | |||||
| profit or loss | ||||||
| Designated at | ||||||
| fair value through | ||||||
| Financial assets | Amortised | profit or loss (Fair | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | value option) | through OCI | Total | Fair value 1 |
| 31 Dec 2024 | ||||||
| Loans to and receivables | 436,789 | - | - | 436,789 | 436,789 | |
| from credit institutions | ||||||
| Loans to and receivables | 7,527,630 | - | - | 30,130 | 7,557,760 | 7,656,884 |
| from customers | ||||||
| Investments in debt securities | 1,452,282 | - | - | - | 1,452,282 | 1,452,282 |
| – Short term debt securities | ||||||
| Investments in debt | - | - | - | 3,830,464 | 3,830,464 | 3,830,464 |
| securities – Bonds | ||||||
Derivatives | - | 140,459 | - | - | 140,459 | 140,459 |
Other shares and participations | - | 13,687 | - | - | 13,687 | 13,687 |
Other financial assets | 1,268,600 | - | - | - | 1,268,600 | 1,268,600 |
Total | 10,685,301 | 154,147 | - | 3,860,594 | 14,700,042 | 14,799,166 |
2 The fair values for receivables that are not measured at fair value in accounting have been determined according to the following principles.
The fair value of short-term receivables has been set at their carrying amount due to their short maturity. The fair value of long-term receivables
is based on discounted cash flows (Level 2).
Finnvera plc, IFRS 9 | At fair value through | ||||
| profit or loss | |||||
| Financial liabilities | Amortised | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | option | Total | Fair value 1 |
| 31 Dec 2025 | |||||
Liabilities to credit institutions | - | - | - | - | - |
Liabilities to other institutions | 329,664 | - | - | 329,664 | 329,664 |
| Debt securities in issue | |||||
- EMTN debt programme | 11,126,566 | - | 828,410 | 11,954,976 | 11,902,292 |
- ECP debt programme | - | - | - | ||
Derivatives | - | 402,008 | - | 402,008 | 402,008 |
Other financial liabilities | 307,353 | - | - | 307,353 | 307,353 |
Subordinated liabilities | - | - | - | - | - |
Total | 11,763,583 | 402,008 | 828,410 | 12,994,001 | 12,941,317 |
| At fair value through | |||||
| profit or loss | |||||
| Financial liabilities | Amortised | Fair value | |||
| (EUR 1,000) | cost | Mandatorily | option | Total | Fair value 1 |
| 31 Dec 2024 | |||||
Liabilities to credit institutions | - | - | - | - | - |
Liabilities to other institutions | 311,069 | - | - | 311,069 | 311,069 |
| Debt securities in issue | |||||
- EMTN debt programme | 9,552,964 | - | 1,277,147 | 10,830,110 | 10,741,063 |
- ECP debt programme | - | - | - | - | - |
Derivatives | - | 706,311 | - | 706,311 | 706,311 |
Subordinated liabilities | 314,363 | - | - | 314,363 | 314,363 |
Subordinated liabilities | - | - | - | - | - |
Total | 10,178,396 | 706,311 | 1,277,147 | 12,161,854 | 12,072,807 |
1 The fair values for liability items that are not measured at fair value in accounting have been determined according to the following principles.
The fair value of short-term liabilities has been set at their carrying amount due to their short maturity.The fair value of long-term liabilities is
based on discounted cash flows (Level 2). The fair values of bonds in issue that are covered by hedge accounting are based on the prices at the
closing of the financial period, determined by a third party (Level 2).
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| E16 Hierarchy for financial instruments carried at fair value | ||||||||
Finnvera Group | Finnvera plc | |||||||
(EUR 1,000) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Financial assets 31 Dec 2025 | ||||||||
Financial instruments carried at fair value through profit and loss | ||||||||
- Derivatives | - | 77,714 | - | 77,714 | - | 77,714 | - | 77,714 |
- Other Shares and participations | - | - | 18,940 | 18,940 | - | - | 18,940 | 18,940 |
Financial instruments carried at fair value through other comperehensive income (OCI) | ||||||||
- Loans to and receivables from customers - Debt securities | - | 57,220 | - | 57,220 | - | 57,220 | - | 57,220 |
- Investments in debt securities – Bonds | - | 4,548,230 | - | 4,548,230 | - | 4,548,230 | - | 4,548,230 |
Total | - | 4,683,163 | 18,940 | 4,702,104 | - | 4,683,163 | 18,940 | 4,702,104 |
| Financial liabilities 31 Dec 2025 | ||||||||
Financial instruments carried at fair value through profit and loss | ||||||||
- Debt securities in issue | - | 828,410 | - | 828,410 | - | 828,410 | - | 828,410 |
- Derivatives | - | 402,008 | - | 402,008 | - | 402,008 | - | 402,008 |
Total | - | 1,230,417 | - | 1,230,417 | - | 1,230,417 | - | 1,230,417 |
| Financial assets 31 Dec 2024 | ||||||||
Financial instruments carried at fair value through profit and loss | ||||||||
- Derivatives | - | 140,459 | - | 140,459 | - | 140,459 | - | 140,459 |
- Other Shares and participations | - | - | 13,687 | 13,687 | - | - | 13,687 | 13,687 |
Financial instruments carried at fair value through other comperehensive income (OCI) | ||||||||
- Loans to and receivables from customers - Debt securities | - | 30,130 | - | 30,130 | - | 30,130 | - | 30,130 |
- Investments in debt securities – Bonds | - | 3,830,464 | - | 3,830,464 | - | 3,830,464 | - | 3,830,464 |
Total | - | 4,001,054 | 13,687 | 4,014,741 | - | 4,001,054 | 13,687 | 4,014,741 |
| Financial liabilities 31 Dec 2024 | ||||||||
Financial instruments carried at fair value through profit and loss | ||||||||
- Debt securities in issue | - | 1,277,147 | - | 1,277,147 | - | 1,277,147 | - | 1,277,147 |
- Derivatives | - | 706,311 | - | 706,311 | - | 706,311 | - | 706,311 |
Total | - | 1,983,458 | - | 1,983,458 | - | 1,983,458 | - | 1,983,458 |
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| E17 Specification of events at hierarchy level 3 | ||
LEVEL 3, Financial assets | Finnvera Group | |
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
| Financial assets carried at fair value | ||
Balance at 1 Jan 1 | 13,687 | 13,723 |
Profits and losses recognised in the income statement, total | - | - |
Acquisitions | 5,253 | - |
Sales | - | |
Other | - | -35 |
Balance at end of period | 18,940 | 13,687 |
| Profits and losses recognised in the income statement | - | - |
| for the instruments held by the Group/Finnvera plc |
| E18 Financial instruments set off in the balance sheet or subject to netting agreements | |||||||
| Finnvera Group / Finnvera plc | |||||||
| Gross recognised | |||||||
| Gross recognised | financial liabilities set of | Net carrying amount in | Financial instruments | Cash received/given | |||
| (EUR 1,000) | financial assets | in the balance sheet | the balance sheet | Financial instruments 1 | received/given as collateral 1 | as collateral 1 | Net amount 1 |
| Financial assets 31 Dec 2025 | |||||||
Derivatives | 77,714 | - | 77,714 | -42,832 | - | -65,520 | -30,638 |
Total | 77,714 | - | 77,714 | -42,832 | - | -65,520 | -30,638 |
| Financial liabilities 31 Dec 2025 | |||||||
Derivatives | 402,008 | - | 402,008 | -42,832 | - | -418,520 | 59,344 |
Total | 402,008 | - | 402,008 | -42,832 | - | -418,520 | 59,344 |
| Financial assets 31 Dec 2024 | |||||||
Derivatives | 140,459 | - | 140,459 | -77,029 | - | -62,610 | 821 |
Total | 140,459 | - | 140,459 | -77,029 | - | -62,610 | 821 |
| Financial liabilities 31 Dec 2024 | |||||||
Derivatives | 706,311 | - | 706,311 | -77,029 | - | -689,490 | 60,208 |
Total | 706,311 | - | 706,311 | -77,029 | - | -689,490 | 60,208 |
1 Amounts not subject to netting but included in the main netting agreements and similar arrangements.
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| E19 Equity | ||||
Finnvera Group | Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 |
Parent company's equity | 196,605 | 196,605 | 196,605 | 196,605 |
Share premium reserve | 51,036 | 51,036 | 51,036 | 51,036 |
Fair value reserve | -13,411 | -48,226 | -13,269 | -50,775 |
- Fair value changes in assets carried at fair value through OCI | 6,861 | -20,816 | 6,861 | -20,816 |
- Expected credit losses (ECL) of assets at fair value through OCI | 3,789 | 4,498 | 3,789 | 4,498 |
- Change in the credit risk associated with liabilities carried at fair value | -142 | 2,549 | - | - |
- Cash flow hedging, hedging reserve | -3,544 | 1,079 | -3,544 | 1,079 |
- Cash flow hedging, cost of hedging reserve | -20,375 | -35,537 | -20,375 | -35,537 |
Restricted equity, total | 234,230 | 199,415 | 234,372 | 196,866 |
Non-restricted reserves | 1,111,392 | 916,129 | 1,111,392 | 916,129 |
- Reserve for domestic operations | 432,192 | 404,757 | 432,192 | 404,757 |
- Reserve for export credit guarantees and special guarantees | 679,200 | 511,372 | 679,200 | 511,372 |
Retained earnings | 248,029 | 426,944 | -16,949 | 195,767 |
- Profit/loss for previous periods | 231,681 | 199,355 | 504 | 504 |
- Result for the period | 16,358 | 227,709 | -17,442 | 195,384 |
- Direct entries to retained earnings | -11 | -121 | -11 | -121 |
Non-restricted equity, total | 1,359,421 | 1,343,073 | 1,094,443 | 1,111,896 |
Total equity, equity attributable to the parent company's shareholders | 1,593,650 | 1,542,487 | 1,328,815 | 1,308,761 |
Share capital and ownership: | 31 Dec 2025 | 31 Dec 2024 | ||||
| Share capital | Share capital | |||||
| Owner | (EUR 1,000) | Shares pcs | Ownership | (EUR 1,000) | Shares pcs | Ownership |
The Finnish State | 196,605 | 11,565 | 100% | 196,605 | 11,565 | 100% |
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F Notes on personnel and management
| F1 Average number of employees | ||||
Finnvera Group | Finnvera plc | |||
2025 | 2024 | 2025 | 2024 | |
| Average number of employees | ||||
- Permanent | 352 | 350 | 352 | 350 |
- Temporary | 20 | 22 | 20 | 22 |
Total | 373 | 372 | 373 | 372 |
Personnel as person-years | 347 | 345 | 347 | 345 |
| Finnvera plc | ||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 |
Salaries and other short-term employee benefits | 2,290 | 2,609 |
Supplementary pension commitments | 27 | 85 |
Remuneration of the Board of Directors and Supervisory Board members | 329 | 281 |
Total | 2,647 | 2,975 |
| F4 Salaries, remunerations and pension commitments for the key personnel | ||||||
Finnvera plc | 31 Dec 2025 | 31 Dec 2024 | ||||
Pension commitments | Pension commitments | |||||
(EUR 1,000) | Salaries | Voluntary | Statutory | Salaries | Voluntary | Statutory |
| Management salaries (incl. social security costs) | ||||||
| as well as applicable pension commitments | ||||||
CEO Juuso Heinilä | 375 | - | 65 | 194 | - | 34 |
CEO Pauli Heikkilä until 31 May 2024 | 505 | - | 5 | 256 | 58 | 44 |
Deputy CEO Executive Vice President Jussi Haarasilta | 257 | - | 45 | 275 | - | 48 |
Other members of the Management Group | 1,384 | 27 | 286 | 1,884 | 27 | 253 |
Other members of the Management Group, total | 2,290 | 27 | 401 | 2,609 | 85 | 379 |
| Members of the Board of Directors | ||||||
Jan Vapaavuori, chair | 53 | - | - | 2 | - | - |
Petri Ekman, chair until 4 December 2024 | - | - | - | 38 | - | - |
Jan Hjelt, I deputy chair | 29 | - | - | 21 | - | - |
Elise Pekkala, I deputy chair until 21 March 2024 | - | - | - | 7 | - | - |
Mikko Spolander, II deputy chair | 30 | - | - | 26 | - | - |
Hannu Jaatinen, member | 35 | - | - | 33 | - | - |
Hannu Kemppainen, member as 26 March 2025 | 22 | - | - | - | - | - |
Eila Kreivi, member | 30 | - | - | 19 | - | - |
Ritva Laukkanen, member until 21 March 2024 | - | - | - | 7 | - | - |
Anne Nurminen, member | 27 | - | - | 23 | - | - |
Elina Piispanen, member | 31 | - | - | 31 | - | - |
Pia Santavirta, member as 4 December 2024 | 27 | - | - | 1 | - | - |
Petri Viertiö, member until 4 December 2024 | - | - | - | 23 | - | - |
Board of Directors, total | 285 | - | - | 229 | - | - |
Members of the Supervisory Board, total | 44 | - | - | 52 | - | - |
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F5 Defined benefit pension plans
The Group has several defined benefit group pension insurance plans, which cover personnel who transferred to
Finnvera from previous organisations. At the end of 2025, there were 33 (38) people covered by the plans. The
plans are funded with annual contributions paid to the insurance company and based on actuarial calculations.
The plans are subject to local tax and other legislation. The obligation is shown as the pledge made to all
insurees and the asset is shown as the share of this obligation assumed by the insurance provider. The amount of
assets is calculated using the same discount interest rate as an equivalent obligation. As a result, the risk posed
by changes in the discounted interest rate only affects the net liabilities. As pensions rise with the credit issued by
the insurance provider, the company has no risk with regard to these. A hypothetical 0.25% increase in salary would
increase the obligation 1.8% (2.0%) and, correspondingly, an equivalent decrease would have the opposite effect.
| Balance sheet items arising from the defined benefit: | |||
| Finnvera Group/Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | |
| Pension obligation | |||
Present value of funded obligations 1 Jan | 465 | 723 | |
Total change | -20 | -258 | |
Unrecognised actuarial gains or losses | 16 | 15 | |
Interest on obligation | 16 | 23 | |
Effect of fulfilling the plan an reducing the obligation | -20 | -281 | |
| Revaluation of defined benefit plans | |||
Caused by changes in financial assumptions | -55 | -23 | |
Caused by changes in demographic assumptions | - | - | |
Based on experience | 23 | 7 | |
Present value of funded obligations 31 Dec | 445 | 465 | |
| Fair value of assets | |||
Fair value of plan assets 1 Jan | 665 | 1,335 | |
Total change | -55 | -670 | |
Interest income on assets | 22 | 43 | |
Effect of fulfilling the obligation | -20 | -281 | |
| Return on plan assets, excluding items | -42 | -136 | |
| contained in interest expenses or income | |||
Contributions paid to the plan | -15 | -295 | |
Fair value of plan assets 31 Dec | 610 | 665 | |
Net liabilities+/Net receivables- (difference between obligations and assets) | -165 | -200 | |
| Consolidated comprehensive income | |||
| statement – pension costs | |||
Unrecognised actuarial gains or losses | 16 | 15 | |
Effect of fulfilling the obligation | - | - | |
Net interest expenses | -7 | -20 | |
Consolidated income statement defined benefit pension costs | 9 | -4 | |
Items resulting from revaluation | 11 | 121 |
| The net liabilities of the Group’s defined benefits have changed during the financial period as follows: | |||
| Finnvera Group/Finnvera plc | |||
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2024 | |
| Defined benefit net liabilities | |||
Pension debt (+) / Pension receivable (-) 1 Jan | -200 | -612 | |
Expenses recognised in the income statement | 9 | -4 | |
Paid pension contributions | 15 | 295 | |
Other items recognised in the consolidated statement of comprehensive income | 11 | 121 | |
Pension debt (+) / Pension receivable (-) 31 Dec | -165 | -200 | |
| The plan assets include 100% qualifying insurance policies. | Finnvera Group/Finnvera plc | ||
Actuarial assumptions | 31 Dec 2025 | 31 Dec 2024 | |
Discount rate | 3.95 | 3.35 | |
Future salary increases | 2.50 | 2.45 | |
Future pension increases | 3.40 | 3.50 | |
defined benefit arrangements, taking into consideration payment refunds and reimbursements.
84
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
A
C
E
G
B
D
H
F
G Shares and holdings
| G1 Shares and holdings in group companies | |||||||
| Finnvera plc | |||||||
31 Dec 2025 | 31 Dec 2024 | ||||||
| Holding of all | Share of | Book value | Holding of all | Share of | Book value | ||
Name and domicile of the company | Sector | shares, % | votes, % | EUR 1,000) | shares, % | votes, % | EUR 1,000) |
| Subsidiaries (holding over 50%) | |||||||
Finnish Export Credit Ltd, Helsinki | Export financing and interest equalisation | 100.00% | 100.00% | 20,182 | 100.00% | 100.00% | 20,182 |
G2 Related party transactions, loans and receivables
Related parties include the following: the parent company, its subsidiary, the Ministry of Finance and the Ministry of Economic Affairs as well as The State
Guarantee Fund which is under the Ministry of Economic Affairs. Related parties also include the members of the Supervisory Board and the Board of
Directors, the Chief Executive Officer, the Executive Vice President and other members of the Management Group. The employment benefits received by key
management personnel are presented in the Note F3. The pricing of related party transactions is market-based.
| Finnvera Group | ||||
31 Dec 2025 | 31 Dec 2024 | |||
(EUR 1,000) | Internal item | Other | Internal item | Other |
| Relative party transactions, loans and receivables | ||||
Services purchased | - | - | ||
Interest subsidies, compensation for losses and other items from the State | 369,175 | 20,583 | ||
Interest income | 244,897 | 57,798 | 350,618 | 112,465 |
Fee and commission income | - | - | ||
Interest expenses | 244,897 | 6 | 350,618 | 361 |
Fee and commission expenses | - | - | ||
Loans | 6,317,800 | 6,511,415 | ||
Other long-term receivables | - | 349,023 | ||
Short-term receivables | 319,461 | 44,329 | 269,688 | 45,673 |
Long-term liabilities | 6,317,800 | - | 6,511,415 | 7,458 |
Short-term liabilities | 319,461 | 27,106 | 269,688 | 18,788 |
Guarantees | 7,807,150 | 8,212,311 |
85
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
A
C
E
B
D
F
H
G
| G3 Separate result of activities referred to in the act on the State Guarantee Fund §4, and it’s share of the total result of Finnvera plc | ||||
| Activities referred to in | Activities referred to in | |||
| the Fund Act and their | the Fund Act and their | |||
| Finnvera plc's profit | share of the profit | Finnvera plc's profit | share of the profit | |
(EUR 1,000) | 31 Dec 2025 | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2024 |
Net interest income | 94,717 | 42,922 | 108,550 | 49,945 |
- Interest income | 909,975 | 10,192 | 1,046,132 | 5,640 |
- Interest expense | -815,258 | 32,730 | -937,582 | 44,304 |
Net fee and commission income | 156,341 | 118,004 | 186,697 | 146,279 |
- Fee and commission income | 169,770 | 128,810 | 191,676 | 149,001 |
- Fee and commission expenses | -13,429 | -10,806 | -4,978 | -2,722 |
| Gains and losses from financial instruments | 2,051 | -1,958 | 3,183 | 3,490 |
| carried at fair value through profit and loss | ||||
Net income from investments | 548 | - | -390 | - |
Other operating income | 331 | 129 | 6,468 | 124 |
Operational expenses | -56,168 | -20,383 | -52,400 | -18,357 |
- Personnel expenses | -34,353 | -12,199 | -32,840 | -11,166 |
- Other operational expenses | -21,815 | -8,184 | -19,560 | -7,191 |
Depreciation and amortisation | -5,482 | -1,847 | -5,253 | -1,325 |
Other operating expenses | -359,129 | -349,208 | -1,954 | -163 |
| Realised credit losses and change | 149,349 | 146,241 | -49,518 | -12,165 |
| in expected credit losses, net | ||||
- Realised credit losses | -36,173 | 3,603 | -120,584 | -76,579 |
| - Credit loss compensations | 20,062 | 174 | 20,493 | - |
| from the State | ||||
- Change in expected credit losses | 165,461 | 142,465 | 50,573 | 64,414 |
Operating result | -17,442 | -66,101 | 195,384 | 167,829 |
86
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
A
C
E
B
D
F
H
G
H Key financial performance indicators
| H1 Key figures | ||||
Finnvera Group | Finnvera plc | |||
2025 | 2024 | 2025 | 2024 | |
| Key P&L figures | ||||
Net interest income, MEUR | 121 | 139 | 95 | 109 |
Net fee and commission income, MEUR | 167 | 198 | 156 | 187 |
Operational expenses, MEUR | -56 | -53 | -56 | -52 |
| - of which personnel expenses including | -34 | -33 | -34 | -33 |
| social security costs, MEUR | ||||
Other operating expense, MEUR | -350 | -2 | -359 | -2 |
| - of which return of fund payment commitment | -349 | - | -349 | - |
| to The State Guarantee Fund, MEUR | ||||
Realised credit losses and change in expected credit losses, MEUR | 129 | -70 | 129 | -70 |
Credit loss compensation from the State, MEUR | 20 | 20 | 20 | 20 |
Operating result, MEUR | 26 | 236 | -17 | 195 |
Result, MEUR | 16 | 228 | -17 | 195 |
| Key balance sheet figures | ||||
Loans to and receivables from customers, MEUR | 6,814 | 7,388 | 6,919 | 7,558 |
Investments, MEUR | 7,324 | 5,296 | 7,344 | 5,317 |
Liabilities, MEUR | 13,923 | 13,214 | 14,175 | 13,478 |
- of which debt securities in issue, MEUR | 11,955 | 10,830 | 11,955 | 10,830 |
Shareholders' equity, MEUR | 1,594 | 1,542 | 1,329 | 1,309 |
- of which non-restricted equity, MEUR | 1,359 | 1,343 | 1,094 | 1,112 |
Balance sheet total, MEUR | 15,517 | 14,756 | 15,504 | 14,787 |
| Key ratios | ||||
Return on equity, ROE, % | 1.0 | 15.8 | -1.3 | 16.0 |
Return on assets, ROA, % | 0.1 | 1.6 | -0.1 | 1.3 |
Equity ratio, % | 10.3 | 10.5 | 8.6 | 8.9 |
Cost/income ratio, % | 21.9 | 17.3 | 28.3 | 19.6 |
Average number of employees | 373 | 372 | 373 | 372 |
| H2 Formulas for the key indicators | ||
| Return on equity % (ROE) | result | |
| equity (as the average of the value at the beginning and the end of the period) | ||
| operating result – income taxes | ||
| Return on assets % (ROA) | balance sheet total on average (as the average of the value | |
| at the beginning and at the end of the period) | ||
| equity + minority share + accumulated appropria- | ||
| tions deducted by the deferred tax liability | ||
| Equity ratio, % | balance sheet total | |
| operational expenses + depreciation, amortisation and impairment | ||
| on tangible and intangible assets + other operating expenses excl. | × 100 | |
| Cost/income ratio, % | return of fund payment commitment to The State Guarantee Fund | |
| net interest income + net fee and commission income + gains | ||
| and losses from financial instruments carried at fair value | ||
| through profit and loss and foreign exchange gains and losses | ||
| + net income from investments + other operating income | ||
Average number of employees | based on monthly average for the whole period |
87
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
A
C
E
G
B
D
F
H
Signatures
Helsinki, 11 February 2026
Jan Vapaavuori Jan Hjelt
Chair of the Board of Directors First Vice Chair
Mikko Spolander Hannu Jaatinen
Second Vice Chair
Hannu Kemppainen Eila Kreivi
Anne Nurminen Elina Piispanen
Pia Santavirta Juuso Heinilä
CEO
Auditor’s note
A report on the audit conducted was issued today.
Helsinki, 11 February 2026
Ernst & Young Oy
Authorized Public Accountant Firm
Miikka Hietala
Authorized Public Accountant
88
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Auditor’s Report
To the Annual General Meeting of Finnvera Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Finnvera Oyj (business identity code 1484332-4) for the year ended
31 December, 2025. The financial statements comprise both the consolidated and the parent company’s balance
sheet, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes,
including material accounting policy information.
In our opinion the financial statements give a true and fair view of the group’s and the parent company’s
financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as
adopted by the EU and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
We have not provided any non-audit services to the parent company or subsidiary.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the accompanying financial statements.
We have also addressed the risk of management override of internal controls. This includes consideration of
whether there was evidence of management bias that represented a risk of material misstatement due to fraud.
This document is an English translation of the Finnish auditor’s report. Only the Finnish version of the report is legally binding.
89
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Key Audit Matter
How our audit addressed
the Key Audit Matter
Recognition of commission income from export credit guarantees and special guarantees
We refer to the notes A Accounting principles and notes to the income statement D2.
-
Guarantee fees are accrued over the life of the
contract. Advance payments are recognized as
income based on the accrual criteria entered into
the system during the validity of the guarantee.
Guarantee agreements are drawn up on a
customer-specific basis and may be amended
during the validity of the agreements.
-
Commission income from export credit
guarantees and special guarantees totalled
EUR 127.2 million in the 31.12.2025 financial
statements (31.12.2024: 148.0 million), which
covers approximately 79% of commission income.
Due to the significant amount of commission
income from export credit guarantees and special
guarantee operations and the differences in the
basis for determining the income, the recognition
of commission income is a key audit matter
for both the consolidated financial statements
and the parent company’s financial statements
and a significant risk of material misstatement
as referred to in point (c) of Article 10 (2) of EU
Regulation 527/2014 due to the risk related to the
timely recognition of income.
-
Our audit procedures, which take into account the
risk of material misstatement in the recognition of
commission income, included, among others,
• assessing the appropriateness of the Group’s
accounting policies for recognizing commission
income and comparing it with applicable
accounting standards;
• testing the recognition of commission income,
including reviewing internal controls when
applicable. Our testing included reconciliations
of commission income amounts to customer
contracts and testing of guarantee fees paid in
advance;
• substantive analytical procedures related to
commission income; and
• assessing the adequacy of disclosures related
to commission income.
Expected credit losses on receivables from customers and on contingent liabilities
We refer to the notes A Accounting principles, B Risk management, Contingent liabilities
and notes E2 and E13 on the balance sheet.
-
The model for calculating expected credit losses
uses assumptions, estimates and management
judgement related to, among other things,
determining the probability and amount of
expected credit losses and a significant increase
in credit risk. Management may also amend and
supplement loss provisions generated by the
accounting model with additional entries based on
management judgements.
-
Expected credit losses on receivable from
customers in the 31.12.2025 consolidated
financial statements totalled EUR 223.5 million
(31.12.2024: 244.1 million) and contingent
liabilities EUR 749.1 million (31.12.2024:
EUR 893.3 million).
-
Expected credit losses on receivables from
customers and on contingent liabilities was
determined to be a key audit matter for both the
consolidated financial statements and the parent
company’s financial statements and provisions
for export credit financing a significant risk of
material misstatement referred to in EU Regulation
No 537/2014, point (c) of Article 10(2) due to
significant management judgement included in
the valuation of expected credit losses.
-
Our audit procedures, which take into account the
material misstatement in estimating expected
credit losses included, among others,
• assessing the appropriateness of expected
credit loss calculation methods and comparing
them with applicable accounting standards
(IFRS 9);
• testing the methods for calculating expected
credit losses, including reviewing internal
controls where applicable;
• • assessing the appropriateness and
reasonableness of the key assumptions and
estimates used in the expected credit loss (ECL)
model;
• assessment of the basis and reasonableness of
the formation of additional provisions based on
management judgement;
• assessing the adequacy of disclosures related
to expected credit losses.
90
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of financial statements that
give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial
statements that give a true and fair view in accordance with the laws and regulations governing the preparation of
financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing
Director are also responsible for such internal control as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for
assessing the parent company’s and the group’s ability to continue as going concern, disclosing, as applicable,
matters relating to going concern and using the going concern basis of accounting. The financial statements are
prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company
or the group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance on whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with good auditing practice will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
-
Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern
basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the parent company’s or the group’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the parent company or the group to cease to continue as
a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events so that the financial
statements give a true and fair view.
-
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction, supervision and review of the audit work performed for
purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
91
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 21.3.2024, and our appointment represents
a total period of uninterrupted engagement of two years.
Other information
The Board of Directors and the Managing Director are responsible for the other information. The other information
comprises the report of the Board of Directors and the information included in the Annual Report, but does not
include the financial statements and our auditor’s report thereon. We have obtained the report of the Board of
Directors and the Annual Report prior to the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With
respect to report of the Board of Directors, our responsibility also includes considering whether the report of the
Board of Directors has been prepared in compliance with the applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the
financial statements and the report of the Board of Directors has been prepared in compliance with the applicable
provisions.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Opinions based on assignment of the Audit Committee
We support that the financial statements should be adopted. The proposal by the Board of Directors regarding
the use of the profit for the financial year is in compliance with the Limited Liability Companies Act. We support
that the Members of the Supervisory Board and of the Board of Directors as well as the Managing Director of the
parent company should be discharged from liability for the financial period audited by us.
Helsinki 11.2.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Miikka Hietala
Authorized Public Accountant
92
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
We have performed a reasonable assurance engagement on the financial statements 743700T69OBBJO7TCA15-
2025-12-31-1-fi.zip of Finnvera Plc (y-identifier: 1484332-4) that have been prepared in accordance with the
Commission’s regulatory technical standard for the financial year ended 31.12.2025.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the company’s report of
Board of Directors and financial statements (the ESEF financial statements) in such a way that they comply with
the requirements of the Commission’s regulatory technical standard. This responsibility includes:
-
preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the Commission’s
regulatory technical standard
-
tagging the primary financial statements, notes and company’s identification data in the consolidated financial
statements that are included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of
the Commission’s regulatory technical standard and
-
ensuring the consistency between the ESEF financial statements and the audited financial statements.
The Board of Directors and the Managing Director are also responsible for such internal control as they determine
is necessary to enable the preparation of ESEF financial statements in accordance the requirements of the
Commission’s regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that are applicable in Finland
and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The firm applies International Standard on Quality Management (ISQM) 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding compliance
with ethical requirements, professional standards and applicable legal and regulatory requirements
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance
on the financial statements that have been prepared in accordance with the Commission’s technical regulatory
standard. We express an opinion on whether the consolidated financial statements that are included in the ESEF
financial statements have been tagged, in all material respects, in accordance with the requirements of Article 4
of the Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted a
reasonable assurance engagement in accordance with International Standard on Assurance Engagements (ISAE)
3000.
The engagement includes procedures to obtain evidence on:
-
whether the primary financial statements in the consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission’s regulatory technical standard and
-
whether the notes and company’s identification data in the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance
with the requirements of Article 4 of the Commission’s regulatory technical standard and
-
whether there is consistency between the ESEF financial statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s judgement. This includes an
assessment of the risk of material deviations due to fraud or error from the requirements of the Commission’s
technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
(Translation of the Finnish original)
Independent Auditor’s Report on the ESEF Consolidated Financial Statements of Finnvera Plc
To the Board of Directors of Finnvera Plc
93
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial
statements, notes and company’s identification data in the consolidated financial statements that are included
in the ESEF financial statements of Finnvera Plc 743700T69OBBJO7TCA15-2025-12-31-1-fi.zip for the financial
year ended 31.12.2025 have been tagged, in all material respects, in accordance with the requirements of the
Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Finnvera Plc for the financial year ended
31.12.2025 has been expressed in our auditor’s report dated 11.2.2026. With this report we do not express an
opinion on the audit of the consolidated financial statements nor express another assurance conclusion.
Helsinki 11.2.2026
Ernst & Young Oy
Authorized Public Accountant Firm
Miikka Hietala
Authorized Public Accountant
94
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Statement by the Supervisory Board
We have reviewed the financial statements of Finnvera plc, including the consolidated financial statements,
for the period 1 January–31 December 2025, as well as the auditors’ report issued on 11 February 2026.
We propose to the Annual General Meeting that the financial statements, in which the consolidated income
statement shows a profit of EUR 16,358,463.29 and the parent company’s income statement shows a loss of
EUR 17,441,929.88, be adopted and that the parent company’s profit be used in accordance with the proposal
made by the Board of Directors.
Helsinki, 11 February 2026
Sofia Vikman Seppo Eskelinen
Hilkka Kemppi Hanna-Maija Kiviranta
Tatu Knuutila Mari Laaksonen
Rami Lehtinen Kari Luoto
Veli-Matti Mattila Seppo Nevalainen
Arja Parkkinen Onni Rostila
Joona Räsänen Hanna Sarkkinen
Sofia Virta Petri Vuorio
Henrik Vuornos Ville Väyrynen
95
REPORT OF THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2025
Report of the
Board of Directors
Financial
Statements
Signatures and
Auditor’s report
Notes to the
financial statements
Finnvera improves and diversifies financing
opportunities available for Finnish enterprises by
offering loans, guarantees and export credit financing.
As a State-owned company, Finnvera supplements
the financial market and with its operations, promotes
the development of enterprises and exports.
finnvera.fi