20.8.2026 11:00:19 EEST | Finnvera Oyj | Half Year financial report Finnvera Group, Stock Exchange Release 20 August 2026 Finnvera Group Half-Year Report 1 January–30 June 2026
Export financing granted at a very high level, domestic financing below the comparison period – Capital buffers enable financing for growth, investments and exports Finnvera Group, summary H1/2026 (vs. H1/2025 or 31 December 2025) The result for the review period was MEUR 348 (150), clearly better than in the comparison period. The most significant factors contributing to the improved result were EUR 195 million higher reversals of loss provisions and EUR 22 million higher net fee and commission income compared to the comparison period. Net interest income for the review period was EUR 2 million lower than in the comparison period, while realised credit losses were EUR 30 million higher. Results by business operations: The result of the parent company Finnvera plc’s SME and midcap business was MEUR -16 (9), that of Large Corporates business MEUR 327 (123), and that of the subsidiary Finnish Export Credit Ltd MEUR 37 (17). The cumulative self-sustainability target was achieved. Balance sheet total EUR 16.3 bn (15.5), up 5%. Contingent liabilities EUR 19.5 bn (16.8), up 16%. Non-restricted equity and the assets of the State Guarantee Fund, i.e. the Group’s reserves for covering potential losses, totalled EUR 2.8 bn (2.5), up 14%. Expected credit losses on the balance sheet EUR 0.7 bn (1.0), down 25%. The NPS index measuring customer satisfaction was at a high level of 77 (77), change 0 points. Outlook for 2026 updated: The outlook for 2026 is now considered more positive than previously expected. Loss provisions for export credit guarantee and special guarantee operations have been reversed to a significant extent. However, in line with the Q1/2026 outlook presented in the interim management statement published in May, the credit loss risk associated with export financing liabilities remains high.
| Finnvera Group H1/2026 (Vs. H1/2025 or 31 Dec 2025) |
| Result 348 MEUR (H1/2025: 150) change 132% | Balance sheet total 16.3 EUR bn (31 Dec 2025: 15.5) change 5% |
| Contingent liabilities 19.5 EUR bn (31 Dec 2025: 16.8) change 16% | Non-restricted equity and
the assets of the State Guarantee Fund
2.8 EUR bn
(31 Dec 2025: 2.5) change 14% |
| Cost/income ratio 19.9% (H1/2025: 22.5) change -2.6%-pp. | NPS index 77 (H1/2025: 77) change 0 |
Comments by CEO Juuso Heinilä ”The outlook for the global economy was uncertain in the first half of the year, partly due to the war in Iran. However, the outlook for the coming years is cautiously positive, and news of positive developments in the Finnish economy and revised GDP growth figures likewise indicate that the domestic economy is strengthening. Finnish exports have also developed favourably. We are at a turning point in economic growth, and it is important that Finnish companies participate in this growth. The exceptionally high volume of Finnvera’s export financing is one indication of accelerating demand and strengthening order books among export companies. We granted more than EUR 6 billion in export credit guarantees, export guarantees and special guarantees in January–June. In the whole of 2025, we provided EUR 7 billion in export financing, meaning that the amount of financing granted in the first half of 2026 was at a record high. Growth was seen across many export sectors, particularly in the maritime industry. Finnvera’s guarantee for Royal Caribbean Group’s (RCG) Icon 5 cruise ship and RCG’s announced plan to order the Icon 6 and Icon 7 vessels from Meyer Turku shipyard are positive signals for Finland and for the continuity of the Finnish maritime industry as a whole. Taking reinsurance into account, the share of the cruise shipping sector, a significant sector in Finnvera’s exposure, increased from 54% at the end of 2025 to 56% of the export credit guarantee and special guarantee exposure. Export credits granted by Finnish Export Credit Ltd have also increased significantly in recent years. The growth in export financing shows that we have been involved in financing an increasing number of Finnish export transactions, supporting employment and growth in domestic manufacturing chains in the coming years. Finnvera’s domestic loans and guarantees granted in January–June remained almost one-fifth below the level of the comparison period, and the share of investments in the total projects financed for SMEs and midcap companies was lower than in the comparison period. Our aim is to turn investments into growth, and we have announced a EUR 1 billion investment programme to accelerate domestic projects of all sizes. Through the investment programme, we also aim to finance large industrial-scale investments with new, flexible financing models that complement the financial market. During the review period, 86% of Finnvera’s domestic financing consisted of guarantees for loans provided by banks and other financiers, and 14% of direct loans. By the end of June, EUR 12 million had been granted under the loan for the growth of micro-enterprises and start-ups, which was relaunched at the beginning of February. During the period under review, climate and digital loans backed by the InvestEU guarantee programme totalled EUR 28 million (53). In line with Finnvera’s strategy, 92% of domestic financing was directed to start-ups, growth companies and internationalising companies, as well as to investments, changes of ownership, export and delivery projects, and SME guarantee projects. A key objective of Finnvera’s operations is impact, reflected in higher turnover, increased employment and internationalisation among the companies we finance, thereby strengthening the national economy. The Group’s result of EUR 348 million for January–June increases our capital buffers and provides a strong basis for accelerating companies’ growth, providing competitive export financing and strengthening the Finnish economy. The results of the Large Corporates business and the subsidiary Finnish Export Credit Ltd improved significantly, while the result of the SME and midcap business declined from the comparison period. Our financial foundation is sustainable, our risk management has been successful, and we have achieved cumulative self-sustainability. In line with our strategy, we will continue our efforts to increase Finnish exports and the number of exporters, as well as to accelerate growth in domestic investments and their commercialisation. The new legislation governing Finnvera that entered into force at the beginning of 2026 provides excellent conditions for this. The EUR 1 billion domestic investment programme also supports exports. Our opportunities to finance Finnish exports to Ukraine will increase significantly when Finnvera joins the European Commission’s Ukraine Investment Framework (UIF) guarantee programme, which is expected to take place in 2026. The financing introduced in May for major investments and ownership changes in agricultural enterprises aims to generate growth and increase food exports. We will continue our close cooperation with Team Finland partners, such as Business Finland, the Ministry for Foreign Affairs, Finnish Industry Investment (Tesi) and the Economic Development Centres. Customer satisfaction is a key indicator of the success of our operations. During the period under review, the NPS index measuring our customers’ willingness to recommend our services was at an excellent level of 77. The prolonged war in Iran is maintaining geopolitical and economic uncertainty. However, the Finnish economy is currently gaining momentum, and developments in Finnvera’s export financing in particular indicate a positive outlook for future economic growth and domestic investments. The export transactions currently being financed will contribute to GDP growth this year and next.”
Finnvera Group, Financing granted and Exposure | Financing granted, EUR bn | 1?6/2026 | 1?6/2025 | Change, % |
| Domestic loans and guarantees | 0.5 | 0.6 | -17% |
| Export credit guarantees, export guarantees and special guarantees | 6.2 | 3.7 | 67% |
| Export credits | 5.1 | 3.1 | 63% |
| The fluctuation in the amount of granted financing is influenced by the timing of individual major financing cases. Of the export credits granted, EUR 2.6 billion fell through during the review period. In 2025, export credits totalling EUR 5.6 billion were granted, of which EUR 3.1 billion fell through. |
| Exposure, EUR bn | 30 Jun 2026 | 31 Dec 2025 | Change, % |
| Domestic loans and guarantees | 2.1 | 2.1 | -2% |
| Export credit guarantees, export guarantees and special guarantees | 26.2 | 23.1 | 14% |
| - Drawn exposure | 14.8 | 14.5 | 2% |
| - Undrawn exposure | 5.0 | 5.5 | -9% |
| - Binding offers | 6.4 | 3.0 | 112% |
| Parent company's total exposure | 28.3 | 25.2 | 12% |
| Of which the share of cruise shipping sector | 16.4 | 13.2 | 25% |
| - Drawn exposure | 8.1 | 7.7 | 5% |
| - Undrawn exposure | 3.5 | 3.1 | 14% |
| - Binding offers | 4.8 | 2.4 | 103% |
| Export credits, contract portfolio and offers in total | 10.7 | 11.2 | -5% |
| - Drawn exposure | 6.9 | 6.3 | 10% |
| - Undrawn exposure | 1.2 | 2.5 | -52% |
| - Binding offers | 2.6 | 2.5 | 6% |
| 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. |
Financial performance The Finnvera Group’s result for January–June 2026 was EUR 348 million (150). Of the result, EUR 78 million was generated in the first quarter and EUR 270 million in the second quarter. The result for the review period was clearly better than in the comparison period, particularly due to the reversal of expected credit losses, i.e. loss provisions, for export credit guarantees and special guarantees, as well as higher net fee and commission income. The results of the Large Corporates business and the subsidiary Finnish Export Credit Ltd were profitable, while the SME and midcap business posted a loss due to the reduction in the State’s credit loss compensation rate for domestic financing. The Group’s net interest income decreased by 4% from the comparison period to EUR 60 million (62). 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 3% from the comparison period, particularly due to higher interest expenses on issued debt securities. Interest expenses on derivatives, in turn, were lower than in the comparison period. Net fee and commission income increased by 27% from the comparison period to EUR 105 million (83). The higher net fee and commission income during the review period was particularly attributable to the recognition as income, in the first quarter, of guarantee fees resulting from early repayments of individual export credit guarantee liabilities and termination fees for undrawn export credit financing. The Group’s gains and losses from financial instruments carried at fair value through profit or loss and foreign exchange gains and losses totalled EUR 1 million (3) during the period under review. Realised credit losses and the change in expected credit losses had a combined positive impact of EUR 215 million (39) on the Group’s result. Realised credit losses totalled EUR 54 million (24). Realised credit losses from domestic financing increased by 72% from the comparison period to EUR 48 million (28), mainly due to the realisation of individual larger losses and a change made in the first quarter to the method of recognising credit losses. Realised credit losses from export credit guarantee and special guarantee operations amounted to EUR 6 million, mainly due to an individual loss realised in the first quarter. In the comparison period, realised credit losses had a positive impact of EUR 3 million. The State’s credit loss compensation covering losses from domestic financing amounted to EUR 24 million (14). Loss provisions decreased by a total of EUR 245 million (50) during the review period. Of this, loss provisions for export credit guarantee and special guarantee operations decreased by EUR 252 million (60), while loss provisions for domestic financing increased by EUR 8 million (10). The increase in loss provisions for domestic financing was affected by the reduction in the State’s credit and guarantee loss compensation rate from 50% to 40%, which increased loss provisions for domestic financing by a total of EUR 18 million. The new State commitment to credit and guarantee loss compensation entered into force at the beginning of July 2026, and the change in the loss compensation rate has been taken into account in the calculation of expected credit losses. The Group’s operating expenses, other business expenses, depreciation and amortisation were at the level of the comparison period, totalling EUR 33 million (33). Personnel expenses accounted for EUR 19 million (18), or 62% (60), of operating expenses. At the end of June, the parent company’s reserves for covering potential future losses from domestic operations and export credit guarantee and special guarantee operations totalled EUR 2,524 million (2,211), taking into account the result for the review period. The reserves also cover the credit risk associated with export credits granted by the subsidiary Finnish Export Credit Ltd and consisted of the following: the reserve for domestic operations, EUR 468 million (481), and the reserve for export credit guarantee and special guarantee operations together with the assets of the State Guarantee Fund for covering losses, totalling EUR 2,056 million (1,730). The State Guarantee Fund is an off-budget fund whose assets include funds accumulated from the export credit guarantee and special guarantee operations of Finnvera’s predecessor organisations. The Fund covers losses from export credit guarantee and special guarantee operations and export credit financing if the companies’ non-restricted equity is not sufficient. The non-restricted equity of the subsidiary, Finnish Export Credit Ltd, amounted to EUR 301 million (264) at the end of June. At the end of June, the Finnvera Group’s non-restricted equity and the assets of the State Guarantee Fund totalled EUR 2,827 million (2,477). At the end of June, non-performing exposure totalled EUR 150 million (185) in domestic financing and EUR 78 million (68) in export financing. During the review period, non-performing exposure in domestic financing decreased by 19%, while non-performing exposure in export financing increased by 14%. At the end of June, non-performing exposure as a proportion of total exposure was 6.8% (8.2) in domestic financing and 0.3% (0.3) in export financing. At the end of June, the capital ratio was 35.6% (35.3) for domestic financing and 6.6% (7.7) for export financing, taking into account the company’s reserve for export credit guarantee and special guarantee operations and the assets of the State Guarantee Fund. The capital adequacy calculation used in banking is not well suited to export financing, given Finnvera’s special economic policy role in promoting exports and the fact that the State is responsible for 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 the losses.
| Finnvera Group Financial performance | H1/2026
MEUR | H1/2025
MEUR | Change
% | Q2/2026
MEUR | Q1/2026
MEUR | Change % | 2025
MEUR |
| Net interest income | 60 | 62 | -4% | 30 | 30 | 0% | 121 |
| Net fee and commission income | 105 | 83 | 27% | 37 | 68 | -46% | 167 |
| Gains and losses from financial instruments carried at fair value through P&L and foreign exchange gains and losses | 1 | 3 | -63% | 0 | 1 | -64% | 1 |
| Net income from investments and other operating income | 0 | 0 | - | 0 | 0 | 39% | 1 |
| Operational expenses | -30 | -30 | 3% | -15 | -15 | 0% | -56 |
| Depreciation and amortisation | -2 | -3 | -10% | -1 | -1 | -3% | -5 |
| Other operating expenses | 0 | -1 | -71% | 0 | 0 | -32% | -350 |
| Realised credit losses and change in expected credit losses, net | 215 | 39 | 445% | 219 | -5 | - | 149 |
| Operating result | 348 | 154 | 126% | 270 | 78 | 246% | 26 |
| Income tax | 0 | -4 | -100% | 0 | 0 | 0% | -10 |
| Result | 348 | 150 | 132% | 270 | 78 | 246% | 16 |
Outlook for financing The outlook for financing demand in 2026 is currently positive, particularly for Finnvera’s export financing, but we also expect demand for domestic financing to increase. However, uncertainty arising from the international operating environment persists, which may affect major investments and have repercussions for companies across the economy. We are preparing to accelerate investments by SMEs and midcap companies as well as large companies throughout Finland with EUR 1 billion in financing during this year and next. We have significantly increased financing for companies investing in research and development at the launch and acceleration stages of their international growth. We are strengthening our role in financing defence and dual-use technologies, and financing for major agricultural investments has commenced. We will continue to grant loans for growth projects by micro-enterprises and start-ups and are assessing the need to develop the loan into a permanent financing product. We expect demand for domestic financing for the full year to rise to the previous year’s level or even higher. We will continue to channel InvestEU financing in Finland. Later this year, Finnvera’s investment programme will also include new, partially guaranteed investment loans implemented in cooperation with the European Commission, particularly for industrial and clean transition projects. Under the programme, Finnvera can finance investments totalling EUR 500 million. This extends Finnvera’s use of EU-level risk sharing to larger domestic investments. We expect the high demand for export financing to continue during the remainder of the year. The outlook for exports is positive in major export sectors such as cruise shipping, telecommunications, mining and metals, and energy. Internationally, we actively seek new business opportunities for Finnish export companies. The so-called shopping line credit facility encourages foreign entities to purchase products and services from the Finnish export industry. Finnvera’s trade facilitator function for export promotion has been strengthened. International EPC infrastructure projects are also expected to generate export transactions for Finnish companies. We will continue to enable exports to Ukraine with increased authorisations as part of Finland’s national reconstruction plan for Ukraine. We work in close financing cooperation with Tesi, Business Finland, the Ministry for Foreign Affairs and the Economic Development Centres to promote growth, investment and exports and to strengthen the Finnish economy.
Outlook for 2026 updated The outlook for 2026 is estimated to be more positive than previously expected. Loss provisions for export credit guarantee and special guarantee operations have been reversed to a significant extent. However, in line with the Q1/2026 outlook presented in the interim management statement published in May, the credit loss risk associated with export financing liabilities remains high.
Further information: Juuso Heinilä, CEO, tel. +358 29 460 2576 Ulla Hagman, CFO, tel. +358 29 460 2458 This stock exchange release is a summary of the essential points of the Finnvera Group’s half-year report for January–June 2026. The half-year report has been attached in its entirety as a PDF file to this release, and it is also available in Finnish and English on the company’s website at
www.finnvera.fi/financial_reports.
Half-year report 1 January–30 June 2026 (PDF) Distribution: NASDAQ Helsinki Ltd, London Stock Exchange, the principal media,
www.finnvera.fi About Finnvera Oyj Finnvera provides financing for the start, growth and internationalisation of enterprises and guarantees against risks arising from exports. Finnvera strengthens the operating potential and competitiveness of Finnish enterprises by offering loans, guarantees and other services associated with the financing of exports. The risks included in financing are shared between Finnvera and other providers of financing. Finnvera is a specialised financing company owned by the State of Finland and it is the official Export Credit Agency (ECA) of Finland.
www.finnvera.fi/eng Attachments
Finnvera-Group-Half-Year-Report-H1-2026.pdf News Source: Finnvera Oyj
