Core Insights - The Finnvera Group reported a significant decline in profit to EUR 16 million in 2025, primarily due to the return of a fund payment commitment of EUR 349 million to the State Guarantee Fund, despite a strong operating result of EUR 365 million [4][10][20]. Financial Performance - The operating result for the period was strong at EUR 365 million, but the total profit was reduced to EUR 16 million after the return of the fund payment commitment [4][10]. - The Group's net interest income decreased by 13% to EUR 121 million, and net fee and commission income fell by 16% to EUR 167 million compared to the previous year [22][28]. - Realised credit losses were significantly lower at EUR 36 million, down 70% from the previous period, contributing positively to the operating result [23][28]. Financing Activities - Finnvera granted domestic loans and guarantees amounting to EUR 1.0 billion, a 10% increase from EUR 0.9 billion in 2024 [5][15]. - Export credit guarantees and special guarantees surged to EUR 7.0 billion, a 143% increase from EUR 2.9 billion in 2024, reflecting strong financing volumes for the cruise shipping sector [8][15]. - The volume of export credits granted reached EUR 5.6 billion, an increase of 837% from EUR 0.6 billion in the previous year, although EUR 3.1 billion of this financing fell through [9][15]. Balance Sheet and Reserves - The total balance sheet increased by 5% to EUR 15.5 billion, while contingent liabilities rose by 12% to EUR 16.8 billion [2][4]. - Non-restricted equity and assets of the State Guarantee Fund increased by 17% to EUR 2.5 billion, indicating a strengthening of reserves for potential losses [2][4]. - Expected credit losses on the balance sheet items decreased by 14% to EUR 1.0 billion [2][4]. Strategic Developments - Finnvera updated its organizational structure to better serve Finnish companies' growth and internationalization needs [11]. - The company became a shareholder in the European Investment Fund (EIF) to enhance its integration into EU financing facilities, particularly for SMEs [12]. - A legislative overhaul was completed to improve Finnvera's operational flexibility and transparency, set to take effect in 2026 [13]. Outlook - The business outlook for 2026 anticipates moderate growth in the Finnish economy, with expectations for increased demand for domestic financing and export credit guarantees [34][35]. - Finnvera aims to support growth in emerging markets and enhance financing for innovative and scalable start-ups [37][40].