CEO’s review
Building Finnish wellbeing and happiness together
Our business operations progressed very much in line with expectations in 2025. In funding, the year was even better than expected. Despite the uncertain market sentiment, investor demand remained strong and our benchmark bonds and other funding arrangements were highly successful. As a result, the costs of funding came down from the elevated level of the previous year.
Our customers’ demand for financing remained largely unchanged from the previous year. The year was difficult for municipal finances as Finland’s anticipated economic growth stalled and the employment service costs transferred from the government to municipalities proved higher than expected. Nevertheless, municipalities’ adjustment measures were effective despite extensive investment programmes. Sustaining growth in large cities, however, will require continued investment.
In affordable social housing, the demand for financing exceeded our expectations, although government interest subsidy loan authorisations were cut by half a billion euros from 2024. The government has proposed sizeable cuts to the loan authorisations also in the coming years. The Finnish system for affordable social housing is an internationally renowned success story. Undermining it is short-sighted; instead of running it down, we should be ramping it up and sharpening it. Housing construction also has a significant impact on Finland’s economic development through its employment effects and the spillover and multiplier effects rippling over to other sectors.
2025 key figures
38.5
EUR bn
Long-term customer financing per Dec 31, 2025
10.0
EUR bn
New long-term funding per Dec 31, 2025
12.6
EUR bn
Outstanding amount of sustainable finance per Dec 31, 2025
6.70
Customers' willingness to recommend 2025 (scale 1–7)
President and CEO Esa Kallio
Happiness Grant seeks projects that best promote communal happiness
The Happiness Grant is our way of shining a spotlight on their efforts and inspiring dialogue on how society can maintain and strengthen the structures on which we can build an even better and more equal Finland where everyone is safe and future growth is possible.”
Business operations
We introduced a new sustainable financing product
Sustainable investments are becoming increasingly common in the Finnish municipal and social housing sectors. At the end of 2025, there were 712 green projects with outstanding financing, and our green finance totalled EUR 9.1 billion.
At the end of 2025, there were 174 social projects with outstanding financing, and our social finance totalled EUR 2.8 billion. The outstanding amount of the new sustainability-linked loan was EUR 710 million.
New long-term funding by region in 2025
Our funding strategy relies on wide diversification into multiple currencies, maturities, geographical areas and investor groups. In 2025, this strategy proved highly successful.
Motivated by the social significance of our work
The MuniFin Group employed 185 people at the end of 2025.
In 2025, we were ranked among Finland’s most inspiring workplaces for the fourth consecutive year. Our results improved once again from previous years and clearly surpassed the average for Finnish expert organisations. As many as 96% of our employees would recommend MuniFin as an employer.
According to the survey results, our employees particularly value our commitment to wellbeing at work, easy access to information and clear decision-making. Flexible hybrid work practices that support a healthy work-life balance, extensive employee benefits and comprehensive occupational health services were also highlighted as our key strengths.
Skills development is one of the cornerstones of our strategy. In 2025, we focused on strengthening skills in artificial intelligence, information management, leadership and workplace collaboration. We also organised a broad communications training programme, covering areas such as presentation skills, social media use and workplace communication.
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