CEO's comments

CEO’s comments

Aktia’s year 2025 was marked by the implementation of the updated strategy which was launched at the beginning of the year. Our diversified business model proved its strength in practice and the year was stable in terms of results. This also applied to the last quarter of the year. 

The number of Private Banking, Premium and SME corporate customers continued to increase and the international sales accelerated. The Unit-linked insurance portfolio reached a new record level and the loan book increased, driven by demand for leasing, factoring and hire purchase. I am also pleased that in terms of operating income, we were able to finish 2025 with the best quarter of the year. The operating income for the quarter, which amounted to EUR 75.6 million, was only slightly lower than the extraordinarily strong fourth quarter of the previous year.

Comparable operating expenses remained under control and at the previous year’s level. On the other hand, credit losses increased in the fourth quarter, mainly due to individual impairments on a small number of credits. Overall, the comparable operating profit for the last quarter of the year was EUR 23.7 million, while the comparable operating profit for the full year amounted to EUR 106.0 million. The result for the year led to a comparable return on equity of 12.8% for 2025.

Assets under management continued to increase for the third consecutive quarter and grew to EUR 16.6 billion. In particular, international sales developed very well, with net subscriptions amounting to EUR 170 million during the quarter. International institutional customers once again showed a particular interest in our globally recognised fixed income funds.

Strong customer and employee experience

Surveys during the quarter showed once again how the systematic work with our Aktia Experience concept is yielding results. I am very happy that the annual, independent EPSI customer satisfaction survey revealed Aktia to be the most proactive player in the market, according to private investors. 
During the quarter, an extensive employee survey was also conducted. Our employee net promoter score (eNPS) was +28, which exceeds the target level for 2025 of at least 20 stated in Aktia’s sustainability programme.

Impairments due to strategic choices

Wealth management is a key element in our strategy, and we have further specified and clarified our strategic choices regarding selected focus and growth areas. We have chosen to aim for growth through, for example, increased international sales of our fixed income funds and by offering comprehensive allocation and wealth management services particularly to our Premium and Private Banking customers. At the same time, the importance of the operations obtained through the acquisition of Taaleri Plc’s wealth management business in 2021 is decreasing.

We have therefore made a new assessment of the value of our intangible assets and an impairment test for goodwill. This resulted in impairments of EUR 70.1 million, which affect the reported result for the fourth quarter. The impairments did not, however, affect our comparable result or our strong Common Equity Tier 1 capital ratio.

The next phase of our strategic plan

The implementation of our strategic plan and the Momentum acceleration programme has entered the next phase. The initiatives and monitoring of the successful acceleration programme have been integrated into our operations, while our overarching view of operations has become more clearly defined. It is becoming increasingly clear to us that our business model is twofold: on the one hand, we have the capital-light life insurance and asset management business with a strong growth potential, and on the other hand, we have the stable – but more capital-intensive – banking business. These two areas complement each other, but benefit from separate governance, target-setting and monitoring.

In life insurance and asset management, we are making concrete investments in our sales networks. For example, our subsidiary Aktia Yrittäjäturva is significantly increasing its number of agents, while international sales of our funds are supported through increased sales force and an expanded partner network. In banking, we continue to increase profitability through leasing, factoring, and hire purchase sales, among other things.

Our 200th anniversary

With the start of the new year 2026, we – Finland's longest-standing bank still in operation – have entered our 200th anniversary year. We have done so with pride in our heritage and a clear focus on the future. With our strengths as our foundation, we continue to develop and create value. I extend my sincere thanks to our customers, employees, and investors – we look forward to joining you in the next century of Aktia's journey.

Helsinki 5 February 2026

Anssi Huhta

CEO