Finnvera Group, Interim Management Statement 1 January–30 September 2026

Finnvera Group, Stock Exchange Release 13 November 2026

Interim Management Statement 1 January–30 September 2026

Domestic and export financing granted increased year-on-year – Capital buffers will continue to support financing for growth, investments and exports

Finnvera Group, summary 1–9/2026 (vs. 1–9/2025 or 31 Dec 2025)

• The result for the period under review was EUR 417 million (360), an increase of 16% compared with the comparison period. The result was boosted particularly by the reversal of loss provisions totalling EUR 251 million and an increase in net fee and commission income. Net fee and commission income increased by EUR 29 million and net interest income by EUR 2 million compared with the comparison period. Realised credit losses, meanwhile, were EUR 35 million higher than in the comparison period.
• Results by business area: The parent company Finnvera plc’s SME and midcap business recorded a result of EUR -8 million (20), its Large Corporates business EUR 375 million (313), and the subsidiary Finnish Export Credit Ltd EUR 50 million (28).
• The cumulative self-sustainability target set for Finnvera’s operations was achieved.
• The balance sheet total increased by 8% to EUR 16.7 billion (15.5).
• Off-balance-sheet commitments increased by 15% to EUR 19.3 billion (16.8).
• Non-restricted equity on the balance sheet and the assets of the State Guarantee Fund, which together form the Group’s buffers against potential future losses, increased by 17% to EUR 2.9 billion (2.5).
• Expected credit losses recognised on the balance sheet decreased by 26% to EUR 0.7 billion (1.0).
• The Net Promoter Score (NPS), which measures customer satisfaction, remained high at 77 points (79), two points lower than in the comparison period.
• Profit outlook for 2026 remains unchanged: As stated in the Half-Year Report H1/2026 published in August, the earnings outlook is still expected to be more positive than previously anticipated. Significant amounts of loss provisions for export credit guarantee and special guarantee operations have been reversed. However, the credit loss risk associated with export financing exposures remains high.

Comments by CEO Juuso Heinilä:

”There are signs of a positive turnaround in the Finnish economy, although uncertainty persists in the international operating environment. Demand for Finnvera’s export financing has remained strong, contributing to stronger economic growth. In domestic financing, both the value of investments and their share of the total value of financed projects have increased significantly. This reflects companies’ confidence in the future. It is important that Finnish companies seize emerging opportunities both at home and in international markets, whether to develop their existing businesses or create new growth.

Demand for export financing has remained very strong. In January–September, Finnvera granted export credit guarantees, export guarantees and special guarantees totalling EUR 6.5 billion, compared with EUR 6.3 billion in the comparison period. Export credits were also granted in substantial amounts, totalling EUR 5.1 billion. However, EUR 2.6 billion of the export credits granted during the period under review subsequently fell through. This reflects the fact that export transactions are still most commonly financed by banks, with Finnvera providing guarantees for the financing they grant.

At the end of September, Finnvera’s exposure under export credit guarantees, export guarantees and special guarantees totalled EUR 24.6 billion, an increase of 6% from the end of the previous year. Export credit exposure, meanwhile, stood at EUR 9.6 billion, down 15% from the end of the previous year.

The export transactions financed support Finnish jobs, growth and domestic supply chains well into the future. They also strengthen the foundations for economic growth in Finland, as exports are a key driver of economic growth.

In January–September, Finnvera granted domestic loans and guarantees totalling EUR 0.8 billion, an increase of 6% compared with the comparison period. At the end of September, domestic financing exposure totalled EUR 2.2 billion, an increase of 4% from the end of the previous year. Guarantees accounted for 69% of the exposure and loans for 31%.

In January–September, Finnvera enabled an exceptionally high volume of investments through domestic financing. Together with other financiers, Finnvera financed projects with a total value of EUR 1.9 billion.

Financed investments totalled EUR 841 million, accounting for 44% of the total value of financed projects. The EUR 1 billion investment programme launched in the spring complemented the financial markets and also helped accelerate major industrial-scale investments.

A total of EUR 33 million in Climate and Digital Loans under the InvestEU guarantee programme was granted during the period under review. These loans have established themselves as a financing option for growth companies, supporting them in their green transition, digitalisation and efforts to strengthen their competitiveness. In addition, Finnvera participated in financing 427 business ownership transfers with a total of EUR 75 million.

The Growth Loan aimed at micro-enterprises and start-ups has been well received. The granting of these loans resumed in February 2026, and a total of EUR 17 million was granted to 424 companies between February and September. Impact assessment results show that the growth of the smallest companies and the jobs they create have a significant impact on the Finnish economy. Strong demand and positive experiences support the aim of establishing the loan as a permanent part of Finnvera’s financing portfolio.

Finnvera Group’s result for January–September was EUR 417 million. The result, which was significantly better than in the comparison period, was driven particularly by the reversal of loss provisions and an increase in net fee and commission income. The result strengthens Finnvera’s capital buffers, enabling it to continue financing Finnish companies’ growth, investments and exports. Finnvera’s operations are built on a sustainable financial foundation, and the cumulative self-sustainability target set for its operations has been met.

Finnvera continues to work closely with the Team Finland network to promote investments, business growth and exports. This cooperation ensures that companies can access appropriate services and financing solutions to implement their projects. Financing made available for major investments and ownership transfers in agricultural enterprises also strengthens the sector’s prospects for growth, renewal and food exports.

Customer satisfaction has remained high. The Net Promoter Score (NPS), which measures customers’ willingness to recommend Finnvera, was 77 points in January–September. This result demonstrates that Finnvera’s financing meets companies’ needs and complements the financial markets effectively.

The outlook is cautiously positive: exports are growing and companies’ willingness to invest has strengthened. An easing of geopolitical tensions could further support stronger growth. Finnvera remains committed to ensuring that Finnish companies can implement their investments, grow and succeed in international markets.” 

Finnvera Group, Financing granted and Exposure  

Financial performance 

Finnvera Group’s result for January–September 2026 was EUR 417 million (360). Of this, EUR 348 million was generated during the first two quarters and EUR 69 million during the third quarter.

The result for January–September was 16% higher than in the comparison period. The improvement was driven particularly by the reversal of expected credit losses, i.e. loss provisions, in export credit guarantee and special guarantee operations, as well as higher net fee and commission income. The Large Corporates business and the subsidiary Finnish Export Credit Ltd both recorded positive results. By contrast, the SME and midcap business recorded a loss, partly due to the reduction in the state compensation rate for losses in domestic financing from 50% to 40% at the beginning of July 2026. This change has been taken into account in the calculation of expected credit losses in domestic financing.

The Group’s net interest income increased by 2% from the comparison period to EUR 93 million (91). Interest income from loans passed on to customers decreased in both domestic and export financing, while interest income from debt securities and derivatives increased. Interest expenses increased by 4% compared with the comparison period, mainly due to higher interest expenses on issued debt securities. Interest expenses on derivatives, however, were lower than in the comparison period.

Net fee and commission income increased by 23% from the comparison period to EUR 154 million (125). The increase in net fee and commission income was driven particularly by guarantee fees recognised as income in connection with the early repayments of individual export credit guarantee exposures, as well as the recognition of termination fees relating to individual undrawn export credits.

Changes in the fair value of items recognised at fair value through profit or loss and net income from foreign currency operations totalled EUR 3 million (4) during the period under review.

The combined impact of realised credit losses and changes in expected credit losses on the Group’s result was positive at EUR 213 million (192).

Realised credit losses totalled EUR 63 million (29). Credit losses in domestic financing increased by 58% from the comparison period to EUR 52 million (33). The increase was mainly attributable to individual larger credit losses and a change in the method of recognising credit losses introduced in the first quarter. Realised credit losses in export credit guarantee and special guarantee operations totalled EUR 11 million. In the comparison period, their net impact was positive at EUR 4 million. During the period under review, the State compensation for credit losses covered EUR 25 million (16) of losses in domestic financing.

Loss provisions decreased by a total of EUR 251 million (204) during the period under review. Loss provisions for export credit guarantee and special guarantee operations decreased by EUR 258 million (187), primarily reflecting a further improvement in the business outlook for the cruise industry. By contrast, loss provisions for domestic financing increased by EUR 7 million, compared with a decrease of EUR 18 million in the comparison period. The increase was due to the reduction in the State compensation for credit and guarantee losses, which increased loss provisions for domestic financing by EUR 18 million, as reported in the Half-Year Report H1/2026.

The Group’s operational expenses, other operating expenses and depreciation and amortisation totalled EUR 47 million (46). Personnel expenses amounted to EUR 27 million (25), accounting for 63% of operational expenses (61).

At the end of September, the parent company’s capital buffers for domestic financing and export credit guarantee and special guarantee operations totalled EUR 2,582 million (2,211), including the result for the period under review. These buffers are used to cover potential future losses. The buffers comprised EUR 477 million (481) in the reserve for domestic operations and EUR 2,105 million (1,730) in the reserve for export credit guarantee and special guarantee operations and the assets of the State Guarantee Fund combined. The State Guarantee Fund is a fund outside the central government budget that holds assets accumulated from the export credit guarantee and special guarantee operations of Finnvera’s predecessor organisations. The Fund’s assets are used to cover losses from export credit guarantee and special guarantee operations and export credit financing if the companies’ non-restricted equity is insufficient to cover them. At the end of September, Finnish Export Credit Ltd’s non-restricted equity amounted to EUR 315 million (264).

The Finnvera Group’s non-restricted equity and the assets of the State Guarantee Fund totalled EUR 2,897 million (2,477).

At the end of September, non-performing exposure totalled EUR 153 million (185) in domestic financing and EUR 77 million (68) in export financing. During the period under review, non-performing exposure in domestic financing decreased by 17%, while non-performing exposure in export financing increased by 14%. At the end of September, non-performing exposure accounted for 6.9% (8.2) of domestic financing exposure and 0.3% (0.3) of export financing exposure.

At the end of September, the capital adequacy ratio was 34.9% (35.3) for domestic financing and 7.0% (7.7) for export financing, taking into account the assets of the company’s reserve for export credit guarantee and special guarantee operations and the assets of the State Guarantee Fund. The capital adequacy calculation used in banking is poorly suited to export financing, given Finnvera’s specific economic policy mandate to promote exports and the fact that the state is responsible for covering losses from export financing if the reserve on the company’s balance sheet and the assets of the State Guarantee Fund are insufficient to cover them.

Risk position

The credit risk position in domestic financing has remained in line with the company’s objectives. Drawn exposure decreased slightly compared with the beginning of 2026. The improvement in Finland’s economic situation has not yet been reflected in any significant change in exposure. Customer payment delays, non-performing exposure and loan forbearance measures have remained at higher-than-normal levels.

Drawn exposure in export financing decreased slightly compared with the beginning of 2026. The credit risk position in export financing improved during the period under review. The credit risk position continues to benefit from the strengthening of the operating environment following its recovery from the pandemic and improvements in customers’ financial position.

Market risks in treasury operations remained within the established limits. Investments managed by treasury operations increased compared with the beginning of the year. The balance sheet fair value risk decreased slightly from the previous quarter but remained above the level at the turn of the year due to the impact of the equity hedging programme.

The liquidity position remained strong during the third quarter. At the end of the third quarter, a debt issuance was completed under the EMTN programme to refinance maturing funding.

Profit outlook for 2026 unchanged

As stated in the Half-Year Report H1/2026 published in August, the profit outlook is still expected to be more positive than previously anticipated. Significant amounts of loss provisions for export credit guarantee and special guarantee operations have been reversed. However, the credit loss risk associated with export financing exposures remains high.

Further information:

Juuso Heinilä, CEO, tel. +358 29 460 2576 

Ulla Hagman, CFO, tel. +358 29 460 2458

The Interim Management Statement for 1 January–30 September 2026 is available in Finnish and English as a PDF file on the company’s website at www.finnvera.fi/financial_reports.

The Interim Management Statement has not been audited.

Distribution:

NASDAQ Helsinki Ltd, London Stock Exchange, the principal media, www.finnvera.fi