Impact results

Below you may find a collection of the latest impact figures representing different aspects of Finnfund’s investment portfolio. These results are also an integral part of Finnfund’s Annual Report.

A collection of impact stories from out investee companies can be found here.

Studies and assessments can be found here.

Key impact figures

Finnfund collects and verifies investees’ development impact data during Q2 and Q3 of the subsequent year. Data for 2025 will be presented in the 2026 Annual Report.

Finnfund’s Board makes approximately 20–30 new investment decisions each year. In turn, investments leave our portfolio as loans are repaid and we exit equity investments. The composition of our investment portfolio is therefore constantly changing, which is good to keep in mind when comparing figures across years. While portfolio-level development impact data gives a good overview of the types of investments in the portfolio, it does not show the impact of an individual investment over time.

Most of the development impact data in the annual report represent the overall results to which Finnfund has contributed, and as reported to us by our investee companies and funds. They are not a reflection of the proportion of Finnfund’s investment in the company overall. Exceptions to this are the portfolio impact index and the measurement of climate effects. For the latter, Finnfund applies the PCAF standard, according to which we present results directly attributed according to our share of funding.

Development impact data is collected using Finnfund’s online reporting tool, reporting provided through other DFIs, and investees’ own reporting. For 2024 data, the response rate was 95 per cent (120 reporting companies in total).

Portfolio Impact Index

The portfolio impact index (PII) was updated to reflect the goals of the new strategy which is to increase our impact by one-third by 2027. As shown in the graph, the index has developed as planned.

Each sector is assigned a key impact indicator that captures both portfolio growth and investee-level impact growth. The index takes into account Finnfund’s financing share and the relative size of each sector in Finnfund’s portfolio. The baseline is set to 2023.

Sector specific impact key performance indicators (KPIs) are:

• Forestry: Sequestered CO₂. While forestry investments have multiple impact pathways, a key reason to invest in forestry is the potential of forests to sequester carbon dioxide from the atmosphere, thereby contributing to mitigating climate change.
• Energy: Avoided CO₂. Energy plays a key role in helping countries to develop. Investing in clean and more affordable energy production is at the heart of this development. It also leads to avoided greenhouse gas emissions when renewable energy replaces fossil fuel-based generation in national grids.
• Agriculture: Number of people fed or farmers reached. Local food production and enhanced local agriculture value chains help to increase food security and create inclusive livelihood opportunities.
• Financial institutions: Number of loans to micro, small and medium-sized (MSME) companies. Limited access to financial services remains a fundamental constraint to development in most of Finnfund’s target countries. At the same time, MSMEs form the backbone of many of these economies.
• Digital infrastructure and solutions: Number of users/beneficiaries. Access to digital services is vital for inclusive development, especially in rural regions, and forms another foundation for development in today’s societies.
• Other: Number of jobs in investee companies (full-time equivalent).

For other impact results, please see our Annual Report 2025.