Finnvera Oyj (69BL), Finland's state-owned Export Credit Agency, has published its Interim Management Statement for the nine months ended 30 September 2026, reporting a group result of EUR 417 million, a 16% increase compared with EUR 360 million in the same period of 2025. The improvement was driven primarily by the reversal of loss provisions totalling EUR 251 million and a 23% rise in net fee and commission income. Both domestic and export financing volumes grew year-on-year, and the group's capital buffers increased by 17% to EUR 2.9 billion, providing a strengthened foundation for continued support of Finnish companies.

Key Points

  • Finnvera Oyj (69BL) — Finnish state-owned specialised financing company and official Export Credit Agency of Finland
  • Group result for January–September 2026 reached EUR 417 million, up 16% year-on-year, driven by loss provision reversals and higher fee income
  • Balance sheet total grew 8% to EUR 16.7 billion; off-balance-sheet commitments rose 15% to EUR 19.3 billion; 2026 profit outlook remains unchanged from the August Half-Year Report
  • Investors may be watching the persistently high credit loss risk in export financing exposures and the reduction in State compensation for domestic losses from 50% to 40% from July 2026

EUR 251 Million Loss Provision Reversal Drives Finnvera's Strongest Nine-Month Result in Recent Periods

The principal driver of Finnvera's EUR 417 million result was the net reversal of expected credit losses, which contributed EUR 213 million to the outcome compared with EUR 192 million in the prior-year period. Loss provisions for export credit guarantee and special guarantee operations decreased by EUR 258 million, primarily reflecting a further improvement in the business outlook for the cruise shipping industry. By contrast, loss provisions for domestic financing increased by EUR 7 million, partly because the reduction in the State compensation rate for domestic credit losses — from 50% to 40% effective July 2026 — added EUR 18 million to domestic loss provisions.

Export Financing Volumes Hold Firm at EUR 6.5 Billion in Guarantees Despite EUR 2.6 Billion in Credit Fallthrough

Finnvera granted export credit guarantees, export guarantees and special guarantees totalling EUR 6.5 billion during the nine-month period, up from EUR 6.3 billion in the same period of 2025. Export credits granted amounted to EUR 5.1 billion, though EUR 2.6 billion of this subsequently fell through, reflecting that export transactions continue to be primarily financed by commercial banks with Finnvera providing guarantee cover. Total exposure under export credit guarantees, export guarantees and special guarantees stood at EUR 24.6 billion at end-September, a 6% increase from the end of 2025, while drawn export credit exposure declined 15% to EUR 9.6 billion.

Domestic Financing Up 6% With EUR 1.9 Billion in Total Investment Projects Supported Alongside InvestEU and Growth Loans

Domestic loans and guarantees granted reached EUR 0.8 billion in the nine months to September, a 6% rise year-on-year. Finnvera co-financed projects with a combined value of EUR 1.9 billion alongside other financiers, with its own contribution of EUR 841 million representing 44% of total project value. The EUR 1 billion domestic investment programme launched in spring 2026 supported major industrial-scale projects. Additionally, EUR 33 million was disbursed in Climate and Digital Loans under the InvestEU guarantee programme, and EUR 17 million in Growth Loans was granted to 424 micro-enterprises and start-ups between February and September.

Capital Buffers Rise to EUR 2.9 Billion as 2026 Profit Outlook Remains More Positive Than Previously Anticipated

The group's non-restricted equity combined with the assets of the State Guarantee Fund — the two components forming Finnvera's buffer against future losses — grew 17% to EUR 2.897 billion. The cumulative self-sustainability target for Finnvera's operations was met during the period. The 2026 profit outlook is unchanged from the August Half-Year Report, remaining more positive than the group had previously anticipated, though the announcement explicitly cautions that the credit loss risk associated with export financing exposures remains high. The cost-to-income ratio improved to 18.6% from 20.8% in the comparison period.