Report on State Annual Accounts 2024 Annex 4 State corporate holdings SNELLMANINKATU 1, HELSINKI PO BOX 23, 00023 GOVERNMENT, FINLAND government.fi julkaisut.valtioneuvosto.fi ISBN pdf: 978-952-383-615-0 ISBN printed: 978-952-383-631-0 ISSN pdf: 2490-0966 ISSN printed: 2490-0613 Publications of the Finnish Government 2025:62 Report on State Annual Accounts 2024 Annex 4 State corporate holdings P U B L I C AT I O N S O F T H E F I N N I S H G O V E R N M E N T 2 0 2 5 : 6 2 Report on State Annual Accounts 2024 Annex 4 State corporate holdings Finnish Government Helsinki 2025 Publications of the Prime Minister’s Office 2025:62 K 1/2025 vp Finnish Government Prime Minister’s Office Copyright Act (404/1961) 9 § Works excluded from protection ISBN pdf: 978-952-383-615-0 ISSN pdf: 2490-0966 ISBN print: 978-952-383-631-0 ISSN print: 2490-0613 Layout: Government Administration Department, Publications Helsinki 2025 Finland Printed by: Grano Oy, 2025 Printed matter 4041 0955 N O RD IC SWAN ECOLAB EL Publication distribution Institutional Repository for the Government of Finland Valto julkaisut.valtioneuvosto.fi https://julkaisut.valtioneuvosto.fi/ Description sheet 3 June 2025 Report on State Annual Accounts 2024 Annex 4 State corporate holdings Publications of the Finnish Government 2025:62 Publisher Finnish Government Group author Prime Minister’s Office Language English Pages 112 Abstract As provided in section 46 of the Constitution, the Government submits to Parliament a report on the state annual accounts and information on the management of government finances and compliance with the budget, including measures taken by the Government in response to the resolutions passed by Parliament. More detailed provisions on the report on the state annual accounts are set out in section 9a of the Government Act (715/2003) and sections 17 and 18 of the State Budget Act (423/1988). Under section 18 of the State Budget Act, the reports on central government finances, the management of central government finances and their operative performance included in the report on the state annual accounts shall provide true and fair information on compliance with the Budget, central government revenue and expenditure, the central government’s financial position, and performance (true and fair view). Legislatively, the contents of the report are more specifically governed by the requirements laid down in the Government Decree on the Report on State Annual Accounts (853/2024). The Report on State Annual Accounts for 2024 consists of five parts: y Report on State Annual Accounts y Annex 1 Financial performance by the ministries’ administrative branches y Annex 2 Financial statements y Annex 3 Measures taken in response to statements and opinions issued by Parliament y Annex 4 State corporate holdings Keywords reports on State annual accounts, Parliament, Government, government reports, final central government accounts, ownership steering ISBN PDF 978-952-383-615-0 ISSN PDF 2490-0966 ISBN printed 978-952-383-631-0 ISSN printed 2490-0613 Reference number VN/23125/2024 Project number - URN address https://urn.fi/URN:ISBN:978-952-383-615-0 https://urn.fi/URN:ISBN:978-952-383-615-0 Kuvailulehti 3.6.2025 Hallituksen vuosikertomus 2024 Liite 4 Valtion yhtiöomistus Valtioneuvoston julkaisuja 2025:62 Julkaisija Valtioneuvosto Yhteisötekijä Valtioneuvoston kanslia Kieli englanti Sivumäärä 112 Tiivistelmä Valtioneuvosto antaa eduskunnalle hallituksen vuosikertomuksen perustuslain 46 §:ssä säädettynä kertomuksena hallituksen toiminnasta, valtiontalouden hoidosta ja talousarvion noudattamisesta sekä niistä toimista, joihin hallitus on eduskunnan päätösten johdosta ryhtynyt. Hallituksen vuosikertomuksesta säädetään tarkemmin valtioneuvostosta annetun lain (175/2003) 9 a §:ssä sekä valtion talousarviosta annetun lain (423/1988) 17 ja 18 §:ssä. Talousarviolain 18 §:ssä edellytetään, että hallituksen vuosikertomukseen otettavien valtiontalouden ja valtion taloudenhoidon sekä toiminnan tuloksellisuuden kuvausten tulee antaa oikeat ja riittävät tiedot talousarvion noudattamisesta, valtion tuotoista ja kuluista, valtion taloudellisesta asemasta sekä tuloksellisuudesta (oikea ja riittävä kuva). Säädöstasolla kertomuksen sisältöä määrittävät erityisesti myös hallituksen vuosikertomuksesta annetun valtioneuvoston asetuksen (853/2024) vaatimukset. Hallituksen vuosikertomus vuodelta 2024 muodostuu viidestä osasta: y Hallituksen vuosikertomus y Liite 1 Ministeriöiden toimialojen tuloksellisuuden kuvaukset y Liite 2 Tilinpäätöslaskelmat y Liite 3 Toimenpiteet eduskunnan lausumien ja kannanottojen johdosta y Liite 4 Valtion yhtiöomistus Asiasanat hallituksen vuosikertomukset, eduskunta, valtioneuvosto, hallituksen kertomukset, valtion tilinpäätös, omistajaohjaus ISBN PDF 978-952-383-615-0 ISSN PDF 2490-0966 ISBN painettu 978-952-383-631-0 ISSN painettu 2490-0613 Asianumero VN/23125/2024 Hankenumero - Julkaisun osoite https://urn.fi/URN:ISBN:978-952-383-615-0 https://urn.fi/URN:ISBN:978-952-383-615-0 Presentationsblad 3.6.2025 Regeringens årsberättelse 2024 Bilaga 4 Statens bolagsinnehav Statsrådets publikationer 2025:62 Utgivare Statsrådet Utarbetad av Statsrådets kansli Språk engelska Sidantal 112 Referat Statsrådet lämnar regeringens årsberättelse till riksdagen som den berättelse om regeringens verksamhet, skötseln av statsfinanserna och om hur budgeten har följts samt om regeringens åtgärder med anledning av riksdagens beslut som det föreskrivs om i 46 § i grundlagen. Närmare bestämmelser om regeringens årsberättelse finns i 9 a § i lagen om statsrådet (175/2003) och i 17 och 18 § i lagen om statsbudgeten (423/1988). I 18 § i lagen om statsbudgeten förutsätts det att de redogörelser för statsfinanserna och skötseln av statsfinanserna samt resultat av statens verksamhet som tas in i regeringens årsberättelse ska ge riktiga och tillräckliga uppgifter om hur budgeten följts och om statens intäkter och kostnader, om statens ekonomiska ställning och resultat (rättvisande bild). På författningsnivå bestäms berättelsens innehåll dessutom särskilt av kraven i statsrådets förordning om regeringens årsberättelse (853/2024). Regeringens årsberättelse för 2024 består av fem delar: y Regeringens årsberättelse y Bilaga 1 Redogörelser för resultatet inom ministeriernas ansvarsområde y Bilaga 2 Bokslutskalkyler y Bilaga 3 Åtgärder med anledning av riksdagens uttalanden och ställningstaganden y Bilaga 4 Statens bolagsinnehav Nyckelord regeringens årsberättelser, riksdagen, statsrådet, regeringens berättelser, bokslut, ägarstyrning ISBN PDF 978-952-383-615-0 ISSN PDF 2490-0966 ISBN tryckt 978-952-383-631-0 ISSN tryckt 2490-0613 Ärendenummer VN/23125/2024 Projektnummer - URN-adress https://urn.fi/URN:ISBN:978-952-383-615-0 https://urn.fi/URN:ISBN:978-952-383-615-0 Contents 1 State corporate holdings and ownership steering in brief.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2 An overview of the year 2024 for state corporate holdings.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3 Goals of the State as owner.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4 Organisation and operating practices of ownership steering.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 5 Board appointments and good governance.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 6 Remuneration.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 7 Sustainability.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 7.1 State owner’s sustainability expectations and sustainability programme.. . . . . . . . . . . . . 29 7.1.1 Expectations, objectives, KPI and outcomes relating to environmental sustainability.. . . . . . . . . . 31 7.1.2 Expectations, objectives, KPIs and outcomes relating to social sustainability.. . . . . . . . . . . . . . . . . . . . 35 7.1.3 Expectations, objectives, KPIs and outcomes relating to good governance.. . . . . . . . . . . . . . . . . . . . . . . 39 7.2 Implementation and monitoring of sustainability in the portfolio. . . . . . . . . . . . . . . . . . . . . . . . 42 8 Key figures and performance of portfolio companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 8.1 Performance of non-listed companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 8.2 State holdings in listed companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 8.2.1 Direct State holdings in listed companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 8.2.2 Companies held through Solidium.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 9 Direct state holdings in listed companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Finnair Plc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Fortum Plc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Neste Corporation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 SSAB AB.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 10 Non-listed commercial companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Boreal Plant Breeding Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Cinia Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Edita Group Plc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Finavia Corporation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Fingrid Oyj.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Finnish Seed Potato Centre Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 Gasgrid Finland Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Gasum Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Kemijoki Oy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Leijona Catering Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Mint of Finland Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Motiva Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Neova Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Patria Plc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 Posti Group Corporation.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Suomen Lauttaliikenne Oy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Suomen Viljava Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Tapio Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 VR-Group Plc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 11 Special assignment companies.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Airport Rail Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 A-Kruunu Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Alko Inc... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Arctia Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 CSC – IT Center for Science Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 DigiFinland Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 East Railway Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 FinnHEMS Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Finnish Aviation Academy Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Finnish Broadcasting Company (Yle).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 Finnish Drug Discovery Center.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 Finnish Fund for Industrial Cooperation Ltd (Finnfund).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 Finnish Industry Investment Ltd (Tesi).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Finnish Minerals Group.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 Finnpilot Pilotage Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Finnvera Plc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 FVR – Finnish Vaccine Research Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Governia Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Hansel Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 HAUS Finnish Institute of Public Management Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Maakuntien tilakeskus Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Municipality Finance Plc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Solidium Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 STUK International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Suomen Erillisverkot Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 Traffic Management Company Fintraffic Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 Veikkaus Oy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 VTT Technical Research Centre of Finland.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 West Railway Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 Ypäjä Equine College.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 Reporting principles.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 State ownerships and parliamentary mandates 31 December 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 8 Publications of the Prime Minister’s Office 2025:62 1 State corporate holdings and ownership steering in brief At year-end 2024, the State had holdings in 69 companies that it owns in whole or in part with other owners. Ownership steering refers to the management and development of the State’s corporate assets. The Ownership Steering Department of the Prime Minister’s Office is responsible for the ownership steering function and its development across the Government and it coordinates interministerial cooperation on corporate governance. Prime Minister’s Office Other ministries FINANCIAL INTEREST STRATEGIC INTEREST SPECIAL ASSIGNMENT • Edita Group Plc • Mint of Finland Ltd • Boreal Plant Breeding Ltd (65%) • Cinia Ltd (77.5%) • Finavia Corporation • Finnair Plc (55.69%) • Fortum Plc (51.26%) • Gasum Ltd • Kemijoki Oy (50.1%) • Leijona Catering Ltd • Motiva Ltd • Neova Group (50.1%) • Neste Corporation (44.2%) • Patria Plc (50.1%) • Posti Group Corporation • SSAB (6.5%) • Suomen Lauttaliikenne Oy (Finferries) • Finnish Seed Potato Centre Ltd (22%) • Suomen Viljava Ltd • Tapio Ltd • VR-Group Plc • Finnpilot Pilotage Ltd • Governia Ltd • Municipality Finance Plc (16%) • Solidium Oy • Suomen Erillisverkot Oy • Finnish Aviation Academy Ltd (98%) • Finnish Minerals Group • Veikkaus Oy • Arctia Ltd • East Railway Ltd (51%) • Airport Rail Ltd (51%) • Traffic Management Company Fintraffic Ltd • West Railway Ltd (51%) • Finnish Broadcasting Company (Yle) • CSC-IT Center for Science Ltd • Ypäjä Equine College (25%) • Alko Inc. • FinnHEMS Ltd • FVR – Finnish Vaccine Research Ltd • STUK International Ltd • Business Finland Ltd • Business Finland Venture Capital Ltd* • Finnvera Plc • Finnish Climate Fund* • Oppiva Invest Ltd * • Finnish Drug Discovery Center • Finnish Industry Investment Ltd • VTT Technical Research Centre of Finland • Työkanava Ltd** • Finnish Fund for Industrial Cooperation Ltd (Finnfund) (93.4%) • DigiFinland Ltd • Fingrid Oyj (53.1%) *** • Gasgrid Finland Ltd *** • Hansel Ltd (65%) • HAUS Finnish Institute of Public Management Ltd • Maakuntien tilakeskus Ltd (0.0% - 1 share of different series) • A-Kruunu Ltd MTC MTC MTC MTC MTC MTC MoEC MoEC MSAH MSAH MSAH MSAH MEAE MEAE MEAE MEAE MEAE MEAE MEAE MEAE MEAE MoFA MoF MoF+NESA**** MoF MoF MoF MoF MoE SOLIDIUM • Anora Group Plc (19.4%) • Elisa Corporation (10.0%) • Konecranes Plc (11.1%) • Metso Corporation (14.9%) • Nokia Corporation (5.8%) • Nokian Tyres plc (10.1%) • Outokumpu plc (15.5%) • Sampo plc (6.2%) • Stora Enso (10.7%) • TietoEVRY Plc (10.9%) • Valmet Corporation (10.1%) The direct or indirect state holding in the companies is 100% unless otherwise indicated. * Ownership restructuring being planned ** Business being wound down *** Commercial company **** National Emergency Supply Agency 9 Publications of the Prime Minister’s Office 2025:62 2 An overview of the year 2024 for state corporate holdings In 2024, the operating environment of state-owned companies was characterised by economic downturn as well as continued economic uncertainty and geopolitical tensions. The companies continued to improve their competitiveness and profitability. The slower rate of inflation and falling interest rates contributed to stronger company performance The Government Resolution on the State Ownership Policy adopted in May aims for sustainable growth, competitiveness and corporate sustainability. Figure 1.  The breakdown by industry and the value of State corporate holdings * Tax footprint exclusive of companies of Solidium ** At year-end 2024. Listed companies: market capitalisation. Non-listed companies: valuation made by the Ownership Steering Department. Breakdown by industry and value of the State’s corporate holdings in 2024 Operating income 8.0 EUR billion Tax footprint* 7.2 EUR billion Personnel 280 thousand Net sales 119.3 EUR billion Investments 7.9 EUR billion Companies 69 Value of the State’s corporate holdings 2020 -2024, EUR bn €** 47 47 41 37 30 2020 2021 2022 2023 2024 Energy 37% Primary industry 19%Financing 16% Infrastructure 9% Information technology and communications 7% Consumer goods and services 5% Transport and logistics 5% Services 3% Real property 0,7% EUR 30 bn https://julkaisut.valtioneuvosto.fi/bitstream/handle/10024/165680/VN_2024_30.pdf?sequence=1&isAllowed=y 10 Publications of the Prime Minister’s Office 2025:62 The State earned EUR 1.45 billion in ownership revenue from its corporate holdings At year-end 2024, the State had corporate holdings in 69 companies, of which 34 were commercial companies and 35 were special assignment companies. The total value of all state holdings was approximately EUR 30 (37) billion at the end of 2024. The most significant single reason for the change in value was the decrease in Neste’s share price and the large weight of the company in the State’s portfolio. The market value of all state-owned listed companies was EUR 17.8 (24.9) billion. The State’s direct holdings in listed companies accounted for EUR 10.8 (17.9) billion of the total market value, and the value of Solidium Oy’s holdings amounted to EUR 6.9 (7.1) billion. The total value of non-listed corporate holdings according to the ownership steering valuation at the end of the year was approximately EUR 12.1 (11.6) billion. More information on the performance of the companies held through the portfolio of listed companies and through Solidium is provided in chapter 8. In 2024, the State received a total of EUR 1.45 (1.57) billion in ownership revenue from its shareholdings. The share of revenue earned by the Prime Minister’s Office was EUR 1.33 (1.36) billion. The accumulation of dividends was positively influenced by Fortum’s higher dividend level and the increased distribution of assets by non-listed commercial companies, whereas factors including the lower dividend distributed by Solidium had a negative influence on total dividends. The total turnover of all companies held by the State and Solidium came to approximately EUR 119 (131) billion in 2024. The operating income margin decreased from 7.9% to 6.7% in 2024. The financial performance of non-listed companies was good despite the challenging operating environment. Their combined net sales in 2024 were EUR 15.6 (15.5) billion and operating income came to EUR 1.6 (1.4) billion. State-owned companies had 280,000 (285,000) employees in total. 11 Publications of the Prime Minister’s Office 2025:62 Figure 2.  Turnover (EUR bn) and operating profit of state-owned companies, 2020–2024 143 221 144 131 119 0% 2% 4% 6% 8% 10% 0 50 100 150 200 250 2020 2021 2022 2023 2024 Net sales Operating income margin, % Figure 3.  Turnover of State-owned companies by group of company, 2024 Non-listed commercial companies 6% Special assignment companies 7% Solidium companies 55% Directly held listed companies 32% EUR 119 bn Figure 4.  Dividends and share sale proceeds received by the State and proceeds from sales of shares by company on a cash basis 2024, EUR mn 529 408 238 66 57 40 32 23 14 44 1 452 Fortum Neste Solidium Fingrid VR Alko Posti SSAB Patria Other Total 12 Publications of the Prime Minister’s Office 2025:62 Figure 5.  Ownership revenue to the State on a cash basis, EUR mn. Key events in 2024 The Government adopted a new resolution on state ownership policy in spring 2024. The resolution emphasises the pursuit of sustainable growth, risk management and security. It also includes more concrete objectives for state- owned companies. All state-owned companies are required to set strategic goals and financial objectives. Special assignment companies are moreover required to establish objectives for their respective special assignment. Company ownership interests and the minimum holdings in certain companies that were passed by Parliament in the third supplementary budget of 2024 were reviewed and specified in the context of the new resolution on state ownership policy. The minimum holding in Finavia and VR-Group was reduced to 50.1% from the earlier 100%. The minimum holding in Gasum and Posti Group was reduced to 33.4% from the earlier 50.1%. For Kemijoki Oy, the minimum holding was increased to 33.4% from the earlier 0%. Sales of shares Special assignment companies Dividend and capital refund from Solidium Non-listed commercial companies Direct state holdings in listed companies 778 726 769 929 960 98 351 217 129 182 868 307 342 238 60 130 84 168 7217 0 500 1 000 1 500 2 000 2 500 2020 2021 2022 2023 2024 13 Publications of the Prime Minister’s Office 2025:62 In accordance with the resolution, the centralisation of state ownership steering was continued by transferring the ownership steering in respect of Cinia Ltd from the Ministry of Transport and Communications to the Prime Minister’s Office. Ownership steering was also decentralised, however, by transferring the ownership steering of Arctia out of the centralised ownership steering by the Prime Minister’s Office to the Ministry of Transport and Communications. Asset Management Company Arsenal and Gasonia Oy were dissolved in 2024. Table 1.  Progress on ownership steering measures included in the Government Programme Entry concerning ownership steering in the Programme of Prime Minister Orpo’s Government (2023) Progress on measures in 2024 A new Government Resolution on State Ownership Policy will be prepared during 2023. This will also involve updating the nature of interests related to each company and the ownership limits of current state-owned companies. A broad vision for steering state ownership policy and a long-term objective for administering state holdings will be formulated in the context of the Government Resolution. The Government will require remuneration policy to be reasonable and promote good governance. Updating the Government Resolution will include a review of the principles governing the participation of Government representatives in company boards and the practices of ownership steering. The Government adopted a Resolution on State Ownership Policy and it was issued in May 2024. In the same context, the ownership interests in companies and the minimum holdings of the State were updated. The Government will continue to centralise ownership steering in the Prime Minister’s Office with respect to Cinia Ltd as a state-owned company. This will be accompanied by an assessment of the State’s holdings. The ownership steering of Cinia was transferred to the Prime Minister’s Office in August 2024. The centralisation of ownership steering was nonetheless also disrupted with the transfer of Arctia under the ownership steering of the Ministry of Transport and Communications. The assessment of holdings is a part of ongoing strategic ownership work. The changes to the minimum holdings under the Resolution were passed by Parliament in the third supplementary budget of 2024. 14 Publications of the Prime Minister’s Office 2025:62 Entry concerning ownership steering in the Programme of Prime Minister Orpo’s Government (2023) Progress on measures in 2024 State domestic capital investment and corporate financing operations will be enhanced by bringing Business Finland Venture Capital Ltd, Oppiva Invest Oy and Finnish Climate Fund under Finnish Industry Investment Ltd. The prospects for making Finnfund more effective through incorporation into this package will be investigated. The shares of Neste Corporation held by Finnish Climate Fund will be transferred to the Prime Minister’s Office at this time. The capital position and requirement of the resulting Finnish Industry Investment Group will be assessed as part of a comprehensive evaluation of state-owned special assignment companies, and the legislation governing these companies will be updated to match the new structure. Finnish Climate Fund and Oppiva Invest are being wound down in the interests of enhancing operations. Teollisuustuki Oy, a new subsidiary of Finnish Industry Investment Ltd (Tesi), will be created on the basis of the current Business Finland Venture Capital (BFVC) by transferring the market- based investments of BFVC to Tesi. Going forward, Teollisuustuki will manage the financial portfolio of BFVC containing state aid and will be responsible for any new financing decisions including state aid. The merger of Finnfund into the Finnish Industry Investment Group was not proposed, as the merger was not estimated to deliver any significant synergies. The new investment strategy of Finnish Industry Investment Ltd was adopted in February 2025 and the aim is for the new company to launch operations in spring 2025. The capital position and requirement of the Finnish Industry Investment Group was analysed as a part of the project to analyse and liquidate any overcapitalisation of state-owned companies. The Neste shares held by Finnish Climate Fund were transferred to the Prime Minister’s Office in autumn 2023. A comprehensive evaluation of state-owned special assignment companies will be made at the beginning of the Government term, assessing the current needs of society for the special assignment of each company. The evaluation of state-owned special assignment companies was under preparation in 2024. The ownership strategy of each undertaking must assess the principal operating risks and ensure the role of risk management in support of policymaking. The State takes into consideration the geopolitical dimension and security of supply aspects from the Finnish perspective in ownership strategies for various companies and when determining societal interests. The Ministerial Committee on Economic Policy will receive quarterly reports on essential details of the financial position and the principal corporate risks of state-owned companies. The process for companies to report on financial position and risks was revised and these were reported to the Ministerial Committee on Economic Policy on a quarterly basis in 2024. Catering for risk management in company ownership strategies is an ongoing effort. 15 Publications of the Prime Minister’s Office 2025:62 Entry concerning ownership steering in the Programme of Prime Minister Orpo’s Government (2023) Progress on measures in 2024 State-owned companies must apply their capital efficiently. The capital position of unlisted state- owned companies will be assessed at the beginning of the Government term and any instances of overcapitalisation will be eliminated. Instances of overcapitalisation were analysed, identified and reviewed together with other ministries in autumn 2024. The Government will promote opportunities for small investors to participate in any share issues of state-owned companies with a view to strengthening domestic ownership. No share issues were implemented in 2024. During its term, the Government will make substantial one-off investments to support growth. The Government will finance a EUR 4 billion package of one-off investments by selling central government assets, liquidating the over- capitalisations of state-owned unlisted companies, and making revenue recognitions from the National Housing Fund without jeopardising the Fund’s current level of activity. Work on planning the financing of the investment programme was started in 2024 in respect of ownership revenues. Funding made available for the investment programme totalled EUR 352 million in 2024. 16 Publications of the Prime Minister’s Office 2025:62 3 Goals of the State as owner The State has holdings in 69 companies that it owns in whole or in part together with other owners. As an owner, the State seeks long-term increase in shareholder value and predictable revenue from its corporate holdings. Growth in shareholder value is measured by the achievement of financial targets and by the efficient implementation of the strategic interests and special assignments in accordance with targets. Sustainable business conduct is an important element of growth in shareholder value, and state-owned companies are expected to be at its forefront. The extent and standard of companies’ RDI activities is of interest for the State as an owner. Companies are encouraged to harness digitalisation and reinforce the circular economy. Corporate strategies and revenue levels As an active and proactive shareholder, the State forms an opinion as to each company’s strategies. The financial benefit to the State consists of company value over the long term and the distribution of company profits. In terms of growing shareholder value, a clear and long-term strategy is essential. As a shareholder, the State expects each company to define its long-term and short-term strategic targets, the relevant indicators and the measures to achieve the targets. Any corporate restructuring plans must involve a review of the plans’ societal and macroeconomic impact in relation to the company’s special assignment or strategic interest. Companies must seek a return on capital that increases the shareholder value. The capital structures of state-owned companies must be effective and comparable with other companies in their respective industries or businesses. As an owner, the State forms an opinion and vision of each state-owned company’s financial and sustainability objectives and reviews them together with the company in question. Special assignment companies must define the goals for their special assignment and for the sustainability of their activities. The objectives of state-owned companies and their strategic and financial progress in relation to their goals are topics of regular discussions between the companies and the State. 17 Publications of the Prime Minister’s Office 2025:62 All state-owned companies must define and disclose their dividend policy. The basis for the dividend policy is an efficient capital structure that is comparable to peer companies in the same sector, and steady and predictable dividend payout. The capital structure of the State’s non-listed companies is assessed regularly by the ministry responsible for each company’s ownership steering. Any overcapitalisation is liquidated in cooperation with the ministry engaged in ownership steering, the Ownership Steering Department of the Prime Minister’s Office and, when necessary, the Ministry of Finance. As an owner, the State ensures that its activities do not distort competition between companies. In accordance with competitive neutrality regulation, state- owned companies’ business conduct, financial structure and return targets must be comparable with those of peer companies engaged in the same line of business. The same principles also apply to state-owned holding companies in the investment and financial sector. The state owner respects the requirements of fair competition while ensuring competitive neutrality. State ownership interests and minimum holdings State ownership in limited liability companies is based on three alternative purposes or interests, which are strategic interest, the performance of a given special assignment in company form, and financial interest. These interests have a significant effect on the state ownership goals established for each individual company. The ownership interest and the company’s situation are taken into consideration when the State as the owner examines the efficient use of the company’s balance sheet and the potential for revenue to the State. Strategic interest means that in addition to investor interests, there are other interests that make it advisable for the State to remain a strong shareholder for the time being. The State may have a strategic interest in a company that is significant for Finland in terms of national security, security of supply or infrastructure. The strategic interests are assessed and updated in connection with the adoption of the government resolution on state ownership policy, taking into consideration the prevailing geopolitical situation. Companies in which the state has a strategic interest include Patria, Fortum, Finavia and Posti Group. Special assignment means that a company has a state-defined political or other mission related to business and industry or society, or some other special role. The main ownership priority in special assignment companies is that the special assignments are performed and the targets for strategic societal impact are 18 Publications of the Prime Minister’s Office 2025:62 achieved in cost-effective ways. Special assignment companies must have a stable financial basis, as that is the only way of ensuring the efficient performance of their special assignments in the long term. Companies such as these include Alko, VTT Technical Research Centre of Finland and Veikkaus. Financial interest means that the State has a strong investor interest in a company and that the company should generate revenue for the Budget both as sales revenue and as dividends. When the State has a financial interest in a company, it seeks to maximise the return on its investment at an acceptable level of risk. Companies of this kind include a number of listed companies held by the State through Solidium. The holdings in listed companies involving a strategic interest, on the other hand, are owned directly by the Prime Minister’s Office. At the end of 2024, the State’s corporate holdings were divided between 69 companies, of which 34 were commercial companies and 35 were special assignment companies. Parliament decides on the minimum holding for all direct shareholdings of the State. There are four levels of minimum holding according to the State Shareholdings and Ownership Steering Act: 100%, 50.1%, 33.4% and 0%. Parliament decides on changes to the minimum holdings on the proposal of the Government. The Government employs these minimum levels to determine the size and relevance of state shareholdings. The Government reviews the societal interest of each special assignment company and, where necessary, submits to Parliament a proposal to change the minimum holding or decides to adopt other measures. 19 Publications of the Prime Minister’s Office 2025:62 4 Organisation and operating practices of ownership steering Ownership steering is the function that manages and develops the State’s corporate assets. The Ownership Steering Department of the Prime Minister’s Office is responsible for the development of ownership steering across the Government and coordinates interministerial cooperation on corporate governance. The ownership policy decisions by the Government set the direction for day-to-day ownership steering. The highest decision-making powers in ownership policy matters are exercised by Parliament. The main principles of ownership policy are determined by the Government in its programme. The Government Resolution on the State Ownership Policy, in turn, sets out more detailed strategic outlines and provides a description of the procedures followed in state ownership steering. Parliament and the Government operate within the mandates specified in the State Shareholdings and Ownership Steering Act. The Minister for Ownership Steering is responsible for ownership steering in the Government. The Ministerial Committee on Economic Policy discusses all state shareholding matters of financial significance. It receives quarterly reports on essential details of the financial position and the principal corporate risks of state-owned companies. Matters discussed by the Ministerial Committee on Economic Policy and the Ministerial Finance Committee are submitted to the decision-making of the plenary session of the Government when they fall within the formal competence of the plenary session. Under the Resolution on the State Ownership Policy, state ownership steering is being centralised to the Ownership Steering Department of the Prime Minister’s Office, which acts as a Government knowledge hub. The Department is responsible for the preparation of ownership steering policies, for the consistency of ownership steering practices across the Government and for ownership steering in respect of companies whose ownership steering is the responsibility of the Prime Minister’s Office. For practical reasons, certain companies are ownership-steered directly by ministries. The Ownership Steering Department coordinates the analysis activities, reporting and board member appointments of all state-owned companies https://julkaisut.valtioneuvosto.fi/bitstream/handle/10024/165680/VN_2024_30.pdf?sequence=1&isAllowed=y https://julkaisut.valtioneuvosto.fi/bitstream/handle/10024/165680/VN_2024_30.pdf?sequence=1&isAllowed=y 20 Publications of the Prime Minister’s Office 2025:62 as well as the cooperation between ministries. The ministry responsible for ownership steering convenes the joint cooperation group meetings of the Ownership Steering Department and the different ministries. Other ministries which are responsible for ownership steering must supply the Ownership Steering Department with sufficient information on each state-owned company for the reporting of all state shareholdings and for the provision of analysis and support services to other ministries. Similarly, the Ownership Steering Department ensures that other ministries have access to sufficient information for the exercise of ownership steering in matters falling within the mandate of the Ownership Steering Department. Figure 6.  State ownership steering governance model Parliament Minister responsible for Ownership Steering Other responsible ministers Ownership Steering Department/ ownerships in companies Ownership steering units/ ownerships in companies Other ministriesPrime Minister’s Office Solidium Coordination and company reporting Finnish Government Plenary session Ministerial Committee on Economic Policy The Parliamentary Advisory Council on Ownership Steering 21 Publications of the Prime Minister’s Office 2025:62 The Parliamentary Ownership Policy Council is composed of the representatives of the parliamentary groups. The Council is chaired by the Minister for Ownership Steering and it convenes between two and four times a year. The Council meetings discuss the overview of state shareholdings. At year-end 2024, the wholly state-owned investment company Solidium Oy was responsible for the ownership steering of eleven listed companies in which the State held a minority stake, whereas listed companies Finnair, Fortum, Neste and SSAB, in which the State has a strategic interest, were subject to the ownership steering of the Prime Minister’s Office. Approach to ownership steering Decision-making by the State in its capacity as a shareholder is based on the State Shareholdings and Ownership Steering Act. The Act applies to the State’s decision- making as a shareholder in all companies and it contains no derogations from the provisions of the Limited Liability Companies Act or other corporate legislation. The differences in the exercise of ownership steering in respect of listed companies and non-listed companies are due to securities market legislation. In its ownership steering activities, the State complies with the division of responsibilities and duties between the corporate bodies and owners laid down in the Limited Liability Companies Act. Under said Act, the shareholders, boards of directors and members of executive management each have their own responsibilities, obligations and rights. Operative and business decisions are made by the executive management and board of directors. The shareholders exert influence over the board member appointments in the annual general meetings. Additionally, ownership steering activities are governed by the Corporate Governance Code of the Securities Market Association, the OECD Principles of Corporate Governance and recommendations on state-owned enterprises. When the State holds a non-controlling interest in a company, it acts just like other shareholders, using the leverage afforded by its holdings. Companies are liable to their owners, financially and otherwise, under the Limited Liability Companies Act and corporate governance. https://www.oecd.org/corporate/principles-corporate-governance/ https://www.oecd.org/corporate/principles-corporate-governance/ 22 Publications of the Prime Minister’s Office 2025:62 Info box. Active ownership approach in a nutshell General meetings of shareholders The owner exercises its highest decision-making power at the general meeting of shareholders, where it appoints the board of directors of the company. The state requires that companies provide not only the statutory reports at the general meeting of shareholders but also reports on risk management, remuneration and corporate sustainability. Appointments to the board of directors The members appointed by the State to the boards of directors of companies shall be familiar with the objectives of the state owner and deliver value to the company. Key criteria for board membership include candidates’ individual experience and expertise, observance of the company’s strategic position, and assurance of the board members’ versatile competence. (For more information, please see chapter 5). Ownership strategy The state owner has determined for each of its holding a company- specific ownership strategy describing the objectives of ownership as well as the areas of emphasis and actions of ownership steering. Monitoring of objectives and regular meetings with company management The owner requires the board of directors of each company to determine the company’s strategic objectives for the short and long term and, at the very least, the targets for return on equity and capital structure as well as the company’s dividend policy. This also applies to special assignment companies, which must additionally determine the goals for their specific assignment and for the effectiveness of their operations. As an owner, the State forms its and vision of each state-owned company’s financial and sustainability objectives and reviews them together with the company’s board of directors. The objectives of state- owned companies and their strategic and financial progress in relation to their goals are discussed between the companies and the State at 23 Publications of the Prime Minister’s Office 2025:62 meetings of state owner representatives and company management. Topics addressed at these meetings include the monitoring of targets and performance, risk management and sustainability. Risk management The analysis and management of risks related to the business is the responsibility of the company’s board and management. The owner focuses on the risks related to ownership and to monitoring and managing these. End of info box. 24 Publications of the Prime Minister’s Office 2025:62 5 Board appointments and good governance As far as ownership steering is concerned, the company’s main decision-making body is the board of directors. The members of the board of directors represent all the shareholders alone and together with another person. The starting point for the election of board members is that each member should deliver added value to the company through their expertise. Key criteria for board membership include candidates’ individual experience and expertise, complementary competence profiles of board members, competence in sustainability, observance of the company’s strategic position, and assurance of the board members’ capacity for cooperation and their diversity and versatile competence. The aim is to strengthen the companies’ growth and development prospects and thereby create sustainable growth in shareholder value. Diversity among board members supports the company’s business and development. State-owned companies must have a balanced gender ratio of board members and they must observe the Government’s gender equality objectives, which state that neither gender may make up less than 40% of board members. For the owner, diversity does not hinge merely on equality and instead attention is also paid to the different competences and experience of board members. As an active shareholder, the State looks after its corporate assets by appointing as board members individuals who know the company objectives and whose competence can bring added value to the companies. This is an integral part of the implementation of the State’s ownership strategy in respect of individual companies and effectively supports the attainment of its objectives. The objective is to enable the boards of directors to gain a better understanding of their company’s operating environment and its changes, thereby securing a sustained increase in shareholder value. Public officials appointed as board members may not be involved in making any Government decisions concerning the company in question. The aim is for board members elected on the motion of the State to serve terms of between five and seven years. Deviation from this aim is permitted when this is required by the company’s strategy, changes in the business environment or the skills or diversity of the board. 25 Publications of the Prime Minister’s Office 2025:62 Figure 7.  Planning cycle of board election The ministry responsible for the ownership steering of each company handles the process of selecting board members. The final decisions are always made by the annual general meeting, where a representative of the State has the right to vote. In listed companies, the nomination committee submits proposals on the members of the board of directors to the general meeting. The state owner is represented on the nomination committee. Each year, the State appoints more than 300 persons to serve as board members. Responsibilities of boards of directors Boards of directors are responsible for appointing management for their company as well as for defining the corporate strategy and for monitoring its implementation. They determine their company’s dividend policy, its short- and long-term strategic objectives and its targets for capital structure and return on equity. Assignment to a headhunter and other channels for identifying candidates Ministry’s presentation Shareholder meetings Need for a Board appointment and the link to the company's strategy Candidate interviews Assessment of the candidates 26 Publications of the Prime Minister’s Office 2025:62 As an owner, the State forms an opinion and vision of each state-owned company’s financial objectives and reviews them together with the company’s board of directors. The objectives of state-owned companies and their strategic and financial progress in relation to their goals are topics of regular discussions between the companies and the State. According to good corporate governance, remuneration should be decided by the boards of directors. The company board of directors is responsible for the principles and organisation of risk management in the company. Info box. Principles of good governance The State owner expects companies to act in accordance with good governance and, where applicable, in the manner required by the Corporate Governance Code. The owner bases its actions on the law and good governance, the basic principles of which are: 1. The owner exercises supreme decision-making power at the general meeting. 2. The owner appoints the company’s board of directors and the board appoints the executive management. 3. When a company has shareholders other than the State, the State acts in proportion to the decision-making power conferred by the size of the shareholding. 4. The owner, the board of directors and the executive management each have their own rights and obligations. 5. The owner does not run the company but the ownership. 6. The State is responsible for the owner’s affairs while operational business affairs are the responsibility of the company. 7. The company’s board of directors is responsible for ensuring that the company’s administration and management are properly organised. 8. If the State is the sole owner of the company, it is closer to the company than in a company with dispersed ownership. 9. The board of directors is responsible for remuneration at the company. 10. The company’s board of directors reports to the owner with a low threshold. End of info box. 27 Publications of the Prime Minister’s Office 2025:62 6 Remuneration Overall remuneration at state-owned companies largely aligns with market practices in Finland. The realisation rates of bonuses paid in 2024 on the basis of performance in 2023 were similar between state-owned companies and companies held by other owners. As in the year before, total remuneration paid to chief executive officers was below the peer group median for half of the CEOs and above the median for a quarter of CEOs. The same largely applies to the total remuneration paid to the management team: above median for a quarter and at or below median for the rest. Approximately 33% (50%) of the CEOs of state-owned companies received an increase to their basic pay, and the median increase was approximately 3% (3.7%). An increase to basic pay was given to 46% of other management team members at state-owned companies and the median increase was approximately 3.5% (4.0%) The annual fee paid to the chair and members of boards of directors exceeded the median in roughly one third of companies. At one third, the annual fees were below the median. The emphasis in the target level of remuneration for top management is increasingly on variable remuneration. At large listed companies in particular, fixed remuneration accounts for less than 40% of the target level of total remuneration. A dynamic remuneration structure enhances flexibility in remuneration, especially in the case of exceptional circumstances. The focus in remuneration is to an increasing extent shifting to the long-term retention of top management. A long- term incentive scheme is in place for the majority of management teams at listed companies and the trend is growing also among non-listed ones. Companies of all sizes are paying increasing attention to setting the criteria for both short and long term incentive schemes. Sustainability is only growing in importance. It is important that sustainability criteria be included in remuneration, as this supports company values and strategy, promotes sustainable growth, boosts trust among stakeholders, helps comply with regulation, improves risk management and increases the motivation and engagement of employees. For these reasons, sustainability criteria may significantly foster a company’s long-term success and competitiveness. 28 Publications of the Prime Minister’s Office 2025:62 The Government Resolution on the State Ownership Policy issued in May emphasises the transparency of variable remuneration to management. At the same time, the limits for variable remuneration to the management of listed companies was modified to make the new target remuneration 100% (60%) and the maximum remuneration 200% (120%) of fixed salary. In addition, the review of board members’ fees at non-listed companies to a level matching the market was started in 2024 and the process was brought to a conclusion in 2025. 29 Publications of the Prime Minister’s Office 2025:62 7 Sustainability 7.1 State owner’s sustainability expectations and sustainability programme State-owned companies are expected to be at the forefront of sustainability because sustainability can boost competitiveness and grow shareholder value. The state owner’s expectations regarding the sustainability of companies is described in the Government Resolution on the State Ownership Policy that was issued in 2024. The state owner requires companies to integrate sustainability into their strategies, business models and management remuneration. Companies must identify the sustainability issues that are material to their business and competitiveness and set ambitious targets for these in both the short and long term. As an owner, the State expects companies to identify relevant sustainability risks and to seize the opportunities of sustainability. The state owner requires companies to continuously assess the sustainability of their business partners and value chains and ensure compliance with the due diligence obligation. As an owner, the state expects company boards of directors to assume responsibility for corporate sustainability. The Ownership Steering Department regularly draws up the Sustainability Programme concerning state shareholdings, which defines the State’s sustainability objectives and the indicators it will be using to monitor its own sustainability efforts and the effectiveness of its ownership steering. The programme focuses on the sustainability themes that are key to value creation for the state’s corporate holdings portfolio. The Sustainability Programme is a monitoring tool and an action plan for the expectations expressed in the Government Resolution on the State Ownership Policy. Progress on the programme is reported annually as a part of these Annual Accounts. As reporting under the Sustainability Programme only began in 2024, comparison data from previous years is not available in all respects. https://julkaisut.valtioneuvosto.fi/bitstream/handle/10024/165680/VN_2024_30.pdf?sequence=1&isAllowed=y 30 Publications of the Prime Minister’s Office 2025:62 Figure 8.  Main objectives of the Sustainability Programme The following section provides a more detailed review of the expectations of the state owner and the objectives, key performance indicators (KPI) and outcomes of the Sustainability Programme. Retaining and growing the value of holdings A forerunner in sustainability – both owner and companies Companies integrate sustainability into their remuneration schemes. Environmentally friendly company portfolio that leverages the green transition. Companies reduce biodiversity harm and increase measures that strengthen biodiversity. Companies are responsible employers and seek competitive advantage from diversity. Companies assess the sustainbility of their own operations and their value chains and ensure that the due diligence obligation is met. Companies cater for human rights in their own operations and their value chains and ensure that these do not violate human rights. 31 Publications of the Prime Minister’s Office 2025:62 7.1.1 Expectations, objectives, KPIs and outcomes relating to environmental sustainability Table 2.  Sustainability Programme section on climate Theme Objective Sub-objective KPI Status Climate Companies have measurable targets that are ambitious compared to their peers and an action plan for achieving them. Increase in share of portfolio companies committed to science- based climate targets SBT commitments, % of portfolio 9 companies or 19% (15%) Companies have science- based targets (SBTs) or some other transition plan for reducing emissions. - Number of transition plans, % of portfolio 12 companies or 26% Companies take advantage of the business opportunities created by the green transition and report on this in accordance with the taxonomy1. Increase in taxonomy- aligned net sales and CapEx Portfolio’s taxonomy- aligned net sales and CapEx, EUR and % share Combined net sales EUR 17,373 mn, 32% of total net sales Capex combined EUR 2,092.6 mn, 44% of total investments Decrease in total emissions (emission intensity) of the portfolio Companies report on their emissions (Scope 1,2,3) Emission intensity tCO2/EUR mn Total emissions 52 (54) million tCO2e Emission intensity 1,956 tCO2/EUR mn Scope 3 emissions were reported by 39 companies, equal to 83% (72%) The state-owner identifies the climate risks and opportunities at portfolio level. - Risks and opportunities identified Scenario analysis of relationship between companies’ carbon neutrality targets and value of holding Monitoring of companies carbon neutrality targets (in particular SBTi) 1) The EU’s sustainable finance classification system, or taxonomy, defines the economic activities 32 Publications of the Prime Minister’s Office 2025:62 which may be considered sustainable. State-owned companies must determine the impacts of the entire value chain of their business on climate change and the environment as well as the impacts of climate change on their business. The goal is that companies take advantage of the business opportunities created by the clean energy transition. State-owned companies are expected to take into consideration the goal of achieving a carbon- neutral Finland by 2035 in line with the Climate Act and the target of limiting global warming to 1.5 degrees in line with the Paris Agreement on Climate Change. In order to verify that the total emissions by state-owned companies are declining, the State expects companies to report annually on their direct and indirect emissions (Scopes 1, 2 and 3). Ownership steering monitors the corporate portfolio’s total emissions and the development of the coverage of emissions reporting on a regular basis. In 2024, the coverage of emission reporting improved, with 87% (81%) of state- owned companies reporting to the owner on emissions. The carbon footprint of these companies in 2024 was 52 (54) million tonnes CO2e. The total emissions of Neste, Fortum and Finnvera decreased considerably from the comparison period while those of Finnair and Gasum increased, particularly in respect of Scope 3 emissions. All told, the total absolute emissions of state-owned companies nonetheless decreased. At the same time, the total carbon intensity of the companies has increased owing to a significant decline in the net sales of a few emissions-intensive companies. Figure 9.  Absolute emissions and emission intensity of largest emitters among state- owned companies, 2020–2024. Emissions, tCO2e Uniper’s share of emissions Emission intensity tCO2/EUR mn tC O 2e tC O 2e /E UR m n - 500 1 000 1 500 2 000 2 500 3 000 - 20 000 000 40 000 000 60 000 000 80 000 000 100 000 000 120 000 000 140 000 000 2020 2021 2022 2023 2024 33 Publications of the Prime Minister’s Office 2025:62 State-owned companies are expected to set climate and environmental impact targets that are measurable and ambitious relative to peer companies and to draw up an action plan to reach the targets. The State expects companies to base their emissions reduction targets on science (e.g. Science-Based Targets initiative, SBTi) or to employ alternative methods for drawing up a transition plan for emissions reduction and climate change mitigation. The targets of nine companies in the portfolio align with SBTi. Of these, seven companies have targets approved by the SBT organisation and two have committed to targets consistent with SBTi. Relative to the comparison period, the share of companies that have set SBTi targets increased from 15% to 19%. Figure 10.  Company carbon neutrality target year relative to company value, EUR bn A scenario analysis on how the value of state-owned holdings relates to the companies’ carbon neutrality targets was carried out to facilitate the assessment of portfolio-level climate risk. The target of carbon neutrality by 2035 has been set by state-owned companies accounting for 33% (34%) or EUR 8 (10) billion of the holdings’ total value. Companies accounting for 8% of the holdings’ total value are seeking to be carbon neutral even before 2035. The climate risk analysis also involves a review of whether the largest emitters among state-owned companies had set emission reduction targets in line with the Science Based Targets Initiative (SBTi) or other similar targets. Five of the ten largest emitters had set emission reduction targets in line with the SBTi. A climate impact target was included in the management remuneration scheme at nine of these ten companies. The state owner pursues active dialogue especially with those companies whose climate targets it deems to be inadequate. 0.8 1.0 5.9 9.0 6.0 <2030 2030–34 2035 >2035 No objective 34 Publications of the Prime Minister’s Office 2025:62 Biodiversity The loss of biodiversity is a considerable economic risk, and it is subject to increasing regulation. As an owner, the State expects companies to act against biodiversity loss and to introduce new measures to boost biodiversity. Companies must identify the impacts on biodiversity in their entire value chain and recognise their dependency, if any, on natural resources and the ecosystem both in the long term and in the short term. They must first identify all relevant impacts and then draw up an action plan, including objectives for risk management, mitigation of negative impacts and promotion of positive impacts. Table 3.  Sustainability Programme section on biodiversity Theme Objective Sub-objective KPI Status Biodiversity Companies reduce adverse impacts related to biodiversity and increase measures to strengthen biodiversity Companies: All companies carry out risk and impact assessments and those for whom biodiversity is a material theme draw up an action plan and set targets. Companies for which biodiversity is a material theme: 31 companies or 66% have carried out a risk and impact assessment - - a) have drawn up a biodiversity action plan, % 21% of high-risk companies2 - - b) have set biodiversity targets, % 50% of high-risk companies Owner: Risks related to biodiversity in the company portfolio are identified and discussed with high-risk companies. Companies’ activities and objectives are monitored. - Owner has carried out risk assessments and held dialogues. Risks and impacts to nature of portfolio of corporate holdings have been surveyed on an industry basis. 2) The description of this analysis in chapter 2 uses the term ‘high-risk company’ for companies that, based on their industry, may be presumed to have significant or very significant impacts on nature. The biodiversity targets and measures of the companies include reducing various kinds of adverse impacts, carrying out risk assessments and impact assessments as well as transition planning, and striving for nature positivity. 35 Publications of the Prime Minister’s Office 2025:62 The biodiversity risks and impacts of the State’s corporate holdings were reviewed in 2024 on an industry-specific basis with the Materiality Screening Tool of Science- Based Targets for Nature (SBTN). The aim of the review was to identify the state- owned companies that had significant nature impacts on the basis of their industry. The review identified 14 state-owned companies that, based on their industry, may be presumed to have significant or very significant pressure on nature. The state owner monitors whether these companies have carried out a nature risk and impact assessment and set targets for their nature efforts. Active dialogue is pursued with these companies. The SBTN’s Materiality Screening Tool was used to identify the ten most significant nature pressure at the level of portfolio. Foremost among these turned out to be greenhouse gas emissions from upstream activities. Other pressure categories included water use, direct greenhouse gas emissions, freshwater pollutants and soil pollutants. The analysis moreover indicated that the companies’ direct business activities accounted for the lion’s share of the nature impacts. 7.1.2 Expectations, objectives, KPIs and outcomes relating to social sustainability State-owned companies are expected to be responsible employers. An inclusive and equal workplace culture that promotes diversity and equity at work is an integral part of sustainable business conduct. Among state-owned companies, 30% report having set targets to promote diversity. These targets underscore the promotion of gender equality and inclusion as well as non-discrimination. Companies must ensure that their risk management strategies comply with human rights due diligence. They must integrate human rights aspects into their activities and value chains in transparent ways and make sure that human rights are respected and observed. As an owner, the State expects companies to assess their human rights impacts with due diligence: they must have clear processes for identifying, preventing, mitigating and redressing negative human rights impacts and for monitoring the implementation of measures. Such assessments must be done on a regular basis. 36 Publications of the Prime Minister’s Office 2025:62 Table 4.  Sustainability Programme section on social sustainability Theme Objective Sub-objective KPI Status Social sustainability Human rights Companies take human rights into account in their activities, business relationships and value chains. All state-owned companies identify human rights impacts and risks and comply with due diligence in their activities, business relationships and value chains. Human rights impact and risk assessment carried out Executed 43% Partially executed 13% Not executed 45% - Companies have principles, processes, objectives and action plans related to respect for human rights as an essential value. Companies have a mechanism in place to initiate any necessary corrective measures and channels for reporting malpractice to impacted persons and communities. Due diligence process in use In use 32% Partially 28% Not in use 40% - Identified risks and potentially escalating events are brought to the attention of the owner. - - The state-owner identifies the human rights impacts and risks of the company portfolio. Human rights risk assessment at the portfolio level: do companies have a due diligence process in place? Dialogue with high- risk companies. Assessment of human rights completed Assessment to be carried out in 2025 - - Dialogue with high-risk companies completed - 37 Publications of the Prime Minister’s Office 2025:62 Theme Objective Sub-objective KPI Status Sustainability as an employer and diversity State-owned companies act as sustainable employers and seek a competitive advantage through DEI. Companies have principles, objectives and action plans related to diversity Share of companies that have set DEI targets (%) 30% of companies report having set targets Owner: Diverse configuration of board of directors Analysis of companies’ diversity objectives and board configurations. % of women - - - • of chief executive officers increasing (2022: 19%) 23% - - • of chairs of boards of directors increasing (2022: 23%) 27% - - • of board members at least 40% (2022: 45%) 42% In selecting board members, attention is paid to the diversity of boards, sustainability-related competence and the need for international business expertise. In line with the equality objectives established by the Government, the State ensures that the composition of the boards is also sufficiently gender- balanced. As an owner, the State’s objective is that neither gender should represent less than 40% of the State’s board appointments. 38 Publications of the Prime Minister’s Office 2025:62 Figure 11.  Percentage of women on boards and in senior management of state-owned companies 2022–2024 The share of women on the boards of directors of all state-owned companies was 42% (45%). The share of women as the chairs of boards of directors was 27% (25%). At companies in which the State controls the composition of the board, the share of women as chair of the board was 45% in 2024. In state-owned companies, the percentage of women in management teams was 39% (39%) in 2024. The number of women in CEO positions increased: at the end of 2024, 23% (20%) of the chief executives were women. For the owner, diversity does not hinge merely on equality and instead attention is also paid to the different competences and experience of board members. 2024 2023 2022 39% 19% 45% 23% 39% 20% 45% 25% 39% 23% 42% 27% Management team CEOs Board members Board chairs 39 Publications of the Prime Minister’s Office 2025:62 Figure 12.  Age breakdown of board members at state-owned companies (N=466) 7.1.3 Expectations, objectives, KPIs and outcomes relating to good governance Table 5.  Sustainability Programme section on good governance Theme Objective Sub-objective KPI Status Good governance requirements Sustainability of value chains Companies continuously assess the sustainability of their business partners and value chains and ensure compliance with due diligence. Companies carry out risk and impact assessments of their value chains (working conditions, environmental harm, human rights, competition, taxation, anti-bribery and anti- corruption measures). Risk and impact assessment of value chain carried out Executed 40% Partially executed 19% Not executed 40% Owner identifies the most significant value chain risks in the company portfolio and engages in dialogue with high-risk companies. - Analysis of supply chain risks in the company portfolio Survey to be carried out in 2025 3% 16% 45% 33% 3% <40 40–49 50–59 60–69 ≥70 40 Publications of the Prime Minister’s Office 2025:62 Theme Objective Sub-objective KPI Status Remuneration Companies integrate sustainability into their remuneration schemes. - Percentage of companies with sustainability in their remuneration systems 83% of companies have set targets Companies in emission- intensive sectors introduce incentives related to climate impacts, especially in the remuneration of the company’s management. - - 90% of emission- intensive companies (10 heaviest emitters) Sustainability in remuneration One of the key tools for embedding sustainability into state-owned companies is that the state owner expects companies to integrate sustainability into their remuneration. Linking sustainability to corporate remuneration is also effective in terms of governance. In 2024, a total of 39 (40) companies, or 83% (85%) indicated that they have incorporated sustainability into their remuneration systems. Of the companies, a majority, or 62% (66%) had sustainability targets integrated into their short- term incentive plans (STI), while 2% (4%) had them as part of their long-term incentive plans (LTI), and 19% (15%) had incorporated sustainability targets into both their short-term and long-term incentive plans. It should be noted that not all of the companies have long-term incentive plans as part of their remuneration scheme. Eight companies, or 17% (15%) had no sustainability incentives in their incentive plans, or the company did not report about it at the time of writing of this report, March 2025. Examining the share of sustainability criteria in incentive plans reveals significant variation between the companies. The weight assigned to sustainability targets ranges from 5% to 66.6% of STI plans. On average, sustainability targets constituted 20% (23%) of STI plans. In LTI plans, sustainability targets had an average weight of 26% (25%) The sustainability targets in incentive plans typically involve emissions reduction, occupational safety and health, and employee retention. 41 Publications of the Prime Minister’s Office 2025:62 Anti-corruption and anti-bribery policy The OECD recommends that state-owned companies draw up and publicly communicate a set of ethical business policies containing anti-corruption guidelines and tools to ensure that personnel and business partners have adopted and embraced the policies. An analysis of the companies’ anti-corruption policies indicated that such policies were in place at 70% of the companies, while 12% had a policy stating that corruption was unacceptable but lacked any specific anti- corruption policy. In 2024, 18% of the companies had no publicly available anti- corruption guidelines or policies. Tax footprint Under the Government Resolution on the State Ownership Policy, state-owned companies are expected to observe tax transparency, which is an element of sustainability, and to disclose their tax policies. Aggressive tax planning is not acceptable. In 2024, the total tax footprint of all companies directly owned by the State amounted to EUR 7.2 (7.8) billion, of which roughly EUR 5.8 (6.5) billion was paid to Finland. Figure 13.  Breakdown by company of taxes paid and credited*. * SSAB does not report its tax footprint. The figure shown is the corporate tax paid by SSAB in 2024. Total, 7.2 EUR bn Neste Corporation 47% Alko Inc. 13% Fortum Plc 12% Posti Group Corporation 4% Patria Plc 1% Finnish Broadcasting Company (Yle) 1% Finnair Plc 2% Gasum Ltd 2% SSAB 2% VR Group Ltd 3% Veikkaus Oy 3% 42 Publications of the Prime Minister’s Office 2025:62 7.2 Implementation and monitoring of sustainability in the portfolio The main ways the state owner promotes sustainability are through board elections, general meetings and dialogue with companies. Additional measures under the Sustainability Programme are to increase competence and to develop networks. The ongoing enhancement of the sustainability expertise of officials in ownership steering is coordinated by the sustainability team of the Ownership Steering Department at the Prime Minister’s Office, which organises briefings and events for the ownership steering officials at the various ministries. In 2024, these briefings addressed the sustainability policies of the Government Resolution on the State Ownership Policy, implementation of the Sustainability Programme, sustainability dialogue between company and owner, and the owner perspective into biodiversity. The sustainability network for state-owned companies was established in 2024 as a forum for persons engaged in sustainability efforts at state-owned companies. The network convened twice in 2024 to discuss sustainability reporting and the nature work of companies. As far as ownership steering is concerned, the company’s main decision-making body is the board of directors. The Government Resolution on the State Ownership Policy explains that the state owner requires the boards of directors to be responsible for sustainability in their companies. One of the topics addressed in the training provided for new board members was the state owner’s sustainability policies and expectations for company boards. The state owner regularly analyses the board composition of companies relative to the company’s strategy and future outlook and draws conclusions as to whether the board composition matches needs. This analysis also involves a review of whether the board’s sustainability expertise is at the level required by the company with regard to its challenges and opportunities. At the general meeting of shareholders, state-owned companies report on the sustainability risks and opportunities as well as their sustainability targets and progress towards them. Sustainability themes are also regularly on the agenda at meetings between representatives of the state owner and company management. The Ownership Steering Department of the Prime Minister’s Office includes a sustainability team focusing on the development and coordination of sustainability themes. Promoting sustainability is also part of the job description of every official engaged in ownership steering, as this is integrated into ownership strategy work and the activities of company teams. 43 Publications of the Prime Minister’s Office 2025:62 Sustainability has been embedded in the state’s ownership steering and the sustainability of companies is monitored and analysed as an element of all ownership strategy work. The assessment of the materiality and impacts of sustainability thus blends into other financial and strategic analysis performed on companies. The Ownership Steering Department annually collects and analyses not only the companies’ financial data but also their sustainability data. Progress on the Sustainability Programme is monitored at the level of portfolio on the basis of the data reported. The particular sustainability aspects material to each company’s business and the impact of these on the company’s performance are also analysed individually for each company. For the owner, it is vital to gain an overall view of the effects of sustainability on owner value: for example, the sustainability business risks and opportunities identified by the companies, the level of sustainability management at the company, and how sustainability features in the company’s strategy. Based on the sustainability data and the companies’ sustainability reporting, the state owner draws conclusions as to which sustainability aspects are material to the performance of the company concerned, whether sustainability has been integrated into the company’s strategy and targets to a sufficient extent, and whether the company’s performance in its sustainability duties and targets is at the level required by the owner. These conclusions are then integrated into each company’s owner strategy. Development of reputation and sustainability image The Ownership Steering Department of the Prime Minister’s Office regularly monitors the development of its reputation and public image by means of T-Media’s Reputation&Trust survey. The survey is conducted on a targeted basis on corporate decision-makers, political decision-makers, public officials and various non-governmental organisations. According to the most recent survey conducted at the turn of the year 2024/2025, the reputation of State ownership steering remained virtually unchanged from the previous survey, earning a score of 3.52 (3.54). The survey also measured the respondents’ view of the sustainability of ownership steering, for which the score was 3.76 (3.80). In addition to sustainability, the areas that strengthen the reputation of ownership steering include finances and leadership. 44 Publications of the Prime Minister’s Office 2025:62 8 Key figures and performance of portfolio companies Table 6.  Key figures for listed companies held directly by the state, 2024 Listed companies (direct holding) Net sales (EUR mn) Operating income (EUR mn) Operating income margin, % Total assets (EUR mn) Equity ratio, % Gearing, % Return on equity, % Return on investment, % Finnair Plc 3048.8 114.2 3.75% 3721.0 20.48% 175.91% 6.15% 1.77% Fortum Plc 5800.0 1325.0 22.84% 17307.0 52.89% 7.56% 13.29% 11.50% Neste Corporation 20635.0 25.0 0.12% 15581.0 47.60% 56.53% -1.20% 0.57% SSAB 9025.0 685.9 7.60% 9663.0 64.13% -29.31% 9.25% 10.66% Table 7.  Key figures for non-listed commercial companies, 2020–2024 Non-listed commercial companies Net sales (EUR mn) Operating income (EUR mn) Operating income margin, % Total assets (EUR mn) Equity ratio, % Gearing, % Return on equity, % Return on investment, % Boreal Plant Breeding Ltd 8.6 -0.2 -2.33% 9.9 72.73% -13.89% -4.08% -2.65% Cinia Ltd 92.7 -0.3 -0.32% 159.4 38.41% 24.70% -4.10% -0.12% Edita Group Plc 63.9 -4.5 -7.04% 20.7 48.54% -140.00% -41.51% -29.27% Finavia Corporation 396.5 4.0 1.01% 1496.2 43.76% 92.82% -0.69% 0.29% Fingrid Oyj 1269.3 200.6 15.80% 3719.2 16.13% 183.96% 25.12% 11.10% Finnish Seed Potato Centre Ltd 4.8 0.6 12.50% 4.0 80.00% 28.13% 16.95% 16.90% Gasgrid Finland Ltd 173.6 35.4 20.39% 479.1 67.02% 3.11% 9.97% 9.58% Gasum Ltd 1330.8 2.2 0.17% 1573.5 34.43% 53.63% -5.52% 12.24% Kemijoki Oy 92.6 18.8 20.30% 505.9 10.20% 770.35% 1.55% 4.16% Leijona Catering Ltd 102.8 7.7 7.49% 30.3 68.98% -46.41% 32.12% 39.90% Mint of Finland 32.6 -4.5 -13.80% 10.3 10.20% 210.00% -131.58% -31.47% 45 Publications of the Prime Minister’s Office 2025:62 Non-listed commercial companies Net sales (EUR mn) Operating income (EUR mn) Operating income margin, % Total assets (EUR mn) Equity ratio, % Gearing, % Return on equity, % Return on investment, % Motiva Ltd 9.5 0.9 9.47% 6.2 60.34% -80.00% 23.88% 29.85% Neova Ltd 469.0 14.0 2.99% 599.7 49.78% 44.50% 2.92% 4.76% Patria Plc 825.7 81.8 9.91% 1067.5 33.88% 104.31% 22.31% 13.93% Posti Group Corporation 1521.4 68.0 4.47% 1138.1 25.15% 91.24% 12.47% 10.52% Suomen Lauttaliikenne Oy 73.8 24.1 32.66% 111.7 67.86% -6.33% 23.04% 29.91% Suomen Viljava Ltd 27.9 3.8 13.62% 46.3 35.64% 161.82% 14.11% 8.44% Tapio Ltd 14.8 1.1 7.43% 15.7 69.29% -58.76% 9.73% 12.63% VR-Group Ltd 1294.7 76.1 5.88% 2311.0 55.50% 35.63% 3.84% 4.71% Table 8.  Key figures for special assignment companies, 2024 Special assignment companies Net sales (EUR mn) Operating income (EUR mn) Operating income margin, % Total assets (EUR mn) Equity ratio, % Gearing, % Return on equity, % Return on investment, % Airport Rail 0 -0.9 4.6 91.11% -51.22% -23.53% -23.53% A-Kruunu 30.9 10 32.36% 659.4 13.34% 573.95% 0.00% 1.80% Alko 1116.8 36.7 3.29% 238.1 -31.25% 153.49% 679.12% 843.96% Arctia 89.4 11.7 13.09% 250.2 60.79% 24.52% 5.53% 5.44% CSC – IT Center for Science 78.1 0 0.00% 62.2 33.77% -280.39% 3.00% 3.00% DigiFinland 22.5 -2.2 -9.78% 15.7 82.80% -93.85% -12.27% -12.27% East Railway 0 -0.6 5 90.00% -57.78% -18.46% -18.46% FinnHEMS 40.1 2.8 6.98% 48.9 63.60% -50.16% 10.15% 9.51% Finnish Aviation Academy 10.8 0.2 1.85% 21.8 93.98% -38.42% 2.49% 2.99% Finnish Broadcasting Company Yle 546 0.7 0.13% 336.2 40.84% 9.03% -0.58% 0.66% Finnish Drug Discovery Center 0 -0.8 - 0 - 0.00% -5.26% -5.26% 46 Publications of the Prime Minister’s Office 2025:62 Special assignment companies Net sales (EUR mn) Operating income (EUR mn) Operating income margin, % Total assets (EUR mn) Equity ratio, % Gearing, % Return on equity, % Return on investment, % Finnish Fund for Industrial Cooperation Ltd (Finnfund) 0 -17.9 - 935.2 38.66% 112.97% 3.17% 12.72% Finnish Industry Investment (Tesi) 192.8 198.5 102.96% 2076.5 94.07% -20.31% 8.81% 10.73% Finnish Minerals Group 544.5 -18.9 -3.47% 1565.5 53.97% 34.00% -9.82% -2.12% Finnpilot Pilotage 33.9 0.8 2.36% 21.3 42.72% 24.18% 10.24% 6.51% Finnvera 1280.3 235.8 18.42% 14756.4 10.45% 677.70% 15.84% 1.92% FVR – Finnish Vaccine Research 12.1 0.7 5.79% 6.9 69.57% -79.17% 18.18% 18.18% Governia 7.7 0.7 9.09% 146.6 98.57% -67.66% 2.52% 2.73% Hansel 17.7 0.8 4.52% 17.1 56.73% -114.43% 13.19% 14.29% HAUS Finnish Institute of Public Management 10 0 0.00% 6.9 69.64% -102.56% 5.13% 5.13% Maakuntien tilakeskus 8.4 1.6 19.05% 4.7 72.34% -61.76% 54.24% 54.24% Municipality Finance Plc 2238.9 165.6 7.40% 53091.8 3.67% 2034.29% 7.19% 0.35% Solidium 0 -8.2 - 7293.4 93.24% -5.42% 4.78% 5.19% STUK International 1.3 0.1 7.69% 1.4 57.14% -50.00% 0.00% 12.50% Suomen Erillisverkot 140.2 -2.1 -1.50% 300.7 77.95% -5.59% -1.29% -0.67% Traffic Management Company Fintraffic 253.6 16.1 6.35% 306.9 64.66% 22.47% 7.99% 7.41% Veikkaus Oy 959.1 461.6 48.13% 767.9 80.96% -55.73% 70.95% 71.16% VTT Technical Research Centre of Finland 184.9 -8 -4.33% 325 69.33% -37.75% -1.98% -1.98% West Railway 0 -0.8 76.2 98.82% -47.14% -0.31% -0.31% Ypäjä Equine College 7.6 0.6 7.89% 5.2 84.00% -73.81% 15.38% 15.38% 47 Publications of the Prime Minister’s Office 2025:62 8.1 Performance of non-listed companies The year 2024 was characterised by ongoing geopolitical instability impacting on uncertainty in the economy and market conditions. Regardless, both interest rates and inflation took a turn downward. Economic uncertainty and changing market conditions were reflected in the performance of both commercial and special assignment companies. The financial performance of non-listed companies was good despite the prevailing uncertainty. Non-listed commercial companies had combined net sales of EUR 7.8 (7.7) billion in 2024 and their operating income came to EUR 0.5 (0.2) billion. Special assignment companies had combined net sales of EUR 7.8 (7.8) billion in 2024 and their operating income came to EUR 1.1 (1.2) billion. In a departure from previous years, interest rates started to decline and this supported companies’ willingness to invest. Investments by non-listed commercial companies increased from the EUR 927 million seen in 2023 to EUR 1,083 million in 2024. Investments by special assignment companies increased from EUR 631 million to EUR 709 million. 48 Publications of the Prime Minister’s Office 2025:62 Figure 14.  Key figures for non-listed companies, 2020–2024 Net sales, EUR bn 4.7 6.9 9.3 7.7 7.8 0 2 4 6 8 10 2020 2021 2022 2023 2024 Non-listed commercial companies 5.7 5.4 5.5 7.8 7.8 0 2 4 6 8 2020 2021 2022 2023 2024 Special assignment companies Operating income, EUR bn -0.13 0.55 0.49 0.19 0.53 -0.2 0 0.2 0.4 0.6 2020 2021 2022 2023 2024 Non-listed commercial companies 0.72 1.57 1.04 1.15 1.08 0 0.5 1 1.5 2 2020 2021 2022 2023 2024 Special assignment companies Return on equity, % -1.9% 7.4% 6.5% 1.1% 7.2% -3% 0% 3% 6% 9% 2020 2021 2022 2023 2024 Non-listed commercial companies 4.5% 14.5% 10.4% 12.8% 11.6% 0% 4% 8% 12% 16% 2020 2021 2022 2023 2024 Special assignment companies Profit distribution to the State and proceeds from sales of shares on a cash basis, EUR mn 98 351 217 129 182 0 100 200 300 400 2020 2021 2022 2023 2024 Non-listed commercial companies 60 130 84 168 72 0 50 100 150 200 2020 2021 2022 2023 2024 Special assignment companies 49 Publications of the Prime Minister’s Office 2025:62 8.2 State holdings in listed companies 8.2.1 Direct State holdings in listed companies At year-end 2024, the State had holdings in 15 listed companies. Four of these were in directly held listed companies while eleven were held via Solidium. The directly held companies were Finnair, Fortum, Neste and SSAB. The market value of all state holdings in listed companies was EUR 17.7 (24.9) billion at the end of 2024. The portfolio directly held by the State accounted for EUR 10.8 (17.9) billion and holdings via Solidium amounted to EUR 6.9 (7.1) billion. The market capitalisation of the State’s direct holdings was depressed by the decline in the share prices of Finnair, Neste and SSAB. The value of these holdings decreased: Finnair to EUR 252 million from the previous year’s EUR 454 million, Neste to EUR 4.1 billion from EUR 11.0 billion and SSAB to EUR 250 million from EUR 448 million. The holding in Fortum increased in value by EUR 209 million on the previous year, however. At year-end, the State owned 51.26% of Fortum, 44.22% of Neste, 55.69% of Finnair and 6.5% of SSAB. Fortum shares accounted for 57.3% of the value of the State’s directly held portfolio, while Neste represented 38.0%, SSAB 2.3% and Finnair 2.3%. 50 Publications of the Prime Minister’s Office 2025:62 Figure 15.  Value development of the State’s share portfolio, EUR million The market remained challenging. The total return index of the Helsinki Stock Exchange decreased by 0.1% in 2024. The State’s holdings in listed companies delivered a total return of -23.8% (-14.9%) in the year under review. Solidium’s holdings delivered a combined return of 4.6% (-6.9%) and the listed companies held directly by the state a combined return of -34.9% (-17.7%), influenced in particular by the poor development of Neste’s share price and the high weight of Neste shares in the portfolio. The dividend yield from directly held listed companies at 2024 year-end share prices was 6.4% (5.4%). The dividend yield of companies listed on the Helsinki Stock Exchange at 2024 year-end prices was 4.8% (4.9%). The share price of Finnair decreased by 44.4%, of Neste by 62.4% and of SSAB by 44.9%, whereas Fortum’s share price increased by 3.5%. The falls in the share prices of Finnair and SSAB had no significant impact on the overall development of the portfolio owing their low weight in the portfolio, whereas the weight of Neste shares in the portfolio is high and the drop in its share price consequently had a marked negative effect. Fortum Plc Neste Corporation Total holdings of Solidium SSAB Finnair Plc 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 2020 2021 2022 2023 2024 EUR mn 51 Publications of the Prime Minister’s Office 2025:62 Figure 16.  Development of share prices of listed companies held directly by the State, 2020–2024 8.2.2 Companies held through Solidium Solidium’s return on the portfolio in the challenging market of 2024 was negative at -8.8% and it was also clearly lower than the benchmark index return, which was +9.5%. Solidium’s poor return was partly due to the performance of the Helsinki Stock Exchang